N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: January 31, 2017 Estimated average burden hours per response.....20.6 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21108 Pioneer Series Trust X (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Terrence J. Cullen, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: March 31 Date of reporting period: April 1, 2014 through March 31, 2015 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Pioneer Fundamental Growth Fund -------------------------------------------------------------------------------- Annual Report | March 31, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A PIGFX Class C FUNCX Class K PFGKX Class R PFGRX Class Y FUNYX Class Z PFGZX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 9 Prices and Distributions 10 Performance Update 11 Comparing Ongoing Fund Expenses 17 Schedule of Investments 19 Financial Statements 23 Notes to Financial Statements 33 Report of Independent Registered Public Accounting Firm 42 Trustees, Officers and Service Providers 44
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 1 President's Letter Dear Shareowner, As mid-year approaches, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 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, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones President and CEO Pioneer Investment Management USA, Inc. Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 3 Portfolio Management Discussion | 3/31/15 The domestic equity markets generated healthy overall results during the 12-month period ended March 31, 2015, but the solid returns of the major market benchmarks masked a series of significant and sometimes deep corrections in some market sectors, most notably energy, over the final months of the period. In the following interview, Andrew Acheson and Paul Cloonan discuss the factors that affected the performance of Pioneer Fundamental Growth Fund during the 12-month period. Mr. Acheson, a senior vice president and a portfolio manager at Pioneer, and Mr. Cloonan, a senior vice president and a portfolio manager at Pioneer, are responsible for day-to-day management of the Fund. Q How did the Fund perform during the 12-month period ended March 31, 2015? A Pioneer Fundamental Growth Fund's Class A shares returned 17.60% at net asset value during the 12-month period ended March 31, 2015, while the Fund's benchmark, the Russell 1000 Growth Index (the Russell Index), returned 16.09%. During the same period, the average return of the 702 mutual funds in Lipper's Large Cap Growth Funds category was 14.54%, and the average return of the 1,714 mutual funds in Morningstar's Large Growth Funds category was 13.30%. Q How would you describe the investment environment for equities during the 12-month period ended March 31, 2015? A U.S. equity markets produced broad gains in most stock groups, despite periodic bouts with volatility that affected different sectors at different times. The overall rally in stock prices was driven by growing investor confidence in the general domestic economic backdrop, which featured improving growth trends, increasing employment, a strengthening housing industry, rising consumer spending and low levels of inflation. Some market sectors, however, were buffeted by a series of rolling corrections over the 12-month period, most notably when energy stocks fell sharply late in 2014 and early in 2015 as global prices for crude oil plummeted. Earlier in the period, some biotechnology, information technology and consumer discretionary stocks were hit hard by corrections, which were followed by a later sell-off in the industrials sector. Moreover, the general market suffered 4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 through a sharp, but short-lived correction between September and October 2014, possibly brought on by fears about the contagious effects of suddenly lower oil prices and by the withdrawal of some monetary stimulus from the U.S. economy with the end of the U.S. Federal Reserve System's (the Fed's) quantitative easing program. By the end of the period, however, the market had snapped back and share prices, by and large, had regained the ground they had lost in the wake of the September/October correction. Q Which of your investment decisions or individual portfolio holdings had the greatest effects on the Fund's benchmark-relative performance during the 12-month period ended March 31, 2015 A Good sector allocation decisions, especially the portfolio's significant overweight to health care, a sector which outperformed, and an underweight to energy stocks, combined with successful security selection results, helped the Fund to outperform relative to the Russell Index benchmark during the period. Security selection in the consumer discretionary sector was a particularly strong contributor to the Fund's benchmark-relative performance during the period, led by solid results from the portfolio's position in home- improvement chain Home Depot. Home Depot is a particularly well-managed company which is disciplined in its allocation of capital, and thus was able to take advantage of the improvement in the housing industry over the period. Another holding in the consumer discretionary sector which made a solid contribution to the Fund's benchmark-relative returns was discount retail chain Ross Stores. The company had strong comparable-store sales trends and benefited from the uptick in consumer spending during the period. Also in consumer discretionary, the Fund's positions in two media firms were standout performers during the period: Disney and Time Warner. Both companies successfully added revenue from expanded distribution of their programming and their strong pricing power, while Disney also benefited from its diversification, particularly its theme park business, which produced strong results as the economy continued to improve and travel and consumer spending increased. The Fund also saw good benchmark-relative performance from holdings in health care, a sector which we overweighted during the period. Two of the top performers for the Fund in the sector were companies involved in mergers: Covidien, a health care products company acquired by Medtronic; Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 5 and Allergan, a pharmaceutical firm acquired by Actavis. (Actavis currently plans to change the name of the combined company back to Allergan.) Another portfolio investment in health care that produced strong results for the Fund during the period was Celgene, a pharmaceutical and biotechnology company with improving prospects. There were some disappointing security selection results, however, in the information technology and industrials sectors during the period. In the information technology sector, the Fund's positions in Xilinx, a semiconductor company, and EMC, a specialist in storage technology, underperformed. We sold the position in Xilinx, which had deteriorating growth trends, but retained the investment in EMC, as we saw continuing longer-term potential in the company despite recent sluggishness in corporate technology investment spending. In the industrials sector, the most notable detractors from the Fund's benchmark-relative returns during the period were holdings of Precision Castparts and United Technologies. Precision Castparts, which we continue to view as a well-managed, disciplined company, recently had problems getting some key production equipment back on line after scheduled maintenance. The company also was affected by de-stocking decisions by one of its major customers. We still think Precision Castpart's recent problems are temporary, however, and continue to hold the position in the Fund's portfolio. United Technologies had underperformed during the first part of the Fund's fiscal year, but its stock had begun to regain value as of the end of the period following the appointment of a new company chief executive, who has placed a new emphasis on execution of the company's business plan while reviewing the value of all company assets. Q What changes did you make to the portfolio during the 12-month period ended March 31, 2015? A During the 12-month period we sold the Fund's shares of the following companies: Procter & Gamble, the consumer products firm; tobacco company Philip Morris International; W.W. Grainger, a distributor of maintenance and operating supplies to the industrial market; Occidental Petroleum, which we think will continue to be negatively affected by low oil prices; and semiconductor company Xilinx, which we mentioned earlier. 6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Positions added to the Fund's portfolio during the period were: International Flavors and Fragrances, a supplier to the food, personal care and cosmetic industries; Johnson & Johnson, the diversified health care company; tobacco company Lorillard; and auto parts supplier O'Reilly Automotive. Q Did the Fund have any exposure to derivative securities during the 12-month period ended March 31, 2015? A No, the Fund did not invest in any derivatives during the period. Q What is your investment outlook? A We continue to see a favorable growth outlook for the U.S. economy, helped by relatively stable financial conditions, including little inflationary pressure, which should allow the Fed to avoid tightening monetary policy significantly. Our outlook for corporate earnings growth is more mixed, however, as economic sluggishness in some key foreign markets and a strong U.S. dollar has begun to affect the profits of domestic corporations with significant exposures to overseas markets. Also, the collapse of crude oil prices is having a substantial negative impact on the energy industry, even though lower gasoline and fuel prices are benefiting consumer spending and helping the profit margins of industries that are significant energy consumers. We believe we may see even more volatility in the U.S. equity market due to the confluence of several factors. First, even as the Fed starts to tighten monetary policy at home, many foreign central banks are becoming more accommodative in their monetary policies. The result has been the continued strengthening of the U.S. dollar, which is creating an imbalance in currency markets. In addition, the commodities markets -- particularly the oil and gas markets -- are becoming even more imbalanced and are creating significant price volatility. We believe the Fund is well positioned for a more volatile market environment, especially because of our continued focus on investing in what we believe are higher-quality, large-cap growth companies with strong balance sheets and the ability to generate sustained, high returns on incremental capital. We think those qualities can be especially timely during periods of any economic or market stress. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 7 Please refer to the Schedule of Investments on pages 19-22 for a full listing of Fund securities. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. The Fund invests in a limited number of securities and, as a result, the Fund's performance may be more volatile than the performance of other funds holding more securities. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 8 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Portfolio Summary | 3/31/15 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 98% International Common Stocks 2%
Sector Distribution -------------------------------------------------------------------------------- (As a percentage of equity holdings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 25.7% Health Care 19.6% Consumer Discretionary 17.3% Consumer Staples 13.6% Industrials 11.7% Materials 5.3% Energy 3.6% Financials 3.2%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of equity holdings)*
1. Apple, Inc. 5.98% -------------------------------------------------------------------------------- 2. Microsoft Corp. 4.63 -------------------------------------------------------------------------------- 3. MasterCard, Inc. 4.34 -------------------------------------------------------------------------------- 4. CVS Health Corp. 4.14 -------------------------------------------------------------------------------- 5. The Home Depot, Inc. 4.12 -------------------------------------------------------------------------------- 6. The Walt Disney Co. 3.74 -------------------------------------------------------------------------------- 7. Celgene Corp. 3.72 -------------------------------------------------------------------------------- 8. Thermo Fisher Scientific, Inc. 3.65 -------------------------------------------------------------------------------- 9. Gilead Sciences, Inc. 3.60 -------------------------------------------------------------------------------- 10. 3M Co. 3.55 --------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities listed. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 9 Prices and Distributions | 3/31/15
Net Asset Value per Share -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class 3/31/15 3/31/14 -------------------------------------------------------------------------------- A $19.06 $16.66 -------------------------------------------------------------------------------- C $17.81 $15.66 -------------------------------------------------------------------------------- K $19.05 $16.64 -------------------------------------------------------------------------------- R $18.86 $16.50 -------------------------------------------------------------------------------- Y $19.20 $16.77 -------------------------------------------------------------------------------- Z $19.03 $16.64 --------------------------------------------------------------------------------
Distributions per Share: 4/1/14-3/31/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.0481 $0.0054 $0.4662 -------------------------------------------------------------------------------- C $ -- $0.0054 $0.4662 -------------------------------------------------------------------------------- K $0.1175 $0.0054 $0.4662 -------------------------------------------------------------------------------- R $ -- $0.0054 $0.4662 -------------------------------------------------------------------------------- Y $0.0998 $0.0054 $0.4662 -------------------------------------------------------------------------------- Z $0.0842 $0.0054 $0.4662 --------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that measures the performance of large-cap U.S. growth stocks. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts on pages 11-16. 10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Fundamental Growth Fund at public offering price during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- Net Public Russell Asset Offering 1000 Value Price Growth Period (NAV) (POP) Index -------------------------------------------------------------------------------- 10 Years 9.40% 8.75% 9.36% 5 Years 14.82 13.46 15.63 1 Year 17.60 10.81 16.09 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.13% 1.09% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 3/31/2005 $ 9,425 $10,000 3/31/2006 $10,470 $11,314 3/31/2007 $11,036 $12,113 3/31/2008 $11,299 $12,022 3/31/2009 $ 8,255 $ 7,901 3/31/2010 $11,598 $11,831 3/31/2011 $12,900 $13,991 3/31/2012 $14,815 $15,533 3/31/2013 $16,243 $17,100 3/31/2014 $19,680 $21,071 3/31/2015 $23,144 $24,461
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through August 1, 2015, for Class A shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 11 Performance Update | 3/31/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Fundamental Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class 12/15/2005 8.29% 8.29% 9.36% 5 Years 13.96 13.96 15.63 1 Year 16.81 16.81 16.09 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.83% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 12/31/2005 $10,000 $ 10,000 3/31/2006 $10,369 $ 10,309 3/31/2007 $10,836 $ 11,037 3/31/2008 $11,000 $ 10,954 3/31/2009 $ 7,974 $ 7,199 3/31/2010 $11,108 $ 10,780 3/31/2011 $12,255 $ 12,748 3/31/2012 $13,968 $ 14,154 3/31/2013 $15,193 $ 15,581 3/31/2014 $18,276 $ 19,199 3/31/2015 $21,348 $ 22,288
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class K Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class K shares of Pioneer Fundamental Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- Net Russell Asset 1000 Value Growth Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 9.50% 9.36% 5 Years 15.03 15.63 1 Year 18.11 16.09 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.71% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 3/31/2005 $10,000 $10,000 3/31/2006 $11,110 $11,314 3/31/2007 $11,711 $12,113 3/31/2008 $11,991 $12,022 3/31/2009 $ 8,760 $ 7,901 3/31/2010 $12,307 $11,831 3/31/2011 $13,689 $13,991 3/31/2012 $15,721 $15,533 3/31/2013 $17,259 $17,100 3/31/2014 $20,989 $21,071 3/31/2015 $24,790 $24,461
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 20, 2012, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning December 20, 2012, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 13 Performance Update | 3/31/15 Class R Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Fundamental Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- Net Russell Asset 1000 Value Growth Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 9.31% 9.36% 5 Years 14.62 15.63 1 Year 17.23 16.09 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.39% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 3/31/2005 $10,000 $10,000 3/31/2006 $11,110 $11,314 3/31/2007 $11,711 $12,113 3/31/2008 $11,991 $12,022 3/31/2009 $ 8,760 $ 7,901 3/31/2010 $12,307 $11,831 3/31/2011 $13,689 $13,991 3/31/2012 $15,721 $15,533 3/31/2013 $17,186 $17,100 3/31/2014 $20,767 $21,071 3/31/2015 $24,345 $24,461
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on April 2, 2012, is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period beginning April 2, 2012, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 14 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Fundamental Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- Net Russell Asset 1000 Value Growth Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 9.64% 9.36% 5 Years 15.23 15.63 1 Year 17.98 16.09 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.82% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 3/31/2005 $ 5,000,000 $ 5,000,000 3/31/2006 $ 5,555,025 $ 5,657,150 3/31/2007 $ 5,855,502 $ 6,056,413 3/31/2008 $ 5,995,350 $ 6,011,095 3/31/2009 $ 4,379,849 $ 3,950,250 3/31/2010 $ 6,175,263 $ 5,915,555 3/31/2011 $ 6,906,168 $ 6,995,467 3/31/2012 $ 7,961,977 $ 7,766,676 3/31/2013 $ 8,757,477 $ 8,550,130 3/31/2014 $10,635,168 $10,535,364 3/31/2015 $12,547,583 $12,230,363
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class Y shares for the period prior to the commencement of operations of Class Y shares on April 8, 2009, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class Y shares, the performance of Class Y shares prior to their inception would have been higher than the performance shown. For the period beginning April 8, 2009, the actual performance of Class Y shares is reflected. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 15 Performance Update | 3/31/15 Class Z Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class Z shares of Pioneer Fundamental Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- Net Russell Asset 1000 Value Growth Period (NAV) Index -------------------------------------------------------------------------------- 10 Years 9.47% 9.36% 5 Years 14.96 15.63 1 Year 17.78 16.09 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 0.99% 0.90% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 3/31/2005 $10,000 $10,000 3/31/2006 $11,110 $11,314 3/31/2007 $11,711 $12,113 3/31/2008 $11,991 $12,022 3/31/2009 $ 8,760 $ 7,901 3/31/2010 $12,307 $11,831 3/31/2011 $13,689 $13,991 3/31/2012 $15,721 $15,533 3/31/2013 $17,279 $17,100 3/31/2014 $20,979 $21,071 3/31/2015 $24,710 $24,461
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the inception of Class Z shares on April 2, 2012, is the net asset value performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Z shares, the performance for Class Z shares prior to their inception on April 2, 2012, would have been higher than that shown. For the period beginning April 2, 2012, the actual performance of Class Z shares is reflected. Class Z shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through August 1, 2015, for Class Z shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund Based on actual returns from October 1, 2014 through March 31, 2015.
--------------------------------------------------------------------------------------------- Share Class A C K R Y Z --------------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 10/1/14 --------------------------------------------------------------------------------------------- Ending Account $1,089.09 $1,085.59 $1,091.89 $1,087.28 $1,091.30 $1,090.05 Value (after expenses) on 3/31/15 --------------------------------------------------------------------------------------------- Expenses Paid $ 5.68 $ 9.31 $ 3.60 $ 7.29 $ 4.17 $ 4.69 During Period* ---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%, 1.79%, 0.69%, 1.40%, 0.80% and 0.90% for Class A, Class C, Class K, Class R, Class Y, and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 17 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from October 1, 2014 through March 31, 2015.
--------------------------------------------------------------------------------------------- Share Class A C K R Y Z --------------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 10/1/14 --------------------------------------------------------------------------------------------- Ending Account $1,019.50 $1,016.01 $1,021.49 $1,017.95 $1,020.94 $1,020.44 Value (after expenses) on 3/31/15 --------------------------------------------------------------------------------------------- Expenses Paid $ 5.49 $ 9.00 $ 3.48 $ 7.04 $ 4.03 $ 4.53 During Period* ---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%, 1.79%, 0.69%, 1.40%, 0.80% and 0.90% for Class A, Class C, Class K, Class R, Class Y, and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). 18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Schedule of Investments | 3/31/15
------------------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------------------- COMMON STOCKS -- 97.3% ENERGY -- 3.5% Oil & Gas Equipment & Services -- 2.4% 717,352 Schlumberger, Ltd. $ 59,855,851 ------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 1.1% 906,860 Cabot Oil & Gas Corp. $ 26,779,576 -------------- Total Energy $ 86,635,427 ------------------------------------------------------------------------------------- MATERIALS -- 5.2% Fertilizers & Agricultural Chemicals -- 1.1% 249,020 Monsanto Co. $ 28,024,711 ------------------------------------------------------------------------------------- Industrial Gases -- 0.8% 158,343 Praxair, Inc. $ 19,118,334 ------------------------------------------------------------------------------------- Specialty Chemicals -- 3.3% 411,008 Ecolab, Inc. $ 47,011,095 278,622 International Flavors & Fragrances, Inc. 32,710,223 -------------- $ 79,721,318 -------------- Total Materials $ 126,864,363 ------------------------------------------------------------------------------------- CAPITAL GOODS -- 9.8% Aerospace & Defense -- 5.0% 230,852 Precision Castparts Corp. $ 48,478,920 625,529 United Technologies Corp. 73,311,999 -------------- $ 121,790,919 ------------------------------------------------------------------------------------- Industrial Conglomerates -- 3.4% 511,087 3M Co. $ 84,303,801 ------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 1.4% 246,220 Cummins, Inc. $ 34,135,941 -------------- Total Capital Goods $ 240,230,661 ------------------------------------------------------------------------------------- TRANSPORTATION -- 1.6% Air Freight & Logistics -- 1.6% 408,304 United Parcel Service, Inc. (Class B) $ 39,580,990 -------------- Total Transportation $ 39,580,990 ------------------------------------------------------------------------------------- CONSUMER SERVICES -- 3.3% Restaurants -- 3.3% 840,764 Starbucks Corp. $ 79,620,351 -------------- Total Consumer Services $ 79,620,351 ------------------------------------------------------------------------------------- MEDIA -- 6.2% Movies & Entertainment -- 6.2% 848,217 The Walt Disney Co. $ 88,969,481 730,966 Time Warner, Inc. 61,722,769 -------------- $ 150,692,250 -------------- Total Media $ 150,692,250 -------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 19 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------------------- RETAILING -- 7.4% Apparel Retail -- 2.9% 675,203 Ross Stores, Inc. $ 71,139,388 ------------------------------------------------------------------------------------- Home Improvement Retail -- 4.0% 861,845 The Home Depot, Inc. $ 97,914,210 ------------------------------------------------------------------------------------- Automotive Retail -- 0.5% 56,407 O'Reilly Automotive, Inc.* $ 12,197,450 -------------- Total Retailing $ 181,251,048 ------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 4.0% Drug Retail -- 4.0% 954,902 CVS Health Corp. $ 98,555,435 -------------- Total Food & Staples Retailing $ 98,555,435 ------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 5.6% Soft Drinks -- 2.9% 738,283 PepsiCo., Inc. $ 70,594,620 ------------------------------------------------------------------------------------- Tobacco -- 2.7% 1,012,687 Lorillard, Inc. $ 66,179,095 -------------- Total Food, Beverage & Tobacco $ 136,773,715 ------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 3.6% Household Products -- 2.2% 777,101 Colgate-Palmolive Co. $ 53,884,183 ------------------------------------------------------------------------------------- Personal Products -- 1.4% 415,365 The Estee Lauder Companies, Inc. $ 34,541,753 -------------- Total Household & Personal Products $ 88,425,936 ------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 4.5% Health Care Equipment -- 2.1% 668,390 Medtronic PLC $ 52,127,736 ------------------------------------------------------------------------------------- Health Care Services -- 2.4% 659,433 Express Scripts Holding Co.* $ 57,219,001 -------------- Total Health Care Equipment & Services $ 109,346,737 ------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 14.7% Biotechnology -- 7.8% 767,031 Celgene Corp.* $ 88,423,335 872,574 Gilead Sciences, Inc.* 85,625,687 145,857 Vertex Pharmaceuticals, Inc.* 17,206,750 -------------- $ 191,255,772 ------------------------------------------------------------------------------------- Pharmaceuticals -- 3.3% 155,891 Actavis plc* $ 46,396,279 343,306 Johnson & Johnson 34,536,584 -------------- $ 80,932,863 -------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------------------- Life Sciences Tools & Services -- 3.6% 646,313 Thermo Fisher Scientific, Inc. $ 86,825,688 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 359,014,323 ------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 2.8% Specialized Finance -- 2.8% 291,322 Intercontinental Exchange, Inc. $ 67,956,683 -------------- Total Diversified Financials $ 67,956,683 ------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 13.4% Internet Software & Services -- 4.7% 107,078 Google, Inc. (Class A)* $ 59,396,167 99,908 Google, Inc. (Class C) 54,749,584 -------------- $ 114,145,751 ------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 4.2% 1,193,635 MasterCard, Inc. $ 103,118,128 ------------------------------------------------------------------------------------- Systems Software -- 4.5% 2,707,746 Microsoft Corp. $ 110,083,414 -------------- Total Software & Services $ 327,347,293 ------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 10.5% Communications Equipment -- 2.6% 916,882 Qualcomm, Inc. $ 63,576,598 ------------------------------------------------------------------------------------- Computer Storage & Peripherals -- 7.9% 1,142,666 Apple, Inc. $ 142,181,930 1,968,865 EMC Corp. 50,324,189 -------------- $ 192,506,119 -------------- Total Technology Hardware & Equipment $ 256,082,717 ------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2% Semiconductors -- 1.2% 470,033 Analog Devices, Inc. $ 29,612,079 -------------- Total Semiconductors & Semiconductor Equipment $ 29,612,079 ------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $1,744,001,574) $2,377,990,008 ------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 97.3% (Cost $1,744,001,574) (a) $2,377,990,008 ------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 2.7% $ 66,744,271 ------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $2,444,734,279 =====================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 21 Schedule of Investments | 3/31/15 (continued) * Non-income producing security. (a) At March 31, 2015, the net unrealized appreciation on investments based on cost for federal income tax purposes of $1,745,580,020 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $644,838,116 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (12,428,128) ------------ Net unrealized appreciation $632,409,988 ============
Purchases and sales of securities (excluding temporary cash investments) for the year ended March 31, 2015 aggregated $663,349,585 and $225,266,966, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Note 1A. Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3. The following is a summary of the inputs used as of March 31, 2015, in valuing the Fund's investments:
------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------- Common Stocks $2,377,990,008 $ -- $ -- $2,377,990,008 ------------------------------------------------------------------------------------- Total $2,377,990,008 $ -- $ -- $2,377,990,008 =====================================================================================
During the year ended March 31, 2015, there were no transfers between Levels 1, 2 and 3. The accompanying notes are an integral part of these financial statements. 22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Statement of Assets and Liabilities | 3/31/15
ASSETS: Investment in securities (cost $1,744,001,574) $2,377,990,008 Cash 145,795,919 Receivables -- Fund shares sold 17,488,093 Dividends 1,350,755 Prepaid expenses 57,351 ------------------------------------------------------------------------------------------- Total assets $2,542,682,126 ------------------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 92,431,233 Fund shares repurchased 4,607,165 Due to affiliates 729,509 Accrued expenses 179,940 ------------------------------------------------------------------------------------------- Total liabilities $ 97,947,847 ------------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $1,711,028,019 Undistributed net investment income 2,791,211 Accumulated net realized gain on investments 96,926,615 Net unrealized appreciation on investments 633,988,434 ------------------------------------------------------------------------------------------- Total net assets $2,444,734,279 =========================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $796,688,884/41,801,930 shares) $ 19.06 Class C (based on $246,593,053/13,848,392 shares) $ 17.81 Class K (based on $97,062,588/5,095,375 shares) $ 19.05 Class R (based on $37,284,676/1,976,694 shares) $ 18.86 Class Y (based on $1,263,593,661/65,827,014 shares) $ 19.20 Class Z (based on $3,511,417/184,479 shares) $ 19.03 MAXIMUM OFFERING PRICE: Class A ($19.06 (divided by) 94.25%) $ 20.22 ===========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 23 Statement of Operations For the Year Ended 3/31/15
INVESTMENT INCOME: Dividends (net of foreign taxes withheld $16) $29,191,656 Interest 17,277 ----------------------------------------------------------------------------------------------- Total investment income $ 29,208,933 =============================================================================================== EXPENSES: Management fees $12,414,980 Transfer agent fees Class A 228,760 Class B* 5,574 Class C 36,451 Class K 2,230 Class R 13,503 Class Y 7,048 Class Z 1,265 Distribution fees Class A 1,740,860 Class B* 18,113 Class C 1,997,526 Class R 201,873 Shareholder communications expense 2,586,063 Administrative reimbursements 573,845 Custodian fees 25,603 Registration fees 215,688 Professional fees 100,279 Printing expense 51,717 Fees and expenses of nonaffiliated Trustees 81,303 Miscellaneous 72,690 ----------------------------------------------------------------------------------------------- Total operating expenses $ 20,375,371 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (292,219) ----------------------------------------------------------------------------------------------- Net operating expenses $ 20,083,152 ----------------------------------------------------------------------------------------------- Net investment income $ 9,125,781 ----------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments $125,298,386 Change in net unrealized appreciation on investments $181,601,642 ----------------------------------------------------------------------------------------------- Net gain on investments $306,900,028 ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $316,025,809 ===============================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. 24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------- Year Ended Year Ended 3/31/15 3/31/14 ------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 9,125,781 $ 7,369,044 Net realized gain on investments 125,298,386 57,722,432 Change in net unrealized appreciation on investments 181,601,642 204,361,102 ------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 316,025,809 $ 269,452,578 ------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.05 and $0.06 per share, respectively) $ (1,878,797) $ (2,482,445) Class K ($0.12 and $0.11 per share, respectively) (269,640) (146,526) Class R ($0.00 and $0.08 per share, respectively) -- (173,280) Class Y ($0.10 and $0.09 per share, respectively) (5,956,917) (3,986,805) Class Z ($0.08 and $0.10 per share, respectively) (11,941) (8,022) Net realized gain: Class A ($0.47 and $0.62 per share, respectively) (17,853,702) (23,244,470) Class B ($0.00 and $0.62 per share, respectively)* -- (129,871) Class C ($0.47 and $0.62 per share, respectively) (5,512,482) (6,228,073) Class K ($0.47 and $0.62 per share, respectively) (1,078,395) (113,809) Class R ($0.47 and $0.62 per share, respectively) (835,064) (1,283,428) Class Y ($0.47 and $0.62 per share, respectively) (26,141,183) (27,940,201) Class Z ($0.47 and $0.62 per share, respectively) (65,055) (45,158) ------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (59,603,176) $ (65,782,088) ------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale or exchange of shares $ 991,290,489 $ 923,358,524 Reinvestment of distributions 52,453,024 57,739,778 Cost of shares repurchased (593,937,145) (536,288,335) ------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 449,806,368 $ 444,809,967 ------------------------------------------------------------------------------------------------- Net increase in net assets $ 706,229,001 $ 648,480,457 NET ASSETS: Beginning of year 1,738,505,278 1,090,024,821 ------------------------------------------------------------------------------------------------- End of year $2,444,734,279 $1,738,505,278 ------------------------------------------------------------------------------------------------- Undistributed net investment income $ 2,791,211 $ 1,782,725 =================================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 25 Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------- '15 Shares '15 Amount '14 Shares '14 Amount ----------------------------------------------------------------------------------------------- Class A Shares sold 15,036,362 $ 274,201,233 22,110,498 $ 346,917,913 Reinvestment of distributions 937,391 17,489,419 1,445,202 23,486,413 Less shares repurchased (12,861,620) (231,236,932) (15,339,964) (246,637,720) ----------------------------------------------------------------------------------------------- Net increase 3,112,133 $ 60,453,720 8,215,736 $ 123,766,606 =============================================================================================== Class B* Shares sold or exchanged 36,067 $ 587,911 56,558 $ 831,773 Reinvestment of distributions -- -- 7,658 115,401 Less shares repurchased (237,960) (4,042,482) (95,005) (1,394,313) ----------------------------------------------------------------------------------------------- Net decrease (201,893) $ (3,454,571) (30,789) $ (447,139) =============================================================================================== Class C Shares sold 4,493,019 $ 77,274,336 5,540,882 $ 81,669,738 Reinvestment of distributions 246,472 4,293,542 316,242 4,816,358 Less shares repurchased (2,038,629) (34,334,848) (1,298,988) (19,542,874) ----------------------------------------------------------------------------------------------- Net increase 2,700,862 $ 47,233,030 4,558,136 $ 66,943,222 =============================================================================================== Class K Shares sold 3,621,619 $ 67,520,968 1,986,520 $ 32,284,562 Reinvestment of distributions 72,149 1,348,035 15,892 260,335 Less shares repurchased (491,338) (8,895,211) (110,215) (1,803,586) ----------------------------------------------------------------------------------------------- Net increase 3,202,430 $ 59,973,792 1,892,197 $ 30,741,311 =============================================================================================== Class R Shares sold 1,235,064 $ 22,131,079 2,505,292 $ 39,892,360 Reinvestment of distributions 38,654 712,401 81,110 1,308,812 Less shares repurchased (1,763,621) (31,500,220) (290,813) (4,679,817) ----------------------------------------------------------------------------------------------- Net increase (decrease) (489,903) $ (8,656,740) 2,295,589 $ 36,521,355 =============================================================================================== Class Y Shares sold 29,577,154 $ 547,481,140 26,560,882 $ 420,549,032 Reinvestment of distributions 1,516,299 28,532,632 1,691,243 27,699,278 Less shares repurchased (15,515,618) (283,571,107) (16,761,997) (262,173,534) ----------------------------------------------------------------------------------------------- Net increase 15,577,835 $ 292,442,665 11,490,128 $ 186,074,776 =============================================================================================== Class Z Shares sold 115,242 $ 2,093,822 78,674 $ 1,213,146 Reinvestment of distributions 4,127 76,995 3,266 53,181 Less shares repurchased (19,275) (356,345) (3,510) (56,491) ----------------------------------------------------------------------------------------------- Net increase 100,094 $ 1,814,472 78,430 $ 1,209,836 ===============================================================================================
* Class B shares converted to Class A shares on November 10, 2014. The accompanying notes are an integral part of these financial statements. 26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Financial Highlights
------------------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11 ------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 16.66 $ 14.33 $ 13.23 $ 11.86 $ 10.96 ------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.06 $ 0.06 $ 0.07 $ 0.02 $ 0.03 Net realized and unrealized gain (loss) on investments 2.86 2.95 1.20 1.68 1.17 ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 2.92 $ 3.01 $ 1.27 $ 1.70 $ 1.20 ------------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.05) $ (0.06) $ (0.06) $ (0.03) $ (0.02) Net realized gain (0.47) (0.62) (0.11) (0.30) (0.28) ------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.52) $ (0.68) $ (0.17) $ (0.33) $ (0.30) ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 2.40 $ 2.33 $ 1.10 $ 1.37 $ 0.90 ------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.06 $ 16.66 $ 14.33 $ 13.23 $ 11.86 =============================================================================================================================== Total return* 17.60% 21.16% 9.64% 14.84% 11.23% Ratio of net expenses plus interest expense to average net assets 1.09% 1.08% 1.09% 1.19% 1.25% Ratio of net investment income (loss) to average net assets 0.38% 0.46% 0.54% 0.28% 0.25% Portfolio turnover rate 12% 21% 28% 16% 18% Net assets, end of period (in thousands) $796,689 $644,527 $436,682 $346,987 $123,305 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses plus interest expense to average net assets 1.13% 1.13% 1.20% 1.19% 1.28% Net investment income (loss) to average net assets 0.34% 0.41% 0.43% 0.28% 0.22% ===============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 27 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11 ----------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 15.66 $ 13.55 $ 12.57 $ 11.34 $ 10.56 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ (0.03) $ (0.04) $ (0.02)(a) $ (0.04) $ (0.05)(a) Net realized and unrealized gain (loss) on investments 2.65 2.77 1.12 1.57 1.11 ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 2.62 $ 2.73 $ 1.10 $ 1.53 $ 1.06 ----------------------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ -- $ -- $ (0.01) $ -- $ -- Net realized gain (0.47) (0.62) (0.11) (0.30) (0.28) ----------------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.47) $ (0.62) $ (0.12) $ (0.30) $ (0.28) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 2.15 $ 2.11 $ 0.98 $ 1.23 $ 0.78 ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 17.81 $ 15.66 $ 13.55 $ 12.57 $ 11.34 =================================================================================================================================== Total return* 16.81% 20.29% 8.77% 13.98% 10.33% Ratio of net expenses plus interest expense to average net assets 1.79% 1.83% 1.91% 1.96% 2.03% Ratio of net investment income (loss) to average net assets (0.32)% (0.28)% (0.23)% (0.50)% (0.52)% Portfolio turnover rate 12% 21% 28% 16% 18% Net assets, end of period (in thousands) $246,593 $174,565 $89,299 $33,880 $15,149 ===================================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the aggregate gain on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating fair values of the investments of the Fund. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. The accompanying notes are an integral part of these financial statements. 28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------- Year Year Ended Ended 12/20/12 to 3/31/15 3/31/14 3/31/13 -------------------------------------------------------------------------------------------- Class K Net asset value, beginning of period $ 16.64 $ 14.30 $13.37 -------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.16 $ 0.06 $ 0.03 Net realized and unrealized gain (loss) on investments 2.84 3.01 1.00 -------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 3.00 $ 3.07 $ 1.03 -------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.12) $ (0.11) $(0.10) Net realized gain (0.47) (0.62) -- -------------------------------------------------------------------------------------------- Total distributions $ (0.59) $ (0.73) $(0.10) -------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 2.41 $ 2.34 $ 0.93 -------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.05 $ 16.64 $14.30 ============================================================================================ Total return* 18.11% 21.61% 7.77%(a)(b) Ratio of net expenses plus interest expense to average net assets 0.69% 0.71% 0.77%** Ratio of net investment income (loss) to average net assets 0.81% 0.85% 0.77%** Portfolio turnover rate 12% 21% 28% Net assets, end of period (in thousands) $97,063 $31,501 $ 11 ============================================================================================
(a) If the Fund had not recognized gains in settlement of class action lawsuits during the year ended March 31, 2013, the total return would have been 7.74%. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 29 Financial Highlights (continued)
----------------------------------------------------------------------------------------- Year Year Ended Ended 4/2/12 to 3/31/15 3/31/14 3/31/13 ----------------------------------------------------------------------------------------- Class R Net asset value, beginning of period $ 16.50 $ 14.25 $13.34 ----------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ (0.00)(a) $ 0.01 $ 0.06 Net realized and unrealized gain (loss) on investments 2.83 2.94 1.05 ----------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 2.83 $ 2.95 $ 1.11 ----------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ -- $ (0.08) $(0.09) Net realized gain (0.47) (0.62) (0.11) ----------------------------------------------------------------------------------------- Total distributions $ (0.47) $ (0.70) $(0.20) ----------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 2.36 $ 2.25 $ 0.91 ----------------------------------------------------------------------------------------- Net asset value, end of period $ 18.86 $ 16.50 $14.25 ========================================================================================= Total return* 17.23% 20.84% 8.42%(b)(c) Ratio of net expenses plus interest expense to average net assets 1.40% 1.39% 1.40%** Ratio of net investment income (loss) to average net assets 0.05% 0.18% 0.27%** Portfolio turnover rate 12% 21% 28% Net assets, end of period (in thousands) $37,285 $40,703 $2,437 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses plus interest expense to average net assets 1.52% 1.39% 1.45%** Net investment income (loss) to average net assets (0.07)% 0.18% 0.21%** =========================================================================================
(a) Amount rounds to less than $0.01 or $(0.01) per share. (b) If the Fund had not recognized gains in settlement of class action lawsuits during the year ended March 31, 2013, the total return would have been 8.41%. (c) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. The accompanying notes are an integral part of these financial statements. 30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 3/31/15 3/31/14 3/31/13 3/31/12 3/31/11 ------------------------------------------------------------------------------------------------------------------------------ Class Y Net asset value, beginning of period $ 16.77 $ 14.41 $ 13.30 $ 11.91 $ 10.99 ------------------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (loss) $ 0.10 $ 0.10 $ 0.10 $ 0.07 $ 0.08 Net realized and unrealized gain (loss) on investments 2.90 2.97 1.22 1.69 1.19 ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ 3.00 $ 3.07 $ 1.32 $ 1.76 $ 1.27 ------------------------------------------------------------------------------------------------------------------------------ Distribution to shareowners: Net investment income $ (0.10) $ (0.09) $ (0.10) $ (0.07) $ (0.07) Net realized gain (0.47) (0.62) (0.11) (0.30) (0.28) ------------------------------------------------------------------------------------------------------------------------------ Total distributions $ (0.57) $ (0.71) $ (0.21) $ (0.37) $ (0.35) ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ 2.43 $ 2.36 $ 1.11 $ 1.39 $ 0.92 ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 19.20 $ 16.77 $ 14.41 $ 13.30 $ 11.91 ============================================================================================================================== Total return* 17.98% 21.44% 9.99%(a) 15.29% 11.84% Ratio of net expenses plus interest expense to average net assets 0.80% 0.82% 0.81% 0.78% 0.78% Ratio of net investment income (loss) to average net assets 0.68% 0.72% 0.85% 0.67% 0.72% Portfolio turnover rate 12% 21% 28% 16% 18% Net assets, end of period (in thousands) $1,263,594 $842,680 $558,383 $403,490 $226,409 ==============================================================================================================================
(a) If the Fund had not recognized gains in settlement of class action lawsuits during the year ended March 31, 2013, the total return would have been 9.96%. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 31 Financial Highlights (continued)
-------------------------------------------------------------------------------------------- Year Year Ended Ended 4/2/12 to 3/31/15 3/31/14 3/31/13 -------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $16.64 $14.32 $13.34 -------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.11 $ 0.06 $ 0.05 Net realized and unrealized gain (loss) on investments 2.83 2.98 1.14 -------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 2.94 $ 3.04 $ 1.19 -------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $(0.08) $(0.10) $(0.10) Net realized gain (0.47) (0.62) (0.11) -------------------------------------------------------------------------------------------- Total distributions $(0.55) $(0.72) $(0.21) -------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 2.39 $ 2.32 $ 0.98 -------------------------------------------------------------------------------------------- Net asset value, end of period $19.03 $16.64 $14.32 ============================================================================================ Total return* 17.78% 21.41% 9.00%(a)(b) Ratio of net expenses plus interest expense to average net assets 0.90% 0.90% 0.90%** Ratio of net investment income (loss) to average net assets 0.58% 0.68% 0.73%** Portfolio turnover rate 12% 21% 28% Net assets, end of period (in thousands) $3,511 $1,404 $ 85 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses plus interest expense to average net assets 0.95% 0.99% 1.04%** Net investment income (loss) to average net assets 0.53% 0.59% 0.59%** ============================================================================================
(a) If the Fund had not recognized gains in settlement of class action lawsuits during the year ended March 31, 2013, the total return would have been 8.99%. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. The accompanying notes are an integral part of these financial statements. 32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Notes to Financial Statements | 3/31/15 1. Organization and Significant Accounting Policies Pioneer Fundamental Growth Fund (the Fund) is a series of Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund's investment objective is to seek long-term capital growth. The Fund offers six classes of shares designated as Class A, Class C, Class K, Class R, Class Y and Class Z shares. Class Y shares were first publicly offered on April 7, 2009. Class R and Class Z shares were first publicly offered on April 2, 2012. Class K shares were first publicly offered on December 20, 2012. The Fund ceased to offer Class B shares on November 10, 2014. Class B shares were converted to Class A shares as of the close of business on November 10, 2014. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board the flexibility to specify either per share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K, Class Y or Class Z shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 33 A. Security Valuation Security transactions are recorded as of trade date. The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. In computing the net asset value, securities that have traded on an exchange are valued at the last sale price on the principal exchange where they are traded. Securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued at the mean between the last bid and asked prices. Shares of money market mutual funds are valued at such funds' net asset value. Cash may include overnight time deposits at approved financial institutions. Trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Securities for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair valued methods approved by the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee. At March 31, 2015, there were no securities that were valued using fair value methods (other than securities that were valued using prices supplied by independent pricing services or broker-dealers). 34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 B. Investment Income and Transactions Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. C. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of March 31, 2015, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by Federal and State tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. The tax character of distributions paid during the year ended March 31, 2015 and March 31, 2014 were as follows:
--------------------------------------------------------------------------- 2015 2014 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 8,706,828 $ 6,910,930 Long-term capital gain 50,896,348 58,871,158 --------------------------------------------------------------------------- Total $59,603,176 $65,782,088 ===========================================================================
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 35 The following shows the components of distributable earnings on a federal income tax basis at March 31, 2015:
--------------------------------------------------------------------------- 2015 --------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 4,329,640 Undistributed long-term capital gain 96,966,632 Net unrealized appreciation 632,409,988 --------------------------------------------------------------------------- Total $733,706,260 ===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales. D. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD) is the principal underwriter for the Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $173,105 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2015. E. Class Allocations Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 4). Class Y and Class Z shares do not pay distribution fees. All expenses and fees paid to the transfer agent, Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3). Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class R, Class Y and Class Z shares can reflect different transfer agent and distribution expense rates. 36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 F. Risks At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. G. Repurchase Agreements With respect to repurchase agreements entered into by the Fund, the value of the underlying securities (collateral), including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund's custodian or a subcustodian of the Fund. PIM is responsible for determining that the value of the collateral remains at least equal to the repurchase price. During the year ended March 31, 2015, the Fund had no open repurchase agreements. 2. Management Agreement PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's portfolio. Management fees are calculated daily at the annual rate of 0.65% of the Fund's average daily net assets up to $1 billion and 0.60% on assets over $1 billion. For the year ended March 31, 2015, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.63% of the Fund's average daily net assets. PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Fund expenses to 1.09%, 2.15%, 1.40%, 0.83% and 0.90% of the average daily net assets attributable to Class A, Class C, Class R, Class Y and Class Z shares, respectively. Class K shares do not have an expense limitation. Fees waived and expenses reimbursed during the year ended March 31, 2015 are reflected on the Statement of Operations. These expense limitations are in effect through August 1, 2016, except for Class C shares, which is in effect through August 1, 2015. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $171,599 in management fees, administrative costs and certain other reimbursements payable to PIM at March 31, 2015. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 37 3. Transfer Agent PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially all transfer agent and shareowner services to the Fund at negotiated rates. In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by PIMSS related to shareholder communications activities such as proxy and statement mailings, outgoing phone calls and omnibus relationship contracts. For the year ended March 31, 2015, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $1,129,849 Class B 3,628 Class C 180,044 Class K 1,570 Class R 122,823 Class Y 1,143,377 Class Z 4,772 -------------------------------------------------------------------------------- Total $2,586,063 ================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $507,022 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at March 31, 2015. 4. Distribution and Service Plans The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $50,888 in distribution fees payable to PFD at March 31, 2015. The Fund also has adopted a separate service plan for Class R shares (Service Plan). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain 38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class R shares held by such plans. In addition, redemptions of each class of shares (except Class K, Class R, Class Y and Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. 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, Class Y or Class Z shares. Proceeds from the CDSCs are paid to PFD. For the year ended March 31, 2015, CDSCs in the amount of $48,274 were paid to PFD. 5. Expense Offset Arrangements The Fund has entered into certain expense offset arrangements with PIMSS which may result in a reduction in the Fund's total expenses due to interest earned on cash held by PIMSS. For the year ended March 31, 2015, the Fund's expenses were not reduced under such arrangements. 6. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect until February 12, 2014 was in the amount of $215 million. As of February 11, 2015, the facility is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in the credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended March 31, 2015 the Fund had no borrowings under the credit facility. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 39 7. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Fund, with the approval and recommendation of the Audit Committee, has appointed Deloitte & Touche LLP to serve as the Fund's independent registered public accounting firm for the fiscal year ending March 31, 2015. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as the Fund's independent registered public accounting firm, effective upon completion of the audit of the Fund's financial statements for the fiscal year ended March 31, 2014. During the periods that Ernst & Young LLP served as the Fund's independent registered public accounting firm, including the Fund's fiscal years ending March 31, 2014 and March 31, 2013, Ernst & Young LLP's reports on the financial statements of the Fund have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. 8. Conversion of Class B Shares As of the close of business on November 10, 2014 (the "Conversion Date"), all outstanding Class B shares of the Pioneer funds were converted to Class A shares. 9. Subsequent Events PIM, the Trust's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). Pursuant to the preliminary agreement, the Transaction will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's 40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Trust's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Trust's Board of Trustees will be asked to approve a new investment advisory agreement for the Trust. If approved by the Board, the Trust's new investment advisory agreement will be submitted to the shareholders of the Trust for their approval. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 41 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Pioneer Series Trust X and the Shareowners of Pioneer Fundamental Growth Fund: -------------------------------------------------------------------------------- We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Pioneer Fundamental Growth Fund (the "Fund") (one of the portfolios constituting Pioneer Series Trust X), as of March 31, 2015, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets of the Fund for the year ended March 31, 2014, and the financial highlights for the years ended March 31, 2014, 2013, 2012, and 2011 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated May 22, 2014. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015, by correspondence with the custodian, brokers and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Fundamental Growth Fund as of March 31, 2015, the results of its operations, changes in its net assets and financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ Deloitte & Touche LLP Boston, Massachusetts May 22, 2015 42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 ADDITIONAL INFORMATION (unaudited) For the year ended March 31, 2015, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2014 form 1099-DIV. The qualifying percentage of the Fund's ordinary income dividends for the purpose of the corporate dividends received deduction was 100%. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 43 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Deloitte & Touche LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Pioneer Investment Management Shareholder Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 52 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. 44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (64) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities elected or earlier Inc. (technology products for securities processing provider for retirement or lending industry); and Senior Executive Vice financial services industry) removal. President, The Bank of New York (financial and (2009 - present); Director, securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (71) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage successor trustee is 2004 and 2008 - present); Interim Chief REIT) 2004 - 2009, 2012 - elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director (of The retirement or (privately-held research and consulting Swiss Helvetia Fund, Inc. removal. company) (2010); Executive Vice President and (closed-end fund) (2010 - Chief Financial Officer, I-trax, Inc. (publicly present); Director of Oxford traded health care services company) (2004 - Analytica, Inc. (2008 - 2007); and Executive Vice President and Chief present); and Director of Financial Officer, Pedestal Inc. (internet-based Enterprise Community mortgage trading company) (2000 - 2002); Investment, Inc. Private consultant (1995 - 1997), Managing (privately-held affordable Director, Lehman Brothers (investment banking housing finance company) (1985 - firm) (1992 - 1995); and Executive, The World 2010) Bank (1979 - 1992) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (70) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and successor trustee is Mellon Institutional Funds elected or earlier Master Portfolio (oversaw 17 retirement or portfolios in fund complex) removal. (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 45 Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (67) Trustee since 2002. Founding Director, Vice President and Corporate None Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting successor trustee is firm) (1982 - present); Desautels Faculty of elected or earlier Management, McGill University (1999 - present); retirement or and Manager of Research Operations and removal. Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (66) Trustee since 2002. President and Chief Executive Officer, Newbury, Director of New America High Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end successor trustee is (1981 - present) investment company) (2004 - elected or earlier present); and Member, Board of retirement or Governors, Investment Company removal. Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 None Trustee Serves until a - present); Executive Vice President, BNY successor trustee is Mellon (financial and investment company elected or earlier services) (1969 - 2012); Director, BNY retirement or International Financing Corp. (financial removal. services) (2002 - 2012); and Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012) ------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (56)* Trustee since 2014. Director and Executive Vice President (since None Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since successor trustee 2010) of PIM-USA; Executive Vice President of is elected or Pioneer (since 2008); Executive Vice President earlier retirement of Pioneer Institutional Asset Management, Inc. or removal. (since 2009); and Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's investment adviser and certain of its affiliates. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 47 Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lorraine Monchak (58)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds None Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 - present); Vice President - International Investments Group, American International Group, Inc. (insurance company) (1993 - 2001); Vice President Corporate Finance and Treasury Group, Citibank, N.A.(1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee. 48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer None President and Chief at the discretion of Investment Management-USA (since September Executive Officer the Board. 2014); Chair, Director, CEO and President of Pioneer Investment Management, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Funds Distributor, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Institutional Asset Management, Inc. (since September 2014); and Chair, Director, and CEO of Pioneer Investment Management Shareholder Services, Inc. (since September 2014); Managing Director, Morgan Stanley Investment Management (2010 - 2013); and Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (50) Since 2003. Serves Vice President and Associate General Counsel of None Secretary and Chief at the discretion of Pioneer since January 2008; Secretary and Chief Legal Officer the Board. Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (54) Since 2010. Serves Fund Governance Director of Pioneer since None Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all the Board. the Pioneer Funds since June 2010; Manager - Fund Governance of Pioneer from December 2003 to November 2006; and Senior Paralegal of Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (52) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds the Board. since June 2010; and Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (55) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None Treasurer and Chief at the discretion of Treasurer of all of the Pioneer Funds since Financial and the Board. March 2008; Deputy Treasurer of Pioneer from Accounting Officer March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 49 Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (49) Since 2002. Serves Director - Fund Treasury of Pioneer; and None Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer the Board. Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (56) Since 2002. Serves Fund Accounting Manager - Fund Treasury of None Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the the Board. Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (35) Since 2009. Serves Fund Administration Manager - Fund Treasury of None Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant the Board. Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (62) Since 2010. Serves Chief Compliance Officer of Pioneer and of all None Chief Compliance Officer at the discretion of the Pioneer Funds since March 2010; Chief the Board. Compliance Officer of Pioneer Institutional Asset Management, Inc. since January 2012; Chief Compliance Officer of Vanderbilt Capital Advisors, LLC since July 2012: Director of Adviser and Portfolio Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (44) Since 2006. Serves Director - Transfer Agency Compliance of None Anti-Money Laundering at the discretion of Pioneer and Anti-Money Laundering Officer of Officer the Board. all the Pioneer Funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 This page for your notes. Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 51 This page for your notes. 52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/15 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- PIMSS, Inc. P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free fax 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at http://www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2015 Pioneer Investments 19341-09-0515 Pioneer Dynamic Credit Fund -------------------------------------------------------------------------------- Annual Report | March 31, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A RCRAX Class C RCRCX Class Y RCRYX Class Z ARCZX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 10 Prices and Distributions 11 Performance Update 12 Comparing Ongoing Fund Expenses 16 Schedule of Investments 18 Financial Statements 65 Notes to Financial Statements 73 Report of Independent Registered Public Accounting Firm 87 Trustees, Officers and Service Providers 89
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 1 President's Letter Dear Shareowner, As mid-year approaches, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 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, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones President and CEO Pioneer Investment Management USA, Inc. Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 3 Portfolio Management Discussion | 3/31/15 Although overall evidence pointed to a strengthening domestic economy during the 12-month period ended March 31, 2015, securities exposed to credit risk reacted negatively to a sharp decline in oil prices, reports of economic slowing overseas, and disappointing U.S. economic data in the first quarter of 2015. In the following interview, Michael Temple, Andrew Feltus, and Chin Liu discuss the factors that influenced the performance of Pioneer Dynamic Credit Fund during the 12-month period ended March 31, 2015. Mr. Temple, a senior vice president, portfolio manager, and Director of Fixed-Income Credit Research at Pioneer, Mr. Feltus, Director of High Yield and Bank Loans, a senior vice president and a portfolio manager at Pioneer, and Mr. Liu, a vice president and a portfolio manager at Pioneer, are responsible for the day-to-day management of the Fund. Q How did the Fund perform during the 12 months ended March 31, 2015? A Pioneer Dynamic Credit Fund's Class A shares returned -0.71% at net asset value during the 12 months ended March 31, 2015, while the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. Dollar 3-Month LIBOR Index (the BofA ML Index), returned 0.23%. During the same period, the average return of the 209 mutual funds in Lipper's Alternative Credit Focus Funds category was 0.59%, and the average return of the 378 mutual funds in Morningstar's Non-Traditional Bond Funds category was 0.91%. Q How would you describe the investment environment in the fixed-income markets during the 12-month period ended March 31, 2015? A The market for more credit-sensitive fixed-income investments weakened and became more volatile as the period progressed. Credit-sensitive debt, including U.S. high-yield corporate bonds, performed relatively well early in the period, which began in April 2014. During that time, investors' confidence in the underlying strength of the U.S. economy was increasing as employment numbers steadily improved and corporate profits grew strongly. Later in the Fund's fiscal year, however, a series of events - including the dramatic drop in world oil prices, slowing economic growth overseas and a decline in market interest rates domestically - subsequently led to falling confidence in more credit-sensitive debt. 4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Declining intermediate- to longer-term rates, meanwhile, gave solid support to the performance of higher-quality, more interest-rate sensitive securities. Longer-maturity U.S. Treasuries and government bonds performed particularly well, outperforming nearly all other asset classes in the fixed-income market for the 12-month period. While many studies pointed to a strengthening domestic economy over most of the period, some economic reports that tracked trends in the first calendar quarter of 2015, the final three months of the 12-month period, seemed to suggest that the economy might not be growing as fast as had been expected. In fact, after period end, reported U.S. gross domestic product (GDP) for the first quarter of the year came in basically flat. While some observers believed the disappointing data early in 2015 might be the result of a severe winter, many other investors feared the U.S. economy was becoming more sluggish and subsequently moderated their expectations of an early interest-rate hike by the Federal Reserve System (the Fed). Longer-term interest rates continued to fall, leading to further price appreciation among longer-maturity, higher-quality bonds in particular. The strength of the U.S. dollar in world currency markets also encouraged foreign investors to invest in the United States, putting further downward pressure on domestic interest rates. Meanwhile, higher-yielding, credit-sensitive debt faced new challenges. Economic weakness in Europe and Japan and slowing growth in China raised questions about the "contagion effect" that such problems overseas could have on the U.S. economy. Political volatility in the Middle East and Eastern Europe only added to investors' uncertainties about allocating money to risky asset classes. The final factor unsettling the capital markets in general and the U.S. high-yield markets in particular during the period was the precipitous decline in the price of crude oil. The West Texas Intermediate crude price peaked at $107.26/barrel in June 2014, at which point it began a long descent to a low of $43.46/barrel in mid-March 2015, before ending the Fund's fiscal year at $47.50/barrel on March 31, 2015 - an overall decline of 56%. While many of the end results of plummeting oil prices - including lower home heating costs and automobile gasoline prices - were beneficial for consumers, the effects on many companies in the energy industry were quite negative. Because debt securities of energy companies typically account for roughly 16% of the value of all high-yield corporate bonds issued in the United States, the performance of the high-yield bond market was significantly affected by the oil-price decline. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 5 Q Which of your investment decisions had the greatest effects, either positive or negative, on the Fund's performance during the 12-month period ended March 31, 2015? A The Fund's positions in investment-grade corporate bonds and event-linked ("catastrophe") bonds issued by property-and-casualty insurers both had positive effects on benchmark-relative results; however, the Fund underperformed the BofA ML Index over the 12-month period primarily because of the portfolio's relatively heavy exposure to higher-yielding securities in the energy sector, which turned in poor performance as a result of the drop in crude oil prices. The Fund's relatively short duration also detracted from results during a period that featured declining interest rates. (Duration is a measure of the sensitivity of the price - the value of principal - of a fixed-income investment to a change in interest rates, expressed as a number of years.) Using U.S. Treasury futures, we kept the portfolio's effective duration within the two- to three-year range for much of the 12-month period, ending at 2.82 years on March 31, 2015. In response to the market developments, we did upgrade the overall quality of the portfolio's securities during the period, but we did not lengthen duration as we continued to believe the time was approaching when interest rates would start rising, which would penalize longer-duration investments. Q How did the Fund's hedging strategy and the use of derivative securities affect performance during the 12-month period ended March 31, 2015? A In a market environment that was highly volatile, the Fund's dynamic hedging strategy held back results. The Fund's positions in Standard & Poor's 500 futures contracts (which are used to gauge the strength of the domestic equity market), in volatility contracts (which are based on investors' expectations for the direction and intensity of equity market trends), and credit derivatives (which allow investors to go long or short the credit markets), all detracted from performance. The contracts work most effectively when equity and credit markets demonstrate obvious trends, either positive or negative. Near the end of the 12-month period, however, neither equity nor credit markets, while volatile, moved on a clear trend line, thus hampering the effectiveness of our dynamic hedging strategies. The use of Treasury futures to maintain the Fund's relatively short duration also tended to detract from results during a period in which interest rates declined and bond prices, by and large, appreciated. Q What were some of the portfolio's individual investments that influenced the Fund's performance during the 12-month period ended March 31, 2015? A In managing the Pioneer Dynamic Credit Fund, we typically place high premiums on risk management as well as bottom-up security analysis and selection. The Fund saw good results during the period from investments in 6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 convertible bonds, which accounted for roughly 3% of invested assets as of March 31, 2015. Two convertible securities that performed particularly well for the Fund were bonds of Salix Pharmaceuticals, a specialty drug company, and Cubist, a biotechnology company. Other strong performers for the Fund during the period included catastrophe bonds issued by Residential Re-Insurance. On the other hand, as we mentioned earlier, the Fund's holdings of bonds in the energy sector - which were hit hard by the sharp declines in world oil prices - were among the worst performers over the period. Two particularly disappointing positions in energy were the bonds of exploration-and- production companies Energy XXI and Swift Energy. Q What factors affected the Fund's income-generation, or yield, for share- holders during the 12-month period ended March 31, 2015? A The Fund's yield remained relatively stable during the 12 months, though it did decrease slightly over the full period. The risk-averse nature of our investment strategy in managing the Fund's portfolio did have the effect of holding back income earned over the fiscal year ended March 31, 2015, as we were reluctant to increase either credit risk or interest-rate risk as a way to reach for more yield. Specifically, the Fund's relatively short duration, especially in a low-interest environment, limited income earned, as did our decision to upgrade the overall credit quality of the portfolio's investments. Q What is your investment outlook? A The fundamentals of domestic corporations remain solid, and the overall quality of credit-sensitive securities - including high-yield corporate bonds - appears to be good. Furthermore, in a strengthening domestic economy, we expect corporate profits to continue to be healthy, at least in the short- to medium-term, as overall cash flows of U.S. corporations have continued to be strong. While disappointing economic growth trends overseas and rising political risks in some parts of the world are a source of concern, we think the U.S. economy is strong enough to continue to grow, despite the weaker GDP data in the first quarter of this year. We think the Fed is likely to begin to raise short-term interest rates sometime during 2015, but we think that announcement is likely to come later in the year. While the backdrop for investing in credit-sensitive sectors remains benign, valuations in the credit sectors have tightened as their yield advantages over higher-quality debt have diminished. As a result, investors are being paid less than they were a year ago to take on credit risk. Consequently, we have upgraded the overall quality of the Fund's investments and reduced exposure to riskier credits, including high-yield corporates, as we have become more cautious with security selection. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 7 As of March 31, 2015, U.S. corporate bonds, most of which were in the high-yield category (though the number of high-yield issues was down from six months ago), represented the largest allocation in the Fund's portfolio, while senior, secured loans represented the second-largest allocation. Collateralized mortgage obligations and international corporate bonds were also among the larger allocations in the Fund's portfolio at period end. Please refer to the Schedule of Investments on pages 18-64 for a full listing of Fund securities. All investments are subject to risk, including the possible loss of principal. Pioneer Dynamic Credit Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds utilize strategies that have a leveraging effect on the Fund, which increases the volatility of investment returns and subjects the Fund to magnified losses if the Fund's or an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in floating-rate loans. The value of collateral, if any, securing a floating-rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. 8 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the nonoccurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero coupon bonds and payment-in-kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. Investments in fixed-income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed-income securities generally falls. The Fund may invest in mortgage-backed securities, which during times of fluc- tuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. High-yield bonds possess greater price volatility, illiquidity, and possibility of default. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. The Fund is not intended to outperform stocks and bonds during strong market rallies. These risks may increase share price volatility. Please see the prospectus for a more complete discussion of the Fund's risks. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 9 Portfolio Summary | 3/31/15 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 36.1% Senior Secured Loans 19.9% Collateralized Mortgage Obligations 14.3% International Corporate Bonds 13.8% U.S. Government Securities 5.3% Asset Backed Securities 3.9% Convertible Corporate Bonds 2.8% U.S. Preferred Stocks 1.9% Convertible Preferred Stocks 0.9% Temporary Cash Investment 0.6% Foreign Government Bonds 0.4% International Preferred Stocks 0.1% Municipal Bonds 0.0%* International Common Stocks 0.0%* U.S. Common Stocks 0.0%*
* Amount rounds to less than 0.1%. 10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 3.22% --------------------------------------------------------------------------------------------- 2. Fannie Mae, 3.5%, 5/1/44 1.22 --------------------------------------------------------------------------------------------- 3. Ensco Plc, 5.75%, 10/1/44 0.76 --------------------------------------------------------------------------------------------- 4. AT&T, Inc., 3.9%, 3/11/24 0.72 --------------------------------------------------------------------------------------------- 5. Amgen, Inc., 5.375%, 5/15/43 0.59 --------------------------------------------------------------------------------------------- 6. Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 0.53 --------------------------------------------------------------------------------------------- 7. Verizon Communications, Inc., 4.15%, 3/15/24 0.53 --------------------------------------------------------------------------------------------- 8. JPMorgan Chase & Co., Floating Rate Note, 8/29/49 0.51 --------------------------------------------------------------------------------------------- 9. CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 0.50 --------------------------------------------------------------------------------------------- 10. Morgan Stanley, Floating Rate Note (Perpetual) 0.49 ---------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. 10 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Prices and Distributions | 3/31/15 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 3/31/15 3/31/14 -------------------------------------------------------------------------------- A $9.54 $ 9.94 -------------------------------------------------------------------------------- C $9.51 $ 9.92 -------------------------------------------------------------------------------- Y $9.58 $ 9.98 -------------------------------------------------------------------------------- Z $9.47 $10.00 --------------------------------------------------------------------------------
Distributions per Share: 4/1/14-3/31/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.3307 $ -- $ -- -------------------------------------------------------------------------------- C $0.2552 $ -- $ -- -------------------------------------------------------------------------------- Y $0.3576 $ -- $ -- -------------------------------------------------------------------------------- Z $0.3333 $ -- $ -- --------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an unmanaged index that tracks the performance of a synthetic asset paying the London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity. The index is based on the assumed purchase at par value of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts on pages 12-15. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 11 Performance Update | 3/31/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Dynamic Credit Fund at public offering price during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net Public U.S. Dollar Asset Offering 3-Month Value Price LIBOR Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 3.19% 1.99% 0.32% 1 Year -0.71 -5.19 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.19% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar Credit Fund 3-Month LIBOR Index 4/30/2011 $ 9,550 $10,000 3/31/2012 $ 9,587 $10,032 3/31/2013 $10,569 $10,075 3/31/2014 $10,880 $10,103 3/31/2015 $10,803 $10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Dynamic Credit Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 2.36% 2.36% 0.32% 1 Year -1.58 -1.58 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.93% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar Credit Fund 3-Month LIBOR Index 4/30/2011 $10,000 $10,000 3/31/2012 $ 9,953 $10,032 3/31/2013 $10,893 $10,075 3/31/2014 $11,132 $10,103 3/31/2015 $10,957 $10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 13 Performance Update | 3/31/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Dynamic Credit Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net U.S. Dollar Asset 3-Month Value LIBOR Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 3.60% 0.32% 1 Year -0.43 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 0.97% 0.85% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Dynamic BofA ML U.S. Dollar Credit Fund 3-Month LIBOR Index 4/30/2011 $5,000,000 $5,000,000 3/31/2012 $5,047,246 $5,016,143 3/31/2013 $5,586,945 $5,037,507 3/31/2014 $5,768,187 $5,051,252 3/31/2015 $5,743,143 $5,063,025
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through August 1, 2015, for Class Y shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 14 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class Z Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class Z shares of Pioneer Dynamic Credit Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net U.S. Dollar Asset 3-Month Value LIBOR Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 3.03% 0.32% 1 Year -2.00 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.17% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Dollar Credit Fund 3-Month LIBOR Index 4/30/2011 $10,000 $10,000 3/31/2012 $10,038 $10,032 3/31/2013 $11,065 $10,075 3/31/2014 $11,462 $10,103 3/31/2015 $11,243 $10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the commencement of operations of Class Z shares on April 1, 2013, is the net asset value performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Z shares, the performance for Class Z shares prior to their inception on April 1, 2013, would have been higher than that shown. For the period beginning April 1, 2013, the actual performance of Class Z shares is reflected. Class Z shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 15 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund Based on actual returns from October 1, 2014, through March 31, 2015.
----------------------------------------------------------------------------------- Share Class A C Y Z ----------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 10/1/14 ----------------------------------------------------------------------------------- Ending Account Value $ 985.90 $ 982.04 $ 987.41 $ 972.13 (after expenses) on 3/31/15 ----------------------------------------------------------------------------------- Expenses Paid $ 5.64 $ 9.39 $ 4.21 $ 5.70 During Period* -----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%, 1.90%, 0.85% and 1.16% for Class A, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). 16 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from October 1, 2014, through March 31, 2015.
----------------------------------------------------------------------------------- Share Class A C Y Z ----------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 10/1/14 ----------------------------------------------------------------------------------- Ending Account Value $1,019.25 $1,015.46 $1,020.69 $1,019.15 (after expenses) on 3/31/15 ----------------------------------------------------------------------------------- Expenses Paid $ 5.74 $ 9.55 $ 4.28 $ 5.84 During Period* -----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%, 1.90%, 0.85% and 1.16% for Class A, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 17 Schedule of Investments | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 2.6% ENERGY -- 0.2% Oil & Gas Exploration & Production -- 0.2% 1,520,000 Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A) $ 562,400 845,000 Energy XXI, Ltd., 3.0%, 12/15/18 240,859 --------------- $ 803,259 --------------- Total Energy $ 803,259 -------------------------------------------------------------------------------------------------- MATERIALS -- 0.1% Diversified Metals & Mining -- 0.1% 117,320 Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (0.0% cash, 9.5% PIK) (PIK) $ 83,297 385,000 RTI International Metals, Inc., 1.625%, 10/15/19 442,750 --------------- $ 526,047 -------------------------------------------------------------------------------------------------- Steel -- 0.0%+ EURO 67,741 New World Resources NV, 4.0%, 10/7/20 (144A) (4.0% cash, 8.0% PIK) (PIK) (d) $ 18,194 --------------- Total Materials $ 544,241 -------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.4% Electrical Components & Equipment -- 0.4% 1,342,000 General Cable Corp., 4.5%, 11/15/29 (Step) $ 1,064,374 1,345,000 SolarCity Corp., 1.625%, 11/1/19 (144A) 1,190,325 --------------- $ 2,254,699 --------------- Total Capital Goods $ 2,254,699 -------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.3% Homebuilding -- 0.3% 700,000 KB Home, 1.375%, 2/1/19 $ 669,375 1,000,000 The Ryland Group, Inc., 0.25%, 6/1/19 973,750 --------------- $ 1,643,125 --------------- Total Consumer Durables & Apparel $ 1,643,125 -------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.1% Health Care Equipment -- 0.1% 622,000 NuVasive, Inc., 2.75%, 7/1/17 $ 776,722 --------------- Total Health Care Equipment & Services $ 776,722 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.5% Biotechnology -- 0.5% 545,000 Cepheid, 1.25%, 2/1/21 $ 605,291 750,000 Corsicanto, Ltd., 3.5%, 1/15/32 798,750 670,000 Emergent Biosolutions, Inc., 2.875%, 1/15/21 774,269 593,000 PDL BioPharma, Inc., 4.0%, 2/1/18 567,427 --------------- $ 2,745,737 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 2,745,737 -------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.2% Data Processing & Outsourced Services -- 0.2% 1,000,000 Cardtronics, Inc., 1.0%, 12/1/20 $ 989,375 --------------- Total Software & Services $ 989,375 -------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2% Communications Equipment -- 0.2% 1,265,000 Finisar Corp., 0.5%, 12/15/33 $ 1,296,625 --------------- Total Technology Hardware & Equipment $ 1,296,625 -------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2% Semiconductors -- 0.2% 1,455,000 JinkoSolar Holding Co., Ltd., 4.0%, 2/1/19 (144A) $ 1,355,878 --------------- Total Semiconductors & Semiconductor Equipment $ 1,355,878 -------------------------------------------------------------------------------------------------- UTILITIES -- 0.4% Independent Power Producers & Energy Traders -- 0.4% 2,000,000 SunPower Corp., 0.875%, 6/1/21 (144A) $ 1,932,500 --------------- Total Utilities $ 1,932,500 -------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $16,346,719) $ 14,342,161 -------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- Shares -------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 2.3% BANKS -- 0.6% Diversified Banks -- 0.5% 41,128 7.88 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 1,090,715 63,000 7.12 Citigroup, Inc., Floating Rate Note (Perpetual) 1,741,320 9,700 6.00 US Bancorp, Floating Rate Note (Perpetual) 264,907 --------------- $ 3,096,942 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 19 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Rate (b) Shares (unaudited) Value -------------------------------------------------------------------------------------------------- Regional Banks -- 0.1% 14,900 6.62 Fifth Third Bancorp, Floating Rate Note (Perpetual) $ 420,925 --------------- Total Banks $ 3,517,867 -------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.8% Consumer Finance -- 0.3% 800 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 821,125 27,750 8.12 GMAC Capital Trust I, Floating Rate Note, 2/15/40 728,438 --------------- $ 1,549,563 -------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.5% 18,000 7.12 Morgan Stanley, Floating Rate Note (Perpetual) $ 512,460 96,200 6.38 Morgan Stanley, Floating Rate Note (Perpetual) 2,505,048 --------------- $ 3,017,508 --------------- Total Diversified Financials $ 4,567,071 -------------------------------------------------------------------------------------------------- INSURANCE -- 0.7% Property & Casualty Insurance -- 0.3% 25,000 5.95 Aspen Insurance Holdings, Ltd., Floating Rate Note (Perpetual) $ 642,000 30,000 The Hanover Insurance Group, Inc., 6.35%, 3/30/53 753,900 --------------- $ 1,395,900 -------------------------------------------------------------------------------------------------- Reinsurance -- 0.4% 2,500 Lorenz Re, Ltd., (Perpetual)* (c) (g) $ 314,500 2,000,000 Pangaea Re, 7/1/18 (c) (g) 2,180,400 --------------- $ 2,494,900 --------------- Total Insurance $ 3,890,800 -------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Diversified REIT -- 0.1% 400 Firstar Realty LLC, 8.875% (Perpetual) (144A) $ 507,875 --------------- Total Real Estate $ 507,875 -------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.0%+ Integrated Telecommunication Services -- 0.0%+ 4,400 Qwest Corp., 7.375%, 6/1/51 $ 115,632 --------------- Total Telecommunication Services $ 115,632 -------------------------------------------------------------------------------------------------- UTILITIES -- 0.1% Electric Utilities -- 0.1% 25,000 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 638,500 --------------- Total Utilities $ 638,500 -------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $12,611,526) $ 13,237,745 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Rate (b) Shares (unaudited) Value -------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS -- 0.8% ENERGY -- 0.2% Oil & Gas Exploration & Production -- 0.2% 14,300 Penn Virginia Corp., 6.0% (Perpetual) (144A) $ 870,727 7,500 SandRidge Energy, Inc., 7.0% (Perpetual) 289,688 --------------- $ 1,160,415 --------------- Total Energy $ 1,160,415 -------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.2% Home Furnishings -- 0.2% 13,100 Sealy Corp., 8.0%, 7/15/16 (4.0% cash, 4.0% PIK) (PIK) $ 1,112,452 --------------- Total Consumer Durables & Apparel $ 1,112,452 -------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.2% Packaged Foods & Meats -- 0.2% 11,800 Post Holdings, Inc., 2.5% (Perpetual) (144A) $ 1,098,875 --------------- Total Food, Beverage & Tobacco $ 1,098,875 -------------------------------------------------------------------------------------------------- BANKS -- 0.2% Diversified Banks -- 0.2% 1,050 Wells Fargo & Co., 7.5% (Perpetual) $ 1,284,150 --------------- Total Banks $ 1,284,150 -------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,482,938) $ 4,655,892 -------------------------------------------------------------------------------------------------- COMMON STOCKS -- 0.0%+ MATERIALS -- 0.0%+ Diversified Metals & Mining -- 0.0%+ 922,916 Mirabela Nickel, Ltd.* $ 98,353 --------------- Total Materials $ 98,353 -------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.0%+ Industrial Machinery -- 0.0%+ 3,071 Liberty Tire Recycling LLC (d) $ 31 --------------- Total Capital Goods $ 31 -------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.0%+ Diversified Support Services -- 0.0%+ 4 IAP Worldwide Services, Inc.* $ 2,696 --------------- Total Commercial Services & Supplies $ 2,696 -------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $25,698) $ 101,080 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 21 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 3.7% CONSUMER SERVICES -- 0.2% Hotels, Resorts & Cruise Lines -- 0.2% 252,250 Westgate Resorts 2012-2 LLC, 9.0%, 1/21/25 (144A) $ 255,933 669,313 Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 670,197 --------------- $ 926,130 --------------- Total Consumer Services $ 926,130 -------------------------------------------------------------------------------------------------- BANKS -- 3.1% Thrifts & Mortgage Finance -- 3.1% 500,000 0.98 ACA CLO 2006-2, Ltd., Floating Rate Note, 1/20/21 (144A) $ 492,399 459,123 1.97 Bayview Commercial Asset Trust 2004-1, Floating Rate Note, 4/25/34 (144A) 416,382 54,375 Bayview Financial Mortgage Pass-Through Trust 2007-B, 6.407%, 8/28/37 (Step) 54,158 356,804 3.72 Bayview Opportunity Master Fund IIa Trust 2014-20NPL, Floating Rate Note, 8/28/44 (144A) 357,035 1,564,156 3.72 Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 1,562,407 254,428 Bayview Opportunity Master Fund Trust IIIa 2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 253,588 303,080 CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A) 303,280 278,259 0.34 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/34 (144A) 269,269 7,155 4.46 CWABS Asset-Backed Certificates Trust 2005-4, Floating Rate Note, 9/27/32 7,146 702,174 3.10 Drug Royalty II LP 2, Floating Rate Note, 7/15/23 (144A) 713,052 700,000 Flagship Credit Auto Trust 2013-1, 5.38%, 7/15/20 (144A) 727,105 251,504 7.78 GE Mortgage Services LLC, Floating Rate Note, 3/25/27 249,345 1,077,658 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 1,073,078 400,000 HLSS Servicer Advance Receivables Trust, 4.4584%, 1/15/48 (144A) 394,879 221,654 Icon Brand Holdings LLC, 4.352%, 1/25/43 (144A) 225,200 358,317 Leaf Receivables Funding 8 LLC, 5.5%, 9/15/20 (144A) 362,831 613,186 1.67 MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 547,047
The accompanying notes are an integral part of these financial statements. 22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 394,497 1.97 MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 $ 335,197 1,360,000 Nations Equipment Finance Funding I LLC, 5.5%, 5/20/21 (144A) 1,376,184 1,422,573 Nations Equipment Finance Funding II LLC, 5.227%, 9/20/19 (144A) 1,433,863 750,000 Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 754,032 710,500 Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 710,494 600,000 4.68 NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 589,363 257,295 Orange Lake Timeshare Trust 2012-A, 4.87%, 3/10/27 (144A) 268,443 1,250,000 Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 1,257,812 500,000 Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 507,500 254,104 RASC Series 2003-KS5 Trust, 4.46%, 7/25/33 (Step) 251,738 228,094 6.55 Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 230,842 1,200,000 3.42 Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 1,199,014 450,000 SNAAC Auto Receivables Trust 2013-1, 4.56%, 4/15/20 (144A) 464,584 193,679 STORE Master Funding LLC, 4.16%, 3/20/43 (144A) 199,591 150,000 United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 151,145 --------------- $ 17,738,003 --------------- Total Banks $ 17,738,003 -------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.4% Other Diversified Financial Services -- 0.4% 1,099,877 AXIS Equipment Finance Receivables II LLC, 4.94%, 7/20/18 (144A) $ 1,112,877 249,972 AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 254,017 18,021 Mid-State Capital Trust 2010-1, 7.0%, 12/15/45 (144A) 19,382 174,406 Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 187,073
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 23 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 500,000 Springleaf Funding Trust 2013-A, 5.0%, 9/15/21 (144A) $ 500,158 --------------- $ 2,073,507 --------------- Total Diversified Financials $ 2,073,507 -------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $20,633,295) $ 20,737,640 -------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 12.9% MATERIALS -- 0.0%+ Forest Products -- 0.0%+ 30,000 TimberStar Trust I, 7.5296%, 10/15/36 (144A) $ 30,915 --------------- Total Materials $ 30,915 -------------------------------------------------------------------------------------------------- BANKS -- 11.8% Thrifts & Mortgage Finance -- 11.8% 350,000 A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) $ 350,259 139,000 A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 139,079 1,400,000 3.57 ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 1,388,681 1,250,000 5.99 Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 1,277,834 139,760 5.72 Banc of America Merrill Lynch Commercial Mortgage, Inc., REMICS, Floating Rate Note, 9/10/47 (144A) 140,816 71,632 Banc of America Mortgage Trust 2004-2, 5.5%, 3/25/34 58,413 1,178,731 1.17 Bayview Commercial Asset Trust 2004-3, Floating Rate Note, 1/25/35 (144A) 1,084,718 156,389 2.06 Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 144,024 500,000 5.22 Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16, Floating Rate Note, 2/13/46 (144A) 523,214 100,000 5.21 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,017 1,500,000 5.14 Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 1,502,007 2,642,507 Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 2,692,366
The accompanying notes are an integral part of these financial statements. 24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,000,000 5.71 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 $ 2,053,876 400,000 4.45 CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 401,396 500,000 2.76 Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 462,465 2,500,000 5.23 CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,510,180 53,774 5.74 CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 55,004 300,000 5.77 Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 310,563 53,352 Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34 58,648 494,947 0.67 CNL Commercial Mortgage Loan Trust 2003-1, Floating Rate Note, 5/15/31 (144A) 450,287 715,000 5.76 COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 679,416 220,000 5.76 COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 195,907 1,200,000 5.57 COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A) 1,227,162 2,000,000 COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 2,038,162 100,000 4.86 COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 102,205 303,000 4.58 COMM 2012-CCRE4 Mortgage Trust, Floating Rate Note, 10/17/45 (144A) 304,633 1,400,000 4.50 COMM 2013-FL3 Mortgage Trust, Floating Rate Note, 10/13/28 1,400,602 1,400,000 3.68 COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A) 1,396,525 1,600,000 6.06 Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 1,695,811 100,000 5.14 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 103,390 421,161 5.45 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 322,994
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 25 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,150,000 5.10 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 $ 1,157,467 1,400,000 5.10 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 1,297,527 2,000,000 3.27 CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 (144A) 1,997,664 113,538 5.46 DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 128,011 530,000 3.62 EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 528,696 277,838 4.92 EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 276,051 820,000 GAHR Commericial Mortgage Trust 2015-NRF, 3.38216%, 12/15/19 (144A) 783,093 350,000 5.15 GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/45 (144A) 351,817 402,259 Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 374,009 192,584 Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 156,715 720,656 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) 687,185 146,960 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) 112,305 570,000 5.00 GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 543,432 890,000 4.94 GS Mortgage Securities Corp., II Series 2005-GG4, Floating Rate Note, 7/10/39 882,326 1,000,000 GS Mortgage Securities Trust 14-NEW, 3.79%, 1/10/31 (144A) 979,130 700,000 5.52 GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38 715,494 1,000,000 5.55 GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38 1,003,603 705,000 3.18 GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 702,772 173,236 Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 170,049 1,400,000 JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 1,428,857 1,400,000 5.84 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 1,402,514
The accompanying notes are an integral part of these financial statements. 26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,725,000 6.01 JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 $ 1,761,623 1,850,000 6.40 JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A) 1,853,300 1,100,000 3.67 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU REMICS, Floating Rate Note, 12/15/28 (144A) 1,100,040 1,530,000 3.77 JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 1,528,156 160,119 2.55 JP Morgan Mortgage Trust 2005-A7, Floating Rate Note, 7/25/35 147,269 835,465 4.25 La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 818,756 103,119 3.16 MASTR Adjustable Rate Mortgages Trust, Floating Rate Note, 1/25/35 99,161 94,621 MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 96,309 227,171 Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 176,903 1,400,000 5.48 ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 1,431,604 2,000,000 ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 2,019,860 1,800,000 5.57 Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 1,852,585 7,463 7.26 Morgan Stanley Capital I, Inc., Floating Rate Note, 7/15/32 (144A) 7,539 1,500,000 5.17 NorthStar 2013-1, Floating Rate Note, 8/27/29 (144A) 1,515,000 1,000,000 ORES 2014-LV3 LLC, 6.0%, 3/27/24 1,000,000 115,981 RCMC LLC, 5.62346%, 12/17/18 (144A) 118,947 1,330,358 1.48 RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 1,116,829 200,000 5.30 Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/26/59 (144A) 206,007 250,000 5.58 Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 257,912 61,084 2.47 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 7/25/34 60,988
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 27 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 120,109 1.68 Structured Asset Mortgage Investments Trust 2003-AR1, Floating Rate Note, 10/19/33 $ 110,971 747,099 Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A) 740,599 1,600,000 5.36 Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44 1,616,269 304,000 5.66 Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 309,195 1,500,000 5.63 Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Floating Rate Note, 10/15/48 1,539,032 1,813,000 5.95 Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 1,911,295 100,000 Wells Fargo Commercial Mortgage Trust 2010-C1, 4.0%, 11/18/43 (144A) 95,119 1,500,000 3.67 Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A) 1,481,836 50,000 5.25 WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/17/44 (144A) 54,493 200,000 4.36 WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/17/48 (144A) 197,391 --------------- $ 66,074,359 --------------- Total Banks $ 66,074,359 -------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.9% Other Diversified Financial Services -- 0.9% 1,300,000 5.17 Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) $ 1,303,250 614,448 0.87 GE Business Loan Trust 2005-1, Floating Rate Note, 6/15/33 (144A) 576,849 1,872,384 2.92 Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A) 1,876,134 712,025 Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 711,977 257,239 Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 257,319 --------------- $ 4,725,529 --------------- Total Diversified Financials $ 4,725,529 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.2% 175,000 4.04 Federal Home Loan Mortgage Corp., Floating Rate Note, 5/25/45 (144A) $ 179,891 1,000,000 3.49 FREMF Mortgage Trust 2013-K28, Floating Rate Note, 6/25/46 (144A) 987,387 --------------- $ 1,167,278 --------------- Total Government $ 1,167,278 -------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $70,954,912) $ 71,998,081 -------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 44.8% ENERGY -- 5.2% Oil & Gas Drilling -- 0.9% 3,950,000 Ensco Plc, 5.75%, 10/1/44 $ 3,825,650 1,960,000 Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A) 1,136,800 --------------- $ 4,962,450 -------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.1% 330,000 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) $ 292,875 355,000 Key Energy Services, Inc., 6.75%, 3/1/21 228,975 --------------- $ 521,850 -------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.1% 470,000 American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) $ 357,200 -------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 2.1% 1,000,000 Approach Resources, Inc., 7.0%, 6/15/21 $ 895,000 980,000 Bonanza Creek Energy, Inc., 5.75%, 2/1/23 901,600 345,000 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 335,512 1,200,000 Comstock Resources, Inc., 7.75%, 4/1/19 504,000 910,000 Denbury Resources, Inc., 4.625%, 7/15/23 780,325 1,190,000 Gulfport Energy Corp., 7.75%, 11/1/20 1,219,750 595,000 Halcon Resources Corp., 8.875%, 5/15/21 413,525 1,300,000 Legacy Reserves LP, 6.625%, 12/1/21 1,027,000 1,090,000 Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 964,650 770,000 Memorial Production Partners LP, 7.625%, 5/1/21 700,700 18,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 17,550 600,000 Penn Virginia Corp., 7.25%, 4/15/19 543,000 430,000 Penn Virginia Corp., 8.5%, 5/1/20 404,200 515,000 Rosetta Resources, Inc., 5.625%, 5/1/21 484,100 665,000 Rosetta Resources, Inc., 5.875%, 6/1/22 626,762
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 29 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- (continued) 1,075,000 RSP Permian, Inc., 6.625%, 10/1/22 (144A) $ 1,080,375 1,435,000 Swift Energy Co., 7.875%, 3/1/22 574,000 420,000 Talos Production LLC, 9.75%, 2/15/18 (144A) 294,000 --------------- $ 11,766,049 -------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.2% 1,000,000 Murphy Oil USA, Inc., 6.0%, 8/15/23 $ 1,072,500 -------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 1.7% 1,750,000 Buckeye Partners LP, 4.15%, 7/1/23 $ 1,730,757 373,000 Copano Energy LLC, 7.125%, 4/1/21 402,654 1,550,000 5.85 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,116,000 1,005,000 Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 1,025,100 NOK 2,000,000 6.63 Golar LNG Partners LP, Floating Rate Note, 10/12/17 253,193 1,450,000 ONEOK, Inc., 6.875%, 9/30/28 1,672,285 425,000 Penn Virginia Resource Partners LP, 6.5%, 5/15/21 447,312 1,000,000 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 1,006,560 1,500,000 Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23 1,475,878 555,000 Targa Resources Partners LP, 4.25%, 11/15/23 534,188 --------------- $ 9,663,927 -------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.1% 250,000 James River Coal Co., 7.875%, 4/1/19 (e) $ 625 650,000 Murray Energy Corp., 8.625%, 6/15/21 (144A) 679,250 --------------- $ 679,875 --------------- Total Energy $ 29,023,851 -------------------------------------------------------------------------------------------------- MATERIALS -- 2.1% Commodity Chemicals -- 0.5% 1,405,000 Axiall Corp., 4.875%, 5/15/23 $ 1,394,462 700,000 Hexion, Inc., 8.875%, 2/1/18 617,750 550,000 Rain CII Carbon LLC, 8.25%, 1/15/21 (144A) 512,875 --------------- $ 2,525,087 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.1% 600,000 INEOS Group Holdings SA, 5.875%, 2/15/19 (144A) $ 593,250 -------------------------------------------------------------------------------------------------- Construction Materials -- 0.0%+ 860,000 OAS Finance, Ltd., 8.0%, 7/2/21 (144A) (e) $ 122,550 -------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.4% 678,498 Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK) $ 706,914 200,000 Beverage Packaging Holdings Luxembourg II SA, 5.625%, 12/15/16 (144A) 200,750 300,000 Beverage Packaging Holdings Luxembourg II SA, 6.0%, 6/15/17 (144A) 300,750 425,000 Reynolds Group Issuer, Inc., 8.25%, 2/15/21 454,750 330,000 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 353,100 --------------- $ 2,016,264 -------------------------------------------------------------------------------------------------- Paper Packaging -- 0.1% 485,000 AEP Industries, Inc., 8.25%, 4/15/19 $ 498,338 -------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.1% 400,000 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) $ 302,000 500,000 MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 478,815 --------------- $ 780,815 -------------------------------------------------------------------------------------------------- Steel -- 0.6% 200,000 Glencore Funding LLC, 4.125%, 5/30/23 (144A) $ 203,679 400,000 Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 358,800 EURO 38,709 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (f) 16,219 EURO 29,032 0.00 New World Resources NV, Floating Rate Note, 10/7/20 (f) 4,990 1,940,000 Reliance Steel & Aluminum Co., 4.5%, 4/15/23 1,959,823 930,000 Steel Dynamics, Inc., 5.125%, 10/1/21 (144A) 935,812 --------------- $ 3,479,323 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 31 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Paper Products -- 0.3% 1,110,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 1,066,710 630,000 Unifrax I LLC, 7.5%, 2/15/19 (144A) 633,150 --------------- $ 1,699,860 --------------- Total Materials $ 11,715,487 -------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 2.3% Building Products -- 0.4% 1,000,000 Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,015,000 1,375,000 Griffon Corp., 5.25%, 3/1/22 1,356,575 --------------- $ 2,371,575 -------------------------------------------------------------------------------------------------- Construction & Engineering -- 0.6% 635,000 AECOM, 5.75%, 10/15/22 (144A) $ 657,225 635,000 AECOM, 5.875%, 10/15/24 (144A) 666,750 1,205,000 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 1,212,531 500,000 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 433,750 800,000 OAS Investments GmbH, 8.25%, 10/19/19 (144A) (e) 118,000 --------------- $ 3,088,256 -------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.2% 475,000 Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) $ 427,500 450,000 Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 351,000 400,000 Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 5/9/20 (144A) 388,000 --------------- $ 1,166,500 -------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.3% 400,000 Commercial Vehicle Group, Inc., 7.875%, 4/15/19 $ 415,000 350,000 Cummins, Inc., 5.65%, 3/1/98 411,312 575,000 Navistar International Corp., 8.25%, 11/1/21 559,188 --------------- $ 1,385,500 -------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.5% 750,000 Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) $ 765,000 1,235,000 EnPro Industries, Inc., 5.875%, 9/15/22 (144A) 1,287,488 79,000 Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (11.0% cash, 0.0% PIK) (PIK) (d) 71,890
The accompanying notes are an integral part of these financial statements. 32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Industrial Machinery -- (continued) 798,000 Xerium Technologies, Inc., 8.875%, 6/15/18 $ 823,935 --------------- $ 2,948,313 -------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.3% 600,000 Aircastle, Ltd., 6.25%, 12/1/19 $ 659,628 1,220,000 Avis Budget Car Rental LLC, 5.5%, 4/1/23 1,255,075 --------------- $ 1,914,703 --------------- Total Capital Goods $ 12,874,847 -------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.9% Commercial Printing -- 0.2% 1,210,000 Cenveo Corp., 6.0%, 8/1/19 (144A) $ 1,134,375 -------------------------------------------------------------------------------------------------- Environmental & Facilities Services -- 0.4% 1,130,000 Covanta Holding Corp., 5.875%, 3/1/24 $ 1,169,550 865,000 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 856,350 --------------- $ 2,025,900 -------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.3% 930,000 Allegion US Holding Co., Inc., 5.75%, 10/1/21 $ 971,850 805,000 Transfield Services, Ltd., 8.375%, 5/15/20 (144A) 857,325 --------------- $ 1,829,175 --------------- Total Commercial Services & Supplies $ 4,989,450 -------------------------------------------------------------------------------------------------- TRANSPORTATION -- 2.0% Airlines -- 1.4% 476,153 Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) $ 501,151 500,000 Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 523,475 1,550,000 American Airlines 2014-1 Class B Pass Through Trust, 4.375%, 10/1/22 1,602,312 7,919 Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17 8,221 49,861 Continental Airlines 2001-1 Class B Pass Through Trust, 7.373%, 12/15/15 51,322 400,000 Delta Air Lines 2010-1 Class B Pass Through Trust, 6.375%, 1/2/16 (144A) 412,240 900,000 Delta Air Lines 2010-2 Class B Pass Through Trust, 6.75%, 11/23/15 (144A) 927,270 540,000 Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 565,650
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 33 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Airlines -- (continued) 101,609 Hawaiian Airlines 2013-1 Class A Pass Through Certificates, 3.9%, 1/15/26 $ 103,388 1,350,000 Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 1,235,250 1,475,000 United Continental Holdings, Inc., 6.0%, 7/15/26 1,475,000 388,352 US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 402,915 197,831 US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 206,239 --------------- $ 8,014,433 -------------------------------------------------------------------------------------------------- Marine -- 0.1% 600,000 Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) $ 582,000 -------------------------------------------------------------------------------------------------- Railroads -- 0.2% 350,000 Far East Capital, Ltd., SA, 8.0%, 5/2/18 (144A) $ 126,000 1,070,000 Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 1,078,025 --------------- $ 1,204,025 -------------------------------------------------------------------------------------------------- Trucking -- 0.3% 1,000,000 Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) $ 1,032,500 325,000 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 316,296 --------------- $ 1,348,796 -------------------------------------------------------------------------------------------------- Airport Services -- 0.0%+ 167,440 Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) $ 175,645 --------------- Total Transportation $ 11,324,899 -------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.7% Auto Parts & Equipment -- 0.5% 1,215,000 Gestamp Funding Luxembourg SA, 5.625%, 5/31/20 (144A) $ 1,254,488 400,000 International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 406,500 481,000 Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 508,658 950,000 Stackpole International Intermediate, 7.75%, 10/15/21 (144A) 940,500 --------------- $ 3,110,146 -------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.2% 950,000 Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) $ 979,450 --------------- Total Automobiles & Components $ 4,089,596 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 1.0% Homebuilding -- 0.8% 765,000 DR Horton, Inc., 5.75%, 8/15/23 $ 828,112 500,000 KB Home, Inc., 7.0%, 12/15/21 508,750 200,000 KB Home, Inc., 8.0%, 3/15/20 216,000 1,175,000 Lennar Corp., 4.5%, 6/15/19 1,213,188 890,000 MDC Holdings, Inc., 5.5%, 1/15/24 867,750 1,000,000 Standard Pacific Corp., 6.25%, 12/15/21 1,060,000 95,000 The Ryland Group, Inc., 5.375%, 10/1/22 94,762 --------------- $ 4,788,562 -------------------------------------------------------------------------------------------------- Household Appliances -- 0.1% 400,000 Arcelik AS, 5.0%, 4/3/23 (144A) $ 381,800 -------------------------------------------------------------------------------------------------- Textiles -- 0.1% 400,000 Springs Industries, Inc., 6.25%, 6/1/21 $ 395,000 --------------- Total Consumer Durables & Apparel $ 5,565,362 -------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.3% Casinos & Gaming -- 0.1% 800,000 Scientific Games International, Inc., 10.0%, 12/1/22 (144A) $ 748,000 -------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.2% 1,135,000 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,115,138 --------------- Total Consumer Services $ 1,863,138 -------------------------------------------------------------------------------------------------- MEDIA -- 0.9% Broadcasting -- 0.3% 600,000 CCO Holdings LLC, 6.625%, 1/31/22 $ 641,250 825,000 Quebecor Media, Inc., 5.75%, 1/15/23 849,750 --------------- $ 1,491,000 -------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.4% 475,000 CCO Holdings LLC, 5.75%, 9/1/23 $ 496,375 250,000 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 259,125 850,000 Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 860,625 830,000 Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 798,875 --------------- $ 2,415,000 -------------------------------------------------------------------------------------------------- Publishing -- 0.2% 1,120,000 Gannett Co., Inc., 6.375%, 10/15/23 $ 1,215,200 100,000 MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 106,375 --------------- $ 1,321,575 --------------- Total Media $ 5,227,575 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 35 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- RETAILING -- 1.0% Distributors -- 0.0%+ 250,000 LKQ Corp., 4.75%, 5/15/23 $ 245,000 -------------------------------------------------------------------------------------------------- Department Stores -- 0.1% 525,000 Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) $ 480,270 -------------------------------------------------------------------------------------------------- Apparel Retail -- 0.1% 750,000 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 779,062 -------------------------------------------------------------------------------------------------- Computer & Electronics Retail -- 0.2% 930,000 Rent-A-Center, Inc., 6.625%, 11/15/20 $ 874,200 -------------------------------------------------------------------------------------------------- Specialty Stores -- 0.4% 985,000 Outerwall, Inc., 5.875%, 6/15/21 (144A) $ 888,962 435,000 Outerwall, Inc., 6.0%, 3/15/19 421,950 600,000 Radio Systems Corp., 8.375%, 11/1/19 (144A) 646,500 --------------- $ 1,957,412 -------------------------------------------------------------------------------------------------- Automotive Retail -- 0.2% 1,325,000 CST Brands, Inc., 5.0%, 5/1/23 $ 1,351,500 --------------- $ 1,351,500 --------------- Total Retailing $ 5,687,444 -------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.4% Food Retail -- 0.4% 1,150,000 C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) $ 1,124,125 1,060,000 Darling Ingredients, Inc., 5.375%, 1/15/22 1,067,950 --------------- $ 2,192,075 --------------- Total Food & Staples Retailing $ 2,192,075 -------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 1.1% Distillers & Vintners -- 0.1% 470,000 Constellation Brands, Inc., 3.75%, 5/1/21 $ 480,575 -------------------------------------------------------------------------------------------------- Agricultural Products -- 0.1% 800,000 Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) $ 756,000 -------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.8% 75,000 Agrokor dd, 8.875%, 2/1/20 (144A) $ 81,916 400,000 B&G Foods, Inc., 4.625%, 6/1/21 399,500 428,000 Chiquita Brands International, Inc., 7.875%, 2/1/21 468,660 400,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) 406,000
The accompanying notes are an integral part of these financial statements. 36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- (continued) 300,000 FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) $ 315,750 1,105,000 Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 939,250 200,000 Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A) 189,000 100,000 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 94,500 500,000 MHP SA, 8.25%, 4/2/20 (144A) 326,950 400,000 Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 394,000 550,000 Post Holdings, Inc., 7.375%, 2/15/22 569,250 --------------- $ 4,184,776 -------------------------------------------------------------------------------------------------- Tobacco -- 0.1% 800,000 Alliance One International, Inc., 9.875%, 7/15/21 $ 704,000 --------------- Total Food, Beverage & Tobacco $ 6,125,351 -------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 2.4% Health Care Equipment -- 0.0%+ 142,000 Physio-Control International, Inc., 9.875%, 1/15/19 (144A) $ 150,875 -------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.2% 100,000 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 105,600 1,080,000 Halyard Health, Inc., 6.25%, 10/15/22 (144A) 1,131,300 100,000 Immucor, Inc., 11.125%, 8/15/19 107,375 --------------- $ 1,344,275 -------------------------------------------------------------------------------------------------- Health Care Distributors -- 0.3% 1,500,000 McKesson Corp., 4.883%, 3/15/44 $ 1,721,415 -------------------------------------------------------------------------------------------------- Health Care Services -- 0.5% 1,125,000 Catamaran Corp., 4.75%, 3/15/21 $ 1,250,156 1,360,000 DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 1,387,200 --------------- $ 2,637,356 -------------------------------------------------------------------------------------------------- Health Care Facilities -- 1.0% 545,000 Amsurg Corp., 5.625%, 7/15/22 $ 557,262 200,000 Capella Healthcare, Inc., 9.25%, 7/1/17 207,125 1,495,000 CHS, 6.875%, 2/1/22 1,597,781 1,075,000 CHS, Inc., 8.0%, 11/15/19 1,142,188 400,000 Kindred Healthcare Inc., 6.375%, 4/15/22 403,500 1,480,000 Tenet Healthcare Corp., 4.375%, 10/1/21 1,446,700
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 37 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Health Care Facilities -- (continued) 265,000 Tenet Healthcare Corp., 4.5%, 4/1/21 $ 259,700 --------------- $ 5,614,256 -------------------------------------------------------------------------------------------------- Managed Health Care -- 0.4% 1,815,000 WellCare Health Plans, Inc., 5.75%, 11/15/20 $ 1,905,750 -------------------------------------------------------------------------------------------------- Health Care Technology -- 0.0%+ 175,000 MedAssets, Inc., 8.0%, 11/15/18 $ 182,438 --------------- Total Health Care Equipment & Services $ 13,556,365 -------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 1.1% Biotechnology -- 0.7% 2,500,000 Amgen, Inc., 5.375%, 5/15/43 $ 2,982,658 600,000 Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 588,000 --------------- $ 3,570,658 -------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.4% 875,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) $ 872,812 705,000 JLL, 7.5%, 2/1/22 (144A) 733,200 755,000 Salix Pharmaceuticals, Ltd., 6.25%, 1/15/21 (144A) 837,106 --------------- $ 2,443,118 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 6,013,776 -------------------------------------------------------------------------------------------------- BANKS -- 2.9% Diversified Banks -- 2.0% 800,000 6.38 Banco Santander SA, Floating Rate Note (Perpetual) $ 789,802 625,000 Bank of America Corp., 6.11%, 1/29/37 761,057 575,000 6.50 Bank of America Corp., Floating Rate Note, 10/23/49 608,062 925,000 6.25 Bank of America Corp., Floating Rate Note, 9/29/49 942,344 640,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 648,000 1,500,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 1,511,250 700,000 CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 693,295 1,900,000 6.62 Credit Agricole SA, Floating Rate Note, 12/31/64 (144A) 1,904,750 525,000 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 623,576 500,000 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 589,424 200,000 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 288,014 425,000 4.00 Oversea-Chinese Banking Corp., Ltd., Floating Rate Note, 10/15/24 (144A) 442,960
The accompanying notes are an integral part of these financial statements. 38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Diversified Banks -- (continued) 300,000 VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) $ 248,448 1,150,000 5.88 Wells Fargo & Co., Floating Rate Note (Perpetual) 1,216,125 --------------- $ 11,267,107 -------------------------------------------------------------------------------------------------- Regional Banks -- 0.4% 250,000 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 $ 274,365 1,200,000 4.48 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,202,400 750,000 6.75 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 834,375 --------------- $ 2,311,140 -------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.5% 1,450,000 Ocwen Financial Corp., 6.625%, 5/15/19 (144A) $ 1,254,250 1,425,000 Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 1,357,312 --------------- $ 2,611,562 --------------- Total Banks $ 16,189,809 -------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 4.1% Other Diversified Financial Services -- 1.5% 1,665,000 Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) $ 1,886,900 1,000,000 Fixed Income Trust Series 2013-A, 10/15/97 (Step) (144A) (c)(d) 734,782 1,500,000 7.12 General Electric Capital Corp., Floating Rate Note (Perpetual) 1,760,625 2,360,000 6.75 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 2,560,600 500,000 SUAM Finance BV, 4.875%, 4/17/24 (144A) 517,500 1,030,000 Summit Midstream Holdings LLC, 7.5%, 7/1/21 1,071,200 100,000 0.00 Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 92,555 --------------- $ 8,624,162 -------------------------------------------------------------------------------------------------- Multi-Sector Holdings -- 0.1% 250,000 Fidelity National Financial, Inc., 5.5%, 9/1/22 $ 272,822 -------------------------------------------------------------------------------------------------- Specialized Finance -- 0.7% 500,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 543,790 1,375,000 Fly Leasing, Ltd., 6.375%, 10/15/21 1,361,250 720,000 Nationstar Mortgage LLC, 6.5%, 6/1/22 691,200 725,000 Nationstar Mortgage LLC, 6.5%, 7/1/21 703,250 700,000 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 721,000 --------------- $ 4,020,490 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 39 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Consumer Finance -- 0.2% 66,670 Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) $ 69,570 1,035,000 TMX Finance LLC, 8.5%, 9/15/18 (144A) 734,850 --------------- $ 804,420 -------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 1.1% 915,000 Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 976,971 300,000 Blackstone Holdings Finance Co., LLC, 5.0%, 6/15/44 (144A) 325,334 750,000 Blackstone Holdings Finance Co., LLC, 6.25%, 8/15/42 (144A) 958,325 500,000 JBS Investment Management, Ltd., 7.25%, 4/3/24 (144A) 510,000 1,500,000 KKR Group Finance Co., II LLC, 5.5%, 2/1/43 (144A) 1,602,030 1,250,000 Legg Mason, Inc., 3.95%, 7/15/24 1,304,326 500,000 Legg Mason, Inc., 5.625%, 1/15/44 592,191 100,000 Neuberger Berman Group LLC, 5.625%, 3/15/20 (144A) 104,250 --------------- $ 6,373,427 -------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.5% 750,000 Morgan Stanley, 4.1%, 5/22/23 $ 780,533 250,000 Morgan Stanley, 4.875%, 11/1/22 273,040 300,000 The Goldman Sachs Group, Inc., 6.45%, 5/1/36 375,141 225,000 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 295,437 1,050,000 UBS AG, 7.625%, 8/17/22 1,273,521 --------------- $ 2,997,672 --------------- Total Diversified Financials $ 23,092,993 -------------------------------------------------------------------------------------------------- INSURANCE -- 8.0% Insurance Brokers -- 0.3% 700,000 Ironshore Holdings US, Inc., 8.5%, 5/15/20 (144A) $ 850,051 GBP 340,000 Towergate Finance Plc, 8.5%, 2/15/18 (144A) (e) 492,145 --------------- $ 1,342,196 -------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.6% 650,000 CNO Financial Group, Inc., 6.375%, 10/1/20 (144A) $ 685,750 500,000 Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 525,000 1,500,000 5.88 Prudential Financial, Inc., Floating Rate Note, 9/15/42 1,629,375 615,000 5.65 Voya Financial, Inc., Floating Rate Note, 5/15/53 642,675 --------------- $ 3,482,800 --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Reinsurance -- 7.1% 2,501,147 Altair Re, Variable Rate Notes, 6/30/16 (g) $ 1,796,574 600,000 Altair Re, Variable Rate Notes, 6/30/17 (g) 608,880 600,000 Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/1/15 (g) 669,540 250,000 3.45 Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 255,875 500,000 Bersick Segregated Account (Kane SAC Ltd.), Variable Rate Note, 1/22/16 (g) 508,900 750,000 4.28 Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 750,225 650,000 10.75 Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 650,065 1,000,000 6.87 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,032,000 1,200,000 Carnoustie Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/19/16 (g) 1,256,760 250,000 4.28 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 245,875 350,000 3.78 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 343,175 713,104 Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/14/15 (g) 701,837 250,000 9.01 East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 260,650 1,000,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/7/17 (Cat Bond) (144A) 1,003,500 1,050,525 Exeter Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/7/16 (g) 1,054,622 1,050,000 Fairfield Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/2/16 (g) 981,750 1,000,000 7.40 Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,024,700 600,000 6.70 Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 554,220 1,100,000 Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 (g) 1,076,900 250,000 2.22 Golden State Re II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 248,975 2,100,000 Gullane Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/17 (g) 2,177,280 294,350 Hereford Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/7/16 (g) 295,616 350,000 4.15 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 351,470
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 41 Schedule of Investments | 3/31/15 (continued)
-------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value -------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 650,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) $ 657,930 250,000 Lorenz Re, Ltd., 3/31/18 (c) (g) 250,000 500,000 2.02 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 498,100 533,600 Muirfield Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/12/16 (g) 535,147 500,000 11.83 Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 520,950 2,000,000 Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (g) 2,084,800 1,004,200 PI-1, Series E -- 2014 (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 (g) 1,051,598 1,503,871 PI-4, Series C -- 2014, (Kane SAC Ltd.), Variable Rate Notes, 7/7/16 (g) 1,505,826 700,000 Prestwick Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/1/16 (g) 707,700 750,000 7.50 Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 748,125 1,000,000 8.50 Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 997,600 600,000 8.76 Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 606,720 1,250,000 9.01 Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,264,250 800,000 4.51 Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 816,800 500,000 10.01 Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 532,350 250,000 20.01 Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A) 253,850 1,000,000 3.54 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 992,400 1,433 Sector Re V, Ltd., 12/1/18 (144A) (c) (g) 17,304 500,000 Sector Re V, Ltd., 12/1/19 (144A) (c) (g) 512,150 700,000 Sector Re V, Ltd., 3/30/19 (144A) (c) (g) 873,390 400,000 Silverton Re, Ltd., 9/16/16 (144A) (c) (g) 25,520 800,000 Silverton Re, Ltd., 9/18/17 (144A) (c) (g) 841,280 1,335,000 7.51 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 1,406,756 1,200,000 St. Andrews Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/16 (g) 1,215,600 550,600 Troon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/12/16 (g) 551,756
The accompanying notes are an integral part of these financial statements. 42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
---------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ---------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 2,000,000 Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 (g) $ 2,052,000 250,000 2.76 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 254,150 250,000 2.52 Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 253,950 --------------- $ 39,877,391 --------------- Total Insurance $ 44,702,387 ---------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.5% Diversified REIT -- 0.1% 400,000 Trust F, 5.25%, 12/15/24 (144A) $ 430,000 ---------------------------------------------------------------------------------------------------- Office REIT -- 0.2% 155,000 Corporate Office Properties LP, 3.6%, 5/15/23 $ 150,432 1,000,000 DuPont Fabros Technology LP, 5.875%, 9/15/21 1,032,500 --------------- $ 1,182,932 ---------------------------------------------------------------------------------------------------- Specialized REIT -- 0.2% 1,129,903 AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK) $ 1,062,109 --------------- Total Real Estate $ 2,675,041 ---------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.6% Internet Software & Services -- 0.4% 1,150,000 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 1,135,625 705,000 j2 Global, Inc., 8.0%, 8/1/20 761,400 335,000 VeriSign, Inc., 4.625%, 5/1/23 334,162 --------------- $ 2,231,187 ---------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.2% 1,000,000 Cardtronics, Inc., 5.125%, 8/1/22 (144A) $ 987,500 ---------------------------------------------------------------------------------------------------- Application Software -- 0.0%+ 200,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25% Cash, 9.00% PIK) (144A) (PIK) $ 202,000 --------------- Total Software & Services $ 3,420,687 ---------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 1.8% Communications Equipment -- 0.2% 800,000 Brocade Communications Systems, Inc., 4.625%, 1/15/23 $ 798,000 ---------------------------------------------------------------------------------------------------- Computer Storage & Peripherals -- 0.7% 685,000 NCR Corp., 5.0%, 7/15/22 $ 691,850 1,160,000 NCR Corp., 6.375%, 12/15/23 1,235,400 1,100,000 Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 1,139,041 885,000 Seagate HDD Cayman, 4.75%, 6/1/23 930,166 --------------- $ 3,996,457 ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 43 Schedule of Investments | 3/31/15 (continued)
---------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ---------------------------------------------------------------------------------------------------- Electronic Equipment Manufacturers -- 0.4% 950,000 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 999,875 1,105,000 Zebra Technologies Corp., 7.25%, 10/15/22 (144A) 1,190,638 --------------- $ 2,190,513 ---------------------------------------------------------------------------------------------------- Electronic Components -- 0.3% EURO 300,000 Belden, Inc., 5.5%, 4/15/23 (144A) $ 345,269 1,360,000 Belden, Inc., 5.5%, 9/1/22 (144A) 1,394,000 --------------- $ 1,739,269 ---------------------------------------------------------------------------------------------------- Electronic Manufacturing Services -- 0.2% 585,000 Flextronics International, Ltd., 4.625%, 2/15/20 $ 613,519 695,000 Flextronics International, Ltd., 5.0%, 2/15/23 728,012 --------------- $ 1,341,531 --------------- Total Technology Hardware & Equipment $ 10,065,770 ---------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.4% Semiconductor Equipment -- 0.2% 1,000,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 1,042,500 ---------------------------------------------------------------------------------------------------- Semiconductors -- 0.2% 595,000 Advanced Micro Devices, Inc., 6.75%, 3/1/19 $ 577,150 445,000 Advanced Micro Devices, Inc., 7.5%, 8/15/22 426,088 --------------- $ 1,003,238 --------------- Total Semiconductors & Semiconductor Equipment $ 2,045,738 ---------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 3.4% Integrated Telecommunication Services -- 2.3% 3,500,000 AT&T, Inc., 3.9%, 3/11/24 $ 3,662,820 150,000 CenturyLink, Inc., 7.6%, 9/15/39 153,656 1,300,000 CenturyLink, Inc., 7.65%, 3/15/42 1,329,250 200,000 Frontier Communications Corp., 6.25%, 9/15/21 200,500 250,000 Frontier Communications Corp., 7.625%, 4/15/24 260,312 500,000 Frontier Communications Corp., 8.75%, 4/15/22 555,000 200,000 Frontier Communications Corp., 9.0%, 8/15/31 214,000 500,000 GTP Acquisition Partners I LLC, 7.628%, 6/15/41 (144A) 506,250 200,000 Ooredoo International Finance, Ltd., 3.875%, 1/31/28 (144A) 197,019 2,500,000 Verizon Communications, Inc., 4.15%, 3/15/24 2,685,548 576,000 Verizon Communications, Inc., 5.012%, 8/21/54 597,652 576,000 Verizon Communications, Inc., 6.55%, 9/15/43 750,044
The accompanying notes are an integral part of these financial statements. 44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
---------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ---------------------------------------------------------------------------------------------------- Integrated Telecommunication Services -- (continued) 450,000 Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) $ 471,938 1,305,000 Windstream Corp., 7.5%, 6/1/22 1,259,325 --------------- $ 12,843,314 ---------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 1.1% 1,300,000 Altice Financing SA, 6.5%, 1/15/22 (144A) $ 1,334,125 1,225,000 Sprint Corp., 7.125%, 6/15/24 1,194,375 400,000 T-Mobile USA, Inc., 6.0%, 3/1/23 409,876 490,000 T-Mobile USA, Inc., 6.542%, 4/28/20 515,725 1,500,000 T-Mobile USA, Inc., 6.625%, 4/1/23 1,569,375 300,000 Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 301,575 200,000 VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 189,750 400,000 WCP Issuer LLC, 6.657%, 8/15/20 (144A) 425,592 --------------- $ 5,940,393 --------------- Total Telecommunication Services $ 18,783,707 ---------------------------------------------------------------------------------------------------- UTILITIES -- 1.7% Electric Utilities -- 1.0% 1,000,000 5.25 Electricite de France SA, Floating Rate Note (Perpetual) (144A) $ 1,043,500 150,000 Enel Finance International NV, 5.125%, 10/7/19 (144A) 167,779 1,190,000 8.13 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,432,134 900,000 Israel Electric Corp., Ltd., 5.625%, 6/21/18 (144A) 957,092 1,880,000 RJS Power Holdings LLC, 5.125%, 7/15/19 (144A) 1,851,800 75,000 6.25 Southern California Edison Co., Floating Rate Note (Perpetual) 84,000 --------------- $ 5,536,305 ---------------------------------------------------------------------------------------------------- Gas Utilities -- 0.0%+ 300,000 Transportadora de Gas del Peru SA, 4.25%, 4/30/28 (144A) $ 298,410 ---------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.7% 100,000 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) $ 103,250 1,000,000 Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 843,750 1,050,000 InterGen NV, 7.0%, 6/30/23 (144A) 1,015,875 500,000 NRG Energy, Inc., 6.25%, 5/1/24 503,750 900,000 NRG Energy, Inc., 7.625%, 1/15/18 991,125
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 45 Schedule of Investments | 3/31/15 (continued)
---------------------------------------------------------------------------------------------------- Floating Principal Rate (b) Amount ($) (unaudited) Value ---------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- (continued) 200,000 NRG Energy, Inc., 8.25%, 9/1/20 $ 211,750 --------------- $ 3,669,500 --------------- Total Utilities $ 9,504,215 ---------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $253,546,103) $ 250,729,563 ---------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 4.9% 5,855,613 Fannie Mae, 3.5%, 5/1/44 $ 6,156,351 1,195,956 Fannie Mae, 4.0%, 5/1/44 1,278,621 478,844 Fannie Mae, 4.0%, 9/1/43 517,887 1,097,067 Fannie Mae, 4.5%, 9/1/39 1,198,991 821,142 Fannie Mae, 4.5%, 9/1/40 899,524 814,219 Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 890,025 16,338,550 U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24 16,332,169 --------------- $ 27,273,568 ---------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $26,498,856) $ 27,273,568 ---------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 0.4% 1,700,000 Commonwealth of the Bahamas, 5.75%, 1/16/24 (144A) $ 1,808,375 405,000 Kenya Government International Bond, 5.875%, 6/24/19 (144A) 416,846 --------------- $ 2,225,221 ---------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $2,102,372) $ 2,225,221 ---------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 18.0%** ENERGY -- 1.1% Oil & Gas Drilling -- 0.2% 709,423 6.00 Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/31/21 $ 543,418 126,704 5.75 Offshore Group Investment, Ltd., Term Loan, 3/28/19 72,538 205,927 4.50 Pacific Drilling SA, Term Loan, 6/3/18 171,589 288,550 3.75 Paragon Offshore Finance, Term Loan, 7/16/21 196,249 --------------- $ 983,794 ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Oil & Gas Equipment & Services -- 0.3% 1,846,407 8.38 Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 $ 1,358,841 246,869 3.88 Fieldwood Energy LLC, Closing Date Loan, 9/25/18 231,440 --------------- $ 1,590,281 ------------------------------------------------------------------------------------------------------ Integrated Oil & Gas -- 0.3% 1,079,323 5.25 ExGen Renewables I LLC, Term Loan, 2/5/21 $ 1,090,116 22,861 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 22,804 839,375 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 669,177 --------------- $ 1,782,097 ------------------------------------------------------------------------------------------------------ Oil & Gas Exploration & Production -- 0.0%+ 176,667 3.50 EP Energy LLC, Tranche B-3 Loan, 5/24/18 $ 170,778 ------------------------------------------------------------------------------------------------------ Oil & Gas Refining & Marketing -- 0.3% 426,480 6.50 Green Plains Renewable Energy, Inc., Tranche B Term Loan (First Lien), 6/3/20 $ 411,554 1,086,107 4.25 Pilot Travel Centers LLC, Initial Tranche B, 9/30/21 1,096,968 --------------- $ 1,508,522 ------------------------------------------------------------------------------------------------------ Coal & Consumable Fuels -- 0.0%+ 249,073 5.50 Foresight Energy LLC, Term Loan, 8/21/20 $ 246,271 --------------- Total Energy $ 6,281,743 ------------------------------------------------------------------------------------------------------ MATERIALS -- 1.7% Commodity Chemicals -- 0.3% 367,000 5.25 Citadel Plastics Holdings, Inc., Initial Loan (First Lien), 11/4/20 $ 367,918 573,563 4.75 Eco Services Operations, Initial Term Loan, 10/8/21 577,147 740,625 5.00 Nexeo Solutions LLC, Term Loan B3, 9/9/17 722,572 --------------- $ 1,667,637 ------------------------------------------------------------------------------------------------------ Diversified Chemicals -- 0.1% 245,625 3.75 Tata Chemicals North America, Inc., Term Loan, 8/7/20 $ 245,471 265,133 5.00 Univar, Term B Loan, 2/14/17 265,195 --------------- $ 510,666 ------------------------------------------------------------------------------------------------------ Specialty Chemicals -- 0.5% 1,432,087 4.50 MacDermid, Inc., Tranche B Term Loan (First Lien), 6/7/20 $ 1,439,886 684,250 4.00 PQ Corp., 2014 Term Loan, 8/7/17 682,617 172,350 2.75 WR Grace & Co-Conn, Delayed Draw Term Loan, 1/23/21 172,612 478,953 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 479,680 --------------- $ 2,774,795 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 47 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Metal & Glass Containers -- 0.1% 648,375 4.00 Crown Americas LLC, Term Loan B, 10/22/21 $ 655,416 ------------------------------------------------------------------------------------------------------ Paper Packaging -- 0.1% 202,339 8.00 Caraustar Industries, Inc., Term Loan, 5/1/19 $ 202,086 29,625 5.25 Coveris Holdings SA, USD Term Loan, 4/14/19 29,829 179,907 4.75 Kleopatra Acquisition Corp., Term B-1 Loan, 12/21/16 181,068 247,500 4.25 Multi Packaging Solutions, Inc., Initial Dollar Tranche B Term, 9/30/20 246,675 --------------- $ 659,658 ------------------------------------------------------------------------------------------------------ Aluminum -- 0.1% 543,125 5.50 TurboCombustor Technology, Inc., Initial Term Loan, 10/18/20 $ 544,483 ------------------------------------------------------------------------------------------------------ Diversified Metals & Mining -- 0.0%+ 221,762 3.75 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 201,091 ------------------------------------------------------------------------------------------------------ Steel -- 0.1% 348,250 7.50 Essar Steel Algoma, Inc., Initial Term Loan, 8/9/19 $ 334,610 390,993 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 390,178 --------------- $ 724,788 ------------------------------------------------------------------------------------------------------ Paper Products -- 0.4% 985,000 5.75 Appvion, Inc., Term Commitment, 6/28/19 $ 922,206 1,091,750 6.50 Wausau Paper, Inc., 1st Lien Term Loan B, 7/20/20 1,099,938 --------------- $ 2,022,144 --------------- Total Materials $ 9,760,678 ------------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 1.3% Metal & Glass Containers -- 0.1% 329,489 5.50 Pro Mach Group, Inc., Dollar Term Loan, 10/22/21 $ 332,321 ------------------------------------------------------------------------------------------------------ Aerospace & Defense -- 0.3% 687,677 4.00 Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 $ 654,153 690,657 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 692,553 65,805 6.25 DynCorp International, Inc., Term Loan, 7/7/16 65,476 210,871 5.75 The SI Organization, Inc., Term Loan (First Lien), 11/19/19 212,255 14,052 5.75 Vencore, Inc (The SI Organization, Inc.), Delayed Draw, 11/23/19 14,144 --------------- $ 1,638,581 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Building Products -- 0.3% 493,750 5.50 Armacell International GmbH, Term Loan B (First Lien), 7/2/20 $ 494,984 470,249 4.25 NCI Building Systems, Inc., Tranche B Term Loan, 6/24/19 470,249 197,500 5.25 Norcraft Cos. Inc., Initial Loan, 11/12/20 198,241 317,100 4.25 Unifrax Corp., New Term B Loan, 12/31/19 316,783 --------------- $ 1,480,257 ------------------------------------------------------------------------------------------------------ Construction & Engineering -- 0.1% 419,415 6.75 International Equipment Solutions LLC, Initial Loan, 8/16/19 $ 420,725 ------------------------------------------------------------------------------------------------------ Electrical Components & Equipment -- 0.0%+ 205,097 5.25 Pelican Products, Inc., Term Loan (First Lien), 4/8/20 $ 204,649 48,288 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 48,288 --------------- $ 252,937 ------------------------------------------------------------------------------------------------------ Construction & Farm Machinery & Heavy Trucks -- 0.0%+ 120,000 5.75 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 120,725 110,501 3.50 Terex Corp., U.S. Term Loan, 8/13/21 110,847 --------------- $ 231,572 ------------------------------------------------------------------------------------------------------ Industrial Machinery -- 0.5% 381,492 4.25 Gardner Denver, Inc., Initial Dollar Term Loan, 7/30/20 $ 362,823 1,362,500 6.00 NN, Inc., Term Loan, 8/27/21 1,368,461 475,000 4.25 Schaeffler AG, Facility B-USD, 5/15/20 478,933 660,961 5.25 Tank Holding Corp., Initial Term Loan, 7/9/19 664,266 --------------- $ 2,874,483 ------------------------------------------------------------------------------------------------------ Trading Companies & Distributors -- 0.0%+ 165,030 3.75 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 165,512 --------------- Total Capital Goods $ 7,396,388 ------------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES -- 1.0% Environmental & Facilities Services -- 0.7% 442,085 3.00 Progressive Waste Solutions, Ltd., Term B Loan, 10/31/19 $ 444,296 491,250 5.50 Wastequip LLC, Term Loan, 8/9/19 491,557 690,677 4.00 WCA Waste Corp., Term Loan, 3/23/18 686,648 1,910,920 5.00 Wheelabrator, Term B Loan, 10/15/21 1,934,806 84,291 5.00 Wheelabrator, Term C Loan, 10/15/21 85,345 --------------- $ 3,642,652 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 49 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Diversified Support Services -- 0.0%+ 28,547 6.36 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 26,549 ------------------------------------------------------------------------------------------------------ Security & Alarm Services -- 0.2% 52,277 4.00 Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 $ 52,125 204,356 4.00 Garda World Security Corp., Term B Loan, 11/1/20 203,760 554,266 4.25 Monitronics International, Inc., Term B Loan, 3/23/18 555,565 494,915 4.25 Protection One, Inc., Term Loan (2012), 3/21/19 495,636 --------------- $ 1,307,086 ------------------------------------------------------------------------------------------------------ Human Resource & Employment Services -- 0.1% 367,182 3.50 On Assignment, Inc., Initial Term B Loan, 5/15/20 $ 367,335 --------------- Total Commercial Services & Supplies $ 5,343,622 ------------------------------------------------------------------------------------------------------ TRANSPORTATION -- 0.7% Air Freight & Logistics -- 0.2% 247,399 5.00 Air Medical Group Holdings, Inc., B-1 Term Loan, 6/30/18 $ 247,863 171,938 6.75 Ozburn-Hessey Holding Co., LLC, Term Loan, 5/23/19 172,797 694,724 5.25 Syncreon Group BV, Term Loan, 9/26/20 668,671 --------------- $ 1,089,331 ------------------------------------------------------------------------------------------------------ Airlines -- 0.3% 343,875 3.75 American Airlines, Inc., Class B Term Loan, 6/27/19 $ 344,366 175,000 4.25 American Airlines, Inc., Class B Term, 10/10/21 176,458 171,063 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 171,246 245,000 3.50 United Airlines, Inc., Class B Term Loan, 4/1/19 244,388 612,563 3.50 US Airways, Inc., Tranche B-1 Term Loan (Consenting), 5/23/19 611,907 525,937 3.00 US Airways, Inc., Tranche B-2 Term Loan (Consenting), 11/23/16 525,499 --------------- $ 2,073,864 ------------------------------------------------------------------------------------------------------ Marine -- 0.1% 216,581 6.00 Floatel International AB, Tranche B Term Loan (First Lien), 5/22/20 $ 160,270 374,860 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 378,140 --------------- $ 538,410 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Trucking -- 0.1% 223,313 5.50 Aegis Toxicology Corp., Tranche B Term Loan (First Lien), 2/20/21 $ 224,708 168,282 3.75 Swift Transportation Co., LLC, Tranche B Term Loan (First Lien), 6/9/21 169,018 --------------- $ 393,726 --------------- Total Transportation $ 4,095,331 ------------------------------------------------------------------------------------------------------ AUTOMOBILES & COMPONENTS -- 1.5% Auto Parts & Equipment -- 1.0% 554,669 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 555,593 645,125 4.00 Cooper Standard Intermediate Holdco 2 LLC, Term Loan, 3/28/21 644,561 1,712,063 5.50 Henniges Automotive Holdings, Inc., Tranche B Term Loan (First Lien), 6/11/21 1,729,183 1,738,064 4.25 MPG Holdco I, Inc., Initial Term Loan, 10/20/21 1,749,077 126,457 4.25 TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 126,562 871,801 4.00 Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 872,619 --------------- $ 5,677,595 ------------------------------------------------------------------------------------------------------ Automobile Manufacturers -- 0.5% 2,004,750 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 $ 2,004,333 572,125 6.00 Crown Group LLC, Term Loan (First Lien), 9/30/20 568,907 --------------- $ 2,573,240 --------------- Total Automobiles & Components $ 8,250,835 ------------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.1% Home Furnishings -- 0.0%+ 100,046 3.50 Tempur Sealy International, Inc., New Term B Loan, 3/18/20 $ 100,275 ------------------------------------------------------------------------------------------------------ Housewares & Specialties -- 0.0%+ 185,571 5.50 World Kitchen LLC, U.S. Term Loan, 3/4/19 $ 185,803 ------------------------------------------------------------------------------------------------------ Leisure Products -- 0.1% 400,857 4.00 Bombardier Recreational Products, Inc., Term B Loan, 1/30/19 $ 400,941 --------------- Total Consumer Durables & Apparel $ 687,019 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 51 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 1.1% Casinos & Gaming -- 0.4% 227,316 4.25 CityCenter Holdings LLC, Term B Loan, 10/16/20 $ 228,500 263,925 3.50 MGM Resorts International, Term B Loan, 12/20/19 263,458 1,620,938 6.00 Scientific Games, Initial Term B-2, 10/1/21 1,626,791 --------------- $ 2,118,749 ------------------------------------------------------------------------------------------------------ Leisure Facilities -- 0.1% 411,255 5.50 L.A. Fitness International, LLC, Tranche B Term Loan (First Lien), 4/25/20 $ 384,524 245,603 3.50 Six Flags Theme Parks, Inc., Tranche B Term Loan, 12/20/18 247,036 --------------- $ 631,560 ------------------------------------------------------------------------------------------------------ Restaurants -- 0.4% 361,777 4.50 Burger King Worldwide, Inc., Term Loan B, 9/24/21 $ 365,814 419,813 4.00 Landry's, Inc., B Term Loan, 4/24/18 421,125 560,467 4.00 NPC International, Inc., Term Loan, 12/28/18 552,761 745,047 3.25 Wendy's International, Inc., Term B Loan, 5/15/19 745,978 --------------- $ 2,085,678 ------------------------------------------------------------------------------------------------------ Education Services -- 0.2% 787,223 4.00 Bright Horizons Family Solutions, Inc., Term B Loan, 1/14/20 $ 790,012 540,740 5.00 Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 510,999 --------------- $ 1,301,011 --------------- Total Consumer Services $ 6,136,998 ------------------------------------------------------------------------------------------------------ MEDIA -- 1.7% Advertising -- 0.2% 961,651 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 914,169 195,623 4.50 Crossmark Holdings, Inc., Term Loan (First Lien), 12/20/19 188,287 --------------- $ 1,102,456 ------------------------------------------------------------------------------------------------------ Broadcasting -- 0.2% 498,306 3.75 Gray Television, Inc., Term Loan (First Lien), 6/10/21 $ 498,555 234,902 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 232,333 500,000 4.00 Tribune Co., Tranche B Term Loan (First Lien), 11/20/20 501,062 --------------- $ 1,231,950 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Cable & Satellite -- 0.8% 371,467 3.50 Cequel Communications LLC, Term Loan, 2/14/19 $ 372,453 491,250 3.00 Charter Communications Operating LLC, Term F Loan, 1/1/21 489,984 390,000 4.25 Charter Communications Operating LLC, Term G Loan, 9/10/21 393,626 289,851 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 6/30/19 289,090 603,043 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 602,661 675,299 3.50 Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20 675,346 587,872 3.50 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 584,750 554,681 3.50 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 551,734 357,447 3.39 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 355,548 --------------- $ 4,315,192 ------------------------------------------------------------------------------------------------------ Movies & Entertainment -- 0.2% 421,580 3.50 Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20 $ 420,614 202,743 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 202,236 294,750 3.50 Seminole Hard Rock Entertainment, Inc., New Term Loan B, 5/14/20 293,829 --------------- $ 916,679 ------------------------------------------------------------------------------------------------------ Publishing -- 0.3% 107,369 4.25 Houghton Mifflin Harcourt Publishers, Inc., Term Loan, 5/22/18 $ 107,012 39,209 4.75 Interactive Data Corp., Tranche B Term Loan (First Lien), 4/24/21 39,448 1,876,250 6.25 McGraw-Hill School Education Holdings llc, Term B Loan, 12/18/19 1,883,873 --------------- $ 2,030,333 --------------- Total Media $ 9,596,610 ------------------------------------------------------------------------------------------------------ RETAILING -- 0.4% Computer & Electronics Retail -- 0.0%+ 304 14.75 Targus Group International, Inc., Term Loan, 5/24/16 $ 246 ------------------------------------------------------------------------------------------------------ Home Improvement Retail -- 0.1% 637,368 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 626,812 ------------------------------------------------------------------------------------------------------ Automotive Retail -- 0.3% 1,395,625 5.75 CWGS Group LLC, Term Loan, 2/20/20 $ 1,409,146 --------------- Total Retailing $ 2,036,204 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 53 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Rate (b) Shares (unaudited) Value ------------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING -- 0.3% Food Distributors -- 0.1% 245,823 4.25 Del Monte Foods Consumer Products, Inc., Term Loan (First Lien), 11/26/20 $ 234,351 ------------------------------------------------------------------------------------------------------ Food Retail -- 0.2% 894,254 5.38 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 900,821 398,000 4.75 New Albertson's, Inc., Term Loan (First Lien), 6/24/21 399,492 --------------- $ 1,300,313 --------------- Total Food & Staples Retailing $ 1,534,664 ------------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 0.4% Packaged Foods & Meats -- 0.4% 262,050 3.25 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 262,557 673,200 6.75 Hostess Brands, Inc., Term B Loan, 2/25/20 687,506 172,960 3.00 Pinnacle Foods Finance LLC, New Term Loan G, 4/29/20 172,512 945,250 4.50 Shearer's Foods, LLC, Term Loan (First Lien), 6/19/21 943,478 --------------- $ 2,066,053 --------------- Total Food, Beverage & Tobacco $ 2,066,053 ------------------------------------------------------------------------------------------------------ HOUSEHOLD & PERSONAL PRODUCTS -- 0.6% Household Products -- 0.2% 232,502 4.50 Polarpak, Inc., USD Term Loan (U.S. Borrower Portion), 6/7/20 $ 231,631 643,966 4.02 SRAM LLC, Term Loan (First Lien), 4/10/20 643,966 --------------- $ 875,597 ------------------------------------------------------------------------------------------------------ Personal Products -- 0.4% 594,000 4.25 Atrium Innovations, Inc., Term Loan, 1/29/21 $ 584,348 750,000 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 741,328 236,699 4.12 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 237,661 916,667 4.50 Prestige Brands, Inc., Term B-2 Loan, 8/18/21 921,479 --------------- $ 2,484,816 --------------- Total Household & Personal Products $ 3,360,413 ------------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 1.5% Health Care Equipment -- 0.3% 915,750 4.50 Accellent, Inc., Initial Term Loan (First Lien), 2/21/21 $ 911,028 247,026 3.25 Hologic, Inc., Refinancing Tranche B Term Loan, 8/1/19 247,586 390,204 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, ` 5/4/18 392,155 --------------- $ 1,550,769 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Health Care Supplies -- 0.2% 498,750 4.00 Halyard Health, Inc., Term Loan, 11/1/21 $ 504,441 440,365 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 442,705 --------------- $ 947,146 ------------------------------------------------------------------------------------------------------ Health Care Services -- 0.5% 292,369 6.50 BioScrip, Inc., Term Loan, 7/31/20 $ 290,541 487,281 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 484,236 63,023 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan (First Lien), 6/19/21 63,253 293,143 4.00 Envision Healthcare Corp., Initial Term Loan, 5/25/18 294,472 132,691 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 132,801 86,479 8.00 Rural-Metro Operating Co., Term Loan, 6/30/18 79,993 989,899 4.50 Truven Health Analytics, Inc., New Tranche B Term Loan, 6/6/19 990,196 740,111 4.25 US Renal Care, Inc., Tranche B-2 Term Loan (First Lien), 7/3/19 742,193 --------------- $ 3,077,685 ------------------------------------------------------------------------------------------------------ Health Care Facilities -- 0.3% 343,752 4.25 CHS, 2021 Term D Loan, 1/27/21 $ 345,829 488,819 4.25 Kindred Healthcare, Inc., Tranche B Loan (First Lien), 4/10/21 491,772 344,030 6.00 RegionalCare Hospital Partners, Inc., Term Loan (First Lien), 4/21/19 345,750 20,527 3.75 Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 20,552 491,250 6.75 Steward Health Care System LLC, Term Loan, 4/10/20 490,476 --------------- $ 1,694,379 ------------------------------------------------------------------------------------------------------ Managed Health Care -- 0.0%+ 24,833 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 $ 22,039 18,053 9.75 MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 16,022 --------------- $ 38,061 ------------------------------------------------------------------------------------------------------ Health Care Technology -- 0.2% 92,917 4.00 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 93,322 773,937 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 776,356 323,000 4.00 MedAssets, Inc., Term B Loan, 12/13/19 322,596 --------------- $ 1,192,274 --------------- Total Health Care Equipment & Services $ 8,500,314 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 55 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.7% Biotechnology -- 0.1% 686,184 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 687,899 ------------------------------------------------------------------------------------------------------ Pharmaceuticals -- 0.6% 690,119 4.50 Akorn, Inc., Term Loan B, 11/13/20 $ 693,570 443,087 5.00 Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 441,056 99,000 3.18 Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21 99,019 336,350 3.25 Jazz Pharmaceuticals, Inc., Tranche 2 Term Loan, 6/12/18 337,682 446,625 4.25 JLL, Initial Dollar Term Loan, 1/23/21 445,229 164,063 5.50 Salix Pharmaceuticals, Inc., Term Loan, 12/17/19 164,237 298,478 3.03 Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 298,685 728,520 3.50 Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 729,203 --------------- $ 3,208,681 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 3,896,580 ------------------------------------------------------------------------------------------------------ BANKS -- 0.1% Thrifts & Mortgage Finance -- 0.1% 760,728 5.00 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 742,503 --------------- Total Banks $ 742,503 ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.5% Other Diversified Financial Services -- 0.3% 715,577 4.50 Fly Funding II S.a.r.l., Term Loan, 8/9/18 $ 719,155 319,687 6.00 Harland Clarke Holdings Corp., Tranche B-4 Term Loan, 8/17/19 321,286 712,313 5.00 Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 705,858 78,745 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 79,254 --------------- $ 1,825,553 ------------------------------------------------------------------------------------------------------ Specialized Finance -- 0.2% 914,119 4.25 Mirror BidCo Corp., New Incremental Term Loan, 12/18/19 $ 913,166 --------------- Total Diversified Financials $ 2,738,719 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ INSURANCE -- 0.2% Life & Health Insurance -- 0.0%+ 91,720 3.75 CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18 $ 92,004 ------------------------------------------------------------------------------------------------------ Multi-line Insurance -- 0.1% 488,540 5.00 Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 $ 489,049 ------------------------------------------------------------------------------------------------------ Property & Casualty Insurance -- 0.1% 786,323 5.75 Confie Seguros Holding II Co., Term B Loan (First Lien), 11/9/18 $ 784,685 --------------- Total Insurance $ 1,365,738 ------------------------------------------------------------------------------------------------------ REAL ESTATE -- 0.4% Retail REIT -- 0.3% 1,658,357 5.50 DTZ U.S. Borrower, LLC, Initial Term Loan, 10/28/21 $ 1,671,486 ------------------------------------------------------------------------------------------------------ Real Estate Services -- 0.1% 1,132,347 4.50 Altisource Solutions S.a.r.l., Term B Loan, 12/9/20 $ 832,275 --------------- Total Real Estate $ 2,503,761 ------------------------------------------------------------------------------------------------------ SOFTWARE & SERVICES -- 1.2% Internet Software & Services -- 0.1% 327,113 3.75 Vantiv LLC, Term B Loan, 6/12/21 $ 328,950 ------------------------------------------------------------------------------------------------------ IT Consulting & Other Services -- 0.3% 124,031 3.75 Booz Allen Hamilton, Inc., Refinance Tranche B, 7/31/19 $ 124,780 1,273,600 5.75 Evergreen Skills Lux S.a.r.l., Initial Term Loan (First Lien), 4/23/21 1,260,546 113,850 4.50 PSAV Presentation Services, Tranche B Term Loan (First Lien), 1/24/21 113,850 --------------- $ 1,499,176 ------------------------------------------------------------------------------------------------------ Data Processing & Outsourced Services -- 0.2% 500,000 3.67 First Data Corp., 2018 New Dollar Term Loan, 3/24/18 $ 500,364 319,193 3.50 Genpact International, Inc., Term Loan, 8/30/19 320,231 --------------- $ 820,595 ------------------------------------------------------------------------------------------------------ Application Software -- 0.3% 220,388 4.29 Applied Systems, Inc., Initial Term Loan (First Lien), 1/15/21 $ 220,746 589,902 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 591,377 76,767 8.50 Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 76,839 214,995 3.75 Informatica, Tranche B-5 Term Loan (First Lien), 6/3/20 213,402
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 57 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Application Software -- (continued) 282,750 7.50 Serena Software, Inc., Term Loan, 4/10/20 $ 283,869 368,872 3.50 Verint Systems, Inc., Tranche B-2 Term Loan (First Lien), 9/6/19 369,103 94,831 4.25 Vertafore, Inc., Term Loan (2013), 10/3/19 94,979 --------------- $ 1,850,315 ------------------------------------------------------------------------------------------------------ Systems Software -- 0.2% 1,246,875 5.75 AVG Technologies NV, Term Loan, 10/15/20 $ 1,246,096 ------------------------------------------------------------------------------------------------------ Home Entertainment Software -- 0.1% 683,824 5.25 Micro Focus International, Term Loan B, 10/7/21 $ 685,675 --------------- Total Software & Services $ 6,430,807 ------------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Communications Equipment -- 0.1% 104,470 2.83 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 104,339 156,705 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 156,736 --------------- $ 261,075 ------------------------------------------------------------------------------------------------------ Electronic Equipment Manufacturers -- 0.0%+ 242,434 4.50 Sensus USA, Inc., Term Loan (First Lien), 5/9/17 $ 242,738 ------------------------------------------------------------------------------------------------------ Electronic Components -- 0.2% 399,000 6.25 FCI -- Fidji Luxembourg Bc4 S.a.r.l. , Term Loan, 12/19/20 $ 400,247 632,400 3.25 Generac Power Systems, Inc., Term Loan B, 5/31/20 631,741 --------------- $ 1,031,988 --------------- Total Technology Hardware & Equipment $ 1,535,801 ------------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1% Semiconductors -- 0.1% 259,055 3.75 Avago Technologies Ltd., Tranche B Term Loan (First Lien), 4/16/21 $ 259,913 175,289 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 175,377 --------------- $ 435,290 --------------- Total Semiconductors & Semiconductor Equipment $ 435,290 ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 0.6% Integrated Telecommunication Services -- 0.4% 1,000,000 4.50 Level 3 Financing, Inc., Tranche B 2022, 1/31/22 $ 1,006,518 492,995 4.75 Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 487,448
The accompanying notes are an integral part of these financial statements. 58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------------ Integrated Telecommunication Services -- (continued) 366,334 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 $ 366,105 195,990 3.50 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 196,112 --------------- $ 2,056,183 ------------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 0.2% 650,503 3.00 Crown Castle International Corp., Tranche B-2 Term Loan (First Lien), 1/31/21 $ 649,853 239,957 4.00 Syniverse Holdings, Inc., Initial Term Loan, 4/23/19 227,559 484,761 4.00 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 459,715 --------------- $ 1,337,127 --------------- Total Telecommunication Services $ 3,393,310 ------------------------------------------------------------------------------------------------------ UTILITIES -- 0.5% Electric Utilities -- 0.3% 1,416,712 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 1,425,566 525,638 3.00 Calpine Construction Finance Co. LP, Term B-1 Loan, 5/3/20 519,478 --------------- $ 1,945,044 ------------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.2% 439,239 4.00 Calpine Corp., Term Loan, 9/27/19 $ 441,003 302,308 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 303,198 216,810 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 216,539 --------------- $ 960,740 --------------- Total Utilities $ 2,905,784 ------------------------------------------------------------------------------------------------------ TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $102,173,068) $ 100,995,165 ------------------------------------------------------------------------------------------------------ TEMPORARY CASH INVESTMENT -- 0.0%+ Commercial Paper -- 0.0%+ 230,000 Prudential Funding LLC, 4/1/15 (c) $ 229,999 ------------------------------------------------------------------------------------------------------ TOTAL TEMPORARY CASH INVESTMENT (Cost $230,000) $ 229,999 ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 59 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------------ Floating Rate (b) Shares (unaudited) Value ------------------------------------------------------------------------------------------------------ PURCHASED CALL OPTIONS -- 0.0%+ 500 Chicago Board Options Exchange Market Volatility Index @ 16.00, 4/15/15 $ 61,250 500 Chicago Board Options Exchange Market Volatility Index @ 17.00, 4/15/15 45,000 ------------------------------------------------------------------------------------------------------ TOTAL PURCHASED CALL OPTIONS (Cost $145,550) $ 106,250 ------------------------------------------------------------------------------------------------------ TOTAL INVESTMENT IN SECURITIES -- 90.4% (Cost $510,751,037) (a) $ 506,632,365 ------------------------------------------------------------------------------------------------------ OTHER ASSETS & LIABILITIES -- 9.6% $ 53,924,998 ------------------------------------------------------------------------------------------------------ TOTAL NET ASSETS -- 100.0% $ 560,557,363 ======================================================================================================
* Non-income producing security. + Rounds to less than 0.1%. REIT Real Estate Investment Trust. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. (Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe. (Perpetual) Security with no stated maturity date. REMICS Real Estate Mortgage Investment Conduits. (PIK) Represents a pay in kind security. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At March 31, 2015, the value of these securities amounted to $167,446,721 or 29.9% of total net assets. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (a) At March 31, 2015, the net unrealized depreciation on investments based on cost for federal income tax purposes of $512,390,998 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 11,521,280 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (17,279,913) ------------ Net unrealized depreciation $ (5,758,633) ============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security issued with a zero coupon. Income is recognized through accretion of discount. The accompanying notes are an integral part of these financial statements. 60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 (d) Security is valued using fair value methods (other than prices supplied by independent pricing services). See Notes to Financial Statements -- Note 1A. (e) Security is in default and is non-income producing. (f) Rate to be determined. (g) Security is valued based on a formula approved by the Valuation Committee of the Board of Trustees. At March 31, 2015, the aggregate value of these securities amounted to $25,847,630, or 4.6% of total net assets. Purchases and sales of securities (excluding temporary cash investments) for the year ended March 31, 2015 aggregated $541,968,454 and $580,799,701, respectively. Principal amounts are denominated in U.S. Dollars unless otherwise noted: EURO Euro. GBP British Pound Sterling NOK Norwegian Krone. CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION
------------------------------------------------------------------------------------------------------ Premiums Net Notional Obligation Expiration Paid Unrealized Principal ($) Counterparty Entity/Index Coupon Date (Received) Depreciation ------------------------------------------------------------------------------------------------------ (101,714,200) Chicago Markit CDX North 5.00% 12/20/19 $(6,315,680) $(2,083,874) Mercentile America High Exchange Yield Index ======================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
------------------------------------------------------------------------------------------------------------------- Net Premiums Unrealized Notional Obligation Credit Expiration Paid Appreciation Principal ($)(1) Counterparty Entity/Index Coupon Rating(2) Date (Received) (Depreciation) ------------------------------------------------------------------------------------------------------------------- 250,000 J.P. Morgan American Axle & 5.00% B+ 12/20/17 $ (7,500) $ 39,434 Securities LLC Manufacturing Co., 2,000,000 Morgan Diamond Offshore 1.00% A- 12/20/19 (74,553) (111,667) Stanley Capital Drilling Co. Services LLC ------------------------------------------------------------------------------------------------------------------- $(82,053) $ (72,233) ===================================================================================================================
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. (2) Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Notes 1A. Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Notes 1A. Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3. See Notes to Financial Statements -- Notes 1A. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 61 Schedule of Investments | 3/31/15 (continued) The following is a summary of the inputs used as of March 31, 2015, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------------ Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------ Convertible Corporate Bonds Materials Steel $ -- $ -- $ 18,194 $ 18,194 All Other Convertible Corporate Bonds -- 14,323,967 -- 14,323,967 Preferred Stocks Diversified Financials Consumer Finance 728,438 821,125 -- 1,549,563 Insurance Reinsurance -- -- 2,494,900 2,494,900 Real Estate Diversified REIT -- 507,875 -- 507,875 All Other Preferred Stocks 8,685,407 -- -- 8,685,407 Convertible Preferred Stocks Energy Oil & Gas Exploration & Production -- 1,160,415 -- 1,160,415 Consumer Durables & Apparel Home Furnishings -- 1,112,452 -- 1,112,452 Food, Beverage & Tobacco Packaged Foods & Meats -- 1,098,875 -- 1,098,875 All Other Convertible Preferred Stocks 1,284,150 -- -- 1,284,150 Common Stocks Capital Goods Industrial Machinery -- -- 31 31 Commercial Services & Supplies Diversified Support Services -- 2,696 -- 2,696 All Other Common Stock 98,353 -- -- 98,353 Asset Backed Securities -- 20,737,640 -- 20,737,640 Collateralized Mortgage Obligations -- 71,998,081 -- 71,998,081 Corporate Bonds Materials Steel -- 3,458,114 21,209 3,479,323 Capital Goods Industrial Machinery -- 2,876,423 71,890 2,948,313 Diversified Financials Other Diversified Financial Services -- 7,796,825 827,337 8,624,162
The accompanying notes are an integral part of these financial statements. 62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------ Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------ Insurance Reinsurance $ -- $ 16,524,661 $23,352,730 $ 39,877,391 All Other Corporate Bonds -- 195,800,374 -- 195,800,374 U.S. Government and Agency Obligations -- 27,273,568 -- 27,273,568 Foreign Government Bonds -- 2,225,221 -- 2,225,221 Senior Floating Rate Loan Interests -- 100,995,165 -- 100,995,165 Purchased Call Options 106,250 -- -- 106,250 Commercial Paper -- 229,999 -- 229,999 ------------------------------------------------------------------------------------------------------ Total $10,902,598 $468,943,476 $26,786,291 $506,632,365 ====================================================================================================== Other Financial Instruments Net unrealized depreciation on swap contracts $ -- $ (2,156,107) $ -- $ (2,156,107) Net unrealized depreciation on futures contracts (349,068) -- -- (349,068) Net unrealized appreciation on forward foreign currency contracts -- 107,784 -- 107,784 ------------------------------------------------------------------------------------------------------ Total $ (349,068) $ (2,048,323) $ -- $ (2,397,391) ======================================================================================================
Following is a reconciliation of assets using significant unobservable inputs (Level 3):
---------------------------------------------------------------------------------------------------------- Convertible Corporate Preferred Common Corporate Bonds Stocks Stocks Bonds Total ---------------------------------------------------------------------------------------------------------- Balance as of 3/31/14 $ -- $ -- $-- $ 8,017,529 $ 8,017,529 Realized gain (loss)(1) -- 50,915 -- 2,877 53,792 Change in unrealized appreciation (depreciation)(2) (23,202) 6,729 -- 34,446 17,973 Purchases 41,396 3,594,400 31 21,908,987 25,544,814 Sales -- (2,274,761) -- (4,573,056) (6,847,817) Transfers in and out of Level 3* -- -- -- -- -- Transfers in and out of Level 3 categories -- 1,117,617 -- (1,117,617) -- ---------------------------------------------------------------------------------------------------------- Balance as of 3/31/15 $ 18,194 $ 2,494,900 $31 $24,273,166 $26,786,291 ==========================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations. (2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the year ended March 31, 2015, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 3/31/15 $17,973 =======
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 63 Schedule of Investments | 3/31/15 (continued) The following table presents additional information about valuation techniques and inputs used for investments categorized as Level 3 at March 31, 2015. These amounts exclude valuations provided by a broker.
Fair Value Valuation Unobservable Value/ Asset Type 3/31/15 Technique(s) Input Range ================================================================================================================ Convertible Corporate Bonds $ 18,194 Market Comparables Yield-to-Worst(2) 25-30% ---------------------------------------------------------------------------------------------------------------- Common Stocks $ 31 Market Comparables EBITDA Multiples(1) 5.5x to 6.5x ---------------------------------------------------------------------------------------------------------------- Corporate Bonds $920,436 Market EBITDA Multiples(1) 5.5x to 6.5x Comparables Yield Premium(2) 0.90%-1.05% ---------------------------------------------------------------------------------------------------------------- Discounted Present Value of Cash Flow Contingent Cash Flows(1) 15-80% ----------------------------------------------------------------------------------------------------------------
(1) An increase in this unobservable input would result in a higher fair value measurement, while a decrease would result in a lower fair value measurement. (2) An increase in this unobservable input would result in a lower fair value measurement, while a decrease would result in a higher fair value measurement. The following is a summary of the fair valuation of certain Fund's assets and liabilities as of March 31, 2015.
----------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ----------------------------------------------------------------------------------------------- Assets: Foreign currencies, at value $ -- $1,256,852 $ -- $1,256,852 Futures collateral -- 1,100,219 -- 1,100,219 Swap collateral -- 4,770,699 -- 4,770,699 Liabilities: Variation margin for centrally cleared swap contracts -- (117,522) -- (117,522) Variation margin for futures contracts (132,541) -- -- (132,541) ----------------------------------------------------------------------------------------------- Total: $(132,541) $7,010,248 $ -- $6,877,707 ===============================================================================================
The accompanying notes are an integral part of these financial statements. 64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Statement of Assets and Liabilities | 3/31/15
ASSETS: Investment in securities (cost $510,751,037) $506,632,365 Cash 43,623,400 Foreign currencies, at value (cost $1,254,735) 1,256,852 Futures collateral 1,100,219 Swap collateral 4,770,699 Receivables -- Investment securities sold 9,149,845 Fund shares sold 1,385,055 Interest 4,621,937 Dividends 67,145 Due from Pioneer Investment Management, Inc. 69,944 Net unrealized appreciation on forward foreign currency contracts 107,784 Other assets 58,189 ----------------------------------------------------------------------------------------- Total assets $572,843,434 ========================================================================================= LIABILITIES: Payables -- Investment securities purchased $ 337,293 Fund shares repurchased 2,084,288 Dividends 247,626 Variation margin on futures contracts 132,541 Variation margin on centrally cleared swap contracts 117,522 Net unrealized depreciation on futures contracts 349,068 Net unrealized depreciation on swap contracts 2,156,107 Swap contracts, premiums received 6,397,733 Due to affiliates 228,966 Accrued expenses 234,927 ----------------------------------------------------------------------------------------- Total liabilities $ 12,286,071 ========================================================================================= NET ASSETS: Paid-in capital $592,393,142 Undistributed net investment income 162,978 Accumulated net realized loss on investments, foreign currency transactions, swap contracts and futures contracts (25,482,382) Net unrealized depreciation on investments (4,118,672) Net unrealized appreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 107,472 Net unrealized depreciation on swap contracts (2,156,107) Net unrealized depreciation on futures contracts (349,068) ----------------------------------------------------------------------------------------- Total net assets $560,557,363 ========================================================================================= NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $92,376,068/9,688,073 shares) $ 9.54 Class C (based on $70,792,768/7,444,955 shares) $ 9.51 Class Y (based on $397,203,395/41,482,817 shares) $ 9.58 Class Z (based on $185,132/19,551 shares) $ 9.47 MAXIMUM OFFERING PRICE: Class A ($9.54 (divided by) 95.50%) $ 9.99 =========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 65 Statement of Operations For the Year Ended 3/31/15
INVESTMENT INCOME: Interest $ 34,025,358 Dividends 1,473,459 ---------------------------------------------------------------------------------------------- Total investment income $ 35,498,817 ---------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 5,030,423 Transfer agent fees and expenses Class A 12,077 Class C 6,860 Class Y 2,877 Class Z 3,751 Distribution fees Class A 374,939 Class C 897,393 Shareholder communications expense 732,094 Administrative reimbursement 218,174 Custodian fees 95,856 Registration fees 144,115 Professional fees 73,541 Printing expense 64,238 Fees and expenses of nonaffiliated Trustees 24,613 Pricing expense 18,990 Miscellaneous 195,483 ---------------------------------------------------------------------------------------------- Total expenses $ 7,895,424 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (380,394) ---------------------------------------------------------------------------------------------- Net expenses $ 7,515,030 ---------------------------------------------------------------------------------------------- Net investment income $ 27,983,787 ---------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ (5,125,366) Swap contracts (9,633,590) Futures contracts (6,753,498) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 878,227 $(20,634,227) ---------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments $(15,448,951) Futures contracts (1,528,585) Swap contracts (889,001) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 98,632 $(17,767,905) ---------------------------------------------------------------------------------------------- Net loss on investments, futures contracts, swap contracts and foreign currency transactions $(38,402,132) ---------------------------------------------------------------------------------------------- Net decrease in net assets resulting from operations $(10,418,345) ==============================================================================================
The accompanying notes are an integral part of these financial statements. 66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------- Year Ended Year Ended 3/31/15 3/31/14 -------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 27,983,787 $ 17,694,609 Net realized loss on investments, futures contracts, swap contracts and foreign currency transactions (20,634,227) (9,083,981) Change in net unrealized appreciation (depreciation) on investments, futures contracts, swap contracts, and foreign currency transactions (17,767,905) 6,943,180 -------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ (10,418,345) $ 15,553,808 -------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.33 and $0.37 per share, respectively) $ (4,962,455) $ (3,450,197) Class C ($0.26 and $0.29 per share, respectively) (2,322,800) (1,949,895) Class Y ($0.36 and $0.40 per share, respectively) (17,280,907) (10,168,409) Class Z ($0.33 and $0.37 per share, respectively) (55,741) (74,879) Tax return of capital: Class A ($0.00 and $0.02 per share, respectively) -- (305,551) Class C ($0.00 and $0.02 per share, respectively) -- (190,382) Class Y ($0.00 and $0.02 per share, respectively) -- (781,222) Class Z ($0.00 and $0.02 per share, respectively) -- (8,734) -------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (24,621,903) $ (16,929,269) -------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 479,298,606 $ 627,290,109 Reinvestment of distributions 20,074,632 13,444,737 Cost of shares repurchased (555,768,538) (194,409,128) -------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions $ (56,395,300) $ 446,325,718 -------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (91,435,548) $ 444,950,257 NET ASSETS: Beginning of year 651,992,911 207,042,654 -------------------------------------------------------------------------------------------------- End of year $ 560,557,363 $ 651,992,911 -------------------------------------------------------------------------------------------------- Undistributed (distributions in excess of) net investment income $ 162,978 $ (155,961) ==================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 67 Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------ '15 Shares '15 Amount '14 Shares '14 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 10,733,797 $ 106,058,161 16,335,778 $ 161,889,972 Reinvestment of distributions 469,156 4,575,600 354,467 3,501,961 Less shares repurchased (17,713,478) (172,921,032) (5,195,274) (51,276,481) ------------------------------------------------------------------------------------------------ Net increase (decrease) (6,510,525) $ (62,287,271) 11,494,971 $ 114,115,452 ================================================================================================ Class C Shares sold 2,714,172 $ 26,737,821 8,324,431 $ 82,614,669 Reinvestment of distributions 207,145 2,006,684 188,284 1,853,554 Less shares repurchased (4,701,719) (45,380,077) (2,161,739) (21,337,903) ------------------------------------------------------------------------------------------------ Net increase (decrease) (1,780,402) $ (16,635,572) 6,350,976 $ 63,130,320 ================================================================================================ Class Y Shares sold 34,889,481 $ 345,939,487 38,058,425 $ 378,604,997 Reinvestment of distributions 1,377,859 13,442,959 807,578 8,006,201 Less shares repurchased (34,372,056) (332,894,266) (12,281,130) (121,615,457) ------------------------------------------------------------------------------------------------ Net increase 1,895,284 $ 26,488,180 26,584,873 $ 264,995,741 ================================================================================================ Class Z* Shares sold 56,381 $ 563,137 425,812 $ 4,180,471 Reinvestment of distributions 4,946 49,389 8,369 83,021 Less shares repurchased (457,902) (4,573,163) (18,055) (179,287) ------------------------------------------------------------------------------------------------ Net increase (decrease) (396,575) $ (3,960,637) 416,126 $ 4,084,205 ================================================================================================
* Class Z shares commenced operations on April 1, 2013. The accompanying notes are an integral part of these financial statements. 68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Financial Highlights
-------------------------------------------------------------------------------------------------------------------- Year Year Year Ended Ended Ended 4/29/11 3/31/15 3/31/14 3/31/13 to 3/31/12 -------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 9.94 $ 10.04 $ 9.63 $10.00 -------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.40 $ 0.41 $ 0.51 $ 0.39 Net realized and unrealized gain (loss) on investments (0.47) (0.12) 0.45 (0.36) -------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.07) $ 0.29 $ 0.96 $ 0.03 -------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.33) $ (0.37) $ (0.55) $(0.40) Tax return of capital -- (0.02) -- -- -------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.33) $ (0.39) $ (0.55) $(0.40) -------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.40) $ (0.09) $ 0.41 $(0.37) -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.54 $ 9.94 $ 10.04 $ 9.63 ==================================================================================================================== Total return* (0.71)% 2.95% 10.24% 0.38%(a) Ratio of net expenses plus interest expense to average net assets 1.14% 1.19% 1.20% 1.20%** Ratio of net investment income (loss) to average net assets 3.76% 3.89% 5.05% 4.87%** Portfolio turnover rate 81% 95% 30% 17% Net assets, end of period (in thousands) $92,376 $161,097 $47,233 $7,365 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.14% 1.19% 1.48% 1.66%** Net investment income (loss) to average net assets 3.76% 3.89% 4.77% 4.41%** ====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 69 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------- Year Year Year Ended Ended Ended 4/29/11 3/31/15 3/31/14 3/31/13 to 3/31/12 ------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 9.92 $ 10.02 $ 9.61 $10.00 ------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.31 $ 0.34 $ 0.44 $ 0.34 Net realized and unrealized gain (loss) on investments (0.46) (0.13) 0.45 (0.40) ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.15) $ 0.21 $ 0.89 $(0.06) ------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.26) $ (0.29) $ (0.48) $(0.33) Tax return of capital -- (0.02) -- -- ------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.26) $ (0.31) $ (0.48) $(0.33) ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.41) $ (0.10) $ 0.41 $(0.39) ------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.51 $ 9.92 $ 10.02 $ 9.61 =================================================================================================================== Total return* (1.58)% 2.19% 9.44% (0.47)%(a) Ratio of net expenses plus interest expense to average net assets 1.90% 1.93% 1.95% 1.98%** Ratio of net investment income (loss) to average net assets 3.04% 3.18% 4.29% 4.07%** Portfolio turnover rate 81% 95% 30% 17% Net assets, end of period (in thousands) $70,793 $91,491 $28,796 $4,501 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.90% 1.93% 2.23% 2.46%** Net investment income (loss) to average net assets 3.04% 3.18% 4.01% 3.59%** ===================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. 70 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------------------------------------- Year Year Year Ended Ended Ended 4/29/11 3/31/15 3/31/14 3/31/13 to 3/31/12 --------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 9.98 $ 10.08 $ 9.66 $ 10.00 --------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.41 $ 0.44 $ 0.55 $ 0.42 Net realized and unrealized gain (loss) on investments (0.45) (0.12) 0.45 (0.34) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.04) $ 0.32 $ 1.00 $ 0.08 --------------------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.36) $ (0.40) $ (0.58) $ (0.42) Tax return of capital -- (0.02) -- -- --------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.36) $ (0.42) $ (0.58) $ (0.42) --------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.40) $ (0.10) $ 0.42 $ (0.34) --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.58 $ 9.98 $ 10.08 $ 9.66 ===================================================================================================================== Total return* (0.43)% 3.24% 10.69% 0.95%(a) Ratio of net expenses plus interest expense to average net assets 0.85% 0.85% 0.85% 0.85%** Ratio of net investment income (loss) to average net assets 4.10% 4.24% 5.52% 5.48%** Portfolio turnover rate 81% 95% 30% 17% Net assets, end of period (in thousands) $397,203 $395,245 $131,013 $41,606 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.93% 0.97% 1.21% 1.30%** Net investment income (loss) to average net assets 4.02% 4.12% 5.16% 5.03%** =====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 71 Financial Highlights (continued)
-------------------------------------------------------------------------------------- Year Ended 4/1/13 3/31/15 to 3/31/14 -------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $10.00 $10.04 ------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 1.09 $ 0.42 Net realized and unrealized gain (loss) on investments (1.29) (0.07) ------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $(0.20) $ 0.35 ------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $(0.33) $(0.37) Tax return of capital -- (0.02) ------------------------------------------------------------------------------------- Total distributions $(0.33) $(0.39) ------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $(0.53) $(0.04) ------------------------------------------------------------------------------------- Net asset value, end of period $ 9.47 $10.00 ===================================================================================== Total return* (2.00)% 3.69%(a) Ratio of net expenses plus interest expense to average net assets 1.16% 1.17%** Ratio of net investment income (loss) to average net assets 3.57% 3.95%** Portfolio turnover rate 81% 95% Net assets, end of period (in thousands) $ 185 $4,161 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 1.16% 1.17%** Net investment income (loss) to average net assets 3.57% 3.95%** =====================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. 72 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Notes to Financial Statements | 3/31/15 1. Organization and Significant Accounting Policies Pioneer Dynamic Credit Fund (formerly known as Pioneer Absolute Return Credit Fund) (the Fund) is one of three portfolios comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to seek a high level of current income. Capital appreciation is a secondary objective. The Fund offers four classes of shares designated as Class A, Class C, Class Y and Class Z shares. Class A, Class C and Class Y shares commenced operations on April 29, 2011. Class Z shares commenced operations on April 1, 2013. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 73 A. Security Valuation Security transactions are recorded as of trade date. The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. Senior floating rate loan interests (senior loans) are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Fixed income securities are valued at prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings. Valuations may be supplemented by dealers and other sources, as required. Shares of money market mutual funds are valued at such funds' net asset value. Cash may include overnight time deposits at approved financial institutions. Securities or senior loans interests for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIMs fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. 74 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 At March 31, 2015, there were seven securities that were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services or broker dealers) representing 0.2% of net assets. The value of these four fair valued securities is $938,661. B. Investment Income and Transactions Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis, net of unrecoverable foreign taxes withheld at the applicable country rates. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. C. Foreign Currency Translation The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated in the statement of operations from the effects of changes in the market price of those securities but are included with the net realized and unrealized appreciation or depreciation on investments. D. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation are recorded in the Fund's financial statements. The Fund records realized gains and losses Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 75 at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 6). E. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of March 31, 2015, the Fund had not accrued any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years are subject to examination by Federal and State tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. At March 31, 2015, the Fund reclassified $3,042,945 to increase undistributed net investment income and $3,042,945 to decrease accumulated net realized loss on investments, foreign currency transactions, swap contracts and futures contracts to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. At March 31, 2015, the Fund was permitted to carry forward indefinitely $15,232,427 of short-term losses and $10,637,888 in long-term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. The tax character of distributions paid during the years ended March 31, 2015 and March 31, 2014 were as follows:
-------------------------------------------------------------------------------- 2015 2014 -------------------------------------------------------------------------------- Distributions paid from: Ordinary income $24,621,903 $15,643,380 Return of capital -- 1,285,889 -------------------------------------------------------------------------------- Total $24,621,903 $16,929,269 ================================================================================
76 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 The following shows components of distributable earnings on a federal income tax basis at March 31, 2015.
--------------------------------------------------------------------------------- 2015 --------------------------------------------------------------------------------- Undistributed ordinary income $ 299,325 Capital loss carryforward (25,870,315) Dividend Payable (247,626) Unrealized depreciation (6,017,163) --------------------------------------------------------------------------------- Total $(31,835,779) =================================================================================
The difference between book-basis and tax-basis net unrealized depreciation is attributable to the tax adjustments relating to catastrophe bonds and credit default swaps, the mark-to-market of forward currency, option and futures contracts, and adjustments relating to interest accruals on preferred stock and defaulted bonds. F. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $25,096 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2015. G. Class Allocations Income, common expenses, and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y and Class Z shares do not pay distribution fees. All expenses and fees paid to the transfer agent, Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3). The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time except that net investment income dividends to Class A, Class C, Class Y and Class Z shares can reflect different transfer agent and distribution expense rates. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 77 H. Risks When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and the issuers' inability to meet their debt obligations. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. 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 March 31, 2015 was $1,100,219. Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. The average value of contracts open during the year ended March 31, 2015 was $140,491,289. At March 31, 2015, open futures contracts were as follows:
---------------------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Long/(Short) Month Value (Depreciation) ---------------------------------------------------------------------------------------- CBOE VIX Future (50) 5/15 $ (891,250) $ 111,250 CBOE VIX Future (50) 6/15 (916,250) (27,692) S&P 500 EMINI Future (46) 6/15 (4,739,840) 12,765 U.S. 5 Year Note (CBT) (653) 6/15 (78,497,743) (540,023) U.S. Ultra Bond (CBT) 86 6/15 14,609,250 140,422 U.S. 10 Year Note (CBT) (50) 6/15 (6,445,312) (45,790) ---------------------------------------------------------------------------------------- Total $(76,881,145) $(349,068) ----------------------------------------------------------------------------------------
CBOE Chicago Board Options Exchange 78 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 J. Repurchase Agreements With respect to repurchase agreements entered into by the Fund, the value of the underlying securities (collateral), including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund's custodian or a subcustodian of the Fund. PIM is responsible for determining that the value of the collateral remains at least equal to the repurchase price. During the year ended March 31, 2015, the Fund had no open repurchase agreement. K. Credit Default Swap Agreements A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event. The Fund may buy or sell credit default swap contracts to seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. When the Fund enters into a credit default swap contract, the protection buyer makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded as an asset in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses in the Statement of Operations. Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statement of Operations. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 79 Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statement of Assets and Liabilities. Open credit default swap contracts at March 31, 2015 are listed in the Schedule of Investments. The average value of swap contracts open during the year ended March 31, 2015 was $7,836,357. L. Purchased Options The Fund may purchase put and call options to seek increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized gains or losses are recorded in the Fund's financial statements. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased calls and put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with 80 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 purchasing options is limited to the premium originally paid. The average value of purchased options open for the year ended March 31, 2015 was $389,260. Purchase options outstanding at period end are listed at the end of the Fund's Schedule of Investments. 2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's portfolio. Management fees are calculated daily at the annual rate equal to 0.70% of the Fund's average daily net assets up to $1 billion and 0.65% on assets over $1 billion. For the year ended March 31, 2015, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.70% of the Fund's average daily net assets. PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Fund expenses to 0.85% of the average daily net assets attributable to Class Y shares. Fees waived and expenses reimbursed during the year ended March 31, 2015 are reflected on the Statement of Operations. This expense limitation is in effect through August 1, 2016 for Class Y shares. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. 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 $44,331 in management fees, administrative costs and certain other reimbursements payable to PIM at March 31, 2015. 3. Transfer Agent PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially all transfer agent and shareowner services to the Fund at negotiated rates. In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by PIMSS related to shareholder communications activities such as proxy and statement mailings, outgoing phone calls and omnibus relationship contracts. For the year ended March 31, 2015, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $117,400 Class C 67,290 Class Y 543,971 Class Z 3,433 -------------------------------------------------------------------------------- Total $732,094 ================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 81 Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $174,354 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at March 31, 2015. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $10,281 in distribution fees payable to PFD at March 31, 2015. In addition, redemptions of each class of shares (except Class Y and Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y and Class Z shares. Proceeds from the CDSCs are paid to PFD. For the year ended March 31, 2015, CDSCs in the amount of $112,400 were paid to PFD. 5. Expense Offset Arrangements The Fund has entered into certain expense offset arrangements with PIMSS which may result in a reduction in the Fund's total expenses due to interest earned on cash held by PIMSS. For the year ended March 31, 2015, the Fund's expenses were not reduced under such arrangements. 6. Forward Foreign Currency Contracts At March 31, 2015, the Fund had entered into various forward foreign currency contracts that obligate the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency contract, the Fund may close out such contract by entering into an offsetting contract. The average value of contracts open during the year ended March 31, 2015 was $6,084,505. 82 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 As of March 31, 2015, outstanding forward foreign currency contracts were as follows:
-------------------------------------------------------------------------------------------------- Quantity/ Shares Net Currency Purchased/ Settlement US $ Value Unrealized Description Counterparty (Sold) Book Value Date at 3/31/15 Appreciation -------------------------------------------------------------------------------------------------- EUR Bank of $ (718,448) $ (816,897) 4/20/15 (772,051) $ 44,846 (European New York Euro) GBP (British Citibank NA (1,046,366) (1,615,705) 6/3/15 (1,552,767) 62,938 Pound New York Sterling) -------------------------------------------------------------------------------------------------- Total $107,784 ==================================================================================================
7. Assets and Liabilities Offsetting Financial instruments subject to an enforceable master netting agreement have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of March 31, 2015.
--------------------------------------------------------------------------------------------------------- Assets: Gross Net Amounts Amounts of Gross Amounts Not Offset Offset Assets in the Statement of in the Presented Assets and Liabilities Gross Statement in the --------------------------- Amounts of of Assets Statement of Cash Recognized and Assets and Financial Collateral Net Description Assets Liabilities Liabilities Instruments Received Amount --------------------------------------------------------------------------------------------------------- Swap contracts $39,434 $(39,434) $ -- $ -- $ -- $ -- --------------------------------------------------------------------------------------------------------- $39,434 $(39,434) $ -- $ -- $ -- $ -- ========================================================================================================= --------------------------------------------------------------------------------------------------------- Liabilities: Gross Net Amounts Amounts of Gross Amounts Not Offset Offset Liabilities in the Statement of in the Presented Assets and Liabilities Gross Statement in the ------------------------------ Amounts of of Assets Statement of Cash Recognized and Assets and Financial Collateral Net Description Liabilities Liabilities Liabilities Instruments Pledged* Amount --------------------------------------------------------------------------------------------------------- Swap contracts $2,195,541 $(39,434) $2,156,107 $ -- $(2,156,107) $ -- --------------------------------------------------------------------------------------------------------- $2,195,541 $(39,434) $2,156,107 $ -- $(2,156,107) $ -- ---------------------------------------------------------------------------------------------------------
* The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 83 8. Additional Disclosures about Derivative Instruments and Hedging Activities: Values of derivative instruments as of March 31, 2015 were as follows:
-------------------------------------------------------------------------------------------- Derivatives Not Accounted for as Hedging Instruments Asset Derivatives 2015 Liabilities Derivatives 2015 Under Accounting --------------------------------------------------------------- Standards Codification Balance Sheet Balance Sheet (ASC) 815 Location Value Location Value -------------------------------------------------------------------------------------------- Forward foreign currency Net unrealized $107,784 Net unrealized $ -- contracts appreciation on depreciation on forward foreign forward foreign currency contracts currency contracts Futures contracts Net unrealized $ -- Net unrealized $ 349,068 appreciation on depreciation on futures contracts futures contracts Swap contracts Net unrealized $ -- Net unrealized $2,156,107 appreciation on depreciation on swap contracts swap contracts -------------------------------------------------------------------------------------------- Total $107,784 $2,505,175 ============================================================================================
The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2015 was as follows:
----------------------------------------------------------------------------------------------- Change in Derivatives Not Unrealized Accounted for as Realized Appreciation or Hedging Instruments Location of Gain Gain (Loss) (Depreciation) Under Accounting or (Loss) on on Derivatives on Derivatives Standards Codification Derivatives Recognized Recognized Recognized (ASC) 815 in Income in Income in Income ----------------------------------------------------------------------------------------------- Forward Foreign Net realized gain (loss) on forward $ 981,107 Exchange Contracts foreign currency contracts Forward Foreign Change in unrealized appreciation $ 101,287 Exchange Contracts (depreciation) on forward foreign currency contracts Futures Contracts Net realized gain (loss) on $(6,753,498) futures contracts Futures Contracts Change in unrealized depreciation $(1,528,585) on futures contracts Swap contracts Net realized gain (loss) on swap $(9,633,590) contracts Swap contracts Change in unrealized appreciation $ (889,001) (depreciation) on swap contracts
9. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the 84 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect as of February 11, 2015 is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized basis, or the alternate base rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the federal funds rate on the borrowing date and (c) 2% plus the overnight eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in the credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended March 31, 2015, the Fund had no borrowings under the credit facility. 10. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Fund, with the approval and recommendation of the Audit Committee, has appointed Deloitte & Touche LLP to serve as the Fund's independent registered public accounting firm for the fiscal year ending March 31, 2015. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as the Fund's independent registered public accounting firm, effective upon completion of the audit of the Fund's financial statements for the fiscal year ended March 31, 2014. During the periods that Ernst & Young LLP served as the Fund's independent registered public accounting firm, including the Fund's fiscal years ended March 31, 2014 and March 31, 2013, Ernst & Young LLP's reports on the financial statements of the Fund have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. 11. Subsequent Events PIM, the Fund's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 85 Pursuant to the preliminary agreement, the Transaction will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Fund's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Fund's Board of Trustees will be asked to approve a new investment advisory agreement for the Fund. If approved by the Board, the Fund's new investment advisory agreement will be submitted to the shareholders of the Fund for their approval. 86 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Pioneer Series Trust X and the Shareowners of Pioneer Dynamic Credit Fund: -------------------------------------------------------------------------------- We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Pioneer Dynamic Credit Fund (the "Fund") (one of the portfolios constituting Pioneer Series Trust X), as of March 31, 2015, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets of the Fund for the year ended March 31, 2014, and the financial highlights for the years ended March 31, 2014, 2013, 2012, and 2011 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated May 22, 2014. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015, by correspondence with the custodian, brokers and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Dynamic Credit Fund as of March 31, 2015, the results of its operations, changes in its net assets and financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP /s/ DELOITTE & TOUCHE LLP Boston, Massachusetts May 22, 2015 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 87 ADDITIONAL INFORMATION (unaudited) The percentage of the Fund's ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 62.56%. 88 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Deloitte & Touche LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Pioneer Investment Management Shareholder Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 52 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 89 Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (64) Trustee since 2011. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities elected or earlier Inc. (technology products for securities processing provider for retirement or lending industry); and Senior Executive Vice financial services industry) removal. President, The Bank of New York (financial and (2009 - present); Director, securities services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (71) Trustee since 2011. Managing Partner, Federal City Capital Advisors Director of New York Mortgage Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage successor trustee is 2004 and 2008 - present); Interim Chief REIT) 2004 - 2009, 2012 - elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director (of The retirement or (privately-held research and consulting Swiss Helvetia Fund, Inc. removal. company) (2010); Executive Vice President and (closed-end fund) (2010 - Chief Financial Officer, I-trax, Inc. (publicly present); Director of Oxford traded health care services company) (2004 - Analytica, Inc. (2008 - 2007); and Executive Vice President and Chief present); and Director of Financial Officer, Pedestal Inc. (internet-based Enterprise Community mortgage trading company) (2000 - 2002); Investment, Inc. Private consultant (1995 - 1997), Managing (privately-held affordable Director, Lehman Brothers (investment banking housing finance company) (1985 - firm) (1992 - 1995); and Executive, The World 2010) Bank (1979 - 1992) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (70) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon Institutional Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and successor trustee is Mellon Institutional Funds elected or earlier Master Portfolio (oversaw 17 retirement or portfolios in fund complex) removal. (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
90 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (67) Trustee since 2011. Founding Director, Vice President and Corporate None Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting successor trustee is firm) (1982 - present); Desautels Faculty of elected or earlier Management, McGill University (1999 - present); retirement or and Manager of Research Operations and removal. Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (66) Trustee since 2011. President and Chief Executive Officer, Newbury, Director of New America High Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end successor trustee is (1981 - present) investment company) (2004 - elected or earlier present); and Member, Board of retirement or Governors, Investment Company removal. Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 None Trustee Serves until a - present); Executive Vice President, BNY successor trustee is Mellon (financial and investment company elected or earlier services) (1969 - 2012); Director, BNY retirement or International Financing Corp. (financial removal. services) (2002 - 2012); and Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 91 Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (56)* Trustee since 2014. Director and Executive Vice President (since None Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since successor trustee 2010) of PIM-USA; Executive Vice President of is elected or Pioneer (since 2008); Executive Vice President earlier retirement of Pioneer Institutional Asset Management, Inc. or removal. (since 2009); and Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's investment adviser and certain of its affiliates. 92 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lorraine Monchak (58)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds None Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 - present); Vice President - International Investments Group, American International Group, Inc. (insurance company) (1993 - 2001); Vice President Corporate Finance and Treasury Group, Citibank, N.A.(1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 93 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer None President and Chief at the discretion of Investment Management-USA (since September Executive Officer the Board. 2014); Chair, Director, CEO and President of Pioneer Investment Management, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Funds Distributor, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Institutional Asset Management, Inc. (since September 2014); and Chair, Director, and CEO of Pioneer Investment Management Shareholder Services, Inc. (since September 2014); Managing Director, Morgan Stanley Investment Management (2010 - 2013); and Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (50) Since 2011. Serves Vice President and Associate General Counsel of None Secretary and Chief at the discretion of Pioneer since January 2008; Secretary and Chief Legal Officer the Board. Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (54) Since 2011. Serves Fund Governance Director of Pioneer since None Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all the Board. the Pioneer Funds since June 2010; Manager - Fund Governance of Pioneer from December 2003 to November 2006; and Senior Paralegal of Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (52) Since 2011. Serves Senior Counsel of Pioneer since May 2013 and None Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds the Board. since June 2010; and Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (55) Since 2011. Serves Vice President - Fund Treasury of Pioneer; None Treasurer and Chief at the discretion of Treasurer of all of the Pioneer Funds since Financial and the Board. March 2008; Deputy Treasurer of Pioneer from Accounting Officer March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
94 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (49) Since 2011. Serves Director - Fund Treasury of Pioneer; and None Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer the Board. Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (56) Since 2011. Serves Fund Accounting Manager - Fund Treasury of None Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the the Board. Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (35) Since 2011. Serves Fund Administration Manager - Fund Treasury of None Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant the Board. Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (62) Since 2011. Serves Chief Compliance Officer of Pioneer and of all None Chief Compliance Officer at the discretion of the Pioneer Funds since March 2010; Chief the Board. Compliance Officer of Pioneer Institutional Asset Management, Inc. since January 2012; Chief Compliance Officer of Vanderbilt Capital Advisors, LLC since July 2012: Director of Adviser and Portfolio Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (44) Since 2011. Serves Director - Transfer Agency Compliance of None Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer of the Board. all the Pioneer Funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 95 This page for your notes. 96 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 This page for your notes. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 97 This page for your notes. 98 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 This page for your notes. Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 99 This page for your notes. 100 Pioneer Dynamic Credit Fund | Annual Report | 3/31/15 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- PIMSS, Inc. P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free fax 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2015 Pioneer Investments 25667-03-0515 Pioneer Multi-Asset Ultrashort Income Fund -------------------------------------------------------------------------------- Annual Report | March 31, 2015 -------------------------------------------------------------------------------- Ticker Symbols: Class A MAFRX Class C MCFRX Class C2 MAUCX Class K MAUKX Class Y MYFRX Class Z MAUZX [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Portfolio Summary 10 Prices and Distributions 11 Performance Update 12 Comparing Ongoing Fund Expenses 18 Schedule of Investments 20 Financial Statements 98 Notes to Financial Statements 108 Report of Independent Registered Public Accounting Firm 117 Trustees, Officers and Service Providers 119
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 1 President's Letter Dear Shareowner, As mid-year approaches, economic conditions and government policies around the world are far from homogeneous, and we expect them to continue to diverge. In the United States, an ongoing economic expansion has brought the unemployment rate down to levels where wage growth is likely to accelerate. Economic growth and fiscal austerity have dramatically reduced the Federal budget deficit, while very accommodative Federal Reserve System policies have kept interest rates exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions appear to be gaining traction, buttressed by aggressive quantitative easing policies of central banks as well as cheaper currencies. China's ongoing transition from an infrastructure investment-driven to a consumer-driven economy and the dramatic decline in the price of oil -- largely a result of U.S. "fracking" -- have benefited some countries while burdening others. On balance, though, the global economic outlook has continued to improve, although economic and geopolitical "storm clouds" remain. Today's market environment presents numerous opportunities as well as challenges for investors. While we believe that the capital markets may already have priced in some recent trends, such as the U.S. dollar's appreciation against a basket of global currencies, it is worth noting that investment risks and opportunities are not always aligned with the economic outlook. Since 1928, Pioneer's investment professionals have focused on identifying and capitalizing on the investment opportunities that present themselves in a variety of ever-changing economic and market conditions, including those we face today, while seeking to limit the risk of the permanent impairment of our clients' capital. Our ongoing goal is to deliver competitive returns consistent with our strategies' stated style and objectives and consistent with our shareholders' expectations over a range of market conditions. We believe our shareowners benefit from the experience and tenure of our investment teams, the insights generated from extensive research resources, and our commitment to prudent risk management. 2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 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, as we do when managing the assets our clients have entrusted to us. We greatly appreciate your trust in us in the past and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones President and CEO Pioneer Investment Management USA, Inc. Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 3 Portfolio Management Discussion | 3/31/15 In the following interview, portfolio managers Charles Melchreit, Seth Roman and Jonathan Sharkey discuss the factors that influenced the performance of Pioneer Multi-Asset Ultrashort Income Fund during the 12-month period ended March 31, 2015. Mr. Melchreit, Director of Investment-Grade Management, a senior vice president and a portfolio manager at Pioneer, Mr. Roman, a vice president and a portfolio manager at Pioneer, and Mr. Sharkey, a senior vice president and a portfolio manager at Pioneer, are responsible for the day-to-day management of the Fund. Q How would you describe the market environment for fixed-income investors over the 12-month period ended March 31, 2015? A Harsh winters in both 2014 and 2015 created considerable distortion in the early and latter parts of the period, but the trend over much of the 12 months was moving in the direction of incremental strengthening in the U.S. economy. As a result, speculation over the timing and pacing of the Federal Reserve System's (the Fed's) potential interest-rate tightening cycle was an ongoing theme in the fixed-income markets. After a very cold winter in 2014, the early part of the 12-month period (spring 2014) saw interest rates hovering within a fairly narrow range as markets attempted to assess the extent to which the winter weather explained a weaker U.S. data flow for the first quarter of 2014. At the same time, Russia's aggression against the Ukraine put investors on edge, with the biggest effect felt in the emerging markets debt asset class. As the period progressed, long-term interest rates began to drift downward, reflecting in part a comfort level on the part of market participants that the anticipated Fed interest-rate hikes would be gradual and measured in view of continued below-target readouts on inflation. Concerns over growth rates in key non-U.S. economies, including those of China, Europe and Japan, contributed to a benign outlook for U.S. inflation. Heightened geopolitical uncertainty stemming from the ongoing Russian-Ukrainian conflict, the rise of the ISIS group in Iraq and Syria, and a flare-up of Israeli-Palestinian tensions also helped keep U.S. rates low by contributing to a preference on the part of international investors for U.S. dollar-based assets. Late 2014 saw a sharp decline in prices for energy and other commodities as oil prices tumbled, further marginalizing inflation as a concern. While lower energy costs and signs of resurgence in the employment situation appeared to put the U.S. recovery on increasingly sound footing, Treasury yields continued to trend lower as the 12-month period drew to a close. Treasury yields declined substantially, in fact, over the 12 months ended 4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 March 31, 2015, as rates on Treasuries with maturities of more than two years fell along the yield curve. Specifically, the two-year yield went from 0.44% to 0.56%, but the five-year yield went from 1.75% to 1.37%, the 10-year yield fell from 2.49% to 1.94%, and the 30-year yield tumbled from 3.20% to 2.54%. While the period saw some widening of credit spreads, prices of shorter-maturity credits generally held up well, supported in part by relatively light Treasury and agency issuance. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) Q How did the Fund perform in this environment? A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.54% at net asset value during the 12-month period ended March 31, 2015, while the Fund's benchmark, the Bank of America Merrill Lynch 3-Month USD LIBOR Index (the BofA ML Index), returned 0.23%. During the same period, the average return of the 116 mutual funds in Lipper's Ultrashort Obligations Funds category was 0.40%, and the average return of the 152 mutual funds in Morningstar's Ultrashort Bond category was 0.33%. Q Can you review your principal strategies in managing the Fund during the 12-month period ended March 31, 2015? A During the period we continued to maintain a portfolio which seeks to provide higher income than cash or money market accounts, while also seeking to provide protection to shareholders' principal against a rise in market interest rates. Our strategy entailed investing the Fund's assets in a wide range of mostly high-quality, floating rate securities as well as fixed-rate instruments with very short remaining maturities. At period end, well over 90% of the Fund's invested assets were allocated either to floating-rate issues with interest rates tied to a short-term reference rate such as LIBOR (London InterBank Offered Rate), or fixed-rate issues with less than one year remaining to maturity. Unlike many other floating-rate vehicles, the Fund's investments are typically focused primarily on investment-grade asset classes. At the same time, we did seek to have the Fund's performance benefit from credit spreads - or the incremental yield available from issues that trade at a yield premium to Treasuries - during the period. In doing so, we sought at all times to maintain the portfolio's broadly diversified* exposure to a number of different spread sectors. During the period, our biggest increases in the portfolio's exposures were to commercial mortgage-backed securities (CMBS), structured product credit cards, and asset-backed securities (ABS). Meanwhile, we decreased the Fund's exposures to agency mortgage-backed securities (MBS), short-term * Diversification does not assure a profit nor protect against loss in a declining market. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 5 municipals and agency mortgages. We also deployed more cash during the period, primarily into the portfolio's middle-tier liquidity basket (mainly CMBS and ABS). Q How did your investment strategies affect the Fund's performance during the 12-month period ended March 31, 2015? A The income generated by the Fund's credit exposures generally added to benchmark-relative performance during the 12-month period. The portfolio's weighting to securitized sectors, including CMBS and ABS, helped performance, as fundamentals in those asset classes remained strong and the securities provided the Fund with incremental income. Within ABS, we emphasized owning credit card-backed receivables in the portfolio, as their fundamentals have been supported by consumers' restraint in borrowing, and de-emphasized subprime auto loans in light of some deterioration in underwriting standards in that area of the ABS sector. The Fund's position in event-linked, or "catastrophe" bonds, also added to the Fund's relative returns during the period. These "cat" bonds are sponsored by insurance companies looking to mitigate the risk of having to pay claims after a natural disaster, and have a very low correlation to other areas of the bond market. The Fund's allocation to investment-grade corporates also added to performance during the period, as the sector continued to be supported by generally strong profitability and cash-rich balance sheets among U.S. corporations. Our focus in the portfolio among investment-grade corporates has been on two-to-three year floating-rate issues within the financials sector. We have also purchased fixed-rate issues with maturities of 15 months or less, with a focus on U.S. bank issuers, which we have found compelling because of their strengthened capital structures and lower earnings volatility in the wake of reforms spurred by the financial crisis. While our focus in the portfolio normally is on investment-grade sectors, we also include below-investment-grade asset categories where we believe the incremental income may provide an attractive tradeoff between risk and reward for the Fund. In that vein, a modest position in floating-rate leveraged bank loans was a leading contributor to the Fund's returns during the period, based on the attractive coupon income offered by the asset class. The Fund's net asset value (NAV) remained relatively stable over the 12-month period, ranging between $10.07 and $10.01, but a modest decline in the NAV in the second half of the Fund's fiscal year was due principally to the effects of the sharp decline in oil prices on the energy sector. Those effects led to some weakness in the Fund's bank loans position, even while the overall allocation to bank loans aided performance. 6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 As always, we are mindful that many investors view the Fund as a source of liquidity in their portfolios. As such, we continued to maintain significant liquidity in the portfolio during the period to help reduce fluctuations in the Fund's NAV. With a relatively flat money market yield curve, we have been focusing on purchasing very short-term issues with maturities between one-day and one-week in order to maintain the requisite liquidity in the Fund's portfolio. Q Can you discuss the factors that affected the Fund's income-generation (or yield), either positively or negatively, during the 12-month period ended March 31, 2015? A The Fund's distributions remained steady throughout the period and increased slightly, on average, over the full 12 months. The Fund's portfolio was invested principally in short-term, fixed-income instruments across a broad range of spread sectors, which traded at a yield advantage versus U.S. Treasuries. Q Did you use any derivative strategies in managing the Fund during the 12-month period ended March 31, 2015? A No. The Fund had no derivatives exposure during the period. Q What is your assessment of the current investment climate for the Fund? A With continued modest economic growth and low inflation in the United States, we continue to expect a backdrop that should be sufficient to support fundamentals in the credit-sensitive sectors of the fixed-income market. While we have recently been through a lengthy market period where credit sectors have been in favor, in recent quarters, spreads versus Treasuries have become somewhat more attractive and we are seeking to selectively add to the Fund's credit exposure. In all cases, we are being careful not to assume any risk for which we believe the Fund is not adequately compensated. The portfolio's sector allocations will shift around the margins to reflect our view of relative risk and reward, and in that vein, the Fund's investment-grade corporate and CMBS allocations increased moderately as of period end, while the leveraged bank loan and MBS exposures in the portfolio decreased slightly. We will be watching closely to see if recently enacted money market fund guidelines result in valuation opportunities within the short-term spread sectors as certain money market funds shift into government-backed assets in order to be able to provide shareholders with a constant $1.00 NAV. In all investment environments, however, we will continue to seek to provide shareholders with higher income than cash vehicles as well as significant protection against any future rise in market interest rates. (Please note that the Fund is not a money market fund.) Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 7 Please refer to the Schedule of Investments on pages 20-96 for a full listing of Fund securities. All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Ultrashort Income Fund ("The Fund") has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds (including ETFs). In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds may utilize strategies that have a leveraging effect on the Fund, which increases the volatility of investment returns and subjects the Fund to magnified losses if the Fund's or an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating-rate loans. The value of collateral, if any, securing a floating-rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero-coupon bonds and payment-in-kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. 8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Investments in equity securities are subject to price fluctuation. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Investments in fixed-income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities generally falls. The Fund may invest in mortgage-backed securities, which during times of fluctu- ating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. High yield bonds possess greater price volatility, illiquidity, and possibility of default. There may be insufficient or illiquid collateral securing the floating rate loans held within the Fund. This may reduce the future redemption or recovery value of such loans. The Fund may have disadvantaged access to confidential information that could be used to assess a loan issuer, as Pioneer normally seeks to avoid receiving material, non-public information. Pioneer Multi-Asset Ultrashort Income Fund is not a money market fund. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. Please see the prospectus for a more complete discussion of the Fund's risks. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 9 Portfolio Summary | 3/31/15 Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 31.7% Asset Backed Securities 26.5% U.S. Corporate Bonds 20.3% International Corporate Bonds 9.7% Senior Secured Loans 7.7% U.S. Government Securities 2.9% Temporary Cash Investment 0.7% Foreign Government Bonds 0.5% Preferred Stock 0.0%*
* Amount rounds to less than 0.1%. 10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. U.S. Treasury Notes, Floating Rate Note, Floating Rate Note, 10/31/16 0.80% --------------------------------------------------------------------------------------------------- 2. Citibank Credit Card Issuance Trust, Floating Rate Note, 4/24/17 0.70 --------------------------------------------------------------------------------------------------- 3. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.58 --------------------------------------------------------------------------------------------------- 4. U.S. Treasury Notes, Floating Rate Note, 7/31/16 0.54 --------------------------------------------------------------------------------------------------- 5. World Financial Network Credit Card Master Trust, Floating Rate Note, 12/16/19 0.41 --------------------------------------------------------------------------------------------------- 6. Federal Farm Credit Banks, Floating Rate Note, 6/20/16 0.40 --------------------------------------------------------------------------------------------------- 7. Federal Home Loan Banks, Floating Rate Note, 10/1/15 0.40 --------------------------------------------------------------------------------------------------- 8. Citibank Credit Card Issuance Trust, Floating Rate Note, 2/7/18 0.40 --------------------------------------------------------------------------------------------------- 9. Chase Issuance Trust, Floating Rate Note, 8/15/17 0.37 --------------------------------------------------------------------------------------------------- 10. American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 0.36 ---------------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. 10 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Prices and Distributions | 3/31/15 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 3/31/15 3/31/14 -------------------------------------------------------------------------------- A $10.00 $10.07 -------------------------------------------------------------------------------- C $ 9.99 $10.05 -------------------------------------------------------------------------------- C2 $ 9.99 $10.05 -------------------------------------------------------------------------------- K $10.01 $10.07 -------------------------------------------------------------------------------- Y $10.01 $10.07 -------------------------------------------------------------------------------- Z $ 9.95 $10.05 --------------------------------------------------------------------------------
Distributions per Share: 4/1/14-3/31/15 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1247 $ -- $ -- -------------------------------------------------------------------------------- C $0.0937 $ -- $ -- -------------------------------------------------------------------------------- C2 $0.0929 $ -- $ -- -------------------------------------------------------------------------------- K $0.1435 $ -- $ -- -------------------------------------------------------------------------------- Y $0.1395 $ -- $ -- -------------------------------------------------------------------------------- Z $0.1298 $ -- $ -- --------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an unmanaged index that tracks the performance of a synthetic asset paying the London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity. The index is based on the assumed purchase at par value of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day's 3-month LIBOR rate. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The index defined here pertains to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts on pages 12-17. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 11 Performance Update | 3/31/15 Class A Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Multi-Asset Ultrashort Income Fund at public offering price during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net Public U.S. Dollar Asset Offering 3-Month Value Price LIBOR Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.30% 0.63% 0.32% 1 Year 0.54 -1.99 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.66% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar Ultrashort Income Fund 3-Month LIBOR Index 4/30/2011 $ 9,750 $ 10,000 3/31/2012 $ 9,891 $ 10,032 3/31/2013 $ 10,103 $ 10,075 3/31/2014 $ 10,196 $ 10,103 3/31/2015 $ 10,252 $ 10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 2.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class C Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 0.84% 0.84% 0.32% 1 Year 0.34 0.34 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.97% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar Ultrashort Income Fund 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 3/31/2012 $ 10,082 $ 10,032 3/31/2013 $ 10,243 $ 10,075 3/31/2014 $ 10,298 $ 10,103 3/31/2015 $ 10,333 $ 10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares purchased prior to July 1, 2012, and held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 13 Performance Update | 3/31/15 Class C2 Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C2 shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 0.83% 0.83% 0.32% 1 Year 0.33 0.33 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.99% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar Ultrashort Income Fund 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 3/31/2012 $ 10,082 $ 10,032 3/31/2013 $ 10,243 $ 10,075 3/31/2014 $ 10,297 $ 10,103 3/31/2015 $ 10,331 $ 10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C2 shares held for less than 1 year are subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percentage change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. The performance shown for periods prior to the commencement of operations of Class C2 shares on August 1, 2013, is the net asset value performance of the Fund's Class C shares, which has not been restated to reflect any differences in expenses. For the period beginning August 1, 2013, the actual performance of Class C2 shares is reflected. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 14 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class K Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class K shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net U.S. Dollar Asset 3-Month Value LIBOR Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.45% 0.32% 1 Year 0.83 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.41% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar Ultrashort Income Fund 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 3/31/2012 $ 10,148 $ 10,032 3/31/2013 $ 10,372 $ 10,075 3/31/2014 $ 10,493 $ 10,103 3/31/2015 $ 10,580 $ 10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 20, 2012, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning on December 20, 2012, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 15 Performance Update | 3/31/15 Class Y Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net U.S. Dollar Asset 3-Month Value LIBOR Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.51% 0.32% 1 Year 0.79 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.54% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Multi-Asset BofA ML U.S. Dollar Ultrashort Income Fund 3-Month LIBOR Index 4/30/2011 $ 5,000,000 $ 5,000,000 3/31/2012 $ 5,089,498 $ 5,016,143 3/31/2013 $ 5,208,889 $ 5,037,507 3/31/2014 $ 5,260,398 $ 5,051,252 3/31/2015 $ 5,302,158 $ 5,063,025
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 16 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Performance Update | 3/31/15 Class Z Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class Z shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the Bank of America (BofA) Merrill Lynch (ML) U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of March 31, 2015) -------------------------------------------------------------------------------- BofA ML Net U.S. Dollar Asset 3-Month Value LIBOR Period (NAV) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.25% 0.32% 1 Year 0.30 0.23 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2014) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.60% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Multi-Asset BofA ML U.S. Dollar Ultrashort Income Fund 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 3/31/2012 $ 10,148 $ 10,032 3/31/2013 $ 10,365 $ 10,075 3/31/2014 $ 10,470 $ 10,103 3/31/2015 $ 10,501 $ 10,126
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance shown for periods prior to the commencement of operations of Class Z shares on April 1, 2013, is the net asset value performance of the Fund's Class A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Z shares, the performance for Class Z shares prior to their inception on April 1, 2013, would have been higher than that shown. For the period beginning April 1, 2013, the actual performance of Class Z shares is reflected. Class Z shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 17 Comparing Ongoing Fund Expenses As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income Fund Based on actual returns from October 1, 2014, through March 31, 2015.
---------------------------------------------------------------------------------------------------- Share Class A C C2 K Y Z ---------------------------------------------------------------------------------------------------- Beginning Account Value on 10/1/14 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 ---------------------------------------------------------------------------------------------------- Ending Account Value (after expenses) on 3/31/15 $1,002.19 $1,000.80 $1,000.70 $1,003.18 $1,002.99 $999.40 ---------------------------------------------------------------------------------------------------- Expenses Paid During Period* $3.14 $4.69 $4.74 $2.05 $2.55 $3.69 ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.63%, 0.94%, 0.95%, 0.41% 0.51%, and 0.74% for class A, Class C, Class C2, Class K, Class Y, and Class Z shares respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). 18 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from October 1, 2014, through March 31, 2015.
---------------------------------------------------------------------------------------------------- Share Class A C C2 K Y Z ---------------------------------------------------------------------------------------------------- Beginning Account Value on 10/1/14 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 ---------------------------------------------------------------------------------------------------- Ending Account Value (after expenses) on 3/31/15 $1,021.79 $1,020.24 $1,020.19 $1,022.89 $1,022.39 $1,021.24 ---------------------------------------------------------------------------------------------------- Expenses Paid During Period* $3.18 $4.73 $4.78 $2.07 $2.57 $3.73 ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.63%, 0.94%, 0.95%, 0.41% 0.51%, and 0.74% for class A, Class C, Class C2, Class K, Class Y, and Class Z shares respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 19 Schedule of Investments | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ PREFERRED STOCK -- 0.1% INSURANCE -- 0.1% Reinsurance -- 0.1% 2,300,000 Pangaea Re, 7/1/18 (c) (e) $ 2,507,460 ------------------------------------------------------------------------------------------------ TOTAL PREFERRED STOCK (Cost $2,305,611) $ 2,507,460 ------------------------------------------------------------------------------------------------ ASSET BACKED SECURITIES -- 27.1% TRANSPORTATION -- 0.1% Trucking -- 0.1% 1,100,000 0.57 Hertz Fleet Lease Funding LP, Floating Rate Note, 4/10/28 (144A) $ 1,098,639 ------------------------------------------------------------------------------------------------ Marine Ports & Services -- 0.0%+ 964,762 Global Container Assets 2013-1, Ltd., 2.2%, 11/5/28 (144A) $ 963,529 -------------- Total Transportation $ 2,062,168 ------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.0%+ Homebuilding -- 0.0%+ 1,079,939 1.05 Manufactured Housing Contract Trust Pass-Through Certificates Series 2001-1, Floating Rate Note, 4/20/32 $ 1,073,291 -------------- Total Consumer Durables & Apparel $ 1,073,291 ------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 378,376 Westgate Resorts 2012-2 LLC, 9.0%, 1/21/25 (144A) $ 383,900 1,337,251 Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 1,345,561 117,409 Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 117,492 1,494,552 Westgate Resorts LLC, 9.5%, 2/20/25 (144A) 1,533,694 -------------- $ 3,380,647 -------------- Total Consumer Services $ 3,380,647 ------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.3% Health Care Distributors -- 0.3% 3,000,000 1.68 NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) $ 2,999,997 2,500,000 Oscar US Funding Trust 2014-1, 1.0%, 8/15/17 (144A) 2,498,275 1,600,000 0.87 Oscar US Funding Trust II, Floating Rate Note, 2/15/18 (144A) 1,600,000 -------------- $ 7,098,272 -------------- Total Health Care Equipment & Services $ 7,098,272 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ BANKS -- 14.6% Diversified Banks -- 0.0%+ 93,206 0.56 KeyCorp Student Loan Trust 2004-A, Floating Rate Note, 10/28/41 $ 89,596 ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- 14.6% 1,414,721 0.40 321 Henderson Receivables I LLC, Floating Rate Note, 11/15/40 (144A) $ 1,378,839 3,726,221 0.37 321 Henderson Receivables I LLC, Floating Rate Note, 12/15/41 (144A) 3,649,796 737,571 0.52 321 Henderson Receivables I LLC, Floating Rate Note, 9/15/45 (144A) 729,247 3,800,096 0.37 321 Henderson Receivables II LLC, Floating Rate Note, 9/15/41 (144A) 3,694,294 12,828 2.95 ABFC 2003-WMC1 Trust, Floating Rate Note, 3/25/33 12,701 779,204 0.79 ABFC 2005-WF1 Trust, Floating Rate Note, 12/25/34 776,073 3,250,000 0.98 ACA CLO 2006-2, Ltd., Floating Rate Note, 1/20/21 (144A) 3,200,594 1,329,404 0.49 ACAS CLO 2007-1, Ltd., Floating Rate Note, 4/20/21 1,320,008 1,110,000 0.57 Accredited Mortgage Loan Trust 2005-2, Floating Rate Note, 7/25/35 1,089,459 103,681 6.50 ACE Securities Corp., Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A) 104,201 1,500,000 1.25 ACIS CLO 2014-4, Ltd., Floating Rate Note, 5/1/26 (144A) 1,498,128 80,826 0.71 Aegis Asset Backed Securities Trust 2004-6, Floating Rate Note, 3/25/35 80,805 549,954 1.27 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-3, Floating Rate Note, 9/25/34 542,990 1,604,390 1.13 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-2, Floating Rate Note, 6/25/34 1,589,910 851,055 1.27 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-4, Floating Rate Note, 10/25/34 842,016 399,495 0.54 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2005-4, Floating Rate Note, 10/25/35 393,093 578,037 0.39 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2005-R10, Floating Rate Note, 12/25/35 576,509
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 21 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 67,945 0.60 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2005-R5, Floating Rate Note, 7/25/35 $ 67,803 501,457 0.50 Ameriquest Mortgage Securities, Inc., Asset Backed Pass-Through Certificates Series 2005-R11, Floating Rate Note, 1/25/36 491,670 338,742 3.92 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 03-AR3, Floating Rate Note, 6/25/33 346,931 2,967,038 0.78 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2004-R11, Floating Rate Note, 11/25/34 2,952,239 1,268,631 0.85 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates Series 2005-R1, Floating Rate Note, 3/25/35 1,263,532 1,000,000 1.70 Apidos Quattro CDO, Floating Rate Note, 1/20/19 (144A) 989,425 288,417 0.72 ARI Fleet Lease Trust 2012-A, Floating Rate Note, 3/15/20 (144A) 288,362 266,047 0.47 ARI Fleet Lease Trust 2012-B, Floating Rate Note, 1/15/21 (144A) 265,566 974,347 ARI Fleet Lease Trust 2013-A, 0.7%, 12/15/15 (144A) 974,485 600,000 ARI Fleet Lease Trust 2013-A, 0.92%, 7/15/21 (144A) 600,680 2,763,065 ARI Fleet Lease Trust 2014-A, 0.81%, 11/15/22 (144A) 2,762,452 512,099 0.85 Asset Backed Securities Corp., Home Equity Loan Trust Series 2005-HE2, Floating Rate Note, 2/25/35 510,943 486,732 0.88 Asset Backed Securities Corp., Home Equity Loan Trust Series 2005-HE3, Floating Rate Note, 4/25/35 480,433 1,095,441 0.37 Asset Backed Securities Corp., Home Equity Loan Trust Series AEG 2006-HE1, Floating Rate Note, 1/25/36 1,044,120 232,573 0.85 Asset Backed Securities Corp., Home Equity Loan Trust Series NC 2005-HE4, Floating Rate Note, 5/25/35 232,573 1,275,325 0.68 Asset Backed Securities Corp., Home Equity Loan Trust Series OOMC 2005-HE6, Floating Rate Note, 7/25/35 1,266,028 1,235,212 0.79 Asset-Backed Pass-Through Certificates Series 2004-R2, Floating Rate Note, 4/25/34 1,213,678 1,850,000 Bank of The West Auto Trust 2014-1, 0.69%, 7/17/17 (144A) 1,850,186 1,100,000 0.53 Barclays Dryrock Issuance Trust, Floating Rate Note, 12/16/19 1,098,581
The accompanying notes are an integral part of these financial statements. 22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,800,000 0.51 Barclays Dryrock Issuance Trust, Floating Rate Note, 3/16/20 $ 1,797,971 200,000 0.51 Barclays Dryrock Issuance Trust, Floating Rate Note, 7/16/18 200,065 51,461 Bayview Financial Acquisition Trust, 6.205%, 5/28/37 (Step) 54,306 206,993 0.80 Bayview Financial Acquisition Trust, Floating Rate Note, 5/28/44 206,824 1,387,500 0.85 Bayview Financial Mortgage Pass-Through Trust 2004-A, Floating Rate Note, 2/28/44 1,380,077 3,596,091 0.68 Bayview Financial Mortgage Pass-Through Trust 2005-C, Floating Rate Note, 6/28/44 3,569,325 287,858 0.53 Bayview Financial Mortgage Pass-Through Trust 2006-A, Floating Rate Note, 2/28/41 287,316 68,472 0.48 Bayview Financial Mortgage Pass-Through Trust 2006-A, Floating Rate Note, 2/28/41 68,239 987,506 0.48 Bayview Financial Mortgage Pass-Through Trust 2006-B, Floating Rate Note, 4/28/36 968,764 772,030 0.45 Bayview Financial Mortgage Pass-Through Trust 2006-B, Floating Rate Note, 4/28/36 757,377 1,543,719 0.63 Bayview Financial Mortgage Pass-Through Trust Series 2005-B, Floating Rate Note, 4/28/39 1,528,722 1,147,978 3.72 Bayview Opportunity Master Fund IIa Trust 2014-20NPL, Floating Rate Note, 8/28/44 (144A) 1,148,721 1,246,699 Bayview Opportunity Master Fund Trust IIIa 2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 1,242,580 704,200 1.06 Bear Stearns Asset Backed Securities I Trust 2004-HE11, Floating Rate Note, 12/25/34 702,776 1,957,420 0.67 Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35 1,945,542 1,101,018 0.94 Bear Stearns Asset Backed Securities I Trust 2005-HE9, Floating Rate Note, 10/25/35 1,092,862 1,106,115 1.37 Bear Stearns Asset Backed Securities Trust 2004-2, Floating Rate Note, 8/25/34 1,107,401 151,337 0.74 Bear Stearns Asset Backed Securities Trust 2004-SD3, Floating Rate Note, 9/25/34 148,641 84,046 0.57 Bear Stearns Asset Backed Securities Trust 2005-SD1, Floating Rate Note, 8/25/43 82,836 1,626,801 0.64 Bear Stearns Asset Backed Securities Trust 2005-SD2, Floating Rate Note, 3/25/35 1,616,890 629,562 0.57 Bear Stearns Asset Backed Securities Trust 2005-SD2, Floating Rate Note, 3/25/35 624,353
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 23 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 888,044 0.45 Bear Stearns Asset Backed Securities Trust 2006-1, Floating Rate Note, 2/25/36 $ 885,278 213,914 0.92 Bear Stearns Asset Backed Securities Trust, Floating Rate Note, 2/25/35 213,823 939,680 1.17 Bear Stearns Structured Products Trust 2007-EMX1, Floating Rate Note, 3/25/37 (144A) 919,847 2,017,714 1.97 Carlyle High Yield Partners VII, Ltd., Floating Rate Note, 9/30/19 (144A) 2,015,244 2,602,481 0.91 Carrington Mortgage Loan Trust Series 2005-NC1, Floating Rate Note, 2/26/35 2,601,312 39,673 0.57 Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35 39,355 1,939,578 0.35 Carrington Mortgage Loan Trust Series 2006-OPT1, Floating Rate Note, 12/25/35 1,877,921 1,744,917 CCG Receivables Trust 2014-1, 1.06%, 11/14/21 (144A) 1,745,257 328,847 CCG Receivables Truste 2013-1, 1.05%, 4/14/20 (144A) 329,244 3,250,000 1.48 Cent CLO 16 LP, Floating Rate Note, 8/1/24 (144A) 3,248,732 372,006 3.65 Centex Home Equity Loan Trust 2003-A, Floating Rate Note, 3/25/33 371,438 2,500,000 CIT Equipment Collateral 2014-VT1, 0.86%, 5/22/17 (144A) 2,498,989 2,089,636 0.37 Citigroup Mortgage Loan Trust 2006-SHL1, Floating Rate Note, 11/27/45 (144A) 2,020,741 1,724,666 1.00 Citigroup Mortgage Loan Trust Series 2004-OPT1 Asset Backed Pass-Through Certifi, Floating Rate Note, 10/25/34 1,722,408 233,696 1.19 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 11/25/34 218,464 2,896,491 0.92 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 5/25/35 (144A) 2,815,920 5,419 Conseco Financial Corp., 7.05%, 1/15/19 5,544 2,386,157 Consumer Credit Origination Loan Trust 2015-1, 2.82%, 3/15/21 (144A) 2,386,125 2,218,876 1.01 Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/34 2,212,180 260,209 0.76 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/35 257,261 1,656,429 1.07 Countrywide Asset-Backed Certificates, Floating Rate Note, 3/25/35 1,643,085 263,536 0.94 Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/35 262,973 203,446 0.99 Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/35 202,952
The accompanying notes are an integral part of these financial statements. 24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 168,495 0.85 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) $ 162,383 37,632 1.07 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 36,073 129,317 0.66 Countrywide Asset-Backed Certificates, Floating Rate Note, 9/25/35 129,047 1,208,065 Credit Acceptance Auto Loan Trust 2012-2, 1.52%, 3/16/20 (144A) 1,210,767 2,000,000 Credit Acceptance Auto Loan Trust 2012-2, 2.21%, 9/15/20 (144A) 2,011,826 1,000,000 Credit Acceptance Auto Loan Trust 2013-1, 1.21%, 10/15/20 (144A) 1,000,657 156,169 0.44 Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/27/36 (144A) 153,458 613,918 0.83 Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 7/25/34 612,354 4,500,000 0.47 Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 7/25/36 4,436,100 1,070,565 1.22 CWABS Asset-Backed Certificates Trust 2004-7, Floating Rate Note, 12/25/34 1,064,499 109,499 5.15 CWABS Asset-Backed Certificates Trust 2005-1, Floating Rate Note, 2/25/33 109,916 5,274 0.43 CWABS Master Trust Series 2003-D Subtrust, Floating Rate Note, 6/15/29 5,270 826 Delta Funding Home Equity Loan Trust 1997-2, 7.04%, 6/25/27 840 58,652 Direct Capital Funding V LLC, 1.673%, 12/20/17 (144A) 58,705 1,732,029 3.10 Drug Royalty II LP 2, Floating Rate Note, 7/15/23 (144A) 1,758,862 1,950,084 DT Auto Owner Trust 2015-1, 1.06%, 9/17/18 (144A) 1,948,947 1,947,452 1.07 Ellington Loan Acquisition Trust 2007-1, Floating Rate Note, 5/26/37 (144A) 1,915,609 293,109 1.07 Ellington Loan Acquisition Trust 2007-2, Floating Rate Note, 5/26/37 (144A) 291,073 659,334 0.64 Encore Credit Receivables Trust 2005-3, Floating Rate Note, 10/25/35 658,372 26,450 EquiVantage Home Equity Loan Trust 1997-1, 8.05%, 3/25/28 (Step) 26,468 29,302 Exeter Automobile Receivables Trust 2012-2, 1.3%, 6/15/17 (144A) 29,310 1,000,000 Exeter Automobile Receivables Trust 2012-2, 3.06%, 7/16/18 (144A) 1,001,719 794,128 Exeter Automobile Receivables Trust 2014-2, 1.06%, 8/15/18 792,131
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 25 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,700,000 Exeter Automobile Receivables Trust 2015-1, 1.6%, 6/17/19 (144A) $ 1,697,979 534,676 1.90 Fieldstone Mortgage Investment Trust Series 2004-5, Floating Rate Note, 2/25/35 527,903 474,480 1.25 Fieldstone Mortgage Investment Trust Series 2005-1, Floating Rate Note, 3/25/35 474,750 1,851,122 0.68 First Franklin Mortgage Loan Trust 2005-FFH3, Floating Rate Note, 9/25/35 1,840,267 303,194 0.43 First Franklin Mortgage Loan Trust Series 2005-FF12, Floating Rate Note, 11/25/36 298,855 72,805 0.57 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 72,563 2,500,000 0.52 Firstmac Mortgage Funding Trust Series 1A-2014, Floating Rate Note, 6/26/15 (144A) 2,499,878 807,222 0.63 Flagstar Home Equity Loan Trust 2005-1, Floating Rate Note, 6/25/18 (144A) 803,703 979,672 0.51 Foothill CLO, Ltd., Floating Rate Note, 2/22/21 (144A) 974,399 267,414 0.50 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) 266,964 553,000 2.11 Four Corners CLO II, Ltd., Floating Rate Note, 1/26/20 (144A) 534,231 718,791 0.50 Gale Force 3 CLO, Ltd., Floating Rate Note, 4/19/21 (144A) 711,733 96,457 GE Equipment Small Ticket LLC Series 2013-1, 0.73%, 1/25/16 (144A) 96,470 1,776,047 GE Equipment Small Ticket LLC Series 2014-1, 0.59%, 8/24/16 1,775,942 470,373 GE Equipment Transportation LLC Series 2013-2, 0.61%, 6/24/16 470,440 2,299,005 GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 2,289,234 3,775,176 GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 3,775,244 261,008 0.85 GreenPoint Mortgage Funding Trust 2005-HE1, Floating Rate Note, 9/25/34 260,427 306,432 0.83 GSAA Home Equity Trust 2004-11, Floating Rate Note, 12/25/34 300,467 266,913 0.42 GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35 265,564 1,443,073 0.97 GSAA Trust, Floating Rate Note, 6/25/35 1,432,710 2,955,146 0.82 GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 2,953,331 407,900 0.92 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 398,970 127,171 0.53 GSAMP Trust 2005-HE6, Floating Rate Note, 11/25/35 125,136 1,130,506 0.38 GSAMP Trust 2006-HE1, Floating Rate Note, 12/26/45 1,109,616
The accompanying notes are an integral part of these financial statements. 26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 343,259 0.63 GSAMP Trust 2006-SD1, Floating Rate Note, 7/25/45 $ 342,886 1,692,805 0.47 GSAMP Trust 2006-SEA1, Floating Rate Note, 5/25/36 (144A) 1,672,588 1,013,100 1.52 GSRPM Mortgage Loan Trust 2003-2, Floating Rate Note, 6/25/33 975,066 1,031,740 0.47 GSRPM Mortgage Loan Trust 2006-1, Floating Rate Note, 3/25/35 (144A) 1,012,359 725,945 0.47 GSRPM Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36 (144A) 688,882 500,000 2.00 Harch CLO III, Ltd., Floating Rate Note, 4/17/20 (144A) 488,692 1,000,000 2.51 Hewett's Island CDO, Ltd., Floating Rate Note, 6/9/19 (144A) 1,000,042 4,240,000 HLSS Servicer Advance Receivables Backed Notes Series 2013-T2, 1.1472%, 5/16/44 (144A) 4,234,064 5,600,000 HLSS Servicer Advance Receivables Trust, 1.4953%, 1/16/46 (144A) 5,569,200 3,155,379 0.64 Home Equity Asset Trust 2005-6, Floating Rate Note, 12/25/35 3,147,393 3,960,336 0.55 Home Equity Asset Trust 2005-7, Floating Rate Note, 1/25/36 3,938,443 297,471 0.34 Home Equity Asset Trust 2006-4, Floating Rate Note, 8/25/36 291,799 1,739,353 0.28 Home Equity Asset Trust 2006-8, Floating Rate Note, 3/25/37 1,713,623 1,352,100 0.59 HomeBanc Mortgage Trust 2005-2, Floating Rate Note, 5/25/25 1,346,821 974,222 0.63 Homestar Mortgage Acceptance Corp., Floating Rate Note, 1/25/35 970,888 6,466,823 0.42 HSBC Home Equity Loan Trust USA 2006-3, Floating Rate Note, 3/20/36 6,416,550 748,479 0.41 HSBC Home Equity Loan Trust USA 2006-4, Floating Rate Note, 3/20/36 741,424 31,301 1.33 HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 31,338 2,998,880 1.38 HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 2,985,898 4,583,216 1.03 Impac Secured Assets CMN Owner Trust, Floating Rate Note, 2/25/35 4,532,297 2,100,000 1.77 Invitation Homes 2014-SFR2 Trust, Floating Rate Note, 9/18/31 (144A) 2,098,212 2,000,000 1.38 Invitation Homes 2014-SFR3 Trust, Floating Rate Note, 12/17/31 (144A) 1,992,779 2,800,000 0.00 Invitation Homes 2015-SFR2 Trust, Floating Rate Note, 6/17/32 (144A) (d) 2,800,000
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 27 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 999,049 0.48 Inwood Park CDO, Ltd., Floating Rate Note, 1/20/21 (144A) $ 993,251 3,797,225 0.39 Irwin Home Equity Loan Trust 2005-1, Floating Rate Note, 6/25/25 3,519,929 1,744,909 1.67 Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28 1,726,284 3,163,412 0.64 Irwin Whole Loan Home Equity Trust 2005-B, Floating Rate Note, 12/25/29 3,102,200 751,645 0.95 IXIS Real Estate Capital Trust 2005-HE1, Floating Rate Note, 6/25/35 731,827 528,517 0.85 IXIS Real Estate Capital Trust 2005-HE4, Floating Rate Note, 2/25/36 519,838 1,041,804 0.39 JP Morgan Mortgage Acquisition Corp., 2005-FRE1, Floating Rate Note, 10/25/35 1,025,868 755,125 0.32 JP Morgan Mortgage Acquisition Trust 2006-ACC1, Floating Rate Note, 5/25/36 749,458 1,250,000 1.71 KKR Financial CLO 2007-1, Ltd., Floating Rate Note, 5/15/21 (144A) 1,235,608 164,192 0.62 Lehman ABS Manufactured Housing Contract Trust 2002-A, Floating Rate Note, 6/15/33 159,933 2,500,000 0.00 Lockwood Grove CLO, Ltd., Floating Rate Note, 1/25/24 (144A) (d) 2,500,000 252,584 2.42 Madison Avenue Manufactured Housing Contract Trust 2002-A, Floating Rate Note, 3/25/32 252,578 1,502,639 0.81 MASTR Adjustable Rate Mortgages Trust 2004-11, Floating Rate Note, 11/25/34 1,494,137 1,150,000 MMCA Auto Owner Trust 2012-A, 3.27%, 7/16/18 (144A) 1,167,902 1,377,318 0.63 Morgan Stanley ABS Capital I, Inc., Trust 2004-SD3, Floating Rate Note, 6/25/34 (144A) 1,377,606 32,006 0.95 Morgan Stanley ABS Capital I, Inc., Trust 2005-HE3, Floating Rate Note, 7/25/35 31,973 54,213 0.49 Morgan Stanley ABS Capital I, Inc., Trust 2005-HE6, Floating Rate Note, 11/25/35 53,080 63,326 0.88 Morgan Stanley ABS Capital I, Inc., Trust 2005-WMC3, Floating Rate Note, 3/25/35 63,161 1,734,369 0.80 Morgan Stanley ABS Capital I, Inc., Trust 2005-NC2, Floating Rate Note, 3/25/35 1,718,739 245,116 0.25 Morgan Stanley Structured Trust, Floating Rate Note, 6/25/37 242,249 392,800 0.67 Motor 2013-1 Plc, Floating Rate Note, 2/25/21 (144A) 393,087 2,600,000 0.81 MOTOR 2015-1 Plc, Floating Rate Note, 6/27/22 (144A) 2,602,621 1,386,238 Nations Equipment Finance Funding II LLC, 1.558%, 7/20/18 (144A) 1,385,966 547,121 0.32 Nationstar Home Equity Loan Trust 2007-A, Floating Rate Note, 3/25/37 533,587
The accompanying notes are an integral part of these financial statements. 28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 803,247 0.87 New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35 $ 803,065 98,545 0.38 Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE1, Floating Rate Note, 2/25/36 98,345 415,306 0.95 NovaStar Mortgage Funding Trust Series 2003-1, Floating Rate Note, 5/25/33 405,139 2,443,000 1.82 NovaStar Mortgage Funding Trust Series 2004-4, Floating Rate Note, 3/25/35 2,401,063 344,498 1.25 NovaStar Mortgage Funding Trust Series 2004-4, Floating Rate Note, 3/25/35 344,719 1,170,968 Oak Hill Advisors Residential Loan Trust 2014-NPL1, 2.8828%, 5/25/54 (Step) (144A) 1,173,206 3,343,096 OAK Hill Advisors Residential Loan Trust 2014-NPL2, 3.475%, 4/25/54 (Step) (144A) 3,349,217 2,857,147 0.97 Option One Mortgage Loan Trust 2005-1, Floating Rate Note, 2/25/35 2,798,550 1,475,589 0.43 Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35 1,458,049 41,392 Option One Mortgage Loan Trust 2007-FXD2, 5.9%, 3/25/37 (Step) 38,203 1,004,090 1.30 Option One Woodbridge Loan Trust 2002-1, Floating Rate Note, 3/25/32 (144A) 993,032 959,775 5.46 Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35 979,856 606,384 0.46 Ownit Mortgage Loan Trust Series 2005-5, Floating Rate Note, 10/25/36 596,777 1,214,928 1.19 Park Place Securities, Inc., Asset-Backed Pass-Through Certificates Series 2004-WCW, Floating Rate Note, 9/25/34 1,205,332 1,590,676 1.12 Park Place Securities, Inc., Asset-Backed Pass-Through Certificates Series 2004-WHQ2, Floating Rate Note, 1/25/35 1,585,533 288,081 0.43 Park Place Securities, Inc., Asset-Backed Pass-Through Certificates Series 2005-WHQ4, Floating Rate Note, 9/25/35 274,631 398,502 1.11 Park Place Securities, Inc., Asset-Backed Pass-Through Certificates Series 2004-MCW, Floating Rate Note, 10/25/34 396,905 2,206,627 0.54 Park Place Securities, Inc., Asset-Backed Pass-Through Certificates Series 2005-WHQ4, Floating Rate Note, 9/25/35 2,190,576 2,000,000 0.52 Pepper Residential Securities Trust, Floating Rate Note, 4/10/15 (144A) 1,999,980 2,000,000 0.47 Pepper Residential Securities Trust, Floating Rate Note, 7/24/15 (144A) 2,000,124
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 29 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,400,000 0.77 PFS Financing Corp., Floating Rate Note, 10/15/19 (144A) $ 1,399,352 1,700,000 1.02 PFS Financing Corp., Floating Rate Note, 10/15/19 (144A) 1,698,851 3,240,000 0.72 PFS Financing Corp., Floating Rate Note, 2/15/18 (144A) 3,239,971 3,490,000 0.77 PFS Financing Corp., Floating Rate Note, 2/15/19 (144A) 3,480,357 350,000 Prestige Auto Receivables Trust 2013-1, 1.33%, 5/15/19 (144A) 350,830 2,800,000 Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 2,817,500 4,750,000 Progreso Receivables Funding II LLC, 3.5%, 7/8/19 (144A) 4,752,969 3,050,000 Progreso Receivables Funding III LLC, 3.625%, 1/30/25 (144A) 3,050,000 3,000,000 2.57 Progress Residential 2015-SFR1 Trust, Floating Rate Note, 2/20/32 (144A) 3,030,128 3,522,690 0.83 Quest Trust REMICS, Floating Rate Note, 3/25/34 (144A) 3,434,062 1,053,991 1.12 RAAC Series 2005-RP1 Trust, Floating Rate Note, 7/25/37 (144A) 1,040,899 436,545 0.82 RAAC Series 2005-RP2 Trust, Floating Rate Note, 6/25/35 (144A) 436,883 1,323,950 0.97 RAAC Series 2005-RP3 Trust, Floating Rate Note, 5/25/39 (144A) 1,292,945 333,944 0.47 RAAC Series 2006-RP1 Trust, Floating Rate Note, 10/25/45 (144A) 332,446 2,313,776 0.42 RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A) 2,286,448 981,815 1.10 RAMP Series 2004-RS11 Trust, Floating Rate Note, 11/25/34 967,303 1,605,208 0.65 RAMP Series 2004-RZ1 Trust, Floating Rate Note, 3/25/34 1,592,373 281,651 0.58 RAMP Series 2005-EFC4 Trust, Floating Rate Note, 9/25/35 281,183 626,289 0.67 RAMP Series 2005-RS6 Trust, Floating Rate Note, 6/25/35 620,126 3,810,873 0.57 RAMP Series 2005-RZ4 Trust, Floating Rate Note, 11/25/35 3,791,853 292,055 0.36 RAMP Series 2006-NC1 Trust, Floating Rate Note, 12/25/35 290,468 2,155,218 0.33 RAMP Series 2006-RZ3 Trust, Floating Rate Note, 10/25/35 2,129,310 2,266,086 0.95 RASC Series 2004-KS10 Trust, Floating Rate Note, 11/25/34 2,264,414
The accompanying notes are an integral part of these financial statements. 30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 6,743 0.65 RASC Series 2005-EMX2 Trust, Floating Rate Note, 7/25/35 $ 6,739 174,806 0.82 RASC Series 2005-KS3 Trust, Floating Rate Note, 4/25/35 174,890 602,876 0.89 RASC Series 2005-KS5 Trust, Floating Rate Note, 6/25/35 602,922 382,167 1.67 RFSC Series 2003-RP2 Trust, Floating Rate Note, 7/25/41 (144A) 380,888 64,779 0.65 Salomon Brothers Mortgage Securities VII, Inc., Floating Rate Note, 3/25/28 64,112 118,266 1.07 Salomon Mortgage Loan Trust Series 2001-CB4, Floating Rate Note, 11/25/33 117,039 1,059,940 0.72 SASCO Mortgage Loan Trust 2005-GEL1, Floating Rate Note, 12/25/34 1,033,160 373,181 0.73 SASCO Mortgage Loan Trust 2005-GEL2, Floating Rate Note, 4/25/35 369,572 236,441 2.65 SASCO Mortgage Pass-Through Certificates Series 2004-S4, Floating Rate Note, 12/25/34 236,412 1,766,843 0.63 Saxon Asset Securities Trust 2005-3, Floating Rate Note, 11/25/35 1,733,096 1,313,455 0.40 Saxon Asset Securities Trust 2005-4, Floating Rate Note, 11/25/37 1,305,034 3,778,000 2.22 Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 3,786,123 858,243 Small Business Administration Participation Certificates, 0.58%, 10/17/16 (144A) 858,219 2,250,000 0.60 SMART ABS Series 2015-1US Trust, Floating Rate Note, 8/14/17 2,250,011 509,884 SMART Trust/Australia, 1.59%, 10/14/16 (144A) 511,573 1,782,338 0.60 SMART Trust/Australia, Floating Rate Note, 1/17/17 1,781,809 1,357,709 0.47 SMART Trust/Australia, Floating Rate Note, 8/15/16 1,357,741 880,610 0.62 SMART Trust/Australia, Floating Rate Note, 9/14/16 880,490 38,409 SNAAC Auto Receivables Trust 2013-1, 1.14%, 7/16/18 (144A) 38,416 368,194 SNAAC Auto Receivables Trust 2014-1, 1.03%, 9/17/18 (144A) 368,042 648,714 SNAAC Auto Receivables Trust, 4.38%, 6/15/17 (144A) 649,585 1,824,888 0.89 Soundview Home Loan Trust 2005-DO1, Floating Rate Note, 5/25/35 1,811,077 740,170 0.43 Soundview Home Loan Trust 2005-OPT4, Floating Rate Note, 12/25/35 726,803
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 31 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 469,199 0.56 Specialty Underwriting & Residential Finance Trust Series 2005-AB2, Floating Rate Note, 6/25/36 $ 466,471 773,284 0.50 Specialty Underwriting & Residential Finance Trust Series 2005-AB2, Floating Rate Note, 6/25/36 768,588 328,400 0.37 Specialty Underwriting & Residential Finance Trust Series 2006-BC1, Floating Rate Note, 12/25/36 325,937 3,640,376 0.47 Specialty Underwriting & Residential Finance Trust Series 2006-BC1, Floating Rate Note, 12/25/36 3,525,781 1,809,715 Springleaf Funding Trust 2013-A, 2.58%, 9/15/21 (144A) 1,817,761 411,392 Stanwich Mortgage Loan Trust, 2.9814%, 2/16/43 (144A) 409,335 2,133,566 0.89 Structured Asset Investment Loan Trust 2005-6, Floating Rate Note, 7/25/35 2,131,484 1,017,927 0.37 Structured Asset Investment Loan Trust 2006-1, Floating Rate Note, 1/25/36 988,893 1,494,406 0.77 Structured Asset Securities Corp., Mortgage Loan Trust 2005-S7, Floating Rate Note, 12/25/35 (144A) 1,454,654 2,676,028 0.32 Structured Asset Securities Corp., Mortgage Loan Trust 2006-EQ1, Floating Rate Note, 7/25/36 2,606,106 1,769,004 0.39 Structured Asset Securities Corp., Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A) 1,751,521 39,483 0.23 Structured Asset Securities Corp., Mortgage Loan Trust 2007-BC3, Floating Rate Note, 6/25/37 39,432 1,021,655 0.47 Structured Asset Securities Corp., Mortgage Loan Trust 2007-TC1, Floating Rate Note, 4/25/31 (144A) 976,049 2,686,924 Sunset Mortgage Loan Co., 2014-NPL2 LLC, 3.721%, 11/16/44 (Step) (144A) 2,696,156 2,874,768 1.47 SWAY Residential 2014-1 Trust, Floating Rate Note, 1/20/32 (144A) 2,870,815 739,447 1.11 Terwin Mortgage Trust Series TMTS 2003-8HE, Floating Rate Note, 12/25/34 719,040 3,315,870 0.62 Terwin Mortgage Trust Series TMTS 2005-10HE, Floating Rate Note, 6/25/36 3,304,566 78,358 Toyota Auto Receivables 2013-B Owner Trust, 0.48%, 2/15/16 78,358 1,770,000 Toyota Auto Receivables 2014-C Owner Trust, 0.51%, 2/15/17 1,769,694 3,079,000 1.42 Trade MAPS 1, Ltd., Floating Rate Note, 12/10/18 (144A) 3,079,914 1,556,000 2.57 Trafigura Securitisation Finance Plc, Floating Rate Note, 10/15/15 (144A) 1,556,564
The accompanying notes are an integral part of these financial statements. 32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,400,000 1.12 Trafigura Securitisation Finance Plc, 2014-1, Floating Rate Note, 4/16/18 (144A) $ 1,400,605 825,319 1.87 Truman Capital Mortgage Loan Trust, Floating Rate Note, 1/25/34 804,468 2,502,411 United Auto Credit Securitization Trust 2014-1, 0.74%, 6/15/16 (144A) 2,502,368 2,500,000 United Auto Credit Securitization Trust 2015-1, 1.68%, 9/15/17 (144A) 2,499,859 1,240,442 VOLT XIX LLC, 3.875%, 4/26/55 (Step) 1,245,113 2,959,641 VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A) 2,959,641 2,500,000 VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A) 2,500,101 44,006 0.58 Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust, Floating Rate Note, 11/25/35 43,959 743,345 0.55 Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust, Floating Rate Note, 12/25/35 734,961 113,484 Westlake Automobile Receivables Trust 2013-1, 1.12%, 1/15/18 (144A) 113,538 978,153 Wheels SPV 2 LLC, 0.84%, 3/20/23 (144A) 977,943 30,272 0.45 Wilshire Mortgage Loan Trust, Floating Rate Note, 5/25/28 29,388 350,000 World Financial Network Credit Card Master Trust, 3.96%, 4/15/19 352,401 10,375,000 0.55 World Financial Network Credit Card Master Trust, Floating Rate Note, 12/16/19 10,375,384 -------------- $ 363,740,893 -------------- Total Banks $ 363,830,489 ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 11.8% Other Diversified Financial Services -- 4.3% 2,711,961 0.37 321 Henderson Receivables I LLC, Floating Rate Note, 6/15/41 (144A) $ 2,647,566 19,689 Ascentium Equipment Receivables 2012-1 LLC, 1.83%, 9/15/19 (144A) 19,695 761,046 Ascentium Equipment Receivables 2014-1 LLC, 1.04%, 1/10/17 (144A) 760,622 1,700,000 Ascentium Equipment Receivables 2014-1 LLC, 1.58%, 10/10/18 (144A) 1,701,763 413,888 AXIS Equipment Finance Receivables II LLC, 1.75%, 6/20/16 413,876 1,108,938 BCC Funding VIII LLC, 1.794%, 6/22/20 (144A) 1,108,245 3,000,000 0.57 BMW Floorplan Master Owner Trust, Floating Rate Note, 9/15/17 (144A) 3,006,354 249,944 BMW Vehicle Lease Trust 2013-1, 0.54%, 9/21/15 249,932 3,200,000 Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18 3,211,830 200,000 Chase Issuance Trust, 0.47%, 5/15/17 200,012
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 33 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- (continued) 1,001,000 Chase Issuance Trust, 0.54%, 10/16/17 $ 1,001,010 950,000 Chase Issuance Trust, 0.59%, 8/15/17 950,468 8,755,000 Chase Issuance Trust, 0.79%, 6/15/17 8,761,155 2,700,000 0.32 Chase Issuance Trust, Floating Rate Note, 10/16/17 2,698,950 2,500,000 0.42 Chase Issuance Trust, Floating Rate Note, 11/15/18 2,500,294 1,350,000 0.22 Chase Issuance Trust, Floating Rate Note, 4/15/19 1,343,457 150,000 0.42 Chase Issuance Trust, Floating Rate Note, 4/15/19 149,173 3,000,000 0.38 Chase Issuance Trust, Floating Rate Note, 4/16/18 2,998,461 5,102,000 0.27 Chase Issuance Trust, Floating Rate Note, 5/15/17 5,102,000 9,130,000 0.30 Chase Issuance Trust, Floating Rate Note, 8/15/17 9,129,297 2,310,000 CNH Equipment Trust 2012-A, 2.09%, 8/15/18 2,333,509 1,079,753 CNH Equipment Trust 2013-A, 0.69%, 6/15/18 1,080,098 301,812 CNH Equipment Trust 2013-C, 0.63%, 1/17/17 301,844 1,550,000 0.77 CNH Wholesale Master Note Trust, Floating Rate Note, 8/15/19 (144A) 1,552,866 2,100,000 2.07 Colony American Homes 2014-2, Floating Rate Note, 7/19/31 (144A) 2,097,516 3,125,000 Discover Card Execution Note Trust, 0.69%, 8/15/18 3,125,728 1,700,000 Discover Card Execution Note Trust, 0.86%, 11/15/17 1,700,891 1,345,000 0.37 Discover Card Execution Note Trust, Floating Rate Note, 1/16/18 1,345,277 3,915,000 0.35 Discover Card Execution Note Trust, Floating Rate Note, 10/15/18 3,913,677 6,550,000 0.75 Discover Card Execution Note Trust, Floating Rate Note, 3/15/18 6,559,766 752,384 Enterprise Fleet Financing LLC, 0.72%, 4/20/18 (144A) 752,422 1,757,011 Enterprise Fleet Financing LLC, 0.87%, 9/20/19 1,757,031 1,800,000 Enterprise Fleet Financing LLC, 0.93%, 4/20/18 (144A) 1,801,256 1,700,000 0.40 Fifth Third Auto Trust 2014-3, Floating Rate Note, 5/15/17 1,700,071 2,140,025 FNA 2014-1 Trust, 1.296%, 12/10/22 (144A) 2,139,357 893,714 0.54 GE Business Loan Trust 2003-2 REMICS, Floating Rate Note, 11/15/31 (144A) 860,660 627,005 0.46 GE Business Loan Trust 2004-1, Floating Rate Note, 5/15/32 (144A) 606,349 3,210,028 0.35 GE Business Loan Trust 2006-2, Floating Rate Note, 11/15/34 (144A) 3,064,443 1,300,000 1.02 Gracechurch Card Funding Plc, Floating Rate Note, 5/15/19 (144A) 1,310,232 2,200,000 0.87 Gracechurch Card Funding Plc, Floating Rate Note, 6/15/17 (144A) 2,201,839
The accompanying notes are an integral part of these financial statements. 34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- (continued) 665,559 Kubota Credit Owner Trust 2014-1, 0.58%, 2/15/17 $ 665,132 1,996,681 0.40 Mastr Asset Backed Securities Trust 2006-AB1 REMICS, Floating Rate Note, 2/25/36 1,981,153 2,345,140 0.36 Mastr Asset Backed Securities Trust 2006-NC1, Floating Rate Note, 1/25/36 2,314,375 3,980,358 0.47 Mastr Specialized Loan Trust, Floating Rate Note, 1/25/36 (144A) 3,867,491 397,473 0.33 Nelnet Student Loan Trust 2005-1, Floating Rate Note, 10/26/20 396,782 947,077 PFS Tax Lien Trust 2014-1, 1.44%, 5/15/29 949,202 1,510,277 Prestige Auto Receivables Trust 2014-1, 0.97%, 3/15/18 (144A) 1,511,288 135,417 0.37 TAL Advantage I LLC, Floating Rate Note, 4/20/21 (144A) 134,587 1,102,218 TAL Advantage V LLC, 1.7%, 5/20/39 (144A) 1,094,951 10,176 World Omni Auto Receivables Trust 2013-B, 0.48%, 11/15/16 10,176 2,650,000 0.40 World Omni Auto Receivables Trust 2014-B, Floating Rate Note, 1/16/18 2,649,810 2,500,000 0.38 World Omni Automobile Lease Securitization Trust 2014-A, Floating Rate Note, 3/15/17 2,496,908 -------------- $ 106,230,847 ------------------------------------------------------------------------------------------------ Specialized Finance -- 0.9% 300,000 0.54 Ally Master Owner Trust, Floating Rate Note, 1/16/18 $ 299,976 2,600,000 0.57 Ally Master Owner Trust, Floating Rate Note, 6/17/19 2,596,935 3,000,000 1.24 Ally Master Owner Trust, Floating Rate Note, 8/15/17 3,008,562 1,124,297 Alterna Funding I LLC, 1.639%, 2/15/21 (144A) 1,125,703 888,000 0.61 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 10/20/17 888,175 2,700,000 0.62 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 10/20/19 2,702,279 1,190,000 0.57 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 4/20/18 1,190,382 2,000,000 0.66 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 6/20/17 2,000,678 500,000 1.07 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 6/20/17 500,194 2,670,000 0.56 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 7/22/19 2,667,520 12,637 Hercules Capital Funding Trust 2012-1, 3.32%, 12/16/17 (144A) 12,637
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 35 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Specialized Finance -- (continued) 894,771 NYCTL 2014-A Trust, 1.03%, 11/10/27 (144A) $ 893,697 849,000 Synchrony Credit Card Master Note Trust, 1.51%, 6/15/18 850,024 3,600,000 0.47 Synchrony Credit Card Master Note Trust, Floating Rate Note, 6/15/18 3,599,939 -------------- $ 22,336,701 ------------------------------------------------------------------------------------------------ Consumer Finance -- 6.1% 33,300 Ally Auto Receivables Trust 2011-3, 1.61%, 5/16/16 $ 33,313 240,962 0.40 Ally Auto Receivables Trust 2013-2, Floating Rate Note, 7/15/16 240,934 1,084,232 0.38 Ally Auto Receivables Trust 2014-SN1, Floating Rate Note, 10/20/16 1,083,601 1,900,000 0.56 Ally Auto Receivables Trust 2015-SN1, Floating Rate Note, 10/20/16 1,900,000 3,000,000 Ally Master Owner Trust, 4.59%, 4/15/17 (144A) 3,004,212 1,050,125 American Credit Acceptance Receivables Trust 2012-2, 4.05%, 2/15/18 (144A) 1,050,532 339,735 American Credit Acceptance Receivables Trust 2013-1, 1.45%, 4/16/18 (144A) 339,862 75,867 American Credit Acceptance Receivables Trust 2013-2, 1.32%, 2/15/17 (144A) 75,893 1,333,779 American Credit Acceptance Receivables Trust 2014-1, 1.14%, 3/12/18 (144A) 1,334,228 1,262,117 American Credit Acceptance Receivables Trust 2014-2, 0.99%, 10/10/17 (144A) 1,261,832 840,800 American Credit Acceptance Receivables Trust 2014-3, 0.99%, 8/10/18 (144A) 840,296 957,028 American Credit Acceptance Receivables Trust 2014-4, 1.23%, 7/10/18 (144A) 957,271 30,916 American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A) 30,919 400,000 American Express Credit Account Master Trust, 1.29%, 3/15/18 (144A) 400,371 350,000 0.44 American Express Credit Account Master Trust, Floating Rate Note, 1/15/20 350,187 1,945,000 1.37 American Express Credit Account Master Trust, Floating Rate Note, 2/15/18 1,950,607 8,890,000 0.32 American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 8,890,000 3,300,000 0.46 American Express Credit Account Master Trust, Floating Rate Note, 5/15/20 3,299,916 74,417 AmeriCredit Automobile Receivables Trust 2011-5, 2.45%, 12/8/16 74,444 800,000 AmeriCredit Automobile Receivables Trust 2012-1, 2.67%, 1/8/18 807,134
The accompanying notes are an integral part of these financial statements. 36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Consumer Finance -- (continued) 431,076 AmeriCredit Automobile Receivables Trust 2013-2, 0.65%, 12/8/17 $ 430,825 129,593 AmeriCredit Automobile Receivables Trust 2013-4, 0.74%, 11/8/16 129,589 991,244 0.46 AmeriCredit Automobile Receivables Trust 2014-2, Floating Rate Note, 10/10/17 990,709 2,000,000 0.46 BA Credit Card Trust, Floating Rate Note, 1/15/20 1,999,971 6,400,000 0.44 BA Credit Card Trust, Floating Rate Note, 9/16/19 6,401,325 2,150,000 0.70 Cabela's Credit Card Master Note Trust, Floating Rate Note, 2/18/20 (144A) 2,156,291 1,100,000 0.52 Cabela's Credit Card Master Note Trust, Floating Rate Note, 3/16/20 1,100,060 3,630,000 0.77 Cabela's Credit Card Master Note Trust, Floating Rate Note, 6/17/19 (144A) 3,638,672 2,475,000 0.87 Cabela's Credit Card Master Note Trust, Floating Rate Note, 9/17/18 (144A) 2,480,190 194,250 California Republic Auto Receivables Trust 2012-1, 1.18%, 8/15/17 (144A) 194,567 234,916 California Republic Auto Receivables Trust 2013-1, 1.41%, 9/17/18 (144A) 235,896 3,400,000 0.25 Capital One Multi-Asset Execution Trust, Floating Rate Note, 12/16/19 3,387,315 1,950,000 0.35 Capital One Multi-Asset Execution Trust, Floating Rate Note, 2/15/19 1,950,363 5,470,000 0.26 Capital One Multi-Asset Execution Trust, Floating Rate Note, 6/17/19 5,457,600 6,945,000 0.26 Capital One Multi-Asset Execution Trust, Floating Rate Note, 8/15/18 6,942,708 19,221 0.91 Chase Funding Trust Series 2002-4, Floating Rate Note, 10/25/32 17,803 639,000 Citibank Credit Card Issuance Trust, 4.55%, 6/20/17 644,710 1,650,000 Citibank Credit Card Issuance Trust, 5.1%, 11/20/17 1,696,667 3,490,000 0.46 Citibank Credit Card Issuance Trust, Floating Rate Note, 11/7/18 3,487,585 9,931,000 0.41 Citibank Credit Card Issuance Trust, Floating Rate Note, 2/7/18 9,930,136 17,520,000 0.27 Citibank Credit Card Issuance Trust, Floating Rate Note, 4/24/17 17,517,547 6,500,000 1.38 Citibank Credit Card Issuance Trust, Floating Rate Note, 5/22/17 6,509,022 3,500,000 0.37 Citibank Credit Card Issuance Trust, Floating Rate Note, 5/9/18 3,499,608 338,197 CPS Auto Receivables Trust 2013-B, 1.82%, 9/15/20 (144A) 336,714 430,345 CPS Auto Receivables Trust 2014-A, 1.21%, 8/15/18 428,740
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 37 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Consumer Finance -- (continued) 1,825,596 CPS Auto Receivables Trust 2014-C, 1.31%, 2/15/19 (144A) $ 1,822,943 355,883 CPS Auto Trust, 1.48%, 3/16/20 (144A) 355,957 358,246 CPS Auto Trust, 1.82%, 12/16/19 (144A) 359,288 800,000 Dell Equipment Finance Trust 2014-1, 0.64%, 7/22/16 (144A) 800,218 15,840 First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A) 15,864 1,761,625 First Investors Auto Owner Trust 2013-2, 1.23%, 3/15/19 (144A) 1,764,378 53,125 First Investors Auto Owner Trust 2013-3, 0.89%, 9/15/17 (144A) 53,127 1,915,630 First Investors Auto Owner Trust 2014-2, 0.86%, 8/15/18 (144A) 1,913,708 2,000,000 First Investors Auto Owner Trust 2014-3, 1.06%, 11/15/18 (144A) 1,998,087 30,632 0.44 Ford Credit Auto Lease Trust 2013-B, Floating Rate Note, 1/15/16 30,634 2,097,986 0.33 Ford Credit Auto Lease Trust 2014-B, Floating Rate Note, 3/15/17 2,097,130 44,064 Ford Credit Auto Owner Trust 2011-B, 1.35%, 12/15/16 44,139 508,019 Ford Credit Auto Owner Trust 2014-A, 0.48%, 11/15/16 507,976 2,500,000 0.42 Ford Credit Auto Owner Trust 2015-A, Floating Rate Note, 1/15/18 2,500,486 350,000 0.55 Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 1/15/18 350,112 900,000 0.57 Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 2/15/19 900,358 4,300,000 0.42 Golden Credit Card Trust, Floating Rate Note, 2/15/18 (144A) 4,296,164 715,000 0.60 Golden Credit Card Trust, Floating Rate Note, 9/15/18 (144A) 715,732 190,000 Harley-Davidson Motorcycle Trust 2011-1, 2.12%, 8/15/17 190,989 490,801 Harley-Davidson Motorcycle Trust 2012-1, 0.68%, 4/17/17 490,877 88,060 Honda Auto Receivables 2012-2 Owner Trust, 0.7%, 2/16/16 88,069 1,789,744 Honda Auto Receivables 2012-4 Owner Trust, 0.52%, 8/18/16 1,789,565
The accompanying notes are an integral part of these financial statements. 38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Consumer Finance -- (continued) 196,430 Honda Auto Receivables 2013-1 Owner Trust, 0.48%, 11/21/16 $ 196,431 744,612 Honda Auto Receivables 2013-2 Owner Trust, 0.53%, 2/16/17 744,488 1,709,829 Honda Auto Receivables 2014-1 Owner Trust, 0.41%, 9/21/16 1,708,957 2,102,739 Hyundai Auto Receivables Trust 2012-A, 0.95%, 12/15/16 2,104,953 68,325 Hyundai Auto Receivables Trust 2014-B, 0.44%, 2/15/17 68,322 1,825,000 0.60 Master Credit Card Trust II, Floating Rate Note, 1/22/18 (144A) 1,826,788 1,236,892 0.35 Mercedes Benz Auto Lease Trust 2014-A, Floating Rate Note, 6/15/16 1,236,679 242,194 0.44 Nissan Auto Lease Trust 2013-B, Floating Rate Note, 1/15/16 242,200 5,784 Nissan Auto Receivables 2012-A Owner Trust, 0.73%, 5/16/16 5,786 1,803,832 Nissan Auto Receivables 2013-A Owner Trust, 0.5%, 5/15/17 1,803,969 3,395,000 0.64 Nissan Master Owner Trust Receivables, Floating Rate Note, 5/15/17 3,395,934 2,209 Volkswagen Auto Lease Trust 2013-A, 0.63%, 12/21/15 2,209 2,888 0.43 Volkswagen Auto Lease Trust 2013-A, Floating Rate Note, 12/21/15 2,888 3,396,357 Volkswagen Auto Lease Trust 2014-A, 0.52%, 10/20/16 3,395,318 879,885 0.39 Volkswagen Auto Lease Trust 2014-A, Floating Rate Note, 10/20/16 879,442 295,000 Volvo Financial Equipment LLC Series 2012-1, 2.38%, 9/16/19 (144A) 296,468 1,127,819 Volvo Financial Equipment LLC Series 2013-1, 0.74%, 3/15/17 (144A) 1,127,832 1,245,524 Volvo Financial Equipment LLC Series 2014-1, 0.54%, 11/15/16 (144A) 1,244,956 -------------- $ 152,859,586 ------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 0.1% 967,077 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) $ 972,517 655,456 Navitas Equipment Receivables LLC 2013-1, 1.95%, 11/15/16 655,433 -------------- $ 1,627,950 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 39 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 0.4% 928,047 0.92 Chesapeake Funding LLC, Floating Rate Note, 11/7/23 (144A) $ 928,664 250,000 2.17 Chesapeake Funding LLC, Floating Rate Note, 11/7/23 (144A) 250,580 2,500,000 0.67 Chesapeake Funding LLC, Floating Rate Note, 2/7/27 (144A) 2,500,105 1,000,000 1.92 Chesapeake Funding LLC, Floating Rate Note, 2/7/27 (144A) 1,000,000 2,250,000 0.60 Chesapeake Funding LLC, Floating Rate Note, 3/7/26 2,248,382 947,427 1.42 Chesapeake Funding LLC, Floating Rate Note, 4/7/24 (144A) 950,980 1,146,527 0.62 Chesapeake Funding LLC, Floating Rate Note, 5/7/24 (144A) 1,146,812 200,000 1.32 Chesapeake Funding LLC, Floating Rate Note, 5/7/24 (144A) 200,738 932,177 0.36 CLI Funding LLC, Floating Rate Note, 8/18/21 (144A) 925,583 -------------- $ 10,151,844 -------------- Total Diversified Financials $ 293,206,928 ------------------------------------------------------------------------------------------------ REAL ESTATE -- 0.0%+ Real Estate Services -- 0.0%+ 501,835 0.36 HSI Asset Securitization Corp., Trust 2006-OPT1, Floating Rate Note, 12/25/35 $ 491,512 -------------- Total Real Estate $ 491,512 ------------------------------------------------------------------------------------------------ GOVERNMENT -- 0.2% 3,238,621 2.17 Fannie Mae Connecticut Avenue Securities, Floating Rate Note, 10/25/23 $ 3,280,937 705,340 Federal Home Loan Banks, 2.9%, 4/20/17 727,380 1,674,510 1.62 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 11/25/23 1,676,650 577,380 0.82 Fremont Home Loan Trust 2005-B, Floating Rate Note, 4/25/35 576,281 -------------- $ 6,261,248 -------------- Total Government $ 6,261,248 ------------------------------------------------------------------------------------------------ TOTAL ASSET BACKED SECURITIES (Cost $676,370,169) $ 677,404,555 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ COLLATERALIZED MORTGAGE OBLIGATIONS -- 31.2% TRANSPORTATION -- 0.1% Trucking -- 0.1% 854,408 0.72 Hertz Fleet Lease Funding LP, Floating Rate Note, 12/10/27 (144A) $ 854,670 500,000 1.23 Hertz Fleet Lease Funding LP, Floating Rate Note, 12/10/27 (144A) 501,314 -------------- $ 1,355,984 -------------- Total Transportation $ 1,355,984 ------------------------------------------------------------------------------------------------ BANKS -- 23.8% Thrifts & Mortgage Finance -- 23.8% 401,091 A10 Securitization 2013-1 LLC, 2.4%, 11/17/25 (144A) $ 402,420 2,500,000 1.62 ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 2,495,069 4,114,212 1.17 ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 4,108,028 1,228,077 0.45 Adjustable Rate Mortgage Trust 2005-5, Floating Rate Note, 9/25/35 1,147,685 551,450 0.80 Alternative Loan Trust 2003-3T1, Floating Rate Note, 5/25/33 542,750 376,324 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 380,839 2,255,082 0.75 Alternative Loan Trust 2004-6CB, Floating Rate Note, 4/25/34 2,184,449 1,000,000 1.07 Alternative Loan Trust 2004-J13, Floating Rate Note, 2/25/35 966,997 1,500,000 1.60 American Homes 4 Rent 2014-SFR1, Floating Rate Note, 6/17/31 (144A) 1,486,260 3,000,000 0.00 Apidos CDO, Floating Rate Note, 7/15/23 (144A) (d) 3,000,000 3,800,000 1.90 Arbor Realty Collateralized Loan Obligation 2015-FL1, Ltd., Floating Rate Note, 3/15/25 (144A) 3,800,000 2,011,237 1.66 Arran Residential Mortgages Funding 2010-1 Plc, Floating Rate Note, 5/16/47 (144A) 2,021,686 2,211,382 0.43 ASG Resecuritization Trust 2010-3, Floating Rate Note, 12/29/45 (144A) 2,127,856 3,613,000 2.37 BAMLL Commercial Mortgage Securities Trust 2014-FL1, Floating Rate Note, 12/17/31 (144A) 3,624,346 1,920,000 1.27 BAMLL Commercial Mortgage Securities Trust 2014-ICTS, Floating Rate Note, 6/15/28 (144A) (e) 1,912,752 5,040,000 5.37 Banc of America Commercial Mortgage Trust 2006-1, Floating Rate Note, 9/10/45 5,113,529 3,590,000 5.46 Banc of America Commercial Mortgage Trust 2006-1, Floating Rate Note, 9/10/45 3,679,782 1,476,395 0.54 Banc of America Funding 2004-B Trust, Floating Rate Note, 12/20/34 1,440,748
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 41 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 4,050,577 Banc of America Merrill Lynch Commercial Mortgage, Inc., 4.933%, 7/10/45 $ 4,067,520 6,072,854 5.12 Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 10/10/45 6,103,224 5,057,395 5.18 Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 9/10/47 5,115,115 102,464 3.13 Banc of America Mortgage 2003-A Trust, Floating Rate Note, 2/25/33 101,470 368,493 2.62 Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33 369,976 1,732,303 2.67 Banc of America Mortgage 2004-D Trust, Floating Rate Note, 5/25/34 1,734,852 413,601 2.50 Banc of America Mortgage 2004-I Trust, Floating Rate Note, 10/25/34 402,395 3,184,089 1.17 Bayview Commercial Asset Trust 2008-1, Floating Rate Note, 1/25/38 (144A) 3,171,489 3,150,000 0.00 BBCMS Trust 2015-SLP, Floating Rate Note, 2/15/28 (144A) (d) 3,149,587 1,940,735 2.78 BCAP LLC 2009-RR13-I Trust, Floating Rate Note, 9/26/35 (144A) 1,987,352 759,725 0.00 BCAP LLC 2013-RR3 Trust, Floating Rate Note, 5/28/36 (144A) (d) 765,474 1,064,418 2.97 BCAP LLC 2013-RR7 Trust, Floating Rate Note, 12/27/34 1,101,766 56,164 2.68 Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 56,122 1,110,779 1.01 Bear Stearns ALT-A Trust 2004-11, Floating Rate Note, 11/25/34 1,087,336 2,023,899 0.87 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 1,978,617 1,282,544 1.01 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 1,163,652 3,155,286 1.01 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 3,051,058 3,135,483 0.87 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 3,045,978 483,659 0.91 Bear Stearns ALT-A Trust 2004-13, Floating Rate Note, 11/25/34 480,177 2,647,407 0.77 Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34 2,534,882 951,746 0.87 Bear Stearns ALT-A Trust 2004-8, Floating Rate Note, 9/25/34 923,436 1,231,956 2.55 Bear Stearns ARM Trust 2003-3, Floating Rate Note, 5/25/33 1,235,702 374,444 2.75 Bear Stearns ARM Trust 2004-3, Floating Rate Note, 7/25/34 369,388
The accompanying notes are an integral part of these financial statements. 42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 551,328 2.16 Bear Stearns ARM Trust 2005-5, Floating Rate Note, 8/25/35 $ 556,258 281,560 1.27 Bear Stearns Asset Backed Securities Trust 2003-AC5, Floating Rate Note, 10/25/33 260,383 3,274,895 5.40 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR10, Floating Rate Note, 12/11/40 3,327,126 1,330,000 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR8, 4.75%, 6/11/41 1,336,480 5,452,076 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9, 4.871%, 9/11/42 5,478,126 3,751,000 4.99 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9, Floating Rate Note, 9/11/42 3,806,151 8,183,297 5.14 Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 8,253,976 712,136 Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.171%, 12/11/38 723,756 423,492 3.10 Bear Stearns Mortgage Securities, Inc., Floating Rate Note, 6/25/30 432,485 1,375,000 1.92 Boca Hotel Portfolio Trust 2013-BOCA, Floating Rate Note, 8/17/26 (144A) 1,375,000 171,441 CAM Mortgage Trust 2014-2, 2.6%, 12/15/53 (Step) (144A) 171,427 3,300,000 2.02 Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 3,304,731 1,028,911 0.52 Castle Garden Funding, Floating Rate Note, 10/27/20 (144A) 1,028,041 2,959,373 5.23 CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,973,507 4,860,000 2.67 CDGJ Commercial Mortgage Trust 2014-BXCH, Floating Rate Note, 12/15/27 (144A) 4,866,799 1,050,000 1.37 CGBAM Commercial Mortgage Trust 2014-HD, Floating Rate Note, 2/18/31 (144A) 1,047,549 5,670,000 1.12 CG-CCRE Commercial Mortgage Trust 2014-FL1, Floating Rate Note, 6/16/31 (144A) 5,664,188 6,770,000 2.07 CGWF Commercial Mortgage Trust 2013-RKWH REMICS, Floating Rate Note, 11/15/30 (144A) 6,776,432 266,781 Chase Mortgage Finance Trust Series 2005-S1, 5.5%, 5/25/35 270,555 117,072 0.50 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-1, Floating Rate Note, 1/25/35 (144A) 106,026 55,283 0.47 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3, Floating Rate Note, 8/25/35 (144A) 50,803 270,909 0.72 CHL Mortgage Pass-Through Trust 2003-11, Floating Rate Note, 5/25/33 266,302
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 43 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 557,890 0.67 CHL Mortgage Pass-Through Trust 2003-15 REMICS, Floating Rate Note, 6/25/18 $ 552,951 44,161 0.57 CHL Mortgage Pass-Through Trust 2003-J7, Floating Rate Note, 8/25/18 43,062 267,985 0.52 CIFC Funding 2007-I, Ltd., Floating Rate Note, 5/10/21 (144A) 264,914 14,322 Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust Series 2005-4, 5.0%, 7/25/20 14,894 1,140,692 Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust Series 2005-7, 5.0%, 10/25/35 1,165,669 197,690 0.34 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 197,638 1,982,362 0.38 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 1,980,060 497,205 0.42 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 496,584 1,105,112 0.47 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 1,103,411 2,300,383 Citigroup Mortgage Loan Trust 2010-4 REMICS, 5.0%, 10/25/35 (144A) 2,402,145 768,292 1.17 Citigroup Mortgage Loan Trust 2010-7 REMICS, Floating Rate Note, 9/25/37 (144A) 768,069 7,310 Citigroup Mortgage Loan Trust, Inc., 6.5%, 6/25/16 7,335 950,000 4.65 City Center Trust 2011-CCHP, Floating Rate Note, 7/17/28 (144A) 954,226 1,352,655 0.78 CNL Commercial Mortgage Loan Trust 2002-1, Floating Rate Note, 10/25/28 (144A) 1,298,549 342,895 0.62 CNL Commercial Mortgage Loan Trust 2003-2, Floating Rate Note, 10/25/30 (144A) 297,034 2,300,000 2.10 Colony American Homes 2014-1, Floating Rate Note, 5/19/31 (144A) 2,293,042 1,175,647 5.12 COMM 2005-C6 Mortgage Trust, Floating Rate Note, 6/10/44 1,181,215 6,607,413 5.17 COMM 2005-C6 Mortgage Trust, Floating Rate Note, 6/10/44 6,659,222 1,270,707 1.69 COMM 2013-FL3 Mortgage Trust, Floating Rate Note, 10/13/28 (144A) 1,273,581 4,970,000 2.32 COMM 2014-FL5 Mortgage Trust, Floating Rate Note, 10/15/31 (144A) 4,953,783 5,740,000 1.83 COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A) 5,727,848 2,722,000 1.77 COMM 2014-PAT Mortgage Trust, Floating Rate Note, 8/13/27 (144A) 2,710,482 5,454,000 1.92 COMM 2014-SAVA Mortgage Trust, Floating Rate Note, 6/15/34 (144A) 5,441,270
The accompanying notes are an integral part of these financial statements. 44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 6,150,000 1.77 COMM 2014-TWC Mortgage Trust, Floating Rate Note, 2/13/32 (144A) $ 6,150,400 838,163 2.11 Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/19/26 (144A) 837,940 3,500,000 1.60 Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/19/26 (144A) 3,499,072 461,260 4.89 Commercial Mortgage Trust 2005-GG3, Floating Rate Note, 8/10/42 461,175 6,995,000 5.28 Commercial Mortgage Trust 2005-GG5, Floating Rate Note, 4/10/37 7,100,457 5,671,584 5.47 Credit Suisse Commercial Mortgage Trust Series 2006-C1, Floating Rate Note, 2/15/39 5,784,279 2,387,569 5.65 Credit Suisse Commercial Mortgage Trust Series 2006-C2, Floating Rate Note, 3/15/39 2,461,853 6,197,132 5.23 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40 6,248,642 352,836 0.91 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/34 343,097 4,682,633 5.10 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 4,695,299 1,742,713 0.44 Credit Suisse First Boston Mortgage Securities, 05-6, Floating Rate Note, 7/25/35 1,689,517 1,282,137 2.69 Credit Suisse Mortgage Capital Certificates REMICS, Floating Rate Note, 7/27/36 (144A) 1,304,842 2,300,000 N/A Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 3/15/17 (144A) 2,299,857 6,470,000 1.37 CSMC Series 2014-ICE, Floating Rate Note, 4/15/27 (144A) 6,442,593 2,400,000 1.97 CSMC Trust 2014-SURF REMICS, Floating Rate Note, 2/15/29 (144A) 2,392,807 2,400,000 0.00 CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 (144A) (d) 2,392,807 1,460,000 1.47 Del Coronado Trust 2013-DEL, Floating Rate Note, 3/16/26 (144A) 1,457,944 2,500,000 0.91 Eaton Vance CDO IX, Ltd., Floating Rate Note, 4/20/19 (144A) 2,467,945 1,850,000 1.77 EQTY 2014-INNS Mortgage Trust REMICS, Floating Rate Note, 5/8/31 (144A) 1,832,399 3,530,000 1.37 EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3,490,044 900,000 0.87 Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 896,298 800,000 1.27 Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 797,997 875,553 2.59 First Horizon Mortgage Pass-Through Trust 2003-AR3, Floating Rate Note, 9/25/33 873,991
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 45 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,750,000 0.71 Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) $ 1,729,644 1,700,000 4.97 GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/45 1,702,176 775,807 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) 749,383 461,803 0.49 Global Mortgage Securitization, Ltd., Floating Rate Note, 11/25/32 (144A) 447,751 2,579,888 0.44 Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32 (144A) 2,476,352 5,020,885 5.23 GMAC Commercial Mortgage Securities, Inc., Series 2006-C1 Trust, Floating Rate Note, 11/10/45 5,107,746 37,762 5.30 GMAC Commercial Mortgage Securities, Inc., Series 2004-C2 Trust, Floating Rate Note, 8/10/38 37,797 3,350,000 1.47 GP Portfolio Trust 2014-GGP, Floating Rate Note, 2/16/27 (144A) 3,348,992 3,550,000 5.55 GS Mortgage Securities Trust 2006-GG6 REMICS, Floating Rate Note, 4/10/38 3,607,535 1,690,000 1.92 GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 1,693,363 1,319,874 0.95 GSAA Home Equity Trust 2004-6, Floating Rate Note, 6/25/34 1,303,806 252,067 0.91 GSAA Home Equity Trust 2004-8, Floating Rate Note, 9/25/34 251,579 91,037 2.37 GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33 92,393 693,769 2.70 HarborView Mortgage Loan Trust 2004-1, Floating Rate Note, 4/19/34 689,085 253,779 1.30 HarborView Mortgage Loan Trust 2004-4, Floating Rate Note, 6/19/34 245,582 839,787 1.90 Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 840,186 4,396,712 0.81 Homestar Mortgage Acceptance Corp., Floating Rate Note, 3/25/34 4,216,139 971,953 0.52 Homestar Mortgage Acceptance Corp., Floating Rate Note, 6/25/34 956,665 1,860,222 0.62 Homestar Mortgage Acceptance Corp., Floating Rate Note, 7/25/34 1,844,683 1,800,000 1.88 Hyatt Hotel Portfolio Trust 2015-HYT, Floating Rate Note, 11/15/29 (144A) 1,802,855 487,489 1.07 Impac CMB Trust Series 2003-8, Floating Rate Note, 10/25/33 470,186 2,092,527 0.81 Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34 1,997,414 1,823,815 0.79 Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34 1,741,457
The accompanying notes are an integral part of these financial statements. 46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 576,261 1.01 Impac CMB Trust Series 2004-5, Floating Rate Note, 8/25/34 $ 565,044 477,639 0.97 Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34 454,361 2,289,503 0.91 Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34 2,171,914 1,750,936 0.99 Impac CMB Trust Series 2004-8, Floating Rate Note, 8/25/34 1,688,310 255,360 2.80 Impac CMB Trust Series 2004-8, Floating Rate Note, 8/25/34 239,312 727,504 0.97 Impac Secured Assets CMN Owner Trust, Floating Rate Note, 11/25/34 721,585 2,132,610 0.52 Impac Secured Assets Trust 2006-1, Floating Rate Note, 5/25/36 2,063,657 975,819 0.52 Impac Secured Assets Trust 2006-2, Floating Rate Note, 8/25/36 959,399 801,240 0.37 Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36 751,509 1,800,000 2.10 Invitation Homes 2013-SFR1 Trust, Floating Rate Note, 12/19/30 (144A) 1,796,965 131,081 6.45 JP Morgan Chase Commercial Mortgage Securities Corp., Pass-Through Certificates Series 2002 CIBC4, Floating Rate Note, 5/12/34 135,704 223,543 4.84 JP Morgan Chase Commercial Mortgage Securities Trust 2004-LN2, Floating Rate Note, 7/15/41 223,159 958,695 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP2 REMICS, 4.738%, 7/15/42 957,280 3,770,000 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP2, 4.78%, 7/15/42 3,775,621 6,608,305 4.94 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP3 REMICS, Floating Rate Note, 8/15/42 6,628,381 2,670,000 5.01 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP3, Floating Rate Note, 8/15/42 2,698,598 3,950,000 5.04 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, Floating Rate Note, 10/15/42 3,979,242 5,864,492 5.23 JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP5, Floating Rate Note, 12/15/44 5,928,597 1,677,103 0.45 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 1,660,044 167,333 0.53 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 161,468
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 47 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 2,712,000 5.56 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP6, Floating Rate Note, 4/15/43 $ 2,789,916 74,132 0.33 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9, Floating Rate Note, 5/15/47 74,107 4,908 5.69 JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC19, Floating Rate Note, 2/12/49 4,908 4,975,000 0.95 JP Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ, Floating Rate Note, 4/15/30 (144A) 4,973,940 5,600,000 1.42 JP Morgan Chase Commercial Mortgage Securities Trust 2014-BXH, Floating Rate Note, 4/15/27 (144A) 5,595,010 4,280,000 1.57 JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM, Floating Rate Note, 10/15/29 (144A) 4,261,096 3,510,000 1.67 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU REMICS, Floating Rate Note, 12/15/28 (144A) 3,512,155 2,910,000 2.17 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU, Floating Rate Note, 12/15/28 (144A) 2,912,820 1,500,000 1.92 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL4, Floating Rate Note, 12/16/30 (144A) 1,501,197 4,240,000 1.57 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL6, Floating Rate Note, 11/17/31 (144A) 4,236,474 3,750,000 1.09 JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 3,738,761 3,500,000 1.87 JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 3,482,885 3,770,000 1.78 JP Morgan Chase Commercial Mortgage Securities Trust 2014-PHH, Floating Rate Note, 8/16/27 (144A) 3,768,722 4,000,000 2.43 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, Floating Rate Note, 1/15/32 (144A) 4,001,263 1,432,133 2.05 JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33 1,428,031
The accompanying notes are an integral part of these financial statements. 48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 4,126,918 1.66 Lanark Master Issuer Plc, Floating Rate Note, 12/22/54 (144A) $ 4,168,339 1,132,197 0.76 Lanark Master Issuer Plc, Floating Rate Note, 12/22/54 (144A) 1,133,216 107,390 LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31 109,249 255,175 LB-UBS Commercial Mortgage Trust 2005-C3, 4.739%, 7/15/30 255,445 2,392,355 LB-UBS Commercial Mortgage Trust 2005-C5, 4.954%, 9/15/30 2,393,721 4,433,896 5.20 LB-UBS Commercial Mortgage Trust 2005-C7 REMICS, Floating Rate Note, 11/15/30 4,454,912 5,267,861 LB-UBS Commercial Mortgage Trust 2006-C1 REMICS, 5.156%, 2/15/31 5,344,382 161,281 LEAF Receivables Funding 9 LLC, 0.88%, 11/15/15 (144A) 161,281 1,005,038 1.12 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A) 999,148 1,515,921 1.22 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 1,475,451 1,743,320 0.42 Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A) 1,647,316 1,109,305 0.39 Lehman Brothers Small Balance Commercial, Floating Rate Note, 4/25/31 (144A) 1,032,510 2,340,020 0.40 Lehman Brothers Small Balance Commercial, Floating Rate Note, 4/25/31 (144A) 2,189,297 1,765,373 0.42 Lehman Brothers Small Balance Commercial, Floating Rate Note, 9/25/30 (144A) 1,659,431 2,818,091 0.87 Lehman XS Trust Series 2005-2, Floating Rate Note, 8/25/35 2,660,221 750,087 2.04 MASTR Adjustable Rate Mortgages Trust 2003-3, Floating Rate Note, 9/25/33 753,153 1,637,798 0.52 MASTR Alternative Loan Trust 2005-1, Floating Rate Note, 2/25/35 1,602,785 191,679 0.57 MASTR Asset Securitization Trust 2003-6, Floating Rate Note, 7/25/18 185,492 1,983,009 0.65 Mellon Residential Funding Corp., Mortgage Pass-Through Trust Series 2000 TBC2, Floating Rate Note, 6/15/30 1,881,753 1,197,177 0.61 Mellon Residential Funding Corp., Mortgage Pass-Through Trust Series 2000-TBC3, Floating Rate Note, 12/15/30 1,141,184 610,822 2.35 Merrill Lynch Mortgage Investors Trust Series 2005-2, Floating Rate Note, 10/25/35 616,316
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 49 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,612,364 1.20 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A, Floating Rate Note, 3/25/28 $ 1,502,244 1,484,730 0.85 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-B, Floating Rate Note, 4/25/28 1,436,735 1,975,561 0.83 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C REMICS, Floating Rate Note, 6/25/28 1,878,017 1,593,615 1.06 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C, Floating Rate Note, 6/25/28 1,571,091 1,785,254 0.79 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E, Floating Rate Note, 10/25/28 1,704,263 234,403 1.89 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G, Floating Rate Note, 1/25/29 233,777 1,369,765 0.81 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H, Floating Rate Note, 1/25/29 1,347,279 1,887,338 0.63 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A REMICS, Floating Rate Note, 4/25/29 1,810,422 438,370 0.87 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B, Floating Rate Note, 5/25/29 425,306 2,081,548 0.73 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C, Floating Rate Note, 7/25/29 1,933,259 125,783 1.36 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C, Floating Rate Note, 7/25/29 120,019 735,905 2.10 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D, Floating Rate Note, 9/25/29 734,753 2,079,675 1.11 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-E, Floating Rate Note, 11/25/29 2,006,674 2,730,520 0.73 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 2,562,085 931,687 0.96 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 904,980 2,409,529 0.63 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-A, Floating Rate Note, 3/25/30 2,337,603 1,587,903 5.05 Merrill Lynch Mortgage Trust 2005-CIP1, Floating Rate Note, 7/12/38 1,592,883 5,752,151 5.28 Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate Note, 11/12/37 5,800,049 5,400,238 5.29 Merrill Lynch Mortgage Trust 2005-LC1, Floating Rate Note, 1/12/44 5,486,729 1,555,734 4.75 Merrill Lynch Mortgage Trust 2005-MCP1, Floating Rate Note, 6/12/43 1,556,500 166,718 5.30 Morgan Stanley Capital I Trust 2004-IQ8, Floating Rate Note, 6/15/40 166,626 2,900,000 5.07 Morgan Stanley Capital I Trust 2005-HQ6 REMICS, Floating Rate Note, 8/13/42 2,910,617 1,991,112 5.23 Morgan Stanley Capital I Trust 2005-IQ10, Floating Rate Note, 9/15/42 1,997,019
The accompanying notes are an integral part of these financial statements. 50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 3,389,526 Morgan Stanley Capital I Trust 2005-TOP19, 4.89%, 6/12/47 $ 3,392,939 3,200,000 5.79 Morgan Stanley Capital I Trust 2006-HQ9, Floating Rate Note, 7/12/44 3,355,328 1,960,000 5.16 Morgan Stanley Capital I Trust 2006-TOP21, Floating Rate Note, 10/12/52 1,986,842 2,204,781 5.88 Morgan Stanley Capital I Trust 2006-TOP23, Floating Rate Note, 8/12/41 2,306,404 2,996,836 0.44 Morgan Stanley Mortgage Loan Trust 2005-5AR, Floating Rate Note, 9/25/35 2,972,816 2,048,329 0.45 Morgan Stanley Mortgage Loan Trust 2005-6AR, Floating Rate Note, 11/25/35 1,973,673 624,699 0.44 Morgan Stanley Mortgage Loan Trust 2005-6AR, Floating Rate Note, 11/25/35 620,715 40,356 0.52 Morgan Stanley Re-REMIC Trust 2010-R4, Floating Rate Note, 7/26/36 (144A) 40,339 2,015,636 0.95 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 1,951,760 6,258,339 0.91 MortgageIT Trust 2004-2, Floating Rate Note, 12/25/34 6,110,048 1,634,621 0.43 MortgageIT Trust 2005-2, Floating Rate Note, 5/25/35 1,556,383 800,447 0.50 NewStar Commercial Loan Trust 2007-1, Floating Rate Note, 9/30/22 (144A) 787,813 2,029,439 2.02 NorthStar 2013-1, Floating Rate Note, 8/27/29 (144A) 2,031,343 4,781,671 0.48 Opteum Mortgage Acceptance Corp Trust 2005-4, Floating Rate Note, 11/25/35 4,482,544 1,244,174 ORES 2014-LV3 LLC, 3.0%, 3/27/24 (144A) 1,244,174 527,545 ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 527,381 5,200,000 2.32 RAIT 2014-FL2 Trust, Floating Rate Note, 5/15/31 (144A) 5,140,746 3,466,193 1.42 RAIT 2014-FL3 Trust, Floating Rate Note, 12/15/31 (144A) 3,491,324 79,795 0.72 RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17 77,021 716,779 0.57 RALI Series 2003-QS10 Trust, Floating Rate Note, 5/25/33 708,296 2,042,879 0.67 RALI Series 2003-QS11 Trust, Floating Rate Note, 6/25/33 1,905,602 908,421 0.62 RALI Series 2003-QS22 Trust, Floating Rate Note, 12/26/33 838,855 851,587 0.62 RALI Series 2003-QS5 Trust, Floating Rate Note, 3/25/18 830,700 1,173,274 0.62 RALI Series 2003-QS9 Trust, Floating Rate Note, 5/25/18 1,144,490
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 51 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 633,775 RALI Series 2004-QR1 Trust, 5.25%, 10/25/34 $ 634,841 2,474 0.72 RALI Series 2004-QS1 Trust, Floating Rate Note, 1/25/34 2,473 549,555 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 561,827 446,866 0.77 RALI Series 2004-QS5 Trust, Floating Rate Note, 4/25/34 441,766 3,353,562 0.47 RALI Series 2005-QA1 Trust, Floating Rate Note, 1/25/35 3,198,078 2,491,034 0.67 RBSSP Resecuritization Trust 2009-5, Floating Rate Note, 8/25/37 (144A) 2,386,437 671,746 0.52 Regatta Funding, Ltd., Floating Rate Note, 6/15/20 (144A) 668,313 2,008,962 1.62 RESI Finance LP 2003-CB1, Floating Rate Note, 7/9/35 1,916,569 2,537,711 0.97 RESI MAC, 2014-1A, Floating Rate Note, 6/12/19 (144A) 2,539,767 612,374 0.62 Residential Asset Securitization Trust 2003-A15, Floating Rate Note, 2/25/34 564,037 379,175 0.57 Residential Asset Securitization Trust 2003-A2, Floating Rate Note, 5/25/33 347,830 4,920,000 1.23 Resource Capital Corp., 2014-CRE2, Ltd., Floating Rate Note, 4/15/32 (144A) 4,891,233 3,000,000 2.32 Resource Capital Corp., CRE Notes 2013, Ltd., Floating Rate Note, 6/15/16 (144A) 3,002,766 3,302,310 Selene Non-Performing Loans LLC, 2.9814%, 5/25/54 (Step) (144A) 3,269,429 116,557 0.94 Sequoia Mortgage Trust 10, Floating Rate Note, 10/20/27 109,453 472,386 1.00 Sequoia Mortgage Trust 2003-2, Floating Rate Note, 6/20/33 458,894 2,336,434 0.80 Sequoia Mortgage Trust 2003-5, Floating Rate Note, 9/20/33 2,204,849 273,658 0.82 Sequoia Mortgage Trust 2003-8, Floating Rate Note, 1/20/34 260,819 537,900 0.82 Sequoia Mortgage Trust 2004-10, Floating Rate Note, 11/20/34 506,538 148,307 0.63 Sequoia Mortgage Trust 2004-12 REMICS, Floating Rate Note, 1/20/35 136,189 357,928 1.78 Sequoia Mortgage Trust 2004-7, Floating Rate Note, 8/20/34 360,670 3,098,809 0.41 Sequoia Mortgage Trust 2005-1, Floating Rate Note, 2/20/35 2,908,260 998,859 0.61 Sequoia Mortgage Trust 2005-1, Floating Rate Note, 2/20/35 944,413 536,295 0.40 Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35 477,370
The accompanying notes are an integral part of these financial statements. 52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 1,170,579 0.89 Sequoia Mortgage Trust 4, Floating Rate Note, 11/22/24 $ 1,167,743 417,444 1.57 Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/26/59 (144A) 418,483 2,333,576 1.48 Starwood Property Mortgage Trust 2013-FV1, Floating Rate Note, 8/11/28 (144A) 2,334,838 430,840 2.86 Structured Adjustable Rate Mortgage Loan Trust Class 1A1, Floating Rate Note, 3/25/34 429,524 530,509 2.45 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34 522,454 3,278,150 1.03 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34 2,994,429 548,124 2.40 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 3/25/34 552,720 2,336,177 0.54 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 6/25/34 2,249,046 37,325 0.57 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 6/25/35 37,357 820,365 0.88 Structured Asset Mortgage Investments II Trust 2004-AR1, Floating Rate Note, 3/19/34 781,828 4,249,359 0.86 Structured Asset Mortgage Investments II Trust 2004-AR8, Floating Rate Note, 5/19/35 4,128,830 1,795,458 1.08 Structured Asset Mortgage Investments Trust 2002-AR5, Floating Rate Note, 5/19/33 1,752,904 208,576 2.52 Structured Asset Securities Corp., Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33 206,813 368,786 1.11 Structured Asset Securities Corp., Mortgage Pass-Through Certificates Series 1998-8, Floating Rate Note, 8/25/28 364,517 953,338 2.44 Structured Asset Securities Corp., Mortgage Pass-Through Certificates Series 2003-24A, Floating Rate Note, 7/25/33 944,268 139,007 0.67 Structured Asset Securities Corp., Mortgage Pass-Through Certificates Series 2003-35, Floating Rate Note, 12/25/33 137,665 408,176 0.47 Structured Asset Securities Corp., Trust 2005-14, Floating Rate Note, 7/25/35 359,466 621,334 1.85 Thornburg Mortgage Securities Trust 2004-4, Floating Rate Note, 12/25/44 613,205 1,537,000 4.17 Trafigura Securitisation Finance Plc, Floating Rate Note, 10/15/15 (144A) 1,537,442 2,856,369 2.17 Velocity Commercial Capital Loan Trust 2014-1, Floating Rate Note, 9/25/44 (144A) 2,857,798 1,000,000 1.56 Venture XII CLO, Ltd., Floating Rate Note, 2/28/24 (144A) 996,495
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 53 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Thrifts & Mortgage Finance -- (continued) 4,386,116 Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 3.125%, 4/27/54 (Step) (144A) $ 4,371,304 2,011,637 VFC 2014-2 LLC, 2.75%, 7/20/30 (144A) 2,011,498 2,000,000 VFC 2015-3 LLC, 2.75%, 12/20/31 (144A) 1,996,789 3,805,594 VOLT NPL X LLC, 3.375%, 10/26/54 (Step) (144A) 3,805,616 779,033 VOLT XXIV LLC, 3.25%, 11/25/53 (Step) 779,156 2,231,887 VOLT XXX LLC, 3.625%, 10/25/57 (Step) 2,234,676 3,000,000 0.00 Voya CLO, Ltd., Floating Rate Note, 10/15/22 (144A) (d) 3,000,000 4,166,779 5.12 Wachovia Bank Commercial Mortgage Trust Series 2005-C20 REMICS, Floating Rate Note, 7/15/42 4,175,487 1,991,705 5.24 Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Floating Rate Note, 10/17/44 2,006,089 5,061,300 5.27 Wachovia Bank Commercial Mortgage Trust Series 2005-C22 REMICS, Floating Rate Note, 12/15/44 5,123,504 4,297,758 5.42 Wachovia Bank Commercial Mortgage Trust Series 2006-C23 REMICS, Floating Rate Note, 1/15/45 4,369,578 3,438,152 5.72 Wachovia Bank Commercial Mortgage Trust Series 2006-C25, Floating Rate Note, 5/15/43 3,532,158 600,525 2.36 WaMu Mortgage Pass-Through Certificates Series 2005-AR7 Trust, Floating Rate Note, 8/25/35 599,901 322,640 2.51 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/33 325,537 649,256 2.39 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 2/25/33 639,927 2,220,000 1.20 Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 2/16/27 (144A) 2,213,245 1,443,233 0.48 Westwood CDO II, Ltd., Floating Rate Note, 4/25/22 (144A) 1,435,699 -------------- $ 593,572,186 -------------- Total Banks $ 593,572,186 ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.7% Other Diversified Financial Services -- 0.6% 2,534,641 0.29 Crusade Global Trust No 1 of 2007, Floating Rate Note, 4/19/38 $ 2,494,019 2,438,274 0.32 Crusade Global Trust, Floating Rate Note, 11/15/37 2,406,921 135,481 0.32 Crusade Global Trust, Floating Rate Note, 7/20/38 (144A) 135,064 862,436 0.60 GE Business Loan Trust 2003-1, Floating Rate Note, 4/15/31 (144A) 830,731 1,322,747 0.39 GE Business Loan Trust 2004-2, Floating Rate Note, 12/15/32 (144A) 1,289,954 3,187,398 0.42 GE Business Loan Trust 2005-1, Floating Rate Note, 6/15/33 (144A) 3,089,536
The accompanying notes are an integral part of these financial statements. 54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- (continued) 2,199,687 0.34 GE Business Loan Trust 2007-1, Floating Rate Note, 4/16/35 (144A) $ 2,082,565 2,439,026 1.67 Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A) 2,439,087 514,477 Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 514,639 -------------- $ 15,282,516 ------------------------------------------------------------------------------------------------ Specialized Finance -- 0.1% 638,218 1.66 Fosse Master Issuer Plc, Floating Rate Note, 10/19/54 (144A) $ 641,764 115,620 2.29 Nomura Asset Acceptance Corp., Alternative Loan Trust Series 2004-AR4, Floating Rate Note, 12/25/34 116,225 39,643 Nomura Asset Acceptance Corp., Alternative Loan Trust Series 2005-WF1, 4.786%, 3/25/35 40,232 887,000 1.85 Permanent Master Issuer Plc, Floating Rate Note, 7/15/42 (144A) 888,685 -------------- $ 1,686,906 ------------------------------------------------------------------------------------------------ Consumer Finance -- 0.0%+ 435,205 Nissan Auto Receivables 2013-C Owner Trust, 0.4%, 6/15/16 $ 435,187 -------------- Total Diversified Financials $ 17,404,609 ------------------------------------------------------------------------------------------------ GOVERNMENT -- 6.6% 3,056,936 1.12 Fannie Mae Connecticut Avenue Securities, Floating Rate Note, 5/25/24 $ 3,048,926 4,574,479 1.37 Fannie Mae Connecticut Avenue Securities, Floating Rate Note, 7/25/24 4,577,594 1,123,386 0.52 Fannie Mae Trust 2003-W6, Floating Rate Note, 9/25/42 1,143,001 213,694 2.24 Fannie Mae Trust 2005-W4, Floating Rate Note, 6/25/45 221,641 2,010,246 0.43 Fannie Mae Whole Loan, Floating Rate Note, 11/25/46 2,014,228 483,311 Federal Home Loan Mortgage Corp., REMICS, 3.5%, 6/15/28 490,758 28,727 Federal Home Loan Mortgage Corp., REMICS, 4.0%, 1/15/24 28,854 44,139 Federal Home Loan Mortgage Corp., REMICS, 4.0%, 11/15/23 44,562 1,101,603 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 1/15/33 1,111,261 338,138 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 1/15/36 339,213 3,724,036 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 1/15/37 3,740,013
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 55 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 117,982 0.32 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 10/15/20 $ 118,188 100,588 1.12 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 10/15/31 103,680 1,191,956 0.75 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 10/15/37 1,204,977 611,245 0.79 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 10/15/37 619,187 7,385 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/18 7,386 119,490 0.77 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/31 121,545 313,570 1.17 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/33 322,073 178,148 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/35 178,713 922,594 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/36 927,255 450,349 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/36 452,149 551,220 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 11/15/40 553,878 145,733 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/20 146,666 459,361 0.62 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/28 464,821 230,884 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/32 233,048 1,345 0.62 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/32 1,345 30,869 0.67 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/32 31,169 665,665 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/32 668,824 800,595 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/32 804,358 898,116 0.87 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/39 916,142 626,896 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 12/15/41 629,163 279,090 0.40 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/19 279,247 412,710 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/25 413,823 254,991 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/29 256,936
The accompanying notes are an integral part of these financial statements. 56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 888,083 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/30 $ 888,068 646,496 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/33 652,727 402,241 0.72 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/33 407,661 865,668 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/36 866,954 371,368 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/36 372,787 1,337,805 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/37 1,341,799 609,976 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 2/15/39 611,685 1,382,134 1.22 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/24 1,418,701 693,348 1.17 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/32 712,471 197,356 0.87 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/32 201,745 1,004,653 1.17 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/32 1,037,398 1,043,393 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/36 1,048,438 247,707 0.62 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/39 248,874 2,697,186 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 3/15/41 2,709,154 359,131 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 4/15/35 359,919 644,135 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 4/15/36 645,647 122,650 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/29 123,468 217,674 1.67 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/33 225,886 846,101 0.51 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/35 850,022 606,291 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/35 606,575 515,106 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/36 518,533 320,271 0.51 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/37 321,431 232,505 1.42 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/37 238,030
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 57 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 102,262 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 5/15/41 $ 102,622 97,902 0.62 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 6/15/23 98,369 526,130 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 6/15/33 530,316 540,726 0.59 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 6/15/36 543,825 2,179,249 0.48 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 6/15/36 2,184,266 757,684 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 6/15/38 760,450 223,879 0.42 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/21 224,435 589,039 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/23 591,509 599,358 0.41 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/34 599,238 1,110,951 0.67 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/36 1,122,177 48,064 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/36 48,416 868,236 0.37 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/36 868,839 524,402 0.52 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 7/15/40 526,386 450,272 0.37 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 8/15/26 452,332 832,653 0.42 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 8/15/35 834,499 415,472 0.42 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 8/15/35 416,974 839,001 0.42 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 8/15/36 839,087 799,592 0.47 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 9/15/26 801,120 211,204 0.77 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 9/15/32 215,041 362,340 0.59 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 9/15/36 365,793 306,632 0.57 Federal Home Loan Mortgage Corp., REMICS, Floating Rate Note, 9/15/36 309,428 735,790 0.42 Federal Home Loan Mortgage Corp., Floating Rate Note, 1/15/35 739,692 585,799 1.17 Federal Home Loan Mortgage Corp., Floating Rate Note, 3/15/32 601,956
The accompanying notes are an integral part of these financial statements. 58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 4,711,463 0.87 Federal Home Loan Mortgage Corp., Floating Rate Note, 8/15/35 $ 4,762,597 31,557 Federal National Mortgage Association REMICS, 4.5%, 1/25/39 32,020 236,987 0.82 Federal National Mortgage Association REMICS, Floating Rate Note, 1/18/32 241,554 379,831 0.87 Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/32 387,757 152,518 0.82 Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/33 155,548 427,524 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/33 432,541 379,426 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/40 384,736 611,116 0.47 Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/35 613,050 25,319 0.47 Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/35 25,386 2,594,810 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/36 2,618,880 123,381 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/37 124,990 629,737 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/37 638,745 613,215 1.39 Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/38 635,354 2,368,654 0.37 Federal National Mortgage Association REMICS, Floating Rate Note, 10/27/37 2,338,449 1,844,198 1.17 Federal National Mortgage Association REMICS, Floating Rate Note, 11/18/32 1,896,846 430,065 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/31 437,797 378,457 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/31 385,261 734,276 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/33 740,680 647,224 0.47 Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/34 650,955 329,968 0.49 Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/36 331,574 102,824 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/23 104,352 328,551 1.17 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/23 336,742 90,326 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/30 91,854
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 59 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 959,044 1.07 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/31 $ 982,869 386,968 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/32 390,776 259,694 0.41 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/36 260,499 634,258 0.79 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/37 644,030 235,753 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/38 236,377 252,983 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/49 254,920 6,688 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/17 6,706 348,977 0.92 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/33 356,745 782,889 0.52 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/33 789,152 768,873 0.48 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/35 771,360 805,995 0.42 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/37 806,808 476,484 0.37 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/37 475,665 254,385 0.87 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/38 257,019 513,184 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/38 515,498 137,230 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/23 138,228 526,282 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/24 532,534 290,589 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/28 292,126 1,245,546 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/34 1,256,420 1,860,085 0.39 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/35 1,861,821 108,970 0.47 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/36 109,575 226,072 1.17 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/37 232,007 996,076 0.42 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/37 1,000,635 461,606 0.42 Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/37 461,835
The accompanying notes are an integral part of these financial statements. 60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 84,588 0.47 Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/25 $ 84,732 1,921,731 1.07 Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/32 1,973,869 996,804 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/33 1,007,621 446,988 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/42 450,702 395,370 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/33 400,191 682,140 0.52 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/36 685,319 1,271,263 0.48 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/36 1,272,159 1,052,982 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/37 1,057,512 257,802 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/40 261,027 1,119,246 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/40 1,128,934 1,068,872 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/40 1,077,199 220,438 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/23 221,176 805,253 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/36 811,465 895,011 0.41 Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 894,798 75,104 0.40 Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 75,243 307,847 0.42 Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 307,867 99,612 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 100,441 37,247 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 7/18/27 37,732 416,224 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/31 423,708 292,185 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/31 297,321 189,548 1.17 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/32 193,459 477,697 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/34 482,721 151,721 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/34 153,626
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 61 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 1,905,356 0.47 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/35 $ 1,907,965 2,506,412 0.42 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/35 2,521,954 270,082 0.46 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/36 271,341 272,648 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/37 275,111 205,984 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/31 208,909 84,519 0.77 Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/32 86,056 286,932 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/32 290,662 15,927 0.57 Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/33 15,999 259,027 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/36 262,222 26,088 0.97 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/20 26,279 72,385 1.07 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/21 73,770 356,489 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/32 361,486 75,761 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/32 75,814 1,988,408 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/33 2,005,202 784,591 0.74 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/36 791,640 702,124 0.67 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 708,731 385,993 0.62 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 390,397 383,555 0.74 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 387,509 218,755 0.72 Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 221,100 7,146,606 0.47 Federal National Mortgage Association, Floating Rate Note, 12/25/33 7,170,340 14,311,794 0.62 Federal National Mortgage Association, Floating Rate Note, 2/25/38 14,451,391 777,526 0.47 Federal National Mortgage Association, Floating Rate Note, 3/25/18 777,727 124,955 2.68 Federal National Mortgage Association, Floating Rate Note, 4/25/35 133,398
The accompanying notes are an integral part of these financial statements. 62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 618,546 0.52 Freddie Mac STRIPS, Floating Rate Note, 12/15/36 $ 620,478 464,053 0.42 Freddie Mac STRIPS, Floating Rate Note, 8/15/36 465,029 2,006,117 0.47 Freddie Mac STRIPS, Floating Rate Note, 8/15/36 2,013,140 2,394,273 1.57 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 10/25/24 2,399,022 1,411,475 1.17 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 2/25/24 1,412,405 3,905,286 1.52 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 8/25/24 3,912,055 3,500,000 3.44 FREMF Mortgage Trust Class C, Floating Rate Note, 11/25/46 (144A) 3,579,331 918,776 Government National Mortgage Association, 4.0%, 7/20/34 933,885 901,100 0.37 Government National Mortgage Association, Floating Rate Note, 1/16/33 903,524 1,163,190 0.42 Government National Mortgage Association, Floating Rate Note, 1/16/35 1,163,152 348,452 0.85 Government National Mortgage Association, Floating Rate Note, 10/16/39 354,438 918,078 0.57 Government National Mortgage Association, Floating Rate Note, 10/20/38 920,546 1,126,346 0.42 Government National Mortgage Association, Floating Rate Note, 2/20/35 1,127,137 532,390 0.47 Government National Mortgage Association, Floating Rate Note, 4/16/29 533,486 233,618 0.72 Government National Mortgage Association, Floating Rate Note, 4/16/32 235,493 562,133 0.57 Government National Mortgage Association, Floating Rate Note, 5/16/38 562,763 229,291 0.67 Government National Mortgage Association, Floating Rate Note, 6/16/31 230,477 474,072 1.17 Government National Mortgage Association, Floating Rate Note, 8/16/39 486,818 241,968 0.57 Government National Mortgage Association, Floating Rate Note, 8/20/35 242,124 420,928 0.67 Government National Mortgage Association, Floating Rate Note, 8/20/38 423,458 651,353 0.42 Government National Mortgage Association, Floating Rate Note, 9/16/31 653,487 883,235 0.73 NCUA Guaranteed Notes Trust REMICS, Floating Rate Note, 12/8/20 891,423 1,168,769 0.00 NCUA Guaranteed Notes Trust REMICS, Floating Rate Note, 3/2/21 1,170,404 934,194 0.62 NCUA Guaranteed Notes Trust, Floating Rate Note, 10/7/20 939,663
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 63 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Government -- (continued) 2,377,289 0.54 NCUA Guaranteed Notes Trust, Floating Rate Note, 11/6/17 $ 2,383,499 274,439 0.73 NCUA Guaranteed Notes Trust, Floating Rate Note, 12/8/20 277,001 979,919 0.57 NCUA Guaranteed Notes Trust, Floating Rate Note, 3/11/20 983,643 1,146,799 0.55 NCUA Guaranteed Notes Trust, Floating Rate Note, 4/6/20 1,148,824 -------------- $ 165,181,170 -------------- Total Government $ 165,181,170 ------------------------------------------------------------------------------------------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $781,546,492) $ 777,513,949 ------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 30.1% ENERGY -- 1.7% Integrated Oil & Gas -- 0.6% 2,640,000 0.33 Chevron Corp., Floating Rate Note, 11/9/16 $ 2,641,539 2,550,000 0.43 Chevron Corp., Floating Rate Note, 3/2/18 2,549,944 1,980,000 0.28 Exxon Mobil Corp., Floating Rate Note, 3/15/17 1,979,822 1,500,000 0.47 Shell International Finance BV, Floating Rate Note, 11/15/16 1,502,830 2,140,000 0.46 Statoil ASA, Floating Rate Note, 11/9/17 2,132,763 3,355,000 0.63 Total Capital Canada, Ltd., Floating Rate Note, 1/15/16 3,363,592 -------------- $ 14,170,490 ------------------------------------------------------------------------------------------------ Oil & Gas Exploration & Production -- 0.6% 4,114,000 0.63 Canadian Natural Resources, Ltd., Floating Rate Note, 3/30/16 $ 4,108,162 4,800,000 0.69 Devon Energy Corp., Floating Rate Note, 12/15/15 4,792,728 6,604,000 Marathon Oil Corp., 0.9%, 11/1/15 6,605,374 -------------- $ 15,506,264 ------------------------------------------------------------------------------------------------ Oil & Gas Storage & Transportation -- 0.5% 1,650,000 0.91 Enbridge, Inc., Floating Rate Note, 10/1/16 $ 1,643,205 3,355,000 Enterprise Products Operating LLC, 3.2%, 2/1/16 3,414,447 3,830,000 Enterprise Products Operating LLC, 3.7%, 6/1/15 3,846,948 3,544,000 0.94 TransCanada PipeLines, Ltd., Floating Rate Note, 6/30/16 3,554,869 -------------- $ 12,459,469 -------------- Total Energy $ 42,136,223 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ MATERIALS -- 0.2% Diversified Metals & Mining -- 0.1% 1,795,000 0.51 BHP Billiton Finance USA, Ltd., Floating Rate Note, 9/30/16 $ 1,795,165 1,130,000 1.08 Rio Tinto Finance USA Plc, Floating Rate Note, 6/17/16 1,132,544 -------------- $ 2,927,709 ------------------------------------------------------------------------------------------------ Steel -- 0.1% 1,800,000 1.40 Glencore Funding LLC, Floating Rate Note, 5/27/16 (144A) $ 1,806,082 -------------- Total Materials $ 4,733,791 ------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 0.5% Aerospace & Defense -- 0.1% 1,965,000 0.73 United Technologies Corp., Floating Rate Note, 6/1/15 $ 1,966,727 ------------------------------------------------------------------------------------------------ Industrial Conglomerates -- 0.1% 2,400,000 0.45 Tyco Electronics Group SA, Floating Rate Note, 1/29/16 $ 2,399,794 ------------------------------------------------------------------------------------------------ Construction & Farm Machinery & Heavy Trucks -- 0.3% 2,500,000 0.41 Caterpillar Financial Services Corp., Floating Rate Note, 3/3/17 $ 2,498,518 1,500,000 0.52 John Deere Capital Corp., Floating Rate Note, 10/11/16 1,504,068 1,800,000 0.36 John Deere Capital Corp., Floating Rate Note, 12/10/15 1,801,348 2,883,000 0.33 John Deere Capital Corp., Floating Rate Note, 2/25/16 2,884,836 -------------- $ 8,688,770 -------------- Total Capital Goods $ 13,055,291 ------------------------------------------------------------------------------------------------ TRANSPORTATION -- 0.1% Railroads -- 0.1% 1,670,000 0.40 Canadian National Railway Co., Floating Rate Note, 11/14/17 $ 1,667,620 -------------- Total Transportation $ 1,667,620 ------------------------------------------------------------------------------------------------ AUTOMOBILES & COMPONENTS -- 1.6% Automobile Manufacturers -- 1.6% 5,100,000 Daimler Finance North America LLC, 1.3%, 7/31/15 (144A) $ 5,113,566 2,131,000 Daimler Finance North America LLC, 1.65%, 4/10/15 (144A) 2,131,239 1,500,000 0.59 Daimler Finance North America LLC, Floating Rate Note, 3/10/17 (144A) 1,501,320
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 65 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Automobile Manufacturers -- (continued) 1,275,000 0.68 Daimler Finance North America LLC, Floating Rate Note, 3/2/18 (144A) $ 1,276,438 1,500,000 0.93 Daimler Finance North America LLC, Floating Rate Note, 8/1/16 (144A) 1,508,866 2,061,000 0.59 Daimler Finance North America LLC, Floating Rate Note, 8/1/17 (144A) 2,057,146 2,600,000 1.19 Ford Motor Credit Co., LLC, Floating Rate Note, 1/9/18 2,607,049 1,715,000 0.68 Ford Motor Credit Co., LLC, Floating Rate Note, 11/8/16 1,707,900 2,500,000 0.90 Ford Motor Credit Co., LLC, Floating Rate Note, 3/27/17 2,499,000 500,000 0.78 Ford Motor Credit Co., LLC, Floating Rate Note, 9/8/17 497,124 2,000,000 0.78 Nissan Motor Acceptance Corp., Floating Rate Note, 3/3/17 (144A) 2,005,654 1,500,000 0.95 Nissan Motor Acceptance Corp., Floating Rate Note, 9/26/16 (144A) 1,508,643 989,000 0.46 Toyota Motor Credit Corp., Floating Rate Note, 5/16/17 987,903 3,800,000 0.55 Toyota Motor Credit Corp., Floating Rate Note, 5/17/16 3,809,663 2,300,000 0.39 Toyota Motor Credit Corp., Floating Rate Note, 9/18/15 2,301,230 1,900,000 0.48 Volkswagen Group of America Finance LLC, Floating Rate Note, 5/23/16 (144A) 1,897,726 4,990,000 Volkswagen International Finance NV, 1.15%, 11/20/15 (144A) 5,010,010 1,750,000 0.70 Volkswagen International Finance NV, Floating Rate Note, 11/18/16 (144A) 1,753,302 -------------- $ 40,173,779 -------------- Total Automobiles & Components $ 40,173,779 ------------------------------------------------------------------------------------------------ MEDIA -- 0.2% Broadcasting -- 0.2% 2,694,000 0.77 NBCUniversal Enterprise, Inc., Floating Rate Note, 4/15/16 (144A) $ 2,701,953 1,300,000 0.94 NBCUniversal Enterprise, Inc., Floating Rate Note, 4/15/18 (144A) 1,309,551 -------------- $ 4,011,504 -------------- Total Media $ 4,011,504 ------------------------------------------------------------------------------------------------ RETAILING -- 0.2% Internet Retail -- 0.2% 5,450,000 Amazon.com, Inc., 0.65%, 11/27/15 $ 5,455,810 -------------- Total Retailing $ 5,455,810 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 0.6% Brewers -- 0.3% 3,700,000 Anheuser-Busch InBev Finance, Inc., 0.8%, 1/15/16 $ 3,713,546 1,900,000 0.42 Anheuser-Busch InBev Finance, Inc., Floating Rate Note, 1/27/17 1,896,206 1,285,000 Anheuser-Busch InBev Worldwide, Inc., 3.625%, 4/15/15 1,286,083 -------------- $ 6,895,835 ------------------------------------------------------------------------------------------------ Soft Drinks -- 0.2% 551,000 Coca-Cola Enterprises, Inc., 2.125%, 9/15/15 $ 554,378 3,460,000 0.47 PepsiCo, Inc., Floating Rate Note, 2/26/16 3,463,913 -------------- $ 4,018,291 ------------------------------------------------------------------------------------------------ Packaged Foods & Meats -- 0.1% 1,895,000 0.43 General Mills, Inc., Floating Rate Note, 1/28/16 $ 1,893,276 1,765,000 0.53 General Mills, Inc., Floating Rate Note, 1/29/16 1,764,889 -------------- $ 3,658,165 ------------------------------------------------------------------------------------------------ Tobacco -- 0.0%+ 1,075,000 Altria Group, Inc., 4.125%, 9/11/15 $ 1,091,197 -------------- Total Food, Beverage & Tobacco $ 15,663,488 ------------------------------------------------------------------------------------------------ HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Household Products -- 0.1% 2,950,000 The Procter & Gamble Co., 1.8%, 11/15/15 $ 2,976,220 -------------- Total Household & Personal Products $ 2,976,220 ------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 1.1% Health Care Equipment -- 0.6% 2,700,000 0.72 Becton Dickinson and Co., Floating Rate Note, 6/15/16 $ 2,703,297 7,665,000 Covidien International Finance SA, 1.35%, 5/29/15 7,675,654 3,280,000 Medtronic, Inc., 4.75%, 9/15/15 3,340,982 -------------- $ 13,719,933 ------------------------------------------------------------------------------------------------ Health Care Distributors -- 0.3% 2,500,000 McKesson Corp., 3.25%, 3/1/16 $ 2,551,540 5,290,000 0.66 McKesson Corp., Floating Rate Note, 9/10/15 5,291,714 -------------- $ 7,843,254 ------------------------------------------------------------------------------------------------ Health Care Services -- 0.2% 5,000,000 Medco Health Solutions, Inc., 2.75%, 9/15/15 $ 5,042,630 -------------- Total Health Care Equipment & Services $ 26,605,817 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/ 31/15 67 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.3% Pharmaceuticals -- 0.3% 2,500,000 0.62 EMD Finance LLC, Floating Rate Note, 3/17/17 (144A) $ 2,499,992 2,500,000 0.38 Merck & Co., Inc., Floating Rate Note, 2/10/17 2,503,472 500,000 0.42 Merck & Co., Inc., Floating Rate Note, 5/18/16 500,772 2,100,000 0.38 Pfizer, Inc., Floating Rate Note, 5/15/17 2,099,876 -------------- $ 7,604,112 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 7,604,112 ------------------------------------------------------------------------------------------------ BANKS -- 8.8% Diversified Banks -- 5.2% 1,725,000 1.06 ABN AMRO Bank NV, Floating Rate Note, 10/28/16 (144A) $ 1,736,506 2,515,000 Bank of America Corp., 4.5%, 4/1/15 2,515,000 6,000,000 1.07 Bank of America Corp., Floating Rate Note, 3/22/16 6,021,318 1,423,000 0.87 Bank of America Corp., Floating Rate Note, 8/25/17 1,423,248 2,600,000 Bank of Montreal, 0.8%, 11/6/15 2,606,659 2,300,000 0.50 Bank of Montreal, Floating Rate Note, 7/14/17 2,298,420 2,600,000 0.71 Bank of Montreal, Floating Rate Note, 9/11/15 2,605,736 2,600,000 0.51 Bank of Montreal, Floating Rate Note, 9/24/15 2,602,522 1,640,000 0.51 Bank of Nova Scotia Houston, Floating Rate Note, 10/23/15 1,641,674 821,000 0.84 Barclays Bank Plc, Floating Rate Note, 2/17/17 822,484 2,590,000 0.92 Caisse Centrale Desjardins, Floating Rate Note, 1/29/18 (144A) 2,589,609 1,900,000 0.94 Citigroup, Inc., Floating Rate Note, 11/15/16 1,903,454 2,630,000 0.96 Citigroup, Inc., Floating Rate Note, 11/24/17 2,633,942 1,325,000 1.05 Citigroup, Inc., Floating Rate Note, 4/1/16 1,328,528 2,500,000 0.51 Citigroup, Inc., Floating Rate Note, 6/9/16 2,484,870 3,700,000 1.22 Citigroup, Inc., Floating Rate Note, 7/25/16 3,719,606 1,800,000 0.44 Commonwealth Bank of Australia, Floating Rate Note, 12/4/15 (144A) 1,801,823 2,000,000 0.60 Commonwealth Bank of Australia, Floating Rate Note, 3/13/17 (144A) 2,000,990 1,575,000 1.04 Commonwealth Bank of Australia, Floating Rate Note, 9/18/15 (144A) 1,580,706 2,500,000 0.39 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA New York, Floating Rate Note, 10/23/15 2,501,040 1,575,000 0.75 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA New York, Floating Rate Note, 3/18/16 1,580,602
The accompanying notes are an integral part of these financial statements. 68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Diversified Banks -- (continued) 1,000,000 HSBC Bank Middle East, Ltd., 3.0%, 10/21/15 $ 1,008,800 2,500,000 HSBC Bank Plc, 3.5%, 6/28/15 (144A) 2,518,150 1,528,000 JPMorgan Chase & Co., 1.1%, 10/15/15 1,531,858 1,325,000 JPMorgan Chase & Co., 3.4%, 6/24/15 1,333,575 2,000,000 0.89 JPMorgan Chase & Co., Floating Rate Note, 10/15/15 2,004,852 2,000,000 0.75 JPMorgan Chase & Co., Floating Rate Note, 2/15/17 2,002,502 1,800,000 0.85 JPMorgan Chase & Co., Floating Rate Note, 2/26/16 1,804,664 2,500,000 0.77 JPMorgan Chase & Co., Floating Rate Note, 3/1/18 2,500,545 1,670,000 0.91 Mizuho Bank, Ltd., Floating Rate Note, 3/26/18 (144A) 1,669,993 1,000,000 0.68 Mizuho Bank, Ltd., Floating Rate Note, 4/16/17 (144A) 997,176 2,425,000 0.83 MUFG Americas Holdings Corp., Floating Rate Note, 2/9/18 2,428,346 1,950,000 0.61 National Australia Bank, Ltd., Floating Rate Note, 3/17/17 (144A) 1,953,984 2,650,000 Nordea Bank AB, 0.875%, 5/13/16 (144A) 2,655,247 2,175,000 0.62 Nordea Bank AB, Floating Rate Note, 4/4/17 (144A) 2,177,155 2,700,000 0.72 Nordea Bank AB, Floating Rate Note, 5/13/16 (144A) 2,708,330 1,300,000 Royal Bank of Canada, 0.8%, 10/30/15 1,302,939 1,875,000 0.59 Royal Bank of Canada, Floating Rate Note, 1/23/17 1,878,658 2,500,000 0.51 Royal Bank of Canada, Floating Rate Note, 10/13/17 2,499,348 1,800,000 0.46 Royal Bank of Canada, Floating Rate Note, 12/16/15 1,802,252 2,200,000 0.48 Royal Bank of Canada, Floating Rate Note, 6/16/17 2,196,456 2,000,000 0.70 Royal Bank of Canada, Floating Rate Note, 9/9/16 2,007,046 1,500,000 0.90 Sumitomo Mitsui Banking Corp., Floating Rate Note, 7/19/16 1,505,564 1,500,000 1.02 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate Note, 9/16/16 (144A) 1,507,467 3,625,000 0.70 Svenska Handelsbanken AB, Floating Rate Note, 3/21/16 3,638,565 3,650,000 0.72 Svenska Handelsbanken AB, Floating Rate Note, 9/23/16 3,665,746 1,800,000 0.69 The Bank of Nova Scotia, Floating Rate Note, 12/13/16 1,806,230
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 69 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Diversified Banks -- (continued) 2,000,000 0.64 The Bank of Nova Scotia, Floating Rate Note, 3/15/16 $ 2,006,226 1,500,000 0.77 The Bank of Nova Scotia, Floating Rate Note, 7/15/16 1,506,861 1,000,000 0.65 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate Note, 3/10/17 (144A) 999,174 2,525,000 0.55 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate Note, 9/8/17 (144A) 2,516,329 2,000,000 0.68 The Huntington National Bank, Floating Rate Note, 4/24/17 1,997,318 4,025,000 0.46 The Toronto-Dominion Bank, Floating Rate Note, 11/6/15 4,028,864 5,695,000 0.41 The Toronto-Dominion Bank, Floating Rate Note, 5/1/15 5,695,934 2,000,000 0.49 The Toronto-Dominion Bank, Floating Rate Note, 5/2/17 1,999,524 1,320,000 0.44 The Toronto-Dominion Bank, Floating Rate Note, 7/8/16 1,321,313 1,000,000 0.70 The Toronto-Dominion Bank, Floating Rate Note, 9/9/16 1,003,808 2,620,000 US Bancorp, 2.45%, 7/27/15 2,636,909 2,000,000 0.56 Westpac Banking Corp., Floating Rate Note, 5/19/17 2,000,310 500,000 1.03 Westpac Banking Corp., Floating Rate Note, 7/17/15 (144A) 501,046 1,000,000 0.56 Westpac Banking Corp., Floating Rate Note, 7/28/15 1,000,030 -------------- $ 130,717,831 ------------------------------------------------------------------------------------------------ Regional Banks -- 3.6% 6,390,000 0.71 American Express Centurion Bank, Floating Rate Note, 11/13/15 $ 6,401,387 500,000 0.56 Branch Banking & Trust Co., Floating Rate Note, 5/23/17 496,600 3,064,000 0.59 Branch Banking & Trust Co., Floating Rate Note, 9/13/16 3,052,841 1,900,000 0.70 Capital One NA, Floating Rate Note, 3/22/16 1,901,661 3,790,000 Fifth Third Bancorp, 3.625%, 1/25/16 3,871,512 1,727,000 0.67 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,716,635 1,800,000 0.77 Fifth Third Bank Cincinnati Ohio, Floating Rate Note, 11/18/16 1,806,190 3,330,000 0.67 Fifth Third Bank Cincinnati Ohio, Floating Rate Note, 2/26/16 3,334,406 4,500,000 0.75 KeyBank NA Cleveland Ohio, Floating Rate Note, 11/25/16 4,512,231 5,350,000 KeyCorp, 3.75%, 8/13/15 5,408,379
The accompanying notes are an integral part of these financial statements. 70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Regional Banks -- (continued) 1,900,000 0.63 Manufacturers & Traders Trust Co., Floating Rate Note, 1/30/17 $ 1,898,077 2,400,000 0.56 Manufacturers & Traders Trust Co., Floating Rate Note, 7/25/17 2,391,730 6,200,000 1.00 MUFG Union Bank NA, Floating Rate Note, 9/26/16 6,232,339 2,850,000 0.59 National City Bank Cleveland Ohio, Floating Rate Note, 12/15/16 2,839,595 2,225,000 0.45 Nordea Bank Finland Plc New York, Floating Rate Note, 6/13/16 2,225,345 2,250,000 0.57 PNC Bank NA, Floating Rate Note, 1/28/16 2,252,585 3,268,000 0.57 PNC Bank NA, Floating Rate Note, 4/29/16 3,267,667 3,645,000 0.70 SunTrust Bank, Floating Rate Note, 2/15/17 3,640,907 5,390,000 0.56 SunTrust Bank, Floating Rate Note, 4/1/15 5,390,000 1,500,000 4.48 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,503,000 2,600,000 0.56 US Bank NA Cincinnati Ohio, Floating Rate Note, 1/26/18 2,605,031 2,025,000 0.48 US Bank NA Cincinnati Ohio, Floating Rate Note, 1/30/17 2,025,640 2,000,000 0.38 US Bank NA Cincinnati Ohio, Floating Rate Note, 4/22/16 1,999,948 1,983,000 0.57 Wachovia Corp., Floating Rate Note, 10/28/15 1,983,446 1,999,000 0.51 Wachovia Corp., Floating Rate Note, 6/15/17 1,994,242 2,600,000 Wells Fargo & Co., 1.5%, 7/1/15 2,606,838 2,503,000 0.43 Wells Fargo & Co., Floating Rate Note, 10/28/15 2,504,730 5,230,000 1.17 Wells Fargo & Co., Floating Rate Note, 6/26/15 5,242,029 3,105,000 0.76 Wells Fargo & Co., Floating Rate Note, 7/20/16 3,116,551 975,000 0.47 Wells Fargo Bank NA, Floating Rate Note, 5/16/16 972,825 -------------- $ 89,194,367 -------------- Total Banks $ 219,912,198 ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 5.2% Other Diversified Financial Services -- 0.7% 2,000,000 0.73 Bank of America NA, Floating Rate Note, 2/14/17 $ 1,998,824 1,000,000 General Electric Capital Corp., 1.625%, 7/2/15 1,003,034 1,865,000 0.46 General Electric Capital Corp., Floating Rate Note, 1/14/16 1,867,574 3,300,000 0.83 General Electric Capital Corp., Floating Rate Note, 1/8/16 3,314,447 1,000,000 0.43 General Electric Capital Corp., Floating Rate Note, 5/11/16 1,001,105
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 71 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Other Diversified Financial Services -- (continued) 2,000,000 0.54 General Electric Capital Corp., Floating Rate Note, 5/15/17 $ 2,001,978 690,000 0.61 General Electric Capital Corp., Floating Rate Note, 7/10/15 690,593 1,001,000 0.88 General Electric Capital Corp., Floating Rate Note, 7/12/16 1,007,700 2,793,000 1.29 General Electric Capital Corp., Floating Rate Note, 7/2/15 2,799,533 500,000 1.38 General Electric Capital Corp., Floating Rate Note, 8/1/17 498,872 1,950,000 1.07 Hyundai Capital Services, Inc., Floating Rate Note, 3/18/17 (144A) 1,952,461 -------------- $ 18,136,121 ------------------------------------------------------------------------------------------------ Multi-Sector Holdings -- 0.2% 1,855,000 0.38 Berkshire Hathaway Finance Corp., Floating Rate Note, 1/10/17 $ 1,855,319 2,500,000 0.36 Berkshire Hathaway Finance Corp., Floating Rate Note, 8/14/17 2,498,460 -------------- $ 4,353,779 ------------------------------------------------------------------------------------------------ Specialized Finance -- 0.5% 4,100,000 Harley-Davidson Financial Services, Inc., 1.15%, 9/15/15 (144A) $ 4,108,622 2,060,000 MassMutual Global Funding II, 3.125%, 4/14/16 (144A) 2,112,619 3,290,000 0.39 MassMutual Global Funding II, Floating Rate Note, 12/11/15 (144A) 3,291,786 1,800,000 0.53 National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 11/23/16 1,801,642 2,720,000 0.28 National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 5/1/15 2,720,019 -------------- $ 14,034,688 ------------------------------------------------------------------------------------------------ Consumer Finance -- 1.4% 3,000,000 American Express Credit Corp., 1.75%, 6/12/15 $ 3,006,081 3,441,000 1.37 American Express Credit Corp., Floating Rate Note, 6/12/15 3,448,770 2,850,000 0.74 American Express Credit Corp., Floating Rate Note, 7/29/16 2,859,670 1,000,000 American Honda Finance Corp., 1.0%, 8/11/15 (144A) 1,002,286 2,650,000 0.55 American Honda Finance Corp., Floating Rate Note, 1/11/16 2,649,783 2,285,000 0.75 American Honda Finance Corp., Floating Rate Note, 10/7/16 2,295,251
The accompanying notes are an integral part of these financial statements. 72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Consumer Finance -- (continued) 2,570,000 0.58 American Honda Finance Corp., Floating Rate Note, 12/11/17 $ 2,573,899 3,050,000 0.61 American Honda Finance Corp., Floating Rate Note, 5/26/16 (144A) 3,061,245 2,600,000 Capital One Financial Corp., 1.0%, 11/6/15 2,603,133 2,620,000 0.90 Capital One Financial Corp., Floating Rate Note, 11/6/15 2,625,261 1,500,000 0.50 Caterpillar Financial Services Corp., Floating Rate Note, 2/26/16 1,502,697 2,000,000 0.38 PACCAR Financial Corp., Floating Rate Note, 5/5/15 2,000,192 1,290,000 0.43 PACCAR Financial Corp., Floating Rate Note, 6/6/17 1,289,906 2,250,000 Toyota Motor Credit Corp., 0.75%, 3/3/17 (Step) 2,250,441 1,200,000 Toyota Motor Credit Corp., 0.875%, 7/17/15 1,201,939 -------------- $ 34,370,554 ------------------------------------------------------------------------------------------------ Asset Management & Custody Banks -- 1.0% 1,310,000 BlackRock, Inc., 1.375%, 6/1/15 $ 1,311,948 2,150,000 Franklin Resources, Inc., 3.125%, 5/20/15 2,156,964 4,940,000 0.44 State Street Bank & Trust Co., Floating Rate Note, 12/8/15 4,936,586 3,750,000 State Street Corp., 2.875%, 3/7/16 3,830,689 2,000,000 The Bank of New York Mellon Corp., 0.7%, 3/4/16 2,003,164 835,000 The Bank of New York Mellon Corp., 2.5%, 1/15/16 847,821 2,400,000 The Bank of New York Mellon Corp., 2.95%, 6/18/15 2,413,195 3,533,000 0.49 The Bank of New York Mellon Corp., Floating Rate Note, 10/23/15 3,536,544 3,275,000 0.49 The Bank of New York Mellon Corp., Floating Rate Note, 3/4/16 3,280,001 -------------- $ 24,316,912 ------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- 1.4% 1,300,000 Morgan Stanley, 1.75%, 2/25/16 $ 1,308,476 2,700,000 0.97 Morgan Stanley, Floating Rate Note, 1/5/18 2,706,391 318,000 0.73 Morgan Stanley, Floating Rate Note, 10/15/15 318,450 4,350,000 1.51 Morgan Stanley, Floating Rate Note, 2/25/16 4,381,959 685,000 3.00 Morgan Stanley, Floating Rate Note, 8/30/15 690,588 7,409,000 Raymond James Financial, Inc., 4.25%, 4/15/16 7,693,083 2,465,000 0.62 The Bear Stearns Companies LLC, Floating Rate Note, 11/21/16 2,462,106 4,055,000 The Charles Schwab Corp., 0.85%, 12/4/15 4,064,229 3,422,000 The Goldman Sachs Group, Inc., 1.6%, 11/23/15 3,441,902 2,400,000 The Goldman Sachs Group, Inc., 3.7%, 8/1/15 2,423,544
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 73 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Investment Banking & Brokerage -- (continued) 4,300,000 0.70 The Goldman Sachs Group, Inc., Floating Rate Note, 3/22/16 $ 4,298,856 1,300,000 0.66 The Goldman Sachs Group, Inc., Floating Rate Note, 7/22/15 1,300,306 -------------- $ 35,089,890 -------------- Total Diversified Financials $ 130,301,944 ------------------------------------------------------------------------------------------------ INSURANCE -- 6.8% Life & Health Insurance -- 0.9% 2,600,000 0.50 Jackson National Life Global Funding, Floating Rate Note, 7/29/16 (144A) $ 2,600,980 3,300,000 0.61 Jackson National Life Global Funding, Floating Rate Note, 9/30/15 (144A) 3,304,198 5,015,000 MetLife Institutional Funding II, 1.625%, 4/2/15 (144A) 5,015,000 1,500,000 0.38 Pricoa Global Funding I, Floating Rate Note, 5/16/16 (144A) 1,499,760 3,255,000 0.47 Pricoa Global Funding I, Floating Rate Note, 6/24/16 (144A) 3,255,472 1,270,000 Principal Life Global Funding II, 1.0%, 12/11/15 (144A) 1,274,314 2,530,000 0.61 Principal Life Global Funding II, Floating Rate Note, 5/27/16 (144A) 2,535,455 2,500,000 Prudential Financial, Inc., 3.0%, 5/12/16 2,556,532 -------------- $ 22,041,711 ------------------------------------------------------------------------------------------------ Multi-line Insurance -- 0.7% 2,500,000 American International Group, Inc., 5.05%, 10/1/15 $ 2,553,140 690,000 Metropolitan Life Global Funding I, 3.125%, 1/11/16 (144A) 703,864 1,500,000 0.78 Metropolitan Life Global Funding I, Floating Rate Note, 7/15/16 (144A) 1,507,434 3,550,000 New York Life Global Funding, 0.75%, 7/24/15 (144A) 3,554,203 6,650,000 0.55 New York Life Global Funding, Floating Rate Note, 12/15/17 (144A) 6,646,269 3,150,000 0.61 New York Life Global Funding, Floating Rate Note, 5/23/16 (144A) 3,158,858 -------------- $ 18,123,768 ------------------------------------------------------------------------------------------------ Reinsurance -- 5.2% 1,000,000 6.36 Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) $ 1,021,200 600,000 Altair Re, Variable Rate Notes, 6/30/17 (e) 608,880 100,000 Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/1/15 (e) 111,590
The accompanying notes are an integral part of these financial statements. 74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 1,000,000 4.02 Armor Re, Ltd., Floating Rate Note, 12/15/16 (Cat Bond) (144A) $ 993,300 1,500,000 3.45 Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 1,535,250 250,000 0.00 Atlas IX Capital, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) (d) 250,000 1,000,000 8.13 Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 1,015,200 2,575,000 4.28 Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 2,575,772 600,000 6.00 Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 599,700 1,945,000 10.75 Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 1,945,194 750,000 2.51 Bosphorus Re, Ltd., Floating Rate Note, 5/3/16 (Cat Bond) (144A) 748,275 2,250,000 5.27 Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 2,270,025 2,300,000 6.87 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 2,373,600 250,000 4.28 Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 245,875 1,350,000 3.78 Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 1,323,675 1,528,080 Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/14/15 (e) 1,503,936 250,000 9.01 East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 260,650 1,450,000 0.00 East Lane Re VI, Ltd., Floating Rate Note, 3/13/20 (Cat Bond) (144A) (d) 1,446,810 2,000,000 2.76 East Lane Re VI, Ltd., Floating Rate Note, 3/14/18 (Cat Bond) (144A) 1,991,400 1,300,000 Eden Re II, Ltd., 4/19/18 (Cat Bond) (144A) (c) 1,314,300 1,025,000 5.01 Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/7/17 (Cat Bond) (144A) 1,028,588 2,375,100 Exeter Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16 (e) 2,384,363 750,000 Fairfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/2/16 (e) 701,250 1,250,000 7.40 Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,280,875 2,000,000 6.70 Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 1,847,400 2,000,000 Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 (e) 1,958,000
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 75 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 2,650,000 2.22 Golden State Re II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) $ 2,639,135 2,600,000 Gullane Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/17 (e) 2,695,680 420,500 Hereford Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16 (e) 422,308 2,500,000 4.01 Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 2,512,750 2,350,000 3.78 Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 2,333,080 1,000,000 4.15 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 1,004,200 2,300,000 4.77 Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 2,328,060 1,800,000 2.27 Kizuna Re II, Ltd., Floating Rate Note, 4/6/18 (Cat Bond) (144A) 1,805,220 2,610,000 3.98 Longpoint Re, Ltd., III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 2,623,572 3,550,000 6.02 Longpoint Re, Ltd., Floating Rate Note, 6/12/15 (Cat Bond) (144A) 3,577,335 750,000 Lorenz Re, Ltd., 3/31/18 (c) (e) 750,000 2,000,000 2.02 Merna Re V, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,992,400 1,000,000 0.00 Merna Reinsurance, Ltd., Floating Rate Note, 4/9/18 (Cat Bond) (144A) (d) 999,200 1,250,000 4.53 MetroCat Re, Ltd., Floating Rate Note, 8/5/16 (Cat Bond) (144A) 1,266,500 1,111,667 Muirfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/12/16 (e) 1,114,890 1,750,000 7.51 Multicat Mexico Re, Ltd., Floating Rate Note, 12/4/15 (Cat Bond)(144A) 1,751,750 6,250,000 8.04 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 6,268,750 4,250,000 8.51 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 4,264,450 2,250,000 8.60 Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 2,360,475 500,000 11.83 Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 520,950 2,500,000 8.01 Mythen Re, Ltd., Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 2,534,750 2,250,000 7.27 Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 2,311,650 2,500,000 Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (e) 2,606,000 2,250,000 14.01 Pelican Re, Ltd., Floating Rate Note, 4/13/15 (Cat Bond) (144A) 2,254,500
The accompanying notes are an integral part of these financial statements. 76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 2,008,000 PI-1, Series E -- 2014 (Kane SAC Ltd.), Variable Rate Notes, 6/12/15 (e) $ 2,102,778 1,750,000 3.51 Queen City Re, Floating Rate Note, 1/6/19 (Cat Bond) (144A) 1,733,900 2,250,000 7.50 Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,244,375 1,750,000 8.50 Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,745,800 250,000 10.36 Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 249,425 1,750,000 8.61 Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,796,375 1,000,000 0.00 Queen Street X RE, Ltd., Floating Rate Note, 6/8/18 (Cat Bond) (144A) (d) 1,002,100 1,450,000 8.76 Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,466,240 1,750,000 9.01 Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,769,950 1,500,000 8.91 Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 1,517,700 1,000,000 12.76 Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,068,100 2,900,000 4.51 Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 2,960,900 1,500,000 5.76 Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,539,900 750,000 8.01 Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 791,025 900,000 10.01 Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 958,230 850,000 9.27 Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 894,030 750,000 3.51 Residential Reinsurance 2014, Ltd., Floating Rate Note, 6/6/18 (Cat Bond) (144A) 755,325 1,000,000 4.02 Riverfront Re, Ltd., Floating Rate Note, 1/6/17 (Cat Bond) (144A) 994,500 1,000,000 3.02 Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) (144A) 983,000 2,500,000 3.54 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 2,481,000 1,250,000 4.03 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,238,875 2,000,000 3.92 Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 2,000,600 500,000 Sector Re V, Ltd., 12/1/19 (144A) (c) (e) 512,150
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 77 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Reinsurance -- (continued) 1,500,000 8.51 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) $ 1,541,400 750,000 5.03 Tradewynd Re, Ltd., Floating Rate Note, 1/8/18 (Cat Bond) (144A) 751,125 250,000 0.00 Tramline Re II, Ltd., Floating Rate Note, 1/4/19 (Cat Bond) (144A) (d) 254,700 1,147,083 Troon Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/12/16 (e) 1,149,492 1,100,000 3.52 Ursa Re, Ltd., Floating Rate Note, 12/7/17 (Cat Bond) (144A) 1,100,440 2,500,000 Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017 (e) 2,565,000 1,500,000 2.76 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 1,524,900 500,000 3.46 Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 509,450 1,000,000 2.77 Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 1,019,900 1,800,000 1.77 Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 1,805,040 -------------- $ 131,300,438 -------------- Total Insurance $ 171,465,917 ------------------------------------------------------------------------------------------------ SOFTWARE & SERVICES -- 0.1% Application Software -- 0.0%+ 1,250,000 Igloo Holdings Corp., 8.25%, 12/15/17 (8.25% Cash, 9.00% PIK) (144A) (PIK) $ 1,262,500 ------------------------------------------------------------------------------------------------ Systems Software -- 0.1% 1,937,000 0.43 Oracle Corp., Floating Rate Note, 7/7/17 $ 1,939,166 -------------- Total Software & Services $ 3,201,666 ------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Communications Equipment -- 0.2% 2,580,000 0.51 Cisco Systems, Inc., Floating Rate Note, 3/3/17 $ 2,588,155 3,600,000 0.28 Cisco Systems, Inc., Floating Rate Note, 9/3/15 3,600,482 -------------- $ 6,188,637 ------------------------------------------------------------------------------------------------ Computer Storage & Peripherals -- 0.1% 1,500,000 0.28 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,500,639 -------------- Total Technology Hardware & Equipment $ 7,689,276 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 1.0% Integrated Telecommunication Services -- 0.8% 3,119,000 AT&T, Inc., 2.5%, 8/15/15 $ 3,140,006 7,229,000 British Telecommunications Plc, 2.0%, 6/22/15 7,251,822 3,300,000 Verizon Communications, Inc., 0.7%, 11/2/15 3,300,132 6,355,000 1.77 Verizon Communications, Inc., Floating Rate Note, 9/15/16 6,457,417 -------------- $ 20,149,377 ------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 0.2% 1,250,000 Altice Financing SA, 7.875%, 12/15/19 (144A) $ 1,325,000 1,500,000 1.24 America Movil SAB de CV, Floating Rate Note, 9/12/16 1,505,859 1,150,000 0.62 Vodafone Group Plc, Floating Rate Note, 2/19/16 1,150,875 -------------- $ 3,981,734 -------------- Total Telecommunication Services $ 24,131,111 ------------------------------------------------------------------------------------------------ UTILITIES -- 1.3% Electric Utilities -- 1.1% 5,000,000 Appalachian Power Co., 3.4%, 5/24/15 $ 5,018,640 2,600,000 Duke Energy Corp., 3.35%, 4/1/15 2,600,000 1,740,000 0.61 Duke Energy Corp., Floating Rate Note, 4/3/17 1,743,788 2,285,000 0.60 Duke Energy Indiana, Inc., Floating Rate Note, 7/11/16 2,287,299 5,100,000 0.46 Duke Energy Progress, Inc., Floating Rate Note, 11/20/17 5,095,742 1,275,000 0.44 Duke Energy Progress, Inc., Floating Rate Note, 3/6/17 1,274,442 1,865,000 0.72 Electricite de France SA, Floating Rate Note, 1/20/17 (144A) 1,867,126 1,090,000 0.59 Georgia Power Co., Floating Rate Note, 3/15/16 1,089,398 1,000,000 0.66 Georgia Power Co., Floating Rate Note, 8/15/16 999,546 2,500,000 LG&E and KU Energy LLC, 2.125%, 11/15/15 2,516,315 1,013,000 0.50 NSTAR Electric Co., Floating Rate Note, 5/17/16 1,011,984 1,200,000 The Connecticut Light & Power Co., 5.0%, 4/1/15 1,200,000 -------------- $ 26,704,280 ------------------------------------------------------------------------------------------------ Gas Utilities -- 0.0%+ 1,000,000 DCP Midstream Operating LP, 3.25%, 10/1/15 $ 1,004,500 ------------------------------------------------------------------------------------------------ Multi-Utilities -- 0.1% 2,500,000 0.47 San Diego Gas & Electric Co., Floating Rate Note, 3/9/17 $ 2,497,560 ------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.1% 1,250,000 NRG Energy, Inc., 8.25%, 9/1/20 $ 1,323,438 -------------- Total Utilities $ 31,529,778 ------------------------------------------------------------------------------------------------ TOTAL CORPORATE BONDS (Cost $751,179,540) $ 752,315,545 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 79 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 3.0% 5,735 Fannie Mae, 7.0%, 10/1/17 $ 5,986 22,040 2.21 Fannie Mae, Floating Rate Note, 1/1/48 23,458 26,438 2.64 Fannie Mae, Floating Rate Note, 10/1/32 27,228 8,819 2.24 Fannie Mae, Floating Rate Note, 11/1/23 9,102 23,524 2.30 Fannie Mae, Floating Rate Note, 2/1/34 23,739 19,994 2.24 Fannie Mae, Floating Rate Note, 9/1/32 21,287 2,133,000 Federal Farm Credit Banks, 0.39%, 4/25/16 2,132,093 2,560,000 0.15 Federal Farm Credit Banks, Floating Rate Note, 10/26/15 2,560,609 2,610,000 0.16 Federal Farm Credit Banks, Floating Rate Note, 2/18/16 2,610,960 10,000,000 0.27 Federal Farm Credit Banks, Floating Rate Note, 6/20/16 10,012,290 2,540,000 0.18 Federal Farm Credit Banks, Floating Rate Note, 9/18/15 2,540,810 10,000,000 0.21 Federal Home Loan Banks, Floating Rate Note, 10/1/15 10,005,330 2,640,000 0.22 Federal Home Loan Banks, Floating Rate Note, 10/7/15 2,641,566 8,015 2.36 Federal Home Loan Mortgage Corp., Floating Rate Note, 10/1/23 8,294 14,338 2.61 Federal Home Loan Mortgage Corp., Floating Rate Note, 11/1/33 14,946 7,305 2.59 Federal Home Loan Mortgage Corp., Floating Rate Note, 6/1/35 7,387 2,000,000 0.16 Federal Home Loan Mortgage Corp., Floating Rate Note, 6/26/15 2,000,294 6,085,000 0.19 Federal National Mortgage Association, Floating Rate Note, 8/26/16 6,088,785 11,460 1.62 Government National Mortgage Association II, Floating Rate Note, 1/20/22 11,865 20,100,000 0.09 U.S. Treasury Notes, Floating Rate Note, 10/31/16 20,092,419 13,470,000 0.11 U.S. Treasury Notes, Floating Rate Note, 7/31/16 13,468,640 -------------- $ 74,307,088 ------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $74,304,742) $ 74,307,088 ------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT BOND -- 0.1% 1,800,000 0.41 Province of Ontario Canada, Floating Rate Note, 4/1/15 $ 1,800,000 ------------------------------------------------------------------------------------------------ TOTAL FOREIGN GOVERNMENT BOND (Cost $1,800,000) $ 1,800,000 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ MUNICIPAL BOND -- 0.0%+ Municipal Student Loan -- 0.0%+ 948,267 1.16 Louisiana Public Facilities Authority, Floating Rate Note, 4/26/27 $ 951,358 ------------------------------------------------------------------------------------------------ TOTAL MUNICIPAL BOND (Cost $952,909) $ 951,358 ------------------------------------------------------------------------------------------------ SENIOR FLOATING RATE LOAN INTERESTS -- 7.8%** ENERGY -- 0.4% Oil & Gas Drilling -- 0.0%+ 709,423 6.00 Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/31/21 $ 543,418 158,380 5.75 Offshore Group Investment, Ltd., Term Loan, 3/28/19 90,672 870,625 3.75 Paragon Offshore Finance, Term Loan, 7/16/21 592,129 -------------- $ 1,226,219 ------------------------------------------------------------------------------------------------ Oil & Gas Equipment & Services -- 0.2% 1,442,750 3.75 77 Energy, Tranche B Loan (First Lien), 6/17/21 $ 1,268,177 2,661,864 3.88 Fieldwood Energy LLC, Closing Date Loan, 9/25/18 2,495,498 496,250 5.25 McDermott International, Inc., Tranche B Loan (First Lien), 4/11/19 451,588 -------------- $ 4,215,263 ------------------------------------------------------------------------------------------------ Integrated Oil & Gas -- 0.1% 19,879 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 19,830 2,715,625 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 2,164,983 -------------- $ 2,184,813 ------------------------------------------------------------------------------------------------ Oil & Gas Refining & Marketing -- 0.1% 74,541 4.25 Pilot Travel Centers LLC, Initial Tranche B, 9/30/21 $ 75,287 795,000 2.43 Tesoro Corp., Initial Term Loan, 1/11/16 797,464 446,608 4.25 Western Refining, Inc., Term Loan 2013, 11/12/20 444,236 -------------- $ 1,316,987 ------------------------------------------------------------------------------------------------ Coal & Consumable Fuels -- 0.0%+ 221,862 5.50 Foresight Energy LLC, Term Loan, 8/21/20 $ 219,366 -------------- Total Energy $ 9,162,648 ------------------------------------------------------------------------------------------------ MATERIALS -- 0.5% Commodity Chemicals -- 0.2% 1,855,848 4.52 AZ Chem US, Inc., Tranche B Term Loan (First Lien), 6/9/21 $ 1,861,937 1,181,000 5.25 Citadel Plastics Holdings Inc., Initial Loan (First Lien), 11/4/20 1,183,952
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 81 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Commodity Chemicals -- (continued) 1,396,500 4.75 Eco Services Operations, Initial Term Loan, 10/8/21 $ 1,405,228 383,408 4.00 Tronox Pigments BV, New Term Loan, 3/19/20 383,959 -------------- $ 4,835,076 ------------------------------------------------------------------------------------------------ Specialty Chemicals -- 0.2% 1,021,485 3.75 Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 $ 1,016,843 146,429 3.50 Chemtura Corp., New Term Loan, 8/29/16 146,825 997,500 3.75 Huntsman International LLC, 2014-1 Incremental Term Loan, 9/30/21 1,004,358 928,625 4.00 PQ Corp., 2014 Term Loan, 8/7/17 926,409 289,283 2.75 WR Grace & Co-Conn, Delayed Draw Term Loan, 1/23/21 289,722 803,903 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 805,123 -------------- $ 4,189,280 ------------------------------------------------------------------------------------------------ Metal & Glass Containers -- 0.1% 677,160 4.00 Ardagh Holdings USA, Inc., Tranche B-3 Term Loan (First Lien), 12/17/19 $ 680,263 1,246,875 4.00 Crown Americas LLC, Term Loan B, 10/22/21 1,260,415 -------------- $ 1,940,678 ------------------------------------------------------------------------------------------------ Paper Packaging -- 0.0%+ 684,096 4.75 Kleopatra Acquisition Corp., Term B-1 Loan, 12/21/16 $ 688,514 173,250 4.25 Multi Packaging Solutions, Inc., Initial Dollar Tranche B Term, 9/30/20 172,673 -------------- $ 861,187 ------------------------------------------------------------------------------------------------ Aluminum -- 0.0%+ 116,400 5.75 Noranda Aluminum Acquisition Corp., Term B Loan, 2/28/19 $ 108,834 ------------------------------------------------------------------------------------------------ Diversified Metals & Mining -- 0.0%+ 1,110,204 3.75 Fortescue Metals Group, Ltd., Bank Loan, 6/30/19 $ 1,006,718 ------------------------------------------------------------------------------------------------ Steel -- 0.0%+ 356,618 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 $ 355,875 148,125 4.50 TMS International Corp., Term B Loan, 10/2/20 145,811 -------------- $ 501,686 -------------- Total Materials $ 13,443,459 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ CAPITAL GOODS -- 0.6% Aerospace & Defense -- 0.3% 1,496,250 4.00 B/E Aerospace, Inc., Term Loan, 11/19/21 $ 1,510,271 872,814 3.75 DigitalGlobe, Inc., Term Loan, 1/25/20 875,210 143,055 6.25 DynCorp International, Inc., Term Loan, 7/7/16 142,340 394,504 3.50 Orbital ATK, Inc., Term B Loan, 10/22/20 395,408 319,284 3.75 TransDigm, Inc., Tranche C Term Loan, 2/28/20 319,259 2,528,500 3.25 Wesco Aircraft Hardare Corp., Tranche B Term Loan (First Lien), 2/24/21 2,502,821 -------------- $ 5,745,309 ------------------------------------------------------------------------------------------------ Building Products -- 0.1% 1,078,246 3.50 Armstrong World Industries, Inc., Term Loan B, 3/15/20 $ 1,079,088 852,173 4.00 Quikrete Holdings, Inc., Initial Loan (First Lien), 9/26/20 852,705 974,189 4.25 Unifrax Corp., New Term B Loan, 12/31/19 973,214 -------------- $ 2,905,007 ------------------------------------------------------------------------------------------------ Construction & Engineering -- 0.0%+ 287,193 3.75 Aecom Technology, Term Loan B, 10/15/21 $ 289,945 ------------------------------------------------------------------------------------------------ Electrical Components & Equipment -- 0.1% 1,064,622 3.25 Southwire Co., Term Loan, 1/31/21 $ 1,054,641 869,192 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 869,192 -------------- $ 1,923,833 ------------------------------------------------------------------------------------------------ Industrial Conglomerates -- 0.0%+ 686,070 4.00 Milacron LLC, Term Loan, 3/12/20 $ 680,067 ------------------------------------------------------------------------------------------------ Construction & Farm Machinery & Heavy Trucks -- 0.0%+ 71,613 3.25 Manitowoc Co., Inc. (The), Term B Loan, 12/18/20 $ 71,634 308,009 3.50 Terex Corp., U.S. Term Loan, 8/13/21 308,971 -------------- $ 380,605 ------------------------------------------------------------------------------------------------ Industrial Machinery -- 0.1% 234,538 4.25 Gardner Denver, Inc., Initial Dollar Term Loan, 7/30/20 $ 223,060 1,216,518 6.00 NN, Inc., Term Loan, 8/27/21 1,221,840 1,683,943 4.25 Schaeffler AG, Facility B-USD, 5/15/20 1,697,888 78,601 5.75 Xerium Technologies, Inc., New Term Loan, 5/17/19 79,583 -------------- $ 3,222,371 ------------------------------------------------------------------------------------------------ Trading Companies & Distributors -- 0.0%+ 318,295 3.75 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 319,223 -------------- Total Capital Goods $ 15,466,360 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 83 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ COMMERCIAL SERVICES & SUPPLIES -- 0.4% Environmental & Facilities Services -- 0.2% 131,667 3.25 Covanta Energy Corp., Term Loan, 3/28/19 $ 131,646 1,167,106 3.00 Progressive Waste Solutions, Ltd., Term B Loan, 10/31/19 1,172,941 150,000 4.25 Waste Industries U.S.A., Inc., 1st Lien Term Loan, 2/20/20 150,656 2,866,379 5.00 Wheelabrator, Term B Loan, 10/15/21 2,902,209 126,437 5.00 Wheelabrator, Term C Loan, 10/15/21 128,017 -------------- $ 4,485,469 ------------------------------------------------------------------------------------------------ Diversified Support Services -- 0.0%+ 839,887 6.26 Language Line LLC, Tranche B Term Loan, 6/20/16 $ 837,132 ------------------------------------------------------------------------------------------------ Security & Alarm Services -- 0.1% 512,124 4.25 Allied Security Holdings LLC, Closing Date Term Loan (First Lien), 2/12/21 $ 513,005 318,544 4.00 Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 317,615 1,245,217 4.00 Garda World Security Corp., Term B Loan, 11/1/20 1,241,585 980,267 4.25 Monitronics International, Inc., Term B Loan, 3/23/18 982,565 -------------- $ 3,054,770 ------------------------------------------------------------------------------------------------ Human Resource & Employment Services -- 0.1% 1,037,113 3.50 On Assignment, Inc., Initial Term B Loan, 5/15/20 $ 1,037,545 ------------------------------------------------------------------------------------------------ Research & Consulting Services -- 0.0%+ 196,360 5.00 Wyle, Tranche B Loan (First Lien), 5/22/21 $ 196,544 -------------- Total Commercial Services & Supplies $ 9,611,460 ------------------------------------------------------------------------------------------------ TRANSPORTATION -- 0.3% Air Freight & Logistics -- 0.0%+ 197,500 5.25 Syncreon Group BV, Term Loan, 9/26/20 $ 190,094 ------------------------------------------------------------------------------------------------ Airlines -- 0.2% 2,505,375 3.75 American Airlines, Inc., Class B Term Loan, 6/27/19 $ 2,508,955 500,000 4.25 American Airlines, Inc., Class B Term, 10/10/21 504,166 733,125 3.25 Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 733,910 293,893 3.25 Delta Air Lines, Inc., Term Loan, 4/20/17 294,214 995,000 3.75 United Airlines, Inc., Class B-1 Term Loan, 9/15/21 995,622 245,000 3.50 United Airlines, Inc., Class B Term Loan, 4/1/19 244,388 -------------- $ 5,281,255 ------------------------------------------------------------------------------------------------ Marine -- 0.1% 1,405,726 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 1,418,026 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Trucking -- 0.0%+ 339,006 3.75 Swift Transportation Co., LLC, Tranche B Term Loan (First Lien), 6/9/21 $ 340,489 -------------- Total Transportation $ 7,229,864 ------------------------------------------------------------------------------------------------ AUTOMOBILES & COMPONENTS -- 0.3% Auto Parts & Equipment -- 0.1% 771,279 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 772,565 1,000,000 6.00 BBB Industries US, Initial Term Loan, 10/15/21 1,003,750 1,549,174 4.25 MPG Holdco I, Inc., Initial Term Loan, 10/20/21 1,558,989 633,502 4.25 TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 634,030 188,956 4.00 Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 189,133 -------------- $ 4,158,467 ------------------------------------------------------------------------------------------------ Tires & Rubber -- 0.0%+ 666,667 4.75 The Goodyear Tire & Rubber Co., Term Loan (Second Lien), 3/27/19 $ 673,437 ------------------------------------------------------------------------------------------------ Automobile Manufacturers -- 0.2% 373,062 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 373,294 2,871,000 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 2,870,403 497,500 6.00 Crown Group LLC, Term Loan (First Lien), 9/30/20 494,702 -------------- $ 3,738,399 ------------------------------------------------------------------------------------------------ Personal Products -- 0.0%+ 496,250 3.50 Visteon Corp., Tranche B Loan (First Lien), 4/8/21 $ 496,173 -------------- Total Automobiles & Components $ 9,066,476 ------------------------------------------------------------------------------------------------ CONSUMER DURABLES & APPAREL -- 0.2% Home Furnishings -- 0.0%+ 330,711 4.25 Serta Simmons Holdings LLC, Term Loan, 10/1/19 $ 331,795 416,859 3.50 Tempur Sealy International, Inc., New Term B Loan, 3/18/20 417,814 -------------- $ 749,609 ------------------------------------------------------------------------------------------------ Housewares & Specialties -- 0.1% 985,000 2.93 Jarden Corp., Tranche B1 Term Loan, 9/30/20 $ 992,511 765,417 4.50 Reynolds Group Holdings, Inc., Incremental U.S. Term Loan, 12/31/18 769,723 -------------- $ 1,762,234 ------------------------------------------------------------------------------------------------ Leisure Products -- 0.0%+ 188,571 4.00 Bombardier Recreational Products, Inc., Term B Loan, 1/30/19 $ 188,611 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 85 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Apparel, Accessories & Luxury Goods -- 0.1% 1,112,487 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 $ 1,119,517 -------------- Total Consumer Durables & Apparel $ 3,819,971 ------------------------------------------------------------------------------------------------ CONSUMER SERVICES -- 0.5% Casinos & Gaming -- 0.2% 1,221,875 3.50 MGM Resorts International, Term B Loan, 12/20/19 $ 1,219,711 181,125 3.75 Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 8/13/20 181,370 1,995,000 6.00 Scientific Games, Initial Term B-2, 10/1/21 2,002,204 -------------- $ 3,403,285 ------------------------------------------------------------------------------------------------ Hotels, Resorts & Cruise Lines -- 0.1% 489,865 3.50 Four Seasons Holdings, Inc., Term Loan, 6/27/20 $ 490,171 957,237 3.50 Hilton Worldwide Finance LLC, Initial Term Loan, 9/23/20 959,545 997,500 4.00 NCL Corp., Ltd., Term B Loan, 11/5/21 1,007,774 -------------- $ 2,457,490 ------------------------------------------------------------------------------------------------ Leisure Facilities -- 0.0%+ 96,885 3.25 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 97,414 727,904 3.50 Six Flags Theme Parks, Inc., Tranche B Term Loan, 12/20/18 732,149 -------------- $ 829,563 ------------------------------------------------------------------------------------------------ Restaurants -- 0.1% 614,526 4.50 Burger King Worldwide, Inc., Term Loan B, 9/24/21 $ 621,382 379,853 4.00 Landry's, Inc., B Term Loan, 4/24/18 381,040 155,200 4.00 NPC International, Inc., Term Loan, 12/28/18 153,066 834,931 4.25 PF Chang's China Bistro, Inc., Term Borrowing, 7/2/19 816,667 719,267 3.25 Wendy's International, Inc., Term B Loan, 5/15/19 720,166 -------------- $ 2,692,321 ------------------------------------------------------------------------------------------------ Education Services -- 0.1% 595,305 4.00 Bright Horizons Family Solutions, Inc., Term B Loan, 1/14/20 $ 597,414 598,500 4.50 Bright Horizons Family Solutions, Inc., Term B-1 Loan, 1/30/20 602,241 -------------- $ 1,199,655 ------------------------------------------------------------------------------------------------ Specialized Consumer Services -- 0.0%+ 871,867 4.00 Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4/2/20 $ 469,446 -------------- Total Consumer Services $ 11,051,760 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ MEDIA -- 1.1% Advertising -- 0.0%+ 113,284 4.75 Getty Images, Inc., Initial Term Loan, 10/18/19 $ 95,810 -------------- $ 95,810 ------------------------------------------------------------------------------------------------ Broadcasting -- 0.4% 1,629,423 3.00 CBS Outdoor Americas Capital llc, Tranche B Term Loan (First Lien), 1/15/21 $ 1,622,905 343,664 4.00 Entercom Radio LLC, Term B-2 Loan, 11/23/18 344,523 1,002,368 3.75 Gray Television, Inc., Term Loan (First Lien), 6/10/21 1,002,870 612,574 4.25 NEP, Amendment No. 3 Incremental Term Loan (First Lien), 1/22/20 598,025 496,222 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 490,794 1,331,562 3.00 Sinclair Television Group, Inc., New Tranche B Term Loan, 4/19/20 1,324,688 1,000,000 3.50 Sinclair Television Group, Incremental Loan, 7/30/21 1,001,375 2,116,251 4.00 Tribune Co., Tranche B Term Loan (First Lien), 11/20/20 2,120,748 661,438 4.00 Univision Communications, Inc., Replacement First- Lien Term Loan, 3/1/20 661,128 -------------- $ 9,167,056 ------------------------------------------------------------------------------------------------ Cable & Satellite -- 0.5% 1,112,078 3.50 Cequel Communications LLC, Term Loan, 2/14/19 $ 1,115,032 1,301,813 3.00 Charter Communications Operating LLC, Term F Loan, 1/1/21 1,298,456 1,250,000 4.25 Charter Communications Operating LLC, Term G Loan, 9/10/21 1,261,621 521,732 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 6/30/19 520,363 731,250 4.00 MCC Georgia LLC, Tranche G Term Loan, 2/8/20 732,164 1,386,000 2.65 Mediacom Illinois LLC, Tranche F Term Loan, 3/31/18 1,369,830 658,744 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 658,327 1,884,855 3.50 Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20 1,884,985 238,082 4.75 WideOpenWest Finance LLC, Term B Loan, 4/1/19 238,762 1,136,553 3.50 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 1,130,516 1,072,383 3.50 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 1,066,686 691,064 3.39 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 687,393 -------------- $ 11,964,135 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 87 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Movies & Entertainment -- 0.2% 1,453,927 3.50 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 1,455,199 766,330 3.50 Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20 764,574 1,018,334 3.75 Rovi Solutions Corp., Term B Loan, 7/2/21 1,015,788 589,500 3.50 Seminole Hard Rock Entertainment, Inc., New Term Loan B, 5/14/20 587,658 1,083,500 3.75 WMG Acquisition Corp., Tranche B Refinancing Term Loan, 7/1/20 1,059,663 -------------- $ 4,882,882 ------------------------------------------------------------------------------------------------ Publishing -- 0.0%+ 523,674 0.27 EW Scripps, Inc., Term Loan, 11/26/20 $ 525,638 212,433 4.75 Interactive Data Corp., Tranche B Term Loan (First Lien), 4/24/21 213,727 -------------- $ 739,365 -------------- Total Media $ 26,849,248 ------------------------------------------------------------------------------------------------ RETAILING -- 0.3% Computer & Electronics Retail -- 0.1% 1,732,500 3.75 Rent-A-Center, Inc., Term Loan (2014), 2/6/21 $ 1,697,850 ------------------------------------------------------------------------------------------------ Home Improvement Retail -- 0.1% 1,225,000 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,204,712 ------------------------------------------------------------------------------------------------ Specialty Stores -- 0.0%+ 982,500 3.75 Michaels Stores, Inc., Term B Loan, 1/28/20 $ 983,377 ------------------------------------------------------------------------------------------------ Automotive Retail -- 0.1% 1,276,336 3.00 Avis Budget Car Rental LLC, Tranche B Term Loan, 3/15/19 $ 1,282,707 392,357 5.75 CWGS Group LLC, Term Loan, 2/20/20 396,158 733,125 4.00 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 733,813 -------------- $ 2,412,678 -------------- Total Retailing $ 6,298,617 ------------------------------------------------------------------------------------------------ FOOD & STAPLES RETAILING -- 0.1% Food Distributors -- 0.0%+ 184,983 5.75 AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 $ 185,532 ------------------------------------------------------------------------------------------------ Food Retail -- 0.1% 1,503,474 5.38 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 1,514,516 497,500 4.75 New Albertson's, Inc., Term Loan (First Lien), 6/24/21 499,366 -------------- $ 2,013,882 -------------- Total Food & Staples Retailing $ 2,199,414 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ FOOD, BEVERAGE & TOBACCO -- 0.2% Agricultural Products -- 0.0%+ 1,574,100 3.25 Darling International, Inc., Term B USD Loan, 12/19/20 $ 1,572,447 ------------------------------------------------------------------------------------------------ Packaged Foods & Meats -- 0.2% 1,048,202 3.25 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 1,050,230 874,626 3.75 JBS USA LLC, Initial Term Loan, 5/25/18 876,266 1,158,833 3.00 Pinnacle Foods Finance LLC, New Term Loan G, 4/29/20 1,155,833 992,500 3.75 Post Holdings, Inc., Tranche B Loan (First Lien), 5/23/21 996,428 -------------- $ 4,078,757 -------------- Total Food, Beverage & Tobacco $ 5,651,204 ------------------------------------------------------------------------------------------------ HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Household Products -- 0.0%+ 295,500 3.50 Spectrum Brands, Inc., Tranche C Term Loan, 8/13/19 $ 295,980 ------------------------------------------------------------------------------------------------ Personal Products -- 0.1% 400,000 3.50 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 395,375 416,283 4.12 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 417,974 550,000 4.50 Prestige Brands, Inc., Term B-2 Loan, 8/18/21 552,888 363,653 4.00 Revlon Consumer Products Corp., Acquisition Term Loan, 8/19/19 364,051 958,583 3.25 Revlon Consumer Products Corp., Replacement Term Loan, 11/19/17 957,534 -------------- $ 2,687,822 -------------- Total Household & Personal Products $ 2,983,802 ------------------------------------------------------------------------------------------------ HEALTH CARE EQUIPMENT & SERVICES -- 0.5% Health Care Equipment -- 0.1% 668,423 3.25 Hologic, Inc., Refinancing Tranche B Term Loan, 8/1/19 $ 669,937 585,306 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 588,233 -------------- $ 1,258,170 ------------------------------------------------------------------------------------------------ Health Care Supplies -- 0.0%+ 997,500 4.00 Halyard Health, Inc., Term Loan, 11/1/21 $ 1,008,881 217,197 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 218,350 -------------- $ 1,227,231 ------------------------------------------------------------------------------------------------ Health Care Services -- 0.2% 328,915 6.50 BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 $ 326,859 548,191 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 544,765
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 89 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Health Care Services -- (continued) 593,611 4.00 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 $ 592,375 472,669 3.50 DaVita HealthCare Partners, Inc., Tranche B Loan (First Lien), 6/19/21 474,400 1,245,860 4.00 Envision Healthcare Corp., Initial Term Loan, 5/25/18 1,251,505 1,477,500 2.27 Fresenius US Finance I, Inc., Tranche B Term Loan, 8/7/19 1,476,269 66,145 7.75 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 66,201 340,427 4.50 Truven Health Analytics, Inc., New Tranche B Term Loan, 6/6/19 340,530 -------------- $ 5,072,904 ------------------------------------------------------------------------------------------------ Health Care Facilities -- 0.1% 71,466 4.25 CHS, 2021 Term D Loan, 1/27/21 $ 71,897 486,275 4.50 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 487,916 712,380 4.25 Kindred Healthcare, Inc., Tranche B Loan (First Lien), 4/10/21 716,685 490,059 6.00 RegionalCare Hospital Partners, Inc., Term Loan (First Lien), 4/21/19 492,510 227,883 3.75 Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 228,168 982,500 6.75 Steward Health Care System LLC, Term Loan, 4/10/20 980,953 -------------- $ 2,978,129 ------------------------------------------------------------------------------------------------ Health Care Technology -- 0.1% 796,876 4.00 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 800,353 1,599,857 3.75 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,604,856 -------------- $ 2,405,209 -------------- Total Health Care Equipment & Services $ 12,941,643 ------------------------------------------------------------------------------------------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.4% Biotechnology -- 0.1% 1,122,724 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,125,530 ------------------------------------------------------------------------------------------------ Pharmaceuticals -- 0.3% 495,000 3.25 Endo Luxembourg Finance I Co., S.a.r.l., Tranche B Term Loan (First Lien), 11/5/20 $ 496,052 519,750 3.18 Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21 519,848 302,713 4.25 JLL, Initial Dollar Term Loan, 1/23/21 301,767 965,250 3.25 Mallinckrodt International Finance SA, Initial Term B Loan, 3/6/21 964,129 1,466,124 4.00 Par Pharmaceutical Companies, Inc., Term B-2 Loan, 9/28/19 1,466,124
The accompanying notes are an integral part of these financial statements. 90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Pharmaceuticals -- (continued) 498,750 4.25 Par Pharmaceutical, Term B-3 Loan, 3.25%, 9/30/19 $ 500,932 255,300 4.25 PharMEDium Healthcare Corp., Initial Term Loan (First Lien), 1/23/21 254,130 1,009,543 3.25 RPI Finance Trust, Term B-2 Term Loan, 5/9/18 1,013,329 620,776 3.25 RPI Finance Trust, Term B-3 Term Loan, 11/9/18 622,871 421,875 5.50 Salix Pharmaceuticals, Inc., Term Loan, 12/17/19 422,323 511,676 3.03 Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 512,031 213,198 3.50 Valeant Pharmaceuticals International, Inc., Series D2 Term Loan B, 2/13/19 213,346 1,313,724 3.50 Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 1,314,957 -------------- $ 8,601,839 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 9,727,369 ------------------------------------------------------------------------------------------------ BANKS -- 0.1% Thrifts & Mortgage Finance -- 0.1% 1,377,342 5.00 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 1,344,344 -------------- Total Banks $ 1,344,344 ------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIALS -- 0.2% Other Diversified Financial Services -- 0.1% 386,589 3.50 AWAS Finance Luxembourg 2012 SA, Term Loan, 7/16/18 $ 387,551 1,295,000 3.50 Delos Finance S.a.r.l., Tranche B Term Loan, 2/27/21 1,298,561 1,546,307 4.50 Fly Funding II S.a.r.l., Term Loan, 8/9/18 1,554,038 491,250 5.00 Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 486,798 78,745 5.25 WorldPay, Facility B2A Term Loan, 8/6/17 79,254 -------------- $ 3,806,202 ------------------------------------------------------------------------------------------------ Specialized Finance -- 0.1% 1,003,913 4.25 Mirror BidCo Corp., New Incremental Term Loan, 12/18/19 $ 1,002,866 595,500 3.25 SBA Senior Finance II LLC, Incremental Tranche B-1 Term Loan, 3/31/21 593,214 -------------- $ 1,596,080 -------------- Total Diversified Financials $ 5,402,282 ------------------------------------------------------------------------------------------------ INSURANCE -- 0.1% Insurance Brokers -- 0.0%+ 1,085,150 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 $ 1,079,724 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 91 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Life & Health Insurance -- 0.0%+ 458,599 3.75 CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18 $ 460,021 ------------------------------------------------------------------------------------------------ Multi-line Insurance -- 0.0%+ 241,827 5.00 Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 $ 242,079 ------------------------------------------------------------------------------------------------ Property & Casualty Insurance -- 0.1% 492,389 5.75 Confie seguros Holding II Co., Term B Loan (First Lien), 11/9/18 $ 491,363 962,813 5.75 Hyperion Insurance Group, Ltd., Term Loan, 10/4/19 959,804 -------------- $ 1,451,167 -------------- Total Insurance $ 3,232,991 ------------------------------------------------------------------------------------------------ REAL ESTATE -- 0.2% Mortgage REIT -- 0.1% 1,582,007 3.50 Starwood Property Trust, Inc., Term Loan (First Lien), 4/17/20 $ 1,569,154 ------------------------------------------------------------------------------------------------ Retail REIT -- 0.1% 1,710,500 5.50 DTZ U.S. Borrower, LLC, Initial Term Loan, 10/28/21 $ 1,724,042 ------------------------------------------------------------------------------------------------ Specialized REIT -- 0.0%+ 984,969 3.25 The GEO Group, Inc., Term Loan, 4/3/20 $ 983,737 ------------------------------------------------------------------------------------------------ Real Estate Services -- 0.0%+ 985,084 4.50 Altisource Solutions S.a.r.l., Term B Loan, 12/9/20 $ 724,037 -------------- Total Real Estate $ 5,000,970 ------------------------------------------------------------------------------------------------ SOFTWARE & SERVICES -- 0.4% Internet Software & Services -- 0.1% 954,022 3.25 Dealertrack Technologies, Inc., Term Loan, 2/27/21 $ 951,332 955,848 3.75 Vantiv LLC, Term B Loan, 6/12/21 961,217 -------------- $ 1,912,549 ------------------------------------------------------------------------------------------------ IT Consulting & Other Services -- 0.1% 1,358,138 3.75 Booz Allen Hamilton, Inc., Refinance Tranche B, 7/31/19 $ 1,366,344 294,724 4.50 Deltek, Inc., Term Loan (First Lien), 10/10/18 296,059 398,000 5.75 Evergreen Skills Lux S.a.r.l., Initial Term Loan (First Lien), 4/23/21 393,920 227,700 4.50 PSAV Presentation Services, Tranche B Term Loan (First Lien), 1/24/21 227,700 -------------- $ 2,284,023 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ Data Processing & Outsourced Services -- 0.1% 977,588 3.50 Genpact International, Inc., Term Loan, 8/30/19 $ 980,765 ------------------------------------------------------------------------------------------------ Application Software -- 0.0%+ 467,006 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 $ 468,173 10,555 8.50 Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 10,565 325,732 3.50 Verint Systems, Inc., Tranche B-2 Term Loan (First Lien), 9/6/19 325,936 -------------- $ 804,674 ------------------------------------------------------------------------------------------------ Home Entertainment Software -- 0.1% 1,411,209 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,419,147 1,455,882 5.25 Micro Focus International, Term Loan B, 10/7/21 1,459,825 -------------- $ 2,878,972 -------------- Total Software & Services $ 8,860,983 ------------------------------------------------------------------------------------------------ TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1% Communications Equipment -- 0.0%+ 157,636 2.83 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 157,439 236,453 3.25 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 236,501 -------------- $ 393,940 ------------------------------------------------------------------------------------------------ Electronic Equipment Manufacturers -- 0.0%+ 977,273 4.75 Zebra Technologies, Term Loan B, 9/30/21 $ 989,896 ------------------------------------------------------------------------------------------------ Electronic Components -- 0.1% 640,250 3.25 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 641,450 1,330,000 6.25 FCI -- Fidji Luxembourg Bc4 S.a.r.l., Term Loan, 12/19/20 1,334,156 -------------- $ 1,975,606 -------------- Total Technology Hardware & Equipment $ 3,359,442 ------------------------------------------------------------------------------------------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1% Semiconductor Equipment -- 0.1% 1,492,500 3.50 Sensata Technologies BV, Third Amendment, 10/8/21 $ 1,503,134 443,063 3.25 Sensata Technologies BV, Term Loan, 5/12/18 445,001 -------------- $ 1,948,135 ------------------------------------------------------------------------------------------------ Semiconductors -- 0.0%+ 1,122,572 3.75 Avago Technologies Ltd., Tranche B Term Loan (First Lien), 4/16/21 $ 1,126,291 131,461 3.25 Microsemi Corp., Term Loan (First Lien), 3/14/21 131,527 -------------- $ 1,257,818 -------------- Total Semiconductors & Semiconductor Equipment $ 3,205,953 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 93 Schedule of Investments | 3/31/15 (continued)
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES -- 0.3% Integrated Telecommunication Services -- 0.2% 1,231,250 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,231,763 1,000,000 4.50 Level 3 Financing, Inc., Tranche B 2022, 1/31/22 1,006,518 1,004,821 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 1,004,193 1,027,849 3.50 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 1,028,491 706,988 3.50 Windstream Corp., Tranche B-5 Term Loan, 8/8/19 706,189 -------------- $ 4,977,154 ------------------------------------------------------------------------------------------------ Wireless Telecommunication Services -- 0.1% 1,177,227 3.00 Crown Castle International Corp., Tranche B-2 Term Loan (First Lien), 1/31/21 $ 1,176,049 660,000 4.75 GCI Holdings, Inc., Tranche B Term Loan (First Lien), 12/22/21 663,300 267,407 4.50 Numericable U.S. LLC, Tranche B-1 Term Loan, 4/23/20 268,543 231,343 4.50 Numericable-SFR, Tranche B-2 Loan (First Lien), 4/23/20 232,326 727,141 4.00 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 689,572 -------------- $ 3,029,790 -------------- Total Telecommunication Services $ 8,006,944 ------------------------------------------------------------------------------------------------ UTILITIES -- 0.4% Electric Utilities -- 0.3% 2,730,906 4.75 Atlantic Power LP, Term Loan, 2/20/21 $ 2,747,974 1,179,000 3.00 Calpine Construction Finance Co., LP, Term B-1 Loan, 5/3/20 1,165,183 1,350,000 5.25 Terra-Gen Finance Co., Term Loan, 11/26/21 1,358,438 1,595,935 3.75 Texas Competitive Electric Holdings Co., LLC, DIP Delayed Draw Term Loan (2014), 5/5/16 1,606,109 -------------- $ 6,877,704 ------------------------------------------------------------------------------------------------ Independent Power Producers & Energy Traders -- 0.1% 756,297 4.00 Calpine Corp., Term Loan, 9/27/19 $ 759,343 453,462 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 454,797 1,167,488 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,163,678 1,545,425 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 1,543,494 -------------- $ 3,921,312 -------------- Total Utilities $ 10,799,016 ------------------------------------------------------------------------------------------------ TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $196,077,767) $ 194,716,220 ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------ Floating Principal Rate (b) Amount ($) (unaudited) Value ------------------------------------------------------------------------------------------------ TEMPORARY CASH INVESTMENTS -- 0.9% Repurchase Agreements -- 0.4% 3,115,000 $3,115,000 Bank of Nova Scotia, 0.12%, dated 3/31/15 plus accrued interest on 4/1/15 collateralized by $3,177,313 Federal National Mortgage Association, 2.5%, 11/1/27 $ 3,115,000 3,115,000 $3,115,000 RBC Capital Markets, Inc., 0.12%, dated 3/31/15 plus accrued interest on 4/1/15 collateralized by the following: $750,171 Federal National Mortgage Association (ARM), 2.031-2.896%, 5/1/43-2/1/45 $2,427,130 Federal Home Loan Mortgage Corp., 2.683%, 5/1/42 3,115,000 3,115,000 $3,115,000 TD Securities USA, Inc., 0.10%, dated 3/31/15 plus accrued interest on 4/1/15 collateralized by $3,177,300 Federal National Mortgage Association, 4.0-5.0%, 7/1/37-12/1/44 3,115,000 -------------- $ 9,345,000 ------------------------------------------------------------------------------------------------ Commercial Paper -- 0.5% 2,500,000 Dominion Resources, Inc., Commercial Paper, 4/20/15 (144A) (c) $ 2,499,670 2,500,000 0.60 Skandinaviska Enskilda Banken AB New York NY, Floating Rate Note, 9/21/15 2,502,000 1,000,000 0.64 Sumitomo Mitsui Banking Corp., New York, Floating Rate Note, 4/1/15 1,000,000 1,715,000 0.00 Sumitomo Mitsui Banking Corp., New York, Floating Rate Note, 5/2/17 (d) 1,714,240 2,500,000 0.44 Svenska Handelsbanken New York NY, Floating Rate Note, 8/17/16 2,500,950 -------------- $ 10,216,860 ------------------------------------------------------------------------------------------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $19,559,843) $ 19,561,860 ------------------------------------------------------------------------------------------------ TOTAL INVESTMENT IN SECURITIES -- 100.3% (Cost $2,504,097,073) (a) $2,501,078,035 ------------------------------------------------------------------------------------------------ OTHER ASSETS & LIABILITIES -- (0.3)% $ (6,292,810) ------------------------------------------------------------------------------------------------ TOTAL NET ASSETS -- 100.0% $2,494,785,225 ================================================================================================
+ Rounds to less than 0.1%. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At March 31, 2015, the value of these securities amounted to $773,995,614 or 31.0% of total net assets. REIT Real Estate Investment Trust. REMICS Real Estate Mortgage Investment Conduits. (Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe. (PIK) Represents a pay-in kind security. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 95 Schedule of Investments | 3/31/15 (continued) ARM Adjustable Rate Mortgage. STRIPS Separate Trading of Registered Interest and Principal Securities. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (a) At March 31, 2015, the net unrealized depreciation on investments based on cost for federal income tax purposes of $2,508,807,367 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 7,773,793 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (15,503,125) ------------ Net unrealized depreciation $ (7,729,332) ============
(b) Debt obligation with a variable interest rate. Rate shown is rate at period end. (c) Security issued with a zero coupon. Income is recognized through accretion of discount. (d) Rate to be determined. (e) Security is valued based on a formula approved by the Valuation Committee of the Board of Trustees. At March 31, 2015, the aggregate value of these securities amounted to $23,693,777, or 0.9% of total net assets. Purchases and sales of securities (excluding temporary cash investments) for the year ended March 31, 2015 aggregated $1,764,743,723 and $1,039,541,356, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 -- quoted prices in active markets for identical securities. Level 2 -- other sit unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. 96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 The following is a summary of the inputs used as of March 31, 2015, in valuing the Fund's assets:
----------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ----------------------------------------------------------------------------------------------------- Preferred Stocks $ -- $ -- $ 2,507,460 $ 2,507,460 Asset Backed Securities -- 677,404,555 -- 677,404,555 Collateralized Mortgage Obligations -- 777,513,949 -- 777,513,949 Corporate Bonds Insurance Reinsurance -- 110,114,121 21,186,317 131,300,438 All Other Corporate Bonds -- 621,015,107 -- 621,015,107 U.S. Government and Agency Obligations -- 74,307,088 -- 74,307,088 Foreign Government Bonds -- 1,800,000 -- 1,800,000 Municipal Bonds -- 951,358 -- 951,358 Senior Floating Rate Loan Interests -- 194,716,220 -- 194,716,220 Repurchase Agreements -- 9,345,000 -- 9,345,000 Commercial Paper -- 10,216,860 -- 10,216,860 ----------------------------------------------------------------------------------------------------- Total $ -- $2,477,384,258 $23,693,777 $2,501,078,035 =====================================================================================================
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
----------------------------------------------------------------------------------------------------- Preferred Corporate Stocks Bonds Total ----------------------------------------------------------------------------------------------------- Balance as of 3/31/14 $ -- $ -- $ -- Realized gain (loss)(1) -- -- -- Change in unrealized appreciation (depreciation)(2) 207,460 1,881,798 2,089,258 Purchases 2,300,000 22,610,519 24,910,519 Sales -- (3,306,000) (3,306,000) Transfers in to Level 3* -- -- -- Transfers out of Level 3* -- -- -- ----------------------------------------------------------------------------------------------------- Balance as of 3/31/15 $2,507,460 $21,186,317 $23,693,777 =====================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations. (2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. During the year ended March 31, 2015, there were no transfers between Levels 1, 2 and 3. Net change in unrealized appreciation (depreciation) of investments still held as of 3/31/15 $2,089,258 ---------- The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 97 Statement of Assets and Liabilities | 3/31/15
ASSETS: Investment in securities (cost $2,504,097,073) $2,501,078,035 Cash 2,884,457 Receivables -- Investment securities sold 1,677,297 Fund shares sold 14,992,491 Interest 4,520,252 Other assets 192,203 -------------------------------------------------------------------------------------------------- Total assets $2,525,344,735 ================================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 17,535,986 Fund shares repurchased 11,879,716 Dividends 292,255 Due to affiliates 607,866 Accrued expenses 243,687 -------------------------------------------------------------------------------------------------- Total liabilities $ 30,559,510 ================================================================================================== NET ASSETS: Paid-in capital $2,510,349,737 Distributions in excess of net investment income (4,409,447) Accumulated net realized loss on investments (8,136,027) Net unrealized depreciation on investments (3,019,038) -------------------------------------------------------------------------------------------------- Total net assets $2,494,785,225 ================================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $694,220,930/69,399,036 shares) $ 10.00 Class C (based on $594,282,838/59,484,572 shares) $ 9.99 Class C2 (based on $11,257,521/1,127,018 shares) $ 9.99 Class K (based on $5,090,608/508,532 shares) $ 10.01 Class Y (based on $1,188,107,358/118,743,083 shares) $ 10.01 Class Z (based on $1,825,970/183,433 shares) $ 9.95 MAXIMUM OFFERING PRICE: Class A ($10.00/97.5%) $ 10.26 ==================================================================================================
The accompanying notes are an integral part of these financial statements. 98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Statement of Operations For the Year Ended 3/31/15
INVESTMENT INCOME: Interest $39,120,420 ------------------------------------------------------------------------------------------------- Total investment income $39,120,420 ------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 7,880,789 Transfer agent fees and expenses Class A 28,252 Class C 30,710 Class C2 228 Class Y 7,215 Class Z 304 Distribution fees Class A 1,411,612 Class C 2,877,575 Class C2 39,188 Administrative reimbursement 703,208 Shareholder communication expense 1,648,427 Custodian fees 189,182 Registration fees 346,804 Professional fees 141,398 Printing expense 71,650 Fees and expenses of nonaffiliated Trustees 92,226 Pricing fees 65,171 Miscellaneous 349,129 ------------------------------------------------------------------------------------------------- Total expenses $15,883,068 ------------------------------------------------------------------------------------------------- Net investment income $23,237,352 ------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized loss on investments $ (141,464) Change in net unrealized depreciation on investments (9,437,084) ------------------------------------------------------------------------------------------------- Net loss on investments $(9,578,548) ------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $13,658,804 =================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 99 Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------- Year Ended Year Ended 3/31/15 3/31/14 -------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 23,237,352 $ 15,145,546 Net realized gain (loss) on investments (141,464) 149,211 Change in net unrealized appreciation (depreciation) on investments (9,437,084) (606,840) -------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 13,658,804 $ 14,687,917 -------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.12 and $0.10 per share, respectively) $ (8,726,818) $ (4,647,335) Class C ($0.09 and $0.07 per share, respectively) (5,456,629) (3,091,044) Class C2 ($0.09 and $0.05 per share, respectively) (78,135) (8,210) Class K ($0.14 and $0.13 per share, respectively) (29,911) (125) Class Y ($0.14 and $0.12 per share, respectively) (16,320,776) (9,018,695) Class Z ($0.13 and $0.13 per share, respectively) (68,790) (18,529) -------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (30,681,059) $ (16,783,938) -------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 2,848,851,687 $ 2,307,738,408 Reinvestment of distributions 26,801,350 13,876,376 Cost of shares repurchased (2,430,043,835) (1,574,244,421) -------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 445,609,202 $ 747,370,363 -------------------------------------------------------------------------------------------------- Net increase in net assets $ 428,586,947 $ 745,274,342 NET ASSETS: Beginning of year 2,066,198,278 1,320,923,936 -------------------------------------------------------------------------------------------------- End of year $ 2,494,785,225 $ 2,066,198,278 -------------------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (4,409,447) $ (3,720,388) ==================================================================================================
The accompanying notes are an integral part of these financial statements. 100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
----------------------------------------------------------------------------------------------- `15 Shares `15 Amount `14 Shares `14 Amount ----------------------------------------------------------------------------------------------- Class A Shares sold 83,933,411 $ 843,718,437 62,652,176 $ 630,767,493 Reinvestment of distributions 802,331 8,051,015 427,543 4,303,233 Less shares repurchased (72,000,258) (723,312,357) (44,233,206) (445,365,813) ----------------------------------------------------------------------------------------------- Net increase 12,735,484 $ 128,457,095 18,846,513 $ 189,704,913 =============================================================================================== Class C Shares sold 46,730,296 $ 468,963,898 56,870,669 $ 571,857,990 Reinvestment of distributions 537,145 5,379,841 303,017 3,046,361 Less shares repurchased (45,018,482) (451,628,403) (32,788,054) (329,711,220) ----------------------------------------------------------------------------------------------- Net increase 2,248,959 $ 22,715,336 24,385,632 $ 245,193,131 =============================================================================================== Class C2* Shares sold 977,969 $ 9,812,274 375,767 $ 3,776,660 Reinvestment of distributions 4,313 43,166 649 6,519 Less shares repurchased (223,142) (2,236,434) (8,538) (85,763) ----------------------------------------------------------------------------------------------- Net increase 759,140 $ 7,619,006 367,878 $ 3,697,416 =============================================================================================== Class K Shares sold 508,487 $ 5,104,776 -- $ -- Reinvestment of distributions 2,980 29,827 -- -- Less shares repurchased (3,926) (39,320) -- -- ----------------------------------------------------------------------------------------------- Net increase 507,541 $ 5,095,283 -- $ -- =============================================================================================== Class Y Shares sold 150,302,046 $ 1,510,576,398 108,933,560 $1,097,365,036 Reinvestment of distributions 1,318,376 13,231,801 645,480 6,501,765 Less shares repurchased (123,502,586) (1,240,201,155) (79,299,296) (798,846,719) ----------------------------------------------------------------------------------------------- Net increase 28,117,836 $ 283,607,044 30,279,744 $ 305,020,082 =============================================================================================== Class Z** Shares sold 1,062,915 $ 10,675,904 395,076 $ 3,971,229 Reinvestment of distributions 6,556 65,700 1,840 18,498 Less shares repurchased (1,259,589) (12,626,166) (23,365) (234,906) ----------------------------------------------------------------------------------------------- Net increase (decrease) (190,118) $ (1,884,562) 373,551 $ 3,754,821 ===============================================================================================
* Class C2 shares commenced operations on August 1, 2013. ** Class Z shares commenced operations on April 1, 2013. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 101 Financial Highlights
--------------------------------------------------------------------------------------------------------- Year Year Year Ended Ended Ended 5/1/11 3/31/15 3/31/14 3/31/13 to 3/31/12 --------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 10.07 $ 10.08 $ 10.02 $ 10.00 --------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.10 $ 0.10 $ 0.13 $ 0.12 Net realized and unrealized gain (loss) on investments (0.05) (0.01) 0.08 0.03 --------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.05 $ 0.09 $ 0.21 $ 0.15 --------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.12) $ (0.10) $ (0.15) $ (0.13) --------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.07) $ (0.01) $ 0.06 $ 0.02 ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.00 $ 10.07 $ 10.08 $ 10.02 ========================================================================================================== Total return* 0.54% 0.92% 2.14% 1.48%(a) Ratio of net expenses to average net assets 0.63% 0.66% 0.72% 0.90%** Ratio of net investment income (loss) to average net assets 0.95% 0.93% 0.94% 1.45%** Portfolio turnover rate 45% 47% 101% 51% Net assets, end of period (in thousands) $694,221 $570,468 $381,267 $48,160 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.63% 0.66% 0.72% 1.03%** Net investment income (loss) to average net assets 0.95% 0.93% 0.94% 1.32%** ==========================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. 102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
---------------------------------------------------------------------------------------------------------- Year Year Year Ended Ended Ended 5/1/11 3/31/15 3/31/14 3/31/13 to 3/31/12 ---------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 10.05 $ 10.07 $ 10.02 $ 10.00 ---------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.07 $ 0.08 $ 0.09 $ 0.05 Net realized and unrealized gain (loss) on investments (0.04) (0.03) 0.07 0.03 ---------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.03 $ 0.05 $ 0.16 $ 0.08 ---------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.09) $ (0.07) $ (0.11) $ (0.06) ---------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.06) $ (0.02) $ 0.05 $ 0.02 ---------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.99 $ 10.05 $ 10.07 $ 10.02 ========================================================================================================== Total return* 0.34% 0.54% 1.61% 0.82%(a) Ratio of net expenses to average net assets 0.94% 0.97% 1.03% 1.75%** Ratio of net investment income (loss) to average net assets 0.66% 0.62% 0.63% 0.52%** Portfolio turnover rate 45% 47% 101% 51% Net assets, end of period (in thousands) $594,283 $575,457 $330,828 $11,643 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.94% 0.97% 1.03% 1.87%** Net investment income (loss) to average net assets 0.66% 0.62% 0.63% 0.40%** ==========================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 103 Financial Highlights (continued)
----------------------------------------------------------------------------------- Year Ended 8/1/13 3/31/15 to 3/31/14 ----------------------------------------------------------------------------------- Class C2 Net asset value, beginning of period $ 10.05 $10.04 ----------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.06 $ 0.07 Net realized and unrealized gain (loss) on investments (0.03) (0.01) ----------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.03 $ 0.06 ----------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.09) $(0.05) ----------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.06) $ 0.01 ----------------------------------------------------------------------------------- Net asset value, end of period $ 9.99 $10.05 =================================================================================== Total return* 0.33% 0.56%(a) Ratio of net expenses to average net assets 0.95% 0.99%** Ratio of net investment income (loss) to average net assets 0.66% 0.68%** Portfolio turnover rate 45% 47% Net assets, end of period (in thousands) $11,258 $3,699 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.95% 0.99%** Net investment income (loss) to average net assets 0.66% 0.68%** ===================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. 104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------- Year Year Ended Ended 12/20/12 3/31/15 3/31/14 to 3/31/13 --------------------------------------------------------------------------------- Class K Net asset value, beginning of period $10.07 $10.08 $10.09 --------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.14 $ 0.12 $ 0.03 Net realized and unrealized gain (loss) on investments (0.06) (0.00)(a) 0.01 ---------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.08 $ 0.12 $ 0.04 --------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $(0.14) $(0.13) $(0.05) --------------------------------------------------------------------------------- Net increase (decrease) in net asset value $(0.06) $(0.01) $(0.01) --------------------------------------------------------------------------------- Net asset value, end of period $10.01 $10.07 $10.08 ================================================================================= Total return* 0.83% 1.16% 0.43%(b) Ratio of net expenses to average net assets 0.41% 0.41% 0.53%** Ratio of net investment income (loss) to average net assets 1.28% 1.19% 1.25%** Portfolio turnover rate 45% 47% 101% Net assets, end of period (in thousands) $5,091 $ 10 $ 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 0.41% 0.41% 0.53%** Net investment income (loss) to average net assets 1.28% 1.19% 1.25%** =================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Amount rounds to less than $0.01 or $(0.01) per share. (b) Not Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 105 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Year Year Year Ended Ended Ended 5/1/11 3/31/15 3/31/14 3/31/13 to 3/31/12 ----------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 10.07 $ 10.09 $ 10.03 $ 10.00 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.11 $ 0.12 $ 0.14 $ 0.14 Net realized and unrealized gain (loss) on investments (0.03) (0.02) 0.09 0.04 ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.08 $ 0.10 $ 0.23 $ 0.18 ----------------------------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $ (0.14) $ (0.12) $ (0.17) $ (0.15) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.06) $ (0.02) $ 0.06 $ 0.03 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.01 $ 10.07 $ 10.09 $ 10.03 =========================================================================================================== Total return* 0.79% 0.99% 2.35% 1.79%(a) Ratio of net expenses to average net assets 0.51% 0.54% 0.55% 0.67%** Ratio of net investment income (loss) to average net assets 1.08% 1.05% 1.11% 1.72%** Portfolio turnover rate 45% 47% 101% 51% Net assets, end of period (in thousands) $1,188,107 $912,810 $608,818 $99,533 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.51% 0.54% 0.55% 0.80%** Net investment income (loss) to average net assets 1.08% 1.05% 1.11% 1.59%** ===========================================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Not Annualized. The accompanying notes are an integral part of these financial statements. 106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
--------------------------------------------------------------------------------------- Year Ended 4/1/13 3/31/15 to 3/31/14 --------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $10.05 $10.08 --------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ 0.00(a) $ 0.14 Net realized and unrealized gain (loss) on investments 0.03 (0.04) --------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.03 $ 0.10 --------------------------------------------------------------------------------------- Distribution to shareowners: Net investment income $(0.13) $(0.13) --------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $(0.10) $(0.03) --------------------------------------------------------------------------------------- Net asset value, end of period $ 9.95 $10.05 ======================================================================================= Total return* 0.30% 1.00%(b) Ratio of net expenses to average net assets 0.74% 0.60%** Ratio of net investment income (loss) to average net assets 0.81% 0.99%** Portfolio turnover rate 45% 47% Net assets, end of period (in thousands) $1,826 $3,754 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 0.74% 0.60%** Net investment income (loss) to average net assets 0.81% 0.99%** =======================================================================================
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period. ** Annualized. (a) Amount rounds to less than $0.01 or $(0.01) per share. (b) Not Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 107 Notes to Financial Statements | 3/31/15 1. Organization and Significant Accounting Policies Pioneer Multi-Asset Ultrashort Income Fund (formerly known as Pioneer Multi-Asset Floating Rate Fund) (the Fund) is one of three portfolios comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to seek a high level of current income to the extent consistent with a relatively high level of stability of principal. Prior to December 1, 2013, the investment objective of the Fund was to seek a high level of current income. Capital appreciation was a secondary objective. The Fund offers six classes of shares designated as Class A, Class C, Class C2, Class K, Class Y and Class Z shares. Class A, Class C and Class Y shares were commenced operations on April 29, 2011. Class K shares commenced operations on December 20, 2012. Class Z shares commenced operations on April 1, 2013. Class C2 shares commenced operations on August 1, 2013. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class- specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board the flexibility to specify either per-share voting or dollar- weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K, Class Y, or Class Z shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting period. Actual results could differ from those estimates. 108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: A. Security Valuation Security transactions are recorded as of trade date. The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. Senior floating rate loan interests (senior loans) are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Fixed income securities are valued at prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings. Valuations may be supplemented by dealers and other sources, as required. Shares of money market mutual funds are valued at such funds' net asset value. Cash may include overnight time deposits at approved financial institutions. Securities or senior loans for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIMs fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 109 At March 31, 2015, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services or broker dealers). B. Investment Income and Transactions Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis, net of unrecoverable foreign taxes withheld at the applicable country rates. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. C. Foreign Currency Translation The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in the market prices of those securities but are included with the net realized and unrealized appreciation or depreciation on investments. D. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation are recorded in the Fund's financial statements. The Fund records realized gain and loss at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. 110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 E. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of March 31, 2015, the Fund had not accrued any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax returns filed within the prior three years are subject to examination by Federal and State tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. At March 31, 2015, the Fund reclassified $6,754,648 to decrease distributions in excess of net investment income and $6,754,648 to increase accumulated net realized loss on investments to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. At March 31, 2015, the Fund was permitted to carry forward indefinitely $8,135,597 of short-term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. The tax character of distributions paid during the years ended March 31, 2015 and March 31, 2014 were as follows:
---------------------------------------------------------------------------- 2015 2014 ---------------------------------------------------------------------------- Distributions paid from: Ordinary income $30,681,059 $16,783,938 ---------------------------------------------------------------------------- Total $30,681,059 $16,783,938 ============================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 111 The following shows the components of distributable earnings on a federal income tax basis at March 31, 2015:
---------------------------------------------------------------------------- 2015 ---------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 592,672 Capital loss carryforward (8,135,597) Dividends payable (292,255) Unrealized depreciation (7,729,332) ---------------------------------------------------------------------------- Total $(15,564,512) ============================================================================
The difference between book-basis and tax-basis unrealized depreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to catastrophe bonds and the tax treatment of premium and amortization. F. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $12,342 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2015. G. Class Allocations Income, common expenses, and realized and unrealized appreciation and depreciation are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class C2 shares of the Fund, respectively (see Note 4). Class K, Class Y and Class Z shares do not pay distribution fees. All expenses and fees paid to the transfer agent, Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3). The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time except that net investment income dividends to Class A, Class C, Class C2, Class K, Class Y and Class Z shares can reflect different transfer agent and distribution expense rates. 112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 H. Risks When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and the issuers' inability to meet their debt obligations. The Fund's prospectus contains unaudited information regarding the Fund's principal risks. Please refer to that document when considering the Fund's principal risks. I. Repurchase Agreements With respect to repurchase agreements entered into by the Fund, the value of the underlying securities (collateral), including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund's custodian or a subcustodian of the Fund. PIM is responsible for determining that the value of the collateral remains at least equal to the repurchase price. 2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's portfolio. Management fees are calculated daily at the annual rate equal to 0.35% of the Fund's average daily net assets up to $1 billion and 0.30% on assets over $1 billion. Prior to January 1, 2012, the Fund paid management fees calculated at the annual rate of 0.40% of the Fund's average daily net assets up to $1 billion and 0.35% on assets over $1 billion. For the year ended March 31, 2015, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.32% of the Fund's average daily net assets. PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Fund expenses to 1.15% of the average daily net assets attributable to Class C2 shares. Fees waived and expenses reimbursed during the year ended March 31, 2015 are reflected on the Statement of Operations. The expense limitation is in effect through August 1, 2015. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting, and insurance premiums, are paid by the Fund as administrative reimbursements. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $93,246 in management fees, administrative costs and certain other reimbursements payable to PIM at March 31, 2015. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 113 3. Transfer Agent PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially all transfer agent and shareowner services to the Fund at negotiated rates. In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by PIMSS related to shareholder communications activities such as proxy and statement mailings, outgoing phone calls and omnibus relationship contracts. For the year ended March 31, 2015, such out-of-pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------- Shareholder Communications: --------------------------------------------------------------------------------- Class A $ 201,057 Class C 172,500 Class C2 3,560 Class K 9 Class Y 1,252,000 Class Z 19,301 --------------------------------------------------------------------------------- Total $1,648,427 =================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $466,221 in transfer agent fees and out-of-pocket reimbursements payable from PIMSS at March 31, 2015. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class C2 shares. Pursuant to the Plan, the Fund pays PFD 0.20% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 0.50% of the average daily net assets attributable to Class C and Class C2 shares. The fee for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C and Class C2 shares. Prior to July 1, 2012, the Fund paid PFD 0.25% of the average daily net assets attributable to Class A shares and 1.00% of the average daily net assets attributable to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $48,399 in distribution fees payable to PFD at March 31, 2015. 114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 In addition, redemptions of each class of shares (except Class K, Class Y and Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. For Class C shares purchased prior to July 1, 2012 and Class C2 shares redemptions of shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. For Class C shares purchased on or after July 1, 2012, no contingent deferred sales charge is charged. There is no CDSC for Class K, Class Y and Class Z shares. Proceeds from the CDSCs are paid to PFD. For the year ended March 31, 2015, CDSCs of $404,209 were paid to PFD. 5. Expense Offset Arrangements The Fund has entered into certain expense offset arrangements with PIMSS, which may result in a reduction in the Fund's total expenses due to interest earned on cash held by PIMSS. For the year ended March 31, 2015, the Fund's expenses were not reduced under such arrangements. 6. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility in effect As of February 11, 2015 is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized basis, or the alternate base rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the federal funds rate on the borrowing date and (c) 2% plus the overnight eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to participate in the credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended March 31, 2015, the Fund had no borrowings under the credit facility. 7. Change in Independent Registered Public Accounting Firm The Board of Trustees of the Fund, with the approval and recommendation of the Audit Committee, has appointed Deloitte & Touche LLP to serve as the Fund's independent registered public accounting firm for the fiscal year ending March 31, 2015. Deloitte & Touche LLP replaces Ernst & Young LLP, which Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 115 resigned as the Fund's independent registered public accounting firm, effective upon completion of the audit of the Fund's financial statements for the fiscal year ended March 31, 2014. During the periods that Ernst & Young LLP served as the Fund's independent registered public accounting firm, including the Fund's fiscal years ended March 31, 2014 and March 31, 2013, Ernst & Young LLP's reports on the financial statements of the Fund have not contained an adverse opinion or disclaimer of opinion and have not been qualified or modified as to uncertainty, audit scope or accounting principles. Further, there have been no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would have caused Ernst & Young LLP to make reference to the subject matter of the disagreement in connection with its report on the financial statements. In addition, there have been no reportable events of the kind described in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934. 8. Subsequent Event PIM, the Fund's investment adviser, is currently an indirect, wholly-owned subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a preliminary and exclusive agreement with Banco Santander and affiliates of Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the "Transaction"). Pursuant to the preliminary agreement, the Transaction will entail the establishment of a holding company, with the name Pioneer Investments, to be owned by UniCredit (50%) and the Private Equity Firms (50% between them). The holding company will control Pioneer's U.S. operations, including the Adviser. The holding company also will own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco Santander will own directly the remaining 33.3% stake. The completion of the Transaction is subject to the signing of a definitive agreement, as well as certain regulatory and corporate approvals, and other conditions. Under the Investment Company Act of 1940, completion of the Transaction will cause the Fund's investment advisory agreement with the Adviser to terminate. In connection with the Transaction, the Fund's Board of Trustees will be asked to approve a new investment advisory agreement for the Fund. If approved by the Board, the Fund's new investment advisory agreement will be submitted to the shareholders of the Fund for their approval. 116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Pioneer Series Trust X and the Shareowners of Pioneer Multi-Asset Ultrashort Income Fund: -------------------------------------------------------------------------------- We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") (one of the portfolios constituting Pioneer Series Trust X), as of March 31, 2015, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets of the Fund for the year ended March 31, 2014, and the financial highlights for the years ended March 31, 2014, 2013, 2012, and 2011 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated May 22, 2014. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015, by correspondence with the custodian, brokers and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Multi-Asset Ultrashort Income Fund as of March 31, 2015, the results of its operations, changes in its net assets and financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ Deloitte & Touche LLP Boston, Massachusetts May 22, 2015 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 117 ADDITIONAL INFORMATION (unaudited) The percentages of the Fund's ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 71.34%. 118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Deloitte & Touche LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Pioneer Investment Management Shareholder Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 52 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 119 Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (64) Trustee since 2011. Private investor (2004 - 2008 and Director, Broadridge Financial Chairman of the Board and Serves until a successor 2013 - present); Chairman (2008 - Solutions, Inc. (investor Trustee trustee is elected or 2013) and Chief Executive Officer communications and securities earlier retirement or (2008 - 2012), Quadriserv, Inc. processing provider for financial removal. (technology products for securities services industry) (2009 - lending industry); and Senior present); Director, Quadriserv, Executive Vice President, The Bank of Inc. (2005 - 2013); and New York (financial and securities Commissioner, New Jersey State services) (1986 - 2004) Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (71) Trustee since 2011. Managing Partner, Federal City Director of New York Mortgage Trustee Serves until a successor Capital Advisors (corporate advisory Trust (publicly-traded mortgage trustee is elected or services company) (1997 - 2004 and REIT) 2004 - 2009, 2012 - present); earlier retirement or 2008 - present); Interim Chief Director (of The Swiss Helvetia removal. Executive Officer, Oxford Analytica, Fund, Inc. (closed-end fund) Inc. (privately-held research and (2010 - present); Director of consulting company) (2010); Executive Oxford Analytica, Inc. Vice President and Chief Financial (2008 - present); and Director of Officer, I-trax, Inc. (publicly traded Enterprise Community Investment, health care services company) (2004 - Inc. (privately-held affordable 2007); and Executive Vice President housing finance company) and Chief Financial Officer, Pedestal (1985 - 2010) Inc. (internet-based mortgage trading company) (2000 - 2002); Private consultant (1995 - 1997), Managing Director, Lehman Brothers (investment banking firm) (1992 - 1995); and Executive, The World Bank (1979 - 1992) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (70) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Institutional Trustee Serves until a successor Political Economy, Harvard University Funds Investment Trust and trustee is elected or (1972 - present) Mellon Institutional earlier retirement or Funds Master Portfolio (oversaw removal. 17 portfolios in fund complex) (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (67) Trustee since 2011. Founding Director, Vice President and None Trustee Serves until a successor Corporate Secretary, The Winthrop trustee is elected or Group, Inc. (consulting firm) (1982 - earlier retirement or present); Desautels Faculty of removal. Management, McGill University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (66) Trustee since 2011. President and Chief Executive Officer, Director of New America High Trustee Serves until a successor Newbury, Piret & Company, Inc. Income Fund, Inc. (closed-end trustee is elected or (investment banking firm) (1981 - investment company) (2004 - earlier retirement or present) present); and Member, removal. Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company None Trustee Serves until a successor services) (2012 - present); Executive trustee is elected or Vice President, BNY Mellon (financial earlier retirement or and investment company services) removal. (1969 - 2012); Director, BNY International Financing Corp. (financial services) (2002 - 2012); and Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 121 Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (56)* Trustee since 2014. Director and Executive Vice President None Trustee Serves until a (since 2008) and Chief Investment successor trustee is Officer, U.S. (since 2010) of PIM-USA; elected or earlier Executive Vice President of Pioneer retirement or removal. (since 2008); Executive Vice President of Pioneer Institutional Asset Management, Inc. (since 2009); and Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's investment adviser and certain of its affiliates. 122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lorraine Monchak (58)** Advisory Trustee Chief Investment Officer, 1199 SEIU None Advisory Trustee since 2014. Funds (healthcare workers union pension funds) (2001 - present); Vice President - International Investments Group, American International Group, Inc. (insurance company) (1993 - 2001); Vice President Corporate Finance and Treasury Group, Citibank, N.A.(1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 123 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President None President and Chief at the discretion of of Pioneer Investment Management-USA Executive Officer the Board. (since September 2014); Chair, Director, CEO and President of Pioneer Investment Management, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Funds Distributor, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Institutional Asset Management, Inc. (since September 2014); and Chair, Director, and CEO of Pioneer Investment Management Shareholder Services, Inc. (since September 2014); Managing Director, Morgan Stanley Investment Management (2010 - 2013); and Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (50) Since 2011. Serves Vice President and Associate General None Secretary and Chief at the discretion of Counsel of Pioneer since January Legal Officer the Board. 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 Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (54) Since 2011. Serves at Fund Governance Director of Pioneer None Assistant Secretary the discretion of the since December 2006 and Assistant Board. Secretary of all the Pioneer Funds since June 2010; Manager - Fund Governance of Pioneer from December 2003 to November 2006; and Senior Paralegal of Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (52) Since 2011. Serves at Senior Counsel of Pioneer since May None Assistant Secretary the discretion of the 2013 and Assistant Secretary of all Board. the Pioneer Funds since June 2010; and Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (55) Since 2011. Serves at Vice President - Fund Treasury of None Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the Financial and Board. Pioneer Funds since March 2008; Accounting Officer Deputy Treasurer of Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (49) Since 2011. Serves at Director - Fund Treasury of Pioneer; None Assistant Treasurer the discretion of the and Assistant Treasurer of all of Board. the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (56) Since 2011. Serves at Fund Accounting Manager - Fund None Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant Board. Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (35) Since 2011. Serves at Fund Administration Manager - Fund None Assistant Treasurer the discretion of the Treasury of Pioneer since November Board. 2008; Assistant Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (62) Since 2011. Serves at Chief Compliance Officer of Pioneer None Chief Compliance Officer the discretion of the and of all the Pioneer Funds since Board. March 2010; Chief Compliance Officer of Pioneer Institutional Asset Management, Inc. since January 2012; Chief Compliance Officer of Vanderbilt Capital Advisors, LLC since July 2012: Director of Adviser and Portfolio Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (44) Since 2011. Serves at Director - Transfer Agency None Anti-Money Laundering the discretion of the Compliance of Pioneer and Anti-Money Officer Board. Laundering Officer of all the Pioneer Funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 125 This page for your notes. 126 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 This page for your notes. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 127 This page for your notes. 128 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 This page for your notes. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 129 This page for your notes. 130 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 This page for your notes. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 131 This page for your notes. 132 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/15 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- PIMSS, Inc. P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free fax 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at http://www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2015 Pioneer Investments 25671-03-0515 ITEM 2. CODE OF ETHICS. (a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller. (b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote: (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; (3) Compliance with applicable governmental laws, rules, and regulations; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and (5) Accountability for adherence to the code. (c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. The registrant has made no amendments to the code of ethics during the period covered by this report. (d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. Not applicable. (e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention. Not applicable. (f) The registrant must: (1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer,principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment); (2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or (3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of trustees has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). Ms. Marguerite A. Piret, an independent trustee, is such an audit committee financial expert. (3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Audit Fees The audit services provided to the Trust were totaled approximately $109,694 payable to Deloitte & Touche LLP for the year ended March 31, 2015 and $91,847 were paid to the former auditor, Ernst & Young LLP for the year ended March 31, 2014. (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Audit-Related Fees and Other Fees There were no audit related fees and other fees for the Trust payable to Deloitte & Touche LLP for the year ended March 31, 2015 and no audit related fees and other fees were paid to the former auditor, Ernst & Young LLP for the year ended March 31, 2014. (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Tax Fees Fees for tax compliance services, primarily for tax returns, totaled approximately $22,950 payable to Deloitte & Touche LLP for the year ended March 31, 2015 and $24,393 were paid to the former auditor, Ernst & Young LLP for the year ended March 31, 2014. (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. Audit-Related Fees and Other Fees There were no audit related fees and other fees for the Trust payable to Deloitte & Touche LLP for the year ended March 31, 2015 and no audit related fees and other fees were paid to the former auditor, Ernst & Young LLP for the year ended March 31, 2014. (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. PIONEER FUNDS APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES PROVIDED BY THE INDEPENDENT AUDITOR SECTION I - POLICY PURPOSE AND APPLICABILITY The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Pioneer Investment Management, Inc ("PIM"), the audit committee and the independent auditors. The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence. Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii). In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived. Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY ---------------- -------------------------------- ------------------------------------------------- SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES CATEGORY ---------------- -------------------------------- ------------------------------------------------- I. AUDIT Services that are directly o Accounting research assistance SERVICES related to performing the o SEC consultation, registration independent audit of the Funds statements, and reporting o Tax accrual related matters o Implementation of new accounting standards o Compliance letters (e.g. rating agency letters) o Regulatory reviews and assistance regarding financial matters o Semi-annual reviews (if requested) o Comfort letters for closed end offerings ---------------- -------------------------------- ------------------------------------------------- II. Services which are not o AICPA attest and agreed-upon procedures AUDIT-RELATED prohibited under Rule o Technology control assessments SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments and are related extensions of o Enterprise security architecture the audit services support the assessment audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) ---------------- -------------------------------- ------------------------------------------------- ------------------------------------- ------------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the audit period for all services and related fees pre-approved specific service reported at each regularly subcategories. Approval of the scheduled Audit Committee independent auditors as meeting. auditors for a Fund shall constitute pre approval for these services. ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the fund fiscal year within services and related fees a specified dollar limit (including comparison to for all pre-approved specified dollar limits) specific service subcategories reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" ------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- III. TAX SERVICES Services which are not o Tax planning and support prohibited by the Rule, o Tax controversy assistance if an officer of the Fund o Tax compliance, tax returns, excise determines that using the tax returns and support Fund's auditor to provide o Tax opinions these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. ----------------------- --------------------------- ----------------------------------------------- ------------------------------------- ------------------------- AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------- ------------------------------------- ------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year all such services and within a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- IV. OTHER SERVICES Services which are not o Business Risk Management support prohibited by the Rule, o Other control and regulatory A. SYNERGISTIC, if an officer of the Fund compliance projects UNIQUE QUALIFICATIONS determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. ----------------------- --------------------------- ----------------------------------------------- --------------------------------------- ------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- -------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year within all such services and a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- ------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- ------------------------- ----------------------------------------------- PROHIBITED SERVICES Services which result 1. Bookkeeping or other services in the auditors losing related to the accounting records or independence status financial statements of the audit under the Rule. client* 2. Financial information systems design and implementation* 3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* 5. Internal audit outsourcing services* 6. Management functions or human resources 7. Broker or dealer, investment advisor, or investment banking services 8. Legal services and expert services unrelated to the audit 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible ----------------------- ------------------------- ----------------------------------------------- ------------------------------------------- ------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------------- ------------------------------ o These services are not to be o A summary of all performed with the exception of the(*) services and related services that may be permitted fees reported at each if they would not be subject to audit regularly scheduled procedures at the audit client (as Audit Committee meeting defined in rule 2-01(f)(4)) level will serve as continual the firm providing the service. confirmation that has not provided any restricted services. ------------------------------------------- ------------------------------
-------------------------------------------------------------------------------- GENERAL AUDIT COMMITTEE APPROVAL POLICY: o For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence. o Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee. o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy. -------------------------------------------------------------------------------- (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. Non-Audit Services Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended March 31, 2015 and 2014, there were no services provided to an affiliate that required the Trust's audit committee pre-approval. (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A (g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. The aggregate non-audit fees for the Trust were $22,950 payable to Deloitte & Touche LLP for the year ended March 31, 2015 and $24,393 were paid to the former auditor, Ernst & Young LLP for the year ended March 31, 2014. The Trust's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. (h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. N/A (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees. N/A ITEM 6. SCHEDULE OF INVESTMENTS. File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. Included in Item 1 ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. Not applicable to open-end management investment companies. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR,provide the following information: (1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years. Not applicable to open-end management investment companies. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. (a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). Not applicable to open-end management investment companies. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item. There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item. ITEM 11. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. The registrant's principal executive officer and principal financial officer, however, voluntarily are reporting the following information: In August of 2006 the registrant's investment adviser enhanced its internal procedures for reporting performance information required to be included in prospectuses. Those enhancements involved additional internal controls over the appropriateness of performance data generated for this purpose. Such enhancements were made following an internal review which identified prospectuses relating to certain classes of shares of a limited number of registrants where, inadvertently, performance information not reflecting the deduction of applicable sales charges was included. Those prospectuses were revised, and the revised prospectuses were distributed to shareholders. ITEM 12. EXHIBITS. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below: Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Series Trust X By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date May 29, 2015 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date May 29, 2015 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer & Chief Accounting & Financial Officer Date May 29, 2015 * Print the name and title of each signing officer under his or her signature.