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, 2013 through March 31, 2014 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Pioneer Dynamic Credit Fund (Formerly Pioneer Absolute Return Credit Fund.)* -------------------------------------------------------------------------------- Annual Report | March 31, 2014 -------------------------------------------------------------------------------- Ticker Symbols: Class A RCRAX Class C RCRCX Class Y RCRYX Class Z ARCZX** * Effective June 17, 2013, Pioneer Absolute Return Credit Fund was renamed Pioneer Dynamic Credit Fund. ** Share class was first publicly offered on April 2, 2013. [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents Letter to Shareowners 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 78 Notes to Financial Statements 86 Report of Independent Registered Public Accounting Firm 98 Approval of Investment Advisory Agreement 100 Trustees, Officers and Service Providers 105
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 1 President's Letter Dear Shareowner, A few months into 2014, we still expect U.S. economic growth for the year to be in the 2.5% to 3% range, despite some weaker economic data releases during the winter months driven in large part by harsh weather across much of the continental U.S. While unemployment remains high, employment has been rising steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only moderately, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. A modestly improving European economy and continuing economic improvement in Japan appear likely to result in improving global growth in 2014, further supporting the U.S. economy. In addition, we feel that continuing slack in labor markets and capacity utilization offer the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve System (the Fed) has begun scaling back its QE (quantitative easing) program, but short-term interest rates remain near zero, and while Fed Chair Janet Yellen has suggested that rates may be raised roughly six months after the QE program is fully tapered, that would still place the potential rate hike sometime in 2015. There are certainly risks and uncertainties still facing the global economy as 2014 moves along. The European economy, while improving, remains weak, the Japanese economy faced a tax hike this spring, and a number of emerging market countries are experiencing difficulties. There are also geopolitical worries abroad, such as Russia's aggressive move against the Ukraine, and more potential political fights at home, especially during a mid-term election year. While most of the widely recognized risks we have outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification does not assure a profit or protect against loss in a declining market, we believe there are still opportunities for prudent investors to earn attractive returns. Our advice, as always, is to work closely with a trusted financial advisor to discuss your goals and work together to develop an investment strategy that meets your individual needs, keeping in mind that there is no single best strategy that works for every investor. * Dividends are not guaranteed. 2 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 Pioneer's investment teams have, since 1928, sought out attractive opportunities in equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which seek to balance potential risks and rewards in an ever-changing world. We encourage you to learn more about Pioneer and our time-tested approach to investing by consulting with your financial advisor or visiting us online at us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank you for investing with Pioneer. Sincerely, /s/ Daniel K. Kingsbury Daniel K. Kingsbury 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 | 3/31/14 3 Portfolio Management Discussion | 3/31/14 High-yield corporate bonds and other credit-sensitive securities staged a brisk comeback in the second half of the 12-month period ended March 31, 2014. As a result, they ended up delivering healthy returns for the full period, overcoming the effects of earlier worries about the Federal Reserve's (Fed's) monetary policy and concerns about the durability of the domestic economic recovery. In the following interview, Michael Temple, Andrew Feltus, and Chin Liu discuss the factors that influenced the performance of Pioneer Dynamic Credit Fund (formerly Pioneer Absolute Return Credit Fund)* during the 12-month period. Mr. Temple, a senior vice president, portfolio manager, and Director of Fixed-Income Credit Research at Pioneer, and Mr. Feltus, Director of High Yield and Bank Loans, a senior vice president and a portfolio manager at Pioneer, are responsible for the day-to-day implementation of the Fund's investment strategies. Mr. Liu, a quantitative research analyst at Pioneer, provides investment management support to Mr. Feltus and Mr. Temple in implementing the portfolio's hedging strategies. Q How did the Fund perform during the 12-month period ended March 31, 2014? A Pioneer Dynamic Credit Fund's Class A shares returned 2.95% during the 12-month period ended March 31, 2014, while the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. Dollar 3-Month LIBOR Index, returned 0.27%. During the same period, the average return of the 133 mutual funds in Lipper's Alternative Credit Focus Funds category was 1.13%, and the average return of the 251 mutual funds in Morningstar's Non-Traditional Bond Funds category was 0.34%. Q How would you describe the investment environment for fixed-income securities during the 12-month period ended March 31, 2014? A While the environment for credit-sensitive securities was challenging during the first half of the Fund's fiscal year (April 2013 through September 2013), the backdrop improved noticeably in the second half. Early in the period, the bond market became volatile in reaction to the May 2013 suggestion by then-Fed Chair Ben Bernanke that the Fed might begin tapering its quantitative easing (QE) bond-buying program, thus withdrawing some monetary stimulus from the economy. The suggestion raised fears of rising interest rates, which became a self-fulfilling prophecy and led to a sell-off of the fixed-income markets in the second calendar quarter of 2013. Investors also began to worry about the vitality of the 4 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 domestic economic recovery as new-job creation continued to be weak and corporate profit gains appeared to slow. In that environment, fixed-income investments in general produced lackluster returns, with credit-sensitive securities particularly hard hit on worries about potentially slowing economic growth. The fears abated and the market for credit-sensitive securities recovered in the second half of the 12-month period, as more evidence accumulated that the U.S. economy was gathering strength. Improving employment and housing trends were some of the encouraging economic signs, and inflation, meanwhile, remained in check. Investors also began to anticipate that any monetary tightening by the Fed - based on follow-up statements made by Mr. Bernanke after his "tapering" comments in May 2013 - would be done gradually and in response to new evidence of economic strengthening. Moreover, the transition of leadership at the Fed in early 2014 from Mr. Bernanke to new Chair Janet Yellen appeared to signal confirmation of a gradual evolution of monetary policy rather than an abrupt change. The Fed ended up delaying its official announcement regarding the tapering of QE until December of 2013, and began reducing its monthly bond purchases in 2014, with the eventual goal being to fully draw down the QE program by the end of the current calendar year. On the political front, a late-2013 bipartisan agreement establishing top-line Federal spending levels for the next two fiscal years seemed to, temporarily at least, put an end to the constant bickering between Democrats and Republicans in Washington over the nation's fiscal course, and that news also buoyed market sentiment. In addition, investors were encouraged that fiscal policy would be less of a factor holding back the economy's growth potential, as spending cuts at the Federal level ("sequestration") were slated to be eased as part of the bipartisan budget agreement. Also, the threat that American military forces might be drawn into battle over control of Syria also declined as the period progressed, although new worries emerged during the winter of 2014, late in the period, as tensions over Russia's aggressive moves against the Ukraine escalated. As the markets grew calmer, high-yield and investment-grade corporate bonds as well as most other credit-sensitive securities tended to perform well, while U.S. Treasuries and government agency debt came under pressure when market interest rates for most maturities rose. Yield spreads (the differences in yields between credit-sensitive debt and Treasuries of similar maturity) also tightened as the credit sectors outperformed. Outside the U.S., growth trends appeared to be improving both in Europe and Japan, although China and the emerging markets clearly tailed off during the period. The European economy responded well to monetary support from the European Central Bank and the accompanying relaxation Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 5 of fiscal constraints that had helped to dampen growth. In Japan, meanwhile, the loosening of both monetary and fiscal policy had helped stimulate the country's economy, even in the face of disappointing structural reforms and impending tax increases in 2014. The worries about slowing growth in China had repercussions in many of the emerging markets, mainly due to the effects of declining commodity prices. Currencies of emerging markets economies dependent on the flow of capital from the United States also became more volatile amid worries about looming monetary tightening by the Fed. During this period of changing sentiment in the bond market, the domestic equity market generally performed well, with most stock market indices recording total returns of 20% or more over the full 12-month period. Q What were your principal strategies during the 12-month period ended March 31, 2014? A We emphasized credit-sensitive securities in the Fund's investment portfolio, while continuing to use hedging strategies to attempt to limit portfolio risks. The focus on the credit sectors, combined with successful allocation decisions across the different types of securities, helped the Fund's performance relative to the BofA ML Index as well as the Lipper competitive funds group. At the same time, we used derivatives as a way to reduce volatility in the Fund, which was an important factor as market sentiments and trends changed abruptly during the full fiscal year ended March 31, 2014. When investing the portfolio in the credit sectors, we favored lower-rated groups, notably high-yield corporate bonds, bank loans, and convertible bonds. At the end of the 12-month period, for example, more than 25% of the Fund's assets were invested in high-yield corporates, while nearly 17% of assets were allocated to floating-rate bank loans, and nearly 8% of assets were invested in convertible bonds. We also kept the portfolio's duration, which is a measure of price-sensitivity to changes in interest rates, relatively short, which helped performance during a period in which interest rates showed volatility, with Treasury rates advancing over the full 12 months. At the end of the period, the effective duration of the portfolio's investments was 2.33 years. Q How did the Fund's hedging strategies affect performance during the 12-month period ended March 31, 2014? A We sought to hedge risks in the portfolio by employing derivative securities, which particularly helped the Fund's performance when the markets became volatile during the late spring and early summer of 2013 in the wake of Mr. Bernanke's initial "tapering" comments. Normally, one of our derivative 6 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 tactics is to invest the portfolio in U.S. Treasury futures to help hedge against the risk of rising interest rates. However, because Treasury securities were a source of volatility in the market over the period, we instead decided to hedge portfolio positions in high-yield corporate bonds. This proved a successful strategy when high-yield debt fell into disfavor in mid-2013. We also invested in contracts that shorted the equity market. This tactic is designed to provide protection when both stocks and corporate bonds move down in price, as they did in mid-2013. Finally, we used volatility contracts as another hedge in the portfolio. Such contracts are based on investors' expectations about the direction and intensity of stock market trends. While the shorting of the equity market and the use of volatility contracts did help to dampen price fluctuations when the equity market declined, they also carried costs which tended to hold back the Fund's results. Q Which types of investments had noteworthy effects on the Fund's performance during the 12-month period ended March 31, 2014? A The Fund's exposures to convertibles, high-yield corporate bonds and catastrophe bonds all had significant positive effects on results during the period. However, the Fund's large cash position did act as a drag on potential performance. We kept the cash position in order to maintain the ability to invest opportunistically as well as to reduce portfolio volatility. Among individual investments, one very good performer in the portfolio was the debt of insurance broker Hub International. Also, even though the portfolio's overweight in energy industry bonds was a slight performance detractor, the Fund saw strong results from the bonds of several energy companies, including: independent oil and natural gas producers Penn Virginia and SandRidge; as well as Samson, an oil and natural gas exploration company. On the negative side, the bonds of James River Coal defaulted during the period as the company was hurt by declining demand for coal. Q What is your investment outlook? A We foresee improved growth trends in the U.S. as well as globally, which should bode well for credit-sensitive securities in general. We feel that the continuing economic recovery should help sustain profit growth, buttress corporate balance sheets and enable companies to meet their debt obligations. We think default rates should remain low by historical standards. In the future, however, we believe good portfolio performance is likely to be even more dependent upon security selection, rather than on broad asset allocation decisions. We think this may bode well for Pioneer's investment style, as we rely heavily on fundamental analysis of individual corporations and securities. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 7 Because of our concern about the potential for further interest-rate increases, which could reduce bond prices, we expect to keep the Fund's duration short to limit any possible negative effects. While we remain cautious in our security selection for the portfolio, we still believe that lower-rated credits have the potential to outperform higher-quality securities. * Note to Shareholders: Effective June 17, 2013, Pioneer Absolute Return Credit Fund was renamed Pioneer Dynamic Credit Fund. Please refer to the Schedule of Investments on pages 18-77 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 (ETFs and unit investment trusts). 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 employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. 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 | 3/31/14 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 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. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. 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. These statements should not be relied upon for any other purposes. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 9 Portfolio Summary | 3/31/14 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 32.1% Senior Secured Loans 18.7% International Corporate Bonds 18.3% Collateralized Mortgage Obligations 11.0% Convertible Corporate Bonds 7.5% Asset Backed Securities 3.1% U.S. Preferred Stocks 2.3% U.S. Government Securities 2.2% Municipal Bonds 2.0% Convertible Preferred Stocks 1.2% International Preferred Stocks 1.0% Foreign Government Bonds 0.6%
Portfolio Quality -------------------------------------------------------------------------------- (As a percentage of total investment portfolio; based on S&P ratings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 2.6% AA 0.7% A 2.4% BBB 8.9% BB 24.6% B 34.4% CCC 8.7% Not Rated 8.8% Cash Equivalents 8.9%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard & Poor's measures, AAA (highest possible rating) through BBB are considered investment grade; BB or lower ratings are considered non-investment grade. Cash equivalents and some bonds may not be rated. 10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. Fannie Mae Pool, 4.0%, 4/10/14 0.76% -------------------------------------------------------------------------------------------- 2. Fannie Mae, 3.5%, 5/12/14 0.55 -------------------------------------------------------------------------------------------- 3. Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 0.45 -------------------------------------------------------------------------------------------- 4. JBS Investment Management, Ltd., 7.25%, 4/3/24 0.44 -------------------------------------------------------------------------------------------- 5. CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 0.43 -------------------------------------------------------------------------------------------- 6. Altair Re, Floating Rate Note, 6/30/16 (Cat Bond) 0.42 -------------------------------------------------------------------------------------------- 7. Volt LLC , Series 14-NPL1, Floating Rate Note, 10/27/53 0.42 -------------------------------------------------------------------------------------------- 8. Griffon Corp., 5.25%, 3/1/22 (144A) 0.40 -------------------------------------------------------------------------------------------- 9. UBS AG, 7.625%, 8/17/22 0.36 -------------------------------------------------------------------------------------------- 10. Approach Resources, Inc., 7.0%, 6/15/21 0.35 --------------------------------------------------------------------------------------------
* 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 | 3/31/14 Prices and Distributions | 3/31/14 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 3/31/14 3/31/13 -------------------------------------------------------------------------------- A $9.94 $10.04 -------------------------------------------------------------------------------- C $9.92 $10.02 -------------------------------------------------------------------------------- Y $9.98 $10.08 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 3/31/14 4/1/13* -------------------------------------------------------------------------------- Z $10.00 $10.04 --------------------------------------------------------------------------------
Distributions per Share: 4/1/13-3/31/14 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Tax Return Class Income Capital Gains Capital Gains of Capital -------------------------------------------------------------------------------- A $0.3654 $ -- $ -- $0.0215 -------------------------------------------------------------------------------- C $0.2920 $ -- $ -- $0.0215 -------------------------------------------------------------------------------- Y $0.3951 $ -- $ -- $0.0215 -------------------------------------------------------------------------------- Z $0.3736 $ -- $ -- $0.0215 --------------------------------------------------------------------------------
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. * Class Z shares commenced operations on April 2, 2013. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 11 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML Net Public U.S. Dollar Asset Offering 3-Month Value Price LIBOR Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 4.56% 2.93% 0.35% 1 Year 2.95 -1.66 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.48% 1.20% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Credit Fund Dollar 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
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through 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 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 | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 3.74% 3.74% 0.35% 1 Year 2.19 2.19 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.23% 2.10% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Dynamic BofA ML U.S. Credit Fund Dollar 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
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 net expense ratio reflects the contractual expense limitation currently in effect through August 1, 2015, for Class C shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 13 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 5.01% 5.01% 0.35% 1 Year 3.24 3.24 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.21% 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. Credit Fund Dollar 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
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 | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 4.78% 4.78% 0.35% 1 Year 3.58 3.58 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.95% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Dynamic BofA ML U.S. Credit Fund Dollar 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
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 2, 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 2, 2013, would have been higher than that shown. For the period beginning April 2, 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 | 3/31/14 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, 2013, through March 31, 2014.
-------------------------------------------------------------------------------- Share Class A C Y Z -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 10/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,037.91 $1,035.15 $1,039.26 $1,012.02 (after expenses) on 3/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 6.05 $ 9.79 $ 4.32 $ 5.87 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.19%, 1.93%, 0.85% and 1.17% 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 | 3/31/14 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, 2013, through March 31, 2014.
-------------------------------------------------------------------------------- Share Class A C Y Z -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 10/1/13 -------------------------------------------------------------------------------- Ending Account Value $1,019.00 $1,015.31 $1,020.69 $1,019.10 (after expenses) on 3/31/14 -------------------------------------------------------------------------------- Expenses Paid $ 5.99 $ 9.70 $ 4.28 $ 5.89 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.19%, 1.93%, 0.85% and 1.17% 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 | 3/31/14 17 Schedule of Investments | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 6.7% ENERGY -- 0.2% Oil & Gas Storage & Transportation -- 0.2% 1,400,000 NR/NR Golar LNG, Ltd., 3.75%, 3/7/17 $ 1,531,040 ------------- Total Energy $ 1,531,040 ------------------------------------------------------------------------------------------------------------- MATERIALS -- 0.1% Diversified Metals & Mining -- 0.1% 385,000 NR/NR RTI International Metals, Inc., 1.625%, 10/15/19 $ 378,503 ------------------------------------------------------------------------------------------------------------- Steel -- 0.0%+ 250,000 BB-/B1 United States Steel Corp., 2.75%, 4/1/19 $ 323,906 ------------- Total Materials $ 702,409 ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.2% Electrical Components & Equipment -- 0.2% 1,342,000 B/B3 General Cable Corp., 4.5%, 11/15/29 (Step) $ 1,347,032 ------------- Total Capital Goods $ 1,347,032 ------------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.6% Homebuilding -- 0.4% 700,000 B/B2 KB Home, 1.375%, 2/1/19 $ 719,250 2,000,000 BB-/B1 The Ryland Group, Inc., 0.25%, 6/1/19 1,885,000 ------------- $ 2,604,250 ------------------------------------------------------------------------------------------------------------- Housewares & Specialties -- 0.2% 1,290,000 BB-/NR Jarden Corp., 1.125%, 3/15/34 (144A) $ 1,281,131 ------------- Total Consumer Durables & Apparel $ 3,885,381 ------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.2% Casinos & Gaming -- 0.1% 550,000 B+/B3 MGM Resorts International, 4.25%, 4/15/15 $ 800,594 ------------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.1% 425,000 NR/NR Carriage Services, Inc., 2.75%, 3/15/21 (144A) $ 446,516 ------------- Total Consumer Services $ 1,247,110 ------------------------------------------------------------------------------------------------------------- RETAILING -- 0.3% Internet Retail -- 0.3% 1,915,000 NR/NR Shutterfly, Inc., 0.25%, 5/15/18 (144A) $ 1,889,866 ------------- Total Retailing $ 1,889,866 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.8% Health Care Equipment -- 0.4% 1,350,000 B+/NR Hologic, Inc., 2.0%, 3/1/42 (Step) $ 1,379,531 1,300,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 1,543,750 ------------- $ 2,923,281 ------------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.1% 545,000 NR/NR Cepheid, Inc., 1.25%, 2/1/21 (144A) $ 589,281 ------------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.3% 1,100,000 NR/NR Molina Healthcare, Inc., 1.125%, 1/15/20 $ 1,232,688 300,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 438,562 ------------- $ 1,671,250 ------------- Total Health Care Equipment & Services $ 5,183,812 ------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 1.5% Biotechnology -- 0.9% 200,000 NR/NR BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 $ 219,125 200,000 NR/NR BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 222,000 1,250,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 864,844 500,000 NR/NR Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 588,750 750,000 NR/NR Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 904,688 1,160,000 NR/NR Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 1,247,000 975,000 NR/NR PDL BioPharma, Inc., 4.0%, 2/1/18 1,026,188 500,000 NR/NR Theravance, Inc., 2.125%, 1/15/23 644,375 ------------- $ 5,716,970 ------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.4% 988,000 NR/NR Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 $ 1,305,395 95,000 NR/NR Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19 270,216 500,000 NR/NR Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 845,312 ------------- $ 2,420,923 ------------------------------------------------------------------------------------------------------------- Life Sciences Tools & Services -- 0.2% 1,080,000 NR/NR Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) $ 1,463,400 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 9,601,293 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 19 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.3% Consumer Finance -- 0.1% 815,000 B/NR DFC Global Corp., 3.25%, 4/15/17 $ 694,788 ------------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.2% 1,170,000 BBB/NR Ares Capital Corp., 4.375%, 1/15/19 (144A) $ 1,241,662 ------------- Total Diversified Financials $ 1,936,450 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.2% Real Estate Operating Companies -- 0.2% 1,265,000 NR/NR Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A) $ 1,299,788 ------------- Total Real Estate $ 1,299,788 ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 1.0% Internet Software & Services -- 0.3% 760,000 NR/NR Akamai Technologies, Inc., 2/15/19 (144A) (c) $ 752,400 1,300,000 NR/NR WebMD Health Corp., 1.5%, 12/1/20 (144A) 1,317,875 100,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 100,812 ------------- $ 2,171,087 ------------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.2% 1,000,000 NR/NR Cardtronics, Inc., 1.0%, 12/1/20 (144A) $ 976,250 ------------------------------------------------------------------------------------------------------------- Application Software -- 0.3% 175,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 217,656 700,000 BB-/NR Nuance Communications, Inc., 2.75%, 11/1/31 701,312 1,245,000 NR/NR TIBCO Software, Inc., 2.25%, 5/1/32 1,249,669 ------------- $ 2,168,637 ------------------------------------------------------------------------------------------------------------- Systems Software -- 0.2% 980,000 NR/NR ServiceNow, Inc., 11/1/18 (144A) (c) $ 1,049,825 ------------- Total Software & Services $ 6,365,799 ------------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5% Communications Equipment -- 0.2% 1,000,000 NR/NR Finisar Corp., 0.5%, 12/55/33 (144A) $ 1,150,000 ------------------------------------------------------------------------------------------------------------- Computer Storage & Peripherals -- 0.1% 460,000 BB/NR SanDisk Corp., 0.5%, 10/15/20 (144A) $ 506,575 ------------------------------------------------------------------------------------------------------------- Electronic Components -- 0.2% 1,480,000 BB+/NR Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) $ 1,394,900 ------------- Total Technology Hardware & Equipment $ 3,051,475 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.7% Semiconductor Equipment -- 0.2% 1,025,000 BBB/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 1,271,641 100,000 BBB/NR Novellus Systems, Inc., 2.625%, 5/15/41 170,688 ------------- $ 1,442,329 ------------------------------------------------------------------------------------------------------------- Semiconductors -- 0.5% 300,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 353,062 50,000 NR/NR JinkoSolar Holding Co., Ltd., 4.0%, 5/15/16 (144A) 54,406 1,000,000 BB+/NR ON Semiconductor Corp., 2.625%, 12/15/26 1,220,000 150,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 118,406 1,115,000 NR/NR SunPower Corp., 0.75%, 6/1/18 (144A) 1,570,059 ------------- $ 3,315,933 ------------- Total Semiconductors & Semiconductor Equipment $ 4,758,262 ------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.1% Integrated Telecommunication Services -- 0.1% 1,000,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 1,016,875 ------------- Total Telecommunication Services $ 1,016,875 ------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $40,614,075) $ 43,816,592 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Shares ------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 2.6% BANKS -- 0.6% Diversified Banks -- 0.4% 1,500 6.75 BB/NR AgStar Financial Services ACA, Floating Rate Note (Perpetual) (144A) $ 1,494,750 12,250 6.50 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) 347,900 16,400 6.00 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) 450,180 ------------- $ 2,292,830 ------------------------------------------------------------------------------------------------------------- Regional Banks -- 0.2% 5,000 6.25 A-/NR CoBank ACB, Floating Rate Note (Perpetual) (144A) $ 508,438 37,400 6.62 BBB-/Ba1 Fifth Third Bancorp, Floating Rate Note (Perpetual) 991,474 ------------- $ 1,499,912 ------------- Total Banks $ 3,792,742 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 21 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Rate (b) Ratings Shares (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 1.0% Other Diversified Financial Services -- 0.6% 54,200 7.88 BB+/Ba2 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 1,503,508 63,000 7.12 BB+/B1 Citigroup, Inc., Floating Rate Note (Perpetual) 1,663,200 27,750 8.12 B/B3 GMAC Capital Trust I, Floating Rate Note, 2/15/40 757,575 ------------- $ 3,924,283 ------------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.2% 1,600 B/B3 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 1,588,300 ------------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.1% 29,300 5.90 BBB+/Baa2 State Street Corp., Floating Rate Note, 12/31/73 $ 758,577 ------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.1% 18,000 7.12 BB+/Ba3 Morgan Stanley, Floating Rate Note (Perpetual) $ 477,540 ------------- Total Diversified Financials $ 6,748,700 ------------------------------------------------------------------------------------------------------------- INSURANCE -- 0.8% Property & Casualty Insurance -- 0.2% 25,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd., Floating Rate Note (Perpetual) $ 620,250 40,000 BB/Ba1 The Hanover Insurance Group, Inc., 6.35%, 3/30/53 923,200 ------------- $ 1,543,450 ------------------------------------------------------------------------------------------------------------- Reinsurance -- 0.6% 224,993 0.00 NR/NR Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) $ 253,027 2,400,000 0.00 NR/NR Altair Re, Floating Rate Note, 6/30/16 (Cat Bond) 2,441,760 2,500 NR/NR Lorenzo Re, Ltd., (Cat Bond) (Perpetual) (c)* 300,000 500,000 NR/NR Pangaea Re, 10/1/15 (Cat Bond) (c) 550,090 ------------- $ 3,544,877 ------------- Total Insurance $ 5,088,327 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Diversified REIT -- 0.1% 400 A-/A3 Firstar Realty LLC, 8.875% (Perpetual) (144A) $ 496,750 ------------- Total Real Estate $ 496,750 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Rate (b) Ratings Shares (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.0%+ Integrated Telecommunication Services -- 0.0%+ 4,400 BBB-/Baa3 Qwest Corp., 7.375%, 6/1/51 $ 115,060 ------------- Total Telecommunication Services $ 115,060 ------------------------------------------------------------------------------------------------------------- UTILITIES -- 0.1% Electric Utilities -- 0.1% 25,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 582,500 ------------- Total Utilities $ 582,500 ------------------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $16,510,765) $ 16,824,079 ------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS -- 1.1% ENERGY -- 0.1% Oil & Gas Exploration & Production -- 0.1% 7,500 CCC/NR SandRidge Energy, Inc., 7.0% (Perpetual) $ 757,031 ------------- Total Energy $ 757,031 ------------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.2% Home Furnishings -- 0.2% 13,100 NR/NR Sealy Corp., 8.0%, 7/15/16 (PIK) $ 1,038,175 ------------- Total Consumer Durables & Apparel $ 1,038,175 ------------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.2% Packaged Foods & Meats -- 0.2% 11,800 NR/NR Post Holdings, Inc., 2.5% (Perpetual) (144A) $ 1,305,375 ------------- Total Food, Beverage & Tobacco $ 1,305,375 ------------------------------------------------------------------------------------------------------------- BANKS -- 0.2% Diversified Banks -- 0.2% 1,050 BBB+/Baa3 Wells Fargo & Co., 7.5% (Perpetual) $ 1,231,650 ------------- Total Banks $ 1,231,650 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.4% Other Diversified Financial Services -- 0.2% 1,340 BB+/Ba3 Bank of America Corp., 7.25% (Perpetual) $ 1,533,241 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 23 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Rate (b) Ratings Shares (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.2% 18,000 BB+/NR AMG Capital Trust II, 5.15%, 10/15/37 $ 1,157,625 ------------- Total Diversified Financials $ 2,690,866 ------------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,624,922) $ 7,023,097 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Principal Amount ($) ------------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 2.8% CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 379,101 BB/NR Westgate Resorts 2012-2 LLC, 9.0%, 1/20/25 (144A) $ 389,409 ------------- Total Consumer Services $ 389,409 ------------------------------------------------------------------------------------------------------------- BANKS -- 2.1% Thrifts & Mortgage Finance -- 2.1% 1,275,488 B+/B3 Accredited Mortgage Loan Trust 2003-3, 5.21%, 1/25/34 (Step) $ 1,237,389 596,109 1.35 A/Baa1 Bayview Commercial Asset Trust, Floating Rate Note, 4/25/34 (144A) 533,735 377,596 0.46 AA+/Baa3 Bayview Commercial Asset Trust, Floating Rate Note, 8/25/35 (144A) 325,821 111,548 B+/B1 Bayview Financial Mortgage Pass-Through Trust 2007-B, 6.407%, 8/28/47 (Step) 111,332 750,000 NR/NR CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A) 747,422 100,000 BB/NR CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 101,154 46,856 BB/B2 Citicorp Residential Mortgage Trust Series 2006-1, 5.836%, 7/25/36 (Step) 46,674 93,181 BB-/B1 Citicorp Residential Mortgage Trust Series 2006-1, 5.939%, 7/25/36 (Step) 94,930 189,000 CCC/C Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 171,770 1,900,000 CCC/C Citicorp Residential Mortgage Trust Series 2006-2, 5.948%, 9/25/36 (Step) 979,735 100,155 B-/B2 Citicorp Residential Mortgage Trust Series 2007-1, 5.892%, 3/25/37 (Step) 98,501 249,947 NR/Ba3 Conseco Financial Corp., 6.18%, 4/1/30 256,858 26,180 4.46 BB+/Ba1 Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35 26,237 480,536 0.32 NR/Caa2 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/36 (144A) 455,501 305,936 7.78 NR/Caa2 GE Mortgage Services LLC, Floating Rate Note, 3/25/27 302,770 570,000 5.00 NR/NR GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 546,225
The accompanying notes are an integral part of these financial statements. 24 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,000,000 BBB-/NR GS Mortgage Securities Trust 14-NEW, 3.79%, 1/10/31 (144A) $ 932,817 400,000 BBB/NR HLSS Servicer Advance Receivables Trust, 4.4584%, 1/15/48 (144A) 404,920 145,527 NR/Baa1 Leaf Receivables Funding 8 LLC, 5.5%, 9/15/20 (144A) 142,034 775,000 5.50 BBB/Baa1 MASTR Specialized Loan Trust, Floating Rate Note, 11/25/34 (144A) 750,981 1,360,000 NR/Ba2 Nations Equipment Finance Funding I LLC, 5.5%, 5/20/21 (144A) 1,326,816 332,512 0.91 BBB/Ba2 NovaStar Mortgage Funding Trust Series 2003-1, Floating Rate Note, 5/25/33 308,241 1,250,000 NR/NR Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 1,253,125 1,062,034 A+/Baa2 RAMP Series 2004-RZ1 Trust, 4.82%, 3/25/34 (Step) 1,056,359 107,880 0.31 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36 103,899 284,315 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%, 7/25/33 (Step) 273,117 250,000 6.55 B-/NR Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 245,427 450,000 BB/NR SNAAC Auto Receivables Trust 2013-1, 4.56%, 4/15/20 (144A) 455,412 196,913 A/NR STORE Master Funding LLC, 4.16%, 3/20/43 (144A) 198,188 150,000 BB/NR United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 150,926 ------------- $ 13,638,316 ------------- Total Banks $ 13,638,316 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.6% Other Diversified Financial Services -- 0.6% 399,955 NR/NR AXIS Equipment Finance Receivables II LLC, 4.94%, 7/20/18 (144A) $ 399,127 249,972 NR/NR AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 252,047 19,936 BBB/NR Mid-State Capital Trust 2010-1, 7.0%, 12/15/45 (144A) 20,721 750,000 NR/NR Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 746,660 268,019 BB/NR Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 288,356 500,000 BB/NR Springleaf Funding Trust 2013-A, 5.0%, 9/15/21 (144A) 505,000
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 25 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 595,000 BBB/NR TAL Advantage V LLC, 4.1%, 2/22/39 $ 594,190 1,344,919 NR/NR TOPRE_13-LTR, 3.47%, 11/20/28 (144A) 1,345,546 ------------- $ 4,151,647 ------------- Total Diversified Financials $ 4,151,647 ------------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $18,117,187) $ 18,179,372 ------------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 9.9% CONSUMER SERVICES -- 0.2% Hotels, Resorts & Cruise Lines -- 0.2% 1,327,000 BB+/NR Motel 6 Trust, 4.2743%, 10/5/25 (144A) $ 1,300,489 ------------- Total Consumer Services $ 1,300,489 ------------------------------------------------------------------------------------------------------------- BANKS -- 8.5% Thrifts & Mortgage Finance -- 8.5% 350,000 NR/NR A10 Securitization 2013-1 LLC, 4.7%, 11/15/25 (144A) $ 347,181 139,000 NR/NR A10 Securitization 2013-1 LLC, 6.41%, 11/15/25 (144A) 137,909 134,412 BBB-/B3 Alternative Loan Trust 2004-2CB, 5.75%, 3/25/34 135,911 53,890 2.33 BB/B2 American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45 53,351 142,640 5.72 BBB/NR Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 9/10/47 (144A) 146,599 88,543 CCC/NR Banc of America Mortgage Trust 2004-2, 5.5%, 3/25/34 83,929 134,048 2.10 A+/Ba1 Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 124,523 500,000 5.34 BBB/NR Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16, Floating Rate Note, 2/13/46 (144A) 474,141 100,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 101,119 2,642,507 BB/NR Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 2,630,040 2,000,000 5.72 NR/B1 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 2,011,766 2,500,000 5.22 BB+/Ba1 CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 2,511,835
The accompanying notes are an integral part of these financial statements. 26 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 34,966 5.69 B-/NR CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 $ 35,604 300,000 5.78 NR/Baa3 Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/15/49 310,691 62,411 NR/Baa1 Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34 67,099 666,077 0.66 A/A2 CNL Commercial Mortgage Loan Trust 2003-1, Floating Rate Note, 5/15/31 (144A) 603,713 1,200,000 5.57 NR/Ba3 COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A) 1,205,843 2,000,000 NR/B3 COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 1,980,490 36,107 0.34 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A) 35,793 100,000 4.86 NR/Baa3 COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/15/45 (144A) 95,860 303,000 4.58 BBB-/Baa3 COMM 2012-CCRE4 Mortgage Trust, Floating Rate Note, 10/15/45 (144A) 282,073 1,400,000 4.50 BB-/NR COMM 2013-FL3 Mortgage Trust, Floating Rate Note, 10/13/28 1,402,188 1,600,000 6.03 B-/NR Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 1,613,486 1,500,000 BBB/B1 Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 4/15/37 1,513,611 358,816 NR/Caa3 Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 352,075 1,511,230 CCC/Caa1 Credit Suisse First Boston Mortgage Securities Corp., 5.5%, 12/25/35 1,422,707 100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 89,417 2,000,000 3.26 BB-/NR CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 2,003,998 152,083 NR/NR Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 151,899 350,000 5.17 BBB-/NR GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/45 (144A) 351,578 522,790 CCC/B3 Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 458,922 250,289 CCC/Caa3 Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 211,494 179,109 CCC/Caa3 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) 141,561
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 27 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 200,000 5.99 BB+/Ba2 GS Mortgage Securities Corp. II Commercial Mortgage Pass Through Certificates Series 2004-GG2, Floating Rate Note, 8/10/38 $ 199,862 950,000 3.76 NR/Ba2 GS Mortgage Securities Corp. II, Floating Rate Note, 11/8/29 (144A) 964,625 1,475,000 5.58 BB-/NR GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38 1,505,294 110,000 5.64 NR/Baa3 GS Mortgage Securities Trust 2012-GC6, Floating Rate Note, 1/10/45 (144A) 110,929 205,587 NR/NR Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 201,167 1,400,000 B/B3 JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 1,409,240 1,400,000 5.84 B+/Ba2 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Floating Rate Note, 4/15/45 1,435,771 1,725,000 6.03 B-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 1,695,316 1,900,000 3.11 BB/NR JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A) 1,895,833 197,919 2.66 NR/Caa1 JP Morgan Mortgage Trust 2005-A7, Floating Rate Note, 10/25/35 177,422 1,000,000 5.16 NR/B1 LB-UBS Commercial Mortgage Trust 2005-C2, Floating Rate Note, 4/15/40 1,012,743 1,963,990 5.28 BB/NR LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41 2,000,367 509,535 0.35 BBB+/A3 Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3, Floating Rate Note, 12/25/36 (144A) 446,357 604,919 2.40 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust 2003-6, Floating Rate Note, 12/25/33 597,820 167,889 5.28 B-/B3 MASTR Adjustable Rate Mortgages Trust, Floating Rate Note, 1/25/35 169,607 102,050 B-/NR MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 106,145 256,908 D/Caa3 Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 197,566 1,400,000 5.48 NR/Ba2 ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 1,393,623 1,500,000 5.57 NR/B1 Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 1,517,475
The accompanying notes are an integral part of these financial statements. 28 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,000,000 BB/NR New Residential Advance Receivables Trust Advance Receivables Backed 2014-VF1, 3/15/45 (c) $ 999,990 300,000 6.65 NR/NR New York Mortgage Securitization Trust 2012-1, Floating Rate Note, 12/27/47 (144A) 300,000 300,000 4.41 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A) 304,261 1,500,000 5.15 NR/Baa3 NorthStar 2013-1, Floating Rate Note, 8/25/29 (144A) 1,490,156 1,000,000 NR/NR ORES NPL LLC, 6.0%, 3/27/24 997,278 214,814 NR/Baa3 RCMC LLC, 5.62346%, 11/15/44 (144A) 220,162 718,627 1.45 B-/B2 RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 618,230 479,370 1.55 B-/Ba3 RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 421,125 200,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/25/59 (144A) 207,084 250,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 249,950 72,867 2.45 A+/NR Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 7/25/34 72,544 126,271 1.66 A+/Ba3 Structured Asset Mortgage Investments Trust 2003-AR1, Floating Rate Note, 10/19/33 119,517 17,901 CC/Caa2 Structured Asset Securities Corp Trust 2005-15, 6.0%, 8/25/35 16,768 30,000 BB/B1 TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 30,587 1,000,000 NR/NR Vericrest Opportunity Loan Transferee, 4.75%, 11/25/53 (Step) 987,188 2,500,000 4.75 NR/NR Volt LLC , Series 14-NPL1, Floating Rate Note, 10/27/53 2,439,062 304,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 303,606 1,500,000 5.63 B+/B3 Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Floating Rate Note, 10/15/48 1,505,193 1,813,000 5.93 B-/B1 Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 1,839,468 100,000 NR/Ba2 Wells Fargo Commercial Mortgage Trust, 4.0%, 11/15/43 (144A) 84,119 1,500,000 3.65 BB/NR Wells Fargo Commercial Mortgage Trust, Floating Rate Note, 1/15/27 1,500,000
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 29 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 100,000 5.47 NR/Baa3 WF-RBS Commercial Mortgage Trust 2011-C2, Floating Rate Note, 2/15/44 (144A) $ 103,375 50,000 5.25 NR/Baa1 WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/15/44 (144A) 52,334 200,000 4.36 BBB-/NR WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/15/48 (144A) 180,285 ------------- $ 55,167,850 ------------- Total Banks $ 55,167,850 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 1.0% Other Diversified Financial Services -- 1.0% 113,538 5.44 NR/A2 DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/10/44 (144A) $ 124,322 1,300,000 5.16 NR/NR Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) 1,303,640 1,900,000 2.91 BBB-/NR Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A) 1,903,580 30,610 7.35 B+/Baa3 Morgan Stanley Capital I, Inc., Floating Rate Note, 7/15/32 (144A) 31,730 1,569,615 4.25 NR/NR TOPRE_13-LTR, Floating Rate Note, 11/20/28 (144A) 1,571,423 1,499,408 NR/NR VOLT XX LLC, 5.25%, 2/1/39 (Step) (144A) 1,485,161 ------------- $ 6,419,856 ------------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.0%+ 448,197 BB+/Baa2 Spirit Master Funding LLC, 5.74%, 3/20/25 (144A) $ 459,874 ------------- Total Diversified Financials $ 6,879,730 ------------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.2% Government -- 0.2% 175,000 4.04 NR/NR Federal Home Loan Mortgage Corp., Floating Rate Note, 5/25/45 (144A) $ 165,825 200,000 3.76 NR/NR FREMF Mortgage Trust 2012-K708, Floating Rate Note, 2/25/45 (144A) 198,217 1,000,000 3.49 NR/NR FREMF Mortgage Trust 2013-K28, Floating Rate Note, 6/25/46 (144A) 892,418 339,114 1.05 NR/NR Government National Mortgage Association, Floating Rate Note, 3/16/53 25,813 ------------- $ 1,282,273 ------------- Total Government $ 1,282,273 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 30 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $64,004,812) $ 64,630,342 ------------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 46.2% ENERGY -- 7.8% Oil & Gas Drilling -- 1.6% 900,000 BB/Ba3 Atwood Oceanics, Inc., 6.5%, 2/1/20 $ 967,500 845,000 B/B2 Drill Rigs Holdings, Inc., 6.5%, 10/1/17 (144A) 880,912 965,000 B/B3 Hercules Offshore, Inc., 6.75%, 4/1/22 (144A) 936,050 905,000 B/B3 Hercules Offshore, Inc., 8.75%, 7/15/21 (144A) 981,925 1,960,000 CCC+/Caa1 Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A) 1,957,550 600,000 B-/B3 Offshore Group Investment, Ltd., 7.5%, 11/1/19 639,000 450,000 B+/B1 Pacific Drilling SA, 5.375%, 6/1/20 (144A) 446,625 500,000 B+/B2 Pioneer Energy Services Corp., 6.125%, 3/15/22 (144A) 508,750 1,215,000 B+/B1 Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 1,315,238 1,030,000 B/B3 Summit Midstream Holdings LLC, 7.5%, 7/1/21 (144A) 1,102,100 550,000 BB-/B1 Unit Corp., 6.625%, 5/15/21 583,000 ------------- $ 10,318,650 ------------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.2% 280,000 B+/B2 Basic Energy Services, Inc., 7.75%, 10/15/22 $ 303,800 385,000 BB-/B1 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 404,250 585,000 BB-/B1 Key Energy Services, Inc., 6.75%, 3/1/21 614,981 ------------- $ 1,323,031 ------------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.4% 990,000 NR/NR American Energy -- Utica LLC, 3.5%, 3/1/21 (144A) (PIK) $ 999,900 900,000 BBB+/Baa1 Petroleos Mexicanos, 3.5%, 7/18/18 933,750 950,000 BBB+/Baa1 Petroleos Mexicanos, 6.375%, 1/23/45 (144A) 1,024,812 ------------- $ 2,958,462 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 31 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 4.3% 2,020,000 B-/B3 Approach Resources, Inc., 7.0%, 6/15/21 $ 2,080,600 470,000 CCC+/Caa1 Athlon Holdings LP, 7.375%, 4/15/21 (144A) 500,550 345,000 B-/B3 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 368,288 650,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 715,000 1,200,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 1,278,000 375,000 BB+/Ba3 Concho Resources, Inc., 5.5%, 4/1/23 390,000 1,360,000 B+/B3 Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A) 1,424,600 1,150,000 B-/B3 EV Energy Partners LP, 8.0%, 4/15/19 1,190,250 1,190,000 CCC+/B3 Gulfport Energy Corp., 7.75%, 11/1/20 1,294,125 570,000 CCC+/Caa1 Halcon Resources Corp., 8.875%, 5/15/21 591,375 1,050,000 CCC+/Caa1 Halcon Resources Corp., 9.75%, 7/15/20 1,131,375 1,265,000 B-/Caa1 Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 1,265,000 900,000 B+/B1 Linn Energy LLC, 7.0%, 11/1/19 (144A) 938,250 370,000 B-/Caa1 Memorial Production Partners LP, 7.625%, 5/1/21 390,350 400,000 B-/Caa1 Memorial Production Partners LP, 7.625%, 5/1/21 (144A) 422,000 650,000 CCC+/Caa1 Midstates Petroleum Co., Inc., 10.75%, 10/1/20 718,250 800,000 CCC+/Caa1 Midstates Petroleum Co., Inc., 9.25%, 6/1/21 836,000 400,000 NR/NR National JSC Naftogaz of Ukraine, 9.5%, 9/30/14 378,000 880,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 935,000 500,000 B+/B2 Oasis Petroleum, Inc., 6.875%, 3/15/22 (144A) 541,250 600,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 637,500 430,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 478,375 500,000 B/Caa1 PetroQuest Energy, Inc., 10.0%, 9/1/17 532,500 640,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 684,800 400,000 BB/Ba2 Range Resources Corp., 5.0%, 3/15/23 405,000 1,345,000 B-/B3 RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 1,452,600 515,000 BB-/B2 Rosetta Resources, Inc., 5.625%, 5/1/21 526,588 390,000 CCC+/B3 Samson Investment Co., 10.5%, 2/15/20 (144A) 425,100 380,000 B-/B3 Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 405,650
The accompanying notes are an integral part of these financial statements. 32 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- (continued) 700,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 $ 742,000 455,000 BB-/Ba3 SM Energy Co., 5.0%, 1/15/24 (144A) 442,488 150,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 162,375 1,950,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 1,950,000 420,000 CCC+/Caa1 Talos Production LLC, 9.75%, 2/15/18 (144A) 439,950 CAD 820,000 B/NR Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 779,432 680,000 BB/B2 Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 714,000 ------------- $ 28,166,621 ------------------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.2% 1,000,000 BB/Ba3 Murphy Oil USA, Inc., 6.0%, 8/15/23 (144A) $ 1,032,500 ------------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.9% 373,000 BBB/Baa2 Copano Energy LLC, 7.125%, 4/1/21 $ 423,888 1,550,000 5.85 BB/Baa3 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,457,000 805,000 BB/Ba3 Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 863,362 NOK 2,000,000 6.84 NR/NR Golar LNG Partners LP, Floating Rate Note, 10/12/17 348,231 425,000 BB/B2 Penn Virginia Resource Partners LP, 6.5%, 5/15/21 453,688 1,645,000 BB+/Ba3 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 1,696,406 740,000 BB/Ba3 Targa Resources Partners LP, 4.25%, 11/15/23 (144A) 686,350 100,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%, 6/15/31 112,192 ------------- $ 6,041,117 ------------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.2% 250,000 CCC/Caa2 James River Coal Co., 7.875%, 4/1/19 (e) $ 32,500 650,000 B-/Caa1 Murray Energy Corp., 8.625%, 6/15/21 (144A) 684,125 EURO 300,000 CC/Ca New World Resources NV, 7.875%, 1/15/21 (144A) 69,229 300,000 BB-/B1 SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 320,250 ------------- $ 1,106,104 ------------- Total Energy $ 50,946,485 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 33 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- MATERIALS -- 3.8% Commodity Chemicals -- 0.7% 500,000 BB/Ba3 Axiall Corp., 4.875%, 5/15/23 (144A) $ 490,625 1,700,000 CCC+/B3 Hexion US Finance Corp., 8.875%, 2/1/18 1,768,000 1,050,000 BB-/B2 Rain CII Carbon LLC, 8.25%, 1/15/21 (144A) 1,081,500 1,270,000 BB-/B2 Tronox Finance LLC, 6.375%, 8/15/20 1,304,925 ------------- $ 4,645,050 ------------------------------------------------------------------------------------------------------------- Fertilizers & Agricultural Chemicals -- 0.0%+ 200,000 NR/Baa3 Phosagro OAO via Phosagro Bond Funding, Ltd., 4.204%, 2/13/18 (144A) $ 191,000 ------------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.3% 930,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 964,875 600,000 B-/B3 INEOS Group Holdings SA, 5.875%, 2/15/19 612,750 190,000 B/B1 Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A) 186,200 ------------- $ 1,763,825 ------------------------------------------------------------------------------------------------------------- Construction Materials -- 0.2% 200,000 NR/NR Cemex Finance LLC, 6.0%, 4/1/24 (144A) $ 200,500 550,000 B+/NR Cemex SAB de CV, 5.875%, 3/25/19 (144A) 569,938 300,000 B+/NR Cemex SAB de CV, 7.25%, 1/15/21 (144A) 327,750 ------------- $ 1,098,188 ------------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.5% 485,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 515,312 131,581 CCC+/Caa2 ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 144,246 EURO 600,000 CCC+/Caa1 Ardagh Glass Finance Plc, 8.75%, 2/1/20 (144A) 888,616 200,000 CCC+/Caa1 Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 209,000 EURO 150,000 B+/Ba3 Ardagh Packaging Finance Plc, 7.375%, 10/15/17 (144A) 219,571 200,000 CCC+/Caa2 Beverage Packaging Holdings Luxembourg II SA, 5.625%, 12/15/16 (144A) 205,000 300,000 CCC+/Caa2 Beverage Packaging Holdings Luxembourg II SA, 6.0%, 6/15/17 (144A) 310,500 425,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%, 2/15/21 463,781
The accompanying notes are an integral part of these financial statements. 34 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- (continued) 330,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 $ 368,775 ------------- $ 3,324,801 ------------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.0%+ 340,000 B/B3 Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) $ 348,925 ------------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.8% 1,130,000 BB/Ba3 Amsted Industries, Inc., 5.0%, 3/15/22 (144A) $ 1,135,650 400,000 BB-/Ba3 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 364,000 500,000 B/B3 Global Brass & Copper, Inc., 9.5%, 6/1/19 577,500 400,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd., 4.875%, 10/7/20 (144A) 346,000 325,000 BB-/B1 KGHM International, Ltd., 7.75%, 6/15/19 (144A) 342,875 100,000 D/NR Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) (e) 55,000 45,000 NR/NR Mirabela Nickel, Ltd., 3.5%, 6/30/14 (144A) (PIK) (d) 43,875 400,000 D/NR Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) (e) 96,000 500,000 BBB-/Baa2 MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 491,250 50,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 49,500 265,000 B/Caa1 Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 297,462 650,000 BB/Ba3 Vedanta Resources Plc, 6.0%, 1/31/19 (144A) 650,000 900,000 BB/Ba3 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 954,000 ------------- $ 5,403,112 ------------------------------------------------------------------------------------------------------------- Gold -- 0.0%+ 380,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 338,200 ------------------------------------------------------------------------------------------------------------- Steel -- 0.8% 730,000 BB/Ba3 BlueScope Steel Finance, Ltd., 7.125%, 5/1/18 (144A) $ 771,975 500,000 CCC+/Caa1 Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 480,000 200,000 BBB/Baa2 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 191,017 620,000 B-/Caa1 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 633,950
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 35 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Steel -- (continued) 400,000 BB/Ba2 Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) $ 376,000 1,100,000 NR/Caa1 Metinvest BV, 8.75%, 2/14/18 (144A) 1,006,500 490,000 BBB/Baa3 Reliance Steel & Aluminum Co., 4.5%, 4/15/23 490,555 1,000,000 BB+/Ba2 Steel Dynamics, Inc., 5.25%, 4/15/23 1,017,500 ------------- $ 4,967,497 ------------------------------------------------------------------------------------------------------------- Paper Products -- 0.5% 365,000 BB/Ba3 Neenah Paper, Inc., 5.25%, 5/15/21 (144A) $ 363,175 1,610,000 BB-/Ba3 Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A) 1,569,750 400,000 BB/Ba2 Sappi Papier Holding GmbH, 6.625%, 4/15/21 (144A) 415,000 630,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 667,800 ------------- $ 3,015,725 ------------- Total Materials $ 25,096,323 ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 3.5% Aerospace & Defense -- 0.7% 825,000 BB-/Ba3 Bombardier, Inc., 4.75%, 4/15/19 $ 825,000 1,950,000 BB-/Ba3 Bombardier, Inc., 6.0%, 10/15/22 1,950,000 865,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 854,188 650,000 B+/Ba3 Spirit AeroSystems, Inc., 5.25%, 3/15/22 (144A) 653,250 ------------- $ 4,282,438 ------------------------------------------------------------------------------------------------------------- Building Products -- 0.6% 1,000,000 BB-/NR Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,066,250 2,375,000 BB-/B1 Griffon Corp., 5.25%, 3/1/22 (144A) 2,351,250 135,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 155,925 600,000 5.75 BBB+/Baa2 Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53 643,500 ------------- $ 4,216,925 ------------------------------------------------------------------------------------------------------------- Construction & Engineering -- 0.4% 900,000 B/B2 Abengoa Finance SAU, 8.875%, 11/1/17 (144A) $ 1,010,250 150,000 B/B2 Empresas ICA SAB de CV, 8.375%, 7/24/17 (144A) 150,000 500,000 B/B2 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 499,125 800,000 BB-/B1 OAS Investments GmbH, 8.25%, 10/19/19 (144A) 804,000 ------------- $ 2,463,375 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.0%+ 100,000 B-/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 $ 103,000 ------------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.3% 475,000 B/B3 Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) $ 413,250 500,000 B+/B2 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) 535,000 450,000 BB/NR Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 429,188 400,000 BB+/Ba1 Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 5/9/20 (144A) 367,000 ------------- $ 1,744,438 ------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.3% 400,000 B/B2 Commercial Vehicle Group, Inc., 7.875%, 4/15/19 $ 410,500 350,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 362,943 1,075,000 CCC-/B3 Navistar International Corp., 8.25%, 11/1/21 1,096,500 ------------- $ 1,869,943 ------------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.7% 400,000 B-/Caa1 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 396,000 220,000 B/B2 Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 228,800 1,670,000 CCC+/Caa2 Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A) 1,269,200 275,000 B/B2 Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 303,875 855,000 B-/Caa1 Gardner Denver, Inc., 6.875%, 8/15/21 (144A) 880,650 400,000 B/Caa1 Mueller Water Products, Inc., 7.375%, 6/1/17 409,000 798,000 B/B3 Xerium Technologies, Inc., 8.875%, 6/15/18 851,865 ------------- $ 4,339,390 ------------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.5% 200,000 BB+/Ba3 Aircastle, Ltd., 6.25%, 12/1/19 $ 216,000 1,345,000 BB-/B1 Ashtead Capital, Inc., 6.5%, 7/15/22 (144A) 1,462,688 200,000 BB+/NR Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) 220,650 220,000 B/B2 Avis Budget Car Rental LLC, 5.5%, 4/1/23 221,650 EURO 150,000 B/B2 Avis Budget Finance Plc, 6.0%, 3/1/21 (144A) 218,554
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 37 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- (continued) 590,000 BB/B3 Fly Leasing, Ltd., 6.75%, 12/15/20 $ 616,550 600,000 BB/Ba3 Rexel SA, 5.25%, 6/15/20 (144A) 613,500 ------------- $ 3,569,592 ------------- Total Capital Goods $ 22,589,101 ------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.7% Environmental & Facilities Services -- 0.3% 695,000 B/Ba3 Covanta Holding Corp., 5.875%, 3/1/24 $ 705,971 100,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 97,500 1,365,000 B/B3 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 1,453,725 ------------- $ 2,257,196 ------------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.2% 415,000 B/B1 Iron Mountain, Inc., 5.75%, 8/15/24 $ 404,106 1,025,000 B/Caa2 NANA Development Corp., 9.5%, 3/15/19 (144A) 1,050,625 ------------- $ 1,454,731 ------------------------------------------------------------------------------------------------------------- Security & Alarm Services -- 0.2% 930,000 BB+/Ba2 Allegion US Holding Co, Inc., 5.75%, 10/1/21 (144A) $ 978,825 ------------- Total Commercial Services & Supplies $ 4,690,752 ------------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 1.2% Airlines -- 0.8% 500,000 A/Baa2 Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) $ 501,250 500,000 B+/B2 Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 512,490 11,883 BB+/Ba2 Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17 12,261 49,861 BB-/Ba1 Continental Airlines 2001-1 Class B Pass Through Trust, 7.373%, 12/15/15 53,102 400,000 BBB/Ba2 Delta Air Lines 2010-1 Class B Pass Through Trust, 6.375%, 1/2/16 (144A) 431,000 900,000 BBB-/Ba3 Delta Air Lines 2010-2 Class B Pass Through Trust, 6.75%, 11/23/15 (144A) 972,000 540,000 BBB-/NR Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 564,325 105,000 BBB+/Ba1 Hawaiian Airlines 2013-1 Class A Pass Through Certificates, 3.9%, 1/15/26 101,456 825,000 NR/NR Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 853,875
The accompanying notes are an integral part of these financial statements. 38 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Airlines -- (continued) 400,000 BB+/NR United Airlines 2014-1 Class B Pass Through Trust, 4.75%, 4/11/22 $ 402,000 475,000 B/B2 United Continental Holdings, Inc., 6.0%, 7/15/26 448,875 400,000 A-/Baa1 US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 403,000 200,000 BB/Ba2 US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 202,500 ------------- $ 5,458,134 ------------------------------------------------------------------------------------------------------------- Marine -- 0.1% 560,000 B+/B3 Navios South American Logistics, Inc., 9.25%, 4/15/19 $ 599,200 ------------------------------------------------------------------------------------------------------------- Railroads -- 0.1% 350,000 BB-/NR Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) $ 285,250 ------------------------------------------------------------------------------------------------------------- Trucking -- 0.2% 1,000,000 B-/B2 Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) $ 1,090,000 325,000 BBB/A3 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 298,841 ------------- $ 1,388,841 ------------------------------------------------------------------------------------------------------------- Airport Services -- 0.0%+ 180,960 CCC+/Caa1 Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) $ 179,603 ------------- Total Transportation $ 7,911,028 ------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 1.1% Auto Parts & Equipment -- 1.0% 830,000 BB+/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 864,238 1,215,000 BB/B1 Gestamp Funding Luxembourg SA, 5.625%, 5/31/20 (144A) 1,260,562 400,000 B/Caa1 International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 422,000 250,000 BB-/Ba3 LKQ Corp., 4.75%, 5/15/23 (144A) 236,875 400,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 423,000 535,000 B/B3 Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 581,812 1,000,000 BB-/Ba2 Schaeffler Finance BV, 4.75%, 5/15/21 (144A) 1,022,500 520,000 B/B1 Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 553,150 1,050,000 B+/B2 Stackpole International Intermediate, 7.75%, 10/15/21 (144A) 1,124,812 ------------- $ 6,488,949 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 39 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Tires & Rubber -- 0.1% 200,000 BB-/B2 Cooper Tire & Rubber Co., 8.0%, 12/15/19 $ 225,000 210,000 B+/B1 The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 233,100 ------------- $ 458,100 ------------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.0%+ 100,000 B/B1 Chrysler Group LLC, 8.25%, 6/15/21 $ 113,125 ------------- Total Automobiles & Components $ 7,060,174 ------------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 1.3% Home Furnishings -- 0.1% 400,000 B/B2 SIWF Merger Sub, Inc., 6.25%, 6/1/21 (144A) $ 416,000 ------------------------------------------------------------------------------------------------------------- Homebuilding -- 1.1% 280,000 BB-/B2 Brookfield Residential Properties, Inc., 6.125%, 7/1/22 (144A) $ 289,100 500,000 BB-/B2 Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 532,500 905,000 BB/Ba1 DR Horton, Inc., 5.75%, 8/15/23 957,038 1,400,000 B/B2 KB Home, 7.0%, 12/15/21 1,506,750 200,000 B/B2 KB Home, Inc., 8.0%, 3/15/20 227,000 1,175,000 BB-/Ba3 Lennar Corp., 4.5%, 6/15/19 1,195,562 450,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 437,625 1,150,000 BB+/Baa3 MDC Holdings, Inc., 5.5%, 1/15/24 1,174,822 1,000,000 B+/B2 Standard Pacific Corp., 6.25%, 12/15/21 1,065,000 95,000 BB-/B1 The Ryland Group, Inc., 5.375%, 10/1/22 94,288 200,000 NR/Ca Urbi Desarrollos Urbanos SAB de CV, 1/21/20 (144A) (c) (e) 22,000 ------------- $ 7,501,685 ------------------------------------------------------------------------------------------------------------- Household Appliances -- 0.1% 400,000 BB+/NR Arcelik AS, 5.0%, 4/3/23 (144A) $ 350,000 ------------------------------------------------------------------------------------------------------------- Leisure Products -- 0.0%+ EURO 100,000 CCC+/Caa2 Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) $ 144,675 ------------- Total Consumer Durables & Apparel $ 8,412,360 ------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.8% Casinos & Gaming -- 0.3% EURO 750,000 B+/B3 Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) $ 1,079,772 EURO 300,000 8.25 BB/Ba2 Gtech Spa, Floating Rate Note, 3/31/66 (144A) 448,235
The accompanying notes are an integral part of these financial statements. 40 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Casinos & Gaming -- (continued) 250,000 B+/B3 MGM Resorts International, Inc., 6.75%, 10/1/20 $ 277,188 100,000 B/B2 Scientific Games International, Inc., 9.25%, 6/15/19 106,000 205,000 BBB-/NR Wynn Las Vegas LLC, 4.25%, 5/30/23 (144A) 197,312 ------------- $ 2,108,507 ------------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.1% 200,000 B-/B2 Seven Seas Cruises S de RL LLC, 9.125%, 5/15/19 $ 220,000 210,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 238,350 ------------- $ 458,350 ------------------------------------------------------------------------------------------------------------- Restaurants -- 0.2% EURO 900,000 BB-/B3 Elior Finance & Co SCA, 6.5%, 5/1/20 (144A) $ 1,357,723 ------------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.2% 1,135,000 BB-/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) $ 1,109,462 375,000 B-/B3 StoneMor Partners LP, 7.875%, 6/1/21 (144A) 385,312 ------------- $ 1,494,774 ------------- Total Consumer Services $ 5,419,354 ------------------------------------------------------------------------------------------------------------- MEDIA -- 1.5% Advertising -- 0.2% 600,000 BB-/Ba2 Lamar Media Corp., 5.375%, 1/15/24 $ 615,000 445,000 B-/B3 MDC Partners, Inc., 6.75%, 4/1/20 (144A) 468,362 ------------- $ 1,083,362 ------------------------------------------------------------------------------------------------------------- Broadcasting -- 0.4% 450,000 CCC+/Caa1 Cumulus Media Holdings, Inc., 7.75%, 5/1/19 $ 479,250 EURO 100,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%, 3/1/20 (144A) 166,013 1,325,000 B+/B2 Quebecor Media, Inc., 5.75%, 1/15/23 1,328,312 750,000 B+/B2 Univision Communications, Inc., 5.125%, 5/15/23 (144A) 766,875 ------------- $ 2,740,450 ------------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.4% 475,000 BB-/B1 CCO Holdings LLC, 5.75%, 9/1/23 $ 471,438 100,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 106,000 850,000 B-/Caa1 Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 884,000
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 41 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Cable & Satellite -- (continued) 250,000 B+/B3 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 $ 268,750 150,000 B+/B3 Intelsat Jackson Holdings SA, 7.5%, 4/1/21 164,625 350,000 B-/Caa2 Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A) 368,375 370,000 BB/B1 Sirius XM Holdings, Inc., 4.625%, 5/15/23 (144A) 348,725 200,000 BB/B1 Sirius XM Holdings, Inc., 5.25%, 8/15/22 (144A) 206,000 ------------- $ 2,817,913 ------------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.2% 100,000 CCC+/Caa1 Production Resource Group, Inc., 8.875%, 5/1/19 $ 79,500 675,000 B-/B3 Regal Entertainment Group, 5.75%, 3/15/22 695,250 470,000 B-/B3 Regal Entertainment Group, Inc., 5.75%, 2/1/25 459,425 171,000 B+/B1 WMG Acquisition Corp., 6.0%, 1/15/21 (144A) 178,268 ------------- $ 1,412,443 ------------------------------------------------------------------------------------------------------------- Publishing -- 0.3% 1,620,000 BB/Ba1 Gannett Co., Inc., 6.375%, 10/15/23 (144A) $ 1,719,225 100,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 106,000 ------------- $ 1,825,225 ------------- Total Media $ 9,879,393 ------------------------------------------------------------------------------------------------------------- RETAILING -- 1.0% Department Stores -- 0.3% 775,000 B/NR Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) $ 784,688 625,000 CCC+/Caa2 Neiman Marcus Group, Ltd. LLC, 8.0%, 10/15/21 (144A) 686,719 500,000 CCC+/Caa2 Neiman Marcus Group, Ltd. LLC, 8.75%, 10/15/21 (144A) (PIK) 552,500 ------------- $ 2,023,907 ------------------------------------------------------------------------------------------------------------- Apparel Retail -- 0.1% 750,000 B+/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 793,125 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 42 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.4% 435,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 $ 454,575 1,000,000 CCC+/Caa1 Petco Holdings, Inc., 8.5%, 10/15/17 (144A) (PIK) 1,018,770 600,000 B/B3 Radio Systems Corp., 8.375%, 11/1/19 (144A) 664,500 ------------- $ 2,137,845 ------------------------------------------------------------------------------------------------------------- Automotive Retail -- 0.2% 1,325,000 BB-/Ba3 CST Brands, Inc., 5.0%, 5/1/23 $ 1,301,812 ------------- Total Retailing $ 6,256,689 ------------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 1.7% Distillers & Vintners -- 0.2% 470,000 BB+/Ba1 Constellation Brands, Inc., 3.75%, 5/1/21 $ 459,425 485,000 BB+/Ba1 Constellation Brands, Inc., 4.25%, 5/1/23 474,088 ------------- $ 933,513 ------------------------------------------------------------------------------------------------------------- Soft Drinks -- 0.0%+ 195,000 BB/Ba2 Central American Bottling Corp., 6.75%, 2/9/22 (144A) $ 204,750 ------------------------------------------------------------------------------------------------------------- Agricultural Products -- 0.4% 240,000 BB/Ba2 Cosan Luxembourg SA, 5.0%, 3/14/23 (144A) $ 225,600 1,060,000 BB+/B1 Darling International, Inc., 5.375%, 1/15/22 (144A) 1,089,150 800,000 B/B2 Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 803,000 750,000 B/NR Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 678,750 ------------- $ 2,796,500 ------------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.9% 75,000 B/B2 Agrokor dd, 8.875%, 2/1/20 (144A) $ 81,675 400,000 BB-/B1 B&G Foods, Inc., 4.625%, 6/1/21 395,500 300,000 BB+/Ba1 Barry Callebaut Services NV, 5.5%, 6/15/23 (144A) 312,342 250,000 BBB-/Baa3 BRF SA, 3.95%, 5/22/23 (144A) 223,125 928,000 B/B1 Chiquita Brands International, Inc., 7.875%, 2/1/21 1,035,880 430,000 CCC+/Caa2 Diamond Foods, Inc., 7.0%, 3/15/19 (144A) 445,050 400,000 CCC+/Caa1 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) 402,000 300,000 B/B3 FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 318,750 700,000 B/B2 Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A) 750,750
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 43 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- (continued) 200,000 B/B2 Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A) $ 199,600 200,000 B/B2 Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 208,750 100,000 B/B2 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 100,375 500,000 CCC/NR MHP SA, 8.25%, 4/2/20 (144A) 430,000 400,000 BB-/B1 Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 409,600 200,000 B/B1 Post Holdings, Inc., 7.375%, 2/15/22 215,000 ------------- $ 5,528,397 ------------------------------------------------------------------------------------------------------------- Tobacco -- 0.2% 1,300,000 B-/Caa1 Alliance One International, Inc., 9.875%, 7/15/21 $ 1,329,250 175,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%, 5/20/23 164,948 ------------- $ 1,494,198 ------------- Total Food, Beverage & Tobacco $ 10,957,358 ------------------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.3% Personal Products -- 0.3% 255,000 B+/B2 Albea Beauty Holdings SA, 8.375%, 11/1/19 (144A) $ 276,675 650,000 BBB-/Baa3 Avon Products, Inc., 5.0%, 3/15/23 651,173 785,000 CCC+/Caa1 Monitronics International, Inc., 9.125%, 4/1/20 839,950 ------------- $ 1,767,798 ------------- Total Household & Personal Products $ 1,767,798 ------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.2% Health Care Equipment -- 0.0%+ 142,000 B+/B2 Physio-Control International, Inc., 9.875%, 1/15/19 (144A) $ 159,395 ------------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.1% 100,000 B/B3 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 111,250 100,000 B-/Caa2 Immucor, Inc., 11.125%, 8/15/19 113,000 ------------- $ 224,250 ------------------------------------------------------------------------------------------------------------- Health Care Services -- 0.2% 1,050,000 CCC+/Caa2 BioScrip, Inc., 8.875%, 2/15/21 (144A) $ 1,094,625 400,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%, 9/1/18 422,500 ------------- $ 1,517,125 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 44 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.6% 200,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 $ 212,500 340,000 B-/B3 CHS, 6.875%, 2/1/22 (144A) 355,300 165,000 B-/B3 CHS, Inc., 7.125%, 7/15/20 179,025 1,075,000 B-/B3 CHS, Inc., 8.0%, 11/15/19 1,181,156 400,000 B-/B3 Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 401,000 400,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 428,500 980,000 B+/Ba3 Tenet Healthcare Corp., 4.375%, 10/1/21 945,700 ------------- $ 3,703,181 ------------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.2% 1,365,000 BB/Ba2 WellCare Health Plans, Inc., 5.75%, 11/15/20 $ 1,433,250 ------------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.1% 200,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 $ 231,750 170,000 B/B3 IMS Health, Inc., 6.0%, 11/1/20 (144A) 178,925 175,000 B/B3 MedAssets, Inc., 8.0%, 11/15/18 187,250 ------------- $ 597,925 ------------- Total Health Care Equipment & Services $ 7,635,126 ------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.8% Biotechnology -- 0.1% 600,000 B-/Caa2 Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 $ 597,000 ------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.7% 375,000 B/B1 Endo Finance LLC, 5.75%, 1/15/22 (144A) $ 384,375 645,000 B+/B1 Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 659,512 705,000 CCC+/Caa2 JLL, 7.5%, 2/1/22 (144A) 726,150 610,000 CCC+/Caa1 Par Pharmaceutical Companies, Inc., 7.375%, 10/15/20 660,325 1,855,000 B/B2 Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 1,980,212 510,000 B/B1 Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 550,800 ------------- $ 4,961,374 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 5,558,374 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 45 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- BANKS -- 1.7% Diversified Banks -- 0.8% 500,000 NR/Baa3 Banco de Bogota SA, 5.375%, 2/19/23 (144A) $ 498,125 250,000 BBB+/NR BBVA Banco Continental SA, 5.0%, 8/26/22 (144A) 253,438 400,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 432,500 700,000 BB-/B1 CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 684,250 525,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 592,082 500,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 565,704 250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22 (144A) 252,222 1,350,000 NR/NR Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 1,302,750 300,000 BBB-/Ba1 VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 298,503 400,000 7.98 BBB+/Baa3 Wells Fargo & Co., Floating Rate Note (Perpetual) 454,500 ------------- $ 5,334,074 ------------------------------------------------------------------------------------------------------------- Regional Banks -- 0.7% 250,000 A/A2 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 $ 282,076 1,430,000 6.45 BBB/Baa3 M&T Bank Corp., Floating Rate Note (Perpetual) 1,478,262 1,200,000 4.45 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,203,600 1,150,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,253,500 325,000 4.85 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 304,688 ------------- $ 4,522,126 ------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.2% 100,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 107,760 1,425,000 B+/Ba3 Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 1,425,000 ------------- $ 1,532,760 ------------- Total Banks $ 11,388,960 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 46 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 4.2% Other Diversified Financial Services -- 1.5% 300,000 5.20 BB+/Ba3 Bank of America Corp., Floating Rate Note (Perpetual) $ 282,000 750,000 A-/NR Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 800,262 350,000 5.35 BB+/Ba3 Citigroup, Inc., Floating Rate Note (Perpetual) 324,625 500,000 5.95 BB+/Ba3 Citigroup, Inc., Floating Rate Note (Perpetual) 488,750 650,000 7.88 NR/NR Credit Suisse Group Guernsey I, Ltd., Floating Rate Note, 2/24/41 705,250 1,000,000 BBB/NR Fixed Income Trust Series 2013-A, 10/15/97 (Step) (144A) (c) (d) 582,678 200,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating Rate Note (Perpetual) 228,000 1,000,000 5.25 AA-/Baa1 General Electric Capital Corp., Floating Rate Note (Perpetual) 972,700 200,000 A/A3 JPMorgan Chase & Co., 4.35%, 8/15/21 214,379 1,525,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating Rate Note (Perpetual) 1,429,688 1,835,000 6.75 BBB/Ba1 JPMorgan Chase & Co., Floating Rate Note, 8/29/49 1,931,338 1,150,000 A/NR KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A) 1,199,700 100,000 0.00 BBB/NR Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 70,055 615,000 5.65 BB/Ba1 Voya Financial, Inc., Floating Rate Note, 5/15/53 611,310 ------------- $ 9,840,735 ------------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.7% 900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%, 7/16/20 (144A) $ 956,250 500,000 BBB-/NR Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 528,600 200,000 B-/Caa1 Igloo Holdings Corp., 8.25%, 12/15/17 (144A) (PIK) 204,750 1,220,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,131,550 825,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 7/1/21 777,562 355,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 8/1/18 356,775 700,000 B/B1 Oxford Finance LLC, 7.25%, 1/15/18 (144A) 742,000 ------------- $ 4,697,487 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 47 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.2% 125,000 BB-/Ba2 General Motors Financial Co, Inc., 4.25%, 5/15/23 $ 123,438 100,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 97,997 1,035,000 B+/B3 TMX Finance LLC, 8.5%, 9/15/18 (144A) 1,133,325 ------------- $ 1,354,760 ------------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 1.0% 915,000 BBB/NR Affiliated Managers Group, Inc., 4.25%, 2/15/24 $ 920,503 250,000 A+/NR Blackstone Holdings Finance Co. LLC, 4.75%, 2/15/23 (144A) 265,320 750,000 A+/NR Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42 (144A) 884,086 2,600,000 BB/NR JBS Investment Management, Ltd., 7.25%, 4/3/24 2,600,000 500,000 BBB/Baa1 Legg Mason, Inc., 5.625%, 1/15/44 513,076 100,000 BB+/Ba1 Neuberger Berman Group LLC, 5.625%, 3/15/20 (144A) 105,000 1,250,000 4.50 BBB/Baa2 The Bank of New York Mellon Corp., Floating Rate Note (Perpetual) 1,137,500 ------------- $ 6,425,485 ------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.7% 625,000 BBB+/Baa3 Bank of America Corp., 6.11%, 1/29/37 $ 698,985 200,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 263,724 750,000 BBB+/Baa3 Morgan Stanley, 4.1%, 5/22/23 742,397 250,000 BBB+/Baa3 Morgan Stanley, 4.875%, 11/1/22 262,696 300,000 BBB+/Baa2 The Goldman Sachs Group, Inc., 6.45%, 5/1/36 333,040 225,000 BBB+/Baa2 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 257,742 1,800,000 BBB-/NR UBS AG, 7.625%, 8/17/22 2,111,195 ------------- $ 4,669,779 ------------------------------------------------------------------------------------------------------------- Diversified Capital Markets -- 0.1% 200,000 7.50 BB-/NR Credit Suisse Group AG, Floating Rate Note (Perpetual) (144A) $ 217,250 ------------- Total Diversified Financials $ 27,205,496 ------------------------------------------------------------------------------------------------------------- INSURANCE -- 6.3% Insurance Brokers -- 0.2% 700,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%, 5/15/20 (144A) $ 816,082 GBP 100,000 NR/B1 Towergate Finance Plc, 8.5%, 2/15/18 (144A) 177,145
The accompanying notes are an integral part of these financial statements. 48 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Insurance Brokers -- (continued) 500,000 CCC+/Caa2 USI, Inc. New York, 7.75%, 1/15/21 (144A) $ 521,250 ------------- $ 1,514,477 ------------------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.3% 650,000 BB/Ba2 CNO Financial Group, Inc., 6.375%, 10/1/20 (144A) $ 692,250 500,000 BB-/B1 Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 532,500 300,000 BBB/Baa2 MetLife, Inc., 6.4%, 12/15/66 316,500 400,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating Rate Note, 9/15/42 417,500 ------------- $ 1,958,750 ------------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.0%+ 250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 322,500 ------------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.5% GBP 850,000 6.62 NR/NR Brit Insurance Holdings BV, Floating Rate Note, 12/9/30 $ 1,415,037 250,000 BBB-/Baa3 Fidelity National Financial, Inc., 5.5%, 9/1/22 266,175 200,000 NR/Baa3 First American Financial Corp., 4.3%, 2/1/23 196,040 1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 1,000,353 200,000 A-/Baa2 QBE Insurance Group, Ltd., 2.4%, 5/1/18 (144A) 195,563 ------------- $ 3,073,168 ------------------------------------------------------------------------------------------------------------- Reinsurance -- 5.3% 1,500,000 6.38 NR/NR Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24 $ 1,590,000 721,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note, 5/14/14 (Cat Bond) (144A) 723,235 250,000 3.44 BB/NR Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 255,800 1,000,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 1,016,800 250,000 2.55 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate Note, 5/3/16 (Cat Bond) (144A) 250,125 500,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 508,050 1,500,000 6.91 NR/NR Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,572,600 250,000 10.31 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 256,875
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 49 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 250,000 11.31 B+/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) $ 257,925 250,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 269,650 250,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 257,450 250,000 7.39 BB-/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 256,575 250,000 6.68 BB-/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/4/16 (Cat Bond) (144A) 252,500 350,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 356,090 1,000,000 7.44 NR/NR Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,039,900 600,000 0.00 NR/NR Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 603,180 750,000 4.05 BB+/NR Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 765,150 1,875,000 6.94 BB-/NR Johnston Re, Ltd., Floating Rate Note, 5/8/14 (Cat Bond) (144A) 1,880,438 250,000 7.64 BB-/NR Johnston Re, Ltd., Floating Rate Note, 5/8/14 (Cat Bond) (144A) 250,900 1,503,871 0.00 NR/NR Kane SAC Ltd., PI4, Floating Rate Note, 7/7/16 1,503,871 1,505,000 NR/NR Kane SAC Ltd., PI4, Floating Rate Note, 7/18/16 (c) 1,532,240 500,000 9.75 NR/NR Loma Reinsurance, Ltd. Bermuda, Floating Rate Note, 1/8/18 (Cat Bond) (144A) 520,000 500,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 509,500 500,000 0.00 NR/NR Merna Reinsurance V, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 499,850 500,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%, 10/15/22 507,212 500,000 12.06 B/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 530,550 250,000 9.06 BB/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 260,400 250,000 8.24 NR/Ba3 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 264,300 1,000,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 1,064,400 500,000 11.78 B-/NR Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 535,650
The accompanying notes are an integral part of these financial statements. 50 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 250,000 8.04 NR/NR Mythen Re, Ltd., Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) $ 258,875 500,000 7.31 BB-/NR Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 518,800 750,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 773,550 1,000,000 8.56 BB-/NR Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,038,200 1,000,000 8.65 B/NR Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,057,500 600,000 8.80 B+/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 634,800 1,250,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,315,000 250,000 8.96 NR/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 261,650 250,000 5.80 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 260,550 800,000 4.55 BB+/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 828,720 250,000 12.80 NR/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 272,650 250,000 8.05 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 275,725 500,000 10.05 BB-/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 553,900 250,000 20.05 NR/NR Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A) 249,175 250,000 9.30 B-/NR Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 260,925 1,250,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,265,125 1,000,000 3.56 BB+/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,009,600 250,000 NR/NR Sector Re V, Ltd., 12/1/18 (Cat Bond) (144A) (c) 255,775
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 51 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 272 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond) (144A) (c) $ 68,798 400,000 NR/NR Silverton Re, Ltd., 9/16/16 (Cat Bond) (144A) (c) 415,360 110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 115,481 500,000 16.30 NR/NR Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 517,350 250,000 11.28 B-/NR Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 267,975 500,000 8.53 B+/NR Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 538,750 250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 251,325 200,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%, 1/26/40 278,132 250,000 0.04 BBB-/NR Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 254,150 250,000 2.50 BB+/NR Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 252,800 165,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A) 164,175 ------------- $ 34,306,032 ------------- Total Insurance $ 41,174,927 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.7% Diversified REIT -- 0.2% 600,000 B/Ba3 CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 $ 630,000 250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%, 4/15/21 (144A) 282,579 400,000 NR/Baa2 Trust F, 5.25%, 12/15/24 (144A) 399,000 ------------- $ 1,311,579 ------------------------------------------------------------------------------------------------------------- Mortgage REIT -- 0.2% 170,000 B+/B3 iStar Financial, Inc., 4.875%, 7/1/18 $ 174,250 1,400,000 NR/NR NorthStar Realty Finance Corp., 3.0%, 9/30/14 1,397,480 ------------- $ 1,571,730 ------------------------------------------------------------------------------------------------------------- Office REIT -- 0.0%+ 225,000 BBB-/Baa3 Corporate Office Properties LP, 3.6%, 5/15/23 $ 208,004 ------------------------------------------------------------------------------------------------------------- Specialized REIT -- 0.2% 900,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%, 8/15/22 $ 935,874 150,000 BBB+/Baa1 Ventas Realty LP, 4.75%, 6/1/21 161,666 ------------- $ 1,097,540 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 52 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Diversified Real Estate Activities -- 0.1% 340,000 B+/B1 Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) $ 351,050 ------------- Total Real Estate $ 4,539,903 ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% Internet Software & Services -- 0.4% 1,150,000 BB-/B2 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 1,219,000 50,000 BB/Ba3 Equinix, Inc., 7.0%, 7/15/21 55,750 705,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 768,450 335,000 BB/Baa3 VeriSign, Inc., 4.625%, 5/1/23 321,600 ------------- $ 2,364,800 ------------------------------------------------------------------------------------------------------------- IT Consulting & Other Services -- 0.1% 800,000 BB-/B3 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 818,000 ------------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.1% 100,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) $ 108,500 400,000 BB/Ba3 WEX, Inc., 4.75%, 2/1/23 (144A) 376,000 ------------- $ 484,500 ------------------------------------------------------------------------------------------------------------- Home Entertainment Software -- 0.2% 1,400,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 1,524,250 ------------- Total Software & Services $ 5,191,550 ------------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 1.2% Communications Equipment -- 0.4% 915,000 BB+/Ba3 Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A) $ 873,825 650,000 B/B3 CommScope Holding Co., Inc., 6.625%, 6/1/20 (144A) (PIK) 687,375 191,000 B+/B2 CommScope, Inc., 8.25%, 1/15/19 (144A) 206,758 765,000 NR/NR Emulex Corp., 1.75%, 11/15/18 (144A) 767,869 100,000 B-/B2 ViaSat, Inc., 6.875%, 6/15/20 107,250 ------------- $ 2,643,077 ------------------------------------------------------------------------------------------------------------- Computer Hardware -- 0.1% 185,000 BB/Ba3 NCR Corp., 5.0%, 7/15/22 $ 185,231 660,000 BB/Ba3 NCR Corp., 6.375%, 12/15/23 (144A) 701,250 ------------- $ 886,481 ------------------------------------------------------------------------------------------------------------- Computer Storage & Peripherals -- 0.2% 885,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%, 6/1/23 (144A) $ 873,938
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 53 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Computer Storage & Peripherals -- (continued) 200,000 BBB-/Ba1 Seagate HDD Cayman, 7.0%, 11/1/21 $ 223,750 ------------- $ 1,097,688 ------------------------------------------------------------------------------------------------------------- Electronic Equipment Manufacturers -- 0.1% 550,000 B+/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 592,625 ------------------------------------------------------------------------------------------------------------- Electronic Components -- 0.4% EURO 300,000 B+/Ba2 Belden, Inc., 5.5%, 4/15/23 (144A) $ 423,023 1,860,000 B+/Ba2 Belden, Inc., 5.5%, 9/1/22 (144A) 1,883,250 ------------- $ 2,306,273 ------------------------------------------------------------------------------------------------------------- Electronic Manufacturing Services -- 0.0%+ 85,000 BB+/Ba1 Flextronics International, Ltd., 4.625%, 2/15/20 $ 85,744 145,000 BB+/Ba1 Flextronics International, Ltd., 5.0%, 2/15/23 146,088 ------------- $ 231,832 ------------- Total Technology Hardware & Equipment $ 7,757,976 ------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.4% Semiconductor Equipment -- 0.0%+ 285,000 BB/B2 Amkor Technology, Inc., 6.375%, 10/1/22 $ 295,331 ------------------------------------------------------------------------------------------------------------- Semiconductors -- 0.4% 1,095,000 B/B2 Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) $ 1,099,106 445,000 B/B2 Advanced Micro Devices, Inc., 7.5%, 8/15/22 440,550 750,000 BB-/Ba3 Micron Technology, Inc., 5.875%, 2/15/22 (144A) 785,625 ------------- $ 2,325,281 ------------- Total Semiconductors & Semiconductor Equipment $ 2,620,612 ------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 2.2% Integrated Telecommunication Services -- 1.5% 500,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 $ 537,500 150,000 BB/Ba2 CenturyLink, Inc., 7.6%, 9/15/39 142,688 800,000 BB/Ba2 CenturyLink, Inc., 7.65%, 3/15/42 755,000 1,105,000 B/B3 Cincinnati Bell, Inc., 8.375%, 10/15/20 1,209,975 250,000 BB-/Ba2 Frontier Communications Corp., 7.625%, 4/15/24 261,250
The accompanying notes are an integral part of these financial statements. 54 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Integrated Telecommunication Services -- (continued) 500,000 BB-/Ba2 Frontier Communications Corp., 8.75%, 4/15/22 $ 570,625 200,000 BB-/Ba2 Frontier Communications Corp., 9.0%, 8/15/31 204,500 458,000 B+/B3 GCI, Inc., 8.625%, 11/15/19 490,060 500,000 NR/Ba3 GTP Acquisition Partners I LLC, 7.628%, 6/15/16 (144A) 533,138 150,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 147,000 200,000 A-/A2 Ooredoo International Finance, Ltd., 3.875%, 1/31/28 (144A) 181,500 EURO 200,000 B+/B1 Telenet Finance III Luxembourg SCA, 6.625%, 2/15/21 (144A) 298,548 100,000 BB-/B1 tw telecom holdings inc, 5.375%, 10/1/22 102,000 1,030,000 BBB+/Baa1 Verizon Communications, Inc., 6.55%, 9/15/43 1,253,443 500,000 BB-/Ba3 Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 516,250 1,305,000 B/B1 Windstream Corp., 7.5%, 6/1/22 1,376,775 850,000 B/B1 Windstream Corp., 8.125%, 9/1/18 903,125 ------------- $ 9,483,377 ------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.7% 600,000 BB-/B1 Altice Financing SA, 6.5%, 1/15/22 (144A) $ 633,000 100,000 BB/Ba3 MetroPCS Wireless, Inc., 7.875%, 9/1/18 106,250 1,725,000 BB-/B1 Sprint Corp., 7.125%, 6/15/24 (144A) 1,811,250 490,000 BB/Ba3 T-Mobile USA, Inc., 6.542%, 4/28/20 527,362 555,000 BB/Ba3 T-Mobile USA, Inc., 6.633%, 4/28/21 596,625 300,000 NR/NR Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 286,985 200,000 BB/Ba3 VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 202,720 400,000 NR/NR WCP Issuer llc, 6.657%, 8/15/20 (144A) 420,031 ------------- $ 4,584,223 ------------- Total Telecommunication Services $ 14,067,600 ------------------------------------------------------------------------------------------------------------- UTILITIES -- 1.9% Electric Utilities -- 0.6% 1,500,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate Note (Perpetual) (144A) $ 1,502,250 150,000 BBB/Baa2 Enel Finance International NV, 5.125%, 10/7/19 (144A) 164,456
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 55 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Electric Utilities -- (continued) 1,190,000 8.75 BB+/Ba1 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) $ 1,335,299 900,000 BB+/Baa3 Israel Electric Corp, Ltd., 5.625%, 6/21/18 (144A) 949,500 75,000 6.25 BBB-/Baa1 Southern California Edison Co., Floating Rate Note (Perpetual) 79,875 ------------- $ 4,031,380 ------------------------------------------------------------------------------------------------------------- Gas Utilities -- 0.4% 165,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 180,262 220,000 B/B3 LBC Tank Terminals Holding Netherlands BV, 6.875%, 5/15/23 (144A) 234,850 1,450,000 BB+/Baa3 ONEOK, Inc., 6.875%, 9/30/28 1,612,813 300,000 BBB/Baa2 Transportadora de Gas del Peru SA, 4.25%, 4/30/28 (144A) 273,000 ------------- $ 2,300,925 ------------------------------------------------------------------------------------------------------------- Multi-Utilities -- 0.1% 500,000 NR/Caa1 DTEK Finance Plc, 7.875%, 4/4/18 (144A) $ 425,000 ------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.8% 995,000 BB-/Ba3 AES Corp. Virginia, 4.875%, 5/15/23 $ 950,225 500,000 BB-/Ba3 AES Corp. Virginia, 5.5%, 3/15/24 496,250 100,000 BB/Ba3 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 108,000 1,000,000 NR/Baa3 Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 853,750 1,050,000 B+/B1 InterGen NV, 7.0%, 6/30/23 (144A) 1,102,500 400,000 B-/B3 Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 407,500 250,000 BB-/B1 NRG Energy, Inc., 6.25%, 7/15/22 (144A) 257,500 900,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 1,010,250 79,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 82,456 200,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 219,500 ------------- $ 5,487,931 ------------- Total Utilities $ 12,245,236 ------------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.1% Government -- 0.1% 500,000 BBB-/NR Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) $ 483,750 ------------- Total Government $ 483,750 ------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $294,868,465) $ 300,856,325 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 56 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 2.0% 4,300,000 NR/NR Fannie Mae Pool, 4.0%, 4/10/14 $ 4,469,312 3,200,000 NR/NR Fannie Mae, 3.5%, 5/12/14 3,208,000 1,513,939 NR/NR Fannie Mae, 4.5%, 8/1/40 1,615,413 1,354,162 NR/NR Fannie Mae, 4.5%, 9/1/39 1,444,931 961,389 NR/NR Fannie Mae, 4.5%, 9/1/40 1,026,325 1,062,299 NR/NR Federal Home Loan Mortgage Corp., 4.5%, 6/1/41 1,133,279 ------------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $12,904,770) $ 12,897,260 ------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 0.6% 1,700,000 NR/Baa1 Commonwealth of the Bahamas, 5.75%, 1/16/24 (144A) $ 1,709,350 100,000 CCC+/Caa2 Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 87,500 1,100,000 B/B1 Republic of Ghana, 7.875%, 8/7/23 (144A) 1,009,250 750,000 B+/B1 Sri Lanka Government International Bond, 6.0%, 1/14/19 (144A) 784,688 200,000 CCC/Caa2 Ukraine Government International Bond, 7.5%, 4/17/23 (144A) 185,000 200,000 CCC/Caa2 Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 185,250 ------------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $4,011,896) $ 3,961,038 ------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 1.8% Municipal Airport -- 0.2% 1,250,000 NR/NR City of Charlotte North Carolina, 5.6%, 7/1/27 $ 1,249,938 ------------------------------------------------------------------------------------------------------------- Municipal General -- 0.2% 500,000 AA/A2 JobsOhio Beverage System, 3.985%, 1/1/29 $ 480,815 75,000 AA/A2 JobsOhio Beverage System, 4.532%, 1/1/35 73,032 1,000,000 AAA/Aaa Virginia Resources Authority, 5.0%, 11/1/42 1,081,830 ------------- $ 1,635,677 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 57 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Municipal Higher Education -- 0.3% 1,000,000 AAA/Aaa New York State Dormitory Authority, 5.0%, 10/1/41 $ 1,085,950 1,000,000 AA/Aa2 Private Colleges & Universities Authority, 5.0%, 10/1/43 1,088,290 ------------- $ 2,174,240 ------------------------------------------------------------------------------------------------------------- Municipal Medical -- 0.2% 1,000,000 A+/A1 Maine Health & Higher Educational Facilities Authority, 5.0%, 7/1/43 $ 1,046,670 100,000 AA-/A1 Massachusetts Development Finance Agency, 5.25%, 4/1/37 106,561 150,000 A/NR New Hampshire Health and Education Facilities Authority Act, 6.5%, 1/1/41 164,541 ------------- $ 1,317,772 ------------------------------------------------------------------------------------------------------------- Municipal Utility District -- 0.1% 1,000,000 A/A1 Grays Harbor County Public Utility District No 1, 5.0%, 7/1/43 $ 1,040,500 ------------------------------------------------------------------------------------------------------------- Municipal Pollution -- 0.0%+ 100,000 BB-/B1 County of York South Carolina, 5.7%, 1/1/24 $ 100,022 ------------------------------------------------------------------------------------------------------------- Municipal School District -- 0.2% 1,000,000 AAA/Aaa Gwinnett County School District, 5.0%, 2/1/36 $ 1,115,500 ------------------------------------------------------------------------------------------------------------- Municipal Transportation -- 0.2% 1,000,000 AA-/Aa3 Maine Turnpike Authority, 5.0%, 7/1/42 $ 1,072,530 ------------------------------------------------------------------------------------------------------------- Municipal Water -- 0.2% 1,000,000 AA+/Aa1 Massachusetts Water Resources Authority, 5.0%, 8/1/37 $ 1,090,950 ------------------------------------------------------------------------------------------------------------- Municipal Obligation -- 0.2% 1,000,000 AA+/Aa1 State of Washington, 5.0%, 6/1/41 $ 1,073,320 ------------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $11,539,957) $ 11,870,449 ------------------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 16.3%** ENERGY -- 1.3% Oil & Gas Drilling -- 0.3% 995,000 6.00 B+/B1 Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/31/21 $ 1,017,594 396,000 5.75 B-/B3 Offshore Group Investment, Ltd., Term Loan, 3/28/19 399,795 545,875 4.50 B+/B1 Pacific Drilling SA, Term Loan, 6/3/18 548,809 ------------- $ 1,966,198 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 58 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.3% 1,150,000 5.25 BB-/Ba3 ExGen Renewables I LLC, Term Loan, 2/5/21 $ 1,168,688 43,520 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 43,846 847,875 4.00 BB-/Ba3 Seadrill Operating LP, Initial Term Loan, 2/14/21 846,891 ------------- $ 2,059,425 ------------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.5% 400,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan, 12/2/17 $ 409,625 176,667 3.50 B+/Ba3 EP Energy LLC, Tranche B-3 Loan, 5/24/18 177,025 1,518,000 8.12 B-/B2 Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 1,582,922 249,374 3.88 BB-/Ba2 Fieldwood Energy LLC, Closing Date Loan, 9/25/18 250,153 1,000,000 5.00 B-/B1 Samson Investment Co., Tranche 1 Term Loan (Second Lien), 9/25/18 1,010,375 ------------- $ 3,430,100 ------------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.2% 995,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan, 8/21/20 $ 1,003,913 ------------- Total Energy $ 8,459,636 ------------------------------------------------------------------------------------------------------------- MATERIALS -- 1.5% Commodity Chemicals -- 0.1% 748,125 5.00 NR/NR Nexeo Solutions LLC, Term Loan B3, 9/9/17 $ 749,995 ------------------------------------------------------------------------------------------------------------- Diversified Chemicals -- 0.1% 248,125 3.75 BB/Ba3 Tata Chemicals North America, Inc., Term Loan, 8/7/20 $ 249,521 267,897 5.00 B+/B2 Univar, Term B Loan, 2/14/17 267,514 ------------- $ 517,035 ------------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.4% 843,625 4.00 BB-/B1 MacDermid, Inc., Tranche B Term Loan (First Lien), 6/7/20 $ 847,668 691,250 4.00 NR/NR PQ Corp., 2014 Term Loan, 8/7/17 693,735 343,778 3.25 BB-/NR Taminco Global Chemical Corp., Initial Tranche B-3 Dollar Term Loan, 2/15/19 344,208 172,782 1.00 BBB-/Ba2 WR Grace & Co., Delayed Draw Term Loan, 1/23/21 172,818 483,791 3.00 BBB-/Ba2 WR Grace & Co., U.S. Term Loan, 1/23/21 483,892 ------------- $ 2,542,321 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 59 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.2% 742,362 4.50 B/B1 BWAY Holding Co., Initial Term Loan, 8/31/17 $ 747,581 741,336 4.25 B/B1 Tank Holding Corp., Initial Term Loan, 7/9/19 742,077 ------------- $ 1,489,658 ------------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.1% 204,468 7.50 B+/B2 Caraustar Industries, Inc., Term Loan, 5/1/19 $ 208,216 182,407 4.75 B/Ba3 Kleopatra Acquisition Corp., Term B-1 Loan, 12/21/16 184,611 250,000 0.00 NR/NR Multi Packaging Solutions, Inc., Initial Dollar Tranche B Term, 9/30/20 251,250 200,000 4.25 NR/NR Multi Packaging Solutions, Inc., Term Loan B, 9/30/20 202,750 ------------- $ 846,827 ------------------------------------------------------------------------------------------------------------- Aluminum -- 0.1% 548,625 5.50 B/B2 TurboCombustor Technology, Inc., Initial Term Loan, 10/18/20 $ 555,483 ------------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.1% 295,885 4.25 BBB-/NR Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 298,520 152,675 0.00 D/Caa3 Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16 (e) 121,186 ------------- $ 419,706 ------------------------------------------------------------------------------------------------------------- Steel -- 0.2% 900,000 0.00 NR/NR Atkore International, Inc., Term Loan (First Lien), 3/27/21 $ 900,282 123,125 9.25 B/B1 Essar Steel Algoma, Inc., Term Loan, 9/19/14 123,606 395,059 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan, 4/1/17 399,010 137,636 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term Loan, 7/26/18 137,980 ------------- $ 1,560,878 ------------------------------------------------------------------------------------------------------------- Paper Products -- 0.2% 992,500 5.83 B+/Ba2 Appvion, Inc., Term Commitment, 6/28/19 $ 1,003,045 29,925 5.25 B/B1 Exopack Holdings SA, USD Term Loan, 4/14/19 30,374 ------------- $ 1,033,419 ------------- Total Materials $ 9,715,322 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 60 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 1.6% Aerospace & Defense -- 0.5% 726,165 4.00 B+/B1 Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 $ 726,959 697,704 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 699,013 92,160 6.25 BB-/WR DynCorp International, Inc., Term Loan, 7/7/16 92,966 150,245 3.49 B-/Caa1 Hunter Defense Technologies, Inc., Term Loan, 8/22/14 135,220 740,625 5.25 B/B2 Sequa Corp., Initial Term Loan, 6/19/17 726,275 243,147 5.50 B+/B1 The SI Organization, Inc., New Tranche B Term Loan, 11/22/16 238,791 297,739 3.75 B/Ba3 TransDigm, Inc., Tranche C Term Loan, 2/28/20 298,297 ------------- $ 2,917,521 ------------------------------------------------------------------------------------------------------------- Building Products -- 0.3% 498,750 5.50 B/B2 Armacell International GmbH, Term Loan B (First Lien), 7/2/20 $ 500,620 400,000 4.00 B/B2 Interline Brands, Inc., Term Loan (First Lien), 3/12/21 400,500 496,233 4.25 BB-/B2 NCI Building Systems, Inc., Tranche B Term Loan, 6/24/19 498,013 199,500 5.25 BB-/B2 Norcraft Cos. Inc., Initial Loan, 11/12/20 200,996 278,600 4.00 B+/B1 The Quikrete Companies, Inc., Initial Loan (First Lien), 9/26/20 279,610 320,313 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 322,393 ------------- $ 2,202,132 ------------------------------------------------------------------------------------------------------------- Construction & Engineering -- 0.1% 686,313 6.75 B+/B2 International Equipment Solutions LLC, Initial Loan, 8/16/19 $ 690,173 ------------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.1% 442,125 7.25 NR/NR Pelican Products, Inc., Repriced Term Loan (First Lien), 6/9/18 $ 445,441 49,250 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan, 2/15/17 49,712 ------------- $ 495,153 ------------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.3% 986,323 0.00 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 988,789 868,300 4.50 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 873,184 ------------- $ 1,861,973 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 61 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.1% 120,000 5.75 B/Ba3 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 121,800 111,336 3.50 BBB-/Ba1 Terex Corp., Term Loan, 4/28/17 111,963 608,499 4.01 B+/B2 Waupaca Foundry, Inc., Term Loan, 6/29/17 610,781 ------------- $ 844,544 ------------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.2% 647,373 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term Loan, 7/30/20 $ 647,900 475,000 4.25 B+/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 477,840 ------------- $ 1,125,740 ------------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.0%+ 165,030 3.75 BB/Ba3 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 165,649 ------------- Total Capital Goods $ 10,302,885 ------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.7% Commercial Printing -- 0.0%+ 121,556 6.25 B+/B2 Cenveo Corp., Term B Loan, 2/13/17 $ 123,379 ------------------------------------------------------------------------------------------------------------- Diversified Commercial & Prof Svc -- 0.1% 465,362 3.75 NR/NR Seven Seas Cruises S de RL LLC, Term B2 Loan, 12/21/18 $ 466,525 ------------------------------------------------------------------------------------------------------------- Environmental & Facilities Services -- 0.2% 446,608 3.00 BBB-/Ba1 Progressive Waste Solutions, Ltd., Term B Loan, 10/31/19 $ 447,166 496,250 5.50 B+/B3 Wastequip LLC, Term Loan, 8/9/19 498,731 697,797 4.00 B+/B1 WCA Waste Corp., Term Loan, 3/23/18 699,891 ------------- $ 1,645,788 ------------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.0%+ 110,049 0.00 NR/NR IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15 (e) $ 34,482 ------------------------------------------------------------------------------------------------------------- Security & Alarm Services -- 0.1% 52,806 4.00 NR/NR Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 $ 52,938 206,425 4.00 NR/NR Garda World Security Corp., Term B Loan, 11/1/20 206,941 559,936 4.25 B/Ba3 Monitronics International, Inc., Term B Loan, 3/23/18 561,162 ------------- $ 821,041 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 62 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Human Resource & Employment Services -- 0.1% 367,182 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan, 5/15/20 $ 367,029 ------------------------------------------------------------------------------------------------------------- Research & Consulting Services -- 0.2% 657,091 3.25 NR/NR Crown Castle International Corp., Tranche B-2 Term Loan (First Lien), 1/31/21 $ 655,818 496,250 5.25 NR/B1 Sourcehov LLC, Term Loan, 4/30/18 500,592 ------------- $ 1,156,410 ------------- Total Commercial Services & Supplies $ 4,614,654 ------------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.5% Air Freight & Logistics -- 0.1% 249,480 5.00 B/B2 Air Medical Group Holdings, Inc., B-1 Term Loan, 6/30/18 $ 250,571 173,688 6.75 B-/B2 Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 175,316 ------------- $ 425,887 ------------------------------------------------------------------------------------------------------------- Airlines -- 0.3% 347,375 3.75 BB-/Ba2 American Airlines, Inc., Class B Term Loan, 6/27/19 $ 348,967 172,813 3.50 BB/NR Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 173,137 247,500 3.50 BB-/Ba2 United Airlines, Inc., Class B Term Loan, 4/1/19 248,242 618,750 3.50 BB-/Ba2 US Airways, Inc., Tranche B-1 Term Loan (Consenting), 5/23/19 618,944 531,250 3.00 BB-/Ba2 US Airways, Inc., Tranche B-2 Term Loan (Consenting), 11/23/16 532,777 ------------- $ 1,922,067 ------------------------------------------------------------------------------------------------------------- Marine -- 0.0%+ 398,000 5.25 BB/Ba3 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 404,841 ------------------------------------------------------------------------------------------------------------- Trucking -- 0.1% 225,000 5.50 NR/NR Aegis Toxicology Corp., Tranche B Term Loan (First Lien), 2/20/21 $ 225,562 249,258 4.00 BB/Ba1 Swift Transportation Co. LLC, Tranche B-2 Term Loan (2013), 12/21/17 251,875 ------------- $ 477,437 ------------- Total Transportation $ 3,230,232 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 63 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.5% Auto Parts & Equipment -- 0.5% 560,793 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 562,195 396,241 5.00 B+/B2 HHI Holdings LLC, Additional Term Loan, 10/5/18 399,378 595,112 4.25 NR/NR Metaldyne LLC, Tranche B Term Loan, 12/18/18 598,274 127,735 5.50 NR/NR TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19 128,813 471,323 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 472,735 932,962 4.00 BB-/B1 Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 932,962 ------------- $ 3,094,357 ------------- Total Automobiles & Components $ 3,094,357 ------------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.2% Home Furnishings -- 0.0%+ 124,588 3.50 BB/Ba3 Tempur Sealy International, Inc., New Term B Loan, 3/18/20 $ 124,599 ------------------------------------------------------------------------------------------------------------- Housewares & Specialties -- 0.1% 312,878 3.75 BB/Ba2 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 $ 314,755 187,541 5.50 B/B1 World Kitchen LLC, U.S. Term Loan, 3/4/19 190,120 ------------- $ 504,875 ------------------------------------------------------------------------------------------------------------- Leisure Products -- 0.1% 400,857 4.00 B+/B1 Bombardier Recreational Products, Inc., Term B Loan, 1/30/19 $ 402,861 ------------------------------------------------------------------------------------------------------------- Apparel, Accessories & Luxury Goods -- 0.0%+ 397,870 5.75 B/B2 Renfro Corp., Tranche B Term Loan, 1/23/19 $ 398,368 ------------- Total Consumer Durables & Apparel $ 1,430,703 ------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.6% Casinos & Gaming -- 0.0%+ 266,625 3.50 BB/Ba2 MGM Resorts International, Term B Loan, 12/20/19 $ 266,570 ------------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.0%+ 199,495 4.25 B/B1 Sabre GLBL, Inc., Term B Loan, 2/19/19 $ 199,806 ------------------------------------------------------------------------------------------------------------- Leisure Facilities -- 0.0%+ 248,116 3.50 BB+/Ba2 Six Flags Theme Parks, Inc., Tranche B Term Loan, 12/20/18 $ 249,548 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 64 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Restaurants -- 0.3% 76,830 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan (2012), 9/28/19 $ 77,352 518,321 4.00 BB-/Ba3 Landry's, Inc., B Term Loan, 4/24/18 522,273 566,245 4.00 B/Ba3 NPC International, Inc., 12/28/18 570,138 752,630 3.25 BB-/B1 Wendy's International, Inc., Term B Loan, 5/15/19 751,958 ------------- $ 1,921,721 ------------------------------------------------------------------------------------------------------------- Education Services -- 0.2% 493,750 4.00 B+/B1 Bright Horizons Family Solutions, Inc., Term B Loan, 1/14/20 $ 495,679 546,324 5.00 B/B1 Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 541,032 ------------- $ 1,036,711 ------------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.1% 480,000 0.00 B/B1 Allied Security Holdings LLC, Delayed Draw Term Loan (First Lien), 2/12/21 $ 479,200 ------------- Total Consumer Services $ 4,153,556 ------------------------------------------------------------------------------------------------------------- MEDIA -- 2.1% Advertising -- 0.3% 691,751 4.25 B+/B1 Advantage Sales & Marketing, Inc., 2013 Term Loan (First Lien), 12/18/17 $ 695,642 971,364 6.75 B-/B1 Affinion Group, Inc., Tranche B Term Loan, 10/9/16 959,087 197,624 4.50 B/B1 Crossmark Holdings, Inc., Term Loan (First Lien), 12/20/19 197,130 ------------- $ 1,851,859 ------------------------------------------------------------------------------------------------------------- Broadcasting -- 0.3% 275,000 4.50 BB/Ba3 Gray Television, Inc., Initial Term Loan, 10/11/19 $ 276,925 448,000 4.25 B/B2 NEP, Amendment No. 3 Incremental Term Loan (First Lien), 1/22/20 450,427 237,287 3.25 BB-/B1 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 235,507 474,274 3.50 B+/Ba3 TWCC Holding Corp., Term Loan, 2/13/17 466,567 519,625 4.00 B+/NR Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 520,112 ------------- $ 1,949,538 ------------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.7% 395,960 3.50 BB-/Ba2 Cequel Communications LLC, Term Loan, 2/14/19 $ 396,701 496,250 3.00 BB+/Baa3 Charter Communications Operating LLC, Term F Loan, 1/1/21 492,776
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 65 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Cable & Satellite -- (continued) 289,851 3.75 BB/Ba3 Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 6/30/19 $ 290,937 609,196 3.50 BB/Ba3 Telesat Canada, U.S. Term B Loan, 3/28/19 610,149 790,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20 789,111 617,324 4.75 B/Ba3 WideOpenWest Finance LLC, Term B Loan, 4/1/19 619,749 587,872 0.00 NR/NR Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 583,142 554,681 0.00 NR/NR Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 550,217 357,447 0.00 NR/NR Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 354,570 ------------- $ 4,687,352 ------------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.4% 425,000 6.50 B/B2 Deluxe Entertainment Services Group., Inc., Tranche B Term Loan (First Lien), 2/26/20 $ 427,125 425,860 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20 427,191 308,080 3.50 BB-/Ba2 Rovi Solutions Corp., Tranche B-3 Term Loan, 3/29/19 308,265 297,750 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc., New Term Loan B, 5/14/20 297,983 496,250 4.00 B+/B1 US Finco LLC, Term B Loan, 5/30/20 497,026 681,575 3.75 B+/B1 WMG Acquisition Corp., Tranche B Refinancing Term Loan, 7/1/20 679,339 ------------- $ 2,636,929 ------------------------------------------------------------------------------------------------------------- Publishing -- 0.4% 147,000 4.25 NR/B1 Houghton Mifflin Harcourt Publishing Co., Term Loan, 5/22/18 $ 147,919 115,679 3.75 BB-/Ba3 Interactive Data Corp., Refinanced Term Loan, 2/11/18 115,867 1,895,250 6.25 NR/NR McGraw-Hill School Education Holdings llc, Term B Loan, 12/18/19 1,910,886 ------------- $ 2,174,672 ------------- Total Media $ 13,300,350 ------------------------------------------------------------------------------------------------------------- RETAILING -- 0.8% Department Stores -- 0.1% 364,088 4.25 B/B2 Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20 $ 365,936 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 66 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Computer & Electronics Retail -- 0.0%+ 92,263 11.00 B/Caa1 Targus Group International, Inc., Term Loan, 5/24/16 $ 77,501 ------------------------------------------------------------------------------------------------------------- Home Improvement Retail -- 0.1% 643,872 4.50 B/B2 Apex Tool Group LLC, Term Loan, 2/1/20 $ 639,043 220,995 3.98 B+/WR The Hillman Companies, Inc., Term Loan, 5/28/17 222,560 ------------- $ 861,603 ------------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.0%+ 248,125 3.75 BB-/Ba3 Michaels Stores, Inc., Term B Loan, 1/28/20 $ 248,812 ------------------------------------------------------------------------------------------------------------- Automotive Retail -- 0.6% 543,125 6.25 B+/B1 Arc Automotive Group, Inc., Term Loan, 11/15/18 $ 547,538 2,025,000 3.25 BB+/Ba1 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 2,019,034 1,440,938 5.75 B+/B2 CWGS Group LLC, Term Loan, 2/20/20 1,451,745 ------------- $ 4,018,317 ------------- Total Retailing $ 5,572,169 ------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.4% Food Distributors -- 0.2% 590,000 8.25 CCC+/Caa1 Del Monte Foods Consumer Products, Term Loan (Second Lien), 5/26/21 $ 588,525 871,125 4.75 B+/B1 Mill US Acquisition LLC, Term Loan (First Lien), 7/3/20 877,387 ------------- $ 1,465,912 ------------------------------------------------------------------------------------------------------------- Food Retail -- 0.2% 548,618 4.25 BB-/NR Albertsons llc, Term B-1 Loan, 3/21/16 $ 552,458 347,877 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 350,921 316,303 3.50 B+/B1 Big Heart Pet Brands, Initial Term Loan, 2/24/20 314,869 ------------- $ 1,218,248 ------------- Total Food & Staples Retailing $ 2,684,160 ------------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.5% Agricultural Products -- 0.2% 1,272,544 4.50 B/B1 Arysta Lifescience SPC LLC, Initial Term Loan (First Lien), 5/29/20 $ 1,278,907 ------------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.3% 475,000 4.25 B-/B2 Diamond Foods, Inc., Loan, 8/12/18 $ 477,173 243,085 6.50 NR/NR Hearthside Food Solutions LLC, Term Loan A, 6/7/18 243,693
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 67 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- (continued) 397,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 399,705 680,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan, 2/25/20 708,050 198,000 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term Loan G, 4/29/20 197,346 ------------- $ 2,025,967 ------------- Total Food, Beverage & Tobacco $ 3,304,874 ------------------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.4% Household Products -- 0.0%+ 250,000 4.50 B/B1 Polarpak, Inc., USD Term Loan (U.S. Borrower Portion), 6/7/20 $ 250,625 ------------------------------------------------------------------------------------------------------------- Personal Products -- 0.4% 600,000 4.25 NR/NR Atrium Innovations, Inc., Term Loan, 1/29/21 $ 599,063 750,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 753,094 934,658 4.00 NR/NR Party City Holdings, Inc., 2014 Replacement Term Loan, 7/27/19 937,106 ------------- $ 2,289,263 ------------- Total Household & Personal Products $ 2,539,888 ------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.4% Health Care Equipment -- 0.2% 925,000 0.00 NR/NR Accellent, Inc., Initial Term Loan (First Lien), 2/21/21 $ 925,000 339,937 3.25 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B Term Loan, 8/1/19 339,087 394,156 4.00 BB-/Ba3 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 395,808 ------------- $ 1,659,895 ------------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.1% 444,870 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 447,650 ------------------------------------------------------------------------------------------------------------- Health Care Services -- 0.6% 292,369 7.25 NR/B1 BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 $ 294,744 487,281 7.25 BB-/B1 BioScrip, Inc., Initial Term B Loan, 7/31/20 491,240 98,750 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 99,473 296,191 4.00 B+/B1 Envision Healthcare Corp., Initial Term Loan, 5/25/18 296,885 1,246,875 6.50 B/B2 Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 1,236,485
The accompanying notes are an integral part of these financial statements. 68 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Health Care Services -- (continued) 133,642 7.50 B-/B2 inVentiv Health, Inc., Consolidated Term Loan, 8/4/16 $ 134,088 133,714 7.75 B-/B2 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 133,296 85,610 8.00 NR/WR Rural, Term Loan, 6/30/18 81,115 545,875 4.25 B/B2 Surgical Care Affiliates LLC, Class C Incremental Term Loan, 6/29/18 548,263 647,373 4.25 NR/Ba3 US Renal Care, Inc., Tranche B-2 Term Loan (First Lien), 7/3/19 647,778 ------------- $ 3,963,367 ------------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.3% 347,233 4.25 BB/Ba2 CHS, 2021 Term D Loan, 1/27/21 $ 350,595 194,044 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 195,044 492,513 4.25 B+/Ba3 Kindred Healthcare, Inc., Term B-1 Loan, 6/1/18 493,744 346,629 7.00 B/B3 RegionalCare Hospital Partners, Inc., Term Loan (First Lien 2013), 11/4/18 344,896 21,259 3.75 NR/NR Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 21,445 496,250 6.75 B-/B2 Steward Health Care System LLC, Term Loan, 4/10/20 495,940 ------------- $ 1,901,664 ------------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.0%+ 34,916 9.75 B+/B2 MMM Holdings, Inc., Term Loan, 10/9/17 $ 35,177 25,385 9.75 B+/B2 MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 25,480 ------------- $ 60,657 ------------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.2% 96,960 4.00 B+/Ba3 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 97,263 779,106 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 780,648 334,959 4.00 BB+/Ba3 MedAssets, Inc., Term B Loan, 12/13/19 336,701 ------------- $ 1,214,612 ------------- Total Health Care Equipment & Services $ 9,247,845 ------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.7% Biotechnology -- 0.1% 693,222 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 694,955 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 69 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.6% 894,833 5.00 B/NR Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 $ 904,340 100,000 0.00 NR/NR Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21 100,062 339,756 3.25 NR/NR Jazz Pharmaceuticals, Inc., Tranche 2 Term Loan, 6/12/18 340,500 450,000 0.00 NR/NR JLL, Initial Dollar Term Loan, 1/23/21 448,406 886,107 0.00 B/B1 Par Pharmaceutical Companies, Inc., Term B-2 Loan, 9/28/19 888,636 172,813 4.25 BB/Ba1 Salix Pharmaceuticals, Inc., Term Loan, 12/17/19 174,595 344,750 3.75 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 346,474 841,407 3.75 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 846,445 ------------- $ 4,049,458 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 4,744,413 ------------------------------------------------------------------------------------------------------------- BANKS -- 0.1% Thrifts & Mortgage Finance -- 0.1% 768,491 5.00 B+/B1 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 772,967 ------------- Total Banks $ 772,967 ------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.8% Other Diversified Financial Services -- 0.4% 753,741 4.50 BBB-/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 762,692 327,938 6.00 B+/B1 Harland Clarke Holdings Corp., Tranche B-4 Term Loan, 8/17/19 330,329 719,563 5.00 B/B1 Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 720,462 450,000 0.00 NR/NR SBP Holdings, Ltd., Term Loan (First Lien), 3/24/21 450,000 98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 100,077 ------------- $ 2,363,560 ------------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.1% 923,376 4.25 B/B1 Mirror BidCo Corp., New Incremental Term Loan, 12/18/19 $ 925,107 ------------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.1% 724,227 5.25 B/B2 National Financial Partners Corp., Term B Loan, 7/1/20 $ 731,469 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 70 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.2% 625,277 4.50 B/B2 Duff & Phelps LLC, Initial Term Loan, 4/23/20 $ 628,697 447,750 4.25 NR/NR Guggenheim Partners Investment Management Holdings LLC, Initial Term Loan, 7/22/20 450,968 ------------- $ 1,079,665 ------------- Total Diversified Financials $ 5,099,801 ------------------------------------------------------------------------------------------------------------- INSURANCE -- 0.2% Insurance Brokers -- 0.0%+ 197,508 4.25 NR/B1 USI Insurance Services LLC, Term B Loan, 12/30/19 $ 198,495 ------------------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.0%+ 92,720 3.75 BB/Ba2 CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18 $ 93,068 ------------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.1% 492,808 4.25 B/B1 Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 $ 495,420 ------------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.1% 293,144 5.75 B-/B2 Confie seguros Holding II Co., Term B Loan (First Lien), 11/9/18 $ 293,510 ------------- Total Insurance $ 1,080,493 ------------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Diversified Real Estate Activities -- 0.0%+ 249,375 5.00 B+/B3 CityCenter Holdings LLC, Term B Loan, 10/16/20 $ 251,739 ------------------------------------------------------------------------------------------------------------- Real Estate Services -- 0.1% 642,518 4.50 NR/B1 Altisource Solutions Sarl, Term B Loan, 12/9/20 $ 645,329 ------------- Total Real Estate $ 897,068 ------------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% IT Consulting & Other Services -- 0.1% 148,867 3.75 BB/Ba3 Booz Allen Hamilton, Inc., Refinance Tranche B, 7/31/19 $ 149,518 246,821 4.50 B-/B1 Kronos, Inc., Incremental Term Loan (First Lien), 10/30/19 249,251 115,000 4.50 B+/B1 PSAV Presentation Services, Tranche B Term Loan (First Lien), 1/24/21 115,862 ------------- $ 514,631 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 71 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.1% 500,000 4.15 B+/B1 First Data Corp., 2018 Dollar Term Loan, 3/23/18 $ 501,918 322,442 3.50 BBB-/Ba1 Genpact International, Inc., Term Loan, 8/30/19 323,972 ------------- $ 825,890 ------------------------------------------------------------------------------------------------------------- Application Software -- 0.5% 222,620 4.25 B+/B1 Applied Systems, Inc., Initial Term Loan (First Lien), 1/15/21 $ 224,011 597,000 4.25 BB-/B1 Epiq Systems, Inc., Term Loan, 8/27/20 598,492 223,259 8.50 B-/B1 Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 218,514 221,468 3.75 B+/Ba3 Infor., Tranche B-5 Term Loan (First Lien), 6/3/20 221,136 510,000 3.75 B/B1 Sedgwick, Inc., Initial Term Loan (First Lien), 2/11/21 505,538 450,000 4.15 B+/B1 Serena Software, Inc., 2016 Term Loan (Extended), 3/10/16 449,719 846,500 3.50 BB-/B1 Verint Systems, Inc., Tranche B-2 Term Loan (First Lien), 9/6/19 847,452 95,443 4.25 B+/B1 Vertafore, Inc., Term Loan (2013), 10/3/19 95,950 ------------- $ 3,160,812 ------------------------------------------------------------------------------------------------------------- Systems Software -- 0.1% 937,000 5.50 NR/NR SafeNet, Inc., Tranche B Term Loan, 2/28/20 $ 941,685 ------------- Total Software & Services $ 5,443,018 ------------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Communications Equipment -- 0.1% 105,530 2.73 BB+/Ba2 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 105,926 158,295 3.25 BB+/Ba2 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 159,235 ------------- $ 265,161 ------------------------------------------------------------------------------------------------------------- Electronic Equipment Manufacturers -- 0.0%+ 244,953 4.75 B-/B2 Sensus USA, Inc., Term Loan (First Lien), 5/9/17 $ 245,769 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 72 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Electronic Components -- 0.2% 420,000 6.25 NR/NR FCI -- Fidji Luxembourg Bc4 Sarl , Term Loan, 12/19/20 $ 423,150 716,400 3.50 BB-/B1 Generac Power Systems, Inc., Term Loan B, 5/31/20 718,191 ------------- $ 1,141,341 ------------- Total Technology Hardware & Equipment $ 1,652,271 ------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.0%+ Semiconductor Equipment -- 0.%+ 126,184 4.50 NR/B1 Aeroflex, Inc., Tranche B-1 Term Loan, 11/9/19 $ 127,509 ------------------------------------------------------------------------------------------------------------- Semiconductors -- 0.0%+ 175,289 3.25 BB+/NR Microsemi Corp., Term Loan (First Lien), 3/14/21 $ 175,180 ------------- Total Semiconductors & Semiconductor Equipment $ 302,689 ------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.3% Integrated Telecommunication Services -- 0.2% 497,999 4.75 B/B2 Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 $ 497,376 416,842 3.25 BB/B1 West Corp., B-10 Term Loan (First Lien), 6/30/18 415,051 197,995 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 198,036 ------------- $ 1,110,463 ------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.1% 239,957 4.00 BB-/B1 Syniverse Holdings, Inc., Initial Term Loan, 4/23/19 $ 240,556 484,761 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 486,175 ------------- $ 726,731 ------------- Total Telecommunication Services $ 1,837,194 ------------------------------------------------------------------------------------------------------------- UTILITIES -- 0.5% Electric Utilities -- 0.3% 1,200,000 4.75 NR/NR Atlantic Power LP, Term Loan, 2/20/21 $ 1,204,500 530,988 3.00 BB/Ba3 Calpine Construction Finance Co. LP, Term B-1 Loan, 5/3/20 522,928 247,500 4.25 BB-/Ba3 Star West Generation LLC, Term B Advance, 3/13/20 248,351 ------------- $ 1,975,779 -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 73 Schedule of Investments | 3/31/14 (continued)
------------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.2% 443,744 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 $ 445,685 305,385 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 306,966 223,348 3.75 BB+/Ba1 NSG Holdings LLC, New Term Loan, 12/11/19 224,185 275,243 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC, Term Loan, 3/27/20 275,329 ------------- $ 1,252,165 ------------- Total Utilities $ 3,227,944 ------------------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $106,180,722) $ 106,708,489 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- Shares ------------------------------------------------------------------------------------------------------------- PURCHASED CALL OPTION -- 0.0%+ 450 Chicago Board Options Exchange Market Volatility Index @ 15.00, 5/21/14 $ 79,875 1,350 Chicago Board Options Exchange Market Volatility Index @ 16.00, 5/21/14 199,125 ------------- $ 279,000 ------------------------------------------------------------------------------------------------------------- TOTAL PURCHASED CALL OPTIONS (Cost $338,193) $ 279,000 ------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 90.0% (Cost $575,715,764) (a) $ 587,046,043 ------------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 10.0% $ 64,946,868 ------------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 651,992,911 =============================================================================================================
* Non-income producing security. NR Not rated by either S&P or Moody's. WR Withdrawn rating. + 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. PIK Represents a pay in kind security. The accompanying notes are an integral part of these financial statements. 74 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 (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, 2014, the value of these securities amounted to $235,125,230 or 36.1% 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, 2014, the net unrealized appreciation on investments based on cost for federal income tax purposes of $576,635,591 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 16,319,504 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (5,909,052) ------------- Net unrealized appreciation $ 10,410,452 =============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end of period. (c) Security issued with a zero coupon. Income is recognized through accretion of discount. (d) Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). See Notes to Financial Statement -- Note 1A. (e) Security is in default and is non-income producing. Purchases and sales of securities (excluding temporary cash investments) for the year ended March 31, 2014 aggregated $862,955,796 and $376,286,019, respectively. Principal amounts are denominated in U.S. Dollars unless otherwise noted: CAD Canadian Dollar. EURO Euro. GBP British Pound Sterling. NOK Norwegian Krone. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 75 Schedule of Investments | 3/31/14 (continued) CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION
------------------------------------------------------------------------------------------------------------- Net Premiums Unrealized Notional Obligation Expiration Received Appreciation Principal ($) Counterparty Entity/Index Coupon Date (Paid) (Depreciation) ------------------------------------------------------------------------------------------------------------- (80,000,000) J.P. Morgan CDX.NA.HY.21.CME 5.00% 12/20/18 (5,169,562) $ (1,303,513) Securities LLC -------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
------------------------------------------------------------------------------------------------------------- Net Premiums Unrealized Notional Obligation Expiration Received Appreciation Principal ($)(1) Counterparty Entity/Index Coupon Date (Paid) (Depreciation) ------------------------------------------------------------------------------------------------------------- 250,000 J.P. Morgan American Axle & 5.00% 12/20/17 $ (7,500) $ 36,407 Securities LLC Manufacturing Co., =============================================================================================================
(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. 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) as Level 3. See Notes to Financial Statements -- Notes 1A. The accompanying notes are an integral part of these financial statements. 76 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 The following is a summary of the inputs used as of March 31, 2014, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------ Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------ Convertible Corporate Bonds $ -- $ 43,816,592 $ -- $ 43,816,592 Preferred Stock 9,190,964 4,088,238 3,544,877 16,824,079 Convertible Preferred Stock 2,764,891 4,258,206 -- 7,023,097 Asset Backed Securities -- 18,179,372 -- 18,179,372 Collateralized Mortgage Obligations -- 64,630,342 -- 64,630,342 Corporate Bonds -- 296,383,673 4,472,652 300,856,325 U.S. Government and Agency Obligations 12,897,260 -- 12,897,260 Foreign Government Bonds -- 3,961,038 -- 3,961,038 Municipal Bonds -- 11,870,449 -- 11,870,449 Senior Floating Rate Loan Interests -- 106,708,489 -- 106,708,489 Purchased Call Options 279,000 -- -- 279,000 ------------------------------------------------------------------------------------------------ Total $ 12,234,855 $566,793,659 $ 8,017,529 $587,046,043 ================================================================================================ Other Financial Instruments Net unrealized depreciation on credit default swaps $ -- $ (1,150,856) $ -- $ (1,150,856) Net unrealized gain on futures contracts 1,179,516 -- -- 1,179,516 Net unrealized depreciation on forward foreign currency contracts -- 6,497 -- 6,497 ------------------------------------------------------------------------------------------------ Total $ 1,179,516 $ (1,144,359) $ -- $ 35,157 ================================================================================================
During the year ended March 31, 2014, there were no transfers between Levels 1 and 2. On April 1, 2013, both Sector Re V, Ltd. and Lorenz Re transfered from level 2 to level 3. Following is a reconciliation of assets using significant unobservable inputs (Level 3):
------------------------------------------------------------------------------------------------ Corporate Bonds ------------------------------------------------------------------------------------------------ Balance as of 3/31/13 $ 656,374 Realized gain (loss)1 22,400 Change in unrealized appreciation (depreciation)2 290,570 Purchases 6,845,471 Sales (547,286) Transfers in and out of Level 3* 750,000 ------------------------------------------------------------------------------------------------ Balance as of 3/31/14 $8,017,529 ================================================================================================
(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 gain (loss) on investments in the Statement of Operations. * Transfers are calculated on the beginning of period values. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 77 Statement of Assets and Liabilities | 3/31/14
ASSETS: Investment in securities (cost $575,715,764) $587,046,043 Cash 82,368,044 Foreign currencies, at value (cost $87,330) 88,726 Futures collateral 2,550,819 Receivables -- Investment securities sold 2,300,751 Fund shares sold 7,125,550 Interest 5,811,214 Dividends 72,127 Due from Pioneer Investment Management, Inc. 132,402 Unrealized appreciation on forward foreign currency contracts 6,497 Variation margin 1,270,351 Prepaid expenses 52,898 --------------------------------------------------------------------------------------------------- Total assets $688,825,422 --------------------------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 27,198,529 Fund shares repurchased 2,498,541 Dividends 382,063 Net Unrealized depreciation on credit default swaps 1,267,106 Swap premiums paid 5,177,062 Due to affiliates 159,899 Accrued expenses 149,311 --------------------------------------------------------------------------------------------------- Total liabilities $ 36,832,511 --------------------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $648,788,442 Distributions in excess of net investment income (155,961) Accumulated net realized loss on investments, foreign currency transactions, credit default swaps and futures contracts (7,891,100) Net unrealized appreciation on investments 11,330,279 Net unrealized appreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 8,840 Net unrealized depreciation on credit default swaps (1,267,106) Net unrealized appreciation on futures contracts 1,179,517 --------------------------------------------------------------------------------------------------- Total net assets $651,992,911 =================================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $161,095,042/16,198,598 shares) $ 9.94 Class C (based on $91,491,214/9,225,357 shares) $ 9.92 Class Y (based on $395,245,191/39,587,533 shares) $ 9.98 Class Z (based on $4,161,464/416,126 shares) $ 10.00 MAXIMUM OFFERING PRICE: Class A ($9.95 (divided by) 95.50) $ 10.42 ===================================================================================================
The accompanying notes are an integral part of these financial statements. 78 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 Statement of Operations For the Year Ended 3/31/14
INVESTMENT INCOME: Interest $21,704,510 Dividends 858,056 --------------------------------------------------------------------------------------------------- Total investment income $ 22,562,566 --------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 3,102,650 Transfer agent fees and expenses Class A 8,711 Class C 6,974 Class Y 1,871 Class Z 6,493 Distribution fees Class A 249,935 Class C 703,059 Shareholder communications expense 462,618 Administrative reimbursement 147,396 Custodian fees 71,825 Registration fees 155,610 Professional fees 107,493 Printing expense 44,747 Fees and expenses of nonaffiliated Trustees 12,609 Miscellaneous 99,242 --------------------------------------------------------------------------------------------------- Total expenses $ 5,181,233 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. $ (313,276) --------------------------------------------------------------------------------------------------- Net expenses $ 4,867,957 --------------------------------------------------------------------------------------------------- Net investment income $ 17,694,609 --------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, CREDIT DEFAULT SWAPS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ 1,179,019 Credit default swaps (6,019,354) Futures contracts (3,966,967) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (276,679) $ (9,083,981) --------------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments $ 7,197,600 Futures contracts 1,184,927 Credit default swaps (1,295,709) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (143,638) $ 6,943,180 --------------------------------------------------------------------------------------------------- Net loss on investments and futures contracts and foreign currency transactions $ (2,140,801) --------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 15,553,808 ===================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 79 Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------- Year Ended Year Ended 3/31/14 3/31/13 --------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 17,694,609 $ 4,659,955 Net realized gain (loss) on investments, futures contracts, credit default swaps and foreign currency transactions (9,083,981) (108,889) Change in net unrealized appreciation (depreciation) on investments, futures contracts, credit default swaps and foreign currency transactions 6,943,180 4,242,628 --------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 15,553,808 $ 8,793,694 --------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.37 and $0.55 per share, respectively) $ (3,450,197) $ (1,017,674) Class C ($0.29 and $0.48 per share, respectively) (1,949,895) (409,985) Class Y ($0.40 and $0.58 per share, respectively) (10,168,409) (3,641,812) Class Z ($0.37 and $0.00 per share, respectively) (74,879) -- Tax return of capital: Class A ($0.02 and $0.00 per share, respectively) $ (305,551) -- Class C ($0.02 and $0.00 per share, respectively) (190,382) -- Class Y ($0.02 and $0.00 per share, respectively) (781,222) -- Class Z ($0.02 and $0.00 per share, respectively) (8,734) -- --------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (16,929,269) $ (5,069,471) --------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 627,290,109 $160,436,580 Reinvestment of distributions 13,444,737 3,437,827 Cost of shares repurchased (194,409,128) (14,027,546) --------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 446,325,718 $149,846,861 --------------------------------------------------------------------------------------------------- Net increase in net assets $ 444,950,257 $153,571,084 NET ASSETS: Beginning of period 207,042,654 53,471,570 --------------------------------------------------------------------------------------------------- End of period $ 651,992,911 $207,042,654 --------------------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (155,961) $ (431,839) ===================================================================================================
The accompanying notes are an integral part of these financial statements. 80 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------------- '14 Shares '14 Amount '13 Shares '13 Amount --------------------------------------------------------------------------------------------------- Class A Shares sold 16,335,778 $ 161,889,972 4,220,656 $ 41,903,055 Reinvestment of distributions 354,467 3,501,961 72,754 721,812 Less shares repurchased (5,195,274) (51,276,481) (354,800) (3,530,342) --------------------------------------------------------------------------------------------------- Net increase 11,494,971 $ 114,115,452 3,938,610 $ 39,094,525 =================================================================================================== Class C Shares sold 8,324,431 $ 82,614,669 2,487,554 $ 24,762,530 Reinvestment of distributions 188,284 1,853,554 22,101 219,048 Less shares repurchased (2,161,739) (21,337,903) (103,731) (1,017,622) --------------------------------------------------------------------------------------------------- Net increase 6,350,976 $ 63,130,320 2,405,924 $ 23,963,956 =================================================================================================== Class Y Shares sold 38,058,425 $ 378,604,997 9,398,336 $ 93,770,995 Reinvestment of distributions 807,578 8,006,201 252,272 2,496,967 Less shares repurchased (12,281,130) (121,615,457) (956,482) (9,479,582) --------------------------------------------------------------------------------------------------- Net increase 26,584,873 $ 264,995,741 8,694,126 $ 86,788,380 =================================================================================================== Class Z* Shares sold 425,812 $ 4,180,471 -- $ -- Reinvestment of distributions 8,369 83,021 -- -- Less shares repurchased (18,055) (179,287) -- -- --------------------------------------------------------------------------------------------------- Net increase 416,126 $ 4,084,205 -- $ -- ===================================================================================================
* Class Z shares were first publicly offered on April 2, 2013. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 81 Financial Highlights
--------------------------------------------------------------------------------------------------- Year Year Ended Ended 5/2/11 3/31/14 3/31/13 to 3/31/12 (a) --------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 10.04 $ 9.63 $ 10.00 --------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.41 $ 0.51 $ 0.39 Net realized and unrealized gain (loss) on investments (0.12) 0.45 (0.36) --------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.29 $ 0.96 $ 0.03 --------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.37) $ (0.55) $ (0.40) Tax return of capital $ (0.02) -- -- --------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.09) $ 0.41 $ (0.37) --------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.94 $ 10.04 $ 9.63 =================================================================================================== Total return* 2.95% 10.24% 0.38%(b) Ratio of net expenses to average net assets 1.19% 1.20% 1.20%** Ratio of net investment income to average net assets 3.89% 5.05% 4.87%** Portfolio turnover rate 95% 30% 17% Net assets, end of period (in thousands) $161,097 $47,233 $ 7,365 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.19% 1.48% 1.66%** Net investment income 3.89% 4.77% 4.41%** ===================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of the 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. 82 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------------- Year Year Ended Ended 5/2/11 3/31/14 3/31/13 to 3/31/12 (a) --------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 10.02 $ 9.61 $ 10.00 --------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.34 $ 0.44 $ 0.34 Net realized and unrealized gain (loss) on investments (0.13) 0.45 (0.40) --------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 0.21 $ 0.89 $ (0.06) --------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.29) $ (0.48) $ (0.33) Tax return of capital $ (0.02) -- -- --------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.10) $ 0.41 $ (0.39) --------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.92 $ 10.02 $ 9.61 =================================================================================================== Total return* 2.19% 9.44% (0.47)%(b) Ratio of net expenses to average net assets 1.93% 1.95% 1.98%** Ratio of net investment income to average net assets 3.18% 4.29% 4.07%** Portfolio turnover rate 95% 30% 17% Net assets, end of period (in thousands) $91,491 $28,796 $ 4,501 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.93% 2.23% 2.46%** Net investment income 3.18% 4.01% 3.59%** ===================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of the 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 Dynamic Credit Fund | Annual Report | 3/31/14 83 Financial Highlights (continued)
--------------------------------------------------------------------------------------------------- Year Year Ended Ended 5/2/11 3/31/14 3/31/13 to 3/31/12 (a) --------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 10.08 $ 9.66 $ 10.00 --------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.44 $ 0.55 $ 0.42 Net realized and unrealized gain (loss) on investments (0.12) 0.45 (0.34) --------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.32 $ 1.00 $ 0.08 --------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.40) $ (0.58) $ (0.42) Tax return of capital $ (0.02) -- -- --------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.10) $ 0.42 $ (0.34) --------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.98 $ 10.08 $ 9.66 --------------------------------------------------------------------------------------------------- Total return* 3.24% 10.69% 0.95%(b) Ratio of net expenses to average net assets 0.85% 0.85% 0.85%** Ratio of net investment income to average net assets 4.24% 5.52% 5.48%** Portfolio turnover rate 95% 30% 17% Net assets, end of period (in thousands) $395,245 $131,013 $41,606 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 0.97% 1.21% 1.30%** Net investment income 4.12% 5.16% 5.03%** ===================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of the period. ** Annualized. The accompanying notes are an integral part of these financial statements. 84 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------------- 4/2/13 (a) to 3/31/14 --------------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $ 10.04 --------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.42 Net realized and unrealized gain (loss) on investments (0.07) --------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.35 --------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.37) Tax return of capital $ (0.02) --------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.04) --------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.00 =================================================================================================== Total return* 3.69%(b) Ratio of net expenses to average net assets 1.17%** Ratio of net investment income to average net assets 3.95%** Portfolio turnover rate 95% Net assets, end of period (in thousands) $ 4,161 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.17%** Net investment income 3.95%** ===================================================================================================
(a) Class Z shares were first publicly offered on April 2, 2013. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of the period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of the period. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 85 Notes to Financial Statements | 3/31/14 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 were first publicly offered on May 2, 2011. Class Z shares are offered effective April 2, 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: 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 86 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 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 with remaining maturity of more than sixty days 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. Short-term fixed income securities with remaining maturities of sixty days or less generally are valued at amortized cost. Shares of money market mutual funds are valued at such funds' net asset value. 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 advisor, 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. At March 31, 2014, there were three securities that were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services or broker dealers) representing 0.1% of net assets. The value of these three fair valued securities is $696,608. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 87 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 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. B. 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. C. 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 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). D. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to 88 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 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, 2014, 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, 2014, the Fund reclassified $1,775,351 to decrease undistributed net investment income and $1,775,351 to decrease accumulated net realized loss on investments to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. At March 31, 2014, the Fund was permitted to carry forward indefinitely $1,908,588 of long-term losses and $4,801,425 of short-term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. The tax character of distributions paid during the year ended March 31, 2014 and March 31, 2013 was as follows:
--------------------------------------------------------------------------- 2014 2013 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $15,643,380 $5,069,471 Long-term capital gain -- -- Return of capital 1,285,889 -- --------------------------------------------------------------------------- Total $16,929,269 $5,069,471 ===========================================================================
The following shows components of distributable earnings on a federal income tax basis at March 31, 2014
--------------------------------------------------------------------------- 2014 --------------------------------------------------------------------------- Capital loss carryforward $ (6,710,013) Dividend Payable (382,063) Unrealized appreciation 10,296,545 --------------------------------------------------------------------------- Total $ 3,204,469 ===========================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 89 The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax adjustments relating to catastrophe bonds and credit default swaps, the mark-to-market of forward currency and futures contracts, and interest accruals on preferred stock. E. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $37,272 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2014. F. Class Allocations Income, common expenses, and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A 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. G. 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. 90 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 H. Futures Contracts The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency 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, 2014 was $2,674,525. 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, 2014 was $85,454,964. At March 31, 2014, open futures contracts were as follows:
--------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Long/(Short) Month Value (Depreciation) --------------------------------------------------------------------------- U.S. Ultra Bond (CBT) 41 6/14 $ 5,923,219 $ 42,281 CBOE VIX Future (180) 6/14 (2,952,000) 72,000 S&P 500 EMINI Future (76) 6/14 (7,085,480) (48,303) U.S. 5 Year Note (CBT) (437) 6/14 (51,982,516) 372,133 U.S. 10 Year Note (CBT) (691) 6/14 (85,338,500) 669,406 CBOE VIX Future (180) 7/14 (3,051,000) 72,000 --------------------------------------------------------------------------- Total $ 1,179,517 ---------------------------------------------------------------------------
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. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 91 J. 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. 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. 92 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 Open credit default swap contracts at March 31, 2014 are listed in the Schedule of Investments. The average value of swap contracts open during the year ended March 31, 2014 was $33,564,972. 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, 2014, 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 1.20%, 2.10% and 0.85% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. Fees waived and expenses reimbursed during the year ended March 31, 2014 are reflected on the Statement of Operations. These expense limitations are in effect through August 1, 2014 for Class A and Class C shares and August 1, 2015 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 $55,273 in management fees, administrative costs and certain other reimbursements payable to PIM at March 31, 2014. 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, 2014, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 81,387 Class C 53,218 Class Y 327,276 Class Z 737 -------------------------------------------------------------------------------- Total $462,618 ================================================================================
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 93 Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $92,860 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at March 31, 2014. 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 $14,366 in distribution fees payable to PFD at March 31, 2014. 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, 2014, CDSCs in the amount of $39,494 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, 2014, the Fund's expenses were not reduced under such arrangements. 6. Forward Foreign Currency Contracts At March 31, 2014, 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, 2014 was $6,005,401. 94 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 As of March 31, 2014, outstanding forward foreign currency contracts were as follows:
----------------------------------------------------------------------------------------------- Net Net In Unrealized Contracts Exchange Settlement Appreciation Currency to Deliver For Date Value (Depreciation) ----------------------------------------------------------------------------------------------- GBP (British Pound) (848,140) $ 1,413,840 4/23/14 $1,384,635 $(29,205) CAD (Canadian Dollar) (826,865) 747,375 6/5/14 750,990 3,615 EUR (Euro Dollar) (3,618,668) 4,984,899 6/11/14 5,016,986 32,087 ----------------------------------------------------------------------------------------------- $ 6,497 ===============================================================================================
7. Bridge Loan Commitments As of March 31, 2014, the Fund had no outstanding unfunded loan commitments. The Fund had the following bridge loan commitments outstanding as of March 31, 2014:
----------------------------------------------------------------------------------------------- Net Unrealized Loan Shares Cost Value Appreciation ----------------------------------------------------------------------------------------------- Entegris Inc., Bridge Loan 905,000 $ 905,000 $ 905,000 $ -- Industrial Packaging Corp., Bridge Loan 1,785,000 1,785,000 1,785,000 -- ----------------------------------------------------------------------------------------------- Total $ -- ===============================================================================================
8. Additional Disclosures about Derivative Instruments and Hedging Activities: Values of derivative instruments as of March 31, 2014 were as follows:
----------------------------------------------------------------------------------------------- Derivatives Not Accounted for as Hedging Instruments Asset Derivatives 2014 Liabilities Derivatives 2014 Under Accounting ------------------------------------------------------------------ Standards Codification Balance Sheet Balance Sheet (ASC) 815 Location Value Location Value ----------------------------------------------------------------------------------------------- Forward foreign currency Net unrealized $ 6,497 Net unrealized $ -- contracts* appreciation on depreciation on forward foreign forward foreign currency contracts currency contracts Futures contracts** Net unrealized 1,179,517 Net unrealized -- appreciation on depreciation on futures contracts futures contracts Credit default swaps Net unrealized $ -- Net unrealized 1,267,106 appreciation on depreciation on credit default credit default swaps swaps ----------------------------------------------------------------------------------------------- Total $ 1,186,014 $ 1,267,106 ===============================================================================================
* Foreign exchange contracts are shown as net unrealized depreciation on forward foreign currency contracts on the Statement of Assets and Liabilities. ** Reflects the unrealized depreciation on futures contracts (see Note 1H). The current day's variation margin is disclosed on the Statement of Assets and Liabilities. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 95 The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2014 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 loss on forward $ (276,679) Exchange Contracts foreign currency contracts and other assets and liabilities denominated in foreign currencies Forward Foreign Change in unrealized appreciation $ (143,638) Exchange Contracts (depreciation) on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies Futures Contracts Net realized gain on futures contracts $(3,966,967) Futures Contracts Change in unrealized depreciation on futures contracts $ 1,184,927 Credit Default Swaps Net realized loss on credit $(6,020,187) default swaps Credit Default Swaps Change in unrealized depreciation $(1,295,709) on credit default swaps
9. 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, 2014.
--------------------------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------------------------- Forward foreign currency contracts $ 35,702 $ (29,205) $ 6,497 $ -- $ -- $ 6,497 Futures contracts 1,442,360 (172,009) 1,270,351 -- -- 1,270,351 Credit default swaps 36,407 (36,407) -- -- -- -- --------------------------------------------------------------------------------------------------------- $1,514,469 $(237,621) $ 1,276,848 $ -- $ -- $ 1,276,848 ---------------------------------------------------------------------------------------------------------
96 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------------------- Liabilities: 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 --------------------------------------------------------------------------------------------------------- Forward foreign currency contracts $ 29,205 $ (29,205) $ -- $ -- $ -- $ -- Futures contracts 48,303 (48,303) -- -- -- -- Credit default swaps 1,303,513 (36,407) 1,267,106 -- -- 1,267,106 --------------------------------------------------------------------------------------------------------- $1,381,021 $(113,915) $ 1,267,106 $ -- $ -- $ 1,267,106 =========================================================================================================
10. 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 12, 2014, the facility is in the amount of $240 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight 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, 2014, the Fund had no borrowings under the credit facility. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 97 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 (Formerly Pioneer Absolute Return Credit Fund) (the "Fund") (one of the portfolios constituting Pioneer Series Trust X) as of March 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Dynamic Credit Fund (formerly Pioneer Absolute Return Credit Fund) at March 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles. /s/ Ernst & Young LLP Boston, Massachusetts May 22, 2014 98 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 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 67.17%. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 99 Approval of Investment Advisory Agreement Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Dynamic Credit Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. In order for PIM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement for another year. In considering the renewal of the investment advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement. Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by PIM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement. The Trustees also reviewed PIM's investment approach for the Fund and its research process. The Trustees considered the resources of PIM and the personnel of PIM who provide investment management services to the Fund. They also reviewed the amount of 100 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 non-Fund assets managed by the portfolio managers of the Fund. The Trustees considered the non-investment resources and personnel of PIM involved in PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees considered that PIM supervises and monitors the performance of the Fund's service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by PIM to the Fund were satisfactory and consistent with the terms of the investment advisory agreement. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. The Trustees considered that the Fund's annualized total return was in the first quintile of its Morningstar category for the one year period ended June 30, 2013. The Trustees also considered that the Fund's yield (for the twelve months ended June 30, 2013) exceeded the yield of the Fund's benchmark index for the same period. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory agreement. The Trustees concluded that the investment performance of the Fund was satisfactory. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 101 Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the third quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoint in the management fee schedule and the reduced fee rate above a certain asset level. The Trustees considered that the expense ratio of the Fund's Class A shares for the twelve months ended June 30, 2013 was in the fourth quintile relative to both its Morningstar peer group and its Strategic Insight peer group, in each case for the comparable period, and that the expense ratio of the Fund's Class Y shares for the twelve months ended June 30, 2013 was in the second quintile relative to its Morningstar peer group and in the third quintile relative to its Strategic Insight peer group, in each case for the comparable period. The Trustees noted that the expense ratio of the Fund's Class A shares was approximately three basis points higher than each median expense ratio of its Morningstar peer group and its Strategic Insight peer group. They also noted that the expense ratio of the Fund's Class Y shares was approximately two basis points lower than the median expense ratio of its Morningstar peer group and approximately the same as the median expense ratio of its Strategic Insight peer group. The Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to limit the ordinary operating expenses of the Fund. The Trustees considered the impact of transfer agency, sub-transfer agency, and other non-management fee expenses on the expense ratios of the Fund, and noted the impact of expenses relating to small accounts and omnibus accounts on transfer and sub-transfer agency expenses generally. The Trustees noted that they separately review the Fund's transfer agency, sub-transfer agency and intermediary arrangements. The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those 102 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund and Pioneer's management of the other client accounts. The Trustees concluded that the management fee payable by the Fund to PIM was reasonable in relation to the nature and quality of the services provided by PIM. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoint in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 103 Other Benefits The Trustees considered the other benefits to PIM from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to PIM by virtue of its relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between PIM and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the investment advisory agreement between PIM and the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment advisory agreement for the Fund. 104 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Ernst & Young LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Bingham McCutchen 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, except Mr. West, serves as a Trustee of each of the 55 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West serves as Trustee of 50 U.S. registered investment portfolios for which Pioneer serves as investment adviser. 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 | 3/31/14 105 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 (63) Trustee since 2011. Private investor (2004-2008 and Director, Broadridge Chairman of the Board Serves until a successor 2013-present); Chairman (2008 - 2013) Financial Solutions, and Trustee trustee is elected or and Chief Executive Officer (2008 - Inc. (investor earlier 2012), Quadriserv, Inc. (technology communications and retirement or removal. products for securities lending securities processing industry); and Senior Executive Vice provider for financial President, The Bank of New York services industry) (2009 (financial and securities services) - present); Director, (1986 - 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (70) Trustee since 2011. Managing Partner, Federal City Capital Director of Enterprise Trustee Serves until a successor Advisors (corporate advisory services Community Investment, trustee is elected or company) (1997 - 2004 and 2008 - Inc. (privately held earlier present); Interim Chief Executive affordable housing retirement or removal. Officer, Oxford Analytica, Inc. finance company) (1985 - (privately held research and consulting 2010); Director of company) (2010); Executive Vice Oxford Analytica, Inc. President and Chief Financial Officer, (2008 - present); I-trax, Inc. (publicly traded health Director of The Swiss care services company) (2004 - 2007); Helvetia Fund, Inc. and Executive Vice President and Chief (closed-end fund) (2010 Financial Officer, Pedestal Inc. - present); and Director (internet-based mortgage trading of New York Mortgage company) (2000 - 2002) Trust (publicly traded mortgage REIT) (2004 - 2009, 2012 - present) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (69) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Trustee Serves until a successor Political Economy, Harvard University Institutional Funds trustee is elected or (1972 - present) Investment Trust and earlier Mellon Institutional retirement or removal. Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
106 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------------------------------ 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 (66) Trustee since 2011. Founding Director, Vice President and None Trustee Serves until a successor Corporate Secretary, The Winthrop Group, trustee is elected or earlier Inc. (consulting firm) (1982 - present); retirement or removal. Desautels Faculty of Management, McGill University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marc O. Mayer (56)+ Trustee since 2014. Founding Partner and Chief Executive Trustee, Alliance Trustee Serves until a successor Officer, Alignment Financial Services Bernstein Mutual Funds trustee is elected or earlier (investment management) (2013- present); (oversaw 92 funds in retirement or removal. Chief Executive Officer and Director, GMO fund complex) LLC (investment management) (2009-2011); (2003-2008); Board of Executive Vice President, Alliance Overseers, Columbia Bernstein LP (investment management) Business School (2000-2009); and Executive Vice (2010-present); and President and Director, Sanford C. Director, Alpha Parity Bernstein & Co., LLC (investment LLC (hedge fund) management) (1989-2000) (2013-present) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (65) Trustee since 2011. President and Chief Executive Officer, Director of New America Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc. trustee is elected or earlier (investment banking firm) (1981 - (closed-end investment retirement or removal. present) company) (2004 - present); and member, Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Stephen K. West (85) Trustee since 2011. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc. trustee is elected or earlier Sullivan & Cromwell LLP (prior to 1998) (closed-end investment retirement or removal. company) (1995 - 2012); and Director, Invesco, Ltd. (formerly AMVESCAP, PLC) (investment manager) (1997-2005) ------------------------------------------------------------------------------------------------------------------------------------
+ Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 107 Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Daniel K. Kingsbury (55)* Trustee since 2011. Chairman (2013 - present), Director, CEO None Trustee, President and Serves until a successor and President of PIM-USA (since February Chief Executive Officer trustee is elected or 2007); Chairman (2013 - present), of the Fund earlier retirement or Director and President of Pioneer and removal. Pioneer Institutional Asset Management, Inc. (since February 2007); Executive Vice President of all of the Pioneer Funds (2007 - 2013); Director of PGAM (2007 - 2010); Head of New Europe Division, PGAM (2000 - 2005); and Head of New Markets Division, PGAM (2005 - 2007) ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None Trustee Serves until a successor (since 2008) and Chief Investment trustee is elected or earlier Officer, U.S. (since 2010), of PIM-USA; retirement or removal. Executive Vice President of Pioneer (since 2008); Executive Vice President of Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and certain of its affiliates. 108 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Mark D. Goodwin (49) Since 2014. Serves Executive Vice President and Chief None Executive Vice President at the discretion of Operating Officer of Pioneer since 2005 the Board. and Executive Vice President of all the Pioneer funds since 2014 ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (49) Since 2011. Serves Vice President and Associate General None Secretary and Chief at the discretion of Counsel of Pioneer since January 2008; Legal Officer the Board. 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 (53) Since 2011. Serves Fund Governance Director of Pioneer None Assistant Secretary at the discretion of since December 2006 and Assistant the 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 (51) Since 2011. Serves Senior Counsel of Pioneer since May 2013 None Assistant Secretary at the discretion of and Assistant Secretary of all the the Board. Pioneer Funds since June 2010; Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (54) Since 2011. Serves Vice President - Fund Treasury of None Treasurer and Chief at the discretion of Pioneer; Treasurer of all of the Pioneer Financial and Accounting the Board. Funds since March 2008; Deputy Treasurer Officer of the Fund of Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 109 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 (48) Since 2011. Serves Director - Fund Treasury of Pioneer; and None Assistant Treasurer at the discretion of Assistant Treasurer of all of the the Board. Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (55) Since 2011. Serves Fund Accounting Manager - Fund Treasury None Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer of the Board. all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (34) Since 2011. Serves Fund Administration Manager - Fund None Assistant Treasurer at the discretion of Treasury of Pioneer since November 2008; the Board. Assistant Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (61) Since 2011. Serves Chief Compliance Officer of Pioneer and None Chief Compliance Officer at the discretion of of all the Pioneer Funds since March the Board. 2010; 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 (43) Since 2011. Serves Director - Transfer Agency Compliance of None Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer the Board. of all the Pioneer funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
110 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 111 This page for your notes. 112 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 113 This page for your notes. 114 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 115 This page for your notes. 116 Pioneer Dynamic Credit Fund | Annual Report | 3/31/14 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) 2014 Pioneer Investments 25667-02-0514 Pioneer Fundamental Growth Fund -------------------------------------------------------------------------------- Annual Report | March 31, 2014 -------------------------------------------------------------------------------- Ticker Symbols: Class A PIGFX Class B FUNBX 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 Letter to Shareowners 2 Portfolio Management Discussion 4 Portfolio Summary 10 Prices and Distributions 11 Performance Update 12 Comparing Ongoing Fund Expenses 19 Schedule of Investments 21 Financial Statements 25 Notes to Financial Statements 36 Report of Independent Registered Public Accounting Firm 43 Approval of Investment Advisory Agreement 44 Trustees, Officers and Service Providers 48
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 1 President's Letter Dear Shareowner, A few months into 2014, we still expect U.S. economic growth for the year to be in the 2.5% to 3% range, despite some weaker economic data releases during the winter months driven in large part by harsh weather across much of the continental U.S. While unemployment remains high, employment has been rising steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only moderately, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. A modestly improving European economy and continuing economic improvement in Japan appear likely to result in improving global growth in 2014, further supporting the U.S. economy. In addition, we feel that continuing slack in labor markets and capacity utilization offer the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve System (the Fed) has begun scaling back its QE (quantitative easing) program, but short-term interest rates remain near zero, and while Fed Chair Janet Yellen has suggested that rates may be raised roughly six months after the QE program is fully tapered, that would still place the potential rate hike sometime in 2015. There are certainly risks and uncertainties still facing the global economy as 2014 moves along. The European economy, while improving, remains weak, the Japanese economy faced a tax hike this spring, and a number of emerging market countries are experiencing difficulties. There are also geopolitical worries abroad, such as Russia's aggressive move against the Ukraine, and more potential political fights at home, especially during a mid-term election year. While most of the widely recognized risks we have outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification does not assure a profit or protect against loss in a declining market, we believe there are still opportunities for prudent investors to earn attractive returns. Our advice, as always, is to work closely with a trusted financial advisor to discuss your goals and work together to develop an investment strategy that meets your individual needs, keeping in mind that there is no single best strategy that works for every investor. * Dividends are not guaranteed. 2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Pioneer's investment teams have, since 1928, sought out attractive opportunities in equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which seek to balance potential risks and rewards in an ever-changing world. We encourage you to learn more about Pioneer and our time-tested approach to investing by consulting with your financial advisor or visiting us online at us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank you for investing with Pioneer. Sincerely, /s/ Daniel K. Kingsbury Daniel K. Kingsbury 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 | 3/31/14 3 Portfolio Management Discussion | 3/31/14 A strong market pushed stock prices higher for most of the 12-month period ended March 31, 2014, despite worries early in the period about the withdrawal of economic stimulus from the Federal Reserve (the Fed) and later concerns about high valuations among some groups of stocks. 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, and Co-Head of Equity Research, U.S., at Pioneer, are responsible for day-to-day management of the Fund. Q How did the Fund perform during the 12 months ended March 31, 2014? A Pioneer Fundamental Growth Fund's Class A shares returned 21.16% at net asset value during the 12-month period ended March 31, 2014, while the Fund's benchmark, the Russell 1000 Growth Index (the Russell Index), returned 23.22%. During the same period, the average return of the 724 mutual funds in Lipper's Large Cap Growth Fund's category was 23.49%, and the average return of the 1,713 mutual funds in Morningstar's Large Growth Funds category was 23.59%. Q How would you describe the investment environment for equities during the 12-month period ended March 31, 2014? A The overall market temperament during the 12-month period was positive and most domestic stock indices posted handsome gains of 20% or more. The equity market surged higher for virtually the entire 12-month period as the domestic economy continued to expand, corporate profits grew, and investors felt confident that the economic recovery would continue and even accelerate. In general, corporate balance sheets remained solid and many companies offered shareholders stock-buybacks and dividend* increases to sweeten the benefits of stock ownership. Early in the 12-month period, in the late spring and early summer of 2013, the market rally was interrupted due to rising concerns that the Fed might soon begin tapering its quantitative easing (QE) bond-buying program. The Fed eventually pushed its QE tapering decision out to the end of the calendar year, while continuing to suggest that short-term interest rates would remain at very low levels through at least the end of 2014. The stock market rally accelerated again late in 2013 and in the early weeks of 2014, with some higher-priced groups in technology-related industries, such as social media, performing exceptionally well. Late in the 12-month * Dividends are not guaranteed. 4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 period, however, the market grew volatile amid worries about the higher valuations of some groups of stocks and about the political and economic effects of geopolitical crises ranging from Syria to Ukraine. Some of the areas most affected by the volatility included groups such as social media and biotechnology, stocks that had led the market gains over the previous 12 months. Q What were the principal factors that held back the Fund's benchmark-relative performance during the 12-month period ended March 31, 2014? A The Fund performed well during the 12-month period, but underperformed the Russell Index. Stock selection, particularly in health care and consumer staples, was the main drag on benchmark-relative performance during the period, although underweighting consumer discretionary and overweighting consumer staples also were modest performance detractors. In health care, although the portfolio's overweight in the sector was a positive for relative performance, the Fund's results were held back by some of our security selection decisions. Within the sector, the Fund's lack of exposure to biotechnology company Gilead Sciences for most of the 12-month period hurt relative performance. Gilead, which is a leader in the anti-HIV field, also introduced a new Hepatitis C drug in 2013 that met with strong demand. We initiated a position in the company late in 2013, based on our belief that Gilead had strong earnings-growth potential going forward. While the position has helped the Fund's performance since we purchased it, the Fund's lack of exposure earlier in 2013 was a heavy detractor from relative performance. Also holding back results in health care was the Fund's position in Allergan, a pharmaceutical company with a number of Botox-related products used in cosmetic applications as well as several eye care products. The stock exhibited a great deal of volatility during the year, in part because of concerns (ultimately allayed) over the company's patent protection for Restasis, an eye care drug. While the Fund's overweight in consumer staples held back relative performance for the fiscal year, we did reduce the portfolio's exposure to the sector as the 12-month period progressed because of our concerns about higher valuations. The reduced exposure helped to soften the negative effects of the Fund's overweighting. Stock selection within consumer staples also detracted from relative performance during the period, with Fund's position in Philip Morris International, which markets and distributes tobacco products outside the United States, a major drag on returns as the company's stock price declined. Philip Morris was hurt by a variety of Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 5 factors during the period, including a significant tobacco tax increase in the Philippines, declines in demand for cigarettes in Europe, and volatility in the world currency markets. Overall stock selection in information technology was a positive for the Fund's performance, but the portfolio did own one notable disappointment: enterprise software company Oracle. Although the company has made some successful acquisitions, its competitive position has been hurt by the view that it has been behind the market in the development of products for cloud-based computing. We have largely avoided investments in many social media companies-which were extremely popular in the market for most of the period-because of their very high stock valuations in relation to their earnings records. Not owning some big internet names such as Facebook and Amazon.com hurt the Fund's relative returns, as the stocks of those companies were among the market leaders over the 12-month period. Despite their strong performance over the last 12 months, however, we have not been able to justify investing the Fund at those companies' high current stock prices. Q What were some of your individual investments or allocation decisions that aided the Fund's performance relative to the Russell Index during the 12-month period ended March 31, 2014? A Sector allocation decisions made a largely positive impact on the Fund's benchmark-relative returns during the period, particularly an overweight in health care - the strongest market sector in the Russell Index during the period - and underweights in the underperforming financials and telecom services sectors. Health care stocks in general performed very well over the 12-month period as pharmaceutical companies and health care equipment firms enjoyed strong demand for new and existing products. The top- performing individual position in the Fund during the period was from the health care sector: Thermo Fisher Scientific. The company is both a manufacturer of a variety of scientific instruments and consumable products, and is a provider of services to the health care industry. Thermo Fisher's prospects also were enhanced through its acquisition of Life Technologies, a developer of gene-sequencing tools and other technologies. Stock selection in the information technology sector made a particularly strong contribution to the Fund's benchmark-relative results during the period. Within that group, the top-performing holding in the portfolio was electronics payment processor MasterCard, which continued to execute its business plan, producing healthy earnings gains and generating enough cash flow to fund a dividend increase as well as stock repurchases during the period. Other standout performers in the technology area included Microsoft, Xilinx and Google. Software giant Microsoft generated good 6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 earnings growth, while a new chief executive began initiating programs aimed at improving future earnings prospects. Xilinx, a semiconductor company, benefited from increased investments in communications equipment, including for wireless communications transmissions. Google continued to perform well during the period, realizing healthy returns from both its traditional and newer businesses. In particular, Google enjoyed rising advertising revenues both in its core business of internet searching as well as in its YouTube division. Other individual holdings that fared well for the Fund during the period included entertainment company Disney, which enjoyed strong growth in several businesses, including theme parks and television and motion picture production, and pharmacy and prescription benefit service provider and retailer CVS Caremark, which produced solid earnings growth. Q Did you make any notable changes to the Fund's portfolio during the 12-month period ended March 31, 2014? A We made several changes to the Fund's holdings in the information technology sector during the period. In addition to selling the aforementioned Oracle, which disappointed during the period, we also liquidated the Fund's investment in Maxim Integrated Products, a developer and manufacturer of integrated circuits. We thought Maxim's risk profile had increased due to its large dependence on one customer (Samsung Electronics). Meanwhile, we added a position in another technology company, EMC, a leader in storage technology. We believe that EMC is well positioned to benefit as companies make further investments in cloud-based products. At the same time, we think EMC's 80% ownership of VMware, a prominent leader in virtualization technology, should have the potential to accelerate the company's revenues and earnings gains. We also established a position in cosmetics firm Estee Lauder, a company with a strong balance sheet and healthy earnings growth which has established itself as a leader in product innovation. As mentioned earlier, we reduced the Fund's exposure to consumer staples stocks during the period, selling positions in Coca-Cola on concerns about weakening demand for carbonated beverages, and selling Mexican soft drink and beer distributor FEMSA (Fomento Economico de Mexico), to take profits. While we have established a position in Gilead Sciences, noted earlier, we eliminated an investment in another health care company, DaVita Healthcare Partners. The company operates a successful network of dialysis centers; however, its acquisition of a network of physicians' offices has produced disappointing results. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 7 Q What is your investment outlook? A We are reasonably optimistic about opportunities in the domestic equity market. While U.S. stocks registered strong gains over the past year, we still have been able to identify companies that we feel are reasonably valued and have good earnings growth potential. At the same time, we have maintained our conservative portfolio bias in favor of strongly capitalized companies with consistent growth records. As a consequence, we have tended to avoid owning many companies in popular areas such as social media and biotechnology, where we think some stock prices are excessively high in relation to company earnings. We think the domestic economic expansion is likely to accelerate in 2014, even as the Fed pulls back from some of its more aggressive monetary stimulus policies, such as QE. Given the economic momentum that has been established, we think it is reasonable to believe that U.S. corporations in the aggregate could grow earnings by high-single-digit percentages during 2014, a development that should help sustain the upward momentum of the stock market. Certainly, reasons for caution do remain. In addition to finding some areas of the market very highly valued, we continue to see geopolitical risks that could have economic effects. We think the continued presence of these risks makes a strong case for taking a highly disciplined approach to stock investing, focusing on companies with strong leadership, solid balance sheets and the ability to improve their earnings as the environment around them changes. We also think it is important to remain vigilant and to be watchful for unexpected events that may affect the global economy and could change corporate profit potential. 8 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Please refer to the Schedule of Investments on pages 21-24 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. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. 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. These opinions should not be relied upon for any other purposes. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 9 Portfolio Summary | 3/31/14 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 97.1% International Common Stocks 2.9%
Sector Distribution -------------------------------------------------------------------------------- (As a percentage of equity holdings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 26.8% Health Care 18.4% Consumer Discretionary 15.1% Industrials 14.0% Consumer Staples 13.2% Materials 5.0% Energy 4.7% Financials 2.8%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of equity holdings)*
1. Microsoft Corp. 5.18% -------------------------------------------------------------------------------- 2. Google, Inc. 4.85 -------------------------------------------------------------------------------- 3. Apple, Inc. 4.60 -------------------------------------------------------------------------------- 4. MasterCard, Inc. 4.31 -------------------------------------------------------------------------------- 5. United Technologies Corp. 4.20 -------------------------------------------------------------------------------- 6. Thermo Fisher Scientific, Inc. 4.10 -------------------------------------------------------------------------------- 7. CVS Caremark Corp. 3.75 -------------------------------------------------------------------------------- 8. Ross Stores, Inc. 3.51 -------------------------------------------------------------------------------- 9. Starbucks Corp. 3.42 -------------------------------------------------------------------------------- 10. 3M Co. 3.37 --------------------------------------------------------------------------------
* 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. 10 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Prices and Distributions | 3/31/14 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 3/31/14 3/31/13 -------------------------------------------------------------------------------- A $16.66 $14.33 -------------------------------------------------------------------------------- B $15.48 $13.45 -------------------------------------------------------------------------------- C $15.66 $13.55 -------------------------------------------------------------------------------- K $16.64 $14.30 -------------------------------------------------------------------------------- R $16.50 $14.25 -------------------------------------------------------------------------------- Y $16.77 $14.41 -------------------------------------------------------------------------------- Z $16.64 $14.32 --------------------------------------------------------------------------------
Distributions per Share: 4/1/13-3/31/14 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.0608 $0.0012 $0.6205 -------------------------------------------------------------------------------- B $ -- $0.0012 $0.6205 -------------------------------------------------------------------------------- C $ -- $0.0012 $0.6205 -------------------------------------------------------------------------------- K $0.1077 $0.0012 $0.6205 -------------------------------------------------------------------------------- R $0.0786 $0.0012 $0.6205 -------------------------------------------------------------------------------- Y $0.0876 $0.0012 $0.6205 -------------------------------------------------------------------------------- Z $0.1045 $0.0012 $0.6205 --------------------------------------------------------------------------------
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 12-18. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 11 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- Net Public Russell Asset Offering 1000 Value Price Growth Period (NAV) (POP) Index -------------------------------------------------------------------------------- 10 Years 8.22% 7.58% 7.86% 5 Years 18.98 17.59 21.68 1 Year 21.16 14.22 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.20% 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 3/31/2004 $ 9,425 $ 10,000 3/31/2005 $ 9,941 $ 10,116 3/31/2006 $ 11,045 $ 11,446 3/31/2007 $ 11,642 $ 12,254 3/31/2008 $ 11,921 $ 12,162 3/31/2009 $ 8,708 $ 7,992 3/31/2010 $ 12,235 $ 11,969 3/31/2011 $ 13,609 $ 14,153 3/31/2012 $ 15,629 $ 15,714 3/31/2013 $ 17,136 $ 17,299 3/31/2014 $ 20,762 $ 21,316
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. 12 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Performance Update | 3/31/14 Class B Shares Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class B 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, 2014) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class 12/15/2005 7.15% 7.15% 7.92% 5 Years 17.80 17.80 21.68 1 Year 19.84 15.84 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.26% 2.15% --------------------------------------------------------------------------------
[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 $ 10,379 $ 10,309 3/31/2007 $ 10,846 $ 11,037 3/31/2008 $ 11,010 $ 10,954 3/31/2009 $ 7,972 $ 7,199 3/31/2010 $ 11,088 $ 10,780 3/31/2011 $ 12,226 $ 12,748 3/31/2012 $ 13,909 $ 14,154 3/31/2013 $ 15,093 $ 15,581 3/31/2014 $ 18,087 $ 19,199
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. "If Redeemed" returns reflect the deduction of applicable contingent deferred sales charge (CDSC). The maximum CDSC for Class B shares is 4% and declines over five years. For more complete information, please see the prospectus. 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 B 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 taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 13 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class 12/15/2005 7.30% 7.30% 7.92% 5 Years 18.04 18.04 21.68 1 Year 20.29 20.29 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.91% --------------------------------------------------------------------------------
[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
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. 14 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- 10 Years 8.27% 8.27% 7.86% 5 Years 19.10 19.10 21.68 1 Year 21.61 21.61 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.77% --------------------------------------------------------------------------------
[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 3/31/2004 $ 10,000 $ 10,000 3/31/2005 $ 10,550 $ 10,116 3/31/2006 $ 11,721 $ 11,446 3/31/2007 $ 12,355 $ 12,254 3/31/2008 $ 12,650 $ 12,162 3/31/2009 $ 9,241 $ 7,992 3/31/2010 $ 12,984 $ 11,969 3/31/2011 $ 14,442 $ 14,153 3/31/2012 $ 16,586 $ 15,714 3/31/2013 $ 18,208 $ 17,299 3/31/2014 $ 22,143 $ 21,316
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 | 3/31/14 15 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- 10 Years 8.16% 8.16% 7.86% 5 Years 18.84 18.84 21.68 1 Year 20.84 20.84 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.45% 1.40% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Fundamental Russell 1000 Growth Fund Growth Index 3/31/2004 $ 10,000 $ 10,000 3/31/2005 $ 10,550 $ 10,116 3/31/2006 $ 11,721 $ 11,446 3/31/2007 $ 12,355 $ 12,254 3/31/2008 $ 12,650 $ 12,162 3/31/2009 $ 9,241 $ 7,992 3/31/2010 $ 12,984 $ 11,969 3/31/2011 $ 14,442 $ 14,153 3/31/2012 $ 16,586 $ 15,714 3/31/2013 $ 18,131 $ 17,299 3/31/2014 $ 21,909 $ 21,316
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on April 2, 2012, is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period beginning April 2, 2012, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through August 1, 2015, for Class R shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- 10 Years 8.42% 8.42% 7.86% 5 Years 19.41 19.41 21.68 1 Year 21.44 21.44 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.81% --------------------------------------------------------------------------------
[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 3/31/2004 $ 5,000,000 $ 5,000,000 3/31/2005 $ 5,274,904 $ 5,058,093 3/31/2006 $ 5,860,445 $ 5,722,878 3/31/2007 $ 6,177,442 $ 6,126,781 3/31/2008 $ 6,324,979 $ 6,080,937 3/31/2009 $ 4,620,656 $ 3,996,147 3/31/2010 $ 6,514,784 $ 5,984,286 3/31/2011 $ 7,285,874 $ 7,076,746 3/31/2012 $ 8,399,733 $ 7,856,915 3/31/2013 $ 9,238,970 $ 8,649,471 3/31/2014 $11,219,898 $ 10,657,768
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 | 3/31/14 17 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- Russell 1000 If If Growth Period Held Redeemed Index -------------------------------------------------------------------------------- 10 Years 8.27% 8.27% 7.86% 5 Years 19.09 19.09 21.68 1 Year 21.41 21.41 23.22 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.04% 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 3/31/2004 $ 10,000 $ 10,000 3/31/2005 $ 10,550 $ 10,116 3/31/2006 $ 11,721 $ 11,446 3/31/2007 $ 12,355 $ 12,254 3/31/2008 $ 12,650 $ 12,162 3/31/2009 $ 9,241 $ 7,992 3/31/2010 $ 12,984 $ 11,969 3/31/2011 $ 14,442 $ 14,153 3/31/2012 $ 16,586 $ 15,714 3/31/2013 $ 18,229 $ 17,299 3/31/2014 $ 22,132 $ 21,316
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. 18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 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 invest- ment 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, 2013 through March 31, 2014.
----------------------------------------------------------------------------------------------------------------------- Share Class A B 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 $1,000.00 Value on 10/1/13 ----------------------------------------------------------------------------------------------------------------------- Ending Account $1,107.29 $1,101.77 $1,102.77 $1,109.07 $1,105.99 $1,108.94 $1,108.06 Value (after expenses) on 3/31/14 ----------------------------------------------------------------------------------------------------------------------- Expenses Paid $ 5.67 $ 11.27 $ 9.59 $ 3.73 $ 7.30 $ 4.31 $ 4.73 During Period* -----------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.08%, 2.15%, 1.83%, 0.71% 1.39%, 0.82% and 0.90% multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 19 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from October 1, 2013 through March 31, 2014.
------------------------------------------------------------------------------------------------------------------------ Share Class A B 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 $1,000.00 Value on 10/1/13 ------------------------------------------------------------------------------------------------------------------------ Ending Account $1,019.55 $1,014.21 $1,015.81 $1,021.39 $1,018.00 $1,020.84 $1,020.44 Value (after expenses) on 3/31/14 ------------------------------------------------------------------------------------------------------------------------ Expenses Paid $ 5.44 $ 10.80 $ 9.20 $ 3.58 $ 6.99 $ 4.13 $ 4.53 During Period* ------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.08%, 2.15%, 1.83%, 0.71% 1.39%, 0.82% and 0.90% multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). 20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Schedule of Investments | 3/31/14
----------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------- COMMON STOCKS -- 98.2% ENERGY -- 4.7% Oil & Gas Equipment & Services -- 2.6% 453,993 Schlumberger, Ltd. $ 44,264,318 ----------------------------------------------------------------------------------- Integrated Oil & Gas -- 1.0% 188,351 Occidental Petroleum Corp. $ 17,947,967 ----------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 1.1% 553,321 Cabot Oil & Gas Corp. $ 18,746,515 -------------- Total Energy $ 80,958,800 ----------------------------------------------------------------------------------- MATERIALS -- 4.9% Fertilizers & Agricultural Chemicals -- 1.3% 206,058 Monsanto Co. $ 23,443,219 ----------------------------------------------------------------------------------- Industrial Gases -- 1.4% 185,119 Praxair, Inc. $ 24,245,035 ----------------------------------------------------------------------------------- Specialty Chemicals -- 2.2% 350,790 Ecolab, Inc. $ 37,881,812 -------------- Total Materials $ 85,570,066 ----------------------------------------------------------------------------------- CAPITAL GOODS -- 12.4% Aerospace & Defense -- 6.2% 141,492 Precision Castparts Corp. $ 35,763,518 613,039 United Technologies Corp. 71,627,477 -------------- $ 107,390,995 ----------------------------------------------------------------------------------- Industrial Conglomerates -- 3.3% 424,295 3M Co. $ 57,559,860 ----------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 1.6% 194,780 Cummins, Inc. $ 29,020,272 ----------------------------------------------------------------------------------- Trading Companies & Distributors -- 1.3% 89,171 WW Grainger, Inc. $ 22,529,945 -------------- Total Capital Goods $ 216,501,072 ----------------------------------------------------------------------------------- TRANSPORTATION -- 1.3% Air Freight & Logistics -- 1.3% 233,398 United Parcel Service, Inc. (Class B) $ 22,728,297 -------------- Total Transportation $ 22,728,297 ----------------------------------------------------------------------------------- CONSUMER SERVICES -- 3.4% Restaurants -- 3.4% 795,469 Starbucks Corp. $ 58,371,515 -------------- Total Consumer Services $ 58,371,515 -----------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 21 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------- MEDIA -- 4.8% Movies & Entertainment -- 4.8% 649,560 The Walt Disney Co. $ 52,010,269 469,834 Time Warner, Inc. 30,694,255 -------------- $ 82,704,524 -------------- Total Media $ 82,704,524 ----------------------------------------------------------------------------------- RETAILING -- 6.7% Apparel Retail -- 3.4% 838,278 Ross Stores, Inc. $ 59,978,791 ----------------------------------------------------------------------------------- Home Improvement Retail -- 3.3% 722,078 The Home Depot, Inc. $ 57,138,032 -------------- Total Retailing $ 117,116,823 ----------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 3.7% Drug Retail -- 3.7% 854,073 CVS Caremark Corp. $ 63,935,905 -------------- Total Food & Staples Retailing $ 63,935,905 ----------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 4.6% Soft Drinks -- 2.0% 423,243 PepsiCo., Inc. $ 35,340,790 ----------------------------------------------------------------------------------- Tobacco -- 2.6% 541,810 Philip Morris International, Inc. $ 44,357,985 -------------- Total Food, Beverage & Tobacco $ 79,698,775 ----------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 4.8% Household Products -- 3.5% 555,306 Colgate-Palmolive Co. $ 36,022,700 297,326 The Procter & Gamble Co. 23,964,476 -------------- $ 59,987,176 ----------------------------------------------------------------------------------- Personal Products -- 1.3% 347,545 The Estee Lauder Companies, Inc. $ 23,243,810 -------------- Total Household & Personal Products $ 83,230,986 ----------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 5.2% Health Care Equipment -- 2.8% 661,283 Covidien Plc $ 48,710,106 ----------------------------------------------------------------------------------- Health Care Services -- 2.4% 547,465 Express Scripts Holding Co.* $ 41,109,147 -------------- Total Health Care Equipment & Services $ 89,819,253 ----------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 13.0% Biotechnology -- 6.1% 330,299 Celgene Corp.* $ 46,109,740 647,646 Gilead Sciences, Inc.* 45,892,196 195,430 Vertex Pharmaceuticals, Inc.* 13,820,810 -------------- $ 105,822,746 -----------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------- Pharmaceuticals -- 2.9% 398,572 Allergan, Inc. $ 49,462,785 ----------------------------------------------------------------------------------- Life Sciences Tools & Services -- 4.0% 582,151 Thermo Fisher Scientific, Inc. $ 69,997,836 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 225,283,367 ----------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 2.5% Specialized Finance -- 2.5% 217,321 IntercontinentalExchange Group, Inc. $ 42,992,613 -------------- Total Diversified Financials $ 42,992,613 ----------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 14.1% Internet Software & Services -- 4.8% 74,302 Google, Inc.* $ 82,810,322 ----------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 4.2% 984,925 MasterCard, Inc. $ 73,573,898 ----------------------------------------------------------------------------------- Systems Software -- 5.1% 2,155,039 Microsoft Corp. $ 88,335,049 -------------- Total Software & Services $ 244,719,269 ----------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 9.0% Communications Equipment -- 3.2% 701,913 Qualcomm, Inc. $ 55,352,859 ----------------------------------------------------------------------------------- Computer Hardware -- 4.5% 146,217 Apple, Inc. $ 78,480,513 ----------------------------------------------------------------------------------- Computer Storage & Peripherals -- 1.3% 858,289 EMC Corp. $ 23,525,701 -------------- Total Technology Hardware & Equipment $ 157,359,073 ----------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.2% Semiconductors -- 3.2% 390,216 Analog Devices, Inc. $ 20,736,078 640,249 Xilinx, Inc. 34,746,313 -------------- $ 55,482,391 -------------- Total Semiconductors & Semiconductor Equipment $ 55,482,391 ----------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $1,254,085,937) $1,706,472,729 ----------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 98.2% (Cost $1,254,085,937) (a) $1,706,472,729 ----------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 1.8% $ 32,032,549 ----------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $1,738,505,278 ===================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 23 Schedule of Investments | 3/31/14 (continued) * Non-income producing security. (a) At March 31, 2014, the net unrealized appreciation on investments based on cost for federal income tax purposes of $1,256,437,400 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $455,729,011 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (5,693,682) ------------ Net unrealized appreciation $450,035,329 ============
Purchases and sales of securities (excluding temporary cash investments) for the year ended March 31, 2014 aggregated $673,969,566 and $300,463,921, 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) as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of March 31, 2014, in valuing the Fund's investments:
-------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Common Stocks $1,706,472,729 $ -- $ -- $1,706,472,729 -------------------------------------------------------------------------------- Total $1,706,472,729 $ -- $ -- $1,706,472,729 ================================================================================
During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. The accompanying notes are an integral part of these financial statements. 24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Statement of Assets and Liabilities | 3/31/14
ASSETS: Investment in securities (cost $1,254,085,937) $1,706,472,729 Cash 26,498,841 Receivables -- Fund shares sold 6,623,889 Dividends 1,095,013 Due from Pioneer Investment Management, Inc. 122,995 Prepaid expenses 73,532 --------------------------------------------------------------------------------- Total assets $1,740,886,999 --------------------------------------------------------------------------------- LIABILITIES: Payables -- Fund shares repurchased $ 1,777,356 Due to affiliates 540,460 Accrued expenses 63,905 --------------------------------------------------------------------------------- Total liabilities $ 2,381,721 --------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $1,261,221,651 Undistributed net investment income 1,782,725 Accumulated net realized gain on investments 23,114,110 Net unrealized appreciation on investments 452,386,792 --------------------------------------------------------------------------------- Total net assets $1,738,505,278 ================================================================================= NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $644,526,916/38,689,797 shares) $ 16.66 Class B (based on $3,124,948/201,893 shares) $ 15.48 Class C (based on $174,564,708/11,147,530 shares) $ 15.66 Class K (based on $31,500,963/1,892,945 shares) $ 16.64 Class R (based on $40,703,422/2,466,597 shares) $ 16.50 Class Y (based on $842,679,867/50,249,179 shares) $ 16.77 Class Z (based on $1,404,454/84,385 shares) $ 16.64 MAXIMUM OFFERING PRICE: Class A ($16.66 (divided by) 94.25%) $ 17.68 =================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 25 Statement of Operations For the Year Ended 3/31/14
INVESTMENT INCOME: Dividends $22,250,368 Interest 16,696 ----------------------------------------------------------------------------------------------- Total investment income $ 22,267,064 =============================================================================================== EXPENSES: Management fees $ 9,162,820 Transfer agent fees Class A 208,103 Class B 10,101 Class C 37,453 Class K 209 Class R 10,148 Class Y 7,286 Class Z 675 Distribution fees Class A 1,456,081 Class B 31,623 Class C 1,370,632 Class R 100,191 Shareholder communications expense 1,926,079 Administrative reimbursements 439,771 Custodian fees 24,215 Registration fees 185,941 Professional fees 93,230 Printing expense 35,300 Fees and expenses of nonaffiliated Trustees 51,353 Miscellaneous 36,017 ----------------------------------------------------------------------------------------------- Total expenses $ 15,187,228 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (289,208) ----------------------------------------------------------------------------------------------- Net expenses $ 14,898,020 ----------------------------------------------------------------------------------------------- Net investment income $ 7,369,044 ----------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments $ 57,722,432 Change in net unrealized appreciation on investments $204,361,102 ----------------------------------------------------------------------------------------------- Net gain on investments $262,083,534 ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $269,452,578 ===============================================================================================
The accompanying notes are an integral part of these financial statements. 26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------ Year Ended Year Ended 3/31/14 3/31/13 ------------------------------------------------------------------------------------------ FROM OPERATIONS: Net investment income $ 7,369,044 $ 6,247,366 Net realized gain on investments and class actions 57,722,432 25,575,410 Change in net unrealized appreciation on investments 204,361,102 70,664,284 ------------------------------------------------------------------------------------------ Net increase in net assets resulting from operations $ 269,452,578 $ 102,487,060 ------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.06 and $0.06 per share, respectively) $ (2,482,445) $ (1,650,780) Class C ($0.00 and $0.01 per share, respectively) -- (41,357) Class K ($0.11 and $0.10 per share, respectively) (146,526) (75) Class R ($0.08 and $0.09 per share, respectively) (173,280) (5,884) Class Y ($0.09 and $0.10 per share, respectively) (3,986,805) (3,985,154) Class Z ($0.10 and $0.10 per share, respectively) (8,022) (556) Net realized gain: Class A ($0.62 and $0.11 per share, respectively) (23,244,470) (2,968,572) Class B ($0.62 and $0.11 per share, respectively) (129,871) (24,208) Class C ($0.62 and $0.11 per share, respectively) (6,228,073) (532,125) Class K ($0.62 and $0.00 per share, respectively) (113,809) -- Class R ($0.62 and $0.11 per share, respectively) (1,283,428) (1,919) Class Y ($0.62 and $0.11 per share, respectively) (27,940,201) (4,331,818) Class Z ($0.62 and $0.11 per share, respectively) (45,158) (154) ------------------------------------------------------------------------------------------ Total distributions to shareowners $ (65,782,088) $ (13,542,602) ========================================================================================== FROM FUND SHARE TRANSACTIONS: Net proceeds from sale or exchange of shares $ 923,358,524 $ 598,340,916 Reinvestment of distributions 57,739,778 12,336,661 Cost of shares repurchased (536,288,335) (397,360,188) ------------------------------------------------------------------------------------------ Net increase in net assets resulting from Fund share transactions $ 444,809,967 $ 213,317,389 ------------------------------------------------------------------------------------------ Net increase in net assets $ 648,480,457 $ 302,261,847 NET ASSETS: Beginning of year 1,090,024,821 787,762,974 ------------------------------------------------------------------------------------------ End of year $1,738,505,278 $1,090,024,821 ------------------------------------------------------------------------------------------ Undistributed net investment income $ 1,782,725 $ 1,210,759 ==========================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 27
----------------------------------------------------------------------------------------------- '14 Shares '14 Amount '13 Shares '13 Amount ----------------------------------------------------------------------------------------------- Class A Shares sold 22,110,498 $ 346,917,913 17,626,103 $ 234,747,570 Reinvestment of distributions 1,445,202 23,486,413 336,370 4,440,108 Less shares repurchased (15,339,964) (246,637,720) (13,717,812) (181,951,822) ----------------------------------------------------------------------------------------------- Net increase 8,215,736 $ 123,766,606 4,244,661 $ 57,235,856 =============================================================================================== Class B Shares sold or exchanged 56,558 $ 831,773 76,913 $ 971,467 Reinvestment of distributions 7,658 115,401 1,784 22,092 Less shares repurchased (95,005) (1,394,313) (118,631) (1,480,233) ----------------------------------------------------------------------------------------------- Net decrease (30,789) $ (447,139) (39,934) $ (486,674) =============================================================================================== Class C Shares sold 5,540,882 $ 81,669,738 4,626,989 $ 58,688,461 Reinvestment of distributions 316,242 4,816,358 37,216 464,180 Less shares repurchased (1,298,988) (19,542,874) (769,831) (9,743,291) ----------------------------------------------------------------------------------------------- Net increase 4,558,136 $ 66,943,222 3,894,374 $ 49,409,350 =============================================================================================== Class K Shares sold 1,986,520 $ 32,284,562 748 $ 10,000 Reinvestment of distributions 15,892 260,335 -- -- Less shares repurchased (110,215) (1,803,586) -- -- ----------------------------------------------------------------------------------------------- Net increase 1,892,197 $ 30,741,311 748 $ 10,000 =============================================================================================== Class R Shares sold 2,505,292 $ 39,892,360 181,346 $ 2,466,995 Reinvestment of distributions 81,110 1,308,812 473 6,220 Less shares repurchased (290,813) (4,679,817) (10,811) (151,184) ----------------------------------------------------------------------------------------------- Net increase 2,295,589 $ 36,521,355 171,008 $ 2,322,031 =============================================================================================== Class Y Shares sold 26,560,882 $ 420,549,032 22,663,768 $ 301,376,832 Reinvestment of distributions 1,691,243 27,699,278 557,257 7,403,503 Less shares repurchased (16,761,997) (262,173,534) (14,798,807) (204,032,532) ----------------------------------------------------------------------------------------------- Net increase 11,490,128 $ 186,074,776 8,422,218 $ 104,747,803 =============================================================================================== Class Z Shares sold 78,674 $ 1,213,146 5,992 $ 79,591 Reinvestment of distributions 3,266 53,181 42 558 Less shares repurchased (3,510) (56,491) (79) (1,126) ----------------------------------------------------------------------------------------------- Net increase 78,430 $ 1,209,836 5,955 $ 79,023 ===============================================================================================
The accompanying notes are an integral part of these financial statements. 28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Financial Highlights
----------------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 3/31/14 3/31/13 3/31/12 3/31/11 3/31/10 ----------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.06 $ 0.07 $ 0.02 $ 0.03 $ 0.02 Net realized and unrealized gain on investments 2.95 1.20 1.68 1.17 3.29 ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 3.01 $ 1.27 $ 1.70 $ 1.20 $ 3.31 ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.06) $ (0.06) $ (0.03) $ (0.02) $ (0.02) Net realized gain (0.62) (0.11) (0.30) (0.28) (0.58) ----------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.68) $ (0.17) $ (0.33) $ (0.30) $ (0.60) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 2.33 $ 1.10 $ 1.37 $ 0.90 $ 2.71 ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 16.66 $ 14.33 $ 13.23 $ 11.86 $ 10.96 ============================================================================================================================= Total return* 21.16% 9.64% 14.84% 11.23% 40.50% Ratio of net expenses to average net assets 1.08% 1.09% 1.19% 1.25% 1.25% Ratio of net investment income to average net assets 0.46% 0.54% 0.28% 0.25% 0.14% Portfolio turnover rate 21% 28% 16% 18% 45% Net assets, end of period (in thousands) $644,527 $436,682 $346,987 $123,305 $117,218 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 1.13% 1.20% 1.19% 1.28% 1.47% Net investment income (loss) 0.41% 0.43% 0.28% 0.22% (0.07)% =============================================================================================================================
* 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 | 3/31/14 29 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 3/31/14 3/31/13 3/31/12 3/31/11 3/31/10 ----------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment loss $ (0.09) $ (0.07)(a) $ (0.09) $ (0.07)(a) $ (0.05)(a) Net realized and unrealized gain on investments 2.74 1.13 1.59 1.12 3.15 ----------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 2.65 $ 1.06 $ 1.50 $ 1.05 $ 3.10 ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net realized gain $ (0.62) $ (0.11) $ (0.30) $ (0.28) $ (0.58) ----------------------------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 2.03 $ 0.95 $ 1.20 $ 0.77 $ 2.52 ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.48 $ 13.45 $ 12.50 $ 11.30 $ 10.53 ============================================================================================================================= Total return* 19.84% 8.51%(b) 13.77% 10.26% 39.09% Ratio of net expenses to average net assets 2.15% 2.15% 2.15% 2.15% 2.15% Ratio of net investment loss to average net assets (0.62)% (0.53)% (0.71)% (0.65)% (0.71)% Portfolio turnover rate 21% 28% 16% 18% 45% Net assets, end of period (in thousands) $ 3,125 $ 3,128 $ 3,407 $ 4,029 $ 4,114 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 2.18% 2.26% 2.29% 1.28% 2.53% Net investment loss (0.65)% (0.64)% (0.85)% (0.73)% (1.09)% =============================================================================================================================
(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. (b) If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended March 31, 2013, the total return would have been 8.47%. * 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. 30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 3/31/14 3/31/13 3/31/12 3/31/11 3/31/10 ----------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment loss $ (0.04) $ (0.02)(a) $ (0.04) $ (0.05)(a) $ (0.04)(a) Net realized and unrealized gain on investments 2.77 1.12 1.57 1.11 3.16 ----------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 2.73 $ 1.10 $ 1.53 $ 1.06 $ 3.12 ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ -- $ (0.01) $ -- $ -- $ -- Net realized gain (0.62) (0.11) (0.30) (0.28) (0.58) ----------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.62) $ (0.12) $ (0.30) $ (0.28) $ (0.58) ----------------------------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 2.11 $ 0.98 $ 1.23 $ 0.78 $ 2.54 ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.66 $ 13.55 $ 12.57 $ 11.34 $ 10.56 ============================================================================================================================= Total return* 20.29% 8.77% 13.98% 10.33% 39.29% Ratio of net expenses to average net assets 1.83% 1.91% 1.96% 2.03% 2.15% Ratio of net investment loss to average net assets (0.28)% (0.23)% (0.50)% (0.52)% (0.72)% Portfolio turnover rate 21% 28% 16% 18% 45% Net assets, end of period (in thousands) $ 174,565 $89,299 $ 33,880 $ 15,149 $ 11,331 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 1.83% 1.91% 1.96% 2.03% 2.31% Net investment loss (0.28)% (0.23)% (0.50)% (0.52)% (0.88)% =============================================================================================================================
(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. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 31 Financial Highlights (continued)
--------------------------------------------------------------------------------------------- Year Ended 12/20/12(a) to 3/31/14 3/31/13 --------------------------------------------------------------------------------------------- Class K Net asset value, beginning of period $ 14.30 $ 13.37 --------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.06 $ 0.03 Net realized and unrealized gain on investments 3.01 1.00 --------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 3.07 $ 1.03 --------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.11) $ (0.10) Net realized gain (0.62) -- --------------------------------------------------------------------------------------------- Total Distributions $ (0.73) $ (0.10) --------------------------------------------------------------------------------------------- Net increase in net asset value $ 2.34 $ 0.93 --------------------------------------------------------------------------------------------- Net asset value, end of period $ 16.64 $ 14.30 ============================================================================================= Total return* 21.61% 7.77%(b)(c) Ratio of net expenses to average net assets 0.71% 0.77%** Ratio of net investment income to average net assets 0.85% 0.77%** Portfolio turnover rate 21% 28% Net assets, end of period (in thousands) $31,501 $ 11 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 0.71% 0.77%** Net investment income 0.85% 0.77%** =============================================================================================
(a) Class K shares were first publicly offered on December 20, 2012. (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 7.74%. (c) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. 32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------- Year Ended 4/12/12(a) to 3/31/14 3/31/13 --------------------------------------------------------------------------------------------- Class R Net asset value, beginning of period $ 14.25 $ 13.34 --------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.01 $ 0.06 Net realized and unrealized gain on investments 2.94 1.05 --------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 2.95 $ 1.11 --------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.08) $ (0.09) Net realized gain (0.62) (0.11) --------------------------------------------------------------------------------------------- Total distributions $ (0.70) $ (0.20) --------------------------------------------------------------------------------------------- Net increase in net asset value $ 2.25 $ 0.91 --------------------------------------------------------------------------------------------- Net asset value, end of period $ 16.50 $ 14.25 ============================================================================================= Total return* 20.84% 8.42%(b)(c) Ratio of net expenses to average net assets 1.39% 1.40%** Ratio of net investment income to average net assets 0.18% 0.27%** Portfolio turnover rate 21% 28% Net assets, end of period (in thousands) $40,703 $ 2,437 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 1.39% 1.45%** Net investment income 0.18% 0.21%** =============================================================================================
(a) Class R shares were first publicly offered on April 2, 2012. (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 and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 33 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------- Year Year Year Year 4/8/09 (a) Ended Ended Ended Ended to 3/31/14 3/31/13 3/31/12 3/31/11 3/31/10 ----------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 14.41 $ 13.30 $ 11.91 $ 10.99 $ 8.40 ----------------------------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.10 $ 0.10 $ 0.07 $ 0.08 $ 0.03 Net realized and unrealized gain on investments 2.97 1.22 1.69 1.19 3.17 ----------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 3.07 $ 1.32 $ 1.76 $ 1.27 $ 3.20 ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.09) $ (0.10) $ (0.07) $ (0.07) $ (0.03) Net realized gain (0.62) (0.11) (0.30) (0.28) (0.58) ----------------------------------------------------------------------------------------------------------------------------- Total distributions $ (0.71) $ (0.21) $ (0.37) $ (0.35) $ (0.61) ----------------------------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 2.36 $ 1.11 $ 1.39 $ 0.92 $ 2.59 ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 16.77 $ 14.41 $ 13.30 $ 11.91 $ 10.99 ============================================================================================================================= Total return* 21.44% 9.99%(c) 15.29% 11.84% 38.49%(b) Ratio of net expenses to average net assets 0.82% 0.81% 0.78% 0.78% 0.89%** Ratio of net investment income to average net assets 0.72% 0.85% 0.67% 0.72% 0.46%** Portfolio turnover rate 21% 28% 16% 18% 45% Net assets, end of period (in thousands) $842,680 $558,383 $403,490 $226,409 $238,017 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 0.82% 0.81% 0.78% 0.78% 0.97%** Net investment income 0.72% 0.85% 0.67% 0.72% 0.38%** =============================================================================================================================
(a) Class Y shares were first publicly offered on April 8, 2009. (b) Not annualized. (c) 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 and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. 34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
--------------------------------------------------------------------------------------------- Year Ended 4/2/12(a) to 3/31/14 3/31/13 --------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $ 14.32 $ 13.34 --------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.06 $ 0.05 Net realized and unrealized gain on investments 2.98 1.14 --------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 3.04 $ 1.19 --------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.10) $ (0.10) Net realized gain (0.62) (0.11) --------------------------------------------------------------------------------------------- Total distributions $ (0.72) $ (0.21) --------------------------------------------------------------------------------------------- Net increase in net asset value $ 2.32 $ 0.98 --------------------------------------------------------------------------------------------- Net asset value, end of period $ 16.64 $ 14.32 ============================================================================================= Total return* 21.41% 9.00%(b)(c) Ratio of net expenses to average net assets 0.90% 0.90%** Ratio of net investment income to average net assets 0.68% 0.73%** Portfolio turnover rate 21% 28% Net assets, end of period (in thousands) $ 1,404 $ 85 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Net expenses 0.99% 1.04%** Net investment income 0.59% 0.59%** =============================================================================================
(a) Class Z shares were first publicly offered on April 2, 2012. (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 8.99%. (c) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 35 Notes to Financial Statements | 3/31/14 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 seven classes of shares designated as Class A, Class B, Class C, Class K, Class R, Class Y and Class Z shares. Class Y shares were first publicly offered on April 8, 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. Effective as of the close of business on December 31, 2009, Class B shares are no longer offered to new or existing shareholders, except that dividends and/or capital gain distributions may continue to be reinvested in Class B shares, and shareholders may exchange their Class B shares for Class B shares of other Pioneer funds, as permitted by existing exchange privileges. 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. Class B shares convert to Class A shares approximately eight years after the date of purchase. 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. 36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 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. 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. Short-term fixed income securities with remaining maturities of sixty days or less generally are valued at amortized cost. Shares of money market mutual funds are valued at such funds' net asset value. 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, 2014, there were no securities that were valued using fair value methods (other than securities that were valued using prices supplied by independent pricing services). Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 37 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. B. 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, 2014, 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, 2014 and March 31, 2013 was as follows:
--------------------------------------------------------------------------- 2014 2013 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 6,910,930 $ 5,683,806 Long-term capital gain 58,871,158 7,858,796 --------------------------------------------------------------------------- Total $65,782,088 $13,542,602 ===========================================================================
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 The following shows the components of distributable earnings on a federal income tax basis at March 31, 2014:
--------------------------------------------------------------------------- 2014 --------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 1,987,925 Undistributed long-term gain 25,260,373 Net unrealized appreciation 450,035,329 --------------------------------------------------------------------------- Total $477,283,627 ===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales. C. 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 $131,284 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2014. D. 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 B, 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 B, Class C, Class R, Class Y and Class Z shares can reflect different transfer agent and distribution expense rates. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 39 E. 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. F. 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 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, 2014, 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%, 2.15%, 1.40% and 0.90% of the average daily net assets attributable to Class A, Class B, Class C, Class R and Class Z shares, respectively. Class K and Class Y shares do not have an expense limitation. Fees waived and expenses reimbursed during the year ended March 31, 2014 are reflected on the Statement of Operations. These expense limitations are 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 $135,874 in management fees, administrative costs and certain other reimbursements payable to PIM at March 31, 2014. 40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 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, 2014, such out-of-pocket expenses by class of shares were as follows:
------------------------------------------------------------------------------- Shareholder Communications: ------------------------------------------------------------------------------- Class A $ 880,628 Class B 5,312 Class C 142,311 Class K 27 Class R 29,702 Class Y 866,193 Class Z 1,906 ------------------------------------------------------------------------------- Total $1,926,079 ===============================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $365,660 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at March 31, 2014. 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 B, 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 B and Class C shares. The fee for Class B and 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 B and 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 $38,926 in distribution fees payable to PFD at March 31, 2014. 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 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 41 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. Class B shares that are redeemed within five years of purchase are subject to a CDSC at declining rates beginning at 4.00%, based on the lower of cost or market value of shares being redeemed. 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, 2014, CDSCs in the amount of $81,782 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, 2014, 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 12, 2014, the facility is in the amount of $240 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight 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, 2014 the Fund had no borrowings under the credit facility. 42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 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, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Fundamental Growth Fund at March 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles. /s/ Ernst & Young LLP Boston, Massachusetts May 22, 2014 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 43 Approval of Investment Advisory Agreement Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Fundamental Growth Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. In order for PIM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement for another year. In considering the renewal of the investment advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement. Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by PIM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement. The Trustees also reviewed PIM's investment approach for the Fund and its research process. The Trustees considered the resources of PIM and the personnel of PIM who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. The Trustees considered the non-investment resources and personnel of PIM involved in 44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees considered that PIM supervises and monitors the performance of the Fund's service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by PIM to the Fund were satisfactory and consistent with the terms of the investment advisory agreement. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. The Trustees considered that the Fund's annualized total return was in the fourth quintile of its Morningstar category for the one year period ended June 30, 2013, in the second quintile of its Morningstar category for the three and ten year periods ended June 30, 2013, and in the first quintile of its Morningstar category for the five year period ended June 30, 2013. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory agreement. They indicated that they were satisfied with the discussions with PIM with respect to the Fund's performance. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 45 The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the second quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoint in the management fee schedule and the reduced fee rate above a certain asset level. The Trustees considered that the expense ratio of the Fund's Class A shares for the twelve months ended June 30, 2013 was in the second quintile relative to its Morningstar peer group and in the first quintile relative to its Strategic Insight peer group, in each case for the comparable period. The Trustees also considered that the expense ratio of the Fund's Class Y shares for the twelve months ended June 30, 2013 was in the second quintile relative to both its Morningstar peer group and its Strategic Insight peer group, in each case for the comparable period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to limit the ordinary operating expenses of the Fund. The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund and Pioneer's management of the other client accounts. The Trustees concluded that the management fee payable by the Fund to PIM was reasonable in relation to the nature and quality of the services provided by PIM. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's 46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoint in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits to PIM from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to PIM by virtue of its relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between PIM and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the investment advisory agreement between PIM and the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment advisory agreement for the Fund. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 47 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Ernst & Young LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Bingham McCutchen 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, except Mr. West, serves as a Trustee of each of the 55 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West serves as Trustee of 50 U.S. registered investment portfolios for which Pioneer serves as investment adviser. The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. 48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 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 (63) Trustee since 2006. Private investor (2004-2008 and Director, Broadridge Chairman of the Board Serves until a successor 2013-present); Chairman (2008 - 2013) Financial Solutions, and Trustee trustee is elected or and Chief Executive Officer (2008 - Inc. (investor earlier 2012), Quadriserv, Inc. (technology communications and retirement or removal. products for securities lending securities processing industry); and Senior Executive Vice provider for financial President, The Bank of New York services industry) (2009 (financial and securities services) (1986 - present); Director, - 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (70) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise Trustee Serves until a successor Advisors (corporate advisory services Community Investment, trustee is elected or company) (1997 - 2004 and 2008 - Inc. (privately held earlier present); Interim Chief Executive affordable housing retirement or removal. Officer, Oxford Analytica, Inc. finance company) (1985 - (privately held research and consulting 2010); Director of company) (2010); Executive Vice Oxford Analytica, Inc. President and Chief Financial Officer, (2008 - present); I-trax, Inc. (publicly traded health Director of The Swiss care services company) (2004 - 2007); Helvetia Fund, Inc. and Executive Vice President and Chief (closed-end fund) (2010 Financial Officer, Pedestal Inc. - present); and Director (internet-based mortgage trading of New York Mortgage company) (2000 - 2002) Trust (publicly traded mortgage REIT) (2004 - 2009, 2012 - present) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (69) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Trustee Serves until a successor Political Economy, Harvard University Institutional Funds trustee is elected or (1972 - present) Investment Trust and earlier Mellon Institutional retirement or removal. Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 49 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 (66) Trustee since 2002. Founding Director, Vice President and None Trustee Serves until a successor Corporate Secretary, The Winthrop Group, trustee is elected or earlier Inc. (consulting firm) (1982 - present); retirement or removal. Desautels Faculty of Management, McGill University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marc O. Mayer (56)+ Trustee since 2014. Founding Partner and Chief Executive Trustee, Alliance Trustee Serves until a successor Officer, Alignment Financial Services Bernstein Mutual Funds trustee is elected or earlier (investment management) (2013- present); (oversaw 92 funds in retirement or removal. Chief Executive Officer and Director, GMO fund complex) LLC (investment management) (2009-2011); (2003-2008); Board of Executive Vice President, Alliance Overseers, Columbia Bernstein LP (investment management) Business School (2000-2009); and Executive Vice (2010-present); and President and Director, Sanford C. Director, Alpha Parity Bernstein & Co., LLC (investment LLC (hedge fund) management) (1989-2000) (2013-present) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (65) Trustee since 2002. President and Chief Executive Officer, Director of New America Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc. trustee is elected or earlier (investment banking firm) (1981 - (closed-end investment retirement or removal. present) company) (2004 - present); and member, Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Stephen K. West (85) Trustee since 2002. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc. trustee is elected or earlier Sullivan & Cromwell LLP (prior to 1998) (closed-end investment retirement or removal. company) (1995 - 2012); and Director, Invesco, Ltd. (formerly AMVESCAP, PLC) (investment manager) (1997-2005) ------------------------------------------------------------------------------------------------------------------------------------
+ Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014. 50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Daniel K. Kingsbury (55)* Trustee since 2007. Chairman (2013 - present), Director, CEO None Trustee, President and Serves until a successor and President of PIM-USA (since February Chief Executive Officer trustee is elected or 2007); Chairman (2013 - present), of the Fund earlier retirement or Director and President of Pioneer and removal. Pioneer Institutional Asset Management, Inc. (since February 2007); Executive Vice President of all of the Pioneer Funds (2007 - 2013); Director of PGAM (2007 - 2010); Head of New Europe Division, PGAM (2000 - 2005); and Head of New Markets Division, PGAM (2005 - 2007) ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None Trustee Serves until a successor (since 2008) and Chief Investment trustee is elected or earlier Officer, U.S. (since 2010), of PIM-USA; retirement or removal. Executive Vice President of Pioneer (since 2008); Executive Vice President of Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and certain of its affiliates. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 51 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Mark D. Goodwin (49) Since 2014. Serves Executive Vice President and Chief None Executive Vice President at the discretion of Operating Officer of Pioneer since 2005 the Board. and Executive Vice President of all the Pioneer funds since 2014 ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (49) Since 2003. Serves Vice President and Associate General None Secretary and Chief at the discretion of Counsel of Pioneer since January 2008; Legal Officer the Board. 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 (53) Since 2010. Serves Fund Governance Director of Pioneer None Assistant Secretary at the discretion of since December 2006 and Assistant the 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 (51) Since 2010. Serves Senior Counsel of Pioneer since May 2013 None Assistant Secretary at the discretion of and Assistant Secretary of all the the Board. Pioneer Funds since June 2010; Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (54) Since 2008. Serves Vice President - Fund Treasury of None Treasurer and Chief at the discretion of Pioneer; Treasurer of all of the Pioneer Financial and Accounting the Board. Funds since March 2008; Deputy Treasurer Officer of the Fund of Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------------------------------ 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 (48) Since 2002. Serves Director - Fund Treasury of Pioneer; and None Assistant Treasurer at the discretion of Assistant Treasurer of all of the the Board. Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (55) Since 2002. Serves Fund Accounting Manager - Fund Treasury None Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer of the Board. all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (34) Since 2009. Serves Fund Administration Manager - Fund None Assistant Treasurer at the discretion of Treasury of Pioneer since November 2008; the Board. Assistant Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (61) Since 2010. Serves Chief Compliance Officer of Pioneer and None Chief Compliance Officer at the discretion of of all the Pioneer Funds since March the Board. 2010; 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 (43) Since 2006. Serves Director - Transfer Agency Compliance of None Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer the Board. of all the Pioneer funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 53 This page for your notes. 54 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 55 This page for your notes. 56 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 57 This page for your notes. 58 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 59 This page for your notes. 60 Pioneer Fundamental Growth Fund | Annual Report | 3/31/14 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) 2014 Pioneer Investments 19341-08-0514 Pioneer Multi-Asset Ultrashort Income Fund -------------------------------------------------------------------------------- Annual Report | March 31, 2014 -------------------------------------------------------------------------------- Ticker Symbols: Class A MAFRX Class C MCFRX Class C2 MAUCX* Class K MAUKX Class Y MYFRX Class Z MAUZX** *Share class was first publicly offered on August 2, 2013. **Share class was first publicly offered on April 2, 2013. [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents Letter to Shareowners 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 100 Notes to Financial Statements 110 Report of Independent Registered Public Accounting Firm 118 Approval of Investment Advisory Agreement 120 Trustees, Officers and Service Providers 125
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 1 President's Letter Dear Shareowner, A few months into 2014, we still expect U.S. economic growth for the year to be in the 2.5% to 3% range, despite some weaker economic data releases during the winter months driven in large part by harsh weather across much of the continental U.S. While unemployment remains high, employment has been rising steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only moderately, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. A modestly improving European economy and continuing economic improvement in Japan appear likely to result in improving global growth in 2014, further supporting the U.S. economy. In addition, we feel that continuing slack in labor markets and capacity utilization offer the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve System (the Fed) has begun scaling back its QE (quantitative easing) program, but short-term interest rates remain near zero, and while Fed Chair Janet Yellen has suggested that rates may be raised roughly six months after the QE program is fully tapered, that would still place the potential rate hike sometime in 2015. There are certainly risks and uncertainties still facing the global economy as 2014 moves along. The European economy, while improving, remains weak, the Japanese economy faced a tax hike this spring, and a number of emerging market countries are experiencing difficulties. There are also geopolitical worries abroad, such as Russia's aggressive move against the Ukraine, and more potential political fights at home, especially during a mid-term election year. While most of the widely recognized risks we have outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification does not assure a profit or protect against loss in a declining market, we believe there are still opportunities for prudent investors to earn attractive returns. Our advice, as always, is to work closely with a trusted financial advisor to discuss your goals and work together to develop an investment strategy that meets your individual needs, keeping in mind that there is no single best strategy that works for every investor. * Dividends are not guaranteed. 2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 Pioneer's investment teams have, since 1928, sought out attractive opportunities in equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which seek to balance potential risks and rewards in an ever-changing world. We encourage you to learn more about Pioneer and our time-tested approach to investing by consulting with your financial advisor or visiting us online at us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank you for investing with Pioneer. Sincerely, /s/ Daniel K. Kingsbury Daniel K. Kingsbury 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 | 3/31/14 3 Portfolio Management Discussion | 3/31/14 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's performance during the 12-month period ended March 31, 2014. Mr. Melcrheit, 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 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 during the 12-month period ended March 31, 2014? A By and large, during the first several months of the period the interest-rate backdrop was a negative factor for bond prices overall. Market sentiment with respect to the U.S. economy continued to improve, driven by strength in such key sectors as housing and autos. The stronger economic performance helped fuel market speculation over the extent to which the U.S. Federal Reserve (the Fed) would continue to employ its extraordinary monetary stimulus measures, leading U.S. Treasury rates to edge higher. The trend intensified after comments in May 2013 from then-Fed Chairman Ben Bernanke to the effect that the economy may have stabilized sufficiently to allow for a tapering of the Fed's long-term bond purchases under its quantitative easing (QE) program. Mr. Bernanke's comments spurred a significant rise in Treasury rates that extended into September 2013. In mid-September, however, the Fed changed its tone and suggested that the inevitable reduction in the pace of QE was not going to follow any set calendar. Mr. Bernanke cited lowered economic growth forecasts and tighter budgetary policies in Washington, and his announcement led Treasury rates to ease somewhat. October 2013 saw the nomination of Janet Yellen to succeed Mr. Bernanke as Fed Chair, leading to some additional anxiety over the course of policy going forward. The Fed would in fact announce in December its plans to begin tapering the QE program in January of 2014, with the eventual goal of fully drawing down QE by the end of the current calendar year. The response was muted, however, as markets appeared to have gained confidence that the inevitable Fed policy shift would be incremental and sensitive to economic data releases. Long-term rates actually declined in the first quarter of 2014 on weaker-than-expected economic data, although extreme winter weather in the Continental U.S. was assigned some of the blame for the sub-par economic activity. 4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 For the full 12-month period, rates rose along the length of the Treasury yield curve. Specifically, the two-year Treasury yield went from 0.25% to 0.44%, the five-year Treasury yield rose from 0.77% to 1.73%, the 10-year Treasury yield rose from 1.87% to 2.73%, and the 30-year Treasury yield increased from 3.10% to 3.56%. Most credit spreads narrowed versus Treasuries over the period (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 that environment during the 12-month period ended March 31, 2013? A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.92% during the 12-month period ended March 31, 2014, while the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. 3-Month LIBOR Index (the BofA ML Index), returned 0.27%. During the same period, the average return of the 108 mutual funds in Lipper's Ultra-Short Obligation Funds category was 0.45%, and the average return of the 138 mutual funds in Morningstar's Ultrashort Bond Funds category was 0.46%. Q Can you review the Fund's principal investment strategies during the 12-month period ended March 31, 2014, and the effects those strategies had on the Fund's performance? A We continued to maintain a portfolio designed to generate higher levels of income for shareholders than cash or money market accounts, while seeking to provide significant protection to principal against any increase in market interest rates. During the 12-month period, this entailed investing the Fund in a wide range of mostly high-quality floating-rate securities as well as fixed-rate instruments with very short remaining maturities. More than 90% of the Fund's assets are either in 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 is primarily focused on the investment-grade asset classes. At the same time, we do seek to have the Fund benefit from credit spreads. In doing so, we seek at all times to maintain broadly diversified* portfolio exposure to a number of different spread sectors. The principal spread sectors represented in the Fund include asset-backed securities (ABS), mortgage-backed securities (MBS), and investment-grade corporate bonds. In making purchases of securities, we seek to have the Fund benefit from attractive income opportunities while seeking to minimize, portfolio exposure to price volatility by emphasizing * Diversification does not assure a profit nor protect against loss in a declining market. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 5 issues with shorter remaining maturities. The Fund's allocations will vary moderately over time as we seek to identify sectors with more or less attractive valuations in relation to the associated credit risk. The Fund's credit exposures generally added to benchmark-relative performance over the 12-month period. About half of the Fund's assets are in the securitized sectors, including high-quality MBS. Within MBS, the Fund's holdings of floating-rate bonds subject to an interest-rate cap added value to relative performance, as their prices were supported by a decline in market rates over the second half of the period. Exposure to the CMBS (commercial MBS) sector also added to the Fund's returns. Within ABS, the portfolio maintains exposure to home equity loans, where we have seen reasonable valuations. Those holdings continued to benefit from a firming in housing prices during the period. While our focus in the portfolio typically is on investment-grade sectors, we also include below-investment-grade asset categories if we believe the incremental income available can provide an attractive tradeoff between risk and reward. In that vein, one of the leading contributors to the Fund's relative returns during the 12-month period was an allocation to leveraged bank loans. Bank loans have continued to display low default rates while providing attractive incremental income, and we have modestly increased the Fund's weighting to the sector. The Fund's performance relative to the benchmark was also helped during the period by allocations to investment-grade corporates, as the sector continues to be supported by generally strong corporate profitability and cash-rich balance sheets. With concerns that interest rates may be headed higher as the Fed tapers its monetary support, there was substantial new corporate issuance over the period, and we sought to take advantage of that. Our portfolio focus within investment-grade corporates has been geared toward two-to-three year floating-rate issues within the industrials and finance sectors. We also purchased fixed-rate issues with near-term maturities, with a focus on bank issuers. We like bank issuers because of their strengthened capital structures and lower earnings volatility in the wake of reforms following the financial crisis of 2008. While the Fund outperformed the benchmark during the period, some allocations were less successful. Among the main underperformers in the portfolio during the period were a handful of collateralized mortgage-backed (CMO) holdings and a bank loan to Weight Watchers. 6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 As always, we are mindful that many investors view the Fund as a source of liquidity in their portfolios. As such, we continue to maintain significant liquidity to allow us to meet any shareholder redemption requests without forced selling. With short-term Treasury yields still at unattractive levels, we have been focusing on agency bonds with floating-rate coupons to gain the requisite liquidity and income. Q What is your assessment of the current climate in the Fund's investment universe? A In our view, U.S. Treasury securities continue to be less attractive investments relative to the spread sectors. With continued modest economic growth and low inflation in the United States, and with Europe emerging from recession, we continue to expect an economic backdrop that should be sufficient to support credit sector fundamentals. Given this outlook, we expect to maintain a portfolio tilt toward spread sectors. That said, spread sectors have been in favor for a while now, and we are ever more cognizant of valuation considerations. The spread narrowing that has occurred across the credit sectors has made the process of identifying high-quality securities that are trading at attractive valuations particularly labor-intensive. We will continue to shift the Fund's sector allocations around the margins to reflect our view of relative risk and reward. We are focusing strongly on individual security selection and being careful not to assume any risk in the portfolio for which the Fund may not be adequately compensated. We would not be surprised to see economic growth strengthen in 2014, to the degree where the Fed feels under some pressure to raise its benchmark short-term interest rate sooner rather than later, though Ms. Yellen has indicated that won't happen until at least six months after the drawing down of QE is complete. We are pleased that the Fund's net asset value (NAV) was relatively stable over the 12-month period, despite the significant rise in interest rates experienced early in the period. The NAV ranged between $10.05 and $10.10 per share. In all market environments, we will continue to seek to provide shareholders with higher levels of income than those generated by cash or money market accounts, while seeking to provide significant protection to principal against any increase in market interest rates. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 7 Please refer to the Schedule of Investments on pages 20-99 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 employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. 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. Investments in equity securities are subject to price fluctuation. 8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 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 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. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. 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. These statements should not be relied upon for any other purposes. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 9 Portfolio Summary | 3/31/14 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 32.0% Asset Backed Securities 21.8% U.S. Corporate Bonds 16.5% International Corporate Bonds 9.7% Senior Secured Loans 9.1% U.S. Government Securities 5.3% Municipal Bonds 3.5% Temporary Cash Investment 1.6% Foreign Government Bonds 0.5%
Portfolio Quality -------------------------------------------------------------------------------- (As a percentage of total investment portfolio; based on S&P ratings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 22.9% AA 22.7% A 21.6% BB 9.9% BBB 9.8% B 5.3% Cash Equivalent 3.9% Not Rated 3.7% CCC 0.2%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard & Poor's measures, AAA (highest possible rating) through BBB are considered investment grade; BB or lower ratings are considered non-investment grade. Cash equivalents and some bonds may not be rated. 10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, Floating Rate Note, 2/25/38 0.86% ------------------------------------------------------------------------------------------------ 2. Federal Home Loan Banks, Floating Rate Note, 6/11/14 0.80 ------------------------------------------------------------------------------------------------ 3. Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 0.74 ------------------------------------------------------------------------------------------------ 4. The University of Texas System, Floating Rate Note, 8/1/34 0.60 ------------------------------------------------------------------------------------------------ 5. Permanent University Fund, Floating Rate Note, 7/1/37 0.59 ------------------------------------------------------------------------------------------------ 6. Citibank Credit Card Issuance Trust, Floating Rate Note, 2/7/18 0.50 ------------------------------------------------------------------------------------------------ 7. Citibank Credit Card Issuance Trust, Floating Rate Note, 4/24/17 0.48 ------------------------------------------------------------------------------------------------ 8. Federal National Mortgage Association, Floating Rate Note, 8/11/14 0.46 ------------------------------------------------------------------------------------------------ 9. Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 0.45 ------------------------------------------------------------------------------------------------ 10. American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 0.45 ------------------------------------------------------------------------------------------------
* 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 | 3/31/14 Prices and Distributions | 3/31/14 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 3/31/14 3/31/13 -------------------------------------------------------------------------------- A $10.07 $10.08 -------------------------------------------------------------------------------- C $10.05 $10.07 -------------------------------------------------------------------------------- K $10.07 $10.08 -------------------------------------------------------------------------------- Y $10.07 $10.09 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class 3/31/14 8/1/13* -------------------------------------------------------------------------------- C2 $10.05 $10.04 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class 3/31/14 4/1/13** -------------------------------------------------------------------------------- Z $10.05 $10.08 --------------------------------------------------------------------------------
Distributions per Share: 4/1/13-3/31/14 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1026 $ -- $ -- -------------------------------------------------------------------------------- C $0.0739 $ -- $ -- -------------------------------------------------------------------------------- C2 $0.0456 $ -- $ -- -------------------------------------------------------------------------------- K $0.1267 $ -- $ -- -------------------------------------------------------------------------------- Y $0.1192 $ -- $ -- -------------------------------------------------------------------------------- Z $0.1303 $ -- $ -- --------------------------------------------------------------------------------
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. * Class C2 shares commenced operations on August 1, 2013. ** Class Z shares commenced operations on April 1, 2013. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 11 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML Net Public U.S. Dollar Asset Offering 3-Month Value Price LIBOR Period (NAV) (POP) Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.55% 0.66% 0.35% 1 Year 0.92 -1.62 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.72% --------------------------------------------------------------------------------
[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
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 | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.01% 1.01% 0.35% 1 Year 0.54 0.54 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.03% --------------------------------------------------------------------------------
[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
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 | 3/31/14 13 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.01% 1.01% 0.35% 1 Year 0.53 0.53 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.03% --------------------------------------------------------------------------------
[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
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 | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.66% 1.66% 0.35% 1 Year 1.16 1.16 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.53% --------------------------------------------------------------------------------
[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
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 | 3/31/14 15 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.75% 1.75% 0.35% 1 Year 0.99 0.99 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.55% --------------------------------------------------------------------------------
[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
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 | 3/31/14 Performance Update | 3/31/14 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, 2014) -------------------------------------------------------------------------------- BofA ML U.S. Dollar 3-Month If If LIBOR Period Held Redeemed Index -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.58% 1.58% 0.35% 1 Year 1.01 1.01 0.27 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated August 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.55% --------------------------------------------------------------------------------
[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
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 | 3/31/14 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, 2013, through March 31, 2014.
------------------------------------------------------------------------------------------ Share Class A C C2 K Y Z ------------------------------------------------------------------------------------------ Beginning Account Value on 10/1/13 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 ------------------------------------------------------------------------------------------ Ending Account Value (after expenses) on 3/31/14 $1,007.09 $1,004.60 $1,004.70 $1,007.27 $1,006.78 $1,007.18 ------------------------------------------------------------------------------------------ Expenses Paid During Period* $ 3.30 $ 4.85 $ 4.95 $ 2.05 $ 2.70 $ 3.00 ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%, 0.99%, 0.41% 0.54%, and 0.60% for class A, C, C2, K, Y, and Z 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 | 3/31/14 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, 2013, through March 31, 2014.
----------------------------------------------------------------------------------------- Share Class A C C2 K Y Z ----------------------------------------------------------------------------------------- Beginning Account Value on 10/1/13 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 ----------------------------------------------------------------------------------------- Ending Account Value (after expenses) on 3/31/14 $1,021.64 $1,020.09 $1,020.00 $1,022.89 $1,022.24 $1,021.94 ----------------------------------------------------------------------------------------- Expenses Paid During Period* $ 3.33 $ 4.89 $ 4.99 $ 2.07 $ 2.72 $ 3.02 -----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%, 0.99%, 0.41% 0.54%, and 0.60% for class A, C, C2, K, Y, and Z 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 | 3/31/14 19 Schedule of Investments | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 21.0% CAPITAL GOODS -- 0.0%+ Trading Companies & Distributors -- 0.0%+ 260,417 0.35 BBB/Baa2 TAL Advantage LLC, Floating Rate Note, 4/20/21 (144A) $ 257,401 -------------- Total Capital Goods $ 257,401 ----------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.1% Trucking -- 0.0%+ 1,100,000 0.57 NR/Aaa Hertz Fleet Lease Funding LP, Floating Rate Note, 4/10/28 (144A) $ 1,100,000 ----------------------------------------------------------------------------------------------------------- Marine Ports & Services -- 0.1% 1,511,257 A/NR Global Container Assets 2013-1, Ltd., 2.2%, 11/5/28 (144A) $ 1,509,318 -------------- Total Transportation $ 2,609,318 ----------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 505,468 A/NR Westgate Resorts 2012-2 LLC, 3.0%, 1/20/25 (144A) $ 508,314 1,018,176 NR/NR Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 1,026,233 206,952 A/NR Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 207,469 -------------- $ 1,742,016 -------------- Total Consumer Services $ 1,742,016 ----------------------------------------------------------------------------------------------------------- RETAILING -- 0.2% Automotive Retail -- 0.2% 191,667 NR/Aaa Avis Budget Rental Car Funding AESOP LLC, 2.09%, 4/20/15 (144A) $ 191,817 97,421 AAA/NR CarMax Auto Owner Trust 2010-2, 2.04%, 10/15/15 97,743 256,591 NR/Aaa CarMax Auto Owner Trust 2011-3, 1.07%, 6/15/16 257,241 140,812 NR/Aaa Harley-Davidson Motorcycle Trust 2011-2, 1.11%, 9/15/16 141,099 2,219,531 AAA/Aaa Harley-Davidson Motorcycle Trust 2012-1, 0.68%, 4/15/17 2,222,349 -------------- $ 2,910,249 -------------- Total Retailing $ 2,910,249 ----------------------------------------------------------------------------------------------------------- BANKS -- 11.4% Diversified Banks -- 0.0%+ 145,840 0.54 AA/Aaa KeyCorp Student Loan Trust 2004-A, Floating Rate Note, 10/28/41 $ 144,319 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 11.4% 79,408 2.93 BB+/B3 ABFC 2003-WMC1 Trust, Floating Rate Note, 3/25/33 $ 75,569 811,652 0.46 AAA/Aa3 ABFC 2005-WF1 Trust, Floating Rate Note, 12/25/34 789,998 1,110,000 0.55 CCC/A3 Accredited Mortgage Loan Trust 2005-2, Floating Rate Note, 7/25/35 1,065,540 1,438,998 1.95 BB+/Ba3 ACE Securities Corp. Home Equity Loan Trust Series 2002-HE3, Floating Rate Note, 10/25/32 1,399,198 54,574 0.62 AA+/A3 ACE Securities Corp. Home Equity Loan Trust Series 2005-HE5, Floating Rate Note, 8/25/35 54,558 245,479 6.50 BB+/Baa2 ACE Securities Corp. Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A) 245,701 729,714 0.69 D/Baa3 Aegis Asset Backed Securities Trust 2004-6, Floating Rate Note, 3/25/35 728,702 716,099 1.25 AAA/Aaa Aegis Asset Backed Securities Trust Mortgage Pass-Through Ctfs Series 2004-3, Floating Rate Note, 9/25/34 706,826 1,940,770 1.11 AAA/Aaa Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-2, Floating Rate Note, 6/25/34 1,920,887 1,023,510 0.70 AAA/Aa1 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-4, Floating Rate Note, 10/25/34 1,010,286 251,263 0.37 AA+/A2 Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-R10, Floating Rate Note, 1/25/36 249,828 629,721 0.48 A+/A1 Ameriquest Mortgage Securities, Inc., Asset Backed Pass-Through Ctfs Series 2005-R11, Floating Rate Note, 1/25/36 616,067 509,642 3.90 A/Baa1 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Ctfs Series 03-AR3, Floating Rate Note, 6/25/33 526,972 333,622 0.89 AA+/A2 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Ctfs Series 2003-11, Floating Rate Note, 12/25/33 321,648 115,749 0.76 AA+/Aa1 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Ctfs Series 2004-R11, Floating Rate Note, 11/25/34 114,706 1,810,272 0.60 AA+/A3 Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Ctfs Series 2005-R1, Floating Rate Note, 3/25/35 1,784,412 46,999 0.35 AA+/Aaa Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Ctfs Series 2005-R6, Floating Rate Note, 8/25/35 46,608
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 21 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 658,480 0.70 AAA/NR ARI Fleet Lease Trust 2012-A, Floating Rate Note, 3/15/20 (144A) $ 659,657 409,655 0.46 AAA/NR ARI Fleet Lease Trust 2012-B, Floating Rate Note, 1/15/21 (144A) 409,191 1,438,675 AAA/NR ARI Fleet Lease Trust 2013-A, 0.7%, 12/15/15 (144A) 1,439,131 1,428,629 1.90 A/NR ARL First LLC, Floating Rate Note, 12/15/42 (144A) 1,492,471 1,190,824 0.83 AA/A3 Asset Backed Securities Corp Home Equity Loan Trust Series 2005-HE2, Floating Rate Note, 2/25/35 1,184,265 653,537 0.86 BBB+/Baa3 Asset Backed Securities Corp Home Equity Loan Trust Series 2005-HE3, Floating Rate Note, 4/25/35 641,920 1,343,892 0.35 BB/Ba3 Asset Backed Securities Corp Home Equity Loan Trust Series AEG 2006-HE1, Floating Rate Note, 1/25/36 1,277,326 1,725,984 0.66 AA/A3 Asset Backed Securities Corp Home Equity Loan Trust Series OOMC 2005-HE6, Floating Rate Note, 7/25/35 1,703,111 60,628 AA+/A3 Bayview Financial Acquisition Trust, 6.205%, 5/28/37 (Step) 64,603 1,836,011 0.83 AAA/Aa1 Bayview Financial Acquisition Trust, Floating Rate Note, 2/28/44 1,816,344 676,787 0.78 AAA/Aaa Bayview Financial Acquisition Trust, Floating Rate Note, 5/28/44 673,868 118,512 0.74 AAA/Aaa Bayview Financial Acquisition Trust, Floating Rate Note, 8/28/44 118,251 345,223 0.56 AAA/Aa1 Bayview Financial Mortgage Pass-Through Trust 2005-C, Floating Rate Note, 6/28/44 343,106 1,169,547 0.50 AAA/Aaa Bayview Financial Mortgage Pass-Through Trust 2006-A, Floating Rate Note, 2/28/41 1,162,108 270,072 0.45 AAA/Aaa Bayview Financial Mortgage Pass-Through Trust 2006-A, Floating Rate Note, 2/28/41 266,884 1,620,858 0.45 AA+/A1 Bayview Financial Mortgage Pass-Through Trust 2006-B, Floating Rate Note, 4/28/36 1,562,472 804,031 0.42 AA+/A1 Bayview Financial Mortgage Pass-Through Trust 2006-B, Floating Rate Note, 4/28/36 774,606 1,899,351 0.60 AA/Aa2 Bayview Financial Mortgage Pass-Through Trust Series 2005-B, Floating Rate Note, 4/28/39 1,864,048
The accompanying notes are an integral part of these financial statements. 22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,622,466 0.65 A+/Ba1 Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35 $ 2,570,992 838,498 0.65 AA+/NR Bear Stearns Asset Backed Securities I Trust 2005-HE8, Floating Rate Note, 8/25/35 836,239 6,226 1.15 AAA/NR Bear Stearns Asset Backed Securities Trust 2004-2, Floating Rate Note, 8/25/34 6,071 301,969 1.35 AAA/NR Bear Stearns Asset Backed Securities Trust 2004-2, Floating Rate Note, 8/25/34 295,223 158,940 0.72 AA+/A3 Bear Stearns Asset Backed Securities Trust 2004-SD3, Floating Rate Note, 9/25/34 154,610 115,814 0.55 AAA/A1 Bear Stearns Asset Backed Securities Trust 2005-SD1, Floating Rate Note, 8/25/43 114,254 714,333 0.62 AA+/NR Bear Stearns Asset Backed Securities Trust 2005-SD2, Floating Rate Note, 3/25/35 706,743 151,804 0.55 AA+/NR Bear Stearns Asset Backed Securities Trust 2005-SD2, Floating Rate Note, 3/25/35 150,049 767,724 0.28 CCC/Ba1 Bear Stearns Asset Backed Securities Trust 2006-4, Floating Rate Note, 10/25/36 760,657 1,546,226 0.90 AAA/A3 Bear Stearns Asset Backed Securities Trust, Floating Rate Note, 2/25/35 1,541,737 1,173,862 1.15 BBB/A1 Bear Stearns Structured Products Trust 2007-EMX1, Floating Rate Note, 3/25/37 (144A) 1,144,874 599,683 0.40 BB+/NR BNC Mortgage Loan Trust 2007-4, Floating Rate Note, 11/25/37 593,815 1,765,724 NR/NR CAM Mortgage Trust 2014-1, 3.3515%, 12/15/53 (Step) (144A) 1,767,380 3,213,214 0.89 AA/Baa3 Carrington Mortgage Loan Trust Series 2005-NC1, Floating Rate Note, 2/25/35 3,209,104 68,318 0.55 AA+/A1 Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35 67,296 2,337,281 0.33 BB+/Ba2 Carrington Mortgage Loan Trust Series 2006-OPT1, Floating Rate Note, 2/25/36 2,202,754 429,163 3.65 AA+/Aaa Centex Home Equity Loan Trust 2003-A, Floating Rate Note, 3/25/33 428,628 26,337 0.42 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1, Floating Rate Note, 1/25/36 26,180
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 23 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,799,790 0.35 A/Baa1 Citigroup Mortgage Loan Trust 2006-SHL1, Floating Rate Note, 11/25/45 (144A) $ 1,731,305 261,929 0.30 BB/Baa2 Citigroup Mortgage Loan Trust 2007-WFHE2, Floating Rate Note, 3/25/37 261,759 77,236 0.87 AAA/Aa2 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 10/25/34 77,216 258,879 1.17 BBB-/B1 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 11/25/34 237,694 22,705 0.55 AA+/NR Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 5/25/35 (144A) 22,509 8,117 NR/Baa3 Conseco Financial Corp., 7.05%, 1/15/19 8,360 32,223 0.52 AA+/A1 Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36 31,663 2,218,876 0.99 AA/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/34 2,210,003 698,252 0.54 AAA/Aa3 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 677,128 417,355 0.74 BBB/NR Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/35 (144A) 408,573 1,488,928 1.20 BBB-/Ba1 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/34 1,478,521 239,838 0.64 BBB+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35 238,551 308,731 5.15 BB+/Ba2 Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/33 311,876 1,656,429 1.05 A+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/35 1,638,929 571,173 0.97 A+/Baa1 Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/36 567,481 185,701 0.83 AAA/A1 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 178,447 45,431 1.05 AAA/A2 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 43,371 532,241 0.66 AA+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/35 523,991 411,407 0.59 A+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 7/25/35 411,056 212,337 0.42 A+/B2 Countrywide Home Equity Loan Trust, Floating Rate Note, 6/15/29 209,170 2,000,000 AA/NR Credit Acceptance Auto Loan Trust 2012-2, 2.21%, 9/15/20 (144A) 2,026,614 202,145 0.42 A+/A3 Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/25/36 (144A) 198,054
The accompanying notes are an integral part of these financial statements. 24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 356,280 BB+/Baa1 Credit-Based Asset Servicing and Securitization LLC, 4.67661%, 4/25/37 (Step) $ 358,100 1,238 D/NR Delta Funding Home Equity Loan Trust 1997-2, 7.04%, 6/25/27 1,257 469,757 NR/NR Direct Capital Funding V LLC, 0.7%, 9/20/14 (144A) 470,148 313,146 AA/NR Direct Capital Funding V LLC, 1.673%, 12/20/17 (144A) 313,146 375,929 4.24 BBB/Baa2 Drug Royalty II LP 1, Floating Rate Note, 1/15/25 (144A) 384,575 2,353,274 1.05 B-/Caa3 Ellington Loan Acquisition Trust 2007-1, Floating Rate Note, 5/28/37 (144A) 2,292,926 637,265 1.05 BB+/Ba2 Ellington Loan Acquisition Trust 2007-2, Floating Rate Note, 5/25/37 (144A) 625,601 1,016,318 0.47 AA+/A1 Equity One Mortgage Pass-Through Trust 2004-3, Floating Rate Note, 7/25/34 864,803 29,966 A-/NR EquiVantage Home Equity Loan Trust 1997-1, 8.05%, 3/25/28 (Step) 29,745 47,148 AA/NR Exeter Automobile Receivables Trust 2012-1, 2.02%, 8/15/16 (144A) 47,244 345,778 AA/NR Exeter Automobile Receivables Trust 2012-2, 1.3%, 6/15/17 (144A) 346,373 1,000,000 BBB/NR Exeter Automobile Receivables Trust 2012-2, 3.06%, 7/16/18 (144A) 1,010,976 728,169 1.23 BB+/B1 Fieldstone Mortgage Investment Trust Series 2005-1, Floating Rate Note, 3/25/35 706,050 58,727 1.23 AAA/NR First Franklin Mortgage Loan Trust 2004-FF10, Floating Rate Note, 9/25/34 58,612 1,862,766 0.66 NR/Baa1 First Franklin Mortgage Loan Trust 2005-FFH3, Floating Rate Note, 9/25/35 1,824,344 309,039 0.41 BBB+/Ba1 First Franklin Mortgage Loan Trust Series 2005-FF12, Floating Rate Note, 11/25/36 299,519 199,060 0.55 AA+/Aa2 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 194,904 1,455,297 0.38 AA/A2 Flagstar Home Equity Loan Trust 2005-1, Floating Rate Note, 6/25/18 (144A) 1,416,921 373,511 0.61 AA+/A3 Fremont Home Loan Trust 2005-2, Floating Rate Note, 6/25/35 372,854 879,591 0.80 A+/A3 Fremont Home Loan Trust 2005-B, Floating Rate Note, 4/25/35 875,567 800,000 NR/Aaa GE Equipment Small Ticket LLC Series 2013-1, 0.73%, 1/25/16 (144A) 801,514
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 25 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,520,000 NR/Aaa GE Equipment Transportation LLC Series 2013-2, 0.61%, 6/24/16 $ 1,521,155 1,893,116 NR/NR GMAT 2013-1 Trust, 3.9669%, 8/25/53 (Step) 1,839,788 1,175,488 0.83 A+/NR GreenPoint Mortgage Funding Trust 2005-HE1, Floating Rate Note, 9/25/34 1,156,809 869,060 0.59 A+/Ba3 GreenPoint Mortgage Funding Trust 2005-HE4, Floating Rate Note, 7/25/30 864,434 237,251 0.87 A+/Ba3 GreenPoint Mortgage Funding Trust 2005-HE4, Floating Rate Note, 7/25/30 236,143 346,074 0.48 AA+/A2 GSAA Home Equity Trust 2004-11, Floating Rate Note, 12/25/34 335,704 1,065,768 0.40 B+/B3 GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35 1,066,381 1,511,275 0.87 AAA/Aaa GSAMP Trust 2004-HE2, Floating Rate Note, 9/25/34 1,435,718 3,898,600 0.80 BBB/A3 GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 3,880,974 100,370 0.70 AAA/Aaa GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 100,302 684,474 0.90 AA+/Ba1 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 671,436 2,894,114 0.45 A/NR GSAMP Trust 2006-SEA1, Floating Rate Note, 5/25/36 (144A) 2,833,873 1,247,124 1.50 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2, Floating Rate Note, 6/25/33 1,194,151 788,127 0.45 AA+/A3 GSRPM Mortgage Loan Trust 2006-1, Floating Rate Note, 3/25/35 (144A) 765,062 974,935 0.45 A+/Baa1 GSRPM Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36 (144A) 915,761 4,240,000 AAA/NR HLSS Servicer Advance Receivables Backed Notes Series 2013-T2, 1.1472%, 5/16/44 (144A) 4,225,584 3,360,000 AAA/NR HLSS Servicer Advance Receivables Trust, 1.4953%, 1/16/46 (144A) 3,353,280 3,404,000 0.62 A+/A3 Home Equity Asset Trust 2005-6, Floating Rate Note, 12/25/35 3,351,796 2,356,773 0.53 A+/A2 Home Equity Asset Trust 2005-7, Floating Rate Note, 1/25/36 2,274,083 431,054 0.32 BB+/A2 Home Equity Asset Trust 2006-4, Floating Rate Note, 8/25/36 421,251 2,659,630 0.26 CCC/Ba1 Home Equity Asset Trust 2006-8, Floating Rate Note, 3/25/37 2,605,937 171,561 0.42 A/A3 Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2005-C, Floating Rate Note, 10/25/35 170,725
The accompanying notes are an integral part of these financial statements. 26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,193,041 0.57 NR/Baa1 HomeBanc Mortgage Trust 2005-2, Floating Rate Note, 5/25/25 $ 2,148,827 1,888,871 0.61 AAA/Aaa Homestar Mortgage Acceptance Corp., Floating Rate Note, 1/25/35 1,871,916 2,357,523 NR/A2 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) 2,361,943 251,294 0.42 AAA/Aaa HSBC Home Equity Loan Trust 2005-3, Floating Rate Note, 1/20/35 249,805 581,841 0.58 AA+/Aa1 HSBC Home Equity Loan Trust 2005-3, Floating Rate Note, 1/20/35 577,859 4,674,000 0.40 AAA/Aa1 HSBC Home Equity Loan Trust USA 2006-3, Floating Rate Note, 3/20/36 4,542,189 80,666 1.31 AA+/Aaa HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 79,953 1,723,292 1.36 A+/Aa2 HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 1,710,709 1,800,000 2.00 NR/A2 Invitation Homes 2013-SFR1 Trust, Floating Rate Note, 12/17/30 1,796,652 1,037,780 1.65 A+/A3 Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28 1,025,834 155,898 0.72 AAA/A1 Irwin Whole Loan Home Equity Trust 2005-C, Floating Rate Note, 4/25/30 155,784 835,833 0.49 BB/A2 IXIS Real Estate Capital Trust 2005-HE4, Floating Rate Note, 2/25/36 812,155 1,488,018 0.37 BB+/Ba1 JP Morgan Mortgage Acquisition Corp 2005-FRE1, Floating Rate Note, 10/25/35 1,445,846 1,047,959 0.30 BB/Baa3 JP Morgan Mortgage Acquisition Trust 2006-ACC1, Floating Rate Note, 5/25/36 1,025,094 92,598 0.21 BB+/Baa3 JP Morgan Mortgage Acquisition Trust 2007-CH4, Floating Rate Note, 12/25/29 92,392 1,112,911 0.40 A+/Aa1 Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A) 990,047 321,940 2.40 A+/A3 Madison Avenue Manufactured Housing Contract Trust 2002-A, Floating Rate Note, 3/25/32 321,689 720,077 0.89 A/Aa1 Merrill Lynch Mortgage Synthetic, Floating Rate Note, 6/28/35 (144A) 702,075 2,223,211 0.61 AAA/Aa2 Morgan Stanley ABS Capital I Inc Trust 2004-SD3, Floating Rate Note, 6/25/34 (144A) 2,204,607 90,180 0.86 AA-/Ba2 Morgan Stanley ABS Capital I Inc Trust 2005-WMC3, Floating Rate Note, 3/25/35 89,731
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 27 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,564,252 0.78 AA/A3 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2, Floating Rate Note, 3/25/35 $ 1,545,916 259,731 0.23 CCC/Baa1 Morgan Stanley Structured Trust, Floating Rate Note, 6/25/37 249,361 1,775,100 0.65 AAA/NR Motor 2013-1 Plc, Floating Rate Note, 2/25/21 (144A) 1,774,553 2,250,000 AAA/NR Nationstar Agency Advance Funding Trust 2013-T1A, 0.997%, 2/15/45 (144A) 2,244,690 773,817 0.30 B-/Caa2 Nationstar Home Equity Loan Trust 2007-A, Floating Rate Note, 3/25/37 731,451 908,000 AAA/NR Nationstar Mortgage Advance Receivables Trust 2013-T2, 1.679%, 6/20/46 (144A) 903,741 803,247 0.85 AAA/Aaa New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35 784,917 199,875 0.41 NR/Aaa New Century Home Equity Loan Trust 2005-2, Floating Rate Note, 6/25/35 199,722 1,533,669 1.28 BBB+/Baa3 New Century Home Equity Loan Trust Series 2003-4, Floating Rate Note, 10/25/33 1,484,099 147,602 0.62 A+/Aa3 Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2005-FM1, Floating Rate Note, 5/25/35 146,205 215,202 0.36 A+/A1 Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE1, Floating Rate Note, 2/25/36 214,224 495,428 0.93 BBB+/Ba3 NovaStar Mortgage Funding Trust Series 2003-1, Floating Rate Note, 5/25/33 483,200 2,443,000 1.80 AA/A1 NovaStar Mortgage Funding Trust Series 2004-4, Floating Rate Note, 3/25/35 2,404,037 214,801 0.95 AA+/NR Option One Mortgage Loan Trust 2005-1, Floating Rate Note, 2/25/35 210,096 1,690,623 0.41 AA+/Aa3 Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35 1,660,300 46,064 AA/A2 Option One Mortgage Loan Trust 2007-FXD2, 5.9%, 3/25/37 (Step) 44,387 1,627,074 1.28 NR/Baa1 Option One Woodbridge Loan Trust 2002-1, Floating Rate Note, 9/25/14 (144A) 1,606,748 1,134,455 5.46 AAA/Aa3 Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35 1,170,605 679,411 NR/A2 Oxford Finance Funding Trust 2012-1, 3.9%, 3/15/17 (144A) 685,780 475,322 1.09 AA+/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-MCW, Floating Rate Note, 10/25/34 472,360
The accompanying notes are an integral part of these financial statements. 28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 149,353 1.20 AAA/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-MHQ, Floating Rate Note, 12/25/34 $ 149,538 756,202 1.08 AA+/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WCW2, Floating Rate Note, 10/25/34 756,023 595,703 1.17 AA+/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WWF, Floating Rate Note, 12/25/34 594,507 1,961,193 0.52 BBB+/Baa2 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ4, Floating Rate Note, 9/25/35 1,941,183 2,185,723 0.86 AAA/Aaa PFS Financing Corp., Floating Rate Note, 10/17/16 (144A) 2,188,899 325,276 1.66 A/NR PFS Financing Corp., Floating Rate Note, 10/17/16 (144A) 326,335 2,340,000 0.70 AAA/Aaa PFS Financing Corp., Floating Rate Note, 2/15/18 (144A) 2,341,329 2,000,000 0.75 AAA/Aaa PFS Financing Corp., Floating Rate Note, 2/15/19 (144A) 1,999,998 1,800,000 NR/NR Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 1,804,500 2,676,848 0.81 AA/A1 Quest Trust, Floating Rate Note, 3/25/34 (144A) 2,604,273 1,488,284 1.10 A+/A2 RAAC Series 2005-RP1 Trust, Floating Rate Note, 7/25/37 (144A) 1,467,613 1,617,798 0.80 AA/Aa2 RAAC Series 2005-RP2 Trust, Floating Rate Note, 6/25/35 (144A) 1,603,241 1,782,573 0.95 BBB+/Baa1 RAAC Series 2005-RP3 Trust, Floating Rate Note, 5/25/39 (144A) 1,733,237 933,933 0.45 AA+/Aa3 RAAC Series 2006-RP1 Trust, Floating Rate Note, 10/25/45 (144A) 923,377 3,219,058 0.40 B/Baa2 RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A) 3,114,281 268,977 1.80 AA+/A2 RAMP Series 2004-RS11 Trust, Floating Rate Note, 11/25/34 265,392 1,160,733 0.65 AA+/A1 RAMP Series 2005-RS6 Trust, Floating Rate Note, 6/25/35 1,141,952 33,880 0.42 AA+/A1 RAMP Series 2005-RZ3 Trust, Floating Rate Note, 9/25/35 33,860 735,136 0.41 AA+/A1 RAMP Series 2005-RZ4 Trust, Floating Rate Note, 11/25/35 732,204 41,843 0.35 AA+/A1 RAMP Series 2006-EFC1 Trust, Floating Rate Note, 2/25/36 41,620
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 29 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 395,164 0.34 B+/Ba3 RAMP Series 2006-NC1 Trust, Floating Rate Note, 1/25/36 $ 385,714 3,246,882 0.31 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36 3,127,068 77,160 0.63 AA+/Aa3 RASC Series 2005-EMX2 Trust, Floating Rate Note, 7/25/35 75,835 227,617 0.80 AA/A2 RASC Series 2005-KS3 Trust, Floating Rate Note, 4/25/35 225,579 738,974 0.59 AA+/A1 RASC Series 2005-KS7 Trust, Floating Rate Note, 8/25/35 732,654 627,207 0.37 BBB+/A3 RASC Series 2006-KS1 Trust, Floating Rate Note, 2/25/36 621,613 609,635 0.33 CCC/B2 RASC Series 2007-KS3 Trust, Floating Rate Note, 4/25/37 598,488 1,500,000 0.00 NR/NR Resimac MBS Trust, Floating Rate Note, 3/7/15 (144A) 1,500,026 1,621,986 1.65 NR/Aa2 RFSC Series 2003-RP2 Trust, Floating Rate Note, 7/25/41 (144A) 1,600,195 110,570 0.63 AAA/NR Salomon Brothers Mortgage Securities VII, Inc., Floating Rate Note, 3/25/28 108,268 149,420 1.05 BBB+/Ba3 Salomon Mortgage Loan Trust Series 2001-CB4, Floating Rate Note, 11/25/33 139,848 1,265,915 0.70 AA/A3 SASCO Mortgage Loan Trust 2005-GEL1, Floating Rate Note, 12/25/34 1,239,489 678,432 0.43 AAA/Aa1 SASCO Mortgage Loan Trust 2005-GEL2, Floating Rate Note, 4/25/35 665,897 768,216 2.63 A+/B2 SASCO Mortgage Pass-Through Certificates Series 2004-S4, Floating Rate Note, 12/25/34 768,982 1,945,000 0.61 A+/A3 Saxon Asset Securities Trust 2005-3, Floating Rate Note, 11/25/35 1,854,258 2,097,470 0.38 AA+/Aa1 Saxon Asset Securities Trust 2005-4, Floating Rate Note, 11/25/37 2,046,478 131,804 0.26 BBB-/Ba3 Saxon Asset Securities Trust 2006-3, Floating Rate Note, 10/25/46 131,558 1,059,408 0.50 A+/A2 SBI Home Equity Loan Trust 2006-1, Floating Rate Note, 8/25/36 (144A) 1,025,644 650,000 NR/Aaa SMART Trust/Australia, 1.59%, 10/14/16 (144A) 654,716 2,500,000 0.59 NR/Aaa SMART Trust/Australia, Floating Rate Note, 1/14/17 2,500,218 42,999 0.71 NR/Aaa SMART Trust/Australia, Floating Rate Note, 3/14/15 (144A) 43,005 568,972 0.49 NR/Aaa SMART Trust/Australia, Floating Rate Note, 6/14/15 569,034
The accompanying notes are an integral part of these financial statements. 30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,500,000 0.46 NR/Aaa SMART Trust/Australia, Floating Rate Note, 7/14/16 $ 1,500,018 1,785,000 0.61 NR/Aaa SMART Trust/Australia, Floating Rate Note, 9/14/16 1,785,000 784,078 AA/NR SNAAC Auto Receivables Trust 2013-1, 1.14%, 7/16/18 (144A) 785,611 12,103 AA/NR SNAAC Auto Receivables Trust, 1.78%, 6/15/16 (144A) 12,108 1,800,000 BBB/NR SNAAC Auto Receivables Trust, 4.38%, 6/15/17 (144A) 1,828,490 543,465 0.60 AA/A3 Soundview Home Loan Trust 2005-DO1, Floating Rate Note, 5/25/35 542,205 993,849 0.41 BB+/NR Soundview Home Loan Trust 2005-OPT4, Floating Rate Note, 12/25/35 961,087 102,511 0.34 AA+/Aaa South Carolina Student Loan Corp., Floating Rate Note, 12/3/18 102,458 652,831 0.54 AA+/A2 Specialty Underwriting & Residential Finance Trust Series 2005-AB2, Floating Rate Note, 6/25/36 633,959 577,905 0.35 BBB+/Baa1 Specialty Underwriting & Residential Finance Trust Series 2006-BC1, Floating Rate Note, 12/25/36 569,853 3,640,376 0.45 BBB+/Ba2 Specialty Underwriting & Residential Finance Trust Series 2006-BC1, Floating Rate Note, 12/25/36 3,440,727 2,000,000 A/NR Springleaf Funding Trust 2013-A, 2.58%, 9/15/21 (144A) 2,012,040 327,356 NR/NR Stanwich Mortgage Loan Co. 2012-NPL4 LLC, 2.9814%, 9/15/42 (144A) 328,138 1,859,985 NR/NR Stanwich Mortgage Loan Trust, 2.9814%, 2/16/43 (144A) 1,876,996 192,528 0.75 AA+/Aa1 Structured Asset Investment Loan Trust 2005-4, Floating Rate Note, 5/25/35 192,468 2,600,000 0.87 A/A3 Structured Asset Investment Loan Trust 2005-6, Floating Rate Note, 7/25/35 2,558,351 1,359,428 0.35 CCC/Ba3 Structured Asset Investment Loan Trust 2006-1, Floating Rate Note, 1/25/36 1,316,586 2,315,838 0.45 A+/Caa2 Structured Asset Securities Corp Mortgage Loan Trust 2005-S7, Floating Rate Note, 12/25/35 (144A) 2,233,338 3,458,208 0.30 B-/B2 Structured Asset Securities Corp Mortgage Loan Trust 2006-EQ1, Floating Rate Note, 7/25/36 (144A) 3,359,847 2,747,494 0.37 B-/Baa3 Structured Asset Securities Corp Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A) 2,659,072
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 31 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 266,070 0.21 BB/A1 Structured Asset Securities Corp Mortgage Loan Trust 2007-BC3, Floating Rate Note, 5/25/47 $ 262,268 239,620 0.26 BBB+/A3 Structured Asset Securities Corp. Mortgage Loan Trust 2006-BC4, Floating Rate Note, 12/25/36 239,048 739,447 1.09 AA+/A1 Terwin Mortgage Trust Series TMTS 2003-8HE, Floating Rate Note, 12/25/34 721,508 655,951 0.60 AA+/A2 Terwin Mortgage Trust Series TMTS 2005-10HE, Floating Rate Note, 6/25/36 638,028 1,335,000 2.56 AAA/Aaa Trafigura Securitisation Finance Plc, Floating Rate Note, 10/15/15 (144A) 1,349,418 34,851 AAA/NR United Auto Credit Securitization Trust 2012-1, 1.1%, 3/16/15 (144A) 34,856 1,500,000 AA+/NR United Auto Credit Securitization Trust 2012-1, 1.87%, 9/15/15 (144A) 1,503,369 1,645,000 AA-/NR United Auto Credit Securitization Trust 2012-1, 2.52%, 3/15/16 1,657,569 1,276,254 AAA/NR United Auto Credit Securitization Trust 2013-1, 0.95%, 9/15/15 (144A) 1,277,191 1,900,000 AA/NR United Auto Credit Securitization Trust 2013-1, 1.74%, 4/15/16 (144A) 1,909,783 142,050 0.56 AAA/A3 Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust, Floating Rate Note, 11/25/35 141,581 39,972 0.43 NR/Baa1 Wilshire Mortgage Loan Trust, Floating Rate Note, 5/25/28 38,826 -------------- $ 235,766,496 -------------- Total Banks $ 235,910,815 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 9.0% Other Diversified Financial Services -- 2.2% 405,229 0.50 AA-/Aa3 321 Henderson Receivables I LLC, Floating Rate Note, 9/15/45 (144A) $ 393,750 1,000,000 NR/Aaa Ascentium Equipment Receivables LLC, 1.04%, 1/10/17 999,892 539,795 NR/NR Ascentium Equipment Receivables LLC, 1.83%, 9/15/19 (144A) 539,483 864,194 NR/NR AXIS Equipment Finance Receivables II LLC, 1.75%, 6/20/16 864,393 1,050,000 0.52 AAA/Aaa Barclays Dryrock Issuance Trust 2014-1, Floating Rate Note, 12/16/19 1,050,609 3,000,000 0.56 AAA/NR BMW Floorplan Master Owner Trust, Floating Rate Note, 9/15/17 (144A) 3,008,136
The accompanying notes are an integral part of these financial statements. 32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 712,461 NR/Aaa BMW Vehicle Lease Trust 2013-1, 0.4%, 1/20/15 $ 712,424 510,486 NR/Aaa BMW Vehicle Owner Trust 2011-A, 0.76%, 8/25/15 511,084 1,032,292 AAA/Aaa Capital Auto Receivables Asset Trust/ Ally, 0.47%, 3/20/15 1,032,141 800,823 AAA/NR CCG Receivables Truste 2013-1, 1.05%, 4/14/20 (144A) 802,619 629,027 AAA/NR CNH Equipment Trust 2011-C, 1.19%, 12/15/16 631,055 1,275,000 0.76 NR/Aaa CNH Wholesale Master Note Trust, Floating Rate Note, 8/15/19 (144A) 1,276,524 646,311 0.30 AAA/Aaa Crusade Global Trust, Floating Rate Note, 8/14/37 (d) 643,609 690,000 0.36 AAA/Aaa Discover Card Execution Note Trust, Floating Rate Note, 1/16/18 690,451 800,000 0.36 AAA/Aaa Discover Card Execution Note Trust, Floating Rate Note, 3/15/17 800,224 847,784 AA+/NR DT Auto Owner Trust 2012-2, 1.85%, 4/17/17 (144A) 848,614 417,873 AAA/NR DT Auto Owner Trust 2013-1, 0.75%, 5/16/16 (144A) 418,066 2,000,000 AAA/NR Enterprise Fleet Financing LLC, 0.87%, 9/20/19 1,999,982 100,000 AAA/Aaa Fifth Third Auto 2013-1, 0.59%, 3/15/16 100,094 1,021,616 0.44 AA/Aa2 GE Business Loan Trust 2004-1, Floating Rate Note, 5/15/32 (144A) 976,190 3,187,121 0.34 A/Aa3 GE Business Loan Trust 2006-2, Floating Rate Note, 11/15/34 (144A) 2,951,823 1,205,000 0.86 AAA/Aaa Gracechurch Card Funding Plc, Floating Rate Note, 2/15/17 (144A) 1,209,953 1,300,000 1.00 AAA/Aaa Gracechurch Card Funding Plc, Floating Rate Note, 5/15/19 (144A) 1,300,598 1,300,000 0.86 AAA/Aaa Gracechurch Card Funding Plc, Floating Rate Note, 6/15/17 (144A) 1,306,028 409,137 NR/Aaa Honda Auto Receivables 2011-1 Owner Trust, 1.8%, 4/17/17 409,821 950,000 AAA/Aaa Honda Auto Receivables 2011-2 Owner Trust, 1.55%, 8/18/17 954,778 969,385 AAA/NR Honda Auto Receivables 2012-2 Owner Trust, 0.7%, 2/16/16 971,169 594,860 AAA/NR Honda Auto Receivables 2013-1 Owner Trust, 0.35%, 6/22/15 594,842 100,000 NR/Aaa John Deere Owner Trust 2013-B, 0.55%, 1/15/16 100,088 216,133 1.13 AA+/A3 MASTR Asset Backed Securities Trust 2004-HE1, Floating Rate Note, 9/25/34 215,807
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 33 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 121,692 0.40 AA+/Aa2 MASTR Asset Backed Securities Trust 2005-FRE1, Floating Rate Note, 10/25/35 $ 121,341 2,685,279 0.38 BB+/Baa2 MASTR Asset Backed Securities Trust 2006-AB1, Floating Rate Note, 2/25/36 2,629,245 4,156,671 0.34 B-/Ba3 MASTR Asset Backed Securities Trust 2006-NC1, Floating Rate Note, 1/25/36 4,066,334 2,109,514 0.45 A/NR MASTR Specialized Loan Trust, Floating Rate Note, 1/25/36 (144A) 1,978,971 733,887 0.31 AA+/Aaa Nelnet Student Loan Trust 2005-1, Floating Rate Note, 10/26/20 731,527 41,632 AAA/NR Prestige Auto Receivables Trust 2012-1, 1.23%, 12/15/15 (144A) 41,640 1,900,000 AAA/NR Prestige Auto Receivables Trust, 0.97%, 3/15/18 (144A) 1,899,749 998,351 0.91 A+/B2 SACO I Trust 2005-8, Floating Rate Note, 11/25/35 992,209 1,388,333 0.41 A-/Baa1 Textainer Marine Containers, Ltd., Floating Rate Note, 5/15/20 (144A) 1,385,466 925,000 1.85 B/B2 Truman Capital Mortgage Loan Trust, Floating Rate Note, 1/25/34 908,507 2,000,000 0.53 AAA/NR World Financial Network Credit Card Master Trust, Floating Rate Note, 2/15/19 2,000,070 -------------- $ 45,069,306 ----------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.5% 250,000 0.96 AAA/Aaa Ally Master Owner Trust, Floating Rate Note, 2/15/17 $ 251,029 3,000,000 1.23 NR/Aaa Ally Master Owner Trust, Floating Rate Note, 8/15/17 3,030,126 888,000 0.60 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 10/20/17 890,164 350,000 0.73 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 2/20/17 350,952 1,190,000 0.56 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 4/20/18 1,193,207 2,000,000 0.65 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 6/20/17 2,006,524 500,000 1.06 NR/Aa2 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 6/20/17 498,766 1,200,000 0.76 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 7/20/16 1,201,380 197,315 NR/A2 Hercules Capital Funding Trust 2012-1, 3.32%, 12/16/17 (144A) 197,931 -------------- $ 9,620,079 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Consumer Finance -- 5.7% 255,907 AAA/NR Ally Auto Receivables Trust 2011-2, 1.98%, 4/15/16 $ 257,747 602,000 NR/Aaa Ally Auto Receivables Trust 2011-3, 1.61%, 5/16/16 605,503 90,912 AAA/Aaa Ally Auto Receivables Trust 2011-4, 0.79%, 9/15/15 90,949 6,292 AAA/Aaa Ally Auto Receivables Trust 2012-4, 0.48%, 5/15/15 6,292 77,376 AAA/NR Ally Auto Receivables Trust 2012-SN1, 0.51%, 12/22/14 77,381 1,500,000 0.41 NR/Aaa Ally Auto Receivables Trust 2013-2, Floating Rate Note, 7/15/16 1,500,886 145,635 AA/NR American Credit Acceptance Receivables Trust 2012-2, 1.89%, 7/15/16 (144A) 146,004 942,020 A+/NR American Credit Acceptance Receivables Trust 2013-1, 1.45%, 4/16/18 (144A) 945,879 513,917 AA/NR American Credit Acceptance Receivables Trust 2013-2, 1.32%, 2/15/17 (144A) 514,673 566,314 AA/NR American Credit Acceptance Receivables Trust 2014-1, 1.14%, 3/12/18 (144A) 566,470 449,111 A+/NR American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A) 450,216 50,000 0.42 NR/Aaa American Express Credit Account Master Trust, Floating Rate Note, 1/15/20 50,048 250,000 1.36 AAA/Aaa American Express Credit Account Master Trust, Floating Rate Note, 2/15/18 253,493 4,645,000 1.40 AAA/Aaa American Express Credit Account Master Trust, Floating Rate Note, 3/15/17 4,666,023 8,890,000 0.30 AAA/NR American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 8,888,755 585 NR/Aaa AmeriCredit Automobile Receivables Trust 2011-3, 1.17%, 1/8/16 585 749,374 AAA/NR AmeriCredit Automobile Receivables Trust 2012-5, 0.51%, 1/8/16 749,421 875,240 AAA/NR AmeriCredit Automobile Receivables Trust 2013-1, 0.49%, 6/8/16 875,386 1,417,646 AAA/Aaa AmeriCredit Automobile Receivables Trust 2013-4, 0.74%, 11/8/16 1,419,445 6,150,000 0.22 AAA/Aaa BA Credit Card Trust, Floating Rate Note, 12/15/16 6,149,822 2,392,000 1.60 AAA/NR Cabela's Master Credit Card Trust, Floating Rate Note, 1/16/18 (144A) 2,414,746 150,000 0.68 AAA/NR Cabela's Master Credit Card Trust, Floating Rate Note, 2/18/20 (144A) 151,165 900,000 0.53 AAA/NR Cabela's Master Credit Card Trust, Floating Rate Note, 3/16/20 (144A) 900,075 1,500,000 0.76 AAA/NR Cabela's Master Credit Card Trust, Floating Rate Note, 6/17/19 (144A) 1,510,212
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 35 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Consumer Finance -- (continued) 518,005 NR/Aa2 California Republic Auto Receivables Trust 2012-1, 1.18%, 8/15/17 (144A) $ 520,095 2,512,000 0.38 AAA/Aaa Capital One Multi-Asset Execution Trust, Floating Rate Note, 3/15/17 2,512,219 6,045,000 0.24 AAA/Aaa Capital One Multi-Asset Execution Trust, Floating Rate Note, 8/15/18 6,036,513 20,438 0.89 AAA/A1 Chase Funding Trust Series 2002-4, Floating Rate Note, 10/25/32 19,201 2,700,000 0.30 AAA/NR Chase Issuance Trust, Floating Rate Note, 10/16/17 2,700,589 3,380,000 0.26 AAA/NR Chase Issuance Trust, Floating Rate Note, 2/15/17 3,379,091 4,355,000 0.26 AAA/NR Chase Issuance Trust, Floating Rate Note, 5/16/16 4,354,943 5,880,000 0.28 AAA/NR Chase Issuance Trust, Floating Rate Note, 8/15/17 5,878,848 200,000 AAA/Aaa Citibank Credit Card Issuance Trust, 4.9%, 12/12/16 206,244 3,500,000 0.30 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 11/25/16 3,500,924 3,070,000 0.30 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 12/12/16 3,070,648 9,931,000 0.40 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 2/7/18 9,943,136 9,450,000 0.25 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 4/24/17 9,445,927 1,900,000 1.36 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 5/22/17 1,922,295 1,610,267 0.41 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 6/7/16 1,610,579 515,938 AA-/A1 CPS Auto Receivables Trust 2013-B, 1.82%, 9/15/20 (144A) 517,006 700,000 AA-/Aa3 CPS Auto Trust, 1.38%, 8/15/18 699,939 505,691 AA-/A1 CPS Auto Trust, 1.82%, 12/16/19 (144A) 509,583 2,000,000 0.30 AAA/Aaa Dryrock Issuance Trust, Floating Rate Note, 8/15/17 1,999,020 1,000,000 A+/NR First Investors Auto Owner Trust 2011-1, 7.17%, 2/15/18 (144A) 1,002,300 587,679 AAA/NR First Investors Auto Owner Trust 2013-2, 1.23%, 3/15/19 (144A) 589,390 1,222,804 NR/Aaa Ford Credit Auto Lease Trust 2013-A, 0.46%, 5/15/15 1,222,895 922,504 AAA/Aaa Ford Credit Auto Owner Trust 2011-A, 1.65%, 5/15/16 927,212 1,151,627 AAA/NR Ford Credit Auto Owner Trust 2013-C, 0.55%, 4/15/16 1,152,626
The accompanying notes are an integral part of these financial statements. 36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Consumer Finance -- (continued) 950,000 AAA/Aaa Ford Credit Auto Owner Trust 2014-A, 0.48%, 11/15/16 $ 950,206 900,000 0.55 AAA/Aaa Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 2/15/19 900,032 2,075,000 0.50 AAA/Aaa Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 9/15/16 2,076,897 829,779 AAA/Aaa Hyundai Auto Lease Securitization Trust 2012-A, 0.92%, 8/17/15 (144A) 831,085 847,910 AAA/Aaa Hyundai Auto Receivables Trust 2013-A, 0.4%, 12/15/15 848,208 1,127,031 1.16 AA-/NR Hyundai Capital Auto Funding VIII, Ltd., Floating Rate Note, 9/20/16 (144A) 1,120,833 1,000,000 0.42 NR/Aaa Mercedes-Benz Master Owner Trust, Floating Rate Note, 11/15/16 (144A) 1,000,320 760,000 0.42 NR/Aaa Nissan Auto Lease Trust 2013-B, Floating Rate Note, 1/15/16 760,720 742,721 NR/Aaa Nissan Auto Lease Trust, 0.98%, 5/15/15 743,320 957,625 0.26 NR/Aaa Nissan Auto Lease Trust, Floating Rate Note, 6/15/15 957,538 602,646 NR/Aaa Nissan Auto Receivables 2013-A Owner Trust, 0.37%, 9/15/15 602,640 570,000 0.62 NR/Aaa Nissan Master Owner Trust Receivables, Floating Rate Note, 5/15/17 571,606 49,713 AAA/NR Santander Drive Auto Receivables Trust 2010-1, 1.84%, 11/17/14 49,743 59,171 AA+/NR Santander Drive Auto Receivables Trust 2011-S2, 2.06%, 6/15/17 (144A) 59,173 16,853 AA/NR Santander Drive Auto Receivables Trust 2011-S2, 2.86%, 6/15/17 (144A) 16,866 337,828 AAA/Aaa Santander Drive Auto Receivables Trust 2012-2, 1.22%, 12/15/15 338,084 1,580,643 AAA/Aaa Santander Drive Auto Receivables Trust 2012-5, 0.83%, 12/15/16 1,582,739 987,000 NR/Aaa Santander Drive Auto Receivables Trust, 0.62%, 7/15/16 987,373 998,735 AAA/NR Volkswagen Auto Lease Trust 2012-A, 0.87%, 7/20/15 1,000,655 1,807,186 0.41 AAA/Aaa Volkswagen Auto Lease Trust 2013-A, Floating Rate Note, 12/21/15 1,808,055 1,500,000 0.37 AAA/Aaa Volkswagen Auto Lease Trust 2014-A, Floating Rate Note, 10/20/16 1,500,074 1,453,618 AAA/Aaa Volvo Financial Equipment LLC Series 2013-1, 0.53%, 11/16/15 (144A) 1,453,871 1,700,000 AAA/Aaa Volvo Financial Equipment LLC, 0.54%, 11/15/16 (144A) 1,699,995 -------------- $ 118,772,432 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 37 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.1% 1,419,146 NR/A3 Navitas Equipment Receivables LLC 2013-1, 1.95%, 11/15/16 $ 1,419,491 147,469 0.29 BBB+/Baa2 Triton Container Finance LLC, Floating Rate Note, 2/26/19 (144A) 146,878 -------------- $ 1,566,369 ----------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.5% 2,412,539 0.91 AAA/Aaa Chesapeake Funding LLC, Floating Rate Note, 11/7/23 (144A) $ 2,421,670 250,000 2.16 A/A1 Chesapeake Funding LLC, Floating Rate Note, 11/7/23 (144A) 253,103 1,900,000 0.58 NR/Aaa Chesapeake Funding LLC, Floating Rate Note, 3/7/26 1,900,023 1,680,066 1.41 AAA/Aaa Chesapeake Funding LLC, Floating Rate Note, 4/7/24 (144A) 1,695,716 1,693,651 0.61 NR/Aaa Chesapeake Funding LLC, Floating Rate Note, 5/7/24 (144A) 1,696,209 200,000 1.31 NR/Aa2 Chesapeake Funding LLC, Floating Rate Note, 5/7/24 (144A) 201,687 1,590,184 0.34 BBB/Baa3 CLI Funding LLC, Floating Rate Note, 8/18/21 (144A) 1,576,429 -------------- $ 9,744,837 -------------- Total Diversified Financials $ 184,773,023 ----------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.0%+ Real Estate Services -- 0.0%+ 537,448 0.34 BBB+/Ba2 HSI Asset Securitization Corp. Trust 2006-OPT1, Floating Rate Note, 12/25/35 $ 523,718 -------------- Total Real Estate $ 523,718 ----------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.2% Municipal Student Loan -- 0.0%+ 1,201,652 1.14 AA+/NR Louisiana Public Facilities Authority, Floating Rate Note, 4/26/27 $ 1,209,163 ----------------------------------------------------------------------------------------------------------- Government -- 0.2% 1,603,067 2.15 NR/NR Fannie Mae Connecticut Avenue Securities, Floating Rate Note, 10/25/23 $ 1,632,868 2,110,661 1.60 NR/Baa1 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 11/25/23 2,122,523 -------------- $ 3,755,391 -------------- Total Government $ 4,964,554 ----------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $432,428,555) $ 433,691,094 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 30.8% TRANSPORTATION -- 0.1% Trucking -- 0.1% 1,000,000 0.71 NR/Aaa Hertz Fleet Lease Funding LP, Floating Rate Note, 12/10/27 (144A) $ 1,002,142 500,000 1.21 NR/Aa2 Hertz Fleet Lease Funding LP, Floating Rate Note, 12/10/27 (144A) 501,620 -------------- $ 1,503,762 -------------- Total Transportation $ 1,503,762 ----------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.0%+ Hotels, Resorts & Cruise Lines -- 0.0%+ 935,118 AAA/NR Motel 6 Trust, 1.5%, 10/5/25 (144A) $ 928,784 -------------- Total Consumer Services $ 928,784 ----------------------------------------------------------------------------------------------------------- BANKS -- 18.7% Thrifts & Mortgage Finance -- 18.7% 1,400,000 NR/NR A10 Securitization 2013-1 LLC, 2.4%, 11/15/25 (144A) $ 1,403,899 1,250,000 0.96 AA-/Aa1 ACA CLO 2006-2, Ltd., Floating Rate Note, 1/20/21 (144A) 1,216,769 1,800,000 0.47 AA+/Aaa ACAS CLO 2007-1, Ltd., Floating Rate Note, 4/20/21 1,773,436 524,825 2.45 AA+/Baa1 Adjustable Rate Mortgage Trust 2004-1, Floating Rate Note, 1/25/35 524,619 1,266,865 0.93 AAA/A1 Adjustable Rate Mortgage Trust 2005-2, Floating Rate Note, 6/25/35 1,242,865 1,407,622 0.43 A+/Baa2 Adjustable Rate Mortgage Trust 2005-5, Floating Rate Note, 9/25/35 1,293,826 4,127 0.55 AA+/A3 Alternative Loan Trust 2002-18, Floating Rate Note, 2/25/33 4,108 767,882 0.78 BB-/NR Alternative Loan Trust 2003-3T1, Floating Rate Note, 5/25/33 758,354 216,581 BBB+/Baa1 Alternative Loan Trust 2004-18CB, 5.7%, 9/25/34 220,228 371,920 0.60 BBB+/Baa1 Alternative Loan Trust 2004-18CB, Floating Rate Note, 9/25/34 374,670 198,360 BBB+/Ba1 Alternative Loan Trust 2004-2CB, 5.125%, 3/25/34 199,284 41,813 0.55 BBB+/Ba1 Alternative Loan Trust 2004-2CB, Floating Rate Note, 3/25/34 41,563 1,005,245 BB+/Ba2 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 1,030,424 1,363,147 0.44 BBB+/Baa2 Alternative Loan Trust 2004-6CB, Floating Rate Note, 5/25/34 1,341,289 198,021 2.14 BBB+/A1 Ares VR CLO, Ltd., Floating Rate Note, 2/24/18 (144A) 196,402
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 39 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,732,100 0.42 AA/NR ASG Resecuritization Trust 2010-3, Floating Rate Note, 12/28/45 (144A) $ 2,644,094 2,275,000 1.30 NR/Aaa BAMLL Commercial Mortgage Securities Trust 2012-CLRN, Floating Rate Note, 8/15/29 (144A) 2,276,433 3,035,000 2.26 NR/A2 BAMLL Commercial Mortgage Securities Trust 2012-CLRN, Floating Rate Note, 8/15/29 (144A) 3,039,398 1,852,971 0.52 AA+/Baa2 Banc of America Funding 2004-B Trust, Floating Rate Note, 12/20/34 1,799,670 3,000,000 1.25 A-/Aaa Banc of America Large Loan Trust 2007-BMB1, Floating Rate Note, 8/15/29 (144A) 2,982,246 477,611 5.38 AAA/Aaa Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 6/10/39 477,512 1,973,227 4.86 AAA/Aaa Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 7/10/43 2,039,847 120,357 2.98 NR/NR Banc of America Mortgage 2003-A Trust, Floating Rate Note, 2/25/33 120,273 300,595 2.77 A-/NR Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33 304,138 457,459 2.62 NR/B2 Banc of America Mortgage 2004-I Trust, Floating Rate Note, 10/25/34 459,835 1,968,524 NR/NR Bayview Opportunity Master Fund IIA Trust 2012-4NPL, 3.9496%, 1/28/34 (Step) 1,970,299 492,151 2.98 NR/NR Bayview Opportunity Master Fund Trust IIB LP, Floating Rate Note, 1/28/33 (144A) 490,921 2,773,755 2.94 NR/NR BCAP LLC 2009-RR13-I Trust, Floating Rate Note, 9/26/35 (144A) 2,866,520 917,314 2.35 NR/NR BCAP LLC 2013-RR3 Trust, Floating Rate Note, 5/26/36 (144A) 937,964 71,884 2.62 A+/Baa3 Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 71,938 1,412,170 0.99 AA+/Baa1 Bear Stearns ALT-A Trust 2004-11, Floating Rate Note, 11/25/34 1,374,804 2,315,357 0.85 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 2,226,306 3,826,872 0.99 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 3,688,102 3,802,854 0.85 AAA/A3 Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35 3,683,543 557,979 0.89 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13, Floating Rate Note, 11/25/34 553,372
The accompanying notes are an integral part of these financial statements. 40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 3,089,859 0.75 A+/Ba1 Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34 $ 2,937,999 1,142,636 0.85 A+/A3 Bear Stearns ALT-A Trust 2004-8, Floating Rate Note, 9/25/34 1,103,744 157,793 0.65 AAA/Baa1 Bear Stearns ALT-A Trust 2005-2, Floating Rate Note, 3/25/35 152,193 1,435,616 2.50 BBB+/Baa2 Bear Stearns ARM Trust 2003-3, Floating Rate Note, 5/25/33 1,450,802 438,218 2.91 BBB+/B3 Bear Stearns ARM Trust 2004-3, Floating Rate Note, 7/25/34 438,113 653,060 2.21 A+/Baa3 Bear Stearns ARM Trust 2005-5, Floating Rate Note, 8/25/35 663,366 334,643 1.25 A+/Ba1 Bear Stearns Asset Backed Securities Trust 2003-AC5, Floating Rate Note, 10/25/33 316,665 1,330,000 NR/A3 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR8, 4.75%, 6/11/41 1,372,903 3,751,000 4.99 BBB+/Baa2 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9, Floating Rate Note, 9/11/42 3,895,567 567,226 2.57 NR/A3 Bear Stearns Mortgage Securities, Inc., Floating Rate Note, 6/25/30 581,563 1,375,000 1.90 AA-/NR Boca Hotel Portfolio Trust 2013-BOCA, Floating Rate Note, 8/15/26 (144A) 1,377,439 2,152,012 0.50 AAA/Aaa Castle Garden Funding, Floating Rate Note, 10/27/20 (144A) 2,136,352 563,254 NR/B2 Chase Mortgage Finance Trust Series 2005-S1, 5.5%, 5/25/35 579,522 412,946 0.70 NR/A3 CHL Mortgage Pass-Through Trust 2003-11, Floating Rate Note, 5/25/33 402,859 818,560 0.65 A-/NR CHL Mortgage Pass-Through Trust 2003-15, Floating Rate Note, 6/25/18 807,438 80,405 0.55 A+/NR CHL Mortgage Pass-Through Trust 2003-J7, Floating Rate Note, 8/25/18 77,792 3,307,889 0.69 AA+/Baa1 CHL Mortgage Pass-Through Trust 2004-29, Floating Rate Note, 2/25/35 3,098,619 1,223,991 NR/Baa1 CHL Mortgage Pass-Through Trust 2004-9, 5.25%, 6/25/34 1,250,984 489,888 NR/Caa1 CHL Mortgage Pass-Through Trust 2005-19, 5.5%, 8/25/35 485,971 470,484 0.50 AA+/Aaa CIFC Funding 2007-I, Ltd., Floating Rate Note, 5/10/21 462,777 21,421 NR/Baa3 Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-4, 5.0%, 7/25/20 22,365
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 41 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,867,098 NR/Ba2 Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-7, 5.0%, 10/25/35 $ 1,926,675 172,208 5.41 AAA/Aaa Citigroup Commercial Mortgage Trust 2004-C1, Floating Rate Note, 4/15/40 172,106 763,584 0.32 AA/Aaa Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 757,020 1,982,362 0.36 A/Aa2 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 1,963,141 497,205 0.40 BBB/A2 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 492,334 1,105,112 0.46 BB/A3 Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A) 1,091,524 1,864,917 1.15 AA+/NR Citigroup Mortgage Loan Trust 2010-7, Floating Rate Note, 9/25/37 (144A) 1,864,835 16,302 AA+/NR Citigroup Mortgage Loan Trust, Inc., 6.5%, 6/25/16 16,535 950,000 4.65 AA-/A3 City Center Trust 2011-CCHP, Floating Rate Note, 7/15/28 (144A) 955,032 1,534,429 0.75 AA+/Aaa CNL Commercial Mortgage Loan Trust 2002-1, Floating Rate Note, 10/25/28 (144A) 1,488,396 416,384 0.59 BBB+/A2 CNL Commercial Mortgage Loan Trust 2003-2, Floating Rate Note, 10/25/30 (144A) 355,980 212,829 5.47 AAA/Aaa COMM 2004-LNB3 Mortgage Trust, Floating Rate Note, 7/10/37 213,144 2,690,216 0.28 AA-/A1 COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A) 2,677,792 1,890,606 0.32 BBB/A1 COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A) 1,881,709 1,005,304 0.34 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A) 996,558 2,905,500 0.46 BBB-/Baa2 COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A) 2,822,257 161,457 4.81 NR/A2 COMM 2011-FL1 Mortgage Trust, Floating Rate Note, 7/17/28 (144A) 161,506 1,597,000 1.67 AAA/NR COMM 2013-FL3 Mortgage Trust, Floating Rate Note, 10/13/28 (144A) 1,606,687 2,760,000 1.76 NR/NR COMM 2014-TWC Mortgage Trust, Floating Rate Note, 2/13/32 (144A) 2,760,508 2,098,374 2.10 AAA/NR Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/17/26 (144A) 2,107,672
The accompanying notes are an integral part of these financial statements. 42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,465,000 4.80 AAA/Aaa Commercial Mortgage Trust 2005-GG3, Floating Rate Note, 8/10/42 $ 1,489,504 3,300,000 4.89 A+/A2 Commercial Mortgage Trust 2005-GG3, Floating Rate Note, 8/10/42 3,378,520 2,785,000 AAA/Aaa Credit Suisse First Boston Mortgage Securities Corp., 4.686%, 7/15/37 2,873,555 188,195 AAA/Aaa Credit Suisse First Boston Mortgage Securities Corp., 4.691%, 10/15/39 189,234 625,198 AAA/Aaa Credit Suisse First Boston Mortgage Securities Corp., 4.829%, 11/15/37 634,254 3,450,000 AAA/A1 Credit Suisse First Boston Mortgage Securities Corp., 4.832%, 4/15/37 3,553,158 20,402 1.50 AA+/A3 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/25/33 20,404 2,248,013 5.01 NR/Aaa Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 2/15/38 2,296,366 352,836 0.89 AAA/Baa1 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/34 343,266 1,357,773 5.11 NR/Aaa Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 7/15/36 1,366,368 3,049,622 5.10 AAA/NR Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 3,170,735 3,741,883 0.32 AAA/A1 Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/15/21 (144A) 3,726,205 357,231 NR/Aaa DBRR 2012- EZ1 Trust, 0.946%, 9/25/45 (144A) 357,738 900,000 0.86 AAA/Aaa Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 900,580 800,000 1.26 AA-/NR Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 798,811 764,495 2.59 BBB+/NR First Horizon Mortgage Pass-Through Trust 2003-AR3, Floating Rate Note, 9/25/33 771,185 2,238,431 0.48 AAA/Aaa Foothill CLO, Ltd., Floating Rate Note, 2/22/21 (144A) 2,208,375 554,601 0.48 AA+/Aaa Fore CLO, Ltd., Floating Rate Note, 7/20/19 (144A) 550,015 553,000 2.09 BBB+/Baa2 Four Corners CLO II, Ltd., Floating Rate Note, 1/26/20 (144A) 523,850 885,756 0.48 AA+/Aaa Gale Force 3 CLO, Ltd., Floating Rate Note, 4/19/21 (144A) 875,516 4,205,000 4.77 AAA/NR GE Capital Commercial Mortgage Corp., Floating Rate Note, 6/10/48 4,305,882
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 43 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 856,812 BB/Caa3 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) $ 841,785 2,735,633 0.42 BBB+/Ba2 Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32 2,621,067 2,281,746 5.30 AAA/Aa3 GMAC Commercial Mortgage Securities, Inc. Series 2004-C2 Trust, Floating Rate Note, 8/10/38 2,305,353 3,547,000 AAA/NR GMAC Commercial Mortgage Securities, Inc. Series 2005-C1 Trust, 4.697%, 5/10/43 3,651,686 3,350,000 N/A AA/NR GP Portfolio Trust 2014-GGP, Floating Rate Note, 2/15/27 3,351,880 1,939,213 1.78 AAA/Aaa Gracechurch Mortgage Financing Plc, Floating Rate Note, 11/20/56 (144A) 1,956,972 2,300,000 1.00 NR/Aaa GS Mortgage Securities Corp II, Floating Rate Note, 11/8/29 (144A) 2,306,601 1,535,189 0.93 AA+/Baa1 GSAA Home Equity Trust 2004-6, Floating Rate Note, 6/25/34 1,519,977 344,192 0.89 AAA/Aa2 GSAA Home Equity Trust 2004-8, Floating Rate Note, 9/25/34 341,972 131,964 2.32 A+/NR GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33 132,292 722,161 2.37 AA+/Ba1 HarborView Mortgage Loan Trust 2004-1, Floating Rate Note, 4/19/34 719,676 265,093 1.28 AA+/Baa3 HarborView Mortgage Loan Trust 2004-4, Floating Rate Note, 6/19/34 254,726 500,000 1.99 BBB-/Baa3 Harch CLO III, Ltd., Floating Rate Note, 4/17/20 (144A) 477,853 3,750,000 AAA/NR HLSS Servicer Advance Receivables Trust, 1.2437%, 1/17/45 3,752,250 563,266 1.64 AAA/Aaa Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 563,478 1,850,229 1.79 AAA/Aaa Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 1,863,439 1,347,232 1.89 AAA/Aaa Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 1,360,446 3,422,833 0.79 A+/A1 Homestar Mortgage Acceptance Corp., Floating Rate Note, 3/25/34 3,265,954 1,263,892 0.50 AA+/Aa3 Homestar Mortgage Acceptance Corp., Floating Rate Note, 6/25/34 1,242,200 2,086,746 0.60 AAA/Aa2 Homestar Mortgage Acceptance Corp., Floating Rate Note, 7/25/34 2,056,566 377,331 1.05 NR/NR Impac CMB Trust Series 2003-8, Floating Rate Note, 10/25/33 375,243 1,892,110 0.79 BB/Ba3 Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34 1,785,119
The accompanying notes are an integral part of these financial statements. 44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,015,772 0.77 A-/Ba1 Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34 $ 1,888,113 1,839,269 0.87 BBB-/Baa2 Impac CMB Trust Series 2004-5, Floating Rate Note, 10/25/34 1,772,991 763,345 0.99 NR/NR Impac CMB Trust Series 2004-5, Floating Rate Note, 8/25/34 746,321 418,400 0.95 B-/Ba1 Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34 402,921 3,613,789 0.93 B-/Baa1 Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34 3,341,967 1,693,139 0.89 BBB+/A3 Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34 1,594,900 576,748 0.97 AAA/NR Impac CMB Trust Series 2004-8, Floating Rate Note, 8/25/34 580,682 349,674 2.78 BB+/NR Impac CMB Trust Series 2004-8, Floating Rate Note, 8/25/34 327,964 1,151,727 0.91 B/Ba3 Impac CMB Trust Series 2004-9, Floating Rate Note, 1/25/35 1,028,070 903,237 0.95 AAA/Aaa Impac Secured Assets CMN Owner Trust, Floating Rate Note, 11/25/34 882,573 2,469,803 0.50 AAA/Aaa Impac Secured Assets Trust 2006-1, Floating Rate Note, 5/25/36 2,420,805 859,903 0.50 AAA/Aaa Impac Secured Assets Trust 2006-2, Floating Rate Note, 8/25/36 841,457 751,887 0.35 BB+/Baa2 Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36 691,616 1,512,173 0.46 AAA/Aaa Inwood Park CDO, Ltd., Floating Rate Note, 1/20/21 (144A) 1,506,461 48,589 5.55 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Corp Commercial Mortgage Pass-Thr, Floating Rate Note, 5/15/41 48,532 182,323 6.45 NR/Caa1 JP Morgan Chase Commercial Mortgage Securities Corp. Pass-Through Certificates Series 2002 CIBC4, Floating Rate Note, 5/12/34 189,883 3,500,000 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Corp., 4.878%, 1/15/42 3,564,582 2,350,000 2.02 AA/Aa2 JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 10/15/25 (144A) 2,354,935 1,500,000 0.00 AA-/Aa3 JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 12/15/30 (144A) 1,504,304 898,306 4.84 AAA/A1 JP Morgan Chase Commercial Mortgage Securities Trust 2004-LN2, Floating Rate Note, 7/15/41 (144A) 905,379
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 45 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,813,732 5.34 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2005-CIBC11, Floating Rate Note, 8/12/37 $ 1,869,363 3,023,139 5.04 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP1, Floating Rate Note, 3/15/46 3,086,465 9,375 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC17, 5.45%, 12/12/43 9,360 1,265,709 0.28 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 1,251,397 696,105 0.36 NR/A2 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 679,470 267,733 0.38 NR/A3 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 255,980 167,333 0.52 NR/Ba1 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 158,900 86,007 0.31 AA/Aa3 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9, Floating Rate Note, 5/15/47 85,674 293,527 5.70 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC19, Floating Rate Note, 2/12/49 294,619 31,231 5.80 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11, Floating Rate Note, 6/15/49 31,246 1,466,000 3.00 AA-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2013-ALC, Floating Rate Note, 7/17/26 (144A) 1,478,773 1,200,000 1.96 A-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A) 1,202,886 2,445,000 2.75 NR/Aa3 JP Morgan Chase Commercial Mortgage Securities Trust 2013-INN, Floating Rate Note, 10/15/30 (144A) 2,447,949 4,975,000 0.94 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ, Floating Rate Note, 4/15/30 (144A) 4,940,757 2,910,000 2.15 A-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU, Floating Rate Note, 12/15/28 2,914,004 1,495,655 2.03 A+/Baa1 JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33 1,492,158
The accompanying notes are an integral part of these financial statements. 46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 911,653 2.25 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5, Floating Rate Note, 12/25/34 $ 916,894 12,840 2.67 A+/NR JP Morgan Mortgage Trust 2005-A3, Floating Rate Note, 6/25/35 12,827 262,587 2.26 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4, Floating Rate Note, 7/25/35 263,362 1,809,546 1.64 AAA/Aaa Lanark Master Issuer Plc, Floating Rate Note, 12/22/54 (144A) 1,833,173 1,250,000 0.74 AAA/Aaa Lanark Master Issuer Plc, Floating Rate Note, 12/22/54 (144A) 1,243,358 124,898 AAA/Aaa LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31 129,539 1,809,419 5.02 AAA/NR LB-UBS Commercial Mortgage Trust 2004-C6, Floating Rate Note, 8/15/29 1,822,432 2,935,000 5.20 NR/Baa2 LB-UBS Commercial Mortgage Trust 2005-C2, Floating Rate Note, 4/15/30 3,035,506 3,204,703 AAA/Aaa LB-UBS Commercial Mortgage Trust 2005-C3, 4.739%, 7/15/30 3,300,136 3,611,979 5.20 AAA/NR LB-UBS Commercial Mortgage Trust 2005-C7, Floating Rate Note, 11/15/30 (144A) 3,773,904 232,433 6.14 AAA/Aaa LB-UBS Commercial Mortgage Trust 2008-C1, Floating Rate Note, 4/15/41 243,037 1,500,000 NR/Aaa LEAF Receivables Funding 9 LLC, 0.88%, 11/15/15 (144A) 1,498,950 105,158 1.06 BBB+/Aa2 Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A) 105,102 1,313,315 1.10 A+/Aa1 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A) 1,303,773 2,138,687 1.20 A+/Aa1 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 2,101,260 1,423,126 0.37 A+/Aa1 Lehman Brothers Small Balance Commercial, Floating Rate Note, 4/25/31 (144A) 1,310,558 3,770,916 0.38 A+/Aa1 Lehman Brothers Small Balance Commercial, Floating Rate Note, 4/25/31 (144A) 3,400,371 2,007,668 0.40 A+/Aa1 Lehman Brothers Small Balance Commercial, Floating Rate Note, 9/25/30 (144A) 1,873,915 842,846 2.11 A+/Baa2 MASTR Adjustable Rate Mortgages Trust 2003-3, Floating Rate Note, 9/25/33 842,910
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 47 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 753,947 0.31 AA/A2 MASTR Adjustable Rate Mortgages Trust 2007-1, Floating Rate Note, 1/25/47 $ 735,453 2,450,928 0.50 BBB-/NR MASTR Alternative Loan Trust 2005-1, Floating Rate Note, 2/25/35 2,388,682 303,500 0.55 AA+/NR MASTR Asset Securitization Trust 2003-6, Floating Rate Note, 7/25/18 293,622 1,705,239 0.64 AA+/Baa1 Mellon Residential Funding Corp. Mortgage Pass-Through Trust Series 2000 TBC2, Floating Rate Note, 6/15/30 1,670,537 782,400 0.60 AA+/Baa1 Mellon Residential Funding Corp. Mortgage Pass-Through Trust Series 2000-TBC3, Floating Rate Note, 12/15/30 737,979 548,871 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust Series 2005-2, Floating Rate Note, 10/25/35 557,086 2,080,500 1.15 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A, Floating Rate Note, 3/25/28 2,081,447 1,878,967 0.81 BB/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C, Floating Rate Note, 6/25/28 1,789,536 1,858,748 1.05 BB/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C, Floating Rate Note, 6/25/28 1,858,159 2,367,165 0.77 BBB/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E, Floating Rate Note, 10/25/28 2,326,737 249,360 1.89 A+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G, Floating Rate Note, 1/25/29 248,030 1,554,610 0.79 AA+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H, Floating Rate Note, 1/25/29 1,536,656 398,401 0.61 A+/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29 378,947 530,209 0.89 AA+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B, Floating Rate Note, 5/25/29 516,026 2,685,467 0.71 AA+/Ba1 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C, Floating Rate Note, 7/25/29 2,694,821 190,924 1.35 AA+/Ba3 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C, Floating Rate Note, 7/25/29 191,321
The accompanying notes are an integral part of these financial statements. 48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 823,185 2.12 AA+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D, Floating Rate Note, 9/25/29 $ 823,177 3,447,519 0.81 A+/Ba2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-E, Floating Rate Note, 11/25/29 3,295,752 2,342,428 0.71 A+/Ba2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 2,237,705 1,231,828 0.95 A+/Ba2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 1,194,526 3,157,231 0.61 AA+/Ba3 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-A, Floating Rate Note, 3/25/30 3,100,095 1,088,833 4.86 NR/Aaa Merrill Lynch Mortgage Trust 2004-KEY2, Floating Rate Note, 8/12/39 1,097,025 1,519,492 4.95 NR/Aa3 Merrill Lynch Mortgage Trust 2004-KEY2, Floating Rate Note, 8/12/39 1,540,625 2,966,614 0.42 AA+/A3 Morgan Stanley Mortgage Loan Trust 2005-5AR, Floating Rate Note, 9/25/35 2,908,682 2,682,925 0.43 A+/Baa2 Morgan Stanley Mortgage Loan Trust 2005-6AR, Floating Rate Note, 11/25/35 2,661,166 938,853 0.42 A+/A2 Morgan Stanley Mortgage Loan Trust 2005-6AR, Floating Rate Note, 11/25/35 925,505 628,645 0.49 A/NR Morgan Stanley Re-REMIC Trust 2010-R4, Floating Rate Note, 7/26/36 (144A) 627,259 2,282,249 0.93 AA+/Baa1 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 2,197,019 1,838,507 0.41 A+/Baa2 MortgageIT Trust 2005-2, Floating Rate Note, 5/25/35 1,762,503 981,393 0.72 NR/Aaa NCUA Guaranteed Notes Trust REMICS, Floating Rate Note, 12/8/20 989,521 1,476,064 0.69 NR/Aaa NCUA Guaranteed Notes Trust REMICS, Floating Rate Note, 3/9/21 1,483,127 1,062,032 0.61 AA+/Aaa NCUA Guaranteed Notes Trust, Floating Rate Note, 10/7/20 1,068,274 2,932,215 0.53 AA+/Aaa NCUA Guaranteed Notes Trust, Floating Rate Note, 11/6/17 2,938,663 301,800 0.72 NR/Aaa NCUA Guaranteed Notes Trust, Floating Rate Note, 12/8/20 304,559 1,168,116 0.56 AA+/Aaa NCUA Guaranteed Notes Trust, Floating Rate Note, 3/11/20 1,172,555 363,735 0.54 AA+/NR NCUA Guaranteed Notes Trust, Floating Rate Note, 4/6/20 364,467
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 49 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,650,000 AAA/NR New Residential Advance Receivables Trust Advance Receivables Backed 2014-T1, 3/13/45 (c) $ 1,650,112 1,400,496 0.47 AAA/Aaa NewStar Commercial Loan Trust 2007-1, Floating Rate Note, 9/30/22 (144A) 1,381,779 3,900,000 0.35 NR/NR Nomura Resecuritization Trust 2011-3R, Floating Rate Note, 7/26/37 (144A) 3,785,340 2,244,305 1.36 AAA/Aaa NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A) 2,246,096 1,000,000 4.41 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A) 1,014,203 2,783,980 2.00 NR/Aaa NorthStar 2013-1, Floating Rate Note, 8/25/29 (144A) 2,783,980 197,669 0.45 AAA/Aa2 Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates 2005-1, Floating Rate Note, 2/25/35 197,255 385,805 0.40 BB+/B2 Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates 2005-5, Floating Rate Note, 12/25/35 379,519 87,818 0.41 AA+/A1 Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates Series 20, Floating Rate Note, 7/25/35 87,788 1,215,722 NR/NR ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 1,215,756 2,250,000 NR/NR ORES NPL LLC, 3.0%, 3/27/24 (144A) 2,250,000 1,500,000 0.46 NR/NR Pepper Residential Securities Trust, Floating Rate Note, 10/18/14 (144A) 1,500,270 1,000,000 0.50 NR/NR Pepper Residential Securities Trust, Floating Rate Note, 7/24/14 (144A) 987,505 138,024 0.70 NR/Baa3 RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17 131,398 2,491,632 0.65 BB-/Ba1 RALI Series 2003-QS11 Trust, Floating Rate Note, 6/25/33 2,376,598 1,028,259 0.60 BB/NR RALI Series 2003-QS22 Trust, Floating Rate Note, 12/26/33 955,221 1,366,430 0.60 AA+/NR RALI Series 2003-QS5 Trust, Floating Rate Note, 3/25/18 1,339,288 1,854,019 0.60 NR/Ba2 RALI Series 2003-QS9 Trust, Floating Rate Note, 5/25/18 1,790,145 2,557,996 BBB-/Baa3 RALI Series 2004-QR1 Trust, 5.25%, 10/25/34 2,591,846 84,605 BBB+/Baa2 RALI Series 2004-QS1 Trust, 4.25%, 1/25/34 85,263 94,698 0.70 BBB+/Baa2 RALI Series 2004-QS1 Trust, Floating Rate Note, 1/25/34 94,538 326,576 NR/B3 RALI Series 2004-QS16 Trust, 5.5%, 12/25/34 332,867
The accompanying notes are an integral part of these financial statements. 50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 836,236 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 $ 864,031 679,979 0.75 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating Rate Note, 4/25/34 667,276 3,058,673 0.65 NR/NR RBSSP Resecuritization Trust 2009-5, Floating Rate Note, 8/26/37 (144A) 2,944,270 1,382,510 0.48 AA+/Aaa Regatta Funding, Ltd., Floating Rate Note, 6/15/20 (144A) 1,363,056 2,385,281 1.55 B-/Ba3 RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 2,095,462 733,419 0.60 BBB+/NR Residential Asset Securitization Trust 2003-A15, Floating Rate Note, 2/25/34 707,696 409,487 0.55 BBB+/NR Residential Asset Securitization Trust 2003-A2, Floating Rate Note, 5/25/33 377,727 1,750,000 0.44 NR/NR Resimac MBS Trust, Floating Rate Note, 6/7/14 1,742,341 1,347,979 NR/Baa3 RREF 2013 LT2 LLC, 2.8331%, 5/22/28 (144A) 1,345,628 144,738 0.92 AA+/Baa1 Sequoia Mortgage Trust 10, Floating Rate Note, 10/20/27 136,463 601,268 1.04 AA+/Ba1 Sequoia Mortgage Trust 2003-2, Floating Rate Note, 6/20/33 584,594 264,670 0.78 AA+/Baa3 Sequoia Mortgage Trust 2003-5, Floating Rate Note, 9/20/33 264,233 331,058 0.80 A+/Baa1 Sequoia Mortgage Trust 2003-8, Floating Rate Note, 1/20/34 315,765 444,405 0.48 A+/Baa3 Sequoia Mortgage Trust 2004-10, Floating Rate Note, 11/20/34 418,551 4,886,720 0.42 A/Baa3 Sequoia Mortgage Trust 2004-12, Floating Rate Note, 1/20/35 4,479,553 155,787 0.64 AA/Baa3 Sequoia Mortgage Trust 2004-12, Floating Rate Note, 1/20/35 142,885 256,022 1.74 AA+/Ba1 Sequoia Mortgage Trust 2004-7, Floating Rate Note, 8/20/34 259,595 3,771,985 0.39 AA+/Baa3 Sequoia Mortgage Trust 2005-1, Floating Rate Note, 2/20/35 3,576,932 458,810 0.38 BBB+/Ba1 Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35 405,011 209,314 0.87 AA+/A2 Sequoia Mortgage Trust 4, Floating Rate Note, 11/22/24 210,261 56,829 0.28 AAA/Aaa Series 2007-1G WST Trust, Floating Rate Note, 5/21/38 (144A) 56,653 53,604 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25 (144A) 53,530 119,757 0.35 AAA/Aaa SMHL Global Fund 2007-1, Floating Rate Note, 6/12/40 118,613
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 51 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 659,320 1.57 AAA/NR Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/25/59 (144A) $ 658,957 2,495,000 1.45 AAA/NR Starwood Property Mortgage Trust 2013-FV1, Floating Rate Note, 8/11/28 (144A) 2,495,374 591,825 2.86 BB/Ba2 Structured Adjustable Rate Mortgage Loan Trust Class 1A1, Floating Rate Note, 3/25/34 600,815 418,469 5.16 BBB+/Ba2 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34 411,862 656,133 2.37 A+/Baa1 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 3/25/34 665,252 77,766 0.55 AAA/A1 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 6/25/35 77,592 3,068,352 0.52 AA+/Ba1 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 7/25/34 2,882,815 1,052,933 0.86 AA+/Baa2 Structured Asset Mortgage Investments II Trust 2004-AR1, Floating Rate Note, 3/19/34 1,025,901 1,220,564 0.82 AA+/Baa1 Structured Asset Mortgage Investments II Trust 2004-AR5, Floating Rate Note, 10/19/34 1,162,179 2,208,851 1.06 AA+/Baa2 Structured Asset Mortgage Investments Trust 2002-AR5, Floating Rate Note, 5/19/33 2,143,750 266,789 2.67 A+/Baa3 Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33 268,936 518,426 1.09 AA/NR Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 1998-8, Floating Rate Note, 8/25/28 511,223 409,066 2.51 AA+/Baa3 Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Floating Rate Note, 6/25/33 413,011 1,071,159 2.45 A+/Ba2 Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-24A, Floating Rate Note, 7/25/33 1,075,163 184,040 0.65 A+/Baa3 Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-35, Floating Rate Note, 12/25/33 181,363 607,815 0.45 B-/B2 Structured Asset Securities Corp. Trust 2005-14, Floating Rate Note, 7/25/35 555,586
The accompanying notes are an integral part of these financial statements. 52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,978,649 1.63 AA+/Baa3 Thornburg Mortgage Securities Trust Class II2A, Floating Rate Note, 3/25/44 $ 1,938,563 1,537,000 4.16 BBB/Baa2 Trafigura Securitisation Finance Plc, Floating Rate Note, 10/15/15 (144A) 1,549,972 2,000,000 NR/NR Vericrest Opportunity Loan Transferee, 3.25%, 11/25/53 (Step) 2,000,000 1,430,000 4.85 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C16, Floating Rate Note, 10/15/41 1,454,267 2,019,494 5.08 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C17, Floating Rate Note, 3/15/42 2,069,173 44,344 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C18, 4.79%, 4/15/42 44,309 4,722,637 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C18, 4.935%, 4/15/42 4,851,480 1,680,625 5.24 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Floating Rate Note, 10/15/44 1,768,597 803,056 0.24 A+/Aaa Wachovia Bank Commercial Mortgage Trust Series 2007-WHALE 8, Floating Rate Note, 6/15/20 (144A) 795,793 236,185 2.50 A+/Baa2 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/33 239,902 545,934 2.40 BBB+/NR WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/35 548,437 512,135 2.46 A+/Ba2 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 2/25/33 504,549 22,007 0.55 NR/A2 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 3/25/34 22,025 2,220,000 1.18 AAA/NR Wells Fargo Commercial Mortgage Trust, Floating Rate Note, 2/15/27 (144A) 2,221,388 169,723 BB+/Ba2 Wells Fargo Mortgage Backed Securities 2005-9 Trust, 5.5%, 10/25/35 169,623 52,057 4.99 NR/Ba2 Wells Fargo Mortgage Backed Securities 2005-AR6 Trust, Floating Rate Note, 4/25/35 52,993 1,005,362 4.92 BBB+/Ba3 Wells Fargo Mortgage Backed Securities Trust, Floating Rate Note, 8/25/34 1,029,915 1,865,016 0.46 AAA/Aaa Westwood CDO II, Ltd., Floating Rate Note, 4/25/22 (144A) 1,828,180 -------------- $ 387,662,997 -------------- Total Banks $ 387,662,997 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 53 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 2.4% Other Diversified Financial Services -- 2.2% 132,514 0.48 AA+/Ba1 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-1, Floating Rate Note, 1/25/35 (144A) $ 119,080 68,084 0.45 A+/Ba2 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3, Floating Rate Note, 8/25/35 (144A) 62,041 1,823,234 0.30 AAA/Aaa Crusade Global Trust, Floating Rate Note, 11/15/37 1,797,036 2,012,656 0.30 AAA/Aaa Crusade Global Trust, Floating Rate Note, 4/19/38 1,983,648 1,460,000 1.46 AA-/NR Del Coronado Trust 2013-DEL, Floating Rate Note, 3/15/26 (144A) 1,457,614 1,151,946 0.58 A+/Aa2 GE Business Loan Trust 2003-1, Floating Rate Note, 4/15/31 (144A) 1,094,349 1,540,440 0.38 AA-/Aa1 GE Business Loan Trust 2004-2, Floating Rate Note, 12/15/32 (144A) 1,462,429 2,951,725 0.40 AA/Aa3 GE Business Loan Trust 2005-1, Floating Rate Note, 6/15/33 (144A) 2,770,965 2,408,041 0.32 A/Aa3 GE Business Loan Trust 2007-1, Floating Rate Note, 4/16/35 (144A) 2,179,347 2,475,000 1.66 AA-/NR Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A) 2,478,109 210,886 0.27 AAA/Aaa Medallion Trust Series 2007-1G, Floating Rate Note, 2/27/39 210,470 1,526,459 AAA/NR Morgan Stanley Capital I Trust 2004-HQ4, 4.97%, 4/14/40 1,534,613 772,254 5.11 AAA/NR Morgan Stanley Capital I Trust 2004-IQ8, Floating Rate Note, 6/15/40 778,287 3,830,000 5.30 BBB+/NR Morgan Stanley Capital I Trust 2004-IQ8, Floating Rate Note, 6/15/40 3,882,594 3,750,000 AAA/NR Morgan Stanley Capital I Trust 2005-HQ6, 4.989%, 8/13/42 3,884,032 2,900,000 5.07 BBB-/NR Morgan Stanley Capital I Trust 2005-HQ6, Floating Rate Note, 8/13/42 3,007,416 2,628,659 5.23 AAA/Aaa Morgan Stanley Capital I Trust 2005-IQ10, Floating Rate Note, 9/15/42 2,742,971 1,600,145 AAA/NR Morgan Stanley Capital I Trust 2005-TOP17, 4.78%, 12/13/41 1,627,649 869,852 0.26 AA+/Aaa Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A) 868,015 3,025,000 0.28 A+/Aa1 Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A) 3,002,328
The accompanying notes are an integral part of these financial statements. 54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 3,000,000 2.31 NR/NR Resource Capital Corp. CRE Notes 2013, Ltd., Floating Rate Note, 6/15/16 (144A) $ 3,000,000 544,000 1.04 AA+/Aaa Stanfield Bristol CLO, Ltd., Floating Rate Note, 10/15/19 (144A) 533,297 1,180,882 NR/NR VOLT XV LLC, 3.22162%, 5/27/53 (Step) (144A) 1,160,217 1,948,017 NR/NR VOLT XVI LLC, 4.25%, 8/25/58 (Step) (144A) 1,954,105 991,599 NR/NR VOLT XX LLC, 3.625%, 2/1/39 (Step) (144A) 996,866 -------------- $ 44,587,478 ----------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.2% 927,729 1.64 AAA/Aaa Fosse Master Issuer Plc, Floating Rate Note, 10/18/54 (144A) $ 930,397 871,271 1.64 AAA/Aaa Fosse Master Issuer Plc, Floating Rate Note, 10/18/54 (144A) 881,347 650,000 1.69 AA+/Aaa KKR Financial CLO 2007-1, Ltd., Floating Rate Note, 5/15/21 (144A) 631,114 179,132 2.35 AAA/Aaa Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2004-AR4, Floating Rate Note, 12/25/34 180,790 100,049 BBB/B2 Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, 4.786%, 3/25/35 103,760 631,000 1.84 AAA/Aaa Permanent Master Issuer Plc, Floating Rate Note, 7/15/42 (144A) 639,529 -------------- $ 3,366,937 ----------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.0%+ 950,000 NR/Aaa Nissan Auto Receivables 2013-C Owner Trust, 0.4%, 6/15/16 $ 950,026 -------------- Total Diversified Financials $ 48,904,441 ----------------------------------------------------------------------------------------------------------- GOVERNMENT -- 9.6% Government -- 9.6% 916,516 0.50 NR/NR Fannie Mae Trust 2003-W6, Floating Rate Note, 9/25/42 $ 907,252 254,846 2.22 NR/NR Fannie Mae Trust 2005-W4, Floating Rate Note, 6/25/35 259,148 1,268,201 0.41 NR/NR Fannie Mae Whole Loan, Floating Rate Note, 11/25/46 1,258,714 6,895 NR/NR Federal Home Loan Mortgage Corp. REMICS, 3.5%, 11/15/22 6,914 989,285 NR/NR Federal Home Loan Mortgage Corp. REMICS, 3.5%, 6/15/28 1,012,753
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 55 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 125,049 NR/NR Federal Home Loan Mortgage Corp. REMICS, 4.0%, 1/15/24 $ 127,240 75,791 NR/NR Federal Home Loan Mortgage Corp. REMICS, 4.0%, 11/15/23 77,569 181,866 NR/NR Federal Home Loan Mortgage Corp. REMICS, 4.0%, 12/15/22 183,557 36,964 NR/NR Federal Home Loan Mortgage Corp. REMICS, 5.0%, 12/15/32 37,197 244,901 NR/NR Federal Home Loan Mortgage Corp. REMICS, 5.0%, 6/15/34 248,390 1,280 NR/NR Federal Home Loan Mortgage Corp. REMICS, 5.0%, 7/15/32 1,279 3,055 NR/NR Federal Home Loan Mortgage Corp. REMICS, 5.5%, 5/15/33 3,054 665,419 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 1/15/33 669,142 468,407 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 1/15/36 468,703 4,887,982 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 1/15/37 4,880,772 184,789 0.30 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 10/15/20 184,825 114,916 1.10 AAA/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 10/15/31 117,976 1,637,828 0.74 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 10/15/37 1,647,098 918,630 0.78 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 10/15/37 926,893 201,551 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/18 201,720 182,542 0.76 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/31 185,012 355,061 1.16 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/33 365,868 222,899 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/35 222,673 1,201,183 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/36 1,201,317 611,595 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/36 611,620 230,341 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/36 229,992 2,225,159 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/37 2,229,013 747,109 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 11/15/40 750,404
The accompanying notes are an integral part of these financial statements. 56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 200,814 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/20 $ 202,159 557,857 0.60 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/28 562,789 292,670 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/32 294,550 18,041 0.60 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/32 18,076 38,902 0.66 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/32 39,131 945,639 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/32 948,696 433,878 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/32 435,072 701,941 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/34 700,202 1,741,285 0.44 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/36 1,737,152 1,078,174 0.86 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/39 1,092,566 772,900 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 12/15/41 771,375 471,957 0.38 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/19 472,629 592,006 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/25 594,278 315,300 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/29 316,724 1,084,382 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/30 1,083,429 812,797 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/33 817,518 534,439 0.70 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/33 539,514 931,259 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/36 928,566 510,275 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/36 509,936 1,797,624 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/37 1,792,389 764,233 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 2/15/39 764,301 1,797,734 1.20 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/24 1,842,185 905,246 1.16 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/32 930,649
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 57 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 207,832 0.86 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/32 $ 211,558 1,275,140 1.16 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/32 1,311,201 1,403,452 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/36 1,406,500 2,193,348 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/37 2,185,042 674,549 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/38 673,734 349,693 0.60 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/39 350,255 3,851,779 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/41 3,859,263 889,566 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 3/15/41 886,913 458,934 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 4/15/35 458,356 853,558 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 4/15/36 854,933 159,066 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/29 159,720 283,694 1.65 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/33 295,720 985,958 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/35 984,381 949,716 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/35 950,594 690,427 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/36 692,502 449,911 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/37 449,555 331,151 1.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/37 339,936 132,934 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 5/15/41 132,851 167,063 0.60 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 6/15/23 168,046 662,148 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 6/15/33 664,576 696,758 0.57 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 6/15/36 698,302 2,596,675 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 6/15/36 2,594,841 1,230,208 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 6/15/38 1,233,608
The accompanying notes are an integral part of these financial statements. 58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 1,085,506 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 6/15/40 $ 1,083,533 376,360 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/21 377,100 802,769 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/23 806,136 754,001 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/34 750,448 1,452,255 0.66 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/36 1,459,220 64,825 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/36 64,975 1,315,759 0.36 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/36 1,314,340 686,824 0.50 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 7/15/40 686,774 572,797 0.36 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 8/15/26 575,309 1,598,221 0.60 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 8/15/31 1,613,040 1,120,388 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 8/15/35 1,119,653 523,281 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 8/15/35 522,956 1,216,731 0.40 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 8/15/36 1,212,949 947,054 0.46 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 9/15/26 948,879 262,023 0.76 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 9/15/32 265,310 490,006 0.57 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 9/15/36 491,187 386,960 0.56 NR/NR Federal Home Loan Mortgage Corp. REMICS, Floating Rate Note, 9/15/36 387,728 6,129,922 0.86 NR/NR Federal Home Loan Mortgage Corp., Floating Rate Note, 8/15/35 6,184,153 326,544 NR/NR Federal National Mortgage Association REMICS, 4.0%, 6/25/37 329,233 69,195 NR/NR Federal National Mortgage Association REMICS, 4.5%, 1/25/38 69,340 81,440 NR/NR Federal National Mortgage Association REMICS, 4.5%, 1/25/39 84,220 44,224 NR/NR Federal National Mortgage Association REMICS, 5.5%, 5/25/30 44,238 98,965 NR/NR Federal National Mortgage Association REMICS, 6.0%, 3/25/35 101,850
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 59 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 299,884 0.81 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 1/18/32 $ 304,521 475,520 0.85 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/32 483,648 553,831 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/33 558,304 516,735 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 1/25/40 521,853 778,429 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/35 777,154 37,295 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/35 37,365 3,292,956 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/36 3,300,922 161,997 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/37 163,105 777,135 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/37 783,976 843,774 1.37 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/25/38 869,387 2,382,000 0.35 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 10/27/37 2,375,900 2,327,148 1.16 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/18/32 2,391,968 537,509 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/31 544,892 473,007 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/31 479,505 934,659 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/33 940,700 907,586 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/34 910,438 415,050 0.47 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/36 414,801 2,621,159 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 11/25/40 2,625,355 128,563 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/23 130,213 423,775 1.15 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/23 433,477 107,663 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/30 109,132 1,400,611 1.05 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/31 1,435,501 484,344 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/32 490,180
The accompanying notes are an integral part of these financial statements. 60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 369,212 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/32 $ 372,544 464,993 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/35 464,903 342,540 0.39 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/36 342,070 889,132 0.77 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/37 898,484 293,393 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/38 293,820 354,613 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 12/25/49 356,678 20,676 0.60 AAA/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/17 20,757 433,970 0.90 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/33 441,719 1,080,949 0.50 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/33 1,086,831 930,010 0.46 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/35 928,962 1,205,931 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/37 1,201,445 658,014 0.35 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/37 654,656 389,769 0.85 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/38 394,585 747,349 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 2/25/38 750,139 212,415 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/23 213,810 658,329 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/24 664,811 369,114 0.46 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/28 370,257 1,417,099 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/34 1,420,808 1,566,731 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/35 1,562,104 131,186 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/36 131,298 297,605 1.15 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/37 304,057 941,425 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/37 939,339 596,391 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 3/25/37 594,209
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 61 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 125,252 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/25 $ 125,465 184,334 0.80 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/30 187,294 2,301,940 1.05 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/32 2,356,724 302,403 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/33 304,839 786,671 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/37 784,747 504,206 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 4/25/42 505,388 478,351 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/33 481,873 1,037,677 0.50 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/36 1,038,108 1,733,620 0.46 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/36 1,727,360 1,416,876 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/37 1,417,021 330,009 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/40 332,944 1,702,383 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/40 1,711,124 1,380,339 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/40 1,388,440 4,448,983 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 5/25/41 4,461,222 235,152 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/23 235,765 1,057,343 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/36 1,061,195 983,925 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/36 982,024 1,155,450 0.39 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 1,149,330 2,086,820 0.35 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 2,074,675 1,504,967 0.39 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 1,500,285 93,755 0.38 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 93,459 425,494 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 424,073 131,086 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 6/25/37 131,516 43,843 0.66 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/18/27 44,308
The accompanying notes are an integral part of these financial statements. 62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 520,210 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/31 $ 527,355 371,398 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/31 376,594 237,863 1.15 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/32 244,560 567,191 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/34 570,743 168,721 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/34 170,065 2,280,547 0.45 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/35 2,274,524 905,285 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/35 905,341 331,523 0.44 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/36 331,619 1,204,620 0.63 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/36 1,210,597 340,637 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 7/25/37 342,367 253,747 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/31 256,299 105,597 0.75 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/32 106,967 24,314 0.55 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/33 24,397 309,783 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 8/25/36 311,538 46,095 0.95 AA+/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/20 46,509 87,659 1.05 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/21 89,215 449,846 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/32 453,952 346,366 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/32 347,003 2,629,933 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/33 2,645,397 1,109,864 0.72 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/36 1,115,414 133,561 0.40 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/36 133,601 1,163,482 0.65 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 1,169,447 446,908 0.60 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 448,830 492,473 0.72 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 495,851
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 63 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 287,471 0.70 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/37 $ 289,471 21,854 0.90 NR/NR Federal National Mortgage Association REMICS, Floating Rate Note, 9/25/38 21,902 8,518,873 0.45 NR/NR Federal National Mortgage Association, Floating Rate Note, 12/25/33 8,524,470 17,172,335 0.60 NR/NR Federal National Mortgage Association, Floating Rate Note, 2/25/38 17,288,159 145,451 2.68 NR/NR Federal National Mortgage Association, Floating Rate Note, 4/25/45 154,867 903,444 0.50 NR/NR Freddie Mac Strips, Floating Rate Note, 12/15/36 901,772 672,976 0.40 NR/NR Freddie Mac Strips, Floating Rate Note, 8/15/36 670,638 2,909,298 0.46 NR/NR Freddie Mac Strips, Floating Rate Note, 8/15/36 2,904,370 1,543,954 1.15 NR/A1 Freddie Mac Structured Agency Credit Risk Debt Notes, Floating Rate Note, 2/25/24 1,549,178 89,487 NR/NR Government National Mortgage Association, 4.5%, 11/20/34 91,334 44,067 NR/NR Government National Mortgage Association, 4.5%, 5/20/33 44,097 323,114 NR/NR Government National Mortgage Association, 5.75%, 8/20/36 324,022 1,200,012 0.36 NR/NR Government National Mortgage Association, Floating Rate Note, 1/16/33 1,203,444 1,424,275 0.40 NR/NR Government National Mortgage Association, Floating Rate Note, 1/16/35 1,415,221 234,102 0.41 NR/NR Government National Mortgage Association, Floating Rate Note, 1/20/33 234,115 478,349 0.84 NR/NR Government National Mortgage Association, Floating Rate Note, 10/16/39 485,482 865,264 0.56 NR/NR Government National Mortgage Association, Floating Rate Note, 10/20/38 866,715 1,381,995 0.41 NR/NR Government National Mortgage Association, Floating Rate Note, 2/20/35 1,375,509 634,094 0.46 NR/NR Government National Mortgage Association, Floating Rate Note, 4/16/29 635,270 276,863 0.70 NR/NR Government National Mortgage Association, Floating Rate Note, 4/16/32 279,098
The accompanying notes are an integral part of these financial statements. 64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Government -- (continued) 971,263 0.56 NR/NR Government National Mortgage Association, Floating Rate Note, 5/16/38 $ 972,824 277,463 0.66 NR/NR Government National Mortgage Association, Floating Rate Note, 6/16/31 278,895 1,844,691 0.41 NR/NR Government National Mortgage Association, Floating Rate Note, 7/20/41 1,838,480 624,275 1.16 NR/NR Government National Mortgage Association, Floating Rate Note, 8/16/39 637,078 659,222 0.56 NR/NR Government National Mortgage Association, Floating Rate Note, 8/20/35 660,060 567,586 0.66 NR/NR Government National Mortgage Association, Floating Rate Note, 8/20/38 570,746 883,577 0.40 NR/NR Government National Mortgage Association, Floating Rate Note, 9/16/31 886,892 -------------- $ 198,176,995 -------------- Total Government $ 198,176,995 ----------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $635,027,556) $ 637,176,979 ----------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 25.1% ENERGY -- 0.8% Integrated Oil & Gas -- 0.3% 1,980,000 0.27 NR/Aaa Exxon Mobil Corp., Floating Rate Note, 3/15/17 $ 1,980,568 1,500,000 0.45 AA/Aa1 Shell International Finance BV, Floating Rate Note, 11/15/16 1,501,574 3,355,000 0.62 AA-/Aa1 Total Capital Canada, Ltd., Floating Rate Note, 1/15/16 3,373,577 -------------- $ 6,855,719 ----------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.3% 1,330,000 BBB+/Baa1 Canadian Natural Resources, Ltd., 1.45%, 11/14/14 $ 1,337,856 1,495,000 0.61 BBB+/Baa1 Canadian Natural Resources, Ltd., Floating Rate Note, 3/30/16 1,494,267 2,800,000 0.68 BBB+/Baa1 Devon Energy Corp., Floating Rate Note, 12/15/15 2,803,352 709,000 BBB/Baa1 Marathon Oil Corp., 0.9%, 11/1/15 710,330 -------------- $ 6,345,805 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 65 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.2% 1,650,000 0.90 A-/Baa1 Enbridge, Inc., Floating Rate Note, 10/1/16 $ 1,654,887 1,204,000 0.91 A-/A3 TransCanada PipeLines, Ltd., Floating Rate Note, 6/30/16 1,212,574 -------------- $ 2,867,461 -------------- Total Energy $ 16,068,985 ----------------------------------------------------------------------------------------------------------- MATERIALS -- 0.2% Diversified Metals & Mining -- 0.1% 1,650,000 0.48 A+/A1 BHP Billiton Finance USA, Ltd., Floating Rate Note, 9/30/16 $ 1,651,703 1,130,000 1.07 A-/A3 Rio Tinto Finance USA Plc, Floating Rate Note, 6/17/16 1,139,727 -------------- $ 2,791,430 ----------------------------------------------------------------------------------------------------------- Steel -- 0.1% 1,800,000 1.39 BBB/Baa2 Glencore Funding LLC, Floating Rate Note, 5/27/16 (144A) $ 1,802,358 -------------- Total Materials $ 4,593,788 ----------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.6% Aerospace & Defense -- 0.1% 1,965,000 0.74 A/A2 United Technologies Corp., Floating Rate Note, 6/1/15 $ 1,975,540 ----------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.5% 1,500,000 0.47 A/A2 Caterpillar Financial Services Corp., Floating Rate Note, 2/26/16 $ 1,503,249 2,000,000 0.59 A/A2 Caterpillar Financial Services Corp., Floating Rate Note, 2/9/15 2,005,550 1,500,000 0.53 A/A2 John Deere Capital Corp., Floating Rate Note, 10/11/16 1,503,014 1,800,000 0.12 A/A2 John Deere Capital Corp., Floating Rate Note, 12/10/15 1,801,537 2,000,000 0.34 A/A2 John Deere Capital Corp., Floating Rate Note, 2/25/16 1,999,990 897,000 0.39 A/A2 John Deere Capital Corp., Floating Rate Note, 4/25/14 897,190 -------------- $ 9,710,530 -------------- Total Capital Goods $ 11,686,070 ----------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.2% Railroads -- 0.1% 1,675,000 0.44 A/A3 Canadian National Railway Co., Floating Rate Note, 11/6/15 $ 1,675,010 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Trucking -- 0.1% 2,400,000 BBB-/Baa3 Penske Truck Leasing Co. LP, 2.5%, 7/11/14 (144A) $ 2,411,513 -------------- Total Transportation $ 4,086,523 ----------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.7% Automobile Manufacturers -- 0.7% 1,500,000 A-/A3 Daimler Finance North America LLC, 1.3%, 7/31/15 (144A) $ 1,510,455 1,500,000 0.59 A-/A3 Daimler Finance North America LLC, Floating Rate Note, 3/10/17 (144A) 1,500,864 1,525,000 1.02 A-/A3 Daimler Finance North America LLC, Floating Rate Note, 4/10/14 (144A) 1,525,278 1,500,000 0.92 A-/A3 Daimler Finance North America LLC, Floating Rate Note, 8/1/16 (144A) 1,513,569 2,000,000 0.79 BBB+/A3 Nissan Motor Acceptance Corp., Floating Rate Note, 3/3/17 (144A) 2,003,484 1,500,000 0.94 BBB+/A3 Nissan Motor Acceptance Corp., Floating Rate Note, 9/26/16 (144A) 1,508,466 1,500,000 A-/A3 Volkswagen International Finance NV, 1.875%, 4/1/14 (144A) 1,500,000 1,750,000 0.68 A-/A3 Volkswagen International Finance NV, Floating Rate Note, 11/18/16 (144A) 1,752,748 1,000,000 0.83 A-/A3 Volkswagen International Finance NV, Floating Rate Note, 11/20/14 (144A) 1,003,517 -------------- $ 13,818,381 -------------- Total Automobiles & Components $ 13,818,381 ----------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.1% Education Services -- 0.1% 1,237,000 AAA/Aaa Yale University, 2.9%, 10/15/14 $ 1,253,233 -------------- Total Consumer Services $ 1,253,233 ----------------------------------------------------------------------------------------------------------- MEDIA -- 0.2% Broadcasting -- 0.2% 2,694,000 0.78 A-/A3 NBCUniversal Enterprise, Inc., Floating Rate Note, 4/15/16 (144A) $ 2,701,215 1,500,000 A-/A3 NBCUniversal Media LLC, 2.1%, 4/1/14 1,500,000 -------------- $ 4,201,215 -------------- Total Media $ 4,201,215 ----------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.0%+ Hypermarkets & Super Centers -- 0.0%+ 100,000 AA/Aa2 Wal-Mart Stores, Inc., 1.625%, 4/15/14 $ 100,044 -------------- Total Food & Staples Retailing $ 100,044 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 67 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.9% Brewers -- 0.4% 691,000 A/A2 Anheuser-Busch Companies LLC, 5.0%, 1/15/15 $ 714,940 1,900,000 0.43 A/A2 Anheuser-Busch InBev Finance, Inc., Floating Rate Note, 1/27/17 1,897,883 2,300,000 A/A2 Anheuser-Busch InBev Worldwide, Inc., 1.5%, 7/14/14 2,306,498 2,120,000 A/A2 Anheuser-Busch InBev Worldwide, Inc., 4.125%, 1/15/15 2,179,313 2,000,000 0.60 A/A2 Anheuser-Busch InBev Worldwide, Inc., Floating Rate Note, 7/14/14 2,001,804 -------------- $ 9,100,438 ----------------------------------------------------------------------------------------------------------- Soft Drinks -- 0.1% 551,000 BBB/A3 Coca-Cola Enterprises, Inc., 2.125%, 9/15/15 $ 560,861 860,000 0.44 A-/A1 PepsiCo, Inc., Floating Rate Note, 2/26/16 861,009 850,000 0.22 AA-/Aa3 The Coca-Cola Co., Floating Rate Note, 3/5/15 849,677 -------------- $ 2,271,547 ----------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.3% 3,225,000 0.54 BBB+/A2 Campbell Soup Co., Floating Rate Note, 8/1/14 $ 3,227,661 1,895,000 0.44 BBB+/A3 General Mills, Inc., Floating Rate Note, 1/28/16 1,893,980 -------------- $ 5,121,641 ----------------------------------------------------------------------------------------------------------- Tobacco -- 0.1% 1,500,000 0.28 A/A2 Philip Morris International, Inc., Floating Rate Note, 2/26/15 $ 1,500,010 -------------- Total Food, Beverage & Tobacco $ 17,993,636 ----------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.4% Health Care Equipment -- 0.0%+ 895,000 0.41 A-/A3 Baxter International, Inc., Floating Rate Note, 12/11/14 $ 895,986 ----------------------------------------------------------------------------------------------------------- Health Care Distributors -- 0.0%+ 625,000 0.64 BBB+/Baa2 McKesson Corp., Floating Rate Note, 9/10/15 $ 625,633 ----------------------------------------------------------------------------------------------------------- Health Care Services -- 0.4% 2,763,000 BBB+/Baa3 Express Scripts Holding Co., 2.1%, 2/12/15 $ 2,798,206
The accompanying notes are an integral part of these financial statements. 68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Health Care Services -- (continued) 5,005,000 BBB+/Baa3 Express Scripts Holding Co., 2.75%, 11/21/14 $ 5,077,803 -------------- $ 7,876,009 -------------- Total Health Care Equipment & Services $ 9,397,628 ----------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.1% Pharmaceuticals -- 0.1% 1,372,000 0.33 AAA/Aaa Johnson & Johnson, Floating Rate Note, 5/15/14 $ 1,372,172 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,372,172 ----------------------------------------------------------------------------------------------------------- BANKS -- 6.3% Diversified Banks -- 2.8% 1,725,000 1.04 A/A2 ABN AMRO Bank NV, Floating Rate Note, 10/28/16 (144A) $ 1,734,970 1,000,000 0.49 A+/Aa2 Bank of Nova Scotia Houston, Floating Rate Note, 10/23/15 1,001,244 2,505,000 1.28 A+/Aa2 Bank of Nova Scotia, Floating Rate Note, 1/12/15 2,524,800 1,800,000 0.65 A+/Aa2 Bank of Nova Scotia, Floating Rate Note, 12/13/16 1,805,317 2,000,000 0.63 A+/Aa2 Bank of Nova Scotia, Floating Rate Note, 3/15/16 2,003,676 1,500,000 0.76 A+/Aa2 Bank of Nova Scotia, Floating Rate Note, 7/15/16 1,506,824 821,000 0.81 A/A2 Barclays Bank Plc, Floating Rate Note, 2/17/17 823,339 2,294,000 2.98 A+/A2 BNP Paribas SA, Floating Rate Note, 12/20/14 2,337,586 1,575,000 0.71 AA-/Aa2 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA New York, Floating Rate Note, 3/18/16 1,583,658 1,000,000 NR/A2 HSBC Bank Middle East, Ltd., 3.0%, 10/21/15 1,024,500 1,950,000 0.60 AA-/Aa2 National Australia Bank, Ltd., Floating Rate Note, 3/17/17 1,950,558 3,125,000 1.19 AA-/Aa2 National Australia Bank, Ltd., Floating Rate Note, 7/25/14 (144A) 3,134,431 2,500,000 0.70 AA-/Aa3 Nordea Bank AB, Floating Rate Note, 5/13/16 (144A) 2,509,052 890,000 NR/NR Nordea Bank AB, Floating Rate Note, 4/4/17 (144A) (c) 890,000 1,875,000 0.57 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 1/23/17 1,876,573
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 69 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Diversified Banks -- (continued) 1,000,000 0.47 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 1/6/15 $ 1,001,979 2,700,000 0.94 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 10/30/14 2,711,437 1,800,000 0.45 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 12/16/15 1,802,468 2,000,000 0.54 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 4/17/14 2,000,414 2,000,000 0.70 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 9/9/16 2,007,832 2,750,000 1.18 A+/A2 Standard Chartered Plc, Floating Rate Note, 5/12/14 (144A) 2,753,435 1,500,000 0.91 A+/Aa3 Sumitomo Mitsui Banking Corp., Floating Rate Note, 7/19/16 1,510,956 1,500,000 1.01 A+/A1 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate Note, 9/16/16 (144A) 1,509,886 2,275,000 0.68 AA-/Aa3 Svenska Handelsbanken AB, Floating Rate Note, 3/21/16 2,284,132 1,000,000 0.70 AA-/Aa3 Svenska Handelsbanken AB, Floating Rate Note, 9/23/16 1,004,694 700,000 0.53 NR/Aa3 Svenska Handelsbanken New York NY, Floating Rate Note, 1/16/15 701,620 1,000,000 0.65 A+/Aa3 The Bank of Tokyo-Mitsubishi UFJ, Ltd., Floating Rate Note, 3/10/17 (144A) 1,000,594 1,100,000 AA-/Aa1 The Toronto-Dominion Bank, 1.375%, 7/14/14 1,103,642 1,725,000 0.44 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 11/6/15 1,726,647 3,350,000 0.42 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 5/1/15 3,356,278 1,200,000 0.54 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 7/14/14 1,201,225 1,000,000 0.70 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 9/9/16 1,004,642 1,000,000 0.54 AA-/Aa2 Westpac Banking Corp., Floating Rate Note, 10/28/14 1,000,063 500,000 1.04 NR/Aaa Westpac Banking Corp., Floating Rate Note, 7/17/15 (144A) 504,436 -------------- $ 56,892,908 ----------------------------------------------------------------------------------------------------------- Regional Banks -- 3.3% 2,950,000 0.69 A-/A2 American Express Centurion Bank, Floating Rate Note, 11/13/15 $ 2,963,517 2,200,000 A-/A2 BB&T Corp., 2.05%, 4/28/14 2,200,708 5,473,000 0.94 A-/A2 BB&T Corp., Floating Rate Note, 4/28/14 5,475,047 1,814,000 0.55 A-/A2 Branch Banking & Trust Co., Floating Rate Note, 9/13/16 1,803,301
The accompanying notes are an integral part of these financial statements. 70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Regional Banks -- (continued) 1,900,000 0.68 BBB+/A3 Capital One NA, Floating Rate Note, 3/22/16 $ 1,902,054 1,727,000 0.65 BBB/Baa2 Fifth Third Bancorp, Floating Rate Note, 12/20/16 1,711,576 2,000,000 BBB+/Baa1 Fifth Third Bank Cincinnati Ohio, 4.75%, 2/1/15 2,067,058 1,800,000 0.75 A-/A3 Fifth Third Bank Cincinnati Ohio, Floating Rate Note, 11/18/16 1,806,750 3,330,000 0.64 A-/A3 Fifth Third Bank Cincinnati Ohio, Floating Rate Note, 2/26/16 3,336,460 1,800,000 0.72 A-/A3 KeyBank NA Cleveland Ohio, Floating Rate Note, 11/25/16 1,803,791 1,370,000 BBB+/Baa1 KeyCorp, 3.75%, 8/13/15 1,423,451 1,900,000 0.61 A/A2 Manufacturers & Traders Trust Co., Floating Rate Note, 1/30/17 1,901,879 1,000,000 0.39 A+/A1 Mellon Funding Corp., Floating Rate Note, 5/15/14 1,000,143 2,850,000 0.58 A-/A3 National City Bank Cleveland Ohio, Floating Rate Note, 12/15/16 2,831,338 2,750,000 A-/A3 National City Corp., 4.9%, 1/15/15 2,845,521 2,250,000 0.55 A/A2 PNC Bank NA, Floating Rate Note, 1/28/16 2,250,918 1,150,000 0.56 A/A2 PNC Bank NA, Floating Rate Note, 4/29/16 1,150,513 1,585,000 A-/A3 PNC Funding Corp., 5.4%, 6/10/14 1,599,867 2,500,000 0.68 BBB+/A3 SunTrust Bank, Floating Rate Note, 2/15/17 2,499,300 1,390,000 0.55 BBB/Baa1 SunTrust Bank, Floating Rate Note, 4/1/15 1,387,110 1,500,000 4.45 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,504,500 1,500,000 0.99 A+/A2 Union Bank NA, Floating Rate Note, 9/26/16 1,514,824 4,148,000 A+/A1 US Bancorp, 4.2%, 5/15/14 4,166,815 2,025,000 0.59 AA-/Aa3 US Bank NA Cincinnati Ohio, Floating Rate Note, 1/30/17 2,024,427 4,355,000 0.52 A+/A1 US Bank NA Cincinnati Ohio, Floating Rate Note, 10/14/14 4,361,010 1,983,000 0.58 A/A3 Wachovia Corp., Floating Rate Note, 10/28/15 1,983,373 224,000 A+/A2 Wells Fargo & Co., 3.75%, 10/1/14 227,819 1,000,000 A/A3 Wells Fargo & Co., 5.0%, 11/15/14 1,026,306 2,503,000 0.44 A+/A2 Wells Fargo & Co., Floating Rate Note, 10/28/15 2,503,906 3,175,000 1.16 A+/A2 Wells Fargo & Co., Floating Rate Note, 6/26/15 3,208,712
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 71 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Regional Banks -- (continued) 1,500,000 0.77 A+/A2 Wells Fargo & Co., Floating Rate Note, 7/20/16 $ 1,504,484 975,000 0.45 A+/A1 Wells Fargo Bank NA, Floating Rate Note, 5/16/16 970,351 -------------- $ 68,956,829 ----------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.2% 4,502,000 BBB/Baa2 Santander Holdings USA, Inc. Pennsylvania, 3.0%, 9/24/15 $ 4,636,254 -------------- Total Banks $ 130,485,991 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 7.1% Other Diversified Financial Services -- 2.2% 4,980,000 A-/Baa2 Bank of America Corp., 5.45%, 7/15/14 $ 5,049,964 6,000,000 1.05 A-/Baa2 Bank of America Corp., Floating Rate Note, 3/22/16 6,041,652 2,000,000 0.71 A/A2 Bank of America NA, Floating Rate Note, 2/14/17 2,000,016 1,300,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,325,174 1,700,000 0.92 A-/Baa2 Citigroup, Inc., Floating Rate Note, 11/15/16 1,708,400 2,692,000 0.52 A-/Baa2 Citigroup, Inc., Floating Rate Note, 11/5/14 2,692,724 1,325,000 1.04 A-/Baa2 Citigroup, Inc., Floating Rate Note, 4/1/16 1,334,062 1,500,000 1.20 A-/Baa2 Citigroup, Inc., Floating Rate Note, 7/25/16 1,518,934 1,800,000 0.45 NR/Aa2 Commonwealth Bank of Australia, Floating Rate Note, 12/4/15 (144A) 1,800,954 2,000,000 0.59 AA-/Aa2 Commonwealth Bank of Australia, Floating Rate Note, 3/13/17 (144A) 1,999,988 300,000 AA+/A1 General Electric Capital Corp., 5.9%, 5/13/14 301,875 1,865,000 0.47 AA+/A1 General Electric Capital Corp., Floating Rate Note, 1/14/16 1,866,326 2,300,000 0.84 AA+/A1 General Electric Capital Corp., Floating Rate Note, 1/8/16 2,315,776 2,420,000 0.94 AA+/A1 General Electric Capital Corp., Floating Rate Note, 4/24/14 2,420,782 1,967,000 0.87 AA+/A1 General Electric Capital Corp., Floating Rate Note, 4/7/14 1,967,151 1,000,000 0.43 AA+/A1 General Electric Capital Corp., Floating Rate Note, 5/11/16 998,618 690,000 0.62 AA+/A1 General Electric Capital Corp., Floating Rate Note, 7/10/15 692,715 500,000 1.28 AA+/A1 General Electric Capital Corp., Floating Rate Note, 7/2/15 505,410
The accompanying notes are an integral part of these financial statements. 72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 500,000 1.38 AA+/A1 General Electric Capital Corp., Floating Rate Note, 8/1/17 $ 496,198 1,528,000 A/A3 JPMorgan Chase & Co., 1.1%, 10/15/15 1,534,271 2,000,000 0.90 A/A3 JPMorgan Chase & Co., Floating Rate Note, 10/15/15 2,009,530 2,000,000 0.76 A/A3 JPMorgan Chase & Co., Floating Rate Note, 2/15/17 2,001,718 1,800,000 0.85 A/A3 JPMorgan Chase & Co., Floating Rate Note, 2/26/16 1,808,633 1,000,000 0.94 A-/Baa1 JPMorgan Chase & Co., Floating Rate Note, 3/31/16 992,527 1,000,000 0.98 A/A3 JPMorgan Chase & Co., Floating Rate Note, 5/2/14 1,000,556 -------------- $ 46,383,954 ----------------------------------------------------------------------------------------------------------- Multi-Sector Holdings -- 0.1% 1,855,000 0.39 AA/Aa2 Berkshire Hathaway Finance Corp., Floating Rate Note, 1/10/17 $ 1,856,024 ----------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.4% 2,516,000 AA+/Aa2 MassMutual Global Funding II, 2.875%, 4/21/14 (144A) $ 2,519,145 1,750,000 0.36 AA+/Aa2 MassMutual Global Funding II, Floating Rate Note, 12/11/15 (144A) 1,751,204 1,870,000 A+/A1 National Rural Utilities Cooperative Finance Corp., 1.0%, 2/2/15 1,880,085 1,800,000 0.54 A/A2 National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 11/23/16 1,801,877 -------------- $ 7,952,311 ----------------------------------------------------------------------------------------------------------- Consumer Finance -- 2.2% 1,500,000 1.33 A-/A2 American Express Credit Corp., Floating Rate Note, 6/12/15 $ 1,517,247 4,700,000 1.08 A-/A2 American Express Credit Corp., Floating Rate Note, 6/24/14 4,708,103 2,250,000 0.75 A-/A2 American Express Credit Corp., Floating Rate Note, 7/29/16 2,265,109 600,000 A+/A1 American Honda Finance Corp., 1.85%, 9/19/14 (144A) 604,254 950,000 0.74 A+/A1 American Honda Finance Corp., Floating Rate Note, 10/7/16 957,591 1,300,000 0.34 A+/A1 American Honda Finance Corp., Floating Rate Note, 11/13/14 (144A) 1,300,848 1,500,000 0.36 A+/A1 American Honda Finance Corp., Floating Rate Note, 4/8/14 (144A) 1,500,044 825,000 0.61 A+/A1 American Honda Finance Corp., Floating Rate Note, 5/26/16 (144A) 828,663
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 73 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Consumer Finance -- (continued) 1,275,000 0.69 A+/A1 American Honda Finance Corp., Floating Rate Note, 5/8/14 (144A) $ 1,275,850 1,500,000 0.63 A+/A1 American Honda Finance Corp., Floating Rate Note, 6/18/14 (144A) 1,502,020 4,440,000 BBB/Baa1 Capital One Financial Corp., 2.125%, 7/15/14 4,460,402 1,875,000 0.88 BBB/Baa1 Capital One Financial Corp., Floating Rate Note, 11/6/15 1,880,766 3,244,000 1.39 BBB/Baa1 Capital One Financial Corp., Floating Rate Note, 7/15/14 3,252,931 1,950,000 1.03 BBB+/Baa1 Hyundai Capital Services, Inc., Floating Rate Note, 3/18/17 (144A) 1,952,258 2,000,000 0.37 A+/A1 PACCAR Financial Corp., Floating Rate Note, 5/5/15 2,002,392 5,660,000 0.49 A+/A1 PACCAR Financial Corp., Floating Rate Note, 6/5/14 5,662,790 1,000,000 AA-/Aa3 Toyota Motor Credit Corp., 0.75%, 3/5/17 (Step) 995,647 2,265,000 AA-/Aa3 Toyota Motor Credit Corp., 1.0%, 2/17/15 2,278,914 554,000 AA-/Aa3 Toyota Motor Credit Corp., 1.25%, 11/17/14 557,429 1,290,000 0.41 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 1/23/15 1,291,500 2,000,000 0.26 NR/NR Toyota Motor Credit Corp., Floating Rate Note, 4/7/14 2,000,002 2,800,000 0.53 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 5/17/16 2,810,755 1,000,000 0.38 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 9/18/15 1,000,763 -------------- $ 46,606,278 ----------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.9% 1,550,000 A+/A2 Northern Trust Corp., 4.625%, 5/1/14 $ 1,556,045 2,320,000 0.44 A+/A1 State Street Bank & Trust Co., Floating Rate Note, 12/8/15 2,317,569 3,645,000 A+/A1 State Street Corp., 4.3%, 5/30/14 3,668,000 1,900,000 A+/A1 The Bank of New York Mellon Corp., 1.7%, 11/24/14 1,914,803 670,000 A+/A1 The Bank of New York Mellon Corp., 3.1%, 1/15/15 684,358 3,123,000 A+/A1 The Bank of New York Mellon Corp., 4.3%, 5/15/14 3,137,890 1,468,000 0.47 A+/A1 The Bank of New York Mellon Corp., Floating Rate Note, 10/23/15 1,471,256 1,000,000 0.47 A+/A1 The Bank of New York Mellon Corp., Floating Rate Note, 3/4/16 1,000,575
The accompanying notes are an integral part of these financial statements. 74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- (continued) 2,340,000 0.51 A+/A1 The Bank of New York Mellon Corp., Floating Rate Note, 7/28/14 $ 2,342,195 -------------- $ 18,092,691 ----------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 1.3% 6,101,000 A/A1 Credit Suisse New York NY, 5.5%, 5/1/14 $ 6,125,935 2,940,000 A/A1 Credit Suisse USA, Inc., 4.875%, 1/15/15 3,040,883 4,350,000 1.48 A-/Baa2 Morgan Stanley, Floating Rate Note, 2/25/16 4,412,501 2,100,000 A/A3 TD Ameritrade Holding Corp., 4.15%, 12/1/14 2,151,440 400,000 0.96 A/A3 The Bear Stearns Companies LLC, Floating Rate Note, 10/28/14 401,354 2,465,000 0.62 A/A3 The Bear Stearns Companies LLC, Floating Rate Note, 11/21/16 2,455,389 1,862,000 A-/Baa1 The Goldman Sachs Group, Inc., 5.0%, 10/1/14 1,903,705 1,000,000 1.23 A-/Baa1 The Goldman Sachs Group, Inc., Floating Rate Note, 11/21/14 1,004,783 3,000,000 0.68 A-/Baa1 The Goldman Sachs Group, Inc., Floating Rate Note, 3/22/16 2,991,552 2,000,000 0.83 A-/Baa1 The Goldman Sachs Group, Inc., Floating Rate Note, 9/29/14 2,003,660 -------------- $ 26,491,202 -------------- Total Diversified Financials $ 147,382,460 ----------------------------------------------------------------------------------------------------------- INSURANCE -- 6.3% Life & Health Insurance -- 0.5% 1,500,000 0.41 BBB+/Baa2 Hartford Life Global Funding Trusts, Floating Rate Note, 6/16/14 $ 1,500,033 2,000,000 0.58 AA/A1 Jackson National Life Global Funding, Floating Rate Note, 9/30/15 (144A) 2,006,874 3,205,000 0.61 AA-/Aa3 MetLife Institutional Funding II, Floating Rate Note, 1/6/15 (144A) 3,214,028 900,000 1.14 AA-/Aa3 MetLife Institutional Funding II, Floating Rate Note, 4/4/14 (144A) 900,023 2,530,000 0.60 A+/A1 Principal Life Global Funding II, Floating Rate Note, 5/27/16 (144A) 2,533,937 -------------- $ 10,154,895 ----------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.4% 720,000 AA-/Aa3 Metropolitan Life Global Funding I, 5.125%, 6/10/14 (144A) $ 726,565 1,500,000 0.77 AA-/Aa3 Metropolitan Life Global Funding I, Floating Rate Note, 7/15/16 (144A) 1,509,892 1,000,000 AA+/Aaa New York Life Global Funding, 0.75%, 7/24/15 (144A) 1,001,559
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 75 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Multi-line Insurance -- (continued) 660,000 AA+/Aaa New York Life Global Funding, 1.3%, 1/12/15 (144A) $ 664,385 3,150,000 0.59 AA+/Aaa New York Life Global Funding, Floating Rate Note, 5/23/16 (144A) 3,165,479 1,300,000 0.24 AA+/Aaa New York Life Global Funding, Floating Rate Note, 7/30/14 (144A) 1,300,150 -------------- $ 8,368,030 ----------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.2% 3,467,000 A-/Baa2 XLIT, Ltd., 5.25%, 9/15/14 $ 3,538,507 ----------------------------------------------------------------------------------------------------------- Reinsurance -- 5.2% 6,800,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note, 5/14/14 (Cat Bond) (144A) $ 6,821,080 1,500,000 3.44 BB/NR Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 1,534,800 1,000,000 8.12 BB-/NR Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 1,053,000 2,125,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 2,160,700 945,000 11.10 BB-/NR Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 995,746 600,000 6.24 BB+/NR Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 617,220 750,000 2.55 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate Note, 5/3/16 (Cat Bond) (144A) 750,375 2,500,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 2,540,250 2,300,000 6.91 NR/NR Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 2,411,320 2,000,000 10.24 NR/Ba2 Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 2,107,400 2,970,000 4.74 NR/Baa1 Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 3,026,727 1,000,000 10.31 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,027,500 250,000 9.06 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 255,175 250,000 11.31 B+/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 257,925 250,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 269,650 2,000,000 N/A BB+/NR East Lane Re VI, Ltd., Floating Rate Note, 3/14/18 (144A) 2,002,200 2,100,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 2,162,580 1,320,000 6.68 BB-/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/4/16 (Cat Bond) (144A) 1,333,200
The accompanying notes are an integral part of these financial statements. 76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 525,000 5.24 BB+/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 8/7/15 (Cat Bond) (144A) $ 540,488 6,000,000 17.77 B+/NR Everglades Re, Ltd., Floating Rate Note, 4/30/14 (Cat Bond) (144A) 6,073,200 1,550,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,576,970 1,500,000 7.44 NR/NR Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,559,850 2,000,000 0.00 NR/NR Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 2,010,600 750,000 3.79 BB+/NR Golden State Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 760,650 300,000 8.40 BB-/NR Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 307,110 2,250,000 4.05 BB+/NR Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 2,295,450 2,000,000 6.94 BB-/NR Johnston Re, Ltd., Floating Rate Note, 5/8/14 (Cat Bond) (144A) 2,005,800 5,000,000 7.64 BB-/NR Johnston Re, Ltd., Floating Rate Note, 5/8/14 (Cat Bond) (144A) 5,018,000 1,800,000 0.00 NR/NR Kizuna II Re, Ltd., Floating Rate Note, 4/6/18 (Cat Bond) (144A) 1,810,260 1,000,000 9.75 NR/NR Loma Reinsurance, Ltd. Bermuda, Floating Rate Note, 1/8/18 (Cat Bond) (144A) 1,040,000 2,000,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 2,038,000 1,300,000 6.23 BB+/NR Longpoint Re, Ltd., Floating Rate Note, 6/12/15 (Cat Bond) (144A) 1,352,390 2,000,000 0.00 NR/NR Merna Reinsurance V, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,999,400 1,500,000 4.53 BB-/NR MetroCat Re, Ltd., Floating Rate Note, 8/5/16 (Cat Bond) (144A) 1,541,100 1,000,000 9.06 BB/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 1,041,600 1,500,000 12.06 B/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 1,591,650 1,250,000 8.74 NR/Ba3 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 1,317,000 2,000,000 8.24 NR/Ba3 Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 2,114,400 2,750,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 2,927,100 500,000 11.78 B-/NR Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 535,650
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 77 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 1,500,000 8.04 NR/NR Mythen Re, Ltd., Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) $ 1,553,250 2,250,000 7.31 BB-/NR Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 2,334,600 1,750,000 3.55 NR/NR Queen City Re, Floating Rate Note, 1/6/19 (Cat Bond) (144A) 1,749,125 1,500,000 7.56 CC/NR Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A) 1,501,050 2,250,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,320,650 1,250,000 8.56 BB-/NR Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,297,750 250,000 10.58 B/NR Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 263,500 1,750,000 8.65 B/NR Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,850,625 1,450,000 8.80 B+/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,534,100 1,750,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,841,000 500,000 8.96 NR/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 523,300 750,000 5.80 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 781,650 2,900,000 4.55 BB+/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 3,004,110 750,000 8.05 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 827,175 1,150,000 10.05 BB-/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,273,970 1,100,000 9.30 B-/NR Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 1,148,070 1,000,000 0.00 BB-/NR Riverfront Re, Ltd., Floating Rate Note, 1/6/17 (Cat Bond) (144A) 1,000,500 1,500,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,518,150 2,500,000 3.56 BB+/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 2,524,000
The accompanying notes are an integral part of these financial statements. 78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 1,500,000 8.53 B+/NR Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) $ 1,616,250 250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 251,325 400,000 2.94 BBB-/NR Vita Capital IV, Ltd., Floating Rate Note, 1/15/16 (Cat Bond) (144A) 405,680 1,500,000 0.04 BBB-/NR Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 1,524,900 500,000 3.44 BB+/NR Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 511,600 1,000,000 2.81 BBB+/NR Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 1,025,900 1,800,000 2.50 BBB+/NR Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 1,800,000 -------------- $ 108,765,746 -------------- Total Insurance $ 130,827,178 ----------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2% Communications Equipment -- 0.1% 1,000,000 0.52 AA-/A1 Cisco Systems, Inc., Floating Rate Note, 3/3/17 $ 1,002,022 1,000,000 0.29 AA-/A1 Cisco Systems, Inc., Floating Rate Note, 9/3/15 999,571 -------------- $ 2,001,593 ----------------------------------------------------------------------------------------------------------- Computer Hardware -- 0.1% 1,500,000 0.29 AA+/Aa1 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,499,734 -------------- Total Technology Hardware & Equipment $ 3,501,327 ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.4% Integrated Telecommunication Services -- 0.3% 1,850,000 A-/A3 AT&T, Inc., 0.875%, 2/13/15 $ 1,857,243 2,456,000 BBB+/Baa1 Deutsche Telekom International Finance BV, 4.875%, 7/8/14 2,484,386 1,250,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%, 2/15/15 (144A) 1,285,265 805,000 1.76 BBB+/Baa1 Verizon Communications, Inc., Floating Rate Note, 9/15/16 828,090 -------------- $ 6,454,984 ----------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.1% 1,500,000 1.23 A-/A2 America Movil SAB de CV, Floating Rate Note, 9/12/16 $ 1,516,722
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 79 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- (continued) 1,150,000 0.62 A-/A3 Vodafone Group Plc, Floating Rate Note, 2/19/16 $ 1,150,627 -------------- $ 2,667,349 -------------- Total Telecommunication Services $ 9,122,333 ----------------------------------------------------------------------------------------------------------- UTILITIES -- 0.6% Electric Utilities -- 0.6% 1,375,000 0.59 A/Aa3 Duke Energy Indiana, Inc., Floating Rate Note, 7/11/16 $ 1,374,391 725,000 0.38 A/A2 Duke Energy Ohio, Inc., Floating Rate Note, 3/6/15 725,637 1,275,000 0.44 A/Aa2 Duke Energy Progress, Inc., Floating Rate Note, 3/6/17 1,273,905 1,865,000 0.70 A+/Aa3 Electricite de France, Floating Rate Note, 1/20/17 (144A) 1,870,856 1,090,000 0.55 A/A3 Georgia Power Co., Floating Rate Note, 3/15/16 1,089,046 1,000,000 0.64 A/A3 Georgia Power Co., Floating Rate Note, 8/15/16 1,000,736 1,400,000 A-/A2 NSTAR Electric Co., 4.875%, 4/15/14 1,402,062 1,013,000 0.48 A-/A2 NSTAR Electric Co., Floating Rate Note, 5/17/16 1,011,337 1,450,000 0.30 A/Aa3 Southern California Edison Co., Floating Rate Note, 10/1/14 1,450,144 1,530,000 0.68 A/Aa3 Southern California Edison Co., Floating Rate Note, 9/15/14 1,532,333 -------------- $ 12,730,447 -------------- Total Utilities $ 12,730,447 ----------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $515,994,182) $ 518,621,411 ----------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 5.1% 2,496 AAA/Aaa Fannie Mae, 6.5%, 1/1/15 $ 2,525 8,980 AAA/Aaa Fannie Mae, 7.0%, 10/1/17 9,496 24,469 2.30 AAA/Aaa Fannie Mae, Floating Rate Note, 1/1/48 25,959 28,044 2.54 AAA/Aaa Fannie Mae, Floating Rate Note, 10/1/32 29,995 12,004 2.27 AAA/Aaa Fannie Mae, Floating Rate Note, 11/1/23 12,469 31,807 2.30 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/34 32,300 2,526 2.82 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/15 2,491 22,599 2.24 AAA/Aaa Fannie Mae, Floating Rate Note, 9/1/32 24,070 1,490,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 1/20/15 1,492,000 3,500,000 0.16 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 10/23/14 3,501,712
The accompanying notes are an integral part of these financial statements. 80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 3,000,000 0.18 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 12/15/14 $ 3,001,500 1,360,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 3/4/15 1,361,670 1,925,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 4/21/14 1,925,092 1,000,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 4/25/14 1,000,103 4,000,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 5/21/14 4,000,916 4,500,000 0.36 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 5/29/14 4,502,128 5,529,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 7/16/14 5,530,421 2,440,000 0.21 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 9/24/14 2,440,837 2,305,000 AA+/Aaa Federal Home Loan Banks, 0.25%, 4/11/14 2,305,118 895,175 AA+/NR Federal Home Loan Banks, 2.9%, 4/20/17 923,902 7,890,000 0.30 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 4/24/14 7,891,144 16,010,000 0.22 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 6/11/14 16,014,915 464 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%, 6/1/14 465 10,328 2.35 AAA/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 10/1/23 11,038 4,200,000 0.38 AA+/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 10/7/14 4,206,649 14,907 2.62 AAA/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 11/1/33 15,892 8,122 2.60 AAA/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 6/1/35 8,516 760,000 0.17 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 1/20/15 760,372 2,135,000 0.35 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 1/27/15 2,139,663 2,370,000 0.38 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 10/27/14 2,374,131 1,650,000 0.47 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 11/21/14 1,654,125 1,400,000 0.43 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 12/15/14 1,403,451 4,829,000 0.14 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 6/20/14 4,829,594
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 81 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- (continued) 6,700,000 0.36 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 6/23/14 $ 6,704,114 9,065,000 0.34 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 8/11/14 9,073,893 1,800,000 0.35 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 8/25/14 1,802,020 15,043 1.62 AAA/Aaa Government National Mortgage Association II, Floating Rate Note, 1/20/22 15,635 5,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 4/30/14 5,000,585 10,000,000 0.10 NR/Aaa U.S. Treasury Notes, Floating Rate Note, 1/31/16 9,994,420 ----------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $106,015,325) $ 106,025,326 ----------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 0.1% 1,100,000 AAA/Aaa Export Development Canada, 3.125%, 4/24/14 $ 1,101,936 1,800,000 0.40 AA-/Aa2 Province of Ontario Canada, Floating Rate Note, 4/1/15 1,802,507 ----------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $2,904,389) $ 2,904,443 ----------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 3.4% Municipal Development -- 0.3% 4,140,000 0.05 AAA/Aaa Lower Neches Valley Authority Industrial Development Corp., Floating Rate Note, 11/1/38 $ 4,140,000 2,100,000 0.07 AA/Aa1 Mississippi Business Finance Corp., Floating Rate Note, 11/1/35 2,100,000 -------------- $ 6,240,000 ----------------------------------------------------------------------------------------------------------- Municipal Higher Education -- 1.8% 4,200,000 0.06 AAA/Aaa Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36 $ 4,200,000 8,890,000 0.06 AA/Aa2 Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 8,890,000 11,670,000 0.06 AAA/Aaa Permanent University Fund, Floating Rate Note, 7/1/37 11,670,000 11,970,000 0.06 AAA/Aaa The University of Texas System, Floating Rate Note, 8/1/34 11,970,000 250,000 0.74 AA/Aa2 University of California, Floating Rate Note, 7/1/41 250,000 -------------- $ 36,980,000 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Municipal Medical -- 1.2% 5,140,000 0.06 NR/NR Geisinger Authority, Floating Rate Note, 8/1/22 $ 5,140,000 14,840,000 0.08 AA/NR Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 14,840,000 4,945,000 0.06 AAA/Aaa Loudoun County Economic Development Authority, Floating Rate Note, 2/15/38 4,945,000 -------------- $ 24,925,000 ----------------------------------------------------------------------------------------------------------- Municipal Power -- 0.0%+ 670,000 1.03 NR/A1 South Carolina State Public Service Authority, Floating Rate Note, 6/1/15 $ 672,801 ----------------------------------------------------------------------------------------------------------- Municipal Obligation -- 0.1% 1,000,000 SP-1+/NR State of California, 2.0%, 5/28/14 $ 1,003,020 ----------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $69,817,791) $ 69,820,821 ----------------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 8.9%** ENERGY -- 0.5% Oil & Gas Drilling -- 0.1% 995,000 6.00 B+/B1 Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/31/21 $ 1,017,594 495,000 5.75 B-/B3 Offshore Group Investment, Ltd., Term Loan, 3/28/19 499,744 -------------- $ 1,517,338 ----------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.1% 37,843 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 $ 38,127 2,743,125 4.00 BB-/Ba3 Seadrill Operating LP, Initial Term Loan, 2/14/21 2,739,940 -------------- $ 2,778,067 ----------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.2% 250,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan, 12/2/17 $ 256,016 2,688,873 3.88 BB-/Ba2 Fieldwood Energy LLC, Closing Date Loan, 9/25/18 2,697,276 400,000 5.00 B-/B1 Samson Investment Co., Tranche 1 Term Loan (Second Lien), 9/25/18 404,150 -------------- $ 3,357,442 ----------------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.1% 98,500 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 3/30/18 $ 99,094 795,000 2.40 BBB-/Ba1 Tesoro Corp., Initial Term Loan, 1/11/16 800,962 -------------- $ 900,056 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 83 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.0%+ 820,875 5.50 B+/Ba3 Foresight Energy LLC, Term Loan, 8/21/20 $ 828,228 -------------- Total Energy $ 9,381,131 ----------------------------------------------------------------------------------------------------------- MATERIALS -- 0.5% Commodity Chemicals -- 0.0%+ 387,961 4.50 NR/Ba2 Tronox Pigments BV, New Term Loan, 3/19/20 $ 390,844 ----------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.2% 1,434,660 4.00 BB-/B1 Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 $ 1,438,503 371,082 3.50 BB+/Ba1 Chemtura Corp., New Term Loan, 8/29/16 373,788 938,125 4.00 NR/NR PQ Corp., 2014 Term Loan, 8/7/17 941,498 690,499 3.25 BB-/NR Taminco Global Chemical Corp., Initial Tranche B-3 Dollar Term Loan, 2/15/19 691,362 290,008 1.00 BBB-/Ba2 WR Grace & Co., Delayed Draw Term Loan, 1/23/21 290,068 812,023 3.00 BBB-/Ba2 WR Grace & Co., U.S. Term Loan, 1/23/21 812,192 -------------- $ 4,547,411 ----------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.1% 684,000 0.00 B+/Ba3 Ardagh Holdings USA, Inc., Tranche B-3 Term Loan (First Lien), 12/17/19 $ 686,352 791,489 4.50 B/B1 BWAY Holding Co., Initial Term Loan, 8/31/17 797,054 -------------- $ 1,483,406 ----------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.1% 693,602 4.75 B/Ba3 Kleopatra Acquisition Corp., Term B-1 Loan, 12/21/16 $ 701,983 175,000 0.00 NR/NR Multi Packaging Solutions, Inc., Initial Dollar Tranche B Term, 9/30/20 175,875 577,379 3.00 BB+/NR Sealed Air Corp., Replacement Term Loan, 10/3/18 579,003 -------------- $ 1,456,861 ----------------------------------------------------------------------------------------------------------- Aluminum -- 0.0%+ 117,600 5.75 B/B2 Noranda Aluminum Acquisition Corp., Term B Loan, 2/28/19 $ 112,847 ----------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.1% 1,481,284 4.25 BBB-/NR Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 1,494,477 533,509 0.00 D/Caa3 Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16 (d) 423,473 -------------- $ 1,917,950 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Steel -- 0.0%+ 360,327 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan, 4/1/17 $ 363,930 45,384 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term Loan, 7/26/18 45,498 -------------- $ 409,428 ----------------------------------------------------------------------------------------------------------- Paper Products -- 0.0%+ 190,964 4.50 NR/NR Ranpak Corp., USD Term Loan, 4/10/19 $ 192,516 -------------- Total Materials $ 10,511,263 ----------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.7% Aerospace & Defense -- 0.3% 498,750 0.00 BBB-/Ba1 Alliant Techsystems, Inc., Term B Loan, 10/22/20 $ 500,776 881,720 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 883,374 200,347 6.25 BB-/WR DynCorp International, Inc., Term Loan, 7/7/16 202,100 419,688 5.25 B/B2 Sequa Corp., Initial Term Loan, 6/19/17 411,556 1,339,193 4.25 BB+/Ba1 Spirit AeroSystems, Inc., Term Loan B, 9/30/20 1,337,797 322,550 3.75 B/Ba3 TransDigm, Inc., Tranche C Term Loan, 2/28/20 323,155 2,600,000 3.25 BB-/Ba3 Wesco Aircraft Hardare Corp., Tranche B Term Loan (First Lien), 2/24/21 2,593,500 -------------- $ 6,252,258 ----------------------------------------------------------------------------------------------------------- Building Products -- 0.1% 1,089,248 3.50 BB-/B1 Armstrong World Industries, Inc., Term Loan B, 3/15/20 $ 1,091,965 557,200 4.00 B+/B1 The Quikrete Companies, Inc., Initial Loan (First Lien), 9/26/20 559,220 984,060 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 990,452 -------------- $ 2,641,637 ----------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.1% 925,000 3.25 BB+/Ba3 Southwire Co., Term Loan, 1/31/21 $ 924,918 886,500 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan, 2/15/17 894,811 -------------- $ 1,819,729 ----------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.0%+ 693,000 0.00 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 694,732 ----------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.1% 85,000 3.25 BB+/Ba1 Manitowoc Co. Inc. (The), Term B Loan, 12/18/20 $ 85,184 310,336 3.50 BBB-/Ba1 Terex Corp., Term Loan, 4/28/17 312,082
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 85 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- (continued) 1,853,223 4.01 B+/B2 Waupaca Foundry, Inc., Term Loan, 6/29/17 $ 1,860,173 -------------- $ 2,257,439 ----------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.1% 398,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term Loan, 7/30/20 $ 398,324 683,943 4.25 B+/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 688,033 79,400 5.75 BB-/Ba3 Xerium Technologies, Inc., New Term Loan, 5/17/19 80,095 -------------- $ 1,166,452 ----------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.0%+ 318,295 3.75 BB/Ba3 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 $ 319,488 -------------- Total Capital Goods $ 15,151,735 ----------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.5% Environmental & Facilities Services -- 0.1% 133,000 3.25 BB+/Baa3 Covanta Energy Corp., Term Loan, 3/28/19 $ 133,466 1,179,045 3.00 BBB-/Ba1 Progressive Waste Solutions, Ltd., Term B Loan, 10/31/19 1,180,519 149,989 4.00 B+/B1 Waste Industries USA, Inc., Term B Loan, 3/17/17 150,425 -------------- $ 1,464,410 ----------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.0%+ 918,177 6.25 B-/B1 Language Line LLC, Tranche B Term Loan, 6/20/16 $ 918,177 149,625 4.50 B+/Ba3 TMS International Corp., Term B Loan, 10/2/20 151,215 -------------- $ 1,069,392 ----------------------------------------------------------------------------------------------------------- Security & Alarm Services -- 0.3% 2,294,250 3.00 BBB/NR Allegion US Holding Co, Inc., Tranche B Term Loan, 12/26/20 $ 2,298,552 321,770 4.00 NR/NR Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 322,574 1,257,827 4.00 NR/NR Garda World Security Corp., Term B Loan, 11/1/20 1,260,972 990,295 4.25 B/Ba3 Monitronics International, Inc., Term B Loan, 3/23/18 992,462 994,994 3.25 BB/Ba3 The Geo Group, Inc., Term Loan, 4/3/20 995,616 -------------- $ 5,870,176 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Human Resource & Employment Services -- 0.0%+ 1,037,113 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan, 5/15/20 $ 1,036,680 ----------------------------------------------------------------------------------------------------------- Research & Consulting Services -- 0.1% 1,189,148 3.25 NR/NR Crown Castle International Corp., Tranche B-2 Term Loan (First Lien), 1/31/21 $ 1,186,845 427,285 5.00 BB-/Ba3 Wyle Services Corp., Term Loan (First Lien), 3/26/17 427,463 -------------- $ 1,614,308 -------------- Total Commercial Services & Supplies $ 11,054,966 ----------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.3% Air Freight & Logistics -- 0.0%+ 199,500 5.25 B/Ba3 Syncreon Group BV, Term Loan, 9/26/20 $ 200,996 ----------------------------------------------------------------------------------------------------------- Airlines -- 0.2% 2,530,875 3.75 BB-/Ba2 American Airlines, Inc., Class B Term Loan, 6/27/19 $ 2,542,474 740,625 3.50 BB/NR Delta Air Lines, Inc., 2014 Term B-1 Loan, 10/18/18 742,014 296,947 3.50 BB+/Ba1 Delta Air Lines, Inc., Term Loan, 4/20/17 297,981 247,500 3.50 BB-/Ba2 United Airlines, Inc., Class B Term Loan, 4/1/19 248,242 -------------- $ 3,830,711 ----------------------------------------------------------------------------------------------------------- Marine -- 0.1% 1,492,500 5.25 BB/Ba3 Navios Maritime Partners LP, Term Loan, 6/27/18 $ 1,518,153 ----------------------------------------------------------------------------------------------------------- Trucking -- 0.0%+ 165,752 2.90 BB/Ba1 Swift Transportation Co. LLC, Tranche B-1 Term Loan (2013), 12/21/16 $ 166,892 323,423 4.00 BB/Ba1 Swift Transportation Co. LLC, Tranche B-2 Term Loan (2013), 12/21/17 326,819 -------------- $ 493,711 -------------- Total Transportation $ 6,043,571 ----------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.2% Auto Parts & Equipment -- 0.2% 147,894 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 148,264 1,986,193 4.25 NR/NR Metaldyne LLC, Tranche B Term Loan, 12/18/18 1,996,746 639,905 5.50 NR/NR TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19 645,305 582,206 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 583,950
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 87 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Auto Parts & Equipment -- (continued) 202,212 4.00 BB-/B1 Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 $ 202,212 -------------- $ 3,576,477 ----------------------------------------------------------------------------------------------------------- Tires & Rubber -- 0.0%+ 600,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term Loan (Second Lien), 3/27/19 $ 603,368 -------------- Total Automobiles & Components $ 4,179,845 ----------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.3% Home Furnishings -- 0.1% 350,000 4.25 B+/B1 Serta Simmons Holdings LLC, Term Loan, 10/1/19 $ 351,717 519,118 3.50 BB/Ba3 Tempur Sealy International, Inc., New Term B Loan, 3/18/20 519,164 -------------- $ 870,881 ----------------------------------------------------------------------------------------------------------- Housewares & Specialties -- 0.1% 995,000 2.90 BBB-/Ba1 Jarden Corp., Tranche B1 Term Loan, 9/30/20 $ 996,758 550,259 3.75 BB/Ba2 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 553,560 791,258 4.00 B+/B1 Reynolds Group Holdings, Inc., Incremental U.S. Term Loan, 12/31/18 795,152 -------------- $ 2,345,470 ----------------------------------------------------------------------------------------------------------- Leisure Products -- 0.0%+ 188,571 4.00 B+/B1 Bombardier Recreational Products, Inc., Term B Loan, 1/30/19 $ 189,514 ----------------------------------------------------------------------------------------------------------- Apparel, Accessories & Luxury Goods -- 0.1% 1,578,700 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan, 12/19/19 $ 1,583,998 -------------- Total Consumer Durables & Apparel $ 4,989,863 ----------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.6% Casinos & Gaming -- 0.2% 438,900 3.25 BBB-/Ba2 Las Vegas Sands llc, Tranche B-2 Term Loan (First Lien), 12/19/20 $ 438,728 1,234,375 3.50 BB/Ba2 MGM Resorts International, Term B Loan, 12/20/19 1,234,118 538,650 3.25 BB+/Ba1 Penn National Gaming, Inc., Term B Facility Loan, 10/25/20 538,734 272,938 3.75 BB+/Ba2 Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 8/13/20 274,089 1,395,000 3.00 BBB-/Baa3 Seminole Tribe of Florida, Inc., Initial Term Loan, 4/29/20 1,393,693 -------------- $ 3,879,362 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.1% 497,500 3.50 NR/B1 Four Seasons Holdings Inc., Term Loan, 6/27/20 $ 499,988 1,144,737 3.75 BB/Ba3 Hilton Worldwide Finance LLC, Initial Term Loan, 9/23/20 1,148,171 -------------- $ 1,648,159 ----------------------------------------------------------------------------------------------------------- Leisure Facilities -- 0.1% 98,476 3.25 BBB-/Ba1 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 98,883 735,350 3.50 BB+/Ba2 Six Flags Theme Parks, Inc., Tranche B Term Loan, 12/20/18 739,597 -------------- $ 838,480 ----------------------------------------------------------------------------------------------------------- Restaurants -- 0.1% 243,295 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan (2012), 9/28/19 $ 244,949 126,648 3.75 BB-/Ba2 DineEquity, Inc., Term B-2 Loan, 10/19/17 127,248 468,993 4.00 BB-/Ba3 Landry's, Inc., B Term Loan, 4/24/18 472,569 156,800 4.00 B/Ba3 NPC International, Inc., 12/28/18 157,878 843,691 4.25 B/Ba3 PF Chang's China Bistro, Inc., Term Borrowing, 6/22/19 848,954 726,587 3.25 BB-/B1 Wendy's International, Inc., Term B Loan, 5/15/19 725,939 -------------- $ 2,577,537 ----------------------------------------------------------------------------------------------------------- Education Services -- 0.0%+ 375,250 4.00 B+/B1 Bright Horizons Family Solutions, Inc., Term B Loan, 1/14/20 $ 376,716 ----------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.1% 517,045 4.25 B/B1 Allied Security Holdings LLC, Closing Date Term Loan (First Lien), 2/12/21 $ 516,183 1,980,000 4.00 BB-/B1 Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4/2/20 1,540,688 -------------- $ 2,056,871 -------------- Total Consumer Services $ 11,377,125 ----------------------------------------------------------------------------------------------------------- MEDIA -- 1.3% Advertising -- 0.1% 844,506 4.25 B+/B1 Acosta, Inc., Term B Loan (2013), 3/2/18 $ 850,708 989,989 4.25 B+/B1 Advantage Sales & Marketing, Inc., 2013 Term Loan (First Lien), 12/18/17 995,558 114,443 4.75 B/B2 Getty Images, Inc., Initial Term Loan, 10/18/19 110,044 -------------- $ 1,956,310 ----------------------------------------------------------------------------------------------------------- Broadcasting -- 0.3% 1,629,423 3.00 BB+/Ba1 CBS Outdoor Americas Capital llc, Tranche B Term Loan (First Lien), 1/15/21 $ 1,626,368
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 89 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Broadcasting -- (continued) 361,751 4.00 B+/Ba3 Entercom Radio llc, Term B-2 Loan, 11/23/18 $ 364,314 618,750 4.25 B/B2 NEP, Amendment No. 3 Incremental Term Loan (First Lien), 1/22/20 622,102 1,345,123 3.00 NR/Ba1 Sinclair Television Group, Inc., New Tranche B Term Loan, 4/19/20 1,334,362 2,289,263 4.00 BB+/Ba3 Tribune Co., Tranche B Term Loan (First Lien), 11/20/20 2,292,696 95,333 3.50 B+/Ba3 TWCC Holding Corp., Term Loan, 2/13/17 93,783 668,263 4.00 B+/NR Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 668,889 -------------- $ 7,002,514 ----------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.6% 1,185,404 3.50 BB-/Ba2 Cequel Communications LLC, Term Loan, 2/14/19 $ 1,187,623 1,315,063 3.00 BB+/Baa3 Charter Communications Operating LLC, Term F Loan, 1/1/21 1,305,857 521,732 3.75 BB/Ba3 Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 6/30/19 523,686 738,750 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term Loan, 2/8/20 740,443 1,400,000 2.63 BB+/Ba3 Mediacom Illinois LLC, Tranche F Term Loan, 3/31/18 1,394,750 665,466 3.50 BB/Ba3 Telesat Canada, U.S. Term B Loan, 3/28/19 666,506 2,205,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20 2,202,519 295,511 4.75 B/Ba3 WideOpenWest Finance LLC, Term B Loan, 4/1/19 296,672 1,136,553 0.00 NR/NR Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 1,127,407 1,072,383 0.00 NR/NR Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 1,063,754 691,064 0.00 NR/NR Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 685,503 -------------- $ 11,194,720 ----------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.3% 1,468,763 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 1,471,211 774,110 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20 776,529 1,547,422 3.50 BB-/Ba2 Rovi Solutions Corp., Tranche B-3 Term Loan, 3/29/19 1,548,350 595,500 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc., New Term Loan B, 5/14/20 595,965
The accompanying notes are an integral part of these financial statements. 90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Movies & Entertainment -- (continued) 1,094,500 3.75 B+/B1 WMG Acquisition Corp., Tranche B Refinancing Term Loan, 7/1/20 $ 1,090,909 -------------- $ 5,482,964 ----------------------------------------------------------------------------------------------------------- Publishing -- 0.0%+ 626,751 3.75 BB-/Ba3 Interactive Data Corp., Refinanced Term Loan, 2/11/18 $ 627,770 -------------- Total Media $ 26,264,278 ----------------------------------------------------------------------------------------------------------- RETAILING -- 0.5% Distributors -- 0.0%+ 498,750 4.25 B/B2 Spin Holdco, Inc., Initial Term Loan (First Lien), 11/14/19 $ 499,436 ----------------------------------------------------------------------------------------------------------- Computer & Electronics Retail -- 0.1% 1,750,000 3.75 NR/NR Rent-A-Center, Inc., Term Loan (2014), 2/6/21 $ 1,745,625 ----------------------------------------------------------------------------------------------------------- Home Improvement Retail -- 0.1% 1,237,500 4.50 B/B2 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,228,219 ----------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.0%+ 992,500 3.75 BB-/Ba3 Michaels Stores, Inc., Term B Loan, 1/28/20 $ 995,247 ----------------------------------------------------------------------------------------------------------- Automotive Retail -- 0.3% 493,750 6.25 B+/B1 Arc Automotive Group, Inc., Term Loan, 11/15/18 $ 497,762 1,289,360 3.00 BB/Ba1 Avis Budget Car Rental LLC, Tranche B Term Loan, 3/15/19 1,283,316 2,900,000 3.25 BB+/Ba1 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 2,891,457 740,625 3.75 BB/Ba1 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 742,708 -------------- $ 5,415,243 -------------- Total Retailing $ 9,883,770 ----------------------------------------------------------------------------------------------------------- Food & Staples Retailing -- 0.1% Food Distributors -- 0.0%+ 246,875 5.75 B/B1 AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 $ 248,031 ----------------------------------------------------------------------------------------------------------- Food Retail -- 0.1% 249,372 4.25 BB-/NR Albertsons llc, Term B-1 Loan, 3/21/16 $ 251,117 1,257,870 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 1,268,877 481,871 3.50 B+/B1 Big Heart Pet Brands, Initial Term Loan, 2/24/20 479,687 -------------- $ 1,999,681 -------------- Total Food & Staples Retailing $ 2,247,712 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 91 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.4% Distillers & Vintners -- 0.0%+ 992,500 2.75 BB+/NR Constellation Brands, Inc., European Term B Loan, 4/29/20 $ 997,374 ----------------------------------------------------------------------------------------------------------- Agricultural Products -- 0.2% 2,359,306 4.50 B/B1 Arysta Lifescience SPC LLC, Initial Term Loan (First Lien), 5/29/20 $ 2,371,102 1,590,000 3.25 BBB-/Ba2 Darling International, Inc., Term B USD Loan, 12/19/20 1,593,458 -------------- $ 3,964,560 ----------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.2% 1,588,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 $ 1,598,819 874,626 3.75 BB/Ba2 JBS USA LLC, Initial Term Loan, 5/25/18 877,337 194,442 4.25 B+/Ba3 Michael Foods Group, Inc., Term B Facility, 2/25/18 195,232 1,326,600 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term Loan G, 4/29/20 1,322,217 $ 3,993,605 -------------- Total Food, Beverage & Tobacco $ 8,955,539 ----------------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Household Products -- 0.0%+ 298,500 3.50 BB/Ba3 Spectrum Brands, Inc., Tranche C Term Loan, 8/13/19 $ 299,432 ----------------------------------------------------------------------------------------------------------- Personal Products -- 0.1% 400,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 401,650 374,063 4.00 B+/Ba2 Revlon Consumer Products Corp., Acquisition Term Loan, 8/19/19 375,231 976,136 3.25 NR/Ba2 Revlon Consumer Products Corp., Replacement Term Loan 2014, 11/19/17 976,848 $ 1,753,729 -------------- Total Household & Personal Products $ 2,053,161 ----------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.6% Health Care Equipment -- 0.1% 919,830 3.25 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B Term Loan, 8/1/19 $ 917,530 591,233 4.00 BB-/Ba3 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 593,712 -------------- $ 1,511,242 ----------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.0%+ 219,418 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 220,790 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Health Care Services -- 0.2% 328,915 7.25 NR/B1 BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 $ 331,587 548,191 7.25 BB-/B1 BioScrip, Inc., Initial Term B Loan, 7/31/20 552,645 600,000 4.00 B+/Ba3 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 604,750 740,625 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 746,047 1,258,811 4.00 B+/B1 Envision Healthcare Corp., Initial Term Loan, 5/25/18 1,261,762 1,492,500 2.23 BBB-/Baa3 Fresenius US Finance I, Inc., Tranche B Term Loan, 8/7/19 1,491,334 66,656 7.75 B-/B2 inVentiv Health, Inc., Term B-3 Loan, 5/15/18 66,447 343,901 4.50 B+/Ba3 Truven Health Analytics, Inc., New Tranche B Term Loan, 6/6/19 341,322 -------------- $ 5,395,894 ----------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.2% 72,189 4.25 BB/Ba2 CHS, 2021 Term D Loan, 1/27/21 $ 72,888 491,250 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 493,783 717,764 4.25 B+/Ba3 Kindred Healthcare, Inc., Term B-1 Loan, 6/1/18 719,558 342,404 2.66 BB-/Ba1 LifePoint Hospitals, Inc., Incremental Term Loan B, 7/24/17 343,403 493,762 7.00 B/B3 RegionalCare Hospital Partners, Inc., Term Loan (First Lien 2013), 11/4/18 491,294 236,016 3.75 NR/NR Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 238,075 992,500 6.75 B-/B2 Steward Health Care System LLC, Term Loan, 4/10/20 991,880 -------------- $ 3,350,881 ----------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.1% 727,198 4.00 B+/Ba3 ConvaTec, Inc., Dollar Term Loan, 12/22/16 $ 729,470 1,610,542 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,613,729 -------------- $ 2,343,199 -------------- Total Health Care Equipment & Services $ 12,822,006 ----------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.5% Biotechnology -- 0.1% 1,134,239 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,137,074 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 93 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.4% 500,000 3.25 NR/NR Endo Luxembourg Finance I Company Sarl, Tranche B Term Loan (First Lien), 11/5/20 $ 499,271 525,000 0.00 NR/NR Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21 525,328 305,000 0.00 NR/NR JLL, Initial Dollar Term Loan, 1/23/21 303,920 975,000 3.50 NR/NR Mallinckrodt International Finance SA, Initial Term B Loan, 3/6/21 976,752 1,475,815 0.00 B/B1 Par Pharmaceutical Companies, Inc., Term B-2 Loan, 9/28/19 1,480,027 270,000 4.25 NR/NR PharMEDium Healthcare Corp., Initial Term Loan (First Lien), 1/23/21 270,844 1,029,109 3.25 BBB-/Baa2 RPI Finance Trust, Term B-2 Term Loan, 5/9/18 1,034,254 632,807 3.25 BBB-/Baa2 RPI Finance Trust, Term B-3 Term Loan, 11/9/18 635,971 444,375 4.25 BB/Ba1 Salix Pharmaceuticals, Inc., Term Loan, 12/17/19 448,958 591,000 3.75 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 593,955 246,250 3.75 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series D2 Term Loan B, 2/13/19 247,481 1,517,291 3.75 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 1,526,377 -------------- $ 8,543,138 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 9,680,212 ----------------------------------------------------------------------------------------------------------- BANKS -- 0.1% Thrifts & Mortgage Finance -- 0.1% 1,391,397 5.00 B+/B1 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 1,399,502 -------------- Total Banks $ 1,399,502 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.3% Other Diversified Financial Services -- 0.2% 460,557 3.50 BBB-/Ba2 AWAS Finance Luxembourg 2012 SA, Term Loan, 7/16/18 $ 462,860 1,295,000 3.50 NR/NR Delos Finance SARL, Tranche B Term Loan, 2/27/21 1,297,543 1,628,776 4.50 BBB-/B1 Fly Funding II Sarl, Term Loan, 8/9/18 1,648,118 496,250 5.00 B/B1 Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 496,870 98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 100,077 -------------- $ 4,005,468 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.1% 972,563 5.75 NR/B1 Hyperion Insurance Group, Ltd., Term Loan, 10/4/19 $ 971,347 1,014,079 4.25 B/B1 Mirror BidCo Corp., New Incremental Term Loan, 12/18/19 1,015,980 600,000 3.25 BB/Ba2 SBA Senior Finance II LLC, Incremental Tranche B-1- A Term Loan, 3/31/21 598,875 -------------- $ 2,586,202 -------------- Total Diversified Financials $ 6,591,670 ----------------------------------------------------------------------------------------------------------- INSURANCE -- 0.1% Insurance Brokers -- 0.1% 1,096,167 4.25 NR/B1 USI Insurance Services LLC, Term B Loan, 12/30/19 $ 1,101,647 ----------------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.0%+ 463,599 3.75 BB/Ba2 CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18 $ 465,338 ----------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.0%+ 243,940 4.25 B/B1 Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 $ 245,233 ----------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.0%+ 497,461 5.75 B-/B2 Confie seguros Holding II Co., Term B Loan (First Lien), 11/9/18 $ 498,083 -------------- Total Insurance $ 2,310,301 ----------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Mortgage REIT -- 0.1% 1,598,150 3.50 BB+/Ba3 Starwood Property Trust, Inc., Term Loan (First Lien), 4/17/20 $ 1,594,487 ----------------------------------------------------------------------------------------------------------- Real Estate Services -- 0.0%+ 493,769 4.50 NR/B1 Altisource Solutions Sarl, Term B Loan, 12/9/20 $ 495,929 -------------- Total Real Estate $ 2,090,416 ----------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.3% Internet Software & Services -- 0.0%+ 1,000,000 3.50 NR/NR Dealertrack Technologies, Inc., Term Loan, 2/27/21 $ 1,005,833 ----------------------------------------------------------------------------------------------------------- IT Consulting & Other Services -- 0.1% 1,630,088 3.75 BB/Ba3 Booz Allen Hamilton, Inc., Refinance Tranche B, 7/31/19 $ 1,637,220 297,739 4.50 NR/B1 Deltek, Inc., Term Loan (First Lien), 10/10/18 299,227 230,000 4.50 B+/B1 PSAV Presentation Services, Tranche B Term Loan (First Lien), 1/24/21 231,725 -------------- $ 2,168,172 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 95 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.0%+ 987,538 3.50 BBB-/Ba1 Genpact International, Inc., Term Loan, 8/30/19 $ 992,223 ----------------------------------------------------------------------------------------------------------- Application Software -- 0.1% 472,625 4.25 BB-/B1 Epiq Systems, Inc., Term Loan, 8/27/20 $ 473,807 30,696 8.50 B-/B1 Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 30,044 747,500 3.50 BB-/B1 Verint Systems, Inc., Tranche B-2 Term Loan (First Lien), 9/6/19 748,341 -------------- $ 1,252,192 ----------------------------------------------------------------------------------------------------------- Home Entertainment Software -- 0.1% 1,350,000 0.00 BBB/Baa3 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 1,351,894 -------------- Total Software & Services $ 6,770,314 ----------------------------------------------------------------------------------------------------------- Technology Hardware & Equipment -- 0.1% Communications Equipment -- 0.0%+ 159,236 2.73 BB+/Ba2 Commscope, Inc., Tranche 3 Term Loan, 1/21/17 $ 159,833 238,854 3.25 BB+/Ba2 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 240,272 -------------- $ 400,105 ----------------------------------------------------------------------------------------------------------- Electronic Components -- 0.1% 646,750 3.25 BB/Baa2 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 648,262 1,400,000 6.25 NR/NR FCI -- Fidji Luxembourg Bc4 Sarl , Term Loan, 12/19/20 1,410,500 -------------- $ 2,058,762 -------------- Total Technology Hardware & Equipment $ 2,458,867 ----------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.0%+ Semiconductor Equipment -- 0.0%+ 126,184 4.50 NR/B1 Aeroflex, Inc., Tranche B-1 Term Loan, 11/9/19 $ 127,509 531,443 3.25 BBB-/Baa2 Sensata Technologies BV, Term Loan, 5/12/18 534,051 -------------- $ 661,560 ----------------------------------------------------------------------------------------------------------- Semiconductors -- 0.0%+ 131,461 3.25 BB+/NR Microsemi Corp., Term Loan (First Lien), 3/14/21 $ 131,379 -------------- Total Semiconductors & Semiconductor Equipment $ 792,939 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.3% Integrated Telecommunication Services -- 0.3% 1,243,750 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 1,245,927 1,002,425 2.66 BBB-/Baa3 tw telecom holdings, inc., Term Loan B Loan, 4/17/20 1,005,976 1,143,359 3.25 BB/B1 West Corp., B-10 Term Loan (First Lien), 6/30/18 1,138,446 1,038,364 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 1,038,580 714,148 3.50 BB+/Ba2 Windstream Corp., Tranche B-5 Term Loan, 8/8/19 717,049 -------------- $ 5,145,978 ----------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.0%+ 61,875 3.25 NR/NR Cellular South, Inc., Term Loan B, 5/23/20 $ 61,798 727,141 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 729,262 -------------- $ 791,060 -------------- Total Telecommunication Services $ 5,937,038 ----------------------------------------------------------------------------------------------------------- UTILITIES -- 0.5% Electric Utilities -- 0.2% 3,150,000 4.75 NR/NR Atlantic Power LP, Term Loan, 2/20/21 $ 3,161,812 1,191,000 3.00 BB/Ba3 Calpine Construction Finance Co. LP, Term B-1 Loan, 5/3/20 1,172,922 -------------- $ 4,334,734 ----------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.3% 764,146 3.75 BB+/Ba1 AES Corp. Virginia, 2013 Other Term Loan, 6/1/18 $ 768,179 764,054 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 767,397 458,077 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 460,449 1,179,402 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,171,073 1,592,028 3.75 BB+/Ba1 NSG Holdings LLC, New Term Loan, 12/11/19 1,597,999 825,730 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC, Term Loan, 3/27/20 825,988 -------------- $ 5,591,085 -------------- Total Utilities $ 9,925,819 ----------------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $182,506,157) $ 182,873,043 -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 97 Schedule of Investments | 3/31/14 (continued)
----------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ----------------------------------------------------------------------------------------------------------- TEMPORARY CASH INVESTMENTS -- 1.8% Certificates of Deposit -- 1.8% 6,170,000 NR/NR Bank of Nova Scotia, Floating Rate Note, 4/17/14 (c) $ 6,169,754 10,000,000 0.10 NR/NR Bank of Tokyo-Mitsubishi UFJ, Floating Rate Note, 4/3/14 9,999,942 5,140,000 NR/NR National Australia Bank, Ltd., Floating Rate Note, 4/1/14 (c) 5,140,000 1,980,000 NR/NR National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 4/1/14 (c) 1,980,000 2,925,000 0.49 A/A2 National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 4/4/14 2,925,026 1,000,000 0.65 NR/Aa3 Sumitomo Mitsui Banking Corp. New York, Floating Rate Note, 4/1/15 1,002,817 1,000,000 0.41 AA-/Aa3 Svenska Handelsbanken New York NY, Floating Rate Note, 11/17/14 1,000,562 1,500,000 0.40 AA-/Aa3 Svenska Handelsbanken New York NY, Floating Rate Note, 12/19/14 1,500,912 3,450,000 1.04 NR/NR Svenska Handelsbanken New York NY, Floating Rate Note, 7/17/14 3,450,269 1,700,000 0.22 NR/NR The Toronto-Dominion Bank New York, Floating Rate Note, 11/14/14 1,700,219 1,800,000 0.18 NR/NR Wells Fargo Bank NA, Floating Rate Note, 6/16/14 1,800,086 -------------- $ 36,669,587 ----------------------------------------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENTS (Cost $36,670,703) $ 36,669,587 ----------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 96.2% (Cost $1,981,364,658) (a) $1,987,782,704 ----------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 3.8% $ 78,415,574 ----------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $2,066,198,278 ===========================================================================================================
+ Rounds to less than 0.1%. NR Not rated by either S&P or Moody's. WR Withdrawn rating. (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, 2014, the value of these securities amounted to $487,990,737 or 23.6% of total net assets. REIT Real Estate Investment Trust. REMIC Real Estate Mortgage Investment Conduits. The accompanying notes are an integral part of these financial statements. 98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 (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. (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, 2014, the net unrealized appreciation on investments based on cost for federal income tax purposes of $1,986,401,424 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 4,976,002 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (3,594,722) ----------- Net unrealized appreciation $ 1,381,280 ===========
(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) Security is in default and is non-income producing. Purchases and sales of securities (excluding temporary cash investments) for the year ended March 31, 2014 aggregated $1,538,647,125 and $747,155,696, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services or broker dealers) as Level 3. See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of March 31, 2014, in valuing the Fund's assets:
---------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ---------------------------------------------------------------------------------------- Asset Backed Securities $ -- $ 433,691,094 $ -- $ 433,691,094 Collateralized Mortgage Obligations -- 637,175,591 -- 637,175,591 Corporate Bonds -- 518,621,411 -- 518,621,411 U.S. Government and Agency Obligations -- 106,025,326 -- 106,025,326 Foreign Government Bonds -- 2,904,443 -- 2,904,443 Municipal Bonds -- 69,820,821 -- 69,820,821 Senior Floating Rate Loan Interests -- 182,873,043 -- 182,873,043 Certificates of Deposit -- 36,669,586 -- 36,669,586 ---------------------------------------------------------------------------------------- Total $ -- $1,987,781,315 $ -- $1,987,781,315 ========================================================================================
During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 99 Statement of Assets and Liabilities | 3/31/14
ASSETS: Investment in securities (cost $1,981,364,658) $1,987,782,704 Cash 76,508,660 Receivables -- Investment securities sold 8,020,419 Fund shares sold 26,099,731 Interest 3,468,132 Prepaid expenses 96,481 -------------------------------------------------------------------------------- Total assets $2,101,976,127 -------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 19,073,078 Fund shares repurchased 15,876,683 Dividends 257,907 Due to affiliates 374,859 Accrued expenses 195,322 -------------------------------------------------------------------------------- Total liabilities $ 35,777,849 -------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $2,064,740,535 Distributions in excess of net investment income (3,720,388) Accumulated net realized loss on investments (1,239,915) Net unrealized appreciation on investments 6,418,046 -------------------------------------------------------------------------------- Total net assets $2,066,198,278 ================================================================================ NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $570,467,831/56,663,552 shares) $ 10.07 Class C (based on $575,456,997/57,235,613 shares) $ 10.05 Class C2 (based on $3,698,723/367,878 shares) $ 10.05 Class K (based on $9,981/991 shares) $ 10.07 Class Y (based on $912,810,407/90,625,247 shares) $ 10.07 Class Z (based on $3,754,339/373,551 shares) $ 10.05 MAXIMUM OFFERING PRICE: Class A ($10.07 (divided by) 97.5%) $ 10.33 ================================================================================
The accompanying notes are an integral part of these financial statements. 100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 Statement of Operations For the Year Ended 3/31/14
INVESTMENT INCOME: Interest $26,580,861 --------------------------------------------------------------------------------------------- Total investment income $26,580,861 --------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 5,507,330 Transfer agent fees and expenses Class A 29,650 Class C 25,828 Class C2 53 Class Y 6,722 Class Z 85 Distribution fees Class A 923,813 Class C 2,148,403 Class C2 5,823 Shareholder communication expense 1,176,857 Administrative reimbursement 500,455 Custodian fees 167,660 Registration fees 364,940 Professional fees 113,786 Printing expense 45,559 Fees and expenses of nonaffiliated Trustees 59,322 Miscellaneous 359,029 --------------------------------------------------------------------------------------------- Total expenses $11,435,315 --------------------------------------------------------------------------------------------- Net investment income $15,145,546 --------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain on investments $ 149,211 Change in net unrealized appreciation on investments $ (606,840) --------------------------------------------------------------------------------------------- Net loss on investments $ (457,629) --------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $14,687,917 =============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 101 Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------- Year Ended Year Ended 3/31/14 3/31/13 -------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 15,145,546 $ 6,664,001 Net realized gain on investments 149,211 57,794 Change in net unrealized appreciation on investments (606,840) 6,603,179 -------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 14,687,917 $ 13,324,974 -------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.10 and $0.15 per share, respectively) $ (4,647,335) $ (2,922,161) Class C ($0.07 and $0.11 per share, respectively) (3,091,044) (1,648,303) Class C2 ($0.05 and $0.00 per share, respectively) (8,210) -- Class K ($0.13 and $0.05 per share, respectively) (125) (54) Class Y ($0.12 and $0.17 per share, respectively) (9,018,695) (5,907,023) Class Z ($0.13 and $0.00 per share, respectively) (18,529) -- -------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (16,783,938) $ (10,477,541) -------------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 2,307,738,408 $1,778,506,536 Reinvestment of distributions 13,876,376 8,481,507 Cost of shares repurchased (1,574,244,421) (628,246,664) -------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 747,370,363 $1,158,741,379 -------------------------------------------------------------------------------------------------- Net increase in net assets $ 745,274,342 $1,161,588,812 NET ASSETS: Beginning of period 1,320,923,936 159,335,124 -------------------------------------------------------------------------------------------------- End of period $ 2,066,198,278 $1,320,923,936 -------------------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (3,720,388) $ (2,855,856) --------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------ `14 Shares `14 Amount `13 Shares `13 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 62,652,176 $ 630,767,493 51,554,654 $ 519,046,315 Reinvestment of distributions 427,543 4,303,233 267,063 2,690,174 Less shares repurchased (44,233,206) (445,365,813) (18,809,955) (189,556,502) ------------------------------------------------------------------------------------------------ Net increase 18,846,513 $ 189,704,913 33,011,762 $ 332,179,987 ================================================================================================ Class C Shares sold 56,870,669 $ 571,857,990 43,411,358 $ 436,864,772 Reinvestment of distributions 303,017 3,046,361 154,379 1,554,742 Less shares repurchased (32,788,054) (329,711,220) (11,878,112) (119,597,629) ------------------------------------------------------------------------------------------------ Net increase 24,385,632 $ 245,193,131 31,687,625 $ 318,821,885 ================================================================================================ Class C2* Shares sold 375,767 $ 3,776,660 -- $ -- Reinvestment of distributions 649 6,519 -- -- Less shares repurchased (8,538) (85,763) -- -- ------------------------------------------------------------------------------------------------ Net increase 367,878 $ 3,697,416 -- $ -- ================================================================================================ Class K Shares sold -- $ -- 991 $ 10,000 Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- -- -- ------------------------------------------------------------------------------------------------ Net increase -- $ -- 991 $ 10,000 ================================================================================================ Class Y Shares sold 108,933,560 $ 1,097,365,036 81,639,780 $ 822,585,449 Reinvestment of distributions 645,480 6,501,765 420,137 4,236,591 Less shares repurchased (79,299,296) (798,846,719) (31,638,154) (319,092,533) ------------------------------------------------------------------------------------------------ Net increase 30,279,744 $ 305,020,082 50,421,763 $ 507,729,507 ================================================================================================ Class Z** Shares sold 395,076 $ 3,971,229 -- $ -- Reinvestment of distributions 1,840 18,498 -- -- Less shares repurchased (23,365) (234,906) -- -- ------------------------------------------------------------------------------------------------ Net increase 373,551 $ 3,754,821 -- $ -- ================================================================================================
* Class C2 shares were first publicly offered on August 2, 2013. ** Class Z shares were first publicly offered on April 2, 2013. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 103 Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended 5/2/11 3/31/14 3/31/13 to 3/31/12 (a) -------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 10.08 $ 10.02 $ 10.00 -------------------------------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.10 $ 0.13 $ 0.12 Net realized and unrealized gain (loss) on investments (0.01) 0.08 0.03 -------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.09 $ 0.21 $ 0.15 -------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.10) $ (0.15) $ (0.13) -------------------------------------------------------------------------------------------------------------------------------- Net increase in net asset value $ (0.01) $ 0.06 $ 0.02 -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.07 $ 10.08 $ 10.02 ================================================================================================================================ Total return* 0.92% 2.14% 1.48%(b) Ratio of net expenses to average net assets 0.66% 0.72% 0.90%** Ratio of net investment income to average net assets 0.93% 0.94% 1.45%** Portfolio turnover rate 47% 101% 51% Net assets, end of period (in thousands) $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 0.66% 0.72% 1.03%** Net investment income 0.93% 0.94% 1.32%** ================================================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011. (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. 104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
-------------------------------------------------------------------------------------------------------------------------------- Year Year Ended Ended 5/2/11 3/31/14 3/31/13 to 3/31/12 (a) -------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 10.07 $ 10.02 $ 10.00 -------------------------------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.08 $ 0.09 $ 0.05 Net realized and unrealized gain (loss) on investments (0.03) 0.07 0.03 -------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.05 $ 0.16 $ 0.08 -------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.07) $ (0.11) $ (0.06) -------------------------------------------------------------------------------------------------------------------------------- Net increase in net asset value $ (0.02) $ 0.05 $ 0.02 -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.05 $ 10.07 $ 10.02 ================================================================================================================================ Total return* 0.54% 1.61% 0.82%(b) Ratio of net expenses to average net assets 0.97% 1.03% 1.75%** Ratio of net investment income to average net assets 0.62% 0.63% 0.52%** Portfolio turnover rate 47% 101% 51% Net assets, end of period (in thousands) $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 0.97% 1.03% 1.87%** Net investment income 0.62% 0.63% 0.40%** ================================================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011. (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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 105 Financial Highlights (continued)
------------------------------------------------------------------------------------------- 8/2/13 (a) to 3/31/14 ------------------------------------------------------------------------------------------- Class C2 Net asset value, beginning of period $ 10.04 ------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.07 Net realized and unrealized gain (loss) on investments (0.01) ------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.06 ------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.05) ------------------------------------------------------------------------------------------- Net decrease in net asset value $ 0.01 ------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.05 =========================================================================================== Total return* 0.56%(b) Ratio of net expenses to average net assets 0.99%** Ratio of net investment income to average net assets 0.68%** Portfolio turnover rate 47% Net assets, end of period (in thousands) $ 3,699 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.99%** Net investment income 0.68%** ===========================================================================================
(a) Class C2 shares were first publicly offered on August 2, 2013. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. 106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
----------------------------------------------------------------------------------------------------------- Year Ended 12/21/12 3/31/14 to 3/31/13 (a) ----------------------------------------------------------------------------------------------------------- Class K Net asset value, beginning of period $ 10.08 $ 10.09 ----------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.12 $ 0.03 Net realized and unrealized gain (loss) on investments (0.00)(c) 0.01 ----------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.12 $ 0.04 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.13) $ (0.05) ----------------------------------------------------------------------------------------------------------- Net decrease in net asset value $ (0.01) $ (0.01) ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.07 $ 10.08 =========================================================================================================== Total return* 1.16% 0.43%(b) Ratio of net expenses to average net assets 0.41% 0.53%** Ratio of net investment income to average net assets 1.19% 1.25%** Portfolio turnover rate 47% 101% Net assets, end of period (in thousands) $ 10 $ 10 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.41% 0.53%** Net investment income 1.19% 1.25%** ===========================================================================================================
(a) Class K shares were first publicly offered on December 21, 2012. (b) Not annualized. (c) Amount rounds to less than 0.1 per share. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 107 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Year Year Ended Ended 5/2/11 3/31/14 3/31/13 to 3/31/12 (a) ----------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 10.09 $ 10.03 $ 10.00 ----------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.12 $ 0.14 $ 0.14 Net realized and unrealized gain (loss) on investments (0.02) 0.09 0.04 ----------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.10 $ 0.23 $ 0.18 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.12) $ (0.17) $ (0.15) ----------------------------------------------------------------------------------------------------------- Net increase in net asset value $ (0.02) $ 0.06 $ 0.03 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.07 $ 10.09 $ 10.03 =========================================================================================================== Total return* 0.99% 2.35% 1.79%(b) Ratio of net expenses to average net assets 0.54% 0.55% 0.67%** Ratio of net investment income to average net assets 1.05% 1.11% 1.72%** Portfolio turnover rate 47% 101% 51% Net assets, end of period (in thousands) $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 0.54% 0.55% 0.80%** Net investment income 1.05% 1.11% 1.59%** ===========================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. 108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------- 4/2/13 (a) to 3/31/14 ------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $ 10.08 ------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.14 Net realized and unrealized gain (loss) on investments (0.04) ------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.10 ------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.13) ------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.03) ------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.05 =========================================================================================== Total return* 1.00%(b) Ratio of net expenses to average net assets 0.60%** Ratio of net investment income to average net assets 0.99%** Portfolio turnover rate 47% Net assets, end of period (in thousands) $ 3,754 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.60%** Net investment income 0.99%** ===========================================================================================
(a) Class Z shares were first publicly offered on April 2, 2013. (b) Not annualized. * Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. ** Annualized. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 109 Notes to Financial Statements | 3/31/14 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, effective December 1, 2013. 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 first publicly offered on May 2, 2011. Class K shares were first publicly offered on December 21, 2012. Class Z shares are offered effective April 2, 2013. Class C2 shares are offered effective August 2, 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. 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: 110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 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 with remaining maturity of more than sixty days 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. Short-term fixed income securities with remaining maturities of sixty days or less generally are valued at amortized cost. Shares of money market mutual funds are valued at such funds' net asset value. 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 | 3/31/14 111 At March 31, 2014, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services or broker dealers). 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 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. B. 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. C. 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. 112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 D. Federal Income Taxes It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its 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, 2014 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, 2014, the Fund reclassified $773,860 to decrease distributions in excess of net investment income and $773,860 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, 2014, the Fund was permitted to carry forward indefinitely $1,239,497 of short-term losses under the Regulated Investment Company Modernization Act of 2010 without limitation. The tax character of distributions paid during the year ended March 31, 2014 and March 31, 2013 was as follows:
----------------------------------------------------------------------------- 2014 2013 ----------------------------------------------------------------------------- Distributions paid from: Ordinary income $16,783,938 $10,477,541 ----------------------------------------------------------------------------- Total $16,783,938 $10,477,541 =============================================================================
The following shows the components of distributable earnings on a federal income tax basis at March 31, 2014:
---------------------------------------------------------------------------- 2014 ---------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 1,573,867 Capital loss carryforward (1,239,497) Dividends payable (257,907) Unrealized appreciation 1,381,280 ---------------------------------------------------------------------------- Total $ 1,457,743 ============================================================================
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 113 The difference between book-basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to catastrophe bonds and the tax treatment of premium and amortization. E. Fund Shares The Fund records sales and repurchases of its shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned $17,470 in underwriting commissions on the sale of Class A shares during the year ended March 31, 2014. F. Class Allocations Income, common expenses, and realized and unrealized appreciation and depreciation are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class C2 shares of the Fund, respectively (see Note 4). Class K, 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. G. 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. 114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 H. Futures Contracts The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. 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 fluctuations in foreign currency exchange rates where applicable. The use of futures contracts involves, to varying degrees, elements of market and counterparty risks and interest rate risk and currency exchange rate risk, which may exceed the amounts recognized by the Fund. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. There were no open futures contracts for the year ended March 31, 2014. 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, 2014, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.33% of the Fund's average daily net assets. PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Fund expenses to 0.85%, 1.15%, 1.15% and 0.65% of the average daily net assets attributable to Class A, Class C, Class C2 and Class Y shares, respectively. Fees waived and expenses reimbursed during the year ended Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 115 March 31, 2014 are reflected on the Statement of Operations. These expense limitations are in effect through August 1, 2014 for Class A, Class C and Class Y shares and August 1, 2015 for Class C2 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 $90,869 in management fees, administrative costs and certain other reimbursements payable to PIM at March 31, 2014. 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, 2014, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 145,375 Class C 148,426 Class C2 674 Class Y 879,881 Class Z 2,501 -------------------------------------------------------------------------------- Total: $1,176,857 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $239,865 in transfer agent fees and out-of-pocket reimbursements payable from PIMSS at March 31, 2014. 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 116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 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 $44,125 in distribution fees payable to PFD at March 31, 2014. 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, 2014, CDSCs of $152,510 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, 2014, 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 12, 2014, the facility is in the amount of $240 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is the greater of (a) the facility's administrative agent's daily announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight 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, 2014, the Fund had no borrowings under the credit facility. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 117 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, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pioneer Multi-Asset Ultrashort Income Fund at March 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles. /s/ Ernst & Young LLP Boston, Massachusetts May 22, 2014 118 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 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 60.81%. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 119 Approval of Investment Advisory Agreement Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to Pioneer Multi-Asset Ultrashort Income Fund (the Fund) pursuant to an investment advisory agreement between PIM and the Fund. In order for PIM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment advisory agreement for the Fund. The contract review process began in March 2013 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. In July 2013, the Trustees approved the format of the contract review materials and submitted their formal request to PIM to furnish information necessary to evaluate the terms of the investment advisory agreement. The contract review materials were provided to the Trustees in July 2013 and September 2013. After reviewing and discussing the materials, the Trustees submitted a request for additional information to PIM, and materials were provided in response to this request. Meetings of the Independent Trustees of the Fund were held in July, September, and November, 2013 to review and discuss the contract review materials. In addition, the Trustees took into account the information related to the Fund provided to the Trustees at regularly scheduled meetings. At a meeting held on November 12, 2013, based on their evaluation of the information provided by PIM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment advisory agreement for another year. In considering the renewal of the investment advisory agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quintile rankings referred to throughout this disclosure, first quintile is most favorable to the Fund's shareowners. Thus, highest relative performance would be first quintile and lowest relative expenses would also be first quintile. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement. Nature, Extent and Quality of Services The Trustees considered the nature, extent and quality of the services that had been provided by PIM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees reviewed the terms of the investment advisory agreement. The Trustees also reviewed PIM's investment approach for the Fund and its research process. The Trustees considered the resources of PIM and the personnel of PIM who provide investment 120 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 management services to the Fund. They also reviewed the amount of non- Fund assets managed by the portfolio managers of the Fund. The Trustees considered the non-investment resources and personnel of PIM involved in PIM's services to the Fund, including PIM's compliance and legal resources and personnel. The Trustees noted the substantial attention and high priority given by PIM's senior management to the Pioneer fund complex. The Trustees considered that PIM supervises and monitors the performance of the Fund's service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund's business management and operations. The Trustees also considered that, as administrator, PIM is responsible for the administration of the Fund's business and other affairs. The Trustees considered the fees paid to PIM for the provision of administration services. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by PIM to the Fund were satisfactory and consistent with the terms of the investment advisory agreement. Performance of the Fund The Trustees review the Fund's performance on a regular basis, based on analysis and data prepared by PIM for this purpose and discuss performance issues with PIM on an ongoing basis. For purposes of their contract renewal deliberations, the Trustees considered the performance results of the Fund over various time periods. They reviewed information comparing the Fund's performance with the performance of its peer group of funds as classified by Morningstar, Inc. (Morningstar), an independent provider of investment company data, and with the performance of the Fund's benchmark index. The Trustees considered that the Fund's annualized total return was in the first quintile of its Morningstar category for the one year period ended June 30, 2013. The Trustees also considered that the Fund's yield (for the twelve months ended June 30, 2013) exceeded the yield of the Fund's benchmark index for the same period. The Trustees noted the discussions held throughout the year regarding the Fund's performance and confirmed that those discussions were factored into the Trustees' deliberations concerning the renewal of the advisory agreement. The Trustees concluded that the investment performance of the Fund was satisfactory. Management Fee and Expenses The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 121 Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The Trustees considered that the Fund's management fee for the twelve months ended June 30, 2013 was in the third quintile relative to the management fees paid by other funds in its Morningstar peer group for the comparable period. The Trustees also considered the breakpoint in the management fee schedule and the reduced fee rate above a certain asset level. The Trustees considered that the expense ratio of the Fund's Class A shares for the twelve months ended June 30, 2013 was in the third quintile relative to both its Morningstar peer group and its Strategic Insight peer group, in each case for the comparable period. The Trustees also considered that the expense ratio of the Fund's Class Y shares for the twelve months ended June 30, 2013 was in the fourth quintile relative to both its Morningstar peer group and its Strategic Insight peer group, in each case for the comparable period. The Trustees considered the impact of transfer agency, sub-transfer agency, and other non-management fee expenses on the expense ratios of the Fund, and noted the impact of expenses relating to small accounts and omnibus accounts on transfer and sub-transfer agency expenses generally. The Trustees noted that they separately review the Fund's transfer agency, sub-transfer agency and intermediary arrangements. The Trustees reviewed management fees charged by PIM and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to institutional and other clients, including publicly offered European funds sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered PIM's costs in providing services to the Fund and Pioneer's costs in providing services to the other clients and considered the differences in management fees and profit margins for Fund and non-Fund services. In evaluating the fees associated with Pioneer's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment advisory agreement with the Fund, PIM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the different entrepreneurial risks associated with PIM's management of the Fund 122 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 and Pioneer's management of the other client accounts. The Trustees concluded that the management fee payable by the Fund to PIM was reasonable in relation to the nature and quality of the services provided by PIM. Profitability The Trustees considered information provided by PIM regarding the profitability of PIM with respect to the advisory services provided by PIM to the Fund, including the methodology used by PIM in allocating certain of its costs to the management of the Fund. The Trustees also considered PIM's profit margin in connection with the overall operation of the Fund. They further reviewed the financial results realized by PIM and its affiliates from non-fund businesses. The Trustees considered PIM's profit margins with respect to the Fund in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that PIM's profitability with respect to the management of the Fund was not unreasonable. Economies of Scale The Trustees considered PIM's views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees noted the breakpoint in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, rarely identifiable on a fund-by-fund basis, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by PIM in research and analytical capabilities and PIM's commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons particularly, for example during the recent difficult periods for financial markets, as the level of services was maintained notwithstanding a significant decline in PIM's fee revenues from the Fund. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund. Other Benefits The Trustees considered the other benefits to PIM from its relationship with the Fund. The Trustees considered the character and amount of fees paid by the Fund, other than under the investment advisory agreement, for services provided by PIM and its affiliates. The Trustees further considered the revenues and profitability of PIM's businesses other than the fund business. The Trustees considered the intangible benefits to PIM by virtue of its Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 123 relationship with the Fund and the other Pioneer funds. The Trustees concluded that the receipt of these benefits was reasonable in the context of the overall relationship between PIM and the Fund. Conclusion After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the investment advisory agreement between PIM and the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment advisory agreement for the Fund. 124 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Ernst & Young LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Bingham McCutchen 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, except Mr. West, serves as a Trustee of each of the 55 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West serves as Trustee of 50 U.S. registered investment portfolios for which Pioneer serves as investment adviser. 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 | 3/31/14 125 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 (63) Trustee since 2011. Private investor (2004-2008 and Director, Broadridge Chairman of the Board Serves until a successor 2013-present); Chairman (2008 - 2013) Financial Solutions, and Trustee trustee is elected or and Chief Executive Officer (2008 - Inc. (investor earlier 2012), Quadriserv, Inc. (technology communications and retirement or removal. products for securities lending securities processing industry); and Senior Executive Vice provider for financial President, The Bank of New York services industry) (2009 (financial and securities services) (1986 - present); Director, - 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (70) Trustee since 2011. Managing Partner, Federal City Capital Director of Enterprise Trustee Serves until a successor Advisors (corporate advisory services Community Investment, trustee is elected or company) (1997 - 2004 and 2008 - Inc. (privately held earlier present); Interim Chief Executive affordable housing retirement or removal. Officer, Oxford Analytica, Inc. finance company) (1985 - (privately held research and consulting 2010); Director of company) (2010); Executive Vice Oxford Analytica, Inc. President and Chief Financial Officer, (2008 - present); I-trax, Inc. (publicly traded health Director of The Swiss care services company) (2004 - 2007); Helvetia Fund, Inc. and Executive Vice President and Chief (closed-end fund) (2010 Financial Officer, Pedestal Inc. - present); and Director (internet-based mortgage trading of New York Mortgage company) (2000 - 2002) Trust (publicly traded mortgage REIT) (2004 - 2009, 2012 - present) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (69) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon Trustee Serves until a successor Political Economy, Harvard University Institutional Funds trustee is elected or (1972 - present) Investment Trust and earlier Mellon Institutional retirement or removal. Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989-2008) ------------------------------------------------------------------------------------------------------------------------------------
126 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14
------------------------------------------------------------------------------------------------------------------------------------ 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 (66) Trustee since 2011. Founding Director, Vice President and None Trustee Serves until a successor Corporate Secretary, The Winthrop Group, trustee is elected or earlier Inc. (consulting firm) (1982 - present); retirement or removal. Desautels Faculty of Management, McGill University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marc O. Mayer (56)+ Trustee since 2014. Founding Partner and Chief Executive Trustee, Alliance Trustee Serves until a successor Officer, Alignment Financial Services Bernstein Mutual Funds trustee is elected or earlier (investment management) (2013- present); (oversaw 92 funds in retirement or removal. Chief Executive Officer and Director, GMO fund complex) LLC (investment management) (2009-2011); (2003-2008); Board of Executive Vice President, Alliance Overseers, Columbia Bernstein LP (investment management) Business School (2000-2009); and Executive Vice (2010-present); and President and Director, Sanford C. Director, Alpha Parity Bernstein & Co., LLC (investment LLC (hedge fund) management) (1989-2000) (2013-present) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (65) Trustee since 2011. President and Chief Executive Officer, Director of New America Trustee Serves until a successor Newbury, Piret & Company, Inc. High Income Fund, Inc. trustee is elected or earlier (investment banking firm) (1981 - (closed-end investment retirement or removal. present) company) (2004 - present); and member, Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Stephen K. West (85) Trustee since 2011. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc. trustee is elected or earlier Sullivan & Cromwell LLP (prior to 1998) (closed-end investment retirement or removal. company) (1995 - 2012); and Director, Invesco, Ltd. (formerly AMVESCAP, PLC) (investment manager) (1997-2005) ------------------------------------------------------------------------------------------------------------------------------------
+ Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 127 Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Daniel K. Kingsbury (55)* Trustee since 2011. Chairman (2013 - present), Director, CEO None Trustee, President and Serves until a successor and President of PIM-USA (since February Chief Executive Officer trustee is elected or 2007); Chairman (2013 - present), of the Fund earlier retirement or Director and President of Pioneer and removal. Pioneer Institutional Asset Management, Inc. (since February 2007); Executive Vice President of all of the Pioneer Funds (2007 - 2013); Director of PGAM (2007 - 2010); Head of New Europe Division, PGAM (2000 - 2005); and Head of New Markets Division, PGAM (2005 - 2007) ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None Trustee Serves until a successor (since 2008) and Chief Investment trustee is elected or earlier Officer, U.S. (since 2010), of PIM-USA; retirement or removal. Executive Vice President of Pioneer (since 2008); Executive Vice President of Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and certain of its affiliates. 128 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Mark D. Goodwin (49) Since 2014. Serves Executive Vice President and Chief None Executive Vice President at the discretion of Operating Officer of Pioneer since 2005 the Board. and Executive Vice President of all the Pioneer funds since 2014 ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (49) Since 2011. Serves Vice President and Associate General None Secretary and Chief at the discretion of Counsel of Pioneer since January 2008; Legal Officer the Board. 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 (53) Since 2011. Serves Fund Governance Director of Pioneer None Assistant Secretary at the discretion of since December 2006 and Assistant the 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 (51) Since 2011. Serves Senior Counsel of Pioneer since May 2013 None Assistant Secretary at the discretion of and Assistant Secretary of all the the Board. Pioneer Funds since June 2010; Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (54) Since 2011. Serves Vice President - Fund Treasury of None Treasurer and Chief at the discretion of Pioneer; Treasurer of all of the Pioneer Financial and Accounting the Board. Funds since March 2008; Deputy Treasurer Officer of the Fund of Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 129 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 (48) Since 2011. Serves Director - Fund Treasury of Pioneer; and None Assistant Treasurer at the discretion of Assistant Treasurer of all of the the Board. Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (55) Since 2011. Serves Fund Accounting Manager - Fund Treasury None Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer of the Board. all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (34) Since 2011. Serves Fund Administration Manager - Fund None Assistant Treasurer at the discretion of Treasury of Pioneer since November 2008; the Board. Assistant Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (61) Since 2011. Serves Chief Compliance Officer of Pioneer and None Chief Compliance Officer at the discretion of of all the Pioneer Funds since March the Board. 2010; 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 (43) Since 2011. Serves Director - Transfer Agency Compliance of None Anti-Money Laundering Officer at the discretion of Pioneer and Anti-Money Laundering Officer the Board. of all the Pioneer funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
130 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 This page for your notes. Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 131 This page for your notes. 132 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/14 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) 2014 Pioneer Investments 25671-02-0514 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. Pioneer Fundamental Growth Fund: Audit Fees Fees for audit services provided to the Fund, including fees associated with the filings of its Form N-1A, totaled approximately $27,679 in 2014 and approximately $26,957 in 2013. Pioneer Dynamic Credit Fund (Formerly Pioneer Absolute Credit Return Fund): Audit Fees Fees for audit services provided to the Fund, including fees associated with the filings of its Form N-1A, totaled approximately $32,084 in 2014 and $34,990 in 2013. Pioneer Multi-Asset Ultrashort Income Fund: Audit Fees Fees for audit services provided to the Fund, including fees associated with the filings of its Form N-1A, totaled approximately $32,084 in 2014 and $34,990 in 2013. (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 fees for audit-related or other services provided to the Funds during the fiscal years ended March 31, 2014 and 2013. (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. Fees for tax compliance services, primarily for tax returns, totaled $8,131 and $8,290 in 2014 and 2013, respectively. (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 fees for audit-related or other services provided to the Funds during the fiscal years ended March 31, 2014 and 2013. (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 Fund'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 Fund. For the years ended March 31, 2014 and 2013, there were no services provided to an affiliate that required the Fund'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. Pioneer Fundamental Growth Fund: The aggregate non-audit fees for the Fund and affiliates, as previously defined, totaled approximately $8,131 in 2014 and $8,290 in 2013. Pioneer Dynamic Credit Fund (Formerly Pioneer Absolute Credit Return Fund): The aggregate non-audit fees for the Fund and affiliates, as previously defined, totaled approximately $8,131 in 2014 and $8,290 in 2013. Pioneer Multi-Asset Ultrashort Income Fund: The aggregate non-audit fees for the Fund and affiliates, as previously defined, totaled approximately $8,131 in 2014 and $8,290 in 2013. (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/ Daniel K. Kingsbury Daniel K. Kingsbury, President Date May 29, 2014 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/ Daniel K. Kingsbury Daniel K. Kingsbury, President Date May 29, 2014 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer & Chief Accounting & Financial Officer Date May 29, 2014 * Print the name and title of each signing officer under his or her signature.