0001174520-13-000022.txt : 20131127 0001174520-13-000022.hdr.sgml : 20131127 20131127113028 ACCESSION NUMBER: 0001174520-13-000022 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131127 DATE AS OF CHANGE: 20131127 EFFECTIVENESS DATE: 20131127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER SERIES TRUST X CENTRAL INDEX KEY: 0001174520 IRS NUMBER: 030460956 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21108 FILM NUMBER: 131246211 BUSINESS ADDRESS: STREET 1: 60 STATE STREET STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE STREET STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER FUNDAMENTAL GROWTH FUND DATE OF NAME CHANGE: 20051213 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER LARGE CAP GROWTH FUND DATE OF NAME CHANGE: 20020530 0001174520 S000004137 Pioneer Fundamental Growth Fund C000011600 Pioneer Fundamental Growth Fund: Class A C000011601 Pioneer Fundamental Growth Fund: Class B C000011602 Pioneer Fundamental Growth Fund: Class C C000075918 Pioneer Fundamental Growth Fund: Class Y C000115405 Pioneer Fundamental Growth Fund: Class R C000115406 Pioneer Fundamental Growth Fund: Class Z C000121111 Pioneer Fundamental Growth Fund: Class K 0001174520 S000031914 Pioneer Dynamic Credit Fund C000099381 Pioneer Dynamic Credit Fund: Class A RCRAX C000099382 Pioneer Dynamic Credit Fund: Class C RCRCX C000099383 Pioneer Dynamic Credit Fund: Class Y RCRYX C000127119 Pioneer Dynamic Credit Fund: Class Z ARCZX 0001174520 S000031915 Pioneer Multi-Asset Ultrashort Income Fund C000099384 Pioneer Multi-Asset Ultrashort Income Fund: Class A MAFRX C000099385 Pioneer Multi-Asset Ultrashort Income Fund: Class C MCFRX C000099386 Pioneer Multi-Asset Ultrashort Income Fund: Class Y MYFRX C000123824 Pioneer Multi-Asset Ultrashort Income Fund: Class K C000127120 Pioneer Multi-Asset Ultrashort Income Fund: Class Z C000129913 Pioneer Multi-Asset Ultrashort Income Fund: Class C2 N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: January 31, 2014 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 September 30, 2013 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.)* -------------------------------------------------------------------------------- Semiannual Report | September 30, 2013 -------------------------------------------------------------------------------- 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 72 Notes to Financial Statements 80 Trustees, Officers and Service Providers 93
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 1 President's Letter Dear Shareowner, When we look at the U.S. economy heading into the final quarter of 2013, we continue to see slow, but steady, growth. Employment has also been rising steadily, but only modestly. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only modestly, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have meaningfully cut the budget deficit without driving the economy into recession. In addition, we feel that continuing slack in labor markets and capacity utilization offers the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve (the Fed) hinted that it might begin scaling back its "QE" quantitative easing program later in 2013 and could terminate its bond purchases altogether sometime in 2014. In September, however, the Fed surprised many market participants by deciding not to start scaling back QE yet. The Fed has also said that short-term interest rates are likely to remain near zero for some time to come, given that inflation remains subdued and unemployment remains too high. As September ended, Congress had not yet passed a continuing resolution to prevent a government shutdown, nor had it raised the debt ceiling, and a quick resolution to the impasse appeared unlikely. The U.S. government's partial shutdown in October rattled the markets to a degree, but did not immediately have a significant negative impact on the economy or capital markets. There are certainly risks and uncertainties that continue to plague the global economy as we head into the final months of the year. The European economy remains weak, though it is beginning to show signs of stabilization, and a number of countries in the emerging markets have experienced difficulties. Still, a potential ending of the European recession, continuing economic improvement in Japan in response to the new government's easing policies, and a "soft landing" of 7% growth in China could very well result in an improving global outlook over the remainder of 2013 and in 2014. There are also geopolitical worries abroad and the aforementioned political fights at home, and while most of the widely recognized risks we've outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. * Dividends are not guaranteed. 2 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 The Fed's aggressive monetary policies and fears about economic growth had helped drive long-term Treasury yields to unsustainably low levels; the return to more normal levels has resulted in disappointing returns for bond investors during the first nine months of 2013, but the stock market has delivered double-digit returns to equity investors who were willing to brave the "wall of worry". At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification alone 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. Pioneer's investment teams have, since 1928, sought out attractive opportunities in global equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which balance potential risks and reward 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 | Semiannual Report | 9/30/13 3 Portfolio Management Discussion | 9/30/13 High-yield corporate bonds and other credit-sensitive securities held up better than Treasuries and other high-rated debt during the six-month period ended September 30, 2013, as the environment for investing in fixed-income securities became more unsettled. 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 six-month period. Mr. Temple, a senior vice president, portfolio manager, and Director of Fixed-Income Credit Research at Pioneer, and Mr. Feltus, 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 would you describe the investment environment in the fixed-income markets during the six-month period ended September 30, 2013? A The investment environment in the bond market became more challenging during the six-month period, as market interest rates started rising, undermining bond prices in general, and especially those of longer-maturity, higher-quality securities. While more credit-sensitive investments outperformed Treasuries and higher-rated debt during the period, the credit sectors nevertheless delivered modest results. In contrast, the stock market moved higher throughout most of the period, riding a wave of confidence brought on by improving economic conditions and solid corporate earnings. The favorable backdrop that had driven healthy performance in the credit sectors of the bond market changed abruptly in May 2013, following comments by U.S. Federal Reserve (the Fed) Chairman Ben Bernanke that if the American economy continued to improve, the nation's central bank might begin considering moving back from its more accommodative monetary policies in the relatively near future. In particular, Mr. Bernanke suggested that if the U.S. economy kept growing, it was possible that the Fed would begin tapering the pace of its monthly purchases of U.S. Treasury and mortgage-backed securities in the open market, known as quantitative easing (QE). The Fed's QE policy has helped to keep interest rates in check while also providing a measure of support for the overall U.S. economy. Although the Fed continued to indicate that short-term interest rates - as influenced by the federal funds rate - were likely to remain at record low levels, Mr. Bernanke's statements about a possible tapering of QE triggered speculation that interest rates would begin rising soon. In fact, market interest rates did begin to increase soon after Mr. Bernanke's comments. 4 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 U.S. Treasuries performed particularly poorly during the six-month period, but credit-sensitive securities also were affected by the market environment. Investment-grade corporate bonds posted negative returns during the six-month period, although U.S. high-yield corporate bonds were able to deliver modestly positive returns. Elsewhere, emerging markets investments and currencies were especially affected by market conditions, as investors saw those securities as particularly vulnerable to rising interest rates. Near the end of the six-month period, a series of perceived positive developments affected sentiment in the bond market, and Treasuries even staged a modest improvement in performance during September, the final month of the period. The first development was the growing media speculation that Fed Vice Chairman Janet Yellen would be nominated to succeed Mr. Bernanke as chairman. Ms. Yellen is not viewed by most as someone who would move aggressively to end the Fed's accommodative policies. Second, the Fed met in mid-September and announced that it would not yet begin tapering QE--to the relief of the bond market. Finally, the debates in Washington over U.S. fiscal policy and raising the government's debt ceiling rattled the capital markets in general, but also led to a brief comeback in the values of Treasury securities, which were seen as the safest asset class during a time of uncertainty. Despite the volatility in the fixed-income market, the economic fundamentals in the United States continued to strengthen, with non-farm payrolls adding an average of 160,000 new jobs per month over the six- month period. Corporate profits remained strong, while companies continued to be able to generate new cash flows and strengthen their balance sheets. In fact, stock prices maintained their upward climb, with the Standard & Poor's 500 Index returning 8.31% during the six-month period. Q How did the Fund perform during the six-month period ended September 30, 2013? A Pioneer Dynamic Credit Fund's Class A shares returned -0.81% at net asset value during the six-month period ended September 30, 2013, while the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. Dollar 3-Month LIBOR Index, returned 0.15%. During the same period, the average return of the 252 mutual funds in Morningstar's Non-Traditional Bond Funds category was -1.52%. Q How did you allocate the Fund's assets during the six-month period ended September 30, 2013, and how did the allocations affect the Fund's performance? A We continued to position the Fund's portfolio with the aim of capturing most of the upside potential of the credit markets, while limiting the downside risks. We tilted the portfolio toward higher-yielding, higher-risk Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 5 credits, and the emphasis on credit-sensitive securities - especially high- yield corporate bonds and floating-rate bank loans - tended to lend support to the Fund's benchmark-relative performance during the period. The largest sector weighting in the portfolio was to U.S. high-yield corporate debt, which represented more than 27% of net assets as of September 30, 2013, followed by floating-rate bank loans, at more than 19%, and convertible bonds, at nearly 8%. The Fund's exposure to catastrophe bonds (more than 5% of the portfolio's net assets) gave an added boost to benchmark-relative performance. Both floating-rate bank loans and catastrophe bonds have floating-interest-rate features, meaning that interest rates on the securities typically rise in correlation with market interest rates. The floating-rate feature helps to buffer such securities from the ill effects of higher interest rates. The Fund's convertible bond positions also fared well, as the feature that can enable the securities to be converted into shares of company stock helped relative performance during a period that featured strong equity market returns. The Fund's positions in investment-grade corporate bonds would have been a drag on relative performance during the period were it not for our decision to hedge the portfolio's exposure to longer-duration investments by using derivative securities. Longer-duration portfolios tend to be more price-sensitive to changes in interest rates, and they can become vulnerable when market interest rates rise, as they did during the six-month period. We use four types of derivative securities to hedge the portfolio's risks in the bond market. During the period, we shorted U.S. Treasury futures to help hedge against the risks of rising interest rates, and the strategy helped to support the Fund's relative results as market interest rates spiked after the Fed hinted at tapering its QE policy. We also invested the portfolio in a futures contract that shorts the equity market. In addition, we used CDX (Credit Default Swaps) hedges to help protect the portfolio from some of the risks in the high-yield bond market. The tactic is designed to protect the portfolio during periods in which stock prices tend to decline and the performance of corporate debt moves downward in sympathy with stock prices. However, the tactic did not help the Fund's performance during the six-month period, as stock values generally increased. The final layer of hedging that we use is through portfolio investments in volatility contracts, which are based on investors' attitudes about the direction and intensity of stock market trends. That type of derivative had neither a positive nor negative effect on the Fund's performance during the six-month period, although the cost to the portfolio of both the volatility and stock market hedges did have a negative effect on the Fund's final performance results. 6 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 Q Which of the Fund's individual investments had the greatest effect on performance during the 12-month period ended September 30, 2013? A The Fund's positions in several convertible securities had noteworthy positive effects on performance during the six-month period. Convertible holdings in the portfolio that performed particularly well included securities issued by two biotechnology firms - Vertex Pharmaceuticals and Theravance - and by information technology company Lam Research. Vertex and Theravance both are involved in developing a variety of drugs to treat different diseases, while Lam Research develops components for semiconductor production. Although the Fund's positions in investment-grade corporate bonds generally did not fare well, one position in newly issued investment-grade bonds of Verizon Communications contributed to results during the period. The Verizon issue appreciated as the company bought out Vodafone's interest in the Verizon Wireless business. Another holding that contributed to the Fund's results was the debt of Cirsa Gaming, a European gambling company with operations in Italy, Spain, and Latin America. The company performed well during the period as the European economy began to improve. Several Fund investments did, however, detract from performance during the six-month period. The underperformers in the portfolio included an overweight position in the investment-grade debt of financial giant JPMorgan Chase, which declined in value as longer-maturity investments were hurt by rising interest rates. Other portfolio investments that detracted from Fund results included bonds issued by Boart Longyear, an Australian mining services corporation whose performance was affected by the slowing of mining activity, and by New World Resources, a European coal company that suffered from weakening demand for coal during the period. Q What is your investment outlook? A We remain positive about the growth outlooks for both the United States economy, and the global economy in general. The political stalemates in the U.S. over fiscal policy and the national debt ceiling ended, at least temporarily, several days into the Fund's new fiscal period, and it appears that the temporary, partial government shutdown in October had only a negligible effect on the economic recovery. It is true, however, that the political stalemate in early October appears to have harmed public confidence in the ability of the U.S. government in general, and a divided Congress, in particular, to resolve problems. The outlook for 2014 appears to pose fewer problems, however, although it remains to be seen how Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 7 Congress will deal with unresolved fiscal policy and debt-ceiling disagreements, and when the Fed might begin tapering its accommodative monetary policies. The U.S. economy showed its resilience in 2013, continuing to strengthen despite several tax hikes as well as increases in market interest rates. In this durable economic recovery, American corporations have been able to continue to grow their profits and buttress their financial balance sheets. While we believe those conditions should be supportive for the credit sectors of the fixed-income market, the prices of higher-yielding securities are not at extreme levels, and investors need to be selective, keeping a close eye on fundamentals when purchasing individual 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 18-71 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. 8 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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 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 fluctuating 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 | Semiannual Report | 9/30/13 9 Portfolio Summary | 9/30/13 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 32.8% Senior Secured Loans 19.0% International Corporate Bonds 18.5% Temporary Cash Investment 10.0% Convertible Corporate Bonds 6.5% Collateralized Mortgage Obligations 5.7% U.S. Preferred Stocks 2.3% Asset Backed Securities 2.2% Convertible Preferred Stocks 1.2% U.S. Common Stocks 0.6% Municipal Bonds 0.4% Foreign Government Bonds 0.3% U.S. Government Securities 0.3% International Preferred Stocks 0.2%
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 0.3% AA 0.5% A 2.8% BBB 12.5% BB 29.7% B 33.2% CCC 4.5% Not Rated 7.1% Cash Equivalents 9.4%
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. Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 0.64% ------------------------------------------------------------------------------------------------ 2. UBS AG, 7.625%, 8/17/22 0.49 ------------------------------------------------------------------------------------------------ 3. Swift Energy Co., 7.875%, 3/1/22 0.47 ------------------------------------------------------------------------------------------------ 4. SunPower Corp., 0.75%, 6/1/18 (144A) 0.41 ------------------------------------------------------------------------------------------------ 5. Gannett Co, Inc., 6.375%, 10/15/23 (144A) 0.39 ------------------------------------------------------------------------------------------------ 6. ONEOK, Inc., 6.875%, 9/30/28 0.39 ------------------------------------------------------------------------------------------------ 7. Citigroup, Inc., Floating Rate Note, 12/31/99 (Perpetual) 0.39 ------------------------------------------------------------------------------------------------ 8. Ally Financial, Inc., 7.0%, 12/31/99 (Perpetual) (144A) 0.37 ------------------------------------------------------------------------------------------------ 9. Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 0.37 ------------------------------------------------------------------------------------------------ 10. Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 0.37 ------------------------------------------------------------------------------------------------
* 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 security listed. 10 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 Prices and Distributions | 9/30/13 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 9/30/13 3/31/13 -------------------------------------------------------------------------------- A $9.75 $10.04 -------------------------------------------------------------------------------- C $9.72 $10.02 -------------------------------------------------------------------------------- Y $9.79 $10.08 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 9/30/13 4/2/13* -------------------------------------------------------------------------------- Z $9.80 $10.04 --------------------------------------------------------------------------------
Distributions per Share: 3/31/13-9/30/13 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2099 $ -- $ -- -------------------------------------------------------------------------------- C $0.1727 $ -- $ -- -------------------------------------------------------------------------------- Y $0.2241 $ -- $ -- -------------------------------------------------------------------------------- Z $0.2162 $ -- $ -- --------------------------------------------------------------------------------
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 | Semiannual Report | 9/30/13 11 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 3.92% 1.97% 1 Year 3.93 -0.79 -------------------------------------------------------------------------------- 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
BofA Merrill Lynch U.S. Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 9,550 $ 10,000 9/30/2011 $ 9,122 $ 10,009 9/30/2012 $ 10,086 $ 10,058 9/30/2013 $ 10,483 $ 10,090
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, 2014, 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 | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 3.04% 3.04% 1 Year 3.07 3.07 -------------------------------------------------------------------------------- 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
BofA Merrill Lynch U.S. Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 9/30/2011 $ 9,517 $ 10,009 9/30/2012 $ 10,434 $ 10,058 9/30/2013 $ 10,753 $ 10,090
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, 2014, 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 | Semiannual Report | 9/30/13 13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 4.40% 4.40% 1 Year 4.35 4.35 -------------------------------------------------------------------------------- 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
BofA Merrill Lynch U.S. Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 5,000,000 $ 5,000,000 9/30/2011 $ 4,800,067 $ 5,004,742 9/30/2012 $ 5,318,483 $ 5,028,849 9/30/2013 $ 5,549,790 $ 5,044,939
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, 2014, 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 | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 4.18% 4.18% 1 Year 4.57 4.57 -------------------------------------------------------------------------------- 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 $10,000 Investment
BofA Merrill Lynch U.S. Pioneer Dynamic Credit Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 9/30/2011 $ 9,551 $ 10,009 9/30/2012 $ 10,560 $ 10,058 9/30/2013 $ 11,043 $ 10,090
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 | Semiannual Report | 9/30/13 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 April 1, 2013, through September 30, 2013.
-------------------------------------------------------------------------------- Share Class A C Y Z -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 4/1/13** -------------------------------------------------------------------------------- Ending Account Value $ 991.90 $ 987.20 $ 993.40 $ 998.00 (after expenses) on 9/30/13 -------------------------------------------------------------------------------- Expenses Paid $ 5.84 $ 9.42 $ 4.25 $ 6.77 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.17%, 1.89%, 0.85% and 1.36%, for Class A, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (182/365 for Class Z shares) (to reflect the partial year period). ** Class Z shares were first publicly offered on April 2, 2013. 16 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Dynamic Credit Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2013, through September 30, 2013.
-------------------------------------------------------------------------------- Share Class A C Y Z -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 4/1/13** -------------------------------------------------------------------------------- Ending Account Value $1,019.20 $1,015.59 $1,020.81 $1,018.15 (after expenses) on 9/30/13 -------------------------------------------------------------------------------- Expenses Paid $ 5.92 $ 9.55 $ 4.31 $ 6.84 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.17%, 1.89%, 0.85% and 1.36% for Class A, Class C, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (182/365 for Class Z shares) (to reflect the partial year period). ** Class Z shares were first publicly offered on April 2, 2013. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 17 Schedule of Investments | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS -- 6.6% ENERGY -- 0.8% Oil & Gas Exploration & Production -- 0.5% 1,500,000 BB-/Ba3 Chesapeake Energy Corp., 2.25%, 12/15/38 $ 1,368,750 1,065,000 NR/NR Cobalt International Energy, Inc., 2.625%, 12/1/19 1,126,238 --------------- $ 2,494,988 ---------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.3% 1,200,000 NR/NR Golar LNG, Ltd., 3.75%, 3/7/17 $ 1,222,560 ---------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.0%+ 48,000 CCC/NR James River Coal Co., 10.0%, 6/1/18 (144A) $ 25,680 --------------- Total Energy $ 3,743,228 ---------------------------------------------------------------------------------------------------------- MATERIALS -- 0.2% Diversified Metals & Mining -- 0.1% 385,000 NR/NR RTI International Metals, Inc., 1.625%, 10/15/19 $ 398,475 ---------------------------------------------------------------------------------------------------------- Steel -- 0.1% 250,000 BB-/B1 United States Steel Corp., 2.75%, 4/1/19 $ 276,719 --------------- Total Materials $ 675,194 ---------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.3% Electrical Components & Equipment -- 0.2% 1,042,000 B/B2 General Cable Corp., 4.5%, 11/15/29 (Step) $ 1,176,809 ---------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.1% 305,000 NR/NR Greenbrier Companies, Inc., 3.5%, 4/1/18 $ 327,303 --------------- Total Capital Goods $ 1,504,112 ---------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.1% Homebuilding -- 0.1% 400,000 B/B2 KB Home, 1.375%, 2/1/19 $ 406,250 --------------- Total Consumer Durables & Apparel $ 406,250 ---------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.2% Casinos & Gaming -- 0.2% 550,000 B+/B3 MGM Resorts International, 4.25%, 4/15/15 $ 700,219 --------------- Total Consumer Services $ 700,219 ---------------------------------------------------------------------------------------------------------- RETAILING -- 0.3% Internet Retail -- 0.3% 1,340,000 NR/NR Shutterfly, Inc., 0.25%, 5/15/18 (144A) $ 1,479,862 --------------- Total Retailing $ 1,479,862 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 18 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.0%+ Tobacco -- 0.0%+ 95,000 CCC+/Caa2 Alliance One International, Inc., 5.5%, 7/15/14 $ 94,406 --------------- Total Food, Beverage & Tobacco $ 94,406 ---------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.8% Health Care Equipment -- 0.5% 1,050,000 B+/NR Hologic, Inc., 2.0%, 3/1/42 (Step) $ 1,055,250 1,000,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 975,000 --------------- $ 2,030,250 ---------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.3% 900,000 NR/NR Molina Healthcare, Inc., 1.125%, 1/15/20 (144A) $ 971,438 300,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 (144A) 381,938 --------------- $ 1,353,376 --------------- Total Health Care Equipment & Services $ 3,383,626 ---------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 1.3% Biotechnology -- 0.8% 1,050,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 $ 1,141,219 500,000 NR/NR Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 540,312 750,000 NR/NR Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 807,188 130,000 NR/NR PDL BioPharma, Inc., 3.75%, 5/1/15 167,456 500,000 NR/NR Theravance, Inc., 2.125%, 1/15/23 813,125 --------------- $ 3,469,300 ---------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.5% 1,088,000 NR/NR Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 $ 1,125,400 195,000 NR/NR Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19 (144A) 401,334 500,000 NR/NR Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 613,438 --------------- $ 2,140,172 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 5,609,472 ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.2% Consumer Finance -- 0.0%+ 115,000 B+/NR DFC Global Corp., 3.25%, 4/15/17 $ 104,866 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 19 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.2% 870,000 BBB/NR Ares Capital Corp., 4.375%, 1/15/19 (144A) $ 859,125 --------------- Total Diversified Financials $ 963,991 ---------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.2% Real Estate Operating Companies -- 0.2% 965,000 NR/NR Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A) $ 980,681 --------------- Total Real Estate $ 980,681 ---------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.4% Internet Software & Services -- 0.0%+ 100,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 $ 94,188 ---------------------------------------------------------------------------------------------------------- Application Software -- 0.4% 175,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 229,250 700,000 BB-/NR Nuance Communications, Inc., 2.75%, 11/1/31 707,438 945,000 NR/NR TIBCO Software, Inc., 2.25%, 5/1/32 959,766 --------------- $ 1,896,454 --------------- Total Software & Services $ 1,990,642 ---------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.4% Computer Storage & Peripherals -- 0.2% 650,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 859,625 ---------------------------------------------------------------------------------------------------------- Electronic Components -- 0.2% 1,180,000 BB+/NR Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) $ 1,001,525 --------------- Total Technology Hardware & Equipment $ 1,861,150 ---------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.1% Semiconductor Equipment -- 0.3% 1,125,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 1,353,516 100,000 BBB-/NR Novellus Systems, Inc., 2.625%, 5/15/41 158,312 --------------- $ 1,511,828 ---------------------------------------------------------------------------------------------------------- Semiconductors -- 0.8% 300,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 324,750 30,000 A-/A2 Intel Corp., 3.25%, 8/1/39 37,144 50,000 NR/NR JinkoSolar Holding Co., Ltd., 4.0%, 5/15/16 (144A) 48,781 1,000,000 BB+/NR ON Semiconductor Corp., 2.625%, 12/15/26 1,080,625 150,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 119,531
The accompanying notes are an integral part of these financial statements. 20 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Semiconductors -- (continued) 1,450,000 NR/NR SunPower Corp., 0.75%, 6/1/18 (144A) $ 1,695,514 --------------- $ 3,306,345 --------------- Total Semiconductors & Semiconductor Equipment $ 4,818,173 ---------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.3% Integrated Telecommunication Services -- 0.3% 1,100,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 1,119,938 --------------- Total Telecommunication Services $ 1,119,938 ---------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS (Cost $27,763,311) $ 29,330,944 ---------------------------------------------------------------------------------------------------------- PREFERRED STOCKS -- 2.6% BANKS -- 0.6% Diversified Banks -- 0.5% 1,500 6.75 BB/NR AgStar Financial Services ACA, Floating Rate Note, 12/31/99 (Perpetual) (144A) $ 1,519,594 12,250 6.50 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) 318,378 16,400 6.00 A-/Baa1 US Bancorp, Floating Rate Note (Perpetual) 441,816 --------------- $ 2,279,788 ---------------------------------------------------------------------------------------------------------- Regional Banks -- 0.1% 5,000 6.25 A-/NR CoBank ACB, Floating Rate Note (Perpetual) (144A) $ 477,656 --------------- Total Banks $ 2,757,444 ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 1.3% Other Diversified Financial Services -- 0.9% 54,200 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 1,488,874 63,000 7.12 BB/B1 Citigroup, Inc., Floating Rate Note, 12/31/99 (Perpetual) 1,590,750 27,750 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate Note, 2/15/40 742,312 --------------- $ 3,821,936 ---------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.3% 1,600 CCC+/B3 Ally Financial, Inc., 7.0% (Perpetual) (144A) $ 1,528,900 ---------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.1% 18,000 7.12 BB+/NR Morgan Stanley, Floating Rate Note, 12/31/99 (Perpetual) $ 453,600 --------------- Total Diversified Financials $ 5,804,436 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 21 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- INSURANCE -- 0.5% Property & Casualty Insurance -- 0.4% 25,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd., Floating Rate Note (Perpetual) $ 593,250 40,000 BB/Ba1 The Hanover Insurance Group, Inc., 6.35%, 3/30/53 870,000 --------------- $ 1,463,250 ---------------------------------------------------------------------------------------------------------- Reinsurance -- 0.1% 500,000 0.00 NR/NR Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) $ 519,450 --------------- Total Insurance $ 1,982,700 ---------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Diversified REIT's -- 0.1% 400 A-/A3 Firstar Realty LLC, 8.875%, 12/31/99 (Perpetual) (144A) $ 490,750 --------------- Total Real Estate $ 490,750 ---------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.0%+ Integrated Telecommunication Services -- 0.0%+ 4,400 BBB-/Baa3 Qwest Corp., 7.375%, 6/1/51 $ 110,176 --------------- Total Telecommunication Services $ 110,176 ---------------------------------------------------------------------------------------------------------- UTILITIES -- 0.1% Electric Utilities -- 0.1% 25,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 533,000 --------------- Total Utilities $ 533,000 ---------------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCKS (Cost $11,974,772) $ 11,678,506 ---------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS -- 1.2% ENERGY -- 0.2% Oil & Gas Exploration & Production -- 0.2% 7,500 CCC/NR SandRidge Energy, Inc., 7.0% (Perpetual) $ 750,000 --------------- Total Energy $ 750,000 ---------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.2% Home Furnishings -- 0.2% 13,100 Sealy Corp., 8.0%, 7/15/16 (PIK) $ 1,038,175 --------------- Total Consumer Durables & Apparel $ 1,038,175 ---------------------------------------------------------------------------------------------------------- BANKS -- 0.2% Diversified Banks -- 0.2% 1,050 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 1,194,386 --------------- Total Banks $ 1,194,386 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 22 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.6% Other Diversified Financial Services -- 0.3% 1,340 BB+/B1 Bank of America Corp., 7.25%, 12/31/99 (Perpetual) $ 1,447,200 ---------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.3% 20,000 BB+/NR AMG Capital Trust II, 5.15%, 10/15/37 $ 1,166,250 --------------- Total Diversified Financials $ 2,613,450 ---------------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,561,922) $ 5,596,011 ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- Shares ---------------------------------------------------------------------------------------------------------- COMMON STOCKS -- 0.1% DIVERSIFIED FINANCIALS -- 0.1% Other Diversified Financial Services -- 0.1% 2,500 Lorenz Re * $ 269,175 --------------- Total Diversified Financials $ 269,175 ---------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $250,000) $ 269,175 ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- Principal Amount ($) ---------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 2.2% MATERIALS -- 0.4% Aluminum -- 0.1% 145,805 B+/B1 Bayview Financial Mortgage Pass-Through Trust 2007-B, 6.407%, 8/28/47 (Step) $ 146,999 322,639 7.78 NR/Caa2 GE Mortgage Services LLC, Floating Rate Note, 3/25/27 317,691 250,000 6.55 B-/B3 Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 244,773 --------------- $ 709,463 ---------------------------------------------------------------------------------------------------------- Precious Metals & Minerals -- 0.0%+ 20,851 BBB/NR Mid-State Capital Trust 2010-1, 7.0%, 12/15/45 (144A) $ 21,700 ---------------------------------------------------------------------------------------------------------- Steel -- 0.3% 615,454 B+/B3 Accredited Mortgage Loan Trust 2003-3, 5.21%, 1/25/34 (Step) $ 582,215 373,910 0.94 BBB/Ba2 NovaStar Mortgage Funding Trust Series 2003-1, Floating Rate Note, 5/25/33 337,486 296,681 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%, 7/25/33 (Step) 282,054 --------------- $ 1,201,755 --------------- Total Materials $ 1,932,918 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 23 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.0%+ Hotels, Resorts & Cruise Lines -- 0.0%+ 164,159 BB/NR Westgate Resorts 2012-2 LLC, 9.0%, 1/20/25 (144A) $ 165,750 --------------- Total Consumer Services $ 165,750 ---------------------------------------------------------------------------------------------------------- BANKS -- 1.7% Thrifts & Mortgage Finance -- 1.7% 100,000 BB/NR CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) $ 102,908 61,153 BB/B2 Citicorp Residential Mortgage Trust Series 2006-1, 5.836%, 7/25/36 (Step) 60,931 98,327 BB-/B1 Citicorp Residential Mortgage Trust Series 2006-1, 5.939%, 7/25/36 (Step) 98,068 189,000 CCC/C Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 168,699 111,183 B-/B2 Citicorp Residential Mortgage Trust Series 2007-1, 5.892%, 3/25/37 (Step) 109,404 268,181 NR/Ba3 Conseco Financial Corp., 6.18%, 4/1/30 275,999 30,927 4.46 BB+/Ba1 Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35 31,021 618,200 0.35 NR/Caa2 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/36 (144A) 575,760 100,000 BBB/NR HLSS Servicer Advance Receivables Backed Notes, 4.458%, 1/15/48 (144A) 98,910 145,527 NR/Ba1 Leaf Receivables Funding 8 LLC, 5.5%, 9/15/20 (144A) 130,264 775,000 5.50 BBB/Baa1 Mastr Specialized Loan Trust, Floating Rate Note, 11/25/34 (144A) 740,827 1,360,000 NR/Ba2 Nations Equipment Finance Funding I LLC, 5.5%, 5/20/21 (144A) 1,307,776 500,000 B/NR Nationstar Mortgage Advance Receivables Trust 2013-T1, 4.949%, 6/20/44 (144A) 499,285 1,250,000 NR/NR Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 1,243,750 1,062,034 A+/Baa2 RAMP Series 2004-RZ1 Trust, 4.32%, 3/25/34 (Step) 1,042,987 125,184 0.34 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36 119,277 450,000 BB/NR SNAAC Auto Receivables Trust 2013-1, 4.56%, 4/15/20 (144A) 446,724 198,475 A/NR STORE Master Funding LLC, 4.16%, 3/20/43 (144A) 197,140 150,000 BB/NR United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 149,472 --------------- $ 7,399,202 --------------- Total Banks $ 7,399,202 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.1% Other Diversified Financial Services -- 0.1% 43,470 BB/NR Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) $ 46,961 500,000 BB/NR Springleaf Funding Trust 2013-A, 5.0%, 9/15/21 (144A) 490,000 --------------- $ 536,961 --------------- Total Diversified Financials $ 536,961 ---------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $10,047,760) $ 10,034,831 ---------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.8% CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 227,000 BB+/NR Motel 6 Trust, 4.274%, 10/5/25 (144A) $ 222,408 --------------- Total Consumer Services $ 222,408 ---------------------------------------------------------------------------------------------------------- BANKS -- 4.4% Thrifts & Mortgage Finance -- 4.4% 350,000 NR/NR A10 Securitization 2013-1 LLC, 4.7%, 11/15/25 (144A) $ 346,932 139,000 NR/NR A10 Securitization 2013-1 LLC, 6.41%, 11/15/25 (144A) 137,824 130,607 BBB-/B3 Alternative Loan Trust 2004-2CB, 5.75%, 3/25/34 128,871 92,248 BB-/NR Banc of America Mortgage Trust 2004-2, 5.5%, 3/25/34 88,617 440,529 0.57 NR/Baa3 Bayview Commercial Asset Trust, Floating Rate Note, 1/25/36 (144A) 360,066 647,714 1.38 A/Baa1 Bayview Commercial Asset Trust, Floating Rate Note, 4/25/34 (144A) 570,548 406,389 0.49 AA+/Baa3 Bayview Commercial Asset Trust, Floating Rate Note, 8/25/35 (144A) 331,510 136,549 2.39 A+/Ba1 Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 126,012 500,000 5.53 BBB/NR Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16, Floating Rate Note, 2/13/46 (144A) 434,630 100,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 101,214 2,767,507 BB/NR Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 2,623,674 39,722 5.62 B+/NR CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 40,005 300,000 5.95 NR/Baa3 Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/15/49 308,475
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 25 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 66,768 NR/Baa1 Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34 $ 71,211 806,350 0.68 A/A2 CNL Commercial Mortgage Loan Trust 2003-1, Floating Rate Note, 5/15/31 (144A) 702,345 1,500,000 NR/B3 COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 1,412,694 82,340 0.36 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A) 81,163 211,000 5.96 NR/A2 COMM 2010-C1 Mortgage Trust, Floating Rate Note, 7/10/46 (144A) 234,954 100,000 5.02 NR/Baa3 COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/15/45 (144A) 89,183 303,000 4.73 BBB-/Baa3 COMM 2012-CCRE4 Mortgage Trust, Floating Rate Note, 10/15/45 (144A) 264,015 200,000 NR/NR Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 207,536 350,000 5.34 BBB-/NR GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/45 (144A) 350,696 281,689 CCC/Caa3 Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 227,464 196,512 CCC/Caa3 Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 164,091 200,000 5.94 BB+/Ba2 GS Mortgage Securities Corp. II Commercial Mortgage Pass Through Certificates Series 2004-GG2, Floating Rate Note, 8/10/38 198,193 300,000 3.78 NR/Ba2 GS Mortgage Securities Corp. II, Floating Rate Note, 11/8/29 (144A) 299,931 110,000 5.83 NR/Baa3 GS Mortgage Securities Trust 2012-GC6, Floating Rate Note, 1/10/45 (144A) 104,799 242,183 NR/NR Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 234,997 200,000 6.20 B-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 180,145 200,000 3.93 BB/NR JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A) 197,602 202,500 2.86 NR/Caa1 JP Morgan Mortgage Trust 2005-A7, Floating Rate Note, 10/25/35 192,075 463,990 5.28 BB/NR LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41 456,023 509,535 0.38 BBB+/A3 Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3, Floating Rate Note, 12/25/36 (144A) 421,372 614,175 2.50 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust 2003-6, Floating Rate Note, 12/25/33 594,698
The accompanying notes are an integral part of these financial statements. 26 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 180,498 5.28 B-/B3 MASTR Adjustable Rate Mortgages Trust, Floating Rate Note, 1/25/35 $ 175,795 107,748 B-/NR MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 110,620 274,787 D/Caa3 Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 171,013 1,500,000 5.57 NR/B1 Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 1,480,432 300,000 6.68 NR/NR New York Securitization Trust 2012-1, Floating Rate Note, 12/27/47 (144A) 300,000 300,000 4.43 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A) 301,024 1,500,000 5.18 NR/Baa3 NorthStar 2013-1, Floating Rate Note, 8/25/29 (144A) 1,490,156 231,154 NR/Baa3 RCMC LLC, 5.623%, 11/15/44 (144A) 231,197 542,436 1.58 B-/Ba3 RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 484,022 200,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/25/59 (144A) 198,708 250,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 249,683 132,350 1.68 A+/Ba3 Structured Asset Mortgage Investments Trust 2003-AR1, Floating Rate Note, 10/19/33 115,980 18,761 CC/Caa2 Structured Asset Securities Corp Trust 2005-15, 6.0%, 8/25/35 17,659 30,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36 (144A) 30,681 304,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 300,444 313,000 6.17 B-/Ba1 Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 314,386 1,000,000 5.00 NR/NR Wedgewood Real Estate Trust 2013-1, Floating Rate Note, 7/25/43 (144A) 989,688 100,000 NR/Ba2 Wells Fargo Commercial Mortgage Trust, 4.0%, 11/15/43 (144A) 76,753 86,509 CCC/NR Wells Fargo Mortgage Backed Securities 2004-1 Trust, 5.5%, 2/25/34 86,339 100,000 5.65 NR/Baa3 WFRBS Commercial Mortgage Trust 2011-C2, Floating Rate Note, 2/15/44 (144A) 98,045 50,000 5.42 NR/Baa1 WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/15/44 (144A) 49,795 200,000 4.50 BBB-/NR WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/15/48 (144A) 168,240 --------------- $ 19,724,225 --------------- Total Banks $ 19,724,225 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 27 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.5% Other Diversified Financial Services -- 0.4% 113,538 5.63 NR/A2 DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/10/44 (144A) $ 118,166 1,300,000 5.18 NR/NR Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) 1,305,720 39,443 7.35 B+/Baa3 Morgan Stanley Capital I, Inc., Floating Rate Note, 7/15/32 (144A) 41,326 78,455 2.51 A+/NR Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 7/25/34 77,650 250,000 NR/NR Vericrest Opportunity Loan Transferee, 6.414%, 2/26/52 (144A) 256,946 --------------- $ 1,799,808 ---------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.1% 452,659 BB+/Baa2 Spirit Master Funding LLC, 5.74%, 3/20/25 (144A) $ 442,733 ---------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.0%+ 49,433 5.10 CCC/NR GMACM Mortgage Loan Trust 2005-AR2, Floating Rate Note, 5/25/35 $ 48,370 ---------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.0%+ 144,080 6.33 BBB/NR Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 9/10/47 (144A) $ 149,003 --------------- Total Diversified Financials $ 2,439,914 ---------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.8% Mortgage REIT's -- 0.8% 55,425 2.37 BB/B2 American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45 $ 54,071 1,500,000 BBB/B1 Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 4/15/37 1,509,381 894,778 NR/Caa3 Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 853,792 100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 87,265 200,000 3.89 NR/NR FREMF 2012-K708 Mortgage Trust, Floating Rate Note, 2/25/45 (144A) 187,268 1,000,000 3.61 NR/NR FREMF 2013-K28 Mortgage Trust, Floating Rate Note, 6/25/46 (144A) 807,011 175,000 4.18 NR/NR FREMF Mortgage Trust, Floating Rate Note, 5/25/45 (144A) 153,979 --------------- $ 3,652,767 --------------- Total Real Estate $ 3,652,767 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 28 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.0%+ Government -- 0.0%+ 342,434 1.05 NR/NR Government National Mortgage Association, Floating Rate Note, 3/16/53 $ 27,579 --------------- Total Government $ 27,579 ---------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,149,537) $ 26,066,893 ---------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 51.8% ENERGY -- 10.1% Oil & Gas Drilling -- 1.7% 1,000,000 BB/Ba3 Atwood Oceanics, Inc., 6.5%, 2/1/20 $ 1,047,500 845,000 B/B3 Drill Rigs Holdings, Inc., 6.5%, 10/1/17 (144A) 872,462 1,005,000 B/B3 Hercules Offshore, Inc., 8.75%, 7/15/21 (144A) 1,065,300 400,000 CCC+/Caa3 Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A) 424,000 600,000 B-/B3 Offshore Group Investment, Ltd., 7.5%, 11/1/19 631,500 450,000 B+/B1 Pacific Drilling SA, 5.375%, 6/1/20 (144A) 438,750 1,315,000 B+/B1 Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 1,397,188 1,130,000 B/B3 Summit Midstream Holdings LLC, 7.5%, 7/1/21 (144A) 1,166,725 650,000 BB-/B1 Unit Corp., 6.625%, 5/15/21 666,250 --------------- $ 7,709,675 ---------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.6% 280,000 B+/B2 Basic Energy Services, Inc., 7.75%, 10/15/22 $ 270,900 800,000 B+/B2 Basic Energy Services, Inc., 7.75%, 2/15/19 808,000 385,000 B+/B1 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 387,888 715,000 B/Caa1 Forbes Energy Services, Ltd., 9.0%, 6/15/19 718,575 585,000 BB-/B1 Key Energy Services, Inc., 6.75%, 3/1/21 579,150 --------------- $ 2,764,513 ---------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.2% 1,000,000 NR/Baa1 Petroleos Mexicanos, 3.5%, 7/18/18 $ 1,012,500 ---------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 6.1% 1,250,000 B-/B3 Approach Resources, Inc., 7.0%, 6/15/21 $ 1,250,000 470,000 CCC+/Caa1 Athlon Holdings LP, 7.375%, 4/15/21 (144A) 479,400
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 29 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- (continued) 650,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 $ 689,000 700,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 724,500 475,000 BB+/Ba3 Concho Resources, Inc., 5.5%, 4/1/23 469,062 860,000 B+/B3 Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A) 849,250 985,000 B/B3 EPE Holdings LLC, 8.125%, 12/15/17 (144A) (PIK) 1,028,094 590,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%, 2/15/18 622,450 750,000 B-/B3 EV Energy Partners LP, 8.0%, 4/15/19 750,000 1,070,000 B-/B3 Forest Oil Corp., 7.5%, 9/15/20 1,064,650 600,000 CCC/Caa1 Goodrich Petroleum Corp., 8.875%, 3/15/19 624,000 690,000 CCC+/B3 Gulfport Energy Corp., 7.75%, 11/1/20 (144A) 721,050 570,000 CCC+/Caa1 Halcon Resources Corp., 8.875%, 5/15/21 584,250 1,050,000 CCC+/Caa1 Halcon Resources Corp., 9.75%, 7/15/20 1,110,375 1,265,000 CCC+/Caa1 Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 1,227,050 1,000,000 B/B2 Linn Energy LLC, 6.75%, 11/1/19 (144A) 942,500 370,000 B-/Caa1 Memorial Production Partners LP, 7.625%, 5/1/21 357,975 650,000 B-/Caa1 Midstates Petroleum Co, Inc., 10.75%, 10/1/20 (144A) 682,500 500,000 B-/Caa1 Midstates Petroleum Co, Inc., 9.25%, 6/1/21 (144A) 493,750 400,000 NR/NR National JSC Naftogaz of Ukraine, 9.5%, 9/30/14 372,080 880,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 882,200 500,000 B/B3 Oasis Petroleum, Inc., 6.875%, 3/15/22 (144A) 527,500 675,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22 715,500 600,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 588,000 430,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 436,450 500,000 NR/Caa1 PetroQuest Energy, Inc., 10.0%, 9/1/17 (144A) 510,000 640,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 656,000 400,000 BB/Ba2 Range Resources Corp., 5.0%, 3/15/23 384,000 1,445,000 B-/B3 RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 1,452,225 515,000 B+/B2 Rosetta Resources, Inc., 5.625%, 5/1/21 489,250 990,000 CCC+/B3 Samson Investment Co., 10.25%, 2/15/20 (144A) 1,049,400 700,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 693,000 455,000 BB-/Ba3 SM Energy Co., 5.0%, 1/15/24 (144A) 418,600 150,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 157,500
The accompanying notes are an integral part of these financial statements. 30 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- (continued) 1,950,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 $ 1,911,000 420,000 CCC+/Caa1 Talos Production LLC, 9.75%, 2/15/18 (144A) 422,100 CAD 820,000 B/NR Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 819,721 --------------- $ 27,154,382 ---------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 1.1% 373,000 BBB/Baa2 Copano Energy LLC, 7.125%, 4/1/21 $ 427,084 1,550,000 5.85 BB+/Baa3 DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 1,418,250 805,000 BB/Ba3 Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 831,162 NOK 2,000,000 6.84 NR/NR Golar LNG Partners LP, Floating Rate Note, 10/12/17 338,651 425,000 B-/B2 Penn Virginia Resource Partners LP, 6.5%, 5/15/21 (144A) 401,094 845,000 BB+/Ba3 Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 (144A) 827,044 740,000 BB/Ba3 Targa Resources Partners LP, 4.25%, 11/15/23 (144A) 669,700 100,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%, 6/15/31 113,337 --------------- $ 5,026,322 ---------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.4% 325,000 CCC/Caa1 Bumi Investment Pte, Ltd., 10.75%, 10/6/17 (144A) $ 209,625 250,000 CCC/Caa2 James River Coal Co., 7.875%, 4/1/19 78,750 650,000 B-/Caa1 Murray Energy Corp., 8.625%, 6/15/21 (144A) 651,625 EURO 300,000 CCC/Caa3 New World Resources NV, 7.875%, 1/15/21 (144A) 208,111 300,000 BB-/B1 SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 312,000 --------------- $ 1,460,111 --------------- Total Energy $ 45,127,503 ---------------------------------------------------------------------------------------------------------- MATERIALS -- 4.0% Commodity Chemicals -- 0.5% 500,000 BB/Ba3 Axiall Corp., 4.875%, 5/15/23 (144A) $ 473,750 700,000 CCC+/B3 Hexion US Finance Corp., 8.875%, 2/1/18 724,500 1,050,000 BB-/B1 Rain CII Carbon LLC, 8.25%, 1/15/21 (144A) 1,055,250 --------------- $ 2,253,500 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 31 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Fertilizers & Agricultural Chemicals -- 0.0%+ 200,000 NR/Baa3 Phosagro OAO via Phosagro Bond Funding, Ltd., 4.204%, 2/13/18 (144A) $ 196,500 ---------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.3% 530,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 528,675 190,000 B/B1 Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A) 186,200 870,000 BB-/B2 Tronox Finance LLC, 6.375%, 8/15/20 861,300 --------------- $ 1,576,175 ---------------------------------------------------------------------------------------------------------- Construction Materials -- 0.3% 329,000 B+/NR Cemex Finance LLC, 9.5%, 12/14/16 (144A) $ 349,151 550,000 B+/NR Cemex SAB de CV, 5.875%, 3/25/19 (144A) 528,000 300,000 B+/NR Cemex SAB de CV, 7.25%, 1/15/21 (144A) 299,250 --------------- $ 1,176,401 ---------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.5% 485,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 521,375 124,648 CCC+/Caa1 ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 132,127 EURO 600,000 CCC+/B3 Ardagh Glass Finance Plc, 8.75%, 2/1/20 (144A) 823,666 200,000 B+/Ba3 Ardagh Packaging Finance Plc, 4.875%, 11/15/22 (144A) 190,500 EURO 150,000 B+/Ba3 Ardagh Packaging Finance Plc, 7.375%, 10/15/17 (144A) 215,608 425,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%, 2/15/21 428,188 --------------- $ 2,311,464 ---------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.2% 340,000 B/B3 Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) $ 351,900 330,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%, 8/15/19 358,050 --------------- $ 709,950 ---------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.8% 400,000 BB/Ba3 Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) $ 370,000 500,000 B/B3 Global Brass & Copper, Inc., 9.5%, 6/1/19 (144A) 550,000 400,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd., 4.875%, 10/7/20 (144A) 323,344 325,000 BB-/B1 KGHM International, Ltd., 7.75%, 6/15/19 (144A) 335,562
The accompanying notes are an integral part of these financial statements. 32 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- (continued) 100,000 CCC/Caa2 Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) $ 82,500 400,000 B-/Caa1 Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 156,000 50,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 49,875 265,000 B/Caa1 Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 282,225 650,000 BB/Ba3 Vedanta Resources Plc, 6.0%, 1/31/19 (144A) 617,500 700,000 BB/Ba3 Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 707,000 --------------- $ 3,474,006 ---------------------------------------------------------------------------------------------------------- Gold -- 0.1% 380,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 331,550 ---------------------------------------------------------------------------------------------------------- Steel -- 0.9% 730,000 BB/NR Bluescope Steel, Ltd., 7.125%, 5/1/18 (144A) $ 750,075 500,000 B/Caa1 Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 452,500 200,000 BBB/Baa2 Glencore Funding LLC, 4.125%, 5/30/23 (144A) 185,013 620,000 B-/Caa1 JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 606,050 400,000 BB-/Ba2 Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 386,500 1,100,000 NR/Caa1 Metinvest BV, 8.75%, 2/14/18 (144A) 951,500 150,000 B-/B3 Permian Holdings, Inc., 10.5%, 1/15/18 (144A) 146,250 490,000 BBB/Baa3 Reliance Steel & Aluminum Co., 4.5%, 4/15/23 478,220 --------------- $ 3,956,108 ---------------------------------------------------------------------------------------------------------- Paper Products -- 0.4% 365,000 BB-/Ba3 Neenah Paper, Inc., 5.25%, 5/15/21 (144A) $ 348,575 710,000 BB-/Ba3 Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A) 623,025 400,000 BB/Ba2 Sappi Papier Holding GmbH, 6.625%, 4/15/21 (144A) 372,000 630,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 630,000 --------------- $ 1,973,600 --------------- Total Materials $ 17,959,254 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 33 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 3.1% Aerospace & Defense -- 0.2% 965,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 921,575 ---------------------------------------------------------------------------------------------------------- Building Products -- 0.3% 1,000,000 BB-/NR Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 1,010,000 135,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 152,212 --------------- $ 1,162,212 ---------------------------------------------------------------------------------------------------------- Construction & Engineering -- 0.4% 900,000 B/B2 Abengoa Finance SAU, 8.875%, 11/1/17 (144A) $ 891,000 150,000 B/B2 Empresas ICA SAB de CV, 8.375%, 7/24/17 (144A) 148,688 800,000 B/B2 Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 787,000 200,000 BB-/NR OAS Investments GmbH, 8.25%, 10/19/19 (144A) 202,000 --------------- $ 2,028,688 ---------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.1% 200,000 B/B2 Coleman Cable, Inc., 9.0%, 2/15/18 $ 212,500 100,000 B-/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 103,500 --------------- $ 316,000 ---------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.7% 220,000 BB-/B1 Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) $ 222,200 1,670,000 B/B3 Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A) 1,235,800 475,000 B/B3 Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 401,375 500,000 B+/B2 JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A) 525,000 450,000 BB/NR Magnesita Finance, Ltd., 8.625%, 4/29/49 (Perpetual) (144A) 420,750 400,000 BB+/Ba1 Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 5/9/20 (144A) 345,600 --------------- $ 3,150,725 ---------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.4% 400,000 B/B2 Commercial Vehicle Group, Inc., 7.875%, 4/15/19 $ 400,000 350,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 336,852 1,175,000 CCC/B3 Navistar International Corp., 8.25%, 11/1/21 1,189,688 --------------- $ 1,926,540 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 34 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.6% 400,000 B-/B3 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 397,000 275,000 B/B2 Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 297,000 855,000 B-/Caa1 Gardner Denver, Inc., 6.875%, 8/15/21 (144A) 844,312 400,000 B/Caa1 Mueller Water Products, Inc., 7.375%, 6/1/17 410,000 100,000 B-/NR WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 53,500 798,000 B/B3 Xerium Technologies, Inc., 8.875%, 6/15/18 817,950 --------------- $ 2,819,762 ---------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.4% 200,000 BB+/Ba3 Aircastle, Ltd., 6.25%, 12/1/19 $ 211,500 200,000 BB+/NR Aviation Capital Group Corp., 6.75%, 4/6/21 (144A) 211,113 100,000 BB+/NR Aviation Capital Group Corp., 7.125%, 10/15/20 (144A) 109,055 220,000 B/B2 Avis Budget Car Rental LLC, 5.5%, 4/1/23 203,500 EURO 150,000 B/B2 Avis Budget Finance Plc, 6.0%, 3/1/21 (144A) 205,227 97,000 CCC/Caa1 INTCOMEX, Inc., 13.25%, 12/15/14 94,090 600,000 BB/Ba3 Rexel SA, 5.25%, 6/15/20 (144A) 585,000 --------------- $ 1,619,485 --------------- Total Capital Goods $ 13,944,987 ---------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.5% Environmental & Facilities Services -- 0.2% 100,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) $ 101,750 665,000 B/B3 Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 674,975 --------------- $ 776,725 ---------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.3% 415,000 B/B1 Iron Mountain, Inc., 5.75%, 8/15/24 $ 373,500 1,025,000 B+/B3 NANA Development Corp., 9.5%, 3/15/19 (144A) 1,030,125 --------------- $ 1,403,625 --------------- Total Commercial Services & Supplies $ 2,180,350 ---------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 1.7% Air Freight & Logistics -- 0.1% 200,000 CCC+/B2 CEVA Group Plc, 8.375%, 12/1/17 (144A) $ 201,500
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 35 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Air Freight & Logistics -- (continued) 150,000 B-/WR Syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A) $ 162,750 --------------- $ 364,250 ---------------------------------------------------------------------------------------------------------- Airlines -- 0.7% 500,000 A-/Baa3 Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 5/15/25 (144A) $ 470,625 500,000 B/B3 Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 494,150 16,532 BB+/Ba2 Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17 17,110 49,861 BB-/Ba1 Continental Airlines 2001-1 Class B Pass Through Trust, 7.373%, 12/15/15 52,977 400,000 BBB-/Ba2 Delta Air Lines 2010-1 Class B Pass Through Trust, 6.375%, 1/2/16 415,000 1,000,000 BB+/Ba3 Delta Air Lines 2010-2 Class B Pass Through Trust, 6.75%, 11/23/15 1,050,000 105,000 BBB+/Ba1 Hawaiian Airlines 2013-1 Class A Pass Through Certificates, 3.9%, 1/15/26 96,075 400,000 BBB+/Ba1 US Airways 2013-1 Class A Pass Through Trust, 3.95%, 11/15/25 370,000 200,000 BB-/B1 US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 190,000 --------------- $ 3,155,937 ---------------------------------------------------------------------------------------------------------- Marine -- 0.2% 560,000 B+/B3 Navios South American Logistics, Inc., 9.25%, 4/15/19 $ 602,000 ---------------------------------------------------------------------------------------------------------- Railroads -- 0.1% 350,000 BB-/NR Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) $ 304,500 ---------------------------------------------------------------------------------------------------------- Trucking -- 0.3% 1,100,000 B-/B2 Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) $ 1,177,000 325,000 BBB/A3 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 286,812 --------------- $ 1,463,812 ---------------------------------------------------------------------------------------------------------- Airport Services -- 0.3% 185,120 CCC+/B3 Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) $ 177,252 1,250,000 BB-/Ba3 Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 1,281,250 --------------- $ 1,458,502 --------------- Total Transportation $ 7,349,001 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 1.2% Auto Parts & Equipment -- 1.1% 930,000 BB/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 923,025 1,215,000 BB/B1 Gestamp Funding Luxembourg SA, 5.625%, 5/31/20 (144A) 1,208,925 400,000 B/Caa1 International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 412,000 250,000 BB-/Ba3 LKQ Corp., 4.75%, 5/15/23 (144A) 231,875 400,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 396,000 1,100,000 B+/B3 Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A) 1,130,250 520,000 B-/B1 Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 544,700 --------------- $ 4,846,775 ---------------------------------------------------------------------------------------------------------- Tires & Rubber -- 0.1% 200,000 BB-/B2 Cooper Tire & Rubber Co., 8.0%, 12/15/19 $ 204,250 210,000 B+/B1 The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 218,400 --------------- $ 422,650 ---------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.0%+ 100,000 B/B1 Chrysler Group LLC, 8.25%, 6/15/21 $ 112,000 --------------- Total Automobiles & Components $ 5,381,425 ---------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 1.2% Home Furnishings -- 0.1% 400,000 B/B2 SIWF Merger Sub, Inc., 6.25%, 6/1/21 (144A) $ 392,000 ---------------------------------------------------------------------------------------------------------- Homebuilding -- 1.0% 930,000 BB+/NR Allegion US Holding Co, Inc., 5.75%, 10/1/21 (144A) $ 930,000 280,000 BB-/B2 Brookfield Residential Properties, Inc., 6.125%, 7/1/22 (144A) 274,400 500,000 BB-/B2 Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 502,500 1,005,000 BB/Ba2 DR Horton, Inc., 5.75%, 8/15/23 1,012,538 200,000 B/B2 KB Home, 8.0%, 3/15/20 216,000 450,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 414,000 1,000,000 B+/B2 Standard Pacific Corp., 6.25%, 12/15/21 1,000,000 95,000 BB-/B1 The Ryland Group, Inc., 5.375%, 10/1/22 88,825 200,000 NR/Ca Urbi Desarrollos Urbanos SAB de CV, 9.5%, 1/21/20 (144A) (e) 34,000 --------------- $ 4,472,263 ---------------------------------------------------------------------------------------------------------- Household Appliances -- 0.1% 400,000 BB+/NR Arcelik AS, 5.0%, 4/3/23 (144A) $ 343,500 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 37 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Leisure Products -- 0.0%+ EURO 100,000 CCC+/Caa2 Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) $ 130,695 --------------- Total Consumer Durables & Apparel $ 5,338,458 ---------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 1.2% Casinos & Gaming -- 0.5% EURO 850,000 B+/B3 Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) $ 1,189,642 EURO 300,000 8.25 BB/Ba2 Gtech Spa, Floating Rate Note, 3/31/66 (144A) 436,628 250,000 B+/B3 MGM Resorts International, 6.75%, 10/1/20 262,500 100,000 B+/B2 Scientific Games International, Inc., 9.25%, 6/15/19 107,750 205,000 BBB-/NR Wynn Las Vegas LLC, 4.25%, 5/30/23 (144A) 188,088 --------------- $ 2,184,608 ---------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.1% 200,000 CCC+/B2 Seven Seas Cruises S de RL LLC, 9.125%, 5/15/19 $ 218,000 210,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 232,575 --------------- $ 450,575 ---------------------------------------------------------------------------------------------------------- Restaurants -- 0.3% EURO 1,000,000 BB-/NR Elior Finance & Co SCA, 6.5%, 5/1/20 (144A) $ 1,411,208 ---------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.3% 535,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 (144A) $ 521,625 260,000 BB/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) 246,350 375,000 B-/B3 StoneMor Partners LP, 7.875%, 6/1/21 (144A) 385,312 --------------- $ 1,153,287 --------------- Total Consumer Services $ 5,199,678 ---------------------------------------------------------------------------------------------------------- MEDIA -- 1.6% Advertising -- 0.1% 295,000 B-/B3 MDC Partners, Inc., 6.75%, 4/1/20 (144A) $ 298,688 Broadcasting -- 0.6% 475,000 BB-/B1 CCO Holdings LLC, 5.75%, 9/1/23 (144A) 450,062 100,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 101,500 450,000 CCC+/Caa1 Cumulus Media Holdings, Inc., 7.75%, 5/1/19 466,875 350,000 CCC+/Caa2 Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A) 362,250
The accompanying notes are an integral part of these financial statements. 38 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Advertising -- (continued) EURO 100,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%, 3/1/20 (144A) $ 153,480 325,000 B+/B2 Quebecor Media, Inc., 5.75%, 1/15/23 306,312 750,000 B+/B2 Univision Communications, Inc., 5.125%, 5/15/23 (144A) 718,125 150,000 B+/B2 Univision Communications, Inc., 6.875%, 5/15/19 (144A) 160,500 --------------- $ 2,719,104 ---------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.4% 370,000 BB/B1 Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) $ 337,625 200,000 BB/B1 Sirius XM Radio, Inc., 5.25%, 8/15/22 (144A) 193,000 1,065,000 BB/B1 Sirius XM Radio, Inc., 5.75%, 8/1/21 (144A) 1,059,675 --------------- $ 1,590,300 ---------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.1% 100,000 CCC+/Caa1 Production Resource Group, Inc., 8.875%, 5/1/19 $ 76,000 470,000 B-/B3 Regal Entertainment Group, 5.75%, 2/1/25 433,575 171,000 BB-/Ba3 WMG Acquisition Corp., 6.0%, 1/15/21 (144A) 177,412 --------------- $ 686,987 ---------------------------------------------------------------------------------------------------------- Publishing -- 0.4% 1,620,000 BB/Ba1 Gannett Co, Inc., 6.375%, 10/15/23 (144A) $ 1,607,850 100,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 102,500 --------------- $ 1,710,350 --------------- Total Media $ 7,005,429 ---------------------------------------------------------------------------------------------------------- RETAILING -- 0.8% Department Stores -- 0.2% 775,000 B/NR Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) $ 763,375 ---------------------------------------------------------------------------------------------------------- Apparel Retail -- 0.2% 750,000 B/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 792,188 ---------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.4% 1,100,000 CCC+/Caa1 Petco Holdings, Inc., 8.5%, 10/15/17 (144A) (PIK) $ 1,116,500 600,000 B/B3 Radio Systems Corp., 8.375%, 11/1/19 (144A) 649,500 --------------- $ 1,766,000 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 39 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Automotive Retail -- 0.0%+ 325,000 BB-/Ba3 CST Brands, Inc., 5.0%, 5/1/23 (144A) $ 306,312 --------------- Total Retailing $ 3,627,875 ---------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 2.0% Distillers & Vintners -- 0.2% 470,000 BB+/Ba1 Constellation Brands, Inc., 3.75%, 5/1/21 $ 434,162 585,000 BB+/Ba1 Constellation Brands, Inc., 4.25%, 5/1/23 536,738 --------------- $ 970,900 ---------------------------------------------------------------------------------------------------------- Soft Drinks -- 0.1% 195,000 BB/Ba2 Central American Bottling Corp., 6.75%, 2/9/22 (144A) $ 196,950 ---------------------------------------------------------------------------------------------------------- Agricultural Products -- 0.4% 240,000 BB/Ba2 Cosan Luxembourg SA, 5.0%, 3/14/23 (144A) $ 216,000 900,000 B/B2 Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 873,000 750,000 B/NR Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 661,125 --------------- $ 1,750,125 ---------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 1.0% 75,000 B/B2 Agrokor dd, 8.875%, 2/1/20 (144A) $ 79,688 400,000 B+/B1 B&G Foods, Inc., 4.625%, 6/1/21 382,000 300,000 BB+/Ba1 Barry Callebaut Services NV, 5.5%, 6/15/23 (144A) 301,308 250,000 BBB-/Baa3 BRF SA, 3.95%, 5/22/23 (144A) 215,000 1,050,000 B/B1 Chiquita Brands International, Inc., 7.875%, 2/1/21 (144A) 1,115,625 300,000 B/B3 FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 324,000 700,000 B/B2 Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A) 689,500 200,000 B/B2 Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A) 182,000 200,000 B/B2 Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 196,000 100,000 B/B2 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 93,000 500,000 B/NR MHP SA, 8.25%, 4/2/20 (144A) 397,600 400,000 BB-/B1 Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 377,000 200,000 B+/B1 Post Holdings, Inc., 7.375%, 2/15/22 210,250 --------------- $ 4,562,971 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Tobacco -- 0.3% 1,400,000 B-/Caa1 Alliance One International, Inc., 9.875%, 7/15/21 (144A) $ 1,316,000 175,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%, 5/20/23 160,736 --------------- $ 1,476,736 --------------- Total Food, Beverage & Tobacco $ 8,957,682 ---------------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.4% Personal Products -- 0.4% 255,000 B+/B2 Albea Beauty Holdings SA, 8.375%, 11/1/19 (144A) $ 265,200 750,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 754,627 785,000 NR/Caa1 Monitronics International, Inc., 9.125%, 4/1/20 (144A) 822,288 --------------- $ 1,842,115 --------------- Total Household & Personal Products $ 1,842,115 ---------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.3% Health Care Equipment -- 0.2% 300,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 276,000 625,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 650,781 142,000 B+/B2 Physio-Control International, Inc., 9.875%, 1/15/19 (144A) 159,040 --------------- $ 1,085,821 ---------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.1% 100,000 B/B3 ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) $ 113,000 100,000 B-/Caa2 Immucor, Inc., 11.125%, 8/15/19 110,000 --------------- $ 223,000 ---------------------------------------------------------------------------------------------------------- Health Care Services -- 0.1% 400,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%, 9/1/18 $ 415,000 ---------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.8% 350,000 BB/Ba3 Aviv Healthcare Properties LP, 7.75%, 2/15/19 $ 375,375 200,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 214,000 165,000 B/B3 CHS, 7.125%, 7/15/20 166,650 1,175,000 B/B3 CHS, 8.0%, 11/15/19 1,232,281 400,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 426,000 1,080,000 B+/Ba3 Tenet Healthcare Corp., 4.375%, 10/1/21 (144A) 996,300 200,000 B-/B3 Vanguard Health Holding Co. II LLC, 7.75%, 2/1/19 214,500 --------------- $ 3,625,106 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 41 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.1% 200,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 $ 227,750 170,000 B/B3 IMS Health, Inc., 6.0%, 11/1/20 (144A) 173,612 175,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 188,562 --------------- $ 589,924 --------------- Total Health Care Equipment & Services $ 5,938,851 ---------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.4% Biotechnology -- 0.1% 600,000 B/Caa2 Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 $ 537,000 130,000 BB/B3 Warner Chilcott Co. LLC, 7.75%, 9/15/18 141,050 --------------- $ 678,050 ---------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.3% 610,000 B-/Caa1 Par Pharmaceutical Companies, Inc., 7.375%, 10/15/20 (144A) $ 630,588 510,000 B/B1 Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 530,400 --------------- $ 1,160,988 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,839,038 ---------------------------------------------------------------------------------------------------------- BANKS -- 1.8% Diversified Banks -- 1.0% 500,000 NR/Baa3 Banco de Bogota SA, 5.375%, 2/19/23 (144A) $ 466,250 400,000 6.25 BB/NR Banco do Brasil SA, Floating Rate Note, 12/29/49 (Perpetual) (144A) 330,000 200,000 NR/B1 Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A) 204,112 250,000 BBB+/NR BBVA Banco Continental SA, 5.0%, 8/26/22 (144A) 240,000 400,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A) 416,000 700,000 BB-/Ba3 CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 593,250 525,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 546,100 500,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 545,150 250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22 (144A) 247,111 300,000 BBB-/Ba1 VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 297,750
The accompanying notes are an integral part of these financial statements. 42 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Diversified Banks -- (continued) 400,000 7.98 BBB+/Ba1 Wells Fargo & Co., Floating Rate Note, 3/29/49 (Perpetual) $ 440,000 --------------- $ 4,325,723 ---------------------------------------------------------------------------------------------------------- Regional Banks -- 0.4% 250,000 A/A2 HSBC Bank USA NA New York NY, 6.0%, 8/9/17 $ 283,495 1,300,000 4.48 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,293,500 150,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 154,500 325,000 4.85 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 279,500 --------------- $ 2,010,995 ---------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.4% 100,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 105,416 1,525,000 B+/Ba3 Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 1,532,625 --------------- $ 1,638,041 --------------- Total Banks $ 7,974,759 ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 5.6% Other Diversified Financial Services -- 2.1% 250,000 3.68 BB/NR Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) $ 250,050 300,000 5.20 BB+/B1 Bank of America Corp., Floating Rate Note, 12/29/49 (Perpetual) 262,500 750,000 A-/NR Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 694,600 500,000 5.95 BB/B1 Citigroup, Inc., Floating Rate Note (Perpetual) 466,250 350,000 5.35 BB/B1 Citigroup, Inc., Floating Rate Note (Perpetual) 304,500 650,000 7.88 NR/NR Credit Suisse Group Guernsey I, Ltd., Floating Rate Note, 2/24/41 690,625 500,000 NR/Caa1 DTEK Finance Plc, 7.875%, 4/4/18 (144A) 425,000 1,000,000 BBB/NR Fixed Income Trust Series 2013-A, 10/15/97 (Step) (144A) (c) (d) 555,664 200,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating Rate Note (Perpetual) 217,500 1,000,000 5.25 AA-/Baa1 General Electric Capital Corp., Floating Rate Note, 6/29/49 (Perpetual) 927,000 750,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 762,975 615,000 5.65 BB/Ba1 ING US, Inc., Floating Rate Note, 5/15/53 562,200 200,000 A/A2 JPMorgan Chase & Co., 4.35%, 8/15/21 207,174
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 43 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 1,525,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating Rate Note, 12/29/49 (Perpetual) $ 1,334,375 1,150,000 A-/NR KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A) 1,031,489 500,000 7.25 BB-/NR Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 510,350 100,000 7.70 BBB/NR Tiers Trust, Floating Rate Note, 10/15/97 (144A) (d) 64,444 250,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 254,850 --------------- $ 9,521,546 ---------------------------------------------------------------------------------------------------------- Specialized Finance -- 1.2% 900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%, 7/16/20 (144A) $ 922,500 500,000 BBB-/WR Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 517,750 200,000 CCC+/Caa1 Igloo Holdings Corp., 8.25%, 12/15/17 (144A) (PIK) 205,500 250,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note, 2/16/15 (Cat Bond) (144A) 257,975 1,070,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 6/1/22 1,013,825 400,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 7/1/21 383,000 355,000 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) 715,750 750,000 3.50 BB+/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 744,975 --------------- $ 5,118,050 ---------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.2% 125,000 BB-/Ba3 General Motors Financial Co, Inc., 4.25%, 5/15/23 (144A) $ 114,219 100,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 96,008 735,000 B+/B3 TMX Finance LLC, 8.5%, 9/15/18 (144A) 768,075 --------------- $ 978,302 ---------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.6% 250,000 A/NR Blackstone Holdings Finance Co. LLC, 4.75%, 2/15/23 (144A) $ 261,784 750,000 A/NR Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42 (144A) 791,301 100,000 BB+/Ba1 Neuberger Berman Group LLC, 5.625%, 3/15/20 (144A) 102,250
The accompanying notes are an integral part of these financial statements. 44 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- (continued) 250,000 BBB/NR Prospect Capital Corp., 5.875%, 3/15/23 $ 241,269 1,350,000 4.50 BBB/Baa1 The Bank of New York Mellon Corp., Floating Rate Note (Perpetual) 1,167,750 --------------- $ 2,564,354 ---------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 1.5% 100,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating Rate Note, 12/1/49 (Perpetual) $ 73,000 1,050,000 BBB/Baa3 Jefferies Group LLC, 5.125%, 1/20/23 1,058,246 625,000 BBB+/Baa3 Merrill Lynch & Co, Inc., 6.11%, 1/29/37 643,707 150,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 152,152 200,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 247,644 750,000 BBB+/Baa2 Morgan Stanley, 4.1%, 5/22/23 699,538 250,000 BBB+/Baa2 Morgan Stanley, 4.875%, 11/1/22 250,132 900,000 NR/Baa3 Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A) 875,430 150,000 A-/A3 The Goldman Sachs Group, Inc., 5.25%, 7/27/21 161,873 300,000 BBB+/Baa1 The Goldman Sachs Group, Inc., 6.45%, 5/1/36 304,567 225,000 BBB+/Baa1 The Goldman Sachs Group, Inc., 6.75%, 10/1/37 234,818 1,800,000 BBB-/NR UBS AG, 7.625%, 8/17/22 1,990,013 --------------- $ 6,691,120 --------------- Total Diversified Financials $ 24,873,372 ---------------------------------------------------------------------------------------------------------- INSURANCE -- 7.6% Insurance Brokers -- 0.5% 600,000 CCC+/Caa2 HUB International, Ltd., 8.125%, 10/15/18 (144A) $ 669,750 700,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%, 5/15/20 (144A) 803,228 500,000 CCC/Caa2 Onex USI Acquisition Corp., 7.75%, 1/15/21 (144A) 500,000 GBP 100,000 NR/B1 Towergate Finance Plc, 8.5%, 2/15/18 (144A) 170,479 --------------- $ 2,143,457 ---------------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.7% 650,000 BB/Ba3 CNO Financial Group, Inc., 6.375%, 10/1/20 (144A) $ 679,250 500,000 BB-/B1 Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 507,500
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 45 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Life & Health Insurance -- (continued) 1,250,000 7.00 BBB/Baa3 Lincoln National Corp., Floating Rate Note, 5/17/66 $ 1,265,625 300,000 BBB/Baa2 MetLife, Inc., 6.4%, 12/15/36 303,000 400,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating Rate Note, 9/15/42 392,000 165,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A) 165,412 --------------- $ 3,312,787 ---------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.4% 250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 302,248 900,000 6.46 BBB-/Baa1 AXA SA, Floating Rate Note (Perpetual) (144A) 897,750 265,000 BBB-/Baa3 Genworth Holdings, Inc., 6.5%, 6/15/34 280,495 300,000 BBB-/Baa3 Genworth Holdings, Inc., 7.2%, 2/15/21 345,692 --------------- $ 1,826,185 ---------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 1.1% GBP 950,000 6.62 NR/NR Brit Insurance Holdings BV, Floating Rate Note, 12/9/30 $ 1,391,591 250,000 BBB-/Baa3 Fidelity National Financial, Inc., 5.5%, 9/1/22 263,534 200,000 NR/Baa3 First American Financial Corp., 4.3%, 2/1/23 193,580 1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%, 11/9/22 989,692 1,000,000 6.80 BBB/Baa3 QBE Capital Funding II LP, Floating Rate Note (Perpetual) (144A) 1,007,818 200,000 A-/Baa1 QBE Insurance Group, Ltd., 2.4%, 5/1/18 (144A) 194,846 850,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note (Perpetual) 813,875 --------------- $ 4,854,936 ---------------------------------------------------------------------------------------------------------- Reinsurance -- 4.9% 1,500,000 6.38 NR/NR Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24 $ 1,526,250 1,000,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 1,005,300 250,000 2.50 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate Note, 5/3/16 (Cat Bond) (144A) 249,125 500,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 505,050 500,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 510,600
The accompanying notes are an integral part of these financial statements. 46 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 250,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) $ 262,625 250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 264,250 250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 273,325 250,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 261,675 250,000 7.35 BB-/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 260,050 250,000 6.63 BB-/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 8/4/14 (Cat Bond) (144A) 255,625 350,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) 360,220 250,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A) 253,350 250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 251,725 500,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 503,700 500,000 4.00 BB/NR Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 508,750 500,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note, 6/12/15 (Cat Bond) (144A) 529,300 250,000 12.16 B/NR Montana Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 253,900 500,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%, 10/15/22 490,360 250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 263,975 250,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 269,375 1,000,000 8.61 B+/NR Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 1,037,600 500,000 11.84 B-/NR Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 509,450 250,000 8.00 NR/NR Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 256,975 250,000 8.11 NR/Ba3 Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 270,775 250,000 11.11 NR/B2 Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 269,875 500,000 NR/NR Pangaea Re, 10/1/15 (Cat Bond) (c) 523,835
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 47 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 750,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) $ 774,525 500,000 8.50 BB-/NR Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 522,000 750,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 772,425 250,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc., Floating Rate Note, 12/15/65 247,500 1,250,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,329,125 600,000 8.75 B+/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 641,160 250,000 12.75 NR/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 274,075 550,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 565,290 250,000 5.75 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 261,750 500,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 552,500 250,000 8.00 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 276,250 250,000 9.25 B-/NR Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 257,875 1,250,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,246,875 250,000 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond) (144A) 276,275 110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 113,067 250,000 13.00 NR/NR Successor X, Ltd. Class IV-AL3, Floating Rate Note, 2/25/14 (Cat Bond) (144A) 257,725 500,000 9.35 B/NR Successor X, Ltd. Class IV-E3, Floating Rate Note, 2/25/14 (Cat Bond) (144A) 508,700 250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 259,050
The accompanying notes are an integral part of these financial statements. 48 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 500,000 8.50 B+/NR Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) $ 519,950 200,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%, 1/26/40 249,854 --------------- $ 21,833,011 --------------- Total Insurance $ 33,970,376 ---------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.5% Diversified REIT's -- 0.2% 600,000 B/Ba3 CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 $ 615,000 250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%, 4/15/21 (144A) 276,684 --------------- $ 891,684 ---------------------------------------------------------------------------------------------------------- Mortgage REIT's -- 0.0%+ 170,000 B+/B3 iStar Financial, Inc., 4.875%, 7/1/18 $ 164,900 ---------------------------------------------------------------------------------------------------------- Office REIT's -- 0.0%+ 225,000 BBB-/Baa3 Corporate Office Properties LP, 3.6%, 5/15/23 $ 203,946 ---------------------------------------------------------------------------------------------------------- Specialized REIT's -- 0.3% 900,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%, 8/15/22 $ 898,847 64,000 BB-/B1 Sabra Health Care LP, 8.125%, 11/1/18 68,800 150,000 BBB/Baa1 Ventas Realty LP, 4.75%, 6/1/21 157,967 --------------- $ 1,125,614 --------------- Total Real Estate $ 2,386,144 ---------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% Internet Software & Services -- 0.6% 850,000 BB-/B2 Bankrate, Inc., 6.125%, 8/15/18 (144A) $ 847,875 800,000 B+/Ba3 EarthLink, Inc., 7.375%, 6/1/20 (144A) 780,000 50,000 BB/Ba3 Equinix, Inc., 7.0%, 7/15/21 53,250 805,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 865,375 335,000 BB/Baa3 VeriSign, Inc., 4.625%, 5/1/23 (144A) 314,900 --------------- $ 2,861,400 ---------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.1% 100,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) $ 103,250 400,000 BB/Ba3 WEX, Inc., 4.75%, 2/1/23 (144A) 364,000 --------------- $ 467,250 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 49 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Home Entertainment Software -- 0.1% 400,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) $ 402,000 --------------- Total Software & Services $ 3,730,650 ---------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 1.0% Communications Equipment -- 0.4% 915,000 BB+/Ba3 Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A) $ 844,088 650,000 B-/Caa1 CommScope Holding Co, Inc., 6.625%, 6/1/20 (144A) (PIK) 646,750 260,000 B/B3 CommScope, Inc., 8.25%, 1/15/19 (144A) 284,050 100,000 B+/B2 ViaSat, Inc., 6.875%, 6/15/20 103,750 --------------- $ 1,878,638 ---------------------------------------------------------------------------------------------------------- Computer Hardware -- 0.0%+ 185,000 BB/Ba3 NCR Corp., 5.0%, 7/15/22 $ 172,050 ---------------------------------------------------------------------------------------------------------- Computer Storage & Peripherals -- 0.3% 985,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%, 6/1/23 (144A) $ 948,062 200,000 BBB-/Ba1 Seagate HDD Cayman, 7.0%, 11/1/21 222,000 --------------- $ 1,170,062 ---------------------------------------------------------------------------------------------------------- Electronic Equipment Manufacturers -- 0.1% 550,000 BB-/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 584,375 ---------------------------------------------------------------------------------------------------------- Electronic Components -- 0.1% EURO 300,000 B+/Ba2 Belden, Inc., 5.5%, 4/15/23 (144A) $ 393,302 ---------------------------------------------------------------------------------------------------------- Electronic Manufacturing Services -- 0.1% 85,000 BB+/Ba1 Flextronics International, Ltd., 4.625%, 2/15/20 $ 82,450 145,000 BB+/Ba1 Flextronics International, Ltd., 5.0%, 2/15/23 137,750 --------------- $ 220,200 --------------- Total Technology Hardware & Equipment $ 4,418,627 ---------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2% Semiconductor Equipment -- 0.1% 285,000 BB/B2 Amkor Technology, Inc., 6.375%, 10/1/22 $ 272,175 ---------------------------------------------------------------------------------------------------------- Semiconductors -- 0.1% 445,000 B/B2 Advanced Micro Devices, Inc., 7.5%, 8/15/22 $ 426,088 --------------- Total Semiconductors & Semiconductor Equipment $ 698,263 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 50 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 2.3% Integrated Telecommunication Services -- 1.8% 500,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 $ 497,500 150,000 BB/Ba2 CenturyLink, Inc., 7.6%, 9/15/39 133,875 800,000 BB/Ba2 CenturyLink, Inc., 7.65%, 3/15/42 712,000 1,205,000 B/B3 Cincinnati Bell, Inc., 8.375%, 10/15/20 1,274,288 250,000 BB-/Ba2 Frontier Communications Corp., 7.625%, 4/15/24 250,000 500,000 BB-/Ba2 Frontier Communications Corp., 8.75%, 4/15/22 546,250 200,000 BB-/Ba2 Frontier Communications Corp., 9.0%, 8/15/31 196,000 558,000 B+/B3 GCI, Inc., 8.625%, 11/15/19 584,505 155,000 NR/Ba3 GTP Acquisition Partners I LLC, 7.628%, 6/15/16 (144A) 167,495 150,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 140,625 200,000 A/A2 Qtel International Finance, Ltd., 3.875%, 1/31/28 (144A) 175,000 125,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%, 7/3/17 138,053 EURO 200,000 B+/B1 Telenet Finance III Luxembourg SCA, 6.625%, 2/15/21 (144A) 283,972 100,000 B+/B1 tw telecom holdings inc, 5.375%, 10/1/22 95,500 1,030,000 BBB+/Baa1 Verizon Communications, Inc., 6.55%, 9/15/43 1,159,429 500,000 BB-/Ba3 Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 487,500 305,000 B/B1 Windstream Corp., 7.5%, 6/1/22 304,238 950,000 B/B1 Windstream Corp., 8.125%, 9/1/18 1,021,250 --------------- $ 8,167,480 ---------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.5% 850,000 CCC+/Caa1 Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) $ 843,625 250,000 B/B3 Intelsat Jackson Holdings SA, 7.25%, 4/1/19 267,500 150,000 B/B3 Intelsat Jackson Holdings SA, 7.5%, 4/1/21 162,000 100,000 BB/Ba3 MetroPCS Wireless, Inc., 7.875%, 9/1/18 108,125 300,000 NR/NR Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 288,533 200,000 BB/Ba3 VimpelCom Holdings BV, 7.504%, 3/1/22 (144A) 210,750
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 51 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- (continued) 400,000 NR/NR WCP ISSUER LLC, 6.657%, 8/15/20 (144A) $ 409,420 --------------- $ 2,289,953 --------------- Total Telecommunication Services $ 10,457,433 ---------------------------------------------------------------------------------------------------------- UTILITIES -- 2.4% Electric Utilities -- 0.9% 100,000 CCC/NR Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) $ 49,000 1,500,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate Note (Perpetual) (144A) 1,418,850 150,000 BBB/Baa2 Enel Finance International NV, 5.125%, 10/7/19 (144A) 156,496 1,190,000 8.75 NR/Ba1 Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 1,211,280 1,100,000 BB+/Baa3 Israel Electric Corp, Ltd., 5.625%, 6/21/18 (144A) 1,135,750 75,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating Rate Note (Perpetual) 77,250 --------------- $ 4,048,626 ---------------------------------------------------------------------------------------------------------- Gas Utilities -- 0.5% 165,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 171,600 220,000 B/B3 LBC Tank Terminals Holding Netherlands BV, 6.875%, 5/15/23 (144A) 221,100 1,450,000 BBB/Baa2 ONEOK, Inc., 6.875%, 9/30/28 1,586,780 300,000 BBB/Baa2 Transportadora de Gas del Peru SA, 4.25%, 4/30/28 (144A) 259,500 --------------- $ 2,238,980 ---------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 1.0% 1,095,000 BB-/Ba3 AES Corp. Virginia, 4.875%, 5/15/23 $ 1,023,825 250,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate Note, 3/14/14 (Cat Bond) (144A) 254,775 100,000 BB/Ba3 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 104,250 1,000,000 NR/Baa3 Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 860,000 750,000 B+/B1 InterGen NV, 7.0%, 6/30/23 (144A) 750,000 1,000,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 1,107,500 150,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 158,250 200,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 219,500 --------------- $ 4,478,100 --------------- Total Utilities $ 10,765,706 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 52 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- GOVERNMENT -- 0.1% Government -- 0.1% 500,000 BBB/NR Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) $ 481,250 --------------- Total Government $ 481,250 ---------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $235,496,586) $ 231,448,226 ---------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 0.3% 300,000 NR/NR U.S. Treasury Bills, 10/10/13 (c) $ 299,999 1,150,000 NR/NR U.S. Treasury Bills, 11/7/13 (c) 1,149,970 ---------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $1,449,971) $ 1,449,969 ---------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT BONDS -- 0.3% 100,000 CCC+/Caa1 Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) $ 81,000 900,000 B/B1 Republic of Ghana, 7.875%, 8/7/23 (144A) 879,930 200,000 B/Caa1 Ukraine Government International Bond, 7.5%, 4/17/23 (144A) 165,250 200,000 B/Caa1 Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 166,750 200,000 B/Caa1 Ukraine Government International Bond, 9.25%, 7/24/17 (144A) 184,810 ---------------------------------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT BONDS (Cost $1,587,083) $ 1,477,740 ---------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 0.5% Municipal Airport -- 0.3% 1,250,000 NR/NR City of Charlotte North Carolina, 5.6%, 7/1/27 $ 1,194,488 ---------------------------------------------------------------------------------------------------------- Municipal General -- 0.1% 500,000 AA/A2 JobsOhio Beverage System, 3.985%, 1/1/29 $ 465,755 75,000 AA/A2 JobsOhio Beverage System, 4.532%, 1/1/35 70,528 --------------- $ 536,283 ---------------------------------------------------------------------------------------------------------- Municipal Medical -- 0.1% 100,000 AA-/A1 Massachusetts Development Finance Agency, 5.25%, 4/1/37 $ 103,892 150,000 A/NR New Hampshire Health & Education Facilities Authority, 6.5%, 1/1/41 161,080 --------------- $ 264,972 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 53 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Municipal Pollution -- 0.0%+ 100,000 BB-/B1 County of York South Carolina, 5.7%, 1/1/24 $ 98,241 ---------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $2,143,623) $ 2,093,984 ---------------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 18.9%** ENERGY -- 1.2% Oil & Gas Drilling -- 0.6% 1,000,000 6.00 B+/B2 Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/2/21 $ 1,011,875 398,000 5.75 B-/B3 Offshore Group Investment, Ltd., Term Loan, 3/28/19 403,224 548,625 4.50 B+/B1 Pacific Drilling SA, Term Loan, 5/20/18 551,780 497,247 6.25 B+/Ba1 Shelf Drilling Holdings, Ltd., Term Loan, 5/30/18 499,734 --------------- $ 2,466,613 ---------------------------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 0.0%+ 69,064 4.00 NR/Ba2 Vantage Pipeline Canada ULC, US Term Loan, 8/22/20 $ 69,626 ---------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.0%+ 54,356 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan, 6/1/16 $ 54,628 ---------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.4% 400,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan, 12/2/17 $ 407,781 176,667 3.50 B+/Ba3 EP Energy LLC, Tranche B-3 Loan, 5/24/18 175,894 350,000 0.00 B-/B2 Fieldwood Energy LLC, 9/30/20 350,219 1,000,000 6.00 B-/B1 Samson Investment Co., Initial Term Loan (Second Lien), 9/10/16 1,003,625 --------------- $ 1,937,519 ---------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.1% 276,111 4.75 BB-/B2 American Petroleum Tankers Parent LLC, Term Loan, 9/15/19 $ 278,009 280,936 4.00 BB-/Ba2 Vantage Pipeline US LP, Canadian Term Loan, 8/19/20 283,570 --------------- $ 561,579 ---------------------------------------------------------------------------------------------------------- Coal & Consumable Fuels -- 0.1% 498,750 4.75 BB-/Ba3 Murray Energy Corp., Term Loan, 5/20/19 $ 498,906 --------------- Total Energy $ 5,588,871 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 54 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- MATERIALS -- 1.3% Commodity Chemicals -- 0.1% 345,510 4.25 BB-/B1 Taminco Global Chemical Corp., Tranche B-2 Dollar Term Loan, 2/15/19 $ 347,670 ---------------------------------------------------------------------------------------------------------- Diversified Chemicals -- 0.1% 132,348 4.00 NR/B1 Ineos Group Holdings, Ltd., Cash Dollar Term Loan, 5/4/18 $ 131,149 249,375 0.00 BB/Ba3 Tata Chemicals North America, Inc., Term Loan, 8/8/20 249,219 269,279 5.00 B+/B2 Univar, Term B Loan, 2/14/17 260,287 --------------- $ 640,655 ---------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.3% 847,875 4.00 B/Ba3 MacDermid, Inc., Tranche B Term Loan (First Lien), 6/6/20 $ 849,730 694,750 4.50 B+/B2 PQ Corp., 2013 Term Loan, 8/7/17 699,671 --------------- $ 1,549,401 ---------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.3% 746,121 4.50 B/B1 BWAY Holding Co., Initial Term Loan, 8/31/17 $ 750,784 199,500 0.00 NR/Ba3 Pact Group Pty, Ltd., Term Loan, 5/22/20 197,131 208,901 4.25 B/B1 Tank Holdings Corp., Initial Term Loan, 6/8/19 208,466 --------------- $ 1,156,381 ---------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.0%+ 74,618 5.00 B/B2 Exopack Holding Corp., Term B Loan, 5/6/17 $ 74,805 ---------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.1% 297,372 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term Loan, 9/18/17 $ 298,960 152,675 11.75 B+/Caa1 Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16 (e) 106,491 --------------- $ 405,451 ---------------------------------------------------------------------------------------------------------- Steel -- 0.2% 123,750 8.75 B/B1 Essar Steel Algoma, Inc., Term Loan, 9/12/14 $ 125,452 397,092 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan, 2/15/17 398,458 137,989 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term Loan, 7/21/18 137,299 --------------- $ 661,209 ---------------------------------------------------------------------------------------------------------- Paper Products -- 0.2% 1,000,000 5.75 B+/Ba3 Appvion, Inc., Term Commitment, 6/4/19 $ 1,005,000 --------------- Total Materials $ 5,840,572 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 55 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 2.2% Aerospace & Defense -- 0.7% 745,619 4.00 B+/B1 Accudyne Industries Borrower, Refinancing Term Loan, 12/13/19 $ 741,476 701,228 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 702,543 109,729 6.25 BB-/WR DynCorp International, Inc., Term Loan, 7/7/16 110,552 160,173 3.52 B/B3 Hunter Defense Technologies, Inc., Term Loan, 8/22/14 155,368 744,375 5.25 B/B1 Sequa Corp., Initial Term Loan, 5/29/17 747,942 244,375 0.00 B+/B1 SI Organization, Inc., New Tranche B Term Loan, 11/22/16 243,764 299,246 0.00 B/Ba3 TransDigm, Inc., Tranche C Term Loan, 2/28/20 298,797 --------------- $ 3,000,442 ---------------------------------------------------------------------------------------------------------- Building Products -- 0.4% 500,000 5.50 NR/B2 Armacell International GmbH, Term Loan B (First Lien), 6/27/20 $ 495,312 498,741 4.25 BB-/B2 NCI Building Systems, Inc., Tranche B Term Loan, 6/4/19 499,988 280,000 0.00 NR/B1 Quikrete Co, Inc., 9/19/20 280,426 323,060 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 324,595 --------------- $ 1,600,321 ---------------------------------------------------------------------------------------------------------- Construction & Engineering -- 0.2% 695,000 6.75 NR/B2 International Equipment Solutions LLC, Initial Loan, 7/25/19 $ 688,484 ---------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.1% 444,375 7.00 NR/NR Pelican Products, Inc., Term Loan (First Lien), 8/15/18 $ 446,041 49,500 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan, 4/13/17 49,809 --------------- $ 495,850 ---------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.3% 388,274 4.25 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 388,436 895,233 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/16/17 901,388 --------------- $ 1,289,824 ---------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.1% 120,000 5.75 B+/Ba3 Navistar International Corp., Tranche B Term Loan, 7/31/17 $ 121,350 111,896 4.50 BB+/Ba1 Terex Corp., New US Term Loan, 4/28/17 113,120 324,129 4.50 B+/B2 Waupaca Foundry, Inc., Term Loan, 6/29/17 324,129 --------------- $ 558,599 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 56 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.3% 400,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term Loan, 7/23/20 $ 396,889 475,000 0.00 NR/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 477,256 498,750 5.50 B+/B3 Wastequip, Inc., Term Loan, 8/8/19 500,620 --------------- $ 1,374,765 ---------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.1% 646,663 4.50 BB-/Ba3 WESCO International, Inc., Tranche B-1 Loan, 12/4/19 $ 650,786 --------------- Total Capital Goods $ 9,659,071 ---------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.8% Commercial Printing -- 0.1% 132,667 6.25 B+/Ba3 Cenveo Corp., Term B Loan, 4/4/20 $ 133,579 250,000 0.00 B+/Ba3 Multi Packaging Solutions, Inc., Initial Term Loan, 8/8/20 251,406 --------------- $ 384,985 ---------------------------------------------------------------------------------------------------------- Environmental & Facilities Services -- 0.3% 399,000 3.75 NR/NR ISS AS, New Term B Loan, 3/26/18 $ 400,663 448,869 3.50 BBB-/Ba1 Progressive Waste Solutions, Ltd., Term B Loan, 10/31/19 448,869 701,358 4.00 B+/B1 WCA Waste Corp., Term Loan, 3/23/18 703,111 --------------- $ 1,552,643 ---------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.0%+ 183,606 10.00 NR/NR IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15 $ 96,393 ---------------------------------------------------------------------------------------------------------- Security & Alarm Services -- 0.2% 124,063 5.75 BB/Ba1 Garda World Security Corp., Term B Loan, 10/24/19 $ 124,373 562,772 4.25 B/Ba3 Monitronics International, Inc., Term B Loan, 3/23/18 563,475 --------------- $ 687,848 ---------------------------------------------------------------------------------------------------------- Human Resource & Employment Services -- 0.1% 535,182 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan, 5/16/20 $ 535,628 ---------------------------------------------------------------------------------------------------------- Research & Consulting Services -- 0.1% 498,750 5.25 B+/B1 Sourcehov LLC, Term Loan, 4/30/18 $ 503,322 --------------- Total Commercial Services & Supplies $ 3,760,819 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 57 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.5% Air Freight & Logistics -- 0.0%+ 174,563 6.75 B-/B2 Ozburn-Hessey Holding Co LLC, Term Loan, 5/7/19 $ 174,562 ---------------------------------------------------------------------------------------------------------- Airlines -- 0.4% 349,125 4.75 NR/WR American Airlines, Inc., Class B Term Loan, 6/21/19 $ 347,379 173,688 4.00 BB-/Ba1 Delta Air Lines, Inc., New Term B-1 Loan, 10/18/18 174,478 248,750 4.00 BB-/Ba2 United Air Lines, Inc., Class B Term Loan, 3/12/19 250,336 618,750 4.25 BB-/B2 US Airways, Inc., Tranche B1 Term Loan, 5/7/19 616,945 531,250 3.50 BB-/B2 US Airways, Inc., Tranche B2 Term Loan, 11/7/16 532,578 --------------- $ 1,921,716 ---------------------------------------------------------------------------------------------------------- Trucking -- 0.1% 255,490 4.00 BB/Ba2 Swift Transportation Co. LLC, Tranche B-2 Term Loan (2013), 12/21/17 $ 257,278 --------------- Total Transportation $ 2,353,556 ---------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.4% Auto Parts & Equipment -- 0.4% 563,101 3.75 B+/NR Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 564,274 398,237 5.00 B+/B2 HHI Holdings LLC, Additional Term Loan, 10/5/18 401,971 248,125 5.00 B+/B1 Metaldyne Corp., USD Term Loan, 12/19/18 249,986 128,380 5.50 NR/NR TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19 129,182 480,796 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 482,148 --------------- $ 1,827,561 --------------- Total Automobiles & Components $ 1,827,561 ---------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.5% Home Furnishings -- 0.0%+ 127,433 3.50 BB/NR Tempur Sealy International, Inc., 3/18/20 $ 126,617 ---------------------------------------------------------------------------------------------------------- Housewares & Specialties -- 0.3% 476,118 3.75 BB-/Ba3 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 $ 478,737 188,526 5.50 B+/B1 World Kitchen LLC, U.S. Term Loan, 2/13/19 189,115 565,906 6.25 B+/B1 Yankee Candle Co., Inc., Initial Term Loan, 3/2/19 567,038 --------------- $ 1,234,890 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 58 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Leisure Products -- 0.1% 400,857 4.00 B+/B1 Bombardier Recreational Products, Inc., Term B Loan, 7/17/19 $ 401,776 ---------------------------------------------------------------------------------------------------------- Apparel, Accessories & Luxury Goods -- 0.0%+ 149,250 5.75 B/B2 Renfro Corp., Tranche B Term Loan, 1/23/19 $ 149,063 ---------------------------------------------------------------------------------------------------------- Textiles -- 0.1% 223,887 5.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1 Loan, 12/14/16 $ 225,566 --------------- Total Consumer Durables & Apparel $ 2,137,912 ---------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 1.0% Casinos & Gaming -- 0.2% 200,000 4.00 BB-/Ba3 Boyd Gaming Corp., Term B Loan, 8/8/20 $ 200,083 267,975 3.50 BB/Ba2 MGM Resorts International, Term B Loan, 12/13/19 267,401 252,289 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B Facility Loan, 6/29/18 252,987 --------------- $ 720,471 ---------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.1% 546,875 4.75 NR/Ba2 Seven Seas Cruises S de RL LLC, Term B-1 Loan, 12/21/18 $ 552,344 ---------------------------------------------------------------------------------------------------------- Leisure Facilities -- 0.1% 249,372 4.00 BB+/Ba2 Six Flags Entertainment Corp., Tranche B Term Loan, 11/23/18 $ 251,807 ---------------------------------------------------------------------------------------------------------- Restaurants -- 0.4% 77,220 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan (2012), 9/28/19 $ 77,537 541,510 4.75 BB-/Ba3 Landry's, Inc., B Term Loan, 3/22/18 546,136 567,208 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term Loan, 12/28/18 571,462 756,421 3.25 NR/B1 Wendy's International, Inc., Term B Loan, 5/15/19 756,106 --------------- $ 1,951,241 ---------------------------------------------------------------------------------------------------------- Education Services -- 0.2% 496,250 4.00 B+/B1 Bright Horizons Family Solutions, Inc., Term B Loan, 1/14/20 $ 497,258 147,750 5.25 NR/B2 HMH Holdings Delaware, Inc., Term Loan (Exit Facility), 11/21/13 148,950 298,479 5.25 NR/NR Laureate Education, Inc., Series 2018 Term Loan, 6/16/18 299,599 --------------- $ 945,807 --------------- Total Consumer Services $ 4,421,670 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 59 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- MEDIA -- 1.9% Advertising -- 0.4% 695,248 4.25 B+/B1 Advantage Sales & Marketing LLC, 2013 Term Loan (First Lien), 12/17/17 $ 699,159 976,415 6.50 B-/B2 Affinion Group, Inc., Tranche B Term Loan, 10/9/16 949,259 198,624 4.50 B/B1 Crossmark Holdings, Inc., Term Loan (First Lien), 1/31/20 196,762 --------------- $ 1,845,180 ---------------------------------------------------------------------------------------------------------- Broadcasting -- 0.7% 397,980 3.50 BB-/Ba2 Cequel Communications Holdings I LLC, Term Loan, 1/31/19 $ 398,260 716,838 5.50 B/B2 Fox Acquisition Sub LLC, Initial Term Loan, 7/1/17 721,467 198,500 4.75 B/B1 NEP Broadcasting LLC, Refinanced New Term Loan (First Lien), 1/3/20 199,679 238,479 3.25 NR/B1 Quebecor Media, Inc., Facility B-1 Tranche, 8/1/20 236,094 612,273 3.50 NR/Ba3 Telesat Canada, U.S. Term B Loan, 3/28/19 610,735 489,123 3.50 B+/Ba3 TWCC Holding Corp., Term Loan, 2/11/17 490,649 198,864 4.50 B+/B2 Univision Communications, Inc., 2013 Converted Extended First-Lien Term Loan, 2/22/20 198,342 323,375 4.50 B+/B2 Univision Communications, Inc., 2013 New First-Lien Term Loan, 3/1/20 322,617 --------------- $ 3,177,843 ---------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.3% 498,750 3.00 BB+/Baa3 Charter Communications Operating LLC, Term F Loan, 1/1/21 $ 494,564 620,441 4.75 B/B1 WideOpenWest Finance LLC, Term B Loan, 3/27/19 625,353 --------------- $ 1,119,917 ---------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.5% 498,750 4.00 B+/B1 Hoyts Cinemas Group, Term B Loan, 5/29/20 $ 497,815 428,000 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term B-1 Loan, 8/16/20 427,465 348,998 3.50 BB/Ba2 Rovi Solutions Corp., 3/29/19 345,718 299,250 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc., New Term Loan B, 4/29/20 299,375 685,000 3.75 BB-/Ba3 WMG Acquisition Corp., Tranche B Refinancing Term Loan, 7/3/20 682,717 --------------- $ 2,253,090 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 60 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Publishing -- 0.0%+ 118,288 3.75 B+/Ba3 Interactive Data Corp., Refinanced Term Loan, 2/11/18 $ 118,066 --------------- Total Media $ 8,514,096 ---------------------------------------------------------------------------------------------------------- RETAILING -- 0.4% Computer & Electronics Retail -- 0.0%+ 94,182 12.00 B/B2 Targus Group International, Term Loan, 5/12/16 $ 84,763 ---------------------------------------------------------------------------------------------------------- Home Improvement Retail -- 0.2% 647,124 4.50 B/B1 Apex Tool Group LLC, Term Loan, 2/1/20 $ 650,158 222,135 4.25 B+/WR The Hillman Group, Inc., Term Loan, 5/31/16 224,079 --------------- $ 874,237 ---------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.1% 249,375 0.00 BB-/Ba3 Michaels Stores, Inc., Term B Loan, 1/16/20 $ 250,221 ---------------------------------------------------------------------------------------------------------- Automotive Retail -- 0.1% 545,875 6.25 B+/B1 Sequa Automotive Group, Term Loan, 11/1/18 $ 547,922 --------------- Total Retailing $ 1,757,143 ---------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.3% Food Distributors -- 0.2% 775,000 4.75 B+/B1 CSM Bakery Supplies, Term Loan, 5/23/20 $ 770,641 ---------------------------------------------------------------------------------------------------------- Food Retail -- 0.1% 349,250 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 $ 349,141 246,178 5.75 B+/B1 Roundy's Supermarkets, Inc., Tranche B Term Loan, 1/24/19 241,747 --------------- $ 590,888 --------------- Total Food & Staples Retailing $ 1,361,529 ---------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.6% Agricultural Products -- 0.2% 847,875 4.50 B/Ba3 Arysta Lifescience SPC LLC, Initial Term Loan (First Lien), 5/22/20 $ 848,935 ---------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.4% 477,831 4.00 B/B1 Del Monte Foods Co., Initial Term Loan, 2/3/18 $ 477,383 247,504 6.50 NR/NR Hearthside Food Solutions LLC, Term Loan A, 5/7/18 247,504 399,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 401,020
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 61 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- (continued) 680,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan, 2/25/20 $ 702,100 199,000 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term Loan G, 4/16/20 197,657 --------------- $ 2,025,664 --------------- Total Food, Beverage & Tobacco $ 2,874,599 ---------------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.2% Personal Products -- 0.2% 750,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 753,047 --------------- Total Household & Personal Products $ 753,047 ---------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.9% Health Care Equipment -- 0.1% 370,972 3.75 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B Term Loan, 8/1/19 $ 372,826 395,762 4.50 BB-/Ba3 Kinetic Concepts, Inc., Dollar Term D-1 Loan, 5/4/18 398,854 --------------- $ 771,680 ---------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.1% 446,898 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 449,970 ---------------------------------------------------------------------------------------------------------- Health Care Services -- 1.0% 525,000 6.50 NR/B2 BioScrip, Inc., Delayed Draw Term Loan, 7/22/20 $ 514,500 875,000 6.50 B/B2 BioScrip, Inc., Initial Term B Loan, 7/22/20 857,500 99,250 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 99,796 297,714 4.00 B+/B1 Envision Healthcare Corp., Initial Term Loan, 4/5/18 297,776 327,650 6.50 B+/B1 Gentiva Health Services, Inc., Term B1 Term Loan, 2/22/16 328,196 133,642 0.00 B/B2 inVentiv Health, Inc., Consolidated Term Loan, 8/4/16 130,802 133,714 7.75 B/B2 inVentiv Health, Inc., Term B-3 Loan, 6/24/18 130,956 97,995 5.75 D/WR Rural, Term Loan (First Lien), 3/28/18 93,156 498,750 4.25 B+/B1 Sedgwick Claims Management Services, Inc., Term Loan B (First Lien), 6/10/18 500,309 498,750 6.75 B/B2 Steward Health Care System LLC, Term Loan, 4/12/20 485,034 548,625 4.25 B/B1 Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 6/29/18 546,568 400,000 0.00 B/Ba3 US Renal Care, Inc., Tranche B-1 Term Loan (First Lien), 7/3/19 401,250 --------------- $ 4,385,843 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 62 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.4% 348,991 3.50 BB-/Ba3 Health Management Associates, Inc., Replacement Term B Loan, 11/1/18 $ 349,396 195,026 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 196,489 494,994 4.25 B+/WR Kindred Healthcare, Inc., Term B-1 Loan, 6/1/18 494,994 248,128 7.00 NR/B2 RegionalCare Hospital Partners, Inc., Term Loan (First Lien 2013), 11/4/18 247,508 45,479 4.00 BB-/Ba2 Select Medical Corp., Series C Tranche B Term Loan, 6/1/18 45,725 349,125 3.75 BB-/Ba2 Vanguard Health Holding Co. II LLC, Term B Loan, 1/29/16 349,603 --------------- $ 1,683,715 ---------------------------------------------------------------------------------------------------------- Managed Health Care -- 0.0%+ 27,121 9.75 B+/B2 AVETA, MSO Term Loan, 12/12/17 $ 27,257 37,291 9.75 B+/B2 MMM Holdings, Inc., Term Loan, 10/9/17 37,524 --------------- $ 64,781 ---------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.3% 96,960 4.00 B+/Ba3 Convatec, Inc., Dollar Term Loan, 12/1/16 $ 97,726 791,522 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 793,419 450,000 0.00 BB-/Ba3 MedAssets, Inc., Term B Loan, 11/20/19 451,406 --------------- $ 1,342,551 --------------- Total Health Care Equipment & Services $ 8,698,540 ---------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.9% Biotechnology -- 0.3% 696,741 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 698,482 97,494 6.25 BB/B2 Aptalis Pharma, Inc., Term B-1 Loan, 1/25/17 97,677 246,757 4.25 BB+/Ba1 Grifols, Inc., New U.S. Tranche B Term Loan, 6/4/17 248,830 21,966 5.50 BBB-/Ba3 Warner Chilcott Corp., Additional Term B-1 Loan, 3/15/18 22,012 50,457 5.50 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan, 3/3/18 50,562 39,762 5.50 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 39,844 --------------- $ 1,157,407 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 63 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.6% 899,329 5.00 B/B1 Generic Drug Holdings, Inc., Closing Date Term Loan, 10/4/19 $ 906,074 249,375 0.00 NR/Ba3 Jazz Pharmaceuticals, Inc., Tranche 1 Term Loan, 6/12/18 249,687 396,007 4.25 B+/B1 Par Pharmaceutical Companies, Inc., Additional Term B-1 Loan, 9/28/19 395,183 345,625 0.00 BB/NR Valeant Pharmaceuticals International, Inc., Series C2 Term Loan B, 12/11/19 346,921 908,138 4.50 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series E Tranche B Term Loan, 5/20/20 915,942 --------------- $ 2,813,807 --------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 3,971,214 ---------------------------------------------------------------------------------------------------------- BANKS -- 0.2% Thrifts & Mortgage Finance -- 0.2% 772,372 5.00 B/B1 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 783,354 --------------- Total Banks $ 783,354 ---------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 1.2% Other Diversified Financial Services -- 0.4% 773,460 4.50 NR/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 779,583 723,188 5.00 NR/B1 Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 722,284 98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 99,756 --------------- $ 1,601,623 ---------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.2% 627,270 5.25 B/B1 Dematic Services Luxembourg Sarl, Term Loan, 12/18/19 $ 631,713 300,000 5.00 BB-/B1 ROC Finance LLC, New Term Loan B, 3/27/19 300,469 --------------- $ 932,182 ---------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.2% 66,000 5.50 B/B3 Springleaf Finance Corp., Initial Term Loan, 5/28/17 $ 66,182 937,650 4.75 B+/B1 Tower Automotive Holdings USA LLC, Refinancing Term Loan (First Lien), 4/23/20 941,166 --------------- $ 1,007,348 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 64 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.1% 623,438 5.25 B+/B2 Patriot Merger Corp., Term B Loan, 6/19/20 $ 627,724 ---------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.3% 628,425 4.50 B/B1 Duff & Phelps Corp., Initial Term Loan, 3/14/20 $ 629,211 450,000 4.00 NR/NR Guggenheim Partners Investment Management Holdings LLC, Initial Term Loan, 7/9/20 452,138 --------------- $ 1,081,349 --------------- Total Diversified Financials $ 5,250,226 ---------------------------------------------------------------------------------------------------------- INSURANCE -- 0.2% Insurance Brokers -- 0.1% 248,750 3.62 B+/B1 HUB International Holdings, Inc., Term Loan, 6/13/17 $ 249,268 ---------------------------------------------------------------------------------------------------------- Life & Health Insurance -- 0.0%+ 92,720 3.75 BB/Ba3 CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18 $ 93,357 ---------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.1% 294,640 6.50 B-/B2 Confie seguros Holding II Co., Term B Loan (First Lien), 10/11/13 $ 295,376 198,500 5.00 B-/B1 USI Insurance Services LLC, Initial Term Loan, 11/29/19 199,741 --------------- $ 495,117 --------------- Total Insurance $ 837,742 ---------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Real Estate Services -- 0.1% 645,747 5.75 NR/B1 Altisource Portfolio Solutions SA, Term B Loan, 11/27/19 $ 651,397 --------------- Total Real Estate $ 651,397 ---------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.8% IT Consulting & Other Services -- 0.1% 149,622 3.75 BB/Ba3 Booz Allen Hamilton Holding Corp., Refinance Tranche B, 7/31/19 $ 149,529 249,372 4.50 B/Ba3 Kronos, Inc., Incremental Term Loan (First Lien), 10/2/19 250,930 --------------- $ 400,459 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 65 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.1% 500,000 4.18 B+/B1 First Data Corp., 2018 Dollar Term Loan, 3/24/18 $ 496,562 173,690 3.50 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 174,486 --------------- $ 671,048 ---------------------------------------------------------------------------------------------------------- Application Software -- 0.6% 300,000 8.25 NR/NR Applied Systems, Inc., 6/8/17 $ 303,281 298,473 4.25 NR/B1 Applied Systems, Inc., Term Loan (First Lien), 12/8/16 300,214 600,000 0.00 BB-/B1 Epiq Systems, Inc., 8/26/20 600,000 226,601 8.50 B-/Ba3 Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18 231,416 222,023 5.25 B+/Ba3 Lawson Software, Inc., Tranche B2 Term Loan, 4/5/18 223,133 450,000 4.18 B+/B1 Serena Software, Inc., 2016 Term Loan (Extended), 3/10/16 441,000 348,250 4.00 BB-/B1 Verint Systems, Inc., Term Loan, 9/6/19 349,991 97,506 4.25 NR/B1 Vertafore, Inc., Term Loan (2013), 10/20/19 97,872 --------------- $ 2,546,907 --------------- Total Software & Services $ 3,618,414 ---------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7% Communications Equipment -- 0.3% 247,500 6.75 B+/B1 Audio Visual Services Corp., Term Loan (First Lien), 10/11/18 $ 250,594 295,455 3.75 BB/Ba2 CommScope, Inc., Tranche 2 Term Loan, 1/14/18 296,145 707,587 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term Loan, 10/29/19 713,514 --------------- $ 1,260,253 ---------------------------------------------------------------------------------------------------------- Electronic Equipment Manufacturers -- 0.1% 246,212 4.75 B-/B1 Sensus USA, Inc., Term Loan (First Lien), 4/13/17 $ 244,750 ---------------------------------------------------------------------------------------------------------- Electronic Components -- 0.3% 720,000 3.50 B+/WR Generac Acquisition Corp., Term Loan B, 5/22/19 $ 714,900 685,000 5.00 B/B1 MEI, Inc., Term Loan, 8/15/20 686,712 --------------- $ 1,401,612 --------------- Total Technology Hardware & Equipment $ 2,906,615 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 66 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1% Semiconductor Equipment -- 0.0%+ 126,184 4.50 BB-/B1 Aeroflex, Inc., Tranche B-1 Term Loan, 11/24/19 $ 127,307 ---------------------------------------------------------------------------------------------------------- Semiconductors -- 0.1% 366,646 3.75 BB+/Ba2 Microsemi Corp., Term Loan, 2/19/20 $ 367,563 --------------- Total Semiconductors & Semiconductor Equipment $ 494,870 ---------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.8% Integrated Telecommunication Services -- 0.4% 300,000 4.75 B/B2 Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/17/20 $ 296,025 790,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20 787,257 421,085 3.75 BB/Ba3 West Corp., Term B-8 Loan, 6/30/18 421,348 198,998 0.00 BB+/Ba2 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 199,545 --------------- $ 1,704,175 ---------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.4% 660,395 3.25 BB-/Ba2 Crown Castle Operating Co., New Tranche B Term Loan, 1/31/19 $ 655,501 300,000 4.25 NR/Ba3 Intelsat Jackson Holdings SA, Tranche B-1 Term Loan, 4/2/18 301,250 239,957 0.00 BB-/B1 Syniverse Holdings, Inc., Initial Term Loan, 4/10/19 240,406 484,761 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 484,963 --------------- $ 1,682,120 --------------- Total Telecommunication Services $ 3,386,295 ---------------------------------------------------------------------------------------------------------- UTILITIES -- 0.7% Electric Utilities -- 0.4% 533,663 3.00 BB/Ba3 Calpine Construction Finance Co LP, Term B-1 Loan, 5/1/20 $ 524,212 1,000,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan, 8/19/20 993,750 248,750 4.25 BB-/Ba3 Star West Generation LLC, Term B Advance, 3/13/20 250,305 --------------- $ 1,768,267 ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 67 Schedule of Investments | 9/30/13 (continued)
---------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ---------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.3% 445,996 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 $ 447,111 306,923 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan, 4/16/20 306,859 225,981 4.75 BB+/Ba1 NSG Holdings LLC, New Term Loan, 11/15/19 229,935 291,936 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC, Term Loan, 3/27/20 291,328 --------------- $ 1,275,233 --------------- Total Utilities $ 3,043,500 ---------------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $84,373,605) $ 84,492,613 ---------------------------------------------------------------------------------------------------------- TEMPORARY CASH INVESTMENT -- 10.1% Repurchase Agreement -- 10.1% 45,010,000 NR/Aaa Bank of Nova Scotia, 0.12%, dated 9/30/13, repurchase price of $45,010,000 plus accrued interest on 10/1/13 collateralized by the following: $5,461,176 U.S. Treasury Notes, 0.50%, 7/31/17 $956,959 Federal National Mortgage Association, 4.00%, 10/1/43 $39,492,218 Freddie Mac Giant, 3.00%, 7/1/43 $ 45,010,000 ---------------------------------------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENTS (Cost $45,010,000) $ 45,010,000 ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 100.4% (Cost $451,808,170) (a) $ 448,948,892 ---------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- (0.4)% $ (1,782,730) ---------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 447,166,162 ==========================================================================================================
The accompanying notes are an integral part of these financial statements. 68 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------- Notional Unrealized Principal ($) Depreciation ---------------------------------------------------------------------------------------------------------- CREDIT DEFAULT SWAP AGREEMENTS 250,000 JPMorgan Chase & Co., American Axle & Manufacturing Co., 5.0%, 12/20/17 $ 33,501 10,000,000 JPMorgan Chase & Co., CDX.NA.HY.20, 5.0%, 6/20/2018 (302,813) 15,000,000 Barclays, CDX.CXP.EM.519, 5.0%, 6/20/18 (318,444) ---------------------------------------------------------------------------------------------------------- TOTAL CREDIT DEFAULT SWAP AGREEMENTS (Cost ($1,398,000)) $ (587,757) ----------------------------------------------------------------------------------------------------------
* 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. (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 September 30, 2013, the value of these securities amounted to $174,016,039 or 38.9% of total net assets. ** Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. (a) At September 30, 2013, the net unrealized depreciation on investments based on cost for federal income tax purposes of $452,010,977 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 6,314,565 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value $(9,376,650) ------------ Net unrealized depreciation $(3,062,085) ============
(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). See Notes to Financial Statement -- Note 1A. (e) Security is in default and is non-income producing. The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 69 Schedule of Investments | 9/30/13 (continued) Principal amounts are denominated in U.S. Dollars unless otherwise noted: CAD Canadian Dollar. EURO Euro. GBP British Pound Sterling. NOK Norwegian Krone. Purchases and sales (excluding temporary cash investments) for the six months ended September 30, 2013 aggregated $428,768,406 and $174,044,378, 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 -- 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 following is a summary of the inputs used as of September 30, 2013, in valuing the Fund's investments:
---------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ---------------------------------------------------------------------------------------- Convertible Corporate Bonds $ -- $ 29,330,944 $ -- $ 29,330,944 Preferred Stock 7,142,156 4,016,900 519,450 11,678,506 Convertible Preferred Stock 3,391,586 2,204,425 -- 5,596,011 Common Stock -- -- 269,175 269,175 Asset Backed Securities -- 10,034,831 -- 10,034,831 Collateralized Mortgage Obligations -- 26,066,893 -- 26,066,893 Corporate Bonds -- 230,028,008 1,420,218 231,448,226 U.S. Government and Agency Obligations 1,449,969 -- 1,449,969 Foreign Government Bonds -- 1,477,740 -- 1,477,740 Municipal Bonds -- 2,093,984 -- 2,093,984 Senior Floating Rate Loan Interests -- 84,492,613 -- 84,492,613 Repurchase Agreements -- 45,010,000 -- 45,010,000 ---------------------------------------------------------------------------------------- Total $ 10,533,742 $436,206,307 $ 2,208,843 $448,948,892 ======================================================================================== Other Financial Instruments Net unrealized depreciation on credit default swaps $ -- $ (587,757) $ -- $ (587,757) Net unrealized loss on futures contracts -- (1,253,986) -- (1,253,986) Net unrealized depreciation on forward foreign currency contracts -- (166,456) -- (166,456) ---------------------------------------------------------------------------------------- Total $ -- $ (2,008,199) $ -- $ (2,008,199) ========================================================================================
The accompanying notes are an integral part of these financial statements. 70 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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) -- Change in unrealized appreciation (depreciation)(2) 52,469 Purchases 1,000,000 Sales -- Transfers in and out of Level 3* 500,000 -------------------------------------------------------------------------------- Balance as of 9/30/13 $2,208,843 ================================================================================
(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. During the six months ended September 30, 2013, there were two transfers between Level 2 and Level 3.
Net change in unrealized appreciation (depreciation) of investments still held as of 9/30/13. $ 52,469 --------
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 71 Statement of Assets and Liabilities | 9/30/13 (unaudited)
ASSETS: Investment in securities (cost $406,798,170) $403,938,892 Repurchase agreement (cost $45,010,000) 45,010,000 Cash 3,188,117 Futures Collateral 2,302,600 Receivables -- Investment securities sold 848,011 Fund shares sold 6,768,847 Interest 4,942,396 Dividends 65,399 Due from Pioneer Investment Management, Inc. 117,930 Other 1,294,227 -------------------------------------------------------------------------------------- Total assets $468,476,419 -------------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 14,424,915 Fund shares repurchased 2,166,535 Variation margin 1,316,754 Dividends 291,383 Due to custodian 793,261 Unrealized depreciation on credit default swaps 587,757 Unrealized depreciation on forward foreign currency contracts 166,456 Swap premiums received 1,398,000 Due to affiliates 101,923 Accrued expenses 63,273 -------------------------------------------------------------------------------------- Total liabilities $ 21,310,257 -------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $455,627,277 Distributed in excess net investment income (417,032) Accumulated net realized loss on investments and foreign currency transactions and futures contracts (3,178,320) Net unrealized depreciation on investments (2,859,278) Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (164,742) Net unrealized depreciation on credit default swaps (587,757) Net unrealized depreciation on futures contracts (1,253,986) -------------------------------------------------------------------------------------- Total net assets $447,166,162 ====================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $98,250,503/10,079,442 shares) $ 9.75 Class C (based on $75,077,011/7,721,048 shares) $ 9.72 Class Y (based on $270,430,897/27,632,911 shares) $ 9.79 Class Z (based on $3,407,751/347,683 shares) $ 9.80 MAXIMUM OFFERING PRICE: Class A ($9.75 (divided by) 95.50) $ 10.21 ======================================================================================
The accompanying notes are an integral part of these financial statements. 72 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 Statement of Operations (unaudited) For the Six Months Ended 9/30/13
INVESTMENT INCOME: Interest $ 8,730,028 Dividends 301,953 ------------------------------------------------------------------------------------------------ Total investment income $ 9,031,981 ------------------------------------------------------------------------------------------------ EXPENSES: Management fees $ 1,218,364 Transfer agent fees and expenses Class A 4,643 Class C 3,742 Class Y 1,052 Class Z 1,520 Distribution fees Class A 96,177 Class C 287,464 Shareholder communications expense 199,901 Administrative reimbursement 53,504 Custodian fees 38,533 Registration fees 39,155 Professional fees 32,841 Printing expense 14,964 Fees and expenses of nonaffiliated Trustees 3,749 Miscellaneous 34,514 ------------------------------------------------------------------------------------------------ Total expenses $ 2,030,123 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. $ (129,050) ------------------------------------------------------------------------------------------------ Net expenses $ 1,901,073 ------------------------------------------------------------------------------------------------ Net investment income $ 7,130,908 ------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CREDIT DEFAULT SWAPS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $ 394,745 Credit default swaps (3,403,866) Futures contracts 431,644 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (18,373) $ (2,595,850) ------------------------------------------------------------------------------------------------ Change in net unrealized appreciation (depreciation) on: Investments $ (6,991,950) Futures contracts (1,248,576) Credit default swaps (616,360) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (317,227) $ (9,174,113) ------------------------------------------------------------------------------------------------ Net loss on investments, credit default swaps, futures contracts and foreign currency transactions $(11,769,963) ------------------------------------------------------------------------------------------------ Net decrease in net assets resulting from operations $ (4,639,055) ================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 73 Statements of Changes in Net Assets
------------------------------------------------------------------------------------------ Six Months Ended 9/30/13 Year Ended (unaudited) 3/31/13 ------------------------------------------------------------------------------------------ FROM OPERATIONS: Net investment income $ 7,130,908 $ 4,659,955 Net realized gain (loss) on investments, credit default swaps, futures contracts and foreign currency transactions (2,595,850) (108,889) Change in net unrealized depreciation on investments, credit default swap, futures contracts and foreign currency transactions (9,174,113) 4,242,628 ------------------------------------------------------------------------------------------ Net decrease in net assets resulting from operations $ (4,639,055) $ 8,793,694 ------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.21 and $0.55 per share, respectively) $ (1,557,909) $ (1,017,674) Class C ($0.17 and $0.48 per share, respectively) (952,278) (409,985) Class Y ($0.22 and $0.58 per share, respectively) (4,591,921) (3,641,812) Class Z ($0.22 and $0.00 per share, respectively) (13,993) -- ------------------------------------------------------------------------------------------ Total distributions to shareowners $ (7,116,101) $ (5,069,471) ------------------------------------------------------------------------------------------ FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $328,073,143 $160,436,580 Reinvestment of distributions 5,735,104 3,437,827 Cost of shares repurchased (81,929,583) (14,027,546) ------------------------------------------------------------------------------------------ Net increase in net assets resulting from Fund share transactions $251,878,664 $149,846,861 ------------------------------------------------------------------------------------------ Net increase in net assets $240,123,508 $153,571,084 NET ASSETS: Beginning of period 207,042,654 53,471,570 ------------------------------------------------------------------------------------------ End of period $447,166,162 $207,042,654 ------------------------------------------------------------------------------------------ Distributions in excess of net investment income $ (417,032) $ (431,839) ==========================================================================================
The accompanying notes are an integral part of these financial statements. 74 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------ 9/30/13 9/30/13 Shares Amount (unaudited) (unaudited) '13 Shares '13 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 7,741,006 $ 76,987,965 4,220,656 $ 41,903,055 Reinvestment of distributions 149,441 1,474,654 72,754 721,812 Less shares repurchased (2,514,632) (24,844,282) (354,800) (3,530,342) ------------------------------------------------------------------------------------------------ Net increase 5,375,815 $ 53,618,337 3,938,610 $ 39,094,525 ================================================================================================ Class C Shares sold 5,657,439 $ 56,368,990 2,487,554 $ 24,762,530 Reinvestment of distributions 84,597 831,349 22,101 219,048 Less shares repurchased (895,369) (8,870,128) (103,731) (1,017,622) ------------------------------------------------------------------------------------------------ Net increase 4,846,667 $ 48,330,211 2,405,924 $ 23,963,956 ================================================================================================ Class Y Shares sold 19,158,444 $191,301,474 9,398,336 $ 93,770,995 Reinvestment of distributions 344,948 3,415,349 252,272 2,496,967 Less shares repurchased (4,873,141) (48,193,007) (956,482) (9,479,582) ------------------------------------------------------------------------------------------------ Net increase 14,630,251 $146,523,816 8,694,126 $ 86,788,380 ================================================================================================ Class Z* Shares sold 348,535 $ 3,414,714 -- $ -- Reinvestment of distributions 1,403 13,752 -- -- Less shares repurchased (2,255) (22,166) -- -- ------------------------------------------------------------------------------------------------ Net increase 347,683 $ 3,406,300 -- $ -- ================================================================================================
* 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 | Semiannual Report | 9/30/13 75 Financial Highlights
------------------------------------------------------------------------------------------------ Six Months 5/2/11 Ended Year (Commencement 9/30/13 Ended of Operations) (unaudited) 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 $ 0.22 $ 0.51 $ 0.39 Net realized and unrealized gain (loss) on investments (0.30) 0.45 (0.36) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from investment operations $ (0.08) $ 0.96 $ 0.03 ------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income (0.21) (0.55) (0.40) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.29) $ 0.41 $ (0.37) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.75 $ 10.04 $ 9.63 ================================================================================================ Total return* (0.81)% 10.24% 0.38%(b) Ratio of net expenses to average net assets 1.17%** 1.20% 1.20%** Ratio of net investment income to average net assets 4.01%** 5.05% 4.87%** Portfolio turnover rate 112%** 30% 17%** Net assets, end of period (in thousands) $98,251 $47,233 $ 7,365 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.17%** 1.48% 1.66%** Net investment income 4.01%** 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. 76 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------ Six Months 5/2/11 Ended Year (Commencement 9/30/13 Ended of Operations) (unaudited) 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 $ 0.18 $ 0.44 $ 0.34 Net realized and unrealized gain (loss) on investments (0.31) 0.45 (0.40) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from investment operations $ (0.13) $ 0.89 $ (0.06) ------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income (0.17) (0.48) (0.33) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.30) $ 0.41 $ (0.39) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.72 $ 10.02 $ 9.61 ================================================================================================ Total return* (1.28)% 9.44% (0.47)%(b) Ratio of net expenses to average net assets 1.89%** 1.95% 1.98%** Ratio of net investment income to average net assets 3.31%** 4.29% 4.07%** Portfolio turnover rate 112%** 30% 17%** Net assets, end of period (in thousands) $75,077 $28,796 $ 4,501 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.89%** 2.23% 2.46%** Net investment income 3.31%** 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 | Semiannual Report | 9/30/13 77 Financial Highlights (continued)
------------------------------------------------------------------------------------------------ Six Months 5/2/11 Ended Year (Commencement 9/30/13 Ended of Operations) (unaudited) 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 $ 0.24 $ 0.55 $ 0.42 Net realized and unrealized gain (loss) on investments (0.31) 0.45 (0.34) ------------------------------------------------------------------------------------------------ Net increase in net assets from investment operations $ (0.07) $ 1.00 $ 0.08 ------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income (0.22) (0.58) (0.42) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.29) $ 0.42 $ (0.34) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.79 $ 10.08 $ 9.66 ================================================================================================ Total return* (0.66)% 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 4.34%** 5.52% 5.48%** Portfolio turnover rate 112%** 30% 19%** Net assets, end of period (in thousands) $270,431 $131,013 $41,606 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 0.97%** 1.21% 1.29%** Net investment income 4.22%** 5.16% 5.04%** ================================================================================================
(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. 78 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------ 4/2/13 (Commencement of Operations) to 9/30/13 (a) (unaudited) ------------------------------------------------------------------------------------------------ Class Z Net asset value, beginning of period $ 10.04 ------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income $ 0.22 Net realized and unrealized gain (loss) on investments (0.24) ------------------------------------------------------------------------------------------------ Net increase in net assets from investment operations $ (0.02) ------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income (0.22) ------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (0.24) ------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.80 ================================================================================================ Total return* (0.20)%(b) Ratio of net expenses to average net assets 1.36%** Ratio of net investment income to average net assets 4.16%** Portfolio turnover rate 112%** Net assets, end of period (in thousands) $ 3,408 Ratios with no waiver of fees and assumption of expenses by the Adviser: Total expenses 1.36%** Net investment income 4.16%** ================================================================================================
(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 | Semiannual Report | 9/30/13 79 Notes to Financial Statements | 9/30/13 (unaudited) 1. Organization and Significant Accounting Policies Pioneer Dynamic Credit Fund (formerly known as Pioneer Absolute Return Credit 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 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: 80 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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. Credit default swaps are valued by an independent pricing service based upon valuation models incorporating default probabilities, estimated recovery rates, actual reported transactions, and other available market data. Equity securities that have traded on an exchange are valued at the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices. 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 loan interest 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 at the direction or with the approval of the Valuation Committee using fair value methods pursuant to procedures adopted by the Board of Trustees. The Valuation Committee is comprised of certain members of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. Pioneer Investment Management, Inc. (PIM), the Fund's Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 81 investment adviser, 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 September 30, 2013, there were two securities that were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services) representing 0.1% of net assets. 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. 82 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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 portfolio hedge is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 6). 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 September 30, 2013, the Fund had not accrued any interest and 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. The tax character of current year distributions payable will be determined at the end of the Fund's taxable year. The tax character of distributions paid during the years ended March 31, 2013 and March 31, 2012 was as follows:
--------------------------------------------------------------------------- 2013 2012 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $5,069,471 $1,714,373 --------------------------------------------------------------------------- Total $5,069,471 $1,714,373 ===========================================================================
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 83 The following shows the components of distributable earnings on a federal income tax basis at March 31, 2013:
--------------------------------------------------------------------------- 2013 --------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 153,772 Capital loss carryforward (587,770) Dividends payable (244,644) Net unrealized appreciation 3,972,683 --------------------------------------------------------------------------- Total $3,294,041 ===========================================================================
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 $23,389 in underwriting commissions on the sale of Class A shares during the six months ended September 30, 2013. 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. 84 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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. 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 September 30, 2013 was $2,302,600. 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. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The average number of contracts open during the six months ended September, 2013 was 1,062. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 85 At September 30, 2013, open futures contracts were as follows:
-------------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Long/(Short) Month Value (Depreciation) -------------------------------------------------------------------------------- CBOE VIX Future (280) 10/13 $ (4,555,602) $ 19,602 CBOE VIX Future (30) 12/13 (520,500 (12,000) CBOE VIX Future 120 1/14 2,166,000 (1,001) CBOE VIX Future 100 4/14 1,940,000 23,450 CBOE VIX Future 111 4/14 2,070,150 (10,350) S&P 500 EMINI Future (102) 12/13 (8,538,930) 119,500 U.S. 5 Year Note (CBT) (327) 12/13 (39,582,330) (449,618) U.S. 10 Year Note (CBT) (518) 12/13 (65,470,346) (943,319) CBOE VIX Future 90 4/14 1,719,000 (250) -------------------------------------------------------------------------------- Total $ (1,253,986) --------------------------------------------------------------------------------
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. 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 hedge the risk of default on portfolio securities. When the Fund is a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the Fund as seller of protection would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty described above. 86 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 When the Fund enters into a credit default swap contract, one party, 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 received by the Fund, as the protection seller, is recorded as a liability in the Fund's records. An upfront payment made by the Fund, as the protection buyer, is recorded as an asset in the Fund's records. Periodic payments received or paid by the Fund are recorded as realized gains or losses. The credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses. Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. During the six months ended September 30, 2013, the Fund opened three credit default swap contracts, with a combined notional amount of $25,250,000, which were open at period end. Credit default swap contracts outstanding at period end are listed at the end of the Fund's Schedule of Investments. 2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's portfolio. Management fees are calculated daily at the annual rate equal to 0.70% of the Fund's average daily net assets up to $1 billion and 0.65% on assets over $1 billion. For the six months ended September 30, 2013, 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 six months ended September 30, 2013 are reflected on the Statement of Operations. These expense limitations are in effect through August 1, 2014. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 87 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 $37,932 in management fees, administrative costs and certain other reimbursements payable to PIM at September 30, 2013. 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 six months ended September 30, 2013, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 31,547 Class C 13,972 Class Y 154,081 Class Z 301 -------------------------------------------------------------------------------- Total $199,901 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $53,106 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at September 30, 2013. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $10,885 in distribution fees payable to PFD at September 30, 2013. 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 88 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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 six months ended September 30, 2013, CDSCs in the amount of $13,831 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 six months ended September, 2013, the Fund's expenses were not reduced under such arrangements. 6. Forward Foreign Currency Contracts At September 30, 2013, 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 six month ended September 30, 2013 was $5,370,037. As of September 30, 2013, 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) (946,000) $ (1,478,340) 12/15/13 $ (1,530,457) $ (52,117) NOK (Norwegian Krone) (2,000,000) (335,698) 11/4/13 (331,572) 4,126 EUR (Euro Dollar) (2,458,000) (3,249,610) 11/6/13 (3,324,137) (74,527) EUR (Euro Dollar) (1,551,000) (2,053,595) 11/6/13 (2,097,533) (43,938) -------------------------------------------------------------------------------------------- $ (166,456) ============================================================================================
7. Bridge Loan Commitments As of September 30, 2013, the Fund had no outstanding unfunded loan commitments. The Fund had the following bridge loan commitment outstanding as of September 30, 2013:
-------------------------------------------------------------------------------- Net Unrealized Loan Shares Cost Value Appreciation -------------------------------------------------------------------------------- TMS International Corp., Bridge Loan 1,100,000 $1,100,000 $1,100,000 $ -- -------------------------------------------------------------------------------- Total $ -- --------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 89 8. Additional Disclosures about Derivative Instruments and Hedging Activities: Values of derivative instruments as of September 30, 2013 were as follows:
---------------------------------------------------------------------------------------------- Derivatives Not Accounted for as Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013 Under Accounting ------------------------------------------------------------------- Standards Codification Balance Sheet Balance Sheet (ASC) 815 Location Value Location Value ---------------------------------------------------------------------------------------------- Forward foreign currency Net unrealized $ -- Net unrealized $ 166,456 contracts* depreciation on depreciation on forward foreign forward foreign currency contracts currency contracts Futures contracts** Net unrealized -- Net unrealized 1,253,986 appreciation on depreciation on futures contracts futures contracts Credit default swaps Net unrealized $ -- Net unrealized 587,757 appreciation on depreciation on credit default swaps credit default swaps ---------------------------------------------------------------------------------------------- Total $ -- $2,008,199 ==============================================================================================
* Foreign exchange contracts are shown as net unrealized depreciation on forward foreign currency portfolio hedge contracts on the Statement of Assets and Liabilities. ** Reflects the unrealized depreciation on futures contracts (see Note 1H). The effect of derivative instruments on the Statement of Operations for the six months ended September 30, 2013 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 $ (101,154) Exchange Contracts foreign currency contracts and other assets and liabilities denominated in foreign currencies Forward Foreign Change in unrealized appreciation $ (317,227) 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 $ 431,644 Futures Contracts Change in unrealized depreciation $(1,248,576) on futures contracts Credit Default Swaps Net realized loss on credit $ (3,403,866) default swaps Credit Default Swaps Change in unrealized depreciation $ (616,360) on credit default swaps
90 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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 September 30, 2013.
---------------------------------------------------------------------------------------------------- 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 $ 4,126 $ (4,126) $ -- $ -- $ -- $ -- Futures contracts -- -- -- -- -- -- Credit default swaps -- -- -- -- -- -- Repurchase agreements 45,010,000 -- 45,010,000 (45,010,000) -- -- ---------------------------------------------------------------------------------------------------- $ 45,014,126 $ (4,126) $ 45,010,000 $ (45,010,000) $ -- $ -- ====================================================================================================
------------------------------------------------------------------------------------------------------ Liabilities: Gross Net Amounts Amounts of Gross Amounts Not Offset Offset Liabilities in the Statement of in the Presented Assets and Liabilities Gross Statement in the ---------------------- Amounts of of Assets Statement of Cash Recognized and Assets and Financial Collateral Net Description Liabilities Liabilities Liabilities Instruments Pledged Amount ------------------------------------------------------------------------------------------------------ Forward foreign currency contracts $ 1 70,583 $ (4,126) $ 166,456 $ -- $ -- $ 166,456 Futures contracts 1,253,986 1,253,986 -- -- 1,253,986 Credit default swaps 587,757 587,757 -- -- 587,757 Repurchase agreements -- -- -- -- ------------------------------------------------------------------------------------------------------ $ 2,012,326 $ (4,126) $ 2,008,199 $ -- $ -- $2,008,199 ======================================================================================================
Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 91 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 is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% 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 six months ended September 30, 2013, the Fund had no borrowings under the credit facility. 92 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman John F. Cogan, Jr., President* David R. Bock Daniel K. Kingsbury, Executive John F. Cogan, Jr.*** Vice President Benjamin M. Friedman Mark E. Bradley, Treasurer** Margaret B.W. Graham Christopher J. Kelley, Secretary Daniel K. Kingsbury Marguerite A. Piret Stephen K. West Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. 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 http://www.sec.gov. * Chief Executive Officer of the Fund. ** Chief Financial and Accounting Officer of the Fund. *** Mr. Cogan resigned as Trustee of the Pioneer Funds effective November 12, 2013. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 93 This page for your notes. 94 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 This page for your notes. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 95 This page for your notes. 96 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 This page for your notes. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 97 This page for your notes. 98 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 This page for your notes. Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 99 This page for your notes. 100 Pioneer Dynamic Credit Fund | Semiannual Report | 9/30/13 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) 2013 Pioneer Investments 25266-02-1113 Pioneer Fundamental Growth Fund -------------------------------------------------------------------------------- Semiannual Report | September 30, 2013 -------------------------------------------------------------------------------- Ticker Symbols: Class A PIGFX Class B FUNBX Class C FUNCX Class K PFGKX** Class R PFGRX* Class Y FUNYX Class Z PFGZX* * Share class was first publicly offered on April 2, 2012. ** Share class was first publicly offered on December 20, 2012. [LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents Letter to Shareowners 2 Portfolio Management Discussion 4 Portfolio Summary 8 Prices and Distributions 9 Performance Update 10 Comparing Ongoing Fund Expenses 17 Schedule of Investments 19 Financial Statements 24 Notes to Financial Statements 35 Trustees, Officers and Service Providers 42
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 1 President's Letter Dear Shareowner, When we look at the U.S. economy heading into the final quarter of 2013, we continue to see slow, but steady, growth. Employment has also been rising steadily, but only modestly. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only modestly, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. The scaled-back "fiscal cliff " tax increases and spending cuts have meaningfully cut the budget deficit without driving the economy into recession. In addition, we feel that continuing slack in labor markets and capacity utilization offers the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve (the Fed) hinted that it might begin scaling back its "QE" quantitative easing program later in 2013 and could terminate its bond purchases altogether sometime in 2014. In September, however, the Fed surprised many market participants by deciding not to start scaling back QE yet. The Fed has also said that short-term interest rates are likely to remain near zero for some time to come, given that inflation remains subdued and unemployment remains too high. As September ended, Congress had not yet passed a continuing resolution to prevent a government shutdown, nor had it raised the debt ceiling, and a quick resolution to the impasse appeared unlikely. The U.S. government's partial shutdown in October rattled the markets to a degree, but did not immediately have a significant negative impact on the economy or capital markets. There are certainly risks and uncertainties that continue to plague the global economy as we head into the final months of the year. The European economy remains weak, though it is beginning to show signs of stabilization, and a number of countries in the emerging markets have experienced difficulties. Still, a potential ending of the European recession, continuing economic improvement in Japan in response to the new government's easing policies, and a "soft landing" of 7% growth in China could very well result in an improving global outlook over the remainder of 2013 and in 2014. There are also geopolitical worries abroad and the aforementioned political fights at home, and while most of the widely recognized risks we've outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. * Dividends are not guaranteed. 2 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 The Fed's aggressive monetary policies and fears about economic growth had helped drive long-term Treasury yields to unsustainably low levels; the return to more normal levels has resulted in disappointing returns for bond investors during the first nine months of 2013, but the stock market has delivered double-digit returns to equity investors who were willing to brave the "wall of worry". At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification alone 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. Pioneer's investment teams have, since 1928, sought out attractive opportunities in global equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which balance potential risks and reward 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 | Semiannual Report | 9/30/13 3 Portfolio Management Discussion | 9/30/13 Stock prices moved upward during the six-month period ended September 30, 2013, propelled by rising valuations despite somewhat meager corporate profit growth. Toward the end of the period, a number of issues arose, a few of which appear to have been at least temporarily resolved. The issues included speculation about the U.S. Federal Reserve's (the Fed's) future monetary policies, political controversies in Washington, D.C. over budgetary and other fiscal issues, and the potential for a U.S. military intervention in Syria. In the following interview, Andrew Acheson and Paul Cloonan discuss the factors that affected the performance of Pioneer Fundamental Growth Fund during the six-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 would you describe the investment environment for equities during the six-month period ended September 30, 2013? A The equity market generated solid gains from mid-April 2013 through the end of the period on September 30, 2013. Slow-growing, but better-than-expected corporate earnings reports during the three-month period ended June 30, 2013, encouraged investors, as many companies reported stable profit margins and healthy cash generation. As corporate balance sheets strengthened, many firms initiated increases in dividends* as well as new share buyback programs that added to the attractiveness of their stocks, despite relatively lackluster growth in the nation's gross domestic product (GDP). The positive backdrop for equities developed in spite of the market's increasing worries that the Fed might begin tapering back its more accommodative monetary policies, and concerns about a possible U.S. government shutdown in October due to heated political disagreements over fiscal policy. Worries also developed over the possibility that the U.S. might launch a military operation against Syria in response to the Syrian regime's alleged use of chemical weapons--a diplomatic agreement was eventually reached that avoided military action. Overall, however, investors appeared to be more optimistic about future reacceleration of earnings growth, driven by the potential for a global, synchronized recovery in GDP. In that environment, cyclical stocks, which tend to prosper during periods of economic expansion, outperformed so-called defensive stocks of companies with more stable earnings growth and stronger balance sheets. * Dividends are not guaranteed. 4 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 While larger company stocks often dominate the Fund's benchmark, the Russell 1000 Growth Index (the Russell Index), the smaller companies within the Russell Index tended to outperform the very large companies. Q How did the Fund perform in that environment during the six-month period ended September 30, 2013? A Pioneer Fundamental Growth Fund's Class A shares returned 9.42% at net asset value during the six-month period ended September 30, 2013, while the Fund's benchmark, the Russell Index, returned 10.34%. During the same period, the average return of the 1,729 mutual funds in Morningstar's Large Cap Growth category was 11.53%. Q Which of your investment strategies and/or stock picks had the largest effect on the Fund's performance relative to the benchmark Russell Index during the six-month period ended September 30, 2013? A Stock selection across several sectors was the main driver of the Fund's benchmark-relative performance during the six-month period, as both a contributor to and detractor from relative returns. Stock selection results in health care and consumer staples were the primary detractors from the Fund's benchmark-relative performance during the period, while stock selection results in consumer discretionary and information technology contributed to relative returns. In the consumer discretionary sector, two leading contributors to the Fund's relative results were positions in coffee chain Starbucks and department store chain Ross Stores. Starbucks outperformed during the period based on strong in-store sales gains in both its domestic and overseas markets. At the same time, the company has been improving its food offerings, which should help future growth. Off-price retailer Ross Stores has continued to successfully execute its long-term growth plan, which includes expanding its store locations, while at the same time generating healthy gains in same-store sales. In information technology, one of the Fund's top performers during the period was a position in MasterCard International, the electronic payment processor. The Fund had a large benchmark-relative overweight position in MasterCard, which made a strong contribution to relative returns. Although the Fund did not experience positive overall stock selection results in health care, the portfolio did own some health care investments that performed very well during the six-month period. They included Celgene, a biotechnology company that is developing drugs for cancer treatment, and Thermo Fisher Scientific, a manufacturer of a variety of Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 5 scientific instruments and consumables, and a provider of services to the health care industry. Thermo Fisher is also in the process of acquiring Life Technologies, a firm involved in the development of gene-sequencing tools and other technologies. The Fund's negative stock selection results within health care derived from disappointing investments such as Allergan, which develops and markets eye care and cosmetic (Botox, etc.) pharmaceutical products; DaVita, which operates networks of dialysis centers and physician offices; and Covidien, which develops and manufactures a variety of medical devices and supplies for hospitals and home health care providers. Allergan's share price declined during the period amid concerns over how potential new FDA rules on bringing generic drugs to market could dampen prospects for some of the company's existing products, while DaVita experienced disappointing results in its physician network. Covidien's share price was flat during the six-month period, and so the company underperformed during a time when many stocks were producing double-digit gains. Stock selection in the consumer staples sector also detracted from the Fund's relative performance during the period. One noteworthy laggard in the sector was the portfolio's position in Coca-Cola, whose share price declined amid increasing public concerns about the health effects of sugar-sweetened carbonated drinks. We reduced the Fund's position in Coca-Cola during the period. Q What were some of the changes you made to the Fund's portfolio during the six-month period ended September 30, 2013? A While we reduced the Fund's position in the aforementioned Coca-Cola during the past six months, we also initiated a portfolio position in Coke's soft drink rival, PepsiCo, based on strong results from the company's snack foods division as well as its potential to derive additional value by reorganizing assets. We also initiated new Fund positions in Precision Castparts, a manufacturer of complex metal components used in aircraft and other industrial equipment, and in Time Warner, which owns several television networks and operates a major movie and television production studio. We believe Precision Castparts has become an increasingly attractive investment as the company has successfully integrated the operations of several recent acquisitions. We believe Time Warner's pricing power as a producer of content for the entertainment media has been enhanced due to competition between new and existing distribution outlets. Finally, we liquidated the Fund's position in the Mexican soft drink and beer distributor FEMSA (Fomento Economico de Mexico), opting to take profits after the company realized significant gains during the period in which its shares were held in the portfolio. 6 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Q What is your investment outlook? A Although the equity market has produced solid performance during the past year, we still believe stock valuations remain reasonable, particularly in the present environment of both low inflation and low interest rates. The gains in the stock market over the past several months have occurred despite relatively slow economic growth, although the U.S. economy has shown surprising resilience in the face of many potential headwinds on both the domestic and international fronts. We think it is reasonable, however, to expect that both the domestic and global economies could accelerate somewhat, thus providing a good backdrop for corporate earnings growth. Companies exposed to global growth trends appear particularly well poised to do well in an accelerating growth environment. When choosing investments for the Fund, the companies we favor have what we believe are sustainable competitive advantages, and also have shown strong returns on incremental capital invested. In addition, we look for companies that can generate consistent revenue and earnings growth. We remain focused on individual stock selection, and the Fund's sector weights tend to be an outgrowth of our stock selection process. Please refer to the Schedule of Investments on pages 19-23 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 | Semiannual Report | 9/30/13 7 Portfolio Summary | 9/30/13 [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Portfolio Diversification -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) U.S. Common Stocks 95.9% International Common Stocks 2.5% Temporary Cash Investment 1.6%
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Sector Distribution -------------------------------------------------------------------------------- (As a percentage of equity holdings) Information Technology 29.4% Consumer Discretionary 15.7% Health Care 15.4% Industrials 14.3% Consumer Staples 12.7% Materials 4.9% Energy 4.8% Financials 2.8%
10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of equity holdings)* 1. Apple, Inc. 5.65% -------------------------------------------------------------------------------- 2. Mastercard, Inc. 4.74 -------------------------------------------------------------------------------- 3. Google, Inc. 4.52 -------------------------------------------------------------------------------- 4. Starbucks Corp. 4.46 -------------------------------------------------------------------------------- 5. Microsoft Corp. 4.28 -------------------------------------------------------------------------------- 6. United Technologies Corp. 4.17 -------------------------------------------------------------------------------- 7. Ross Stores, Inc. 3.88 -------------------------------------------------------------------------------- 8. Thermo Fisher Scientific, Inc. 3.84 -------------------------------------------------------------------------------- 9. 3M Co. 3.47 -------------------------------------------------------------------------------- 10. Philip Morris International, Inc. 3.25 --------------------------------------------------------------------------------
* 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. 8 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Prices and Distributions | 9/30/13
Net Asset Value per Share -------------------------------------------------------------------------------- Class 9/30/13 3/31/13 -------------------------------------------------------------------------------- A $15.68 $14.33 -------------------------------------------------------------------------------- B $14.63 $13.45 -------------------------------------------------------------------------------- C $14.78 $13.55 -------------------------------------------------------------------------------- K $15.68 $14.30 -------------------------------------------------------------------------------- R $15.57 $14.25 -------------------------------------------------------------------------------- Y $15.78 $14.41 -------------------------------------------------------------------------------- Z $15.69 $14.32 -------------------------------------------------------------------------------- Distributions per Share: 4/1/13-9/30/13 -------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $ -- $ -- $ -- -------------------------------------------------------------------------------- B $ -- $ -- $ -- -------------------------------------------------------------------------------- C $ -- $ -- $ -- -------------------------------------------------------------------------------- K $ -- $ -- $ -- -------------------------------------------------------------------------------- R $ -- $ -- $ -- -------------------------------------------------------------------------------- Y $ -- $ -- $ -- -------------------------------------------------------------------------------- Z $ -- $ -- $ -- --------------------------------------------------------------------------------
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 10-16. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 9 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- 10 Years 8.24% 7.60% 5 Years 11.55 10.23 1 Year 16.45 9.76 -------------------------------------------------------------------------------- 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 9/30/2003 9425.00 $ 10,000 9/30/2004 $ 9,904 10751.00 9/30/2005 $11,735 11998.00 9/30/2006 $12,266 12722.00 9/30/2007 $14,283 15184.00 9/30/2008 $12,046 12014.00 9/30/2009 $12,122 11791.00 9/30/2010 $13,154 13283.00 9/30/2011 $13,865 13785.00 9/30/2012 $17,866 17808.00 9/30/2013 $20,804 21241.00
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, 2014, 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. 10 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 12/15/2005 6.30% 6.30% 5 Years 10.47 10.47 1 Year 15.27 11.27 -------------------------------------------------------------------------------- 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 9/30/2006 $10,341 $10,297 9/30/2007 $11,947 $12,290 9/30/2008 $ 9,978 $9,724 9/30/2009 $ 9,952 $9,544 9/30/2010 $10,688 $10,751 9/30/2011 $11,176 $11,158 9/30/2012 $14,242 $14,414 9/30/2013 $16,417 $17,192
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, 2014, 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 | Semiannual Report | 9/30/13 11 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class 12/15/2005 6.44% 6.44% 5 Years 10.68 10.68 1 Year 15.61 15.61 -------------------------------------------------------------------------------- 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 9/30/2006 $10,331 $10,297 9/30/2007 $11,936 $12,290 9/30/2008 $ 9,978 $9,724 9/30/2009 $ 9,963 $9,544 9/30/2010 $10,719 $10,751 9/30/2011 $11,217 $11,158 9/30/2012 $14,335 $14,414 9/30/2013 $16,572 $17,192
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 12 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 8.28% 8.28% 5 Years 11.62 11.62 1 Year 16.84 16.84 -------------------------------------------------------------------------------- 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 9/30/2003 $10,000 $10,000 9/30/2004 $10,512 $10,751 9/30/2005 $12,455 $11,998 9/30/2006 $13,019 $12,722 9/30/2007 $15,160 $15,184 9/30/2008 $12,786 $12,014 9/30/2009 $12,866 $11,791 9/30/2010 $13,962 $13,283 9/30/2011 $14,717 $13,785 9/30/2012 $18,963 $17,808 9/30/2013 $22,156 $21,241
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 | Semiannual Report | 9/30/13 13 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 8.20% 8.20% 5 Years 11.45 11.45 1 Year 16.11 16.11 -------------------------------------------------------------------------------- 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 9/30/2003 $10,000 $10,000 9/30/2004 $10,512 $10,751 9/30/2005 $12,455 $11,998 9/30/2006 $13,019 $12,722 9/30/2007 $15,160 $15,184 9/30/2008 $12,786 $12,014 9/30/2009 $12,866 $11,791 9/30/2010 $13,962 $13,283 9/30/2011 $14,717 $13,785 9/30/2012 $18,935 $17,808 9/30/2013 $21,985 $21,241
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 avail- able 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, 2014, 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. 14 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 8.43% 8.43% 5 Years 11.92 11.92 1 Year 16.76 16.76 -------------------------------------------------------------------------------- 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 9/30/2003 $ 5,000,000 $ 5,000,000 9/30/2004 $ 5,255,814 $ 5,375,429 9/30/2005 $ 6,227,571 $ 5,998,766 9/30/2006 $ 6,509,654 $ 6,360,840 9/30/2007 $ 7,580,042 $ 7,591,925 9/30/2008 $ 6,392,979 $ 6,006,853 9/30/2009 $ 6,451,772 $ 5,895,546 9/30/2010 $ 7,019,380 $ 6,641,433 9/30/2011 $ 7,440,677 $ 6,892,373 9/30/2012 $ 9,616,121 $ 8,904,128 9/30/2013 $11,227,900 $10,620,371
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 | Semiannual Report | 9/30/13 15 Performance Update | 9/30/13 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 September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 8.28% 8.28% 5 Years 11.63 11.63 1 Year 16.80 16.80 -------------------------------------------------------------------------------- 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 9/30/2003 $10,000 $ 10,000 9/30/2004 $10,512 10751.00 9/30/2005 $12,455 11998.00 9/30/2006 $13,019 12722.00 9/30/2007 $15,160 15184.00 9/30/2008 $12,786 12014.00 9/30/2009 $12,866 11791.00 9/30/2010 $13,962 13283.00 9/30/2011 $14,717 13785.00 9/30/2012 $18,977 17808.00 9/30/2013 $22,166 21241.00
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, 2014, for Class Z shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 16 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 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 April 1, 2013 through September 30, 2013.
---------------------------------------------------------------------------------------------------- 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 4/1/13 ---------------------------------------------------------------------------------------------------- Ending Account $1,094.20 $1,087.70 $1,090.80 $1,096.50 $1,092.60 $1,095.10 $1,095.70 Value (after expenses) on 9/30/13 ---------------------------------------------------------------------------------------------------- Expenses Paid $ 5.72 $ 11.25 $ 9.59 $ 3.68 $ 7.24 $ 4.46 $ 3.99 During Period* ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 2.15%, 1.83%, 0.70% 1.38%, 0.85% and 0.76% for Class A, Class B, Class C, Class K, Class R, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 17 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from April 1, 2013 through September 30, 2013.
---------------------------------------------------------------------------------------------------- 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 4/1/13 ---------------------------------------------------------------------------------------------------- Ending Account $1,019.60 $1,014.29 $1,015.89 $1,021.56 $1,018.15 $1,020.81 $1,021.26 Value (after expenses) on 9/30/13 ---------------------------------------------------------------------------------------------------- Expenses Paid $ 5.52 $ 10.86 $ 9.25 $ 3.55 $ 6.98 $ 4.31 $ 3.85 During Period* ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 2.15%, 1.83%, 0.70% 1.38%, 0.85% and 0.76% for Class A, Class B, Class C, Class K, Class R, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). 18 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Schedule of Investments | 9/30/13 (unaudited)
--------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------- COMMON STOCKS -- 97.8% ENERGY -- 4.7% Oil & Gas Equipment & Services -- 2.5% 394,620 Schlumberger, Ltd. $ 34,868,623 --------------------------------------------------------------------------------------- Integrated Oil & Gas -- 1.1% 167,880 Occidental Petroleum Corp. $ 15,703,495 --------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 1.1% 429,540 Cabot Oil & Gas Corp. $ 16,030,433 -------------- Total Energy $ 66,602,551 --------------------------------------------------------------------------------------- MATERIALS -- 4.8% Fertilizers & Agricultural Chemicals -- 1.3% 179,105 Monsanto Co. $ 18,693,189 --------------------------------------------------------------------------------------- Industrial Gases -- 1.4% 160,910 Praxair, Inc. $ 19,342,991 --------------------------------------------------------------------------------------- Specialty Chemicals -- 2.1% 304,910 Ecolab, Inc. $ 30,112,912 -------------- Total Materials $ 68,149,092 --------------------------------------------------------------------------------------- CAPITAL GOODS -- 12.8% Aerospace & Defense -- 5.9% 111,400 Precision Castparts Corp. $ 25,314,536 532,955 United Technologies Corp. 57,463,208 -------------- $ 82,777,744 --------------------------------------------------------------------------------------- Industrial Conglomerates -- 3.4% 400,165 3M Co. $ 47,783,703 --------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 2.1% 221,420 Cummins, Inc. $ 29,420,075 --------------------------------------------------------------------------------------- Trading Companies & Distributors -- 1.4% 77,550 WW Grainger, Inc. $ 20,295,610 -------------- Total Capital Goods $ 180,277,132 --------------------------------------------------------------------------------------- TRANSPORTATION -- 1.3% Air Freight & Logistics -- 1.3% 193,520 United Parcel Service, Inc. (Class B) $ 17,681,922 -------------- Total Transportation $ 17,681,922 --------------------------------------------------------------------------------------- CONSUMER SERVICES -- 4.4% Restaurants -- 4.4% 798,400 Starbucks Corp. $ 61,452,848 -------------- Total Consumer Services $ 61,452,848 ---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 19 Schedule of Investments |9/30/13 (unaudited) (continued)
--------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------- MEDIA -- 4.2% Movies & Entertainment -- 4.2% 547,290 The Walt Disney Co. $ 35,294,732 357,300 Time Warner, Inc. 23,513,913 -------------- $ 58,808,645 -------------- Total Media $ 58,808,645 --------------------------------------------------------------------------------------- RETAILING -- 6.9% Apparel Retail -- 3.8% 734,100 Ross Stores, Inc. $ 53,442,480 --------------------------------------------------------------------------------------- Home Improvement Retail -- 3.1% 575,260 The Home Depot, Inc. $ 43,633,471 -------------- Total Retailing $ 97,075,951 --------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 3.0% Drug Retail -- 3.0% 742,450 CVS Caremark Corp. $ 42,134,038 -------------- Total Food & Staples Retailing $ 42,134,038 --------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 6.7% Soft Drinks -- 3.5% 299,050 PepsiCo, Inc. $ 23,774,475 692,640 The Coca-Cola Co. 26,237,203 -------------- $ 50,011,678 --------------------------------------------------------------------------------------- Tobacco -- 3.2% 518,110 Philip Morris International, Inc. $ 44,863,145 -------------- Total Food, Beverage & Tobacco $ 94,874,823 --------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 2.8% Household Products -- 2.8% 377,240 Colgate-Palmolive Co. $ 22,370,332 222,120 The Procter & Gamble Co. 16,790,051 -------------- $ 39,160,383 -------------- Total Household & Personal Products $ 39,160,383 --------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 5.0% Health Care Equipment -- 2.5% 574,890 Covidien Plc $ 35,033,797 --------------------------------------------------------------------------------------- Health Care Services -- 2.5% 260,100 DaVita HealthCare Partners, Inc.* $ 14,799,690 336,690 Express Scripts Holding Co.* 20,800,708 -------------- $ 35,600,398 -------------- Total Health Care Equipment & Services $ 70,634,195 ---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 20 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
--------------------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 10.1% Biotechnology -- 4.1% 287,126 Celgene Corp.* $ 44,197,305 173,260 Vertex Pharmaceuticals, Inc.* 13,136,573 -------------- $ 57,333,878 --------------------------------------------------------------------------------------- Pharmaceuticals -- 2.3% 353,330 Allergan, Inc. $ 31,958,698 --------------------------------------------------------------------------------------- Life Sciences Tools & Services -- 3.7% 574,320 Thermo Fisher Scientific, Inc. $ 52,923,588 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 142,216,164 --------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 2.3% Specialized Finance -- 2.3% 175,015 IntercontinentalExchange, Inc.* $ 31,751,221 -------------- Total Diversified Financials $ 31,751,221 --------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 16.3% Internet Software & Services -- 4.4% 71,160 Google, Inc.* $ 62,329,756 --------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 4.7% 97,090 Mastercard, Inc. $ 65,320,210 --------------------------------------------------------------------------------------- Systems Software -- 7.2% 1,770,190 Microsoft Corp. $ 58,965,029 1,286,430 Oracle Corp. 42,670,883 -------------- $ 101,635,912 -------------- Total Software & Services $ 229,285,878 --------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 8.4% Communications Equipment -- 2.9% 610,230 Qualcomm, Inc. $ 41,105,093 --------------------------------------------------------------------------------------- Computer Hardware -- 5.5% 163,305 Apple, Inc. $ 77,855,659 -------------- Total Technology Hardware & Equipment $ 118,960,752 --------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 4.1% Semiconductors -- 4.1% 356,790 Analog Devices, Inc. $ 16,786,970 458,450 Maxim Integrated Products, Inc. 13,661,810 585,370 Xilinx, Inc. 27,430,438 -------------- $ 57,879,218 -------------- Total Semiconductors & Semiconductor Equipment $ 57,879,218 --------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $1,048,403,672) $1,376,944,813 ---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 21 Schedule of Investments | 9/30/13 (unaudited) (continued)
--------------------------------------------------------------------------------------- Principal Amount ($) Value --------------------------------------------------------------------------------------- TEMPORARY CASH INVESTMENTS -- 1.6% Repurchase Agreements -- 1.6% 22,040,000 TD Securities, Inc., 0.06%, dated 9/30/13, repurchase price of $22,040,000 plus accrued interest on 10/1/13 collateralized by $22,480,860 U.S. Treasury Notes, 2.625%, 11/15/20 $ 22,040,000 --------------------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENTS (Cost $22,040,000) $ 22,040,000 --------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 99.4% (Cost $1,070,443,672) (a) $1,398,984,813 --------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 0.6% $ 8,598,184 --------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $1,407,582,997 =======================================================================================
* Non-income producing security. (a) At September 30, 2013, the net unrealized gain on investments based on cost for federal income tax purposes of $1,072,533,483 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $327,743,229 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value $ (1,291,898) ------------- Net unrealized appreciation $326,451,330 =============
Purchases and sales (excluding temporary cash investments) for the six months ended September 30, 2013 aggregated $352,176,790 and $152,810,705, 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 -- 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. 22 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 The following is a summary of the inputs used as of September 30, 2013, in valuing the Fund's investments:
--------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total --------------------------------------------------------------------------------------- Common Stocks $ 1,376,944,813 $ -- $ -- $1,376,944,813 Repurchase Agreement -- 22,040,000 -- 22,040,000 --------------------------------------------------------------------------------------- Total $ 1,376,944,813 $ 22,040,000 $ -- $1,398,984,813 =======================================================================================
During the six months ended September 30, 2013, there were no transfers between Levels 1, 2 and 3. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 23 Statement of Assets and Liabilities | 9/30/13 (unaudited)
ASSETS: Investment in securities (cost $1,070,443,672) $1,398,984,813 Cash 5,916,042 Receivables -- Fund shares sold 9,906,885 Dividends and interest 1,134,218 Due from Pioneer Investment Management, Inc. 135,678 Prepaid expenses 71,657 ----------------------------------------------------------------------------------------------------- Total assets $1,416,149,293 ===================================================================================================== LIABILITIES: Payables -- Investment securities purchased $ 3,524,485 Fund shares repurchased 4,500,431 Due to affiliates 459,554 Accrued expenses 81,826 ----------------------------------------------------------------------------------------------------- Total liabilities $ 8,566,296 ===================================================================================================== NET ASSETS: Paid-in capital $1,023,581,141 Undistributed net investment income 4,518,263 Accumulated net realized gain on investments 50,942,452 Net unrealized appreciation on investments 328,541,141 ----------------------------------------------------------------------------------------------------- Total net assets $1,407,582,997 ===================================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $574,976,975/36,668,926 shares) $ 15.68 Class B (based on $3,169,646/216,585 shares) $ 14.63 Class C (based on $136,550,764/9,241,786 shares) $ 14.78 Class K (based on $223,046/14,228 shares) $ 15.68 Class R (based on $13,256,778/851,221 shares) $ 15.57 Class Y (based on $678,271,505/42,973,670 shares) $ 15.78 Class Z (based on $1,134,283/72,273 shares) $ 15.69 MAXIMUM OFFERING PRICE: Class A ($15.68 (divided by) 94.25%) $ 16.64 =====================================================================================================
The accompanying notes are an integral part of these financial statements. 24 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Statement of Operations (unaudited) For the Six Months Ended 9/30/13
INVESTMENT INCOME: Dividends $ 9,849,687 Interest 9,385 ----------------------------------------------------------------------------------------------------- Total investment income $ 9,859,072 ===================================================================================================== EXPENSES: Management fees $ 4,029,985 Prepaid expenses Class A 103,599 Class B 5,569 Class C 19,573 Class R 953 Class Y 3,540 Class Z 130 Distribution fees Class A 637,847 Class B 15,650 Class C 562,358 Class R 15,171 Shareholder communications expense 981,918 Administrative reimbursements 173,520 Custodian fees 11,528 Registration fees 80,711 Professional fees 40,522 Printing expense 10,900 Fees and expenses of nonaffiliated Trustees 23,558 Miscellaneous 35,281 ----------------------------------------------------------------------------------------------------- Total expenses $ 6,752,313 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (200,745) ----------------------------------------------------------------------------------------------------- Net expenses $ 6,551,568 ----------------------------------------------------------------------------------------------------- Net investment income $ 3,307,504 ----------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND CLASS ACTIONS: Net realized gain on investments $ 26,565,764 Change in net unrealized appreciation on investments $ 80,515,451 ----------------------------------------------------------------------------------------------------- Net gain on investments $ 107,081,215 ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 110,388,719 =====================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 25 Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------- Six Months Ended 9/30/13 Year Ended (unaudited) 3/31/13 ----------------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 3,307,504 $ 6,247,366 Net realized gain on investments and class actions 26,565,764 25,575,410 Change in net unrealized appreciation on investments 80,515,451 70,664,284 ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 110,388,719 $ 102,487,060 ----------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.00 and $0.06 per share, respectively) $ -- $ (1,650,780) Class C ($0.00 and $0.01 per share, respectively) -- (41,357) Class K ($0.00 and $0.10 per share, respectively) -- (75) Class R ($0.00 and $0.09 per share, respectively) -- (5,884) Class Y ($0.00 and $0.10 per share, respectively) -- (3,985,154) Class Z ($0.00 and $0.10 per share, respectively) -- (556) Net realized gain: Class A ($0.00 and $0.11 per share, respectively) -- (2,968,572) Class B ($0.00 and $0.11 per share, respectively) -- (24,208) Class C ($0.00 and $0.11 per share, respectively) -- (532,125) Class R ($0.00 and $0.11 per share, respectively) -- (1,919) Class Y ($0.00 and $0.11 per share, respectively) -- (4,331,818) Class Z ($0.00 and $0.11 per share, respectively) -- (154) ----------------------------------------------------------------------------------------------------- Total distributions to shareowners $ -- $ (13,542,602) ===================================================================================================== FROM FUND SHARE TRANSACTIONS: Net proceeds from sale or exchange of shares $ 420,394,726 $ 598,340,916 Reinvestment of distributions -- 12,336,661 Cost of shares repurchased (213,225,269) (397,360,188) ----------------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 207,169,457 $ 213,317,389 ----------------------------------------------------------------------------------------------------- Net increase in net assets $ 317,558,176 $ 302,261,847 NET ASSETS: Beginning of period 1,090,024,821 787,762,974 ----------------------------------------------------------------------------------------------------- End of period $ 1,407,582,997 $1,090,024,821 ----------------------------------------------------------------------------------------------------- Undistributed net investment income $ 4,518,263 $ 1,210,759 =====================================================================================================
The accompanying notes are an integral part of these financial statements. 26 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------- '13 Shares '13 Amount '13 Shares '13 Amount ----------------------------------------------------------------------------------------------------- Class A Shares sold 10,955,447 $ 165,040,481 17,626,103 $ 234,747,570 Reinvestment of distributions -- -- 336,370 4,440,108 Less shares repurchased (4,760,582) (71,948,510) (13,717,812) (181,951,822) ----------------------------------------------------------------------------------------------------- Net increase 6,194,865 $ 93,091,971 4,244,661 $ 57,235,856 ===================================================================================================== Class B Shares sold or exchanged 27,159 $ 382,888 76,913 $ 971,467 Reinvestment of distributions -- -- 1,784 22,092 Less shares repurchased (43,256) (607,976) (118,631) (1,480,233) ----------------------------------------------------------------------------------------------------- Net decrease (16,097) $ (225,088) (39,934) $ (486,674) ===================================================================================================== Class C Shares sold 3,119,249 $ 44,354,424 4,626,989 $ 58,688,461 Reinvestment of distributions -- -- 37,216 464,180 Less shares repurchased (466,857) (6,633,317) (769,831) (9,743,291) ----------------------------------------------------------------------------------------------------- Net increase 2,652,392 $ 37,721,107 3,894,374 $ 49,409,350 ===================================================================================================== Class K Shares sold 14,270 $ 216,827 748 $ 10,000 Reinvestment of distributions -- -- -- -- Less shares repurchased (790) (12,370) -- -- ----------------------------------------------------------------------------------------------------- Net increase 13,480 $ 204,457 748 $ 10,000 ===================================================================================================== Class R Shares sold 730,510 $ 11,098,999 181,346 $ 2,466,995 Reinvestment of distributions -- -- 473 6,220 Less shares repurchased (50,297) (755,384) (10,811) (151,184) ----------------------------------------------------------------------------------------------------- Net increase 680,213 $ 10,343,615 171,008 $ 2,322,031 ===================================================================================================== Class Y Shares sold 13,157,422 $ 198,266,632 22,663,768 $ 301,376,832 Reinvestment of distributions -- -- 557,257 7,403,503 Less shares repurchased (8,942,803) (133,244,084) (14,798,807) (204,032,532) ----------------------------------------------------------------------------------------------------- Net increase 4,214,619 $ 65,022,548 8,422,218 $ 104,747,803 ===================================================================================================== Class Z Shares sold 67,841 $ 1,034,475 5,992 $ 79,591 Reinvestment of distributions -- -- 42 558 Less shares repurchased (1,523) (23,628) (79) (1,126) ----------------------------------------------------------------------------------------------------- Net increase 66,318 $ 1,010,847 5,955 $ 79,023 =====================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 27 Financial Highlights
----------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 9/30/13 Ended Ended Ended Ended Ended (unaudited) 3/31/13 3/31/12 3/31/11 3/31/10 3/31/09 ----------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25 $ 11.32 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.03 $ 0.07 $ 0.02 $ 0.03 $ 0.02 $ 0.01 Net realized and unrealized gain (loss) on investments 1.32 1.20 1.68 1.17 3.29 (3.06) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 1.35 $ 1.27 $ 1.70 $ 1.20 $ 3.31 $ (3.05) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income -- (0.06) (0.03) (0.02) (0.02) -- Net realized gain -- (0.11) (0.30) (0.28) (0.58) (0.02) ----------------------------------------------------------------------------------------------------------------------------- Total distributions -- (0.17) (0.33) (0.30) (0.60) (0.02) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.35 $ 1.10 $ 1.37 $ 0.90 $ 2.71 $ (3.07) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.68 $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25 ============================================================================================================================= Total return* 9.42% 9.64% 14.84% 11.23% 40.50% (26.95)% Ratio of net expenses to average net assets+ 1.09%** 1.09% 1.19% 1.25% 1.25% 1.25% Ratio of net investment income to average net assets+ 0.47%** 0.54% 0.28% 0.25% 0.14% 0.24% Portfolio turnover rate 25%** 28% 16% 18% 45% 27% Net assets, end of period (in thousands) $574,977 $436,682 $346,987 $123,305 $117,218 $ 6,720 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 1.17%** 1.20% 1.19% 1.28% 1.47% 3.94% Net investment income (loss) 0.39%** 0.43% 0.28% 0.22% (0.07)% (2.45)% Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 1.09%** 1.09% 1.19% 1.25% 1.25% 1.25% Net investment income 0.47%** 0.54% 0.28% 0.25% 0.14% 0.24% =============================================================================================================================
* 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. + Ratios with no reduction for fees paid indirectly. The accompanying notes are an integral part of these financial statements. 28 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 9/30/13 Ended Ended Ended Ended Ended (unaudited) 3/31/13 3/31/12 3/31/11 3/31/10 3/31/09 ----------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01 $ 11.09 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment loss $ (0.04) $ (0.07)(a) $ (0.09) $ (0.07)(a) $ (0.05)(a) $ (0.04) Net realized and unrealized gain (loss) on investments 1.22 1.13 1.59 1.12 3.15 (3.02) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from investment operations $ 1.18 $ 1.06 $ 1.50 $ 1.05 $ 3.10 $ (3.06) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net realized gain -- (0.11) (0.30) (0.28) (0.58) (0.02) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.18 $ 0.95 $ 1.20 $ 0.77 $ 2.52 $ (3.08) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 14.63 $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01 ============================================================================================================================= Total return* 8.77% 8.51%(b) 13.77% 10.26% 39.09% (27.60)% Ratio of net expenses to average net assets+ 2.15%** 2.15% 2.15% 2.15% 2.15% 2.16% Ratio of net investment loss to average net assets+ (0.60)%** (0.53)% (0.71)% (0.65)% (0.71)% (0.67)% Portfolio turnover rate 25%** 28% 16% 18% 45% 27% Net assets, end of period (in thousands) $ 3,170 $ 3,128 $ 3,407 $ 4,029 $ 4,114 $ 1,169 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 2.25%** 2.26% 2.29% 2.23% 2.53% 4.85% Net investment loss (0.70)%** (0.64)% (0.85)% (0.73)% (1.09)% (3.36)% Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 2.15%** 2.15% 2.15% 2.15% 2.15% 2.15% Net investment loss (0.60)%** (0.53)% (0.71)% (0.65)% (0.71)% (0.66)% =============================================================================================================================
(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. ** Annualized. + Ratios with no reduction for fees paid indirectly. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 29 Financial Highlights
----------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 9/30/13 Ended Ended Ended Ended Ended (unaudited) 3/31/13 3/31/12 3/31/11 3/31/10 3/31/09 ----------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02 $ 11.09 ----------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment loss $ (0.02) $ (0.02)(a) $ (0.04) $ (0.05)(a) $ (0.04)(a) $ (0.02) Net realized and unrealized gain (loss) on investments 1.25 1.11 1.57 1.11 3.16 (3.03) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease)in net assets from investment operations $ 1.23 $ 1.09 $ 1.53 $ 1.06 $ 3.12 $ (3.05) ----------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income -- (0.01) -- -- -- -- Net realized gain -- (0.11) (0.30) (0.28) (0.58) (0.02) ----------------------------------------------------------------------------------------------------------------------------- Total distributions -- (0.12) (0.30) (0.28) (0.58) (0.02) ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 1.23 $ 0.98 $ 1.23 $ 0.78 $ 2.54 $ (3.07) ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 14.78 $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02 ============================================================================================================================= Total return* 9.08% 8.77% 13.98% 10.33% 39.29% (27.51)% Ratio of net expenses to average net assets+ 1.83%** 1.91% 1.96% 2.03% 2.15% 2.15% Ratio of net investment loss to average net assets+ (0.26)%** (0.23)% (0.50)% (0.52)% (0.72)% (0.65)% Portfolio turnover rate 25%** 28% 16% 18% 45% 27% Net assets, end of period (in thousands) $136,551 $89,299 $33,880 $15,149 $11,331 $ 1,187 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% 4.95% Net investment loss (0.26)%** (0.23)% (0.50)% (0.52)% (0.88)% (3.45)% Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 1.83%** 1.91% 1.96% 2.03% 2.15% 2.15% Net investment loss (0.26)%** (0.23)% (0.50)% (0.52)% (0.72)% (0.65)% =============================================================================================================================
(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 assetvalue at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized. + Ratios with no reduction for fees paid indirectly. The accompanying notes are an integral part of these financial statements. 30 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------------- Six Months Ended 9/30/13 12/20/12 (a) to (unaudited) 3/31/13 ----------------------------------------------------------------------------------------------------------- Class K Net asset value, beginning of period $14.30 $13.37 ----------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.00(d) $ 0.03 Net realized and unrealized gain on investments 1.38 1.00 ----------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 1.38 $ 1.03 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income -- (0.10) ----------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 1.38 $ 0.93 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $15.68 $14.30 =========================================================================================================== Total return* 9.65% 7.77%(b)(c) Ratio of net expenses to average net assets+ 0.70%** 0.77%** Ratio of net investment income to average net assets+ 0.98%** 0.77%** Portfolio turnover rate 25%** 28%** Net assets, end of period (in thousands) $ 223 $ 11 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 0.70%** 0.77%** Net investment income 0.98%** 0.77%** Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 0.70%** 0.77%** Net investment income 0.98%** 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. (d) Amount rounds to less than $0.01 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 Fundamental Growth Fund | Semiannual Report | 9/30/13 31 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Six Months Ended 9/30/13 4/2/12 (a) (unaudited) to 3/31/13 ----------------------------------------------------------------------------------------------------------- Class R Net asset value, beginning of period $ 14.25 $13.34 ----------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ (0.00)(d) $ 0.06 Net realized and unrealized gain on investments 1.33 1.05 ----------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 1.32 $ 1.11 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income -- (0.09) Net realized gain -- (0.11) ----------------------------------------------------------------------------------------------------------- Total distributions -- (0.20) ----------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 1.32 $ 0.91 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.57 $14.25 =========================================================================================================== Total return* 9.26% 8.42%(b)(c) Ratio of net expenses to average net assets+ 1.38%** 1.40%** Ratio of net investment income to average net assets+ 0.25%** 0.27%** Portfolio turnover rate 25%** 28%** Net assets, end of period (in thousands) $13,257 $2,437 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 1.38%** 1.45%** Net investment income 0.25%** 0.21%** Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 1.38%** 1.40%** Net investment income 0.25%** 0.27%** ===========================================================================================================
(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. (d) Amount rounds to less than $(0.01) 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. 32 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year 9/30/13 Ended Ended Ended 4/8/09 (a) (unaudited) 3/31/13 3/31/12 3/31/11 to 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 $ 0.05 $ 0.10 $ 0.07 $ 0.08 $ 0.03 Net realized and unrealized gain on investments 1.32 1.22 1.69 1.19 3.17 ---------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 1.37 $ 1.32 $ 1.76 $ 1.27 $ 3.20 ---------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income -- (0.10) (0.07) (0.07) (0.03) Net realized gain -- (0.11) (0.30) (0.28) (0.58) ---------------------------------------------------------------------------------------------------------------------------- Total distributions -- (0.21) (0.37) (0.35) (0.61) ---------------------------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 1.37 $ 1.11 $ 1.39 $ 0.92 $ 2.59 ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.78 $ 14.41 $ 13.30 $ 11.91 $ 10.99 ============================================================================================================================ Total return* 9.51% 9.99%(c) 15.29% 11.84% 38.49%(b) Ratio of net expenses to average net assets+ 0.85%** 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 25%** 28% 16% 18% 45%(b) Net assets, end of period (in thousands) $678,272 $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 0.85%** 0.81% 0.78% 0.78% 0.97%** Net investment income 0.72%** 0.85% 0.67% 0.72% 0.38%** Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 0.85%** 0.81% 0.78% 0.78% 0.89%** Net investment income 0.72%** 0.85% 0.67% 0.72% 0.46%** ============================================================================================================================
(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. + Ratios with no reduction for fees paid indirectly. The accompanying notes are an integral part of these financial statements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 33 Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------- Six Months Ended 9/30/13 4/2/12 (a) (unaudited) to 3/31/13 ----------------------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $14.32 $13.34 ----------------------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.02 $ 0.05 Net realized and unrealized gain on investments 1.36 1.14 ----------------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 1.37 $ 1.19 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income -- (0.10) Net realized gain -- (0.11) ----------------------------------------------------------------------------------------------------------- Total distributions -- (0.21) ----------------------------------------------------------------------------------------------------------- Net increase in net asset value $ 1.37 $ 0.98 ----------------------------------------------------------------------------------------------------------- Net asset value, end of period $15.69 $14.32 =========================================================================================================== Total return* 9.57% 9.90%(b)(c) Ratio of net expenses to average net assets+ 0.76%** 0.90%** Ratio of net investment income to average net assets+ 0.98%** 0.73%** Portfolio turnover rate 25%** 28%** Net assets, end of period (in thousands) $1,134 $ 85 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reductions for fees paid indirectly: Total expenses 0.76%** 1.04%** Net investment income 0.98%** 0.59%** Ratios with waiver of fees and assumption of expenses by the Adviser and reductions for fees paid indirectly: Net expenses 0.76%** 0.90%** Net investment income 0.98%** 0.73%** ===========================================================================================================
(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. 34 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 Notes to Financial Statements | 9/30/13 (unaudited) 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. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 35 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 at the direction or with the approval of the Valuation Committee using fair value methods pursuant to procedures adopted by the Board of Trustees. The Valuation Committee is comprised of certain members of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. Pioneer Investment Management, Inc. (PIM), the fund's investment adviser, 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 September 30, 2013, there were no securities that were valued using fair value methods (other than securities that were valued using prices supplied by independent pricing services). 36 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 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 September 30, 2013, the Fund did not accrue any interest and 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 years ended March 31, 2013 and March 31, 2012 was as follows:
---------------------------------------------------------------------------- 2013 2012 ---------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 5,683,806 $ 1,805,807 Long-term capital gain 7,858,796 11,332,423 ---------------------------------------------------------------------------- Total $13,542,602 $13,138,230 ============================================================================
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 37 The following shows the components of distributable earnings on a federal income tax basis at March 31, 2013:
---------------------------------------------------------------------------- 2013 ---------------------------------------------------------------------------- Distributable earnings: Undistributed ordinary income $ 1,210,759 Undistributed long-term gain 26,466,499 Net unrealized appreciation 245,935,879 ---------------------------------------------------------------------------- Total $273,613,137 ============================================================================
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 $66,054 in underwriting commissions on the sale of Class A shares during the six months ended September 30, 2013. 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. During the six months ended September 30, 2013, the Fund recognized gains of $987 in the settlement of class action lawsuits from several different companies, as reflected on the Statement of Operations. 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. 38 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 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 six months ended September 30, 2013, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% of the Fund's average daily net assets. PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Fund expenses to 1.09%, 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 six months ended September 30, 2013 are reflected on the Statement of Operations. These expense limitations are in effect through August 1, 2014. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above. Prior to August 1, 2012, PIM contractually agreed to limit ordinary operating expenses of Class A shares to 1.25% of average daily net assets. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 39 Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $112,011 in management fees, administrative costs and certain other reimbursements payable to PIM at September 30, 2013. 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 six months ended September 30, 2013, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $455,211 Class B 2,988 Class C 52,741 Class R 4,490 Class Y 466,473 Class Z 15 -------------------------------------------------------------------------------- Total $981,918 ================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $315,800 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at September 30, 2013. 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 $31,743 in distribution fees payable to PFD at September 30, 2013. 40 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 The Fund also has adopted a separate service plan for Class R shares (Service Plan). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class R shares held by such plans. In addition, redemptions of each class of shares (except Class 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 six months ended September 30, 2013, CDSCs in the amount of $35,979 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 six months ended September 30, 2013, 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 is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% 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 six months ended September 30, 2013, the Fund had no borrowings under the credit facility. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 41 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman John F. Cogan, Jr., President* David R. Bock Daniel K. Kingsbury, Executive John F. Cogan, Jr.*** Vice President Benjamin M. Friedman Mark E. Bradley, Treasurer** Margaret B.W. Graham Christopher J. Kelley, Secretary Daniel K. Kingsbury Marguerite A. Piret Stephen K. West Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. 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. * Chief Executive Officer of the Fund. ** Chief Financial and Accounting Officer of the Fund. *** Mr. Cogan resigned as Trustee of the Pioneer Funds effective November 12, 2013. 42 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 This page for your notes. Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 43 This page for your notes. 44 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/13 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) 2013 Pioneer Investments 19434-07-1113 Pioneer Multi-Asset Ultrashort Income Fund -------------------------------------------------------------------------------- Semiannual Report | September 30, 2013 -------------------------------------------------------------------------------- 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 1, 2013. **Share class was first publicly offered on December 20, 2012. ***Share class was first publicly offered on April 1, 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 94 Notes to Financial Statements 104 Trustees, Officers and Service Providers 112
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 1 President's Letter Dear Shareowner, When we look at the U.S. economy heading into the final quarter of 2013, we continue to see slow, but steady, growth. Employment has also been rising steadily, but only modestly. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only modestly, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have meaningfully cut the budget deficit without driving the economy into recession. In addition, we feel that continuing slack in labor markets and capacity utilization offers the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve (the Fed) hinted that it might begin scaling back its "QE" quantitative easing program later in 2013 and could terminate its bond purchases altogether sometime in 2014. In September, however, the Fed surprised many market participants by deciding not to start scaling back QE yet. The Fed has also said that short-term interest rates are likely to remain near zero for some time to come, given that inflation remains subdued and unemployment remains too high. As September ended, Congress had not yet passed a continuing resolution to prevent a government shutdown, nor had it raised the debt ceiling, and a quick resolution to the impasse appeared unlikely. The U.S. government's partial shutdown in October rattled the markets to a degree, but did not immediately have a significant negative impact on the economy or capital markets. There are certainly risks and uncertainties that continue to plague the global economy as we head into the final months of the year. The European economy remains weak, though it is beginning to show signs of stabilization, and a number of countries in the emerging markets have experienced difficulties. Still, a potential ending of the European recession, continuing economic improvement in Japan in response to the new government's easing policies, and a "soft landing" of 7% growth in China could very well result in an improving global outlook over the remainder of 2013 and in 2014. There are also geopolitical worries abroad and the aforementioned political fights at home, and while most of the widely recognized risks we've outlined may already be "priced into" the market, we believe investors should continue to expect market volatility. * Dividends are not guaranteed. 2 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 The Fed's aggressive monetary policies and fears about economic growth had helped drive long-term Treasury yields to unsustainably low levels; the return to more normal levels has resulted in disappointing returns for bond investors during the first nine months of 2013, but the stock market has delivered double-digit returns to equity investors who were willing to brave the "wall of worry". At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification alone 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. Pioneer's investment teams have, since 1928, sought out attractive opportunities in global equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which balance potential risks and reward 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 | Semiannual Report | 9/30/13 3 Portfolio Management Discussion | 9/30/13 In the following interview, portfolio managers Charles Melchreit, Seth Roman, and Jonathan Sharkey discuss the market environment and the factors that influenced the performance of Pioneer Multi-Asset Ultrashort Income Fund during the six-month period ended September 30, 2013. Mr. Melchreit, 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 six-month period ended September 30, 2013? A During the six-month period, the interest-rate backdrop was a negative factor for bond prices overall. Investor sentiment, with respect to the U.S. economy, continued to improve, however, driven by strength in such key sectors as housing and autos. The positive developments helped to fuel market speculation about the extent to which the U.S. Federal Reserve (the Fed) would continue to employ extraordinary measures designed to support the bond market and the economy, leading U.S. Treasury rates to edge higher. The trend intensified in May after comments by Fed Chairman Ben Bernanke to the effect that the economy possibly had stabilized sufficiently to allow for a tapering of the central bank's monthly bond purchases under its quantitative easing (QE) program. The result was a significant increase in Treasury rates that extended into September. In mid-September, however, the Fed, citing lowered growth forecasts and tighter U.S. fiscal policy, changed its tone and suggested that the inevitable reduction in the pace of its bond purchases would not follow a set time table. Treasury rates eased in response, but still ended the six-month period at well above the levels where they had started. For the full six-month period, rates rose along the length of the Treasury yield curve. Specifically, the two-year Treasury yield went from 0.25% to 0.33%; the five-year yield rose to 1.39% (from 0.77%); the 10-year yield rose from 1.87% to 2.62%; and the 30-year yield went from 3.10% to 3.69%. While credit-oriented sectors were also hurt by the rise in rates as well as concerns about tighter fiscal policy, most spreads narrowed modestly versus Treasuries during the six-month period (credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities). 4 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 Q How did the Fund perform in that environment during the six-month period ended September 30, 2013? A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 0.21% at net asset value during the six-month period ended September 30, 2013, while the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. 3-Month LIBOR Index (the BofA ML Index), returned 0.15%. During the same period, the average return of the 137 mutual funds in Morningstar's Ultrashort Bond Funds category was 0.00%. Q Can you review your principal strategies for the Fund during the six-month period ended September 30, 2013, and how did those strategies affect the Fund's performance? A During the period, we continued to maintain a portfolio designed to provide the Fund's shareholders with higher levels of income than those generated by cash or money market accounts, while also striving to provide significant protection to investors' principal against any increase in market interest rates. The strategy entailed investing the portfolio's assets in a wide range of mostly high-quality, floating-rate securities during the period, and fixed-rate instruments with very short remaining maturities. As of period end, well over 80% of the Fund's assets were invested in floating-rate issues with interest rates tied to the London Interbank Offered Rate (LIBOR), or in fixed-rate issues with less than one year remaining to maturity. Unlike many other floating-rate portfolios, we tend to focus on the investment-grade asset classes when investing the Fund's assets. At the same time, we do seek to have the Fund benefit from credit spreads the incremental yield available from issues that trade at a yield premium to Treasuries. In doing so, we seek at all times to maintain diversified* portfolio exposures to a range of spread sectors. The principal spread sectors represented in the Fund as of the end of the six-month period included both agency and non-agency asset-backed securities (ABS) and mortgage-backed securities (MBS), and investment-grade corporate bonds. In making purchases, we seek to have the Fund benefit from attractive income opportunities, while minimizing its exposure to price volatility by emphasizing securities with shorter remaining maturities. The Fund's credit exposures generally contributed to benchmark-relative performance during the six-month period. About half of the Fund's assets are invested in securitized sectors, primarily high-quality MBS and ABS; those exposures added the most to the Fund's relative performance during the period. Within ABS, the Fund has significant exposure to home equity loans, an area where we have seen reasonable valuations, as that portion of * Diversification does not assure a profit nor protect against loss in a declining market. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 5 the ABS market has continued to benefit from a firming in housing prices. Within MBS, the Fund has positions in floating-rate agency collateralized mortgage obligations (CMOs), but we have been backing off on further purchases of CMOs as interest rates have risen and the issues have crept closer to their rate caps. Meanwhile, we have been adding to the Fund's commercial mortgage-backed (CMBS) holdings, another area where we have found attractive valuation opportunities. The Fund's performance relative to the benchmark BofA ML Index also was helped by the portfolio's allocation to investment-grade corporates during the six-month period, as the sector continued to be supported by generally strong corporate profitability and cash-rich balance sheets. Given the market's concerns that interest rates may be headed higher when the Fed eventually tapers QE, there was substantial new issuance during the period, and we sought to have the Fund capitalize on the situation. Our focus within the portfolio's investment-grade corporate holdings has been on two-to-three-year floating-rate issues within the industrials and financials sectors. We also purchased fixed-rate issues with maturities of 15 months or less, with a focus on bank issuers. We like bank issuers due to their strengthened capital structures and lower earnings volatility in the wake of industry reforms following the financial crisis of a few years ago. While our focus is on the investment-grade sectors, we also include representation in the portfolio from below-investment-grade asset categories, where we believe the incremental income offered by those securities provides the Fund with an attractive tradeoff between risk and reward. In that vein, the Fund also has a meaningful position in leveraged bank loans, which continue to display low default rates while at the same time providing attractive incremental income. As always, we are mindful that many investors view the Fund as a source of liquidity in their portfolios. As such, we have maintained significant liquidity in the portfolio, which should allow the Fund to meet shareholder redemption requests, without forced selling. In that part of the portfolio, we have been focusing on agency bonds with floating-rate coupons to gain the requisite liquidity and income, given that short-term Treasury yields remain at unattractive levels. 6 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 Q What is your assessment of the current investment climate for the Fund? A We believe U.S. Treasury securities continue to be unattractive investments when compared with the spread sectors. With continued modest economic growth and low inflation in the United States, Europe emerging from recession, and growth in China reasonably strong, we continue to expect an economic backdrop that should be sufficient to support fundamentals in the credit sectors. Given that outlook, we expect to maintain a tilt toward spread sectors within the Fund's portfolio. ABS continues to be the largest asset-class weighting in the Fund. Fundamentals for the sector remain sound as consumers continue to benefit from an improved economy. That said, we are trimming the portfolio's ABS exposure wherever we feel that fair value (in relation to risk) has been reached. We have been reallocating those assets into less expensive issues within other sectors, including commercial MBS and investment-grade corporates. Overall, recent quarters have seen significant spread narrowing across the credit sectors, making the process of identifying high-quality securities that are trading at attractive valuations especially labor intensive. We have been strongly focused on individual security selection when choosing the portfolio's investments, and are being careful not to assume risk for which the Fund is not adequately compensated. In all market environments, we will continue to seek to provide the Fund's shareholders with both higher income than that available from cash vehicles, and protection against any future increase in market interest rates. Please refer to the Schedule of Investments on pages 20-93 for a full listing of Fund securities. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 7 All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Ultrashort Income ("MAUI") 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 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 | Semiannual Report | 9/30/13 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 fluctuating 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 | Semiannual Report | 9/30/13 9 Portfolio Summary | 9/30/13 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 30.3% Asset Backed Securities 22.7% U.S. Corporate Bonds 15.1% Senior Secured Loans 8.5% International Corporate Bonds 8.4% U.S. Government Securities 6.7% Municipal Bonds 4.3% Temporary Cash Investment 4.0%
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 37.5% AA 17.1% A 18.6% BBB 9.0% BB 10.4% B 3.2% CCC 0.1% Not Rated 2.1% Cash Equivalent 2.0%
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, 3/4/14 1.02% -------------------------------------------------------------------------------------------------------- 2. Permanent University Fund, Floating Rate Note, 7/1/37 0.71 -------------------------------------------------------------------------------------------------------- 3. Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 0.66 -------------------------------------------------------------------------------------------------------- 4. Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36 0.63 -------------------------------------------------------------------------------------------------------- 5. Ford Motor Credit Co LLC, 0.0% 0.50 -------------------------------------------------------------------------------------------------------- 6. Federal Home Loan Banks, Floating Rate Note, 4/24/14 0.48 -------------------------------------------------------------------------------------------------------- 7. Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 0.43 -------------------------------------------------------------------------------------------------------- 8. Federal National Mortgage Association, Floating Rate Note, 10/25/13 0.42 -------------------------------------------------------------------------------------------------------- 9. Federal National Mortgage Association, Floating Rate Note, 6/23/14 0.40 -------------------------------------------------------------------------------------------------------- 10. British Telecommunications Plc, Floating Rate Note, 12/20/13 0.40 --------------------------------------------------------------------------------------------------------
* 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 | Semiannual Report | 9/30/13 Prices and Distributions | 9/30/13 Net Asset Value per Share --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Class 9/30/13 3/31/13 -------------------------------------------------------------------------------- A $10.05 $10.08 -------------------------------------------------------------------------------- C $10.04 $10.07 -------------------------------------------------------------------------------- K $10.06 $10.08 -------------------------------------------------------------------------------- Y $10.06 $10.09 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class 9/30/13 8/1/13* -------------------------------------------------------------------------------- C2 $10.04 $10.04 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class 9/30/13 4/1/13** -------------------------------------------------------------------------------- Z $10.04 $10.08 --------------------------------------------------------------------------------
Distributions per Share: 3/31/13-9/30/13 --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Short-Term Long-Term Class Dividends Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.0515 $ -- $ -- -------------------------------------------------------------------------------- C $0.0381 $ -- $ -- -------------------------------------------------------------------------------- C2 $0.0094 $ -- $ -- -------------------------------------------------------------------------------- K $0.0629 $ -- $ -- -------------------------------------------------------------------------------- Y $0.0609 $ -- $ -- -------------------------------------------------------------------------------- Z $0.0682 $ -- $ -- --------------------------------------------------------------------------------
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 April 1, 2013. ** Class Z shares commenced operations on August 1, 2013. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 11 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.58% 0.51% 1 Year 0.87 -1.66 -------------------------------------------------------------------------------- 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 Merrill Lynch U.S. Ultrashort Income Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 9,750 $ 10,000 9/30/2011 $ 9,756 $ 10,009 9/30/2012 $ 10,037 $ 10,058 9/30/2013 $ 10,124 $ 10,089
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 | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.03% 1.03% 1 Year 0.59 0.59 -------------------------------------------------------------------------------- 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 Merrill Lynch U.S. Ultrashort Income Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 9/30/2011 $ 9,975 $ 10,009 9/30/2012 $ 10,191 $ 10,058 9/30/2013 $ 10,252 $ 10,089
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 | Semiannual Report | 9/30/13 13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.03% 1.03% 1 Year 0.58 0.58 -------------------------------------------------------------------------------- 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 Merrill Lynch U.S. Ultrashort Income Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 9/30/2011 $ 9,975 $ 10,009 9/30/2012 $ 10,191 $ 10,058 9/30/2013 $ 10,250 $ 10,089
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 | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.70% 1.70% 1 Year 1.15 1.15 -------------------------------------------------------------------------------- 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 Merrill Lynch U.S. Ultrashort Income Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 9/30/2011 $ 10,010 $ 10,009 9/30/2012 $ 10,298 $ 10,058 9/30/2013 $ 10,416 $ 10,089
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 | Semiannual Report | 9/30/13 15 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.83% 1.83% 1 Year 1.07 1.07 -------------------------------------------------------------------------------- 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 Merrill Lynch U.S. Ultrashort Income Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 5,000,000 $ 5,000,000 9/30/2011 $ 5,008,825 $ 5,004,742 9/30/2012 $ 5,169,696 $ 5,028,849 9/30/2013 $ 5,224,861 $ 5,044,939
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 | Semiannual Report | 9/30/13 Performance Update | 9/30/13 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 U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns (As of September 30, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- Life-of-Class (4/29/11) 1.61% 1.61% 1 Year 0.95 0.95 -------------------------------------------------------------------------------- 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 Merrill Lynch U.S. Ultrashort Income Fund Dollar 3-Month LIBOR Index 4/30/2011 $ 10,000 $ 10,000 9/30/2011 $ 10,010 $ 10,009 9/30/2012 $ 10,298 $ 10,058 9/30/2013 $ 10,395 $ 10,089
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 | Semiannual Report | 9/30/13 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 April 1, 2013, through September 30, 2013.
------------------------------------------------------------------------------------------------ Share Class A C C2 K Y Z ------------------------------------------------------------------------------------------------ Beginning Account Value on 4/1/13** $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 ------------------------------------------------------------------------------------------------ Ending Account Value (after expenses) on 9/30/13 $1,002.10 $1,000.80 $1,000.90 $1,004.30 $1,003.10 $1,002.80 ------------------------------------------------------------------------------------------------ Expenses Paid During Period* $ 3.31 $ 4.87 $ 1.64 $ 2.06 $ 2.66 $ 2.31 ------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%, 0.98%, 0.41% 0.53%, and 0.46% for Class A, Class C, Class C2, Class K, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (61/365 for Class C2 shares) (to reflect the partial year period). ** Class C2 shares were first publicly offered on August 1, 2013. 18 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income Fund Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2013, through September 30, 2013.
------------------------------------------------------------------------------------------------ Share Class A C C2 K Y Z ------------------------------------------------------------------------------------------------ Beginning Account Value on 4/1/13** $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 ------------------------------------------------------------------------------------------------ Ending Account Value (after expenses) on 9/30/13 $1,021.76 $1,020.21 $1,006.72 $1,023.01 $1,022.41 $1,022.76 ------------------------------------------------------------------------------------------------ Expenses Paid During Period* $ 3.35 $ 4.91 $ 1.64 $ 2.08 $ 2.69 $ 2.33 ------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.66%, 0.97%, 0.98%, 0.41% 0.53%, and 0.46% for Class A, Class C, Class C2, Class K, Class Y and Class Z shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (61/365 for Class C2 shares) (to reflect the partial year period). ** Class C2 shares were first publicly offered on August 1, 2013. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 19 Schedule of Investments | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- ASSET BACKED SECURITIES -- 22.6% MATERIALS -- 6.3% Commodity Chemicals -- 0.1% 1,275,000 0.78 NR/Aaa CNH Wholesale Master Note Trust, Floating Rate Note, 8/15/19 (144A) $ 1,277,426 ------------------------------------------------------------------------------------------------------- Diversified Chemicals -- 0.2% 3,000,000 0.58 AAA/NR BMW Floorplan Master Owner Trust, Floating Rate Note, 9/15/17 (144A) $ 3,000,434 ------------------------------------------------------------------------------------------------------- Aluminum -- 0.0%+ 593,635 0.33 B-/Ba3 JP Morgan Mortgage Acquisition Trust 2006-CW1, Floating Rate Note, 5/25/36 $ 563,614 ------------------------------------------------------------------------------------------------------- Precious Metals & Minerals -- 0.0%+ 317,157 6.50 BB+/Baa2 ACE Securities Corp. Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A) $ 317,809 612,074 BB+/Baa1 Credit-Based Asset Servicing and Securitization LLC, 4.935%, 4/25/37 (Step) 619,521 ------------- $ 937,330 ------------------------------------------------------------------------------------------------------- Steel -- 5.1% 126,138 2.95 BB+/Caa2 ABFC 2003-WMC1 Trust, Floating Rate Note, 3/25/33 $ 116,581 65,483 0.90 BBB+/Baa3 ABFC 2005-HE2 Trust, Floating Rate Note, 6/25/35 65,461 811,652 0.49 AAA/Aa3 ABFC 2005-WF1 Trust, Floating Rate Note, 12/25/34 786,288 1,110,000 0.59 CCC/A3 Accredited Mortgage Loan Trust 2005-2, Floating Rate Note, 7/25/35 1,051,499 1,552,732 1.98 BB+/Ba3 ACE Securities Corp. Home Equity Loan Trust Series 2002-HE3, Floating Rate Note, 10/25/32 1,500,981 214,107 0.65 AA+/A3 ACE Securities Corp. Home Equity Loan Trust Series 2005-HE5, Floating Rate Note, 8/25/35 213,955 1,097,438 0.99 D/Baa3 Aegis Asset Backed Securities Trust 2004-6, Floating Rate Note, 3/25/35 1,095,529 763,987 0.73 AAA/Aaa Aegis Asset Backed Securities Trust Mortgage Pass- Through Ctfs Series 2004-3, Floating Rate Note, 9/25/34 756,431 1,940,770 1.14 AAA/Aaa Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-2, Floating Rate Note, 6/25/34 1,919,422 1,087,068 0.73 AAA/Aa1 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2004-4, Floating Rate Note, 10/25/34 1,056,759
The accompanying notes are an integral part of these financial statements. 20 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Steel -- (continued) 580,636 3.93 A/Baa1 Ameriquest Mort Sec Inc Asset Backed Pass Thr Cert 03 AR3, Floating Rate Note, 6/25/33 $ 603,475 724,529 0.88 BBB+/Baa3 Asset Backed Securities Corp Home Equity Loan Trust Series 2005-HE3, Floating Rate Note, 4/25/35 710,956 1,500,545 0.38 BB/Ba3 Asset Backed Securities Corp Home Equity Loan Trust Series AEG 2006-HE1, Floating Rate Note, 1/25/36 1,409,852 902,539 0.59 AAA/Aa1 Bayview Financial Mortgage Pass-Through Trust 2005-C, Floating Rate Note, 6/28/44 890,315 1,666,433 0.53 AAA/Aaa Bayview Financial Mortgage Pass-Through Trust 2006-A, Floating Rate Note, 2/28/41 1,653,723 354,172 0.48 AAA/Aaa Bayview Financial Mortgage Pass-Through Trust 2006-A, Floating Rate Note, 2/28/41 348,874 1,890,409 0.48 AA+/A1 Bayview Financial Mortgage Pass-Through Trust 2006-B, Floating Rate Note, 4/28/36 1,805,834 937,743 0.45 AA+/A1 Bayview Financial Mortgage Pass-Through Trust 2006-B, Floating Rate Note, 4/28/36 895,269 1,899,351 0.63 AA/Aa2 Bayview Financial Mortgage Pass-Through Trust Series 2005-B, Floating Rate Note, 4/28/39 1,858,031 2,950,547 0.68 A+/Ba3 Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35 2,866,533 1,549,819 0.68 AA+/NR Bear Stearns Asset Backed Securities I Trust 2005-HE8, Floating Rate Note, 8/25/35 1,545,469 75,258 0.27 BBB/Baa2 Bear Stearns Asset Backed Securities I Trust 2007-HE5, Floating Rate Note, 6/25/47 74,856 7,477 0.68 AAA/NR Bear Stearns Asset Backed Securities Trust 2004-2, Floating Rate Note, 8/25/34 7,225 323,121 0.78 AAA/NR Bear Stearns Asset Backed Securities Trust 2004-2, Floating Rate Note, 8/25/34 313,548 1,009,482 0.31 CCC/Ba1 Bear Stearns Asset Backed Securities Trust 2006-4, Floating Rate Note, 10/25/36 994,270 401,028 1.18 BBB/A1 Bear Stearns Structured Products Trust 2007-EMX1, Floating Rate Note, 3/25/37 (144A) 393,092
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 21 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Steel -- (continued) 808,672 0.43 BBB/NR BNC Mortgage Loan Trust 2007-4, Floating Rate Note, 11/25/37 $ 796,126 53,868 0.45 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1, Floating Rate Note, 1/25/36 53,160 1,451 D/NR Delta Funding Home Equity Loan Trust 1997-2, 7.04%, 6/25/27 1,512 32,763 A-/WR EquiVantage Home Equity Loan Trust 1997-1, 8.05%, 3/25/28 (Step) 32,526 264,171 0.58 AA+/Aa2 First NLC Trust 2005-2, Floating Rate Note, 9/25/35 257,361 2,162,236 0.96 AA+/Baa1 GSAA Home Equity Trust 2004-6, Floating Rate Note, 6/25/34 2,130,185 240,622 0.92 AAA/Aa2 GSAA Home Equity Trust 2004-8, Floating Rate Note, 9/25/34 236,898 1,488,531 0.43 B+/B3 GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35 1,483,293 3,404,000 0.65 A+/A3 Home Equity Asset Trust 2005-6, Floating Rate Note, 12/25/35 3,303,521 2,595,113 0.56 A+/A2 Home Equity Asset Trust 2005-7, Floating Rate Note, 1/25/36 2,479,363 159,953 0.36 BBB+/A1 Home Equity Asset Trust 2006-3, Floating Rate Note, 7/25/36 159,446 2,087,451 0.29 CCC/Ba1 Home Equity Asset Trust 2006-8, Floating Rate Note, 3/25/37 2,063,277 250,101 0.45 A/A3 Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2005-C, Floating Rate Note, 10/25/35 246,564 292,694 0.44 AAA/Aaa HSBC Home Equity Loan Trust 2005-3, Floating Rate Note, 1/20/35 286,992 677,698 0.60 AA+/Aa1 HSBC Home Equity Loan Trust 2005-3, Floating Rate Note, 1/20/35 661,881 4,674,000 0.43 AAA/Aaa HSBC Home Equity Loan Trust USA 2006-3, Floating Rate Note, 3/20/36 4,496,926 100,000 1.33 AA+/Aaa HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 98,824 1,983,295 1.38 A+/Aa2 HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36 1,974,067 675,519 0.75 AAA/A1 Irwin Whole Loan Home Equity Trust 2005-C, Floating Rate Note, 4/25/30 669,283 964,186 0.52 BB/A2 IXIS Real Estate Capital Trust 2005-HE4, Floating Rate Note, 2/25/36 934,198 1,690,164 0.40 BB+/Ba1 JP Morgan Mortgage Acquisition Corp 2005-FRE1, Floating Rate Note, 10/25/35 1,625,890 428,510 0.83 AA+/A3 Mastr Asset Backed Securities Trust 2004-HE1, Floating Rate Note, 9/25/34 427,288
The accompanying notes are an integral part of these financial statements. 22 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Steel -- (continued) 160,613 0.43 AA+/Aa2 Mastr Asset Backed Securities Trust 2005-FRE1, Floating Rate Note, 10/25/35 $ 159,991 3,022,914 0.41 BB+/A2 Mastr Asset Backed Securities Trust 2006-AB1, Floating Rate Note, 2/25/36 2,905,685 5,274,667 0.37 B-/Ba3 Mastr Asset Backed Securities Trust 2006-NC1, Floating Rate Note, 1/25/36 5,143,027 834,408 0.91 A/Aa1 Merrill Lynch Mortgage Synthetic, Floating Rate Note, 6/28/35 (144A) 802,807 110,014 0.88 AA-/Ba2 Morgan Stanley ABS Capital I Inc Trust 2005-WMC3, Floating Rate Note, 3/25/35 109,397 1,564,252 0.60 AA/A3 Morgan Stanley ABS Capital I, Inc. Trust 2005-NC2, Floating Rate Note, 3/25/35 1,545,849 1,210,928 0.50 A+/Baa1 Morgan Stanley Home Equity Loan Trust 2005-4, Floating Rate Note, 9/25/35 1,135,281 892,030 0.33 B-/Caa2 Nationstar Home Equity Loan Trust 2007-A, Floating Rate Note, 3/25/37 831,253 803,247 0.53 AAA/Aaa New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35 780,089 883,318 0.44 NR/Aaa New Century Home Equity Loan Trust 2005-2, Floating Rate Note, 6/25/35 881,407 5,971 0.48 AAA/Aa1 New Century Home Equity Loan Trust 2005-2, Floating Rate Note, 6/25/35 5,956 1,618,928 1.30 BBB+/Baa3 New Century Home Equity Loan Trust Series 2003-4, Floating Rate Note, 10/25/33 1,559,793 325,028 0.65 A+/Aa3 Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2005-FM1, Floating Rate Note, 5/25/35 318,008 2,443,000 1.83 AA/A1 NovaStar Mortgage Funding Trust Series 2004-4, Floating Rate Note, 3/25/35 2,384,373 233,645 0.98 AA+/NR Option One Mortgage Loan Trust 2005-1, Floating Rate Note, 2/25/35 227,120 2,080,063 0.44 AA+/Aa3 Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35 2,040,825 76,367 AA-/A2 Option One Mortgage Loan Trust 2007-FXD2, 5.9%, 3/25/37 (Step) 74,253 1,899,817 1.30 NR/Baa1 Option One Woodbridge Loan Trust 2002-1, Floating Rate Note, 9/25/14 (144A) 1,875,372 800,000 0.93 AAA/Aaa Penarth Master Issuer Plc, Floating Rate Note, 11/18/15 (144A) 800,152 2,465,000 0.75 AAA/Aaa Penarth Master Issuer Plc, Floating Rate Note, 3/18/14 (144A) 2,465,074 112,840 0.66 AA+/Aa3 RASC Series 2005-EMX2 Trust, Floating Rate Note, 7/25/35 109,773
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 23 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Steel -- (continued) 277,689 0.61 AA/A2 RASC Series 2005-KS3 Trust, Floating Rate Note, 4/25/35 $ 275,001 1,635,196 0.62 AA+/A1 RASC Series 2005-KS7 Trust, Floating Rate Note, 8/25/35 1,607,193 719,427 0.38 BBB+/Baa3 Specialty Underwriting & Residential Finance Trust Series 2006-BC1, Floating Rate Note, 12/25/36 707,937 3,640,376 0.48 BBB+/B1 Specialty Underwriting & Residential Finance Trust Series 2006-BC1, Floating Rate Note, 12/25/36 3,387,151 2,770,097 0.48 A+/Caa2 Structured Asset Securities Corp Mortgage Loan Trust 2005-S7, Floating Rate Note, 12/25/35 (144A) 2,643,994 820,472 1.12 AA+/A1 Terwin Mortgage Trust Series TMTS 2003-8HE, Floating Rate Note, 12/25/34 790,006 668,753 0.63 AA+/A2 Terwin Mortgage Trust Series TMTS 2005-10HE, Floating Rate Note, 6/25/36 641,339 189,000 0.59 AAA/A3 Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust, Floating Rate Note, 11/25/35 187,057 ------------- $ 85,747,972 ------------------------------------------------------------------------------------------------------- Paper Products -- 0.9% 2,392,100 1.63 AAA/NR Cabela's Master Credit Card Trust, Floating Rate Note, 1/16/18 (144A) $ 2,428,046 1,500,000 0.78 AAA/NR Cabela's Master Credit Card Trust, Floating Rate Note, 6/17/19 (144A) 1,509,363 540,000 0.38 AAA/Aaa Discover Card Execution Note Trust, Floating Rate Note, 1/16/18 540,205 5,865,000 0.53 NR/Aaa Discover Card Execution Note Trust, Floating Rate Note, 8/15/16 5,871,428 1,000,000 0.33 AAA/Aaa Dryrock Issuance Trust, Floating Rate Note, 8/15/17 997,910 1,300,000 1.03 AAA/Aaa Gracechurch Card Funding Plc, Floating Rate Note, 5/15/19 (144A) 1,304,355 1,000,000 0.88 AAA/Aaa Gracechurch Card Funding Plc, Floating Rate Note, 6/15/17 (144A) 1,004,624 1,500,000 0.68 NR/Aaa Master Credit Card Trust II, Floating Rate Note, 1/22/18 (144A) 1,500,198 ------------- $ 15,156,129 ------------- Total Materials $ 106,682,905 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.0%+ Industrial Machinery -- 0.0%+ 640 AAA/Aaa CIT Equipment Collateral 2012-VT1, 0.85%, 5/20/14 (144A) $ 640 ------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.0%+ 322,917 0.37 BBB/Baa2 TAL Advantage I LLC, Floating Rate Note, 4/20/21 (144A) $ 318,309 ------------- Total Capital Goods $ 318,949 ------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.5% Automobile Manufacturers -- 0.5% 1,727,836 AAA/NR AmeriCredit Automobile Receivables Trust 2013-1, 0.49%, 6/8/16 $ 1,726,792 1,500,000 AAA/Aaa AmeriCredit Automobile Receivables Trust 2013-4, 0.74%, 11/8/16 1,500,501 733,732 AAA/NR AmeriCredit Automobile Receivables Trust, 0.51%, 1/8/16 733,516 720,097 NR/Aaa BMW Vehicle Owner Trust 2011-A, 0.76%, 8/25/15 720,904 2,092,759 1.18 AA-/NR Hyundai Capital Auto Funding VIII, Ltd., Floating Rate Note, 9/20/16 (144A) 2,071,831 87,842 AA+/NR Santander Drive Auto Receivables Trust 2011-S2, 2.06%, 6/15/17 (144A) 88,195 83,235 AA/NR Santander Drive Auto Receivables Trust 2011-S2, 2.86%, 6/15/17 (144A) 83,734 99,720 AA-/NR Santander Drive Auto Receivables Trust 2011-S2, 3.35%, 6/15/17 (144A) 100,148 22,729 AAA/Aaa Santander Drive Auto Receivables Trust 2012-1, 1.25%, 4/15/15 22,744 321,421 AAA/Aaa Santander Drive Auto Receivables Trust 2012-2, 0.91%, 5/15/15 321,485 397,155 AAA/Aaa Santander Drive Auto Receivables Trust 2012-5, 0.57%, 12/15/15 397,139 ------------- $ 7,766,989 ------------- Total Automobiles & Components $ 7,766,989 ------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.1% Hotels, Resorts & Cruise Lines -- 0.1% 656,638 A/NR Westgate Resorts 2012-2 LLC, 3.0%, 1/20/25 (144A) $ 658,075 1,208,118 NR/NR Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 1,188,864 255,390 A/NR Westgate Resorts LLC, 2.5%, 3/20/25 (144A) 254,752 ------------- $ 2,101,691 ------------- Total Consumer Services $ 2,101,691 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 25 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- RETAILING -- 0.4% Automotive Retail -- 0.4% 1,150,000 NR/Aaa Avis Budget Rental Car Funding AESOP LLC, 2.09%, 4/20/15 (144A) $ 1,155,929 1,160,000 AAA/NR Ford Credit Auto Owner Trust 2013-C, 0.55%, 4/15/16 1,160,962 1,650,019 AAA/Aaa Hyundai Auto Receivables Trust 2013-A, 0.4%, 12/15/15 1,649,849 2,000,000 0.43 AAA/Aaa Volkswagen Auto Lease Trust 2013-A, Floating Rate Note, 12/21/15 2,000,020 ------------- $ 5,966,760 ------------- Total Retailing $ 5,966,760 ------------------------------------------------------------------------------------------------------- BANKS -- 9.1% Diversified Banks -- 0.0%+ 174,204 0.56 AA/Aaa KeyCorp Student Loan Trust 2004-A, Floating Rate Note, 10/28/41 $ 171,151 142,188 0.27 NR/Aa1 Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust, Floating Rate Note, 4/25/37 141,588 ------------- $ 312,739 ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 9.1% 388,524 0.36 BB+/Ba3 ACE Securities Corp. Home Equity Loan Trust Series 2006-ASAP2, Floating Rate Note, 3/25/36 $ 375,459 336,972 AAA/Aaa Ally Auto Receivables Trust 2011-4, 0.79%, 9/15/15 337,251 50,385 AAA/Aaa Ally Auto Receivables Trust 2012-4, 0.48%, 5/15/15 50,376 28,703 A+/NR American Credit Acceptance Receivables Trust 2012-1, 3.04%, 10/15/15 (144A) 28,846 167,454 NR/Aaa AmeriCredit Automobile Receivables Trust 2011-3, 1.17%, 1/8/16 167,609 288,686 AAA/Aaa AmeriCredit Automobile Receivables Trust 2012-1, 0.91%, 10/8/15 288,825 563,725 0.51 A+/A1 Ameriquest Mortgage Securities Inc Asset Backed Pass-Through Ctfs Ser 2005-R11, Floating Rate Note, 1/25/36 552,645 317,934 0.63 AAA/Aaa Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2004 R3, Floating Rate Note, 5/25/34 313,753 131,616 0.48 AA+/Aa1 Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2004-R11, Floating Rate Note, 11/25/34 130,649 2,044,323 0.63 AA+/A3 Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-R1, Floating Rate Note, 3/25/35 2,012,548
The accompanying notes are an integral part of these financial statements. 26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 335,867 0.40 AA+/A2 Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-R10, Floating Rate Note, 1/25/36 $ 333,536 61,850 0.38 AA+/Aaa Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-R6, Floating Rate Note, 8/25/35 60,624 369,928 0.73 AAA/NR ARI Fleet Lease Trust 2012-A, Floating Rate Note, 3/15/20 (144A) 370,723 545,276 0.48 AAA/NR ARI Fleet Lease Trust 2012-B, Floating Rate Note, 1/15/21 (144A) 544,336 1,260,000 AAA/NR ARI Fleet Lease Trust 2013-A, 0.7%, 12/15/15 (144A) 1,258,824 1,519,248 1.93 A/NR ARL First LLC, Floating Rate Note, 12/15/42 (144A) 1,528,743 277,546 NR/NR Ascentium Equipment Receivables LLC, 1.83%, 9/15/19 (144A) 277,224 67,947 AA+/A3 Bayview Financial Acquisition Trust, 6.205%, 5/28/37 (Step) 72,891 2,311,977 0.85 AAA/Aa1 Bayview Financial Acquisition Trust, Floating Rate Note, 2/28/44 2,263,085 55,292 0.81 AAA/Aaa Bayview Financial Acquisition Trust, Floating Rate Note, 5/28/44 54,413 404,109 0.76 AAA/Aaa Bayview Financial Acquisition Trust, Floating Rate Note, 8/28/44 401,426 671,129 3.47 NR/NR Bayview Opportunity Master Fund IIa Trust 2012-4NPL, Floating Rate Note, 7/28/32 (144A) 671,988 134,741 0.58 AAA/A1 Bear Stearns Asset Backed Securities Trust 2005-SD1, Floating Rate Note, 8/25/43 131,804 806,583 0.65 AA+/NR Bear Stearns Asset Backed Securities Trust 2005-SD2, Floating Rate Note, 3/25/35 790,414 171,408 0.58 AA+/NR Bear Stearns Asset Backed Securities Trust 2005-SD2, Floating Rate Note, 3/25/35 167,711 1,378,796 0.67 A+/NR Bear Stearns Asset Backed Securities Trust 2006-SD2, Floating Rate Note, 6/25/36 1,329,286 1,546,226 0.93 AAA/A3 Bear Stearns Asset Backed Securities Trust, Floating Rate Note, 2/25/35 1,536,673 3,707,617 0.91 AA/A3 Carrington Mortgage Loan Trust Series 2005-NC1, Floating Rate Note, 2/25/35 3,680,796 85,634 0.58 AA+/A1 Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35 84,138 2,486,813 0.36 BB+/Ba2 Carrington Mortgage Loan Trust Series 2006-OPT1, Floating Rate Note, 2/25/36 2,299,623
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 27 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 501,279 3.65 AA+/Aaa Centex Home Equity Loan Trust 2003-A, Floating Rate Note, 3/25/33 $ 500,687 2,012,532 0.38 A/Baa1 Citigroup Mortgage Loan Trust 2006-SHL1, Floating Rate Note, 11/25/45 (144A) 1,915,908 855,213 0.33 BB/Ba1 Citigroup Mortgage Loan Trust 2007-WFH2, Floating Rate Note, 3/25/37 853,836 91,230 0.90 AAA/Aa2 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 10/25/34 91,208 539,093 1.20 BBB-/Caa1 Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 11/25/34 496,402 37,892 0.58 AA+/NR Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 5/25/35 (144A) 37,388 10,663 NR/Baa3 Conseco Financial Corp., 7.05%, 1/15/19 11,057 39,146 0.55 AA+/A1 Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36 38,090 2,341,452 1.02 AA/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/34 2,332,147 698,252 0.57 AAA/Aa3 Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 690,136 464,459 0.77 BBB/NR Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/35 (144A) 419,471 1,787,195 0.88 BBB-/Ba1 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/34 1,773,011 320,163 0.67 BBB+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35 318,379 373,032 5.15 BB+/B1 Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/33 378,273 986,954 0.42 BB+/Ba2 Countrywide Asset-Backed Certificates, Floating Rate Note, 4/25/36 982,952 1,656,429 1.08 A+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/35 1,636,012 185,701 0.86 AAA/A1 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 179,540 45,431 1.08 AAA/A2 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 42,826 651,017 0.69 AA+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/35 640,218 663,361 0.62 A+/A3 Countrywide Asset-Backed Certificates, Floating Rate Note, 7/25/35 662,739 48,969 0.53 BB+/Ba2 Countrywide Asset-Backed Certificates, Floating Rate Note, 8/25/47 48,873 310,949 0.44 A+/B2 Countrywide Home Equity Loan Trust, Floating Rate Note, 6/15/29 305,072 2,000,000 AA/NR Credit Acceptance Auto Loan Trust, 2.21%, 9/15/20 (144A) 2,009,782
The accompanying notes are an integral part of these financial statements. 28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 498,941 AA/NR Direct Capital Funding IV LLC, 1.673%, 12/20/17 (144A) $ 498,941 436,851 4.27 BBB/Baa2 Drug Royalty II LP 1, Floating Rate Note, 1/15/25 (144A) 443,403 337,778 1.18 BBB/Baa1 Ellington Loan Acquisition Trust 2007-1, Floating Rate Note, 5/26/37 (144A) 337,730 29,825 0.98 BBB/Baa1 Ellington Loan Acquisition Trust 2007-1, Floating Rate Note, 5/27/37 (144A) 29,712 2,400,000 1.08 B-/Caa3 Ellington Loan Acquisition Trust 2007-1, Floating Rate Note, 5/28/37 (144A) 2,324,417 1,020,883 0.50 AA+/A1 Equity One Mortgage Pass-Through Trust 2004-3, Floating Rate Note, 7/25/34 843,575 128,281 AA/NR Exeter Automobile Receivables Trust 2012-1, 2.02%, 8/15/16 (144A) 128,768 555,521 AA/NR Exeter Automobile Receivables Trust 2012-2, 1.3%, 6/15/17 (144A) 555,108 1,000,000 BBB/NR Exeter Automobile Receivables Trust 2012-2, 3.06%, 7/16/18 (144A) 980,141 855,933 1.26 BB+/B1 Fieldstone Mortgage Investment Trust Series 2005-1, Floating Rate Note, 3/25/35 823,360 457,089 0.55 AAA/Aa3 First Frankin Mortgage Loan Trust 2005-FF7, Floating Rate Note, 7/25/35 456,898 97,107 0.72 AAA/NR First Franklin Mortgage Loan Trust 2004-FF10, Floating Rate Note, 9/25/34 96,827 2,170,232 0.69 NR/Baa1 First Franklin Mortgage Loan Trust 2005-FFH3, Floating Rate Note, 9/25/35 2,124,673 369,682 0.44 BBB+/B1 First Franklin Mortgage Loan Trust Series 2005-FF12, Floating Rate Note, 11/25/36 356,130 691,000 AAA/NR First Investors Auto Owner Trust 2013-2, 1.23%, 3/15/19 (144A) 691,001 1,006,084 0.64 AA+/A3 Fremont Home Loan Trust 2005-2, Floating Rate Note, 6/25/35 1,002,152 1,114,931 0.82 A+/A3 Fremont Home Loan Trust 2005-B, Floating Rate Note, 4/25/35 1,100,764 800,000 NR/Aaa GE Equipment Small Ticket LLC Series 2013-1, 0.73%, 1/25/16 (144A) 800,257 258,823 0.78 AA/NR GreenPoint Mortgage Funding Trust 2005-HE1, Floating Rate Note, 9/25/34 257,931 1,357,437 0.85 A+/NR GreenPoint Mortgage Funding Trust 2005-HE1, Floating Rate Note, 9/25/34 1,325,330 1,718,075 0.63 A+/Ba3 GreenPoint Mortgage Funding Trust 2005-HE4, Floating Rate Note, 7/25/30 1,701,817 469,030 0.90 A+/Ba3 GreenPoint Mortgage Funding Trust 2005-HE4, Floating Rate Note, 7/25/30 465,146
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 29 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,511,275 0.54 AAA/Aaa GSAMP Trust 2004-HE2, Floating Rate Note, 9/25/34 $ 1,410,363 919,927 0.73 AAA/Aaa GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 918,563 3,898,600 0.83 BBB/A3 GSAMP Trust 2004-SEA2, Floating Rate Note, 3/25/34 3,872,924 919,277 0.93 AA+/Ba1 GSAMP Trust 2005-HE1, Floating Rate Note, 12/25/34 903,276 2,881,683 0.48 A/NR GSAMP Trust 2006-SEA1, Floating Rate Note, 5/25/36 (144A) 2,821,948 1,379,176 1.53 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2, Floating Rate Note, 6/25/33 1,305,800 854,775 0.48 AA+/A3 GSRPM Mortgage Loan Trust 2006-1, Floating Rate Note, 3/25/35 (144A) 821,582 1,169,523 0.48 A+/Baa3 GSRPM Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36 (144A) 1,080,459 2,000,000 AAA/NR HLSS Servicer Advance Receivables Backed Notes, 0.898%, 1/15/44 (144A) 1,998,800 1,586,000 AAA/NR HLSS Servicer Advance Receivables Backed Notes, 1.34%, 10/15/43 (144A) 1,586,476 750,000 A/NR HLSS Servicer Advance Receivables Backed Notes, 1.644%, 1/15/44 (144A) 749,775 500,000 BBB/NR HLSS Servicer Advance Receivables Backed Notes, 2.487%, 1/15/44 (144A) 500,650 1,369,120 AAA/NR Honda Auto Receivables 2013-1 Owner Trust, 0.35%, 6/22/15 1,368,492 2,777,000 NR/A2 Horizon Funding Trust 2013-1, 3.0%, 5/15/18 (144A) 2,775,264 1,500,000 NR/Aaa Leaf II Receivables Funding LLC, 0.88%, 11/15/15 (144A) 1,499,976 426,574 2.43 A+/Baa1 Madison Avenue Manufactured Housing Contract Trust 2002-A, Floating Rate Note, 3/25/32 426,367 2,274,520 0.48 A/NR Mastr Specialized Loan Trust, Floating Rate Note, 1/25/36 (144A) 2,102,271 28,133 0.38 BBB-/Baa1 Morgan Stanley ABS Capital I, Inc. Trust 2006-WMC1, Floating Rate Note, 12/25/35 28,081 346,642 0.26 CCC/Baa1 Morgan Stanley Structured Trust, Floating Rate Note, 6/25/37 326,032 2,086,200 0.68 AAA/NR Motor 2013-1 Plc, Floating Rate Note, 2/25/21 (144A) 2,086,209 2,250,000 AAA/NR Nationstar Agency Advance Funding Trust 2013-T1A, 0.997%, 2/15/45 (144A) 2,234,340 908,000 AAA/NR Nationstar Mortgage Advance Receivables Trust 2013-T2, 1.679%, 6/20/46 (144A) 906,701
The accompanying notes are an integral part of these financial statements. 30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,235,437 5.46 AAA/Aa3 Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35 $ 1,280,590 974,938 NR/A2 Oxford Finance Funding Trust 2012-1, 3.9%, 3/15/17 (144A) 984,688 582,380 1.12 AA+/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-MCW, Floating Rate Note, 10/25/34 573,338 338,493 1.23 AAA/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-MHQ, Floating Rate Note, 12/25/34 338,499 939,517 0.80 AA+/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WCW2, Floating Rate Note, 10/25/34 938,900 750,699 1.20 AA+/A3 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WWF, Floating Rate Note, 12/25/34 749,146 2,363,129 0.55 BBB+/Baa2 Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ4, Floating Rate Note, 9/25/35 2,343,914 2,035,723 0.88 AAA/Aaa PFS Financing Corp., Floating Rate Note, 10/17/16 (144A) 2,043,283 325,276 1.68 A/NR PFS Financing Corp., Floating Rate Note, 10/17/16 (144A) 327,346 3,546,000 1.38 AAA/Aaa PFS Financing Corp., Floating Rate Note, 2/15/16 (144A) 3,551,940 2,340,000 0.73 AAA/Aaa PFS Financing Corp., Floating Rate Note, 2/15/18 (144A) 2,324,570 800,000 NR/NR Progreso Receivables Funding I LLC, 4.0%, 7/9/18 (144A) 796,000 1,080,893 0.51 AA/A1 Quest Trust, Floating Rate Note, 3/25/34 (144A) 1,037,908 2,417,636 0.83 AA/Aa2 RAAC Series 2005-RP2 Trust, Floating Rate Note, 6/25/35 (144A) 2,391,033 2,000,000 0.98 BBB+/Baa1 RAAC Series 2005-RP3 Trust, Floating Rate Note, 5/25/39 (144A) 1,922,736 1,186,703 0.48 AA+/Aa3 RAAC Series 2006-RP1 Trust, Floating Rate Note, 10/25/45 (144A) 1,157,659 3,720,424 0.43 B/Baa2 RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A) 3,566,372 365,914 0.37 A-/A2 RAAC Series 2006-SP1 Trust, Floating Rate Note, 9/25/45 358,926 315,961 0.80 AA+/A2 RAMP Series 2004-RS11 Trust, Floating Rate Note, 11/25/34 305,933
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 31 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,366,188 0.68 AA+/A1 RAMP Series 2005-RS6 Trust, Floating Rate Note, 6/25/35 $ 1,343,658 63,231 0.47 A+/A2 RAMP Series 2005-RS8 Trust, Floating Rate Note, 10/25/33 62,921 191,342 0.45 AA+/A1 RAMP Series 2005-RZ3 Trust, Floating Rate Note, 9/25/35 190,089 1,599,517 0.44 AA+/A1 RAMP Series 2005-RZ4 Trust, Floating Rate Note, 11/25/35 1,587,231 71,227 0.38 AA+/A1 RAMP Series 2006-EFC1 Trust, Floating Rate Note, 2/25/36 70,641 474,113 0.37 B+/B2 RAMP Series 2006-NC1 Trust, Floating Rate Note, 1/25/36 461,651 3,767,677 0.34 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36 3,589,888 955,205 0.40 BBB+/A3 RASC Series 2006-KS1 Trust, Floating Rate Note, 2/25/36 943,126 115,670 1.08 NR/Aa1 RFSC Series 2003-RP2 Trust, Floating Rate Note, 6/25/33 (144A) 114,622 2,000,000 1.68 NR/Aa2 RFSC Series 2003-RP2 Trust, Floating Rate Note, 7/25/41 (144A) 1,960,984 124,218 0.66 AAA/NR Salomon Brothers Mortgage Securities VII, Inc., Floating Rate Note, 3/25/28 121,284 169,594 1.08 BBB+/B2 Salomon Mortgage Loan Trust Series 2001-CB4, Floating Rate Note, 11/25/33 156,060 316,497 AAA/NR Santander Drive Auto Receivables Trust 2010-1, 1.84%, 11/17/14 317,469 52,288 AA/NR Santander Drive Auto Receivables Trust 2010-1, 1.89%, 5/15/17 (144A) 52,378 1,945,000 0.64 A+/A3 Saxon Asset Securities Trust 2005-3, Floating Rate Note, 11/25/35 1,824,056 356,566 0.29 BBB-/Ba3 Saxon Asset Securities Trust 2006-3, Floating Rate Note, 10/25/46 355,109 2,500,000 0.61 NR/Aaa SMART Trust/Australia, Floating Rate Note, 1/14/17 2,500,492 251,076 0.75 NR/Aaa SMART Trust/Australia, Floating Rate Note, 3/14/15 (144A) 251,242 1,340,095 0.53 NR/Aaa SMART Trust/Australia, Floating Rate Note, 6/14/15 1,340,605 1,785,000 0.63 NR/Aaa SMART Trust/Australia, Floating Rate Note, 9/14/16 1,787,061 1,138,395 AA/NR SNAAC Auto Receivables Trust 2013-1, 1.14%, 7/16/18 (144A) 1,137,188 343,226 AA/NR SNAAC Auto Receivables Trust, 1.78%, 6/15/16 (144A) 344,155
The accompanying notes are an integral part of these financial statements. 32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,800,000 BBB/NR SNAAC Auto Receivables Trust, 4.38%, 6/15/17 (144A) $ 1,841,582 964,921 0.63 AA/A3 Soundview Home Loan Trust 2005-DO1, Floating Rate Note, 5/25/35 961,704 1,131,569 0.44 BB+/NR Soundview Home Loan Trust 2005-OPT4, Floating Rate Note, 12/25/35 1,084,734 333,435 0.36 AA+/Aaa South Carolina Student Loan Corp., Floating Rate Note, 12/3/18 332,618 729,024 0.57 AA+/A2 Specialty Underwriting & Residential Finance Trust Series 2005-AB2, Floating Rate Note, 6/25/36 706,099 113,201 0.93 AAA/Aa2 Specialty Underwriting & Residential Finance Trust Series 2005-BC1, Floating Rate Note, 12/25/35 112,674 715,851 NR/NR Stanwich Mortgage Loan Co 2012-NPL4 LLC, 2.981%, 9/15/42 (144A) 716,695 318,077 0.78 AA+/Aa1 Structured Asset Investment Loan Trust 2005-4, Floating Rate Note, 5/25/35 316,597 1,580,617 0.38 CCC/Ba3 Structured Asset Investment Loan Trust 2006-1, Floating Rate Note, 1/25/36 1,529,102 3,946,316 0.33 B-/B2 Structured Asset Securities Corp Mortgage Loan Trust 2006-EQ1, Floating Rate Note, 7/25/36 (144A) 3,822,086 3,237,304 0.40 B-/Baa3 Structured Asset Securities Corp Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A) 3,121,186 344,648 0.24 BB/A1 Structured Asset Securities Corp Mortgage Loan Trust 2007-BC3, Floating Rate Note, 5/25/47 338,941 102,373 0.33 BB/Baa1 Structured Asset Securities Corp Mortgage Loan Trust 2007-GEL2, Floating Rate Note, 5/25/37 (144A) 101,947 544,490 0.29 BBB+/A3 Structured Asset Securities Corp. Mortgage Loan Trust 2006-BC4, Floating Rate Note, 12/25/36 541,964 622,104 AAA/NR United Auto Credit Securitization Trust 2012-1, 1.1%, 3/16/15 (144A) 622,034 2,000,000 AAA/NR United Auto Credit Securitization Trust 2013-1, 0.95%, 9/15/15 (144A) 1,998,296 47,253 0.46 NR/Baa1 Wilshire Mortgage Loan Trust, Floating Rate Note, 5/25/28 45,410 ------------- $ 153,247,016 ------------- Total Banks $ 153,559,755 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 33 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 6.0% Other Diversified Financial Services -- 1.3% 1,470,354 0.86 AA/A3 Asset Backed Securities Corp Home Equity Loan Trust Series 2005-HE2, Floating Rate Note, 2/25/35 $ 1,464,343 1,879,167 0.69 AA/A3 Asset Backed Securities Corp Home Equity Loan Trust Series OOMC 2005-HE6, Floating Rate Note, 7/25/35 1,849,440 1,495,000 NR/Aaa BMW Vehicle Lease Trust 2013-1, 0.4%, 1/20/15 1,493,874 1,750,000 AAA/Aaa Capital Auto Receivables Asset Trust/ Ally, 0.47%, 3/20/15 1,748,539 246,642 0.45 A+/Baa2 Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/25/36 (144A) 241,286 807,054 AAA/NR DT Auto Owner Trust 2013-1, 0.75%, 5/16/16 (144A) 807,138 747,562 1.08 BB+/Ba2 Ellington Loan Acquisition Trust 2007-2, Floating Rate Note, 5/25/37 (144A) 737,261 1,000,000 A+/NR First Investors Auto Owner Trust 2011-1, 7.17%, 2/15/18 (144A) 1,025,287 525,417 0.43 BBB+/Baa3 GE Seaco Finance Srl, Floating Rate Note, 11/17/20 (144A) 519,076 479,576 0.35 BB+/A2 Home Equity Asset Trust 2006-4, Floating Rate Note, 8/25/36 467,861 1,311,604 0.33 BB/Ba1 JP Morgan Mortgage Acquisition Trust 2006-ACC1, Floating Rate Note, 5/25/36 1,273,087 386,383 0.24 BB+/Ba2 JP Morgan Mortgage Acquisition Trust 2007-CH4, Floating Rate Note, 12/25/29 383,058 39,346 0.42 AA+/Aaa Nelnet Student Loan Trust 2004-3, Floating Rate Note, 1/25/21 39,352 900,980 0.34 AA+/Aaa Nelnet Student Loan Trust 2005-1, Floating Rate Note, 10/26/20 896,632 1,184,829 3.93 A/NR Newtek Small Business Loan Trust 2013-1, Floating Rate Note, 7/25/38 (144A) 1,184,829 2,004,138 0.28 NR/Aaa Nissan Auto Lease Trust, Floating Rate Note, 6/15/15 2,002,633 400,386 AAA/NR Prestige Auto Receivables Trust 2012-1, 1.23%, 12/15/15 (144A) 400,987 775,720 0.36 CCC/Caa1 RASC Series 2007-KS3 Trust, Floating Rate Note, 4/25/37 758,948 1,827,734 0.94 A+/B2 SACO I Trust 2005-8, Floating Rate Note, 11/25/35 1,809,298 364,228 1.18 A+/Baa3 Sierra Timeshare 2007-2 Receivables Funding LLC, Floating Rate Note, 9/20/19 (144A) 364,178
The accompanying notes are an integral part of these financial statements. 34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 433,333 0.43 A-/Baa1 Textainer Marine Containers, Ltd., Floating Rate Note, 5/15/20 (144A) $ 428,652 2,093,990 NR/NR VOLT XVI LLC, 4.25%, 8/25/58 (Step) (144A) 2,090,064 ------------- $ 21,985,823 ------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.5% 2,400,000 1.05 AAA/Aaa Ally Master Owner Trust, Floating Rate Note, 1/15/16 $ 2,403,706 250,000 0.98 AAA/Aaa Ally Master Owner Trust, Floating Rate Note, 2/15/17 251,222 888,000 0.62 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 10/20/17 888,996 350,000 0.75 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 2/20/17 350,940 1,190,000 0.58 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 4/20/18 1,187,114 2,000,000 0.67 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 6/20/17 2,004,260 500,000 1.08 NR/Aa2 GE Dealer Floorplan Master Note Trust, Floating Rate Note, 6/20/17 498,270 250,000 0.78 NR/Aaa GE Dealer Floorplan Master Note Trust, Floating Rate Note, 7/20/16 250,237 317,012 NR/A2 Hercules Capital Funding Trust 2012-1, 3.32%, 12/16/17 (144A) 318,597 ------------- $ 8,153,342 ------------------------------------------------------------------------------------------------------- Consumer Finance -- 3.6% 310,871 A+/NR American Credit Acceptance Receivables Trust 2012-2, 1.89%, 7/15/16 (144A) $ 311,622 796,636 A+/NR American Credit Acceptance Receivables Trust 2013-1, 1.45%, 4/16/18 (144A) 795,637 756,384 AA/NR American Credit Acceptance Receivables Trust 2013-2, 1.32%, 2/15/17 (144A) 756,395 763,510 A+/NR American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A) 762,896 2,945,000 1.43 AAA/Aaa American Express Credit Account Master Trust, Floating Rate Note, 3/15/17 2,972,350 1,090,000 0.33 AAA/NR American Express Credit Account Master Trust, Floating Rate Note, 3/15/18 1,088,758 100,000 0.30 AAA/Aaa American Express Credit Account Master Trust, Floating Rate Note, 6/15/16 100,013 3,500,000 0.23 AAA/Aaa American Express Credit Account Master Trust, Floating Rate Note, 9/15/16 3,497,946 6,150,000 0.25 AAA/Aaa BA Credit Card Trust, Floating Rate Note, 12/15/16 6,138,709
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 35 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Consumer Finance -- (continued) 3,443,000 0.24 AAA/Aaa BA Credit Card Trust, Floating Rate Note, 4/15/16 $ 3,441,943 415,000 0.21 AAA/Aaa BA Credit Card Trust, Floating Rate Note, 5/16/16 414,982 711,874 NR/Aa3 California Republic Auto Receivables Trust 2012-1, 1.18%, 8/15/17 (144A) 710,762 2,512,000 0.40 AAA/Aaa Capital One Multi-Asset Execution Trust, Floating Rate Note, 3/15/17 2,514,183 2,300,000 0.27 AAA/Aaa Capital One Multi-Asset Execution Trust, Floating Rate Note, 8/15/18 2,294,008 2,700,000 0.33 AAA/NR Chase Issuance Trust, Floating Rate Note, 10/16/17 2,697,130 1,915,000 0.28 AAA/NR Chase Issuance Trust, Floating Rate Note, 2/15/17 1,914,464 4,355,000 0.28 AAA/NR Chase Issuance Trust, Floating Rate Note, 5/16/16 4,355,405 4,741,000 0.31 AAA/NR Chase Issuance Trust, Floating Rate Note, 8/15/17 4,734,699 3,500,000 0.33 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 11/25/16 3,500,000 1,750,000 0.33 AAA/Aaa Citibank Credit Card Issuance Trust, Floating Rate Note, 12/12/16 1,750,018 660,353 AA-/A1 CPS Auto Receivables Trust 2013-B, 1.82%, 9/15/20 (144A) 659,151 625,253 AA-/A1 CPS Auto Trust, 1.82%, 12/16/19 (144A) 628,538 3,240,000 1.68 AA-/Aa2 Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 1/15/16 3,249,211 2,657,000 2.28 BBB/A1 Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 1/15/16 2,666,456 2,075,000 0.53 AAA/Aaa Ford Credit Floorplan Master Owner Trust A, Floating Rate Note, 9/15/16 2,076,046 250,000 0.58 AAA/Aaa Golden Credit Card Trust, Floating Rate Note, 10/15/15 (144A) 250,022 1,325,000 0.61 AAA/Aaa Golden Credit Card Trust, Floating Rate Note, 9/15/18 (144A) 1,325,013 1,000,000 0.48 NR/Aaa Mercedes-Benz Master Owner Trust, Floating Rate Note, 11/15/16 (144A) 1,000,000 1,359,040 NR/Aaa Nissan Auto Receivables 2013-A Owner Trust, 0.37%, 9/15/15 1,358,848 545,085 0.96 BBB+/Ba3 NovaStar Mortgage Funding Trust Series 2003-1, Floating Rate Note, 5/25/33 528,102 83,072 AA-/Baa1 Santander Consumer Acquired Receivables Trust 2011-S1, 3.15%, 8/15/16 (144A) 83,072 1,820,000 AAA/Aaa Volvo Financial Equipment LLC Series 2013-1, 0.53%, 11/16/15 (144A) 1,819,070 ------------- $ 60,395,449 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.2% 2,341,741 0.41 AA+/Aa1 Saxon Asset Securities Trust 2005-4, Floating Rate Note, 11/25/37 $ 2,284,774 1,145,383 0.35 BBB/Baa2 Triton Container Finance LLC, Floating Rate Note, 11/26/21 (144A) 1,123,768 227,906 0.32 BBB+/Baa2 Triton Container Finance LLC, Floating Rate Note, 2/26/19 (144A) 225,859 ------------- $ 3,634,401 ------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.4% 1,726,458 0.93 AAA/Aaa Chesapeake Funding LLC, Floating Rate Note, 11/7/23 (144A) $ 1,730,976 250,000 2.18 A/A1 Chesapeake Funding LLC, Floating Rate Note, 11/7/23 (144A) 251,135 2,050,000 1.43 AAA/Aaa Chesapeake Funding LLC, Floating Rate Note, 4/7/24 (144A) 2,066,656 2,000,000 0.63 NR/Aaa Chesapeake Funding LLC, Floating Rate Note, 5/7/24 (144A) 1,996,200 200,000 1.33 NR/Aa2 Chesapeake Funding LLC, Floating Rate Note, 5/7/24 (144A) 199,243 1,125,041 0.36 BBB/Baa3 CLI Funding LLC, Floating Rate Note, 8/18/21 (144A) 1,102,653 ------------- $ 7,346,863 ------------- Total Diversified Financials $ 101,515,878 ------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.2% Diversified Real Estate Activities -- 0.1% 1,808,816 1.13 A+/A2 RAAC Series 2005-RP1 Trust, Floating Rate Note, 7/25/37 (144A) $ 1,782,961 ------------------------------------------------------------------------------------------------------- Real Estate Services -- 0.1% 20,438 0.92 AAA/A1 Chase Funding Trust Series 2002-4, Floating Rate Note, 10/25/32 $ 18,837 612,235 0.37 BBB+/Ba2 HSI Asset Securitization Corp Trust 2006-OPT1, Floating Rate Note, 12/25/35 595,105 ------------- $ 613,942 ------------- Total Real Estate $ 2,396,903 ------------------------------------------------------------------------------------------------------- TOTAL ASSET BACKED SECURITIES (Cost $379,829,036) $ 380,309,830 ------------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 30.0% CAPITAL GOODS -- 0.1% Aerospace & Defense -- 0.1% 1,350,000 2.16 A-/Aaa Gulf Stream - Compass CLO 2005-I, Ltd., Floating Rate Note, 5/15/17 (144A) $ 1,326,764 ------------- Total Capital Goods $ 1,326,764 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 37 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.0%+ Hotels, Resorts & Cruise Lines -- 0.0%+ 974,930 AAA/NR Motel 6 Trust, 1.5%, 10/5/25 (144A) $ 967,412 37,318 NR/Baa3 S2 Hospitality LLC, 4.5%, 4/15/25 (144A) 37,318 ------------- $ 1,004,730 ------------- Total Consumer Services $ 1,004,730 ------------------------------------------------------------------------------------------------------- BANKS -- 14.6% Thrifts & Mortgage Finance -- 14.6% 1,400,000 NR/NR A10 Securitization 2013-1 LLC, 2.4%, 11/15/25 (144A) $ 1,393,297 594,614 2.47 AA+/Baa1 Adjustable Rate Mortgage Trust 2004-1, Floating Rate Note, 1/25/35 589,138 1,460,122 0.96 AAA/A1 Adjustable Rate Mortgage Trust 2005-2, Floating Rate Note, 6/25/35 1,423,274 1,486,803 0.46 A+/Baa2 Adjustable Rate Mortgage Trust 2005-5, Floating Rate Note, 9/25/35 1,328,590 13,137 0.58 AA+/A3 Alternative Loan Trust 2002-18, Floating Rate Note, 2/25/33 13,045 826,721 0.82 BBB+/NR Alternative Loan Trust 2003-3T1, Floating Rate Note, 5/25/33 801,339 13,496 0.73 A+/NR Alternative Loan Trust 2003-9T1, Floating Rate Note, 7/25/33 13,484 67,672 0.63 BBB+/Ba1 Alternative Loan Trust 2004-18CB, Floating Rate Note, 9/25/34 67,326 368,655 BBB+/Ba3 Alternative Loan Trust 2004-2CB, 5.125%, 3/25/34 371,288 53,345 0.58 BBB+/Ba3 Alternative Loan Trust 2004-2CB, Floating Rate Note, 3/25/34 52,564 993,244 BB+/Ba2 Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34 998,232 1,084,467 0.47 BBB+/Baa2 Alternative Loan Trust 2004-6CB, Floating Rate Note, 5/25/34 1,040,687 8,402 0.96 AAA/Aaa Alternative Loan Trust 2004-J9, Floating Rate Note, 10/25/34 8,401 198,021 2.16 BBB+/Baa1 Ares VR CLO, Ltd., Floating Rate Note, 2/24/18 (144A) 195,654 2,275,000 1.33 NR/Aaa BAMLL Commercial Mortgage Securities Trust 2012-CLRN, Floating Rate Note, 8/15/29 (144A) 2,278,180 3,035,000 2.28 NR/A2 BAMLL Commercial Mortgage Securities Trust 2012-CLRN, Floating Rate Note, 8/15/29 (144A) 3,041,868 1,021,404 0.39 A/NR Banc of America Funding 2010-R4 Trust, Floating Rate Note, 6/26/37 (144A) 1,018,271 301,705 0.28 AAA/NR Banc of America Funding 2010-R4 Trust, Floating Rate Note, 9/26/46 (144A) 301,331
The accompanying notes are an integral part of these financial statements. 38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 3,000,000 1.28 A-/Aaa Banc of America Large Loan Trust 2007-BMB1, Floating Rate Note, 8/15/29 (144A) $ 2,970,717 128,023 3.17 NR/WR Banc of America Mortgage 2003-A Trust, Floating Rate Note, 2/25/33 124,706 464,268 2.93 NR/B2 Banc of America Mortgage 2004-I Trust, Floating Rate Note, 10/25/34 455,204 877,385 2.98 NR/NR Bayview Opportunity Master Fund Trust IIB LP, Floating Rate Note, 1/28/33 (144A) 872,998 1,006,216 2.42 NR/NR BCAP LLC 2013-RR3 Trust, Floating Rate Note, 5/26/36 (144A) 1,023,890 79,329 2.73 A+/Baa3 Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 78,375 3,450,434 0.78 A+/Ba3 Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34 3,191,966 1,579,692 2.69 BBB+/Baa2 Bear Stearns ARM Trust 2003-3, Floating Rate Note, 5/25/33 1,577,553 355,190 5.41 AA+/Ba2 Bear Stearns ARM Trust 2004-1, Floating Rate Note, 4/25/34 346,209 715,840 2.21 A+/Ba2 Bear Stearns ARM Trust 2005-5, Floating Rate Note, 8/25/35 716,447 365,349 1.28 A+/Ba1 Bear Stearns Asset Backed Securities Trust 2003-AC5, Floating Rate Note, 10/25/33 340,452 638,919 AAA/Aaa Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 4.705%, 11/11/41 641,556 1,375,000 1.93 AA-/NR Boca Hotel Portfolio Trust 2013-BOCA, Floating Rate Note, 8/15/26 (144A) 1,375,025 944,677 NR/B2 Chase Mortgage Finance Trust Series 2005-S1, 5.5%, 5/25/35 959,906 2,084,503 0.38 BBB+/Baa1 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-A, Floating Rate Note, 1/25/36 (144A) 1,597,059 545,077 0.73 NR/A3 CHL Mortgage Pass-Through Trust 2003-11, Floating Rate Note, 5/25/33 529,616 1,048,632 0.68 A-/NR CHL Mortgage Pass-Through Trust 2003-15, Floating Rate Note, 6/25/18 1,034,284 104,992 0.58 A+/NR CHL Mortgage Pass-Through Trust 2003-J7, Floating Rate Note, 8/25/18 101,370 2,993,431 0.72 AA+/Baa1 CHL Mortgage Pass-Through Trust 2004-29, Floating Rate Note, 2/25/35 2,774,573 475,107 NR/Baa3 CHL Mortgage Pass-Through Trust 2004-9, 5.25%, 6/25/34 480,531 621,296 NR/Caa1 CHL Mortgage Pass-Through Trust 2005-19, 5.5%, 8/25/35 620,315
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 39 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,275,012 5.60 AAA/Aaa Citigroup Commercial Mortgage Trust 2004-C1, Floating Rate Note, 4/15/40 $ 2,309,449 13,329 0.32 AAA/Aaa Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A) 13,247 1,430,707 0.35 AA/Aaa Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A) 1,414,778 1,982,362 0.39 A/Aa2 Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A) 1,950,379 497,205 0.43 BBB/A2 Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A) 487,940 1,105,112 0.48 BB/A3 Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A) 1,040,978 2,306,317 1.19 AA+/NR Citigroup Mortgage Loan Trust 2010-7, Floating Rate Note, 9/25/37 (144A) 2,255,073 20,619 AAA/NR Citigroup Mortgage Loan Trust, Inc., 6.5%, 6/25/16 21,020 950,000 4.65 AA-/A1 City Center Trust 2011-CCHP, Floating Rate Note, 7/15/28 (144A) 962,990 1,757,604 0.78 AA+/Aaa CNL Commercial Mortgage Loan Trust 2002-1, Floating Rate Note, 10/25/28 (144A) 1,687,300 487,693 0.62 BBB+/A2 CNL Commercial Mortgage Loan Trust 2003-2, Floating Rate Note, 10/25/30 (144A) 426,420 1,218,783 5.52 AAA/Aaa COMM 2004-LNB3 Mortgage Trust, Floating Rate Note, 7/10/37 1,235,065 1,001,803 0.31 AA-/A1 COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A) 990,408 1,304,428 0.35 BBB/A1 COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A) 1,280,521 2,292,541 0.36 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A) 2,259,766 222,879 5.15 NR/A2 COMM 2011-FL1 Mortgage Trust, Floating Rate Note, 7/17/28 (144A) 225,461 2,211,211 2.12 AAA/NR Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/17/26 (144A) 2,213,531 1,600,000 5.57 A-/A3 Commercial Mortgage Trust 2003-C2, Floating Rate Note, 1/5/36 (144A) 1,607,048 900,000 0.88 AAA/Aaa Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 895,193 800,000 1.28 AA-/NR Extended Stay America Trust 2013-ESH, Floating Rate Note, 12/5/31 (144A) 793,382
The accompanying notes are an integral part of these financial statements. 40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 906,030 2.62 A+/NR First Horizon Mortgage Pass-Through Trust 2003-AR3, Floating Rate Note, 9/25/33 $ 900,760 1,538,372 0.61 A+/Aa2 GE Business Loan Trust 2003-1, Floating Rate Note, 4/15/31 (144A) 1,442,791 171,840 0.47 AA/Aa2 GE Business Loan Trust 2004-1, Floating Rate Note, 5/15/32 (144A) 165,135 1,837,644 0.40 AA-/Aa1 GE Business Loan Trust 2004-2, Floating Rate Note, 12/15/32 (144A) 1,731,540 2,632,652 0.35 A/Aa3 GE Business Loan Trust 2007-1, Floating Rate Note, 4/16/35 (144A) 2,365,869 3,931,405 NR/Aaa GE Capital Commercial Mortgage Corp., 4.893%, 3/10/40 3,953,158 2,105,354 NR/A3 GE Capital Commercial Mortgage Corp., 5.208%, 3/10/39 (144A) 2,127,841 1,329,069 5.10 NR/A3 GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/37 (144A) 1,328,250 1,347,684 0.50 A+/Baa2 Global Mortgage Securitization, Ltd., Floating Rate Note, 11/25/32 (144A) 1,251,688 219,478 AAA/Aaa GMAC Commercial Mortgage Securities, Inc. Series 2003-C3 Trust, 5.023%, 4/10/40 219,524 1,771,000 5.30 AAA/Aa3 GMAC Commercial Mortgage Securities, Inc. Series 2004-C2 Trust, Floating Rate Note, 8/10/38 1,813,656 3,547,000 AAA/NR GMAC Commercial Mortgage Securities, Inc. Series 2005-C1 Trust, 4.697%, 5/10/43 3,700,223 2,152,364 1.81 AAA/Aaa Gracechurch Mortgage Financing Plc, Floating Rate Note, 11/20/56 (144A) 2,184,499 2,300,000 1.03 NR/Aaa GS Mortgage Securities Corp II, Floating Rate Note, 11/8/29 (144A) 2,278,780 500,000 2.20 AA/NR GS Mortgage Securities Corp. II, Floating Rate Note, 3/6/20 (144A) 501,246 134,434 2.42 A+/NR GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33 133,834 925,188 3.32 AA+/Baa2 HarborView Mortgage Loan Trust 2004-1, Floating Rate Note, 4/19/34 938,662 278,871 1.31 AA+/Baa3 HarborView Mortgage Loan Trust 2004-4, Floating Rate Note, 6/19/34 276,791 975,000 1.67 AAA/Aaa Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 978,869 2,274,924 1.82 AAA/Aaa Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 2,303,986 1,676,000 1.92 AAA/Aaa Holmes Master Issuer Plc, Floating Rate Note, 10/15/54 (144A) 1,700,755 2,572,855 0.60 NR/Baa1 HomeBanc Mortgage Trust 2005-2, Floating Rate Note, 5/25/25 2,514,456
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 41 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,379,588 0.53 AA+/Aa3 Homestar Mortgage Acceptance Corp., Floating Rate Note, 6/25/34 $ 1,321,863 1,294,190 0.63 AAA/Aa2 Homestar Mortgage Acceptance Corp., Floating Rate Note, 7/25/34 1,270,577 3,029,193 0.94 AA+/A3 Impac CMB Trust Series 2003-11, Floating Rate Note, 10/25/33 2,862,227 382,554 1.08 NR/Aaa Impac CMB Trust Series 2003-8, Floating Rate Note, 10/25/33 371,745 1,922,875 0.82 BBB/Ba3 Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34 1,761,217 1,987,668 0.90 BBB/Baa2 Impac CMB Trust Series 2004-5, Floating Rate Note, 10/25/34 1,945,124 562,627 1.02 NR/Aaa Impac CMB Trust Series 2004-5, Floating Rate Note, 8/25/34 562,703 444,191 0.98 BB+/Ba1 Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34 380,019 735,871 0.96 BBB/Baa1 Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34 694,723 1,812,211 0.92 BBB+/A3 Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34 1,741,306 764,655 0.59 AAA/Aaa Impac CMB Trust Series 2004-8, Floating Rate Note, 8/25/34 755,824 463,600 1.93 BB+/Baa2 Impac CMB Trust Series 2004-8, Floating Rate Note, 8/25/34 431,268 1,191,222 0.94 B/Ba3 Impac CMB Trust Series 2004-9, Floating Rate Note, 1/25/35 1,036,414 903,237 0.98 AAA/Aaa Impac Secured Assets CMN Owner Trust, Floating Rate Note, 11/25/34 834,782 2,759,380 0.53 AAA/Aaa Impac Secured Assets Trust 2006-1, Floating Rate Note, 5/25/36 2,712,601 986,551 0.53 AAA/Aaa Impac Secured Assets Trust 2006-2, Floating Rate Note, 8/25/36 948,685 540,887 5.45 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Corp Commercial Mortgage Pass-Thr, Floating Rate Note, 5/15/41 547,022 236,442 6.45 NR/Caa1 JP Morgan Chase Commercial Mortgage Securities Corp. Pass-Through Certificates Series 2002 CIBC4, Floating Rate Note, 5/12/34 246,092 2,350,000 2.05 AA/Aa2 JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 10/15/25 (144A) 2,360,591 286,183 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2004-C1, 4.719%, 1/15/38 287,849 2,417 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC15, 5.819%, 6/12/43 2,415
The accompanying notes are an integral part of these financial statements. 42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 13,879 NR/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC17, 5.45%, 12/12/43 $ 13,858 1,268,228 0.31 NR/Aa2 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 1,258,407 696,105 0.39 NR/A2 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 678,010 267,733 0.41 NR/A3 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 255,419 167,333 0.54 NR/Ba1 JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A) 158,549 1,821,947 0.30 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9, Floating Rate Note, 5/15/47 1,819,256 200,000 0.34 AA/Aa3 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9, Floating Rate Note, 5/15/47 199,664 302,252 5.90 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC19, Floating Rate Note, 2/12/49 306,345 55,750 5.99 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11, Floating Rate Note, 6/15/49 57,075 167,814 2.08 AAA/Aaa JP Morgan Chase Commercial Mortgage Securities Trust 2011-FL1, Floating Rate Note, 11/15/28 (144A) 169,469 2,130,000 3.93 AA+/Aa1 JP Morgan Chase Commercial Mortgage Securities Trust 2011-FL1, Floating Rate Note, 11/15/28 (144A) 2,152,450 1,466,000 3.03 AA-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2013-ALC, Floating Rate Note, 7/17/26 (144A) 1,470,521 1,200,000 1.98 A-/NR JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A) 1,180,709 1,560,922 2.05 A+/Baa1 JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33 1,576,740 1,008,771 2.58 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5, Floating Rate Note, 12/25/34 1,015,288 133,383 2.78 A+/NR JP Morgan Mortgage Trust 2005-A3, Floating Rate Note, 6/25/35 133,491 301,031 2.35 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4, Floating Rate Note, 7/25/35 298,443 2,000,000 1.66 AAA/Aaa Lanark Master Issuer Plc, Floating Rate Note, 12/22/54 (144A) 2,032,240
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 43 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,250,000 0.76 AAA/Aaa Lanark Master Issuer Plc, Floating Rate Note, 12/22/54 (144A) $ 1,246,012 530,378 AAA/Aaa LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31 536,518 926,873 AAA/Aaa LB-UBS Commercial Mortgage Trust 2004-C2, 4.367%, 3/15/36 933,107 2,610,747 5.02 AAA/NR LB-UBS Commercial Mortgage Trust 2004-C6, Floating Rate Note, 8/15/29 2,671,068 227,508 AAA/Aaa LB-UBS Commercial Mortgage Trust 2005-C3, 4.664%, 7/15/30 228,937 281,596 6.32 AAA/Aaa LB-UBS Commercial Mortgage Trust 2008-C1, Floating Rate Note, 4/15/41 295,288 725,000 1.08 BBB+/Aa2 Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A) 723,912 20,992 1.03 AAA/Aaa Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A2, Floating Rate Note, 10/25/37 (144A) 20,937 1,427,513 1.13 A+/Aa1 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A) 1,416,743 2,211,066 1.23 A+/Aa1 Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3, Floating Rate Note, 10/25/37 (144A) 2,166,845 1,174,471 0.43 A+/Aa1 Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A) 984,152 1,357,801 0.40 A+/Aa2 Lehman Brothers Small Balance Commercial, Floating Rate Note, 4/25/31 (144A) 1,250,020 5,089,264 0.41 A+/Aa2 Lehman Brothers Small Balance Commercial, Floating Rate Note, 4/25/31 (144A) 4,375,169 2,261,210 0.43 A+/Aa3 Lehman Brothers Small Balance Commercial, Floating Rate Note, 9/25/30 (144A) 2,016,584 947,754 2.11 A+/Baa2 MASTR Adjustable Rate Mortgages Trust 2003-3, Floating Rate Note, 9/25/33 927,706 1,000,000 1.28 A+/B1 MASTR Adjustable Rate Mortgages Trust 2004-11, Floating Rate Note, 11/25/34 884,702 1,194,430 0.34 AA-/A2 MASTR Adjustable Rate Mortgages Trust 2007-1, Floating Rate Note, 1/25/47 1,155,868 372,409 0.58 AA+/NR MASTR Asset Securitization Trust 2003-6, Floating Rate Note, 7/25/18 367,182 172 AAA/NR MASTR Asset Securitization Trust 2004-3, 4.75%, 1/25/14 172
The accompanying notes are an integral part of these financial statements. 44 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 2,274,634 1.22 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A, Floating Rate Note, 3/25/28 $ 2,243,993 564,084 0.84 AA+/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C, Floating Rate Note, 6/25/28 562,674 2,233,924 1.11 AA+/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-C, Floating Rate Note, 6/25/28 2,202,440 2,641,723 0.80 A+/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E, Floating Rate Note, 10/25/28 2,529,838 684,352 2.12 A+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G, Floating Rate Note, 1/25/29 677,172 1,113,014 0.82 AA+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2003-H, Floating Rate Note, 1/25/29 1,092,329 260,869 0.64 A+/Baa1 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29 246,792 622,860 0.96 AA+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B, Floating Rate Note, 5/25/29 589,590 2,538,757 0.74 AA+/Baa3 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C, Floating Rate Note, 7/25/29 2,481,681 221,368 1.41 AA+/Ba1 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C, Floating Rate Note, 7/25/29 218,613 829,249 2.14 AA+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D, Floating Rate Note, 9/25/29 818,534 3,842,829 0.84 A+/Ba2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-E, Floating Rate Note, 11/25/29 3,684,228 1,972,856 0.74 A+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 1,831,278 1,256,477 1.01 A+/Baa2 Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G, Floating Rate Note, 1/25/30 1,213,715 607,206 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-2, Floating Rate Note, 10/25/35 605,672 3,184,539 0.64 AA+/Ba3 Merrill Lynch Mortgage Investors Trust Series MLCC 2005-A, Floating Rate Note, 3/25/30 3,043,509
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 45 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 1,328,492 4.95 NR/Aa3 Merrill Lynch Mortgage Trust 2004-KEY2, Floating Rate Note, 8/12/39 $ 1,366,068 90,311 5.24 AAA/NR Merrill Lynch Mortgage Trust Class A4, Floating Rate Note, 11/12/35 90,220 2,905,193 0.45 AA+/A3 Morgan Stanley Mortgage Loan Trust 2005-5AR, Floating Rate Note, 9/25/35 2,808,683 2,955,554 0.46 A+/Baa2 Morgan Stanley Mortgage Loan Trust 2005-6AR, Floating Rate Note, 11/25/35 2,775,540 829,343 0.50 A/NR Morgan Stanley Re-REMIC Trust 2010-R4, Floating Rate Note, 7/26/36 (144A) 827,168 2,399,517 0.96 AA+/Baa1 MortgageIT Trust 2004-1, Floating Rate Note, 11/25/34 2,271,021 1,933,816 0.44 A+/Baa2 MortgageIT Trust 2005-2, Floating Rate Note, 5/25/35 1,859,575 1,153,237 0.63 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R1, Floating Rate Note, 10/7/20 1,159,845 3,285,793 0.55 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R2, Floating Rate Note, 11/6/17 3,291,050 1,027,764 0.74 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3, Floating Rate Note, 12/8/20 1,032,902 318,047 0.74 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3, Floating Rate Note, 12/8/20 321,031 1,643,518 0.71 NR/Aaa NCUA Guaranteed Notes Trust 2011-C1, Floating Rate Note, 3/9/21 1,652,653 1,283,586 0.58 AA+/Aaa NCUA Guaranteed Notes Trust 2011-R3, Floating Rate Note, 3/11/20 1,285,191 453,640 0.56 AA+/NR NCUA Guaranteed Notes Trust 2011-R5, Floating Rate Note, 4/6/20 449,071 2,832,270 1.38 AAA/Aaa NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A) 2,829,427 1,000,000 4.43 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A) 1,003,414 2,784,000 2.03 NR/Aaa NorthStar 2013-1, Floating Rate Note, 8/25/29 (144A) 2,786,610 335,519 0.48 AAA/Aa2 Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates 2005-1, Floating Rate Note, 2/25/35 332,594 510,090 0.43 BB+/B2 Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates 2005-5, Floating Rate Note, 12/25/35 493,876 426,511 0.44 AA+/A1 Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates Series 20, Floating Rate Note, 7/25/35 425,354 1,000,000 0.53 NR/NR Pepper Residential Securities Trust, Floating Rate Note, 7/24/14 (144A) 1,000,000 2,699,090 1.58 B-/Ba3 RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 2,408,427
The accompanying notes are an integral part of these financial statements. 46 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 446,774 0.58 BBB+/NR Residential Asset Securitization Trust 2003-A2, Floating Rate Note, 5/25/33 $ 404,262 2,100,000 0.53 NR/NR Resimac MBS Trust, Floating Rate Note, 3/7/14 (144A) 2,100,566 1,750,000 0.46 NR/NR Resimac MBS Trust, Floating Rate Note, 6/7/14 1,750,000 1,085,912 2.65 A+/B2 SASCO Mortgage Pass-Through Certificates Series 2004-S4, Floating Rate Note, 12/25/34 1,092,398 181,674 0.94 AA+/A3 Sequoia Mortgage Trust 10, Floating Rate Note, 10/20/27 176,908 630,681 1.11 AA+/Ba1 Sequoia Mortgage Trust 2003-2, Floating Rate Note, 6/20/33 615,373 275,491 0.80 AA+/Baa3 Sequoia Mortgage Trust 2003-5, Floating Rate Note, 9/20/33 267,974 471,354 0.50 A+/Baa3 Sequoia Mortgage Trust 2004-10, Floating Rate Note, 11/20/34 464,111 1,116,221 0.45 A/Baa3 Sequoia Mortgage Trust 2004-12, Floating Rate Note, 1/20/35 1,008,575 161,415 0.70 AA/Baa3 Sequoia Mortgage Trust 2004-12, Floating Rate Note, 1/20/35 151,008 271,992 1.75 AA+/Ba1 Sequoia Mortgage Trust 2004-7, Floating Rate Note, 8/20/34 272,761 4,001,490 0.41 AA+/Baa3 Sequoia Mortgage Trust 2005-1, Floating Rate Note, 2/20/35 3,847,301 471,481 0.40 BBB+/Ba3 Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35 422,124 250,901 0.90 AA+/A2 Sequoia Mortgage Trust 4, Floating Rate Note, 11/22/24 249,280 65,815 0.31 AAA/Aaa Series 2007-1G WST Trust, Floating Rate Note, 5/21/38 (144A) 65,660 158,164 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25 (144A) 158,419 143,992 0.38 AAA/Aaa SMHL Global Fund 2007-1, Floating Rate Note, 6/12/40 142,497 779,073 1.57 AAA/NR Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/25/59 (144A) 771,528 2,495,000 1.48 AAA/NR Starwood Property Mortgage Trust 2013-FV1, Floating Rate Note, 8/11/28 (144A) 2,493,189 994,138 0.88 AA+/Baa2 Structured Asset Mortgage Investments II Trust 2004-AR1, Floating Rate Note, 3/19/34 963,668 1,244,463 0.84 AA+/Baa1 Structured Asset Mortgage Investments II Trust 2004-AR5, Floating Rate Note, 10/19/34 1,220,201 2,341,756 1.08 AA+/Baa2 Structured Asset Mortgage Investments Trust 2002-AR5, Floating Rate Note, 5/19/33 2,215,168
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 47 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 295,663 2.66 A+/Baa3 Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33 $ 297,712 610,990 1.12 AA/NR Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 1998-8, Floating Rate Note, 8/25/28 602,034 425,300 2.62 AA+/Baa3 Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Floating Rate Note, 6/25/33 423,786 1,134,348 2.47 A+/Ba2 Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-24A, Floating Rate Note, 7/25/33 1,111,164 218,561 0.68 A+/Baa3 Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-35, Floating Rate Note, 12/25/33 211,950 515,009 0.83 NR/NR Structured Asset Securities Corp. Reverse Mortgage Loan Trust 2002-RM1, Floating Rate Note, 10/25/37 (144A) 505,352 684,255 0.48 B-/Ba3 Structured Asset Securities Corp. Trust 2005-14, Floating Rate Note, 7/25/35 611,243 368,159 1.78 AA+/Baa3 Thornburg Mortgage Securities Trust Class II2A, Floating Rate Note, 3/25/44 365,482 78,877 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C18, 4.79%, 4/15/42 78,922 2,407,637 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C18, 4.935%, 4/15/42 2,516,356 7,977 5.09 AAA/Aaa Wachovia Bank Commercial Mortgage Trust Series 2005-C20, Floating Rate Note, 7/15/42 7,995 1,849,635 0.26 A+/Aaa Wachovia Bank Commercial Mortgage Trust Series 2007-WHALE 8, Floating Rate Note, 6/15/20 (144A) 1,825,673 243,688 2.45 A+/Baa2 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/33 244,772 607,565 2.43 BBB+/NR WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/35 614,935 531,767 2.49 A+/Ba2 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 2/25/33 523,544 97,116 0.58 NR/A2 WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 3/25/34 96,334 1,156,985 BB+/Ba2 Wells Fargo Mortgage Backed Securities 2005-9 Trust, 5.5%, 10/25/35 1,157,348
The accompanying notes are an integral part of these financial statements. 48 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- (continued) 63,027 4.98 NR/Ba2 Wells Fargo Mortgage Backed Securities 2005-AR6 Trust, Floating Rate Note, 4/25/35 $ 64,370 1,362,299 4.96 BBB+/Ba3 Wells Fargo Mortgage Backed Securities Trust, Floating Rate Note, 8/25/34 1,390,054 ------------- $ 245,696,661 ------------- Total Banks $ 245,696,661 ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 3.4% Other Diversified Financial Services -- 2.4% 625,636 0.92 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13, Floating Rate Note, 11/25/34 $ 612,180 1,240,412 0.88 A+/Baa2 Bear Stearns ALT-A Trust 2004-8, Floating Rate Note, 9/25/34 1,188,239 171,560 0.68 AAA/Baa1 Bear Stearns ALT-A Trust 2005-2, Floating Rate Note, 3/25/35 167,001 452,584 2.91 BBB+/B3 Bear Stearns ARM Trust 2004-3, Floating Rate Note, 7/25/34 442,874 143,475 0.51 AA+/Ba1 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-1, Floating Rate Note, 1/25/35 (144A) 128,475 71,126 0.48 A+/Ba2 Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3, Floating Rate Note, 8/25/35 (144A) 61,048 27,514 NR/Baa3 Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-4, 5.0%, 7/25/20 28,800 228,378 5.95 AAA/Aaa Credit Suisse Commercial Mortgage Trust Series 2007-C4, Floating Rate Note, 9/15/39 228,928 3,167,789 0.30 AA/Aaa Credit Suisse First Boston Mortgage Securities Corp Series 2007-TFL1, Floating Rate Note, 2/15/22 (144A) 3,146,780 2,858,309 0.35 AAA/A1 Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/15/21 (144A) 2,846,241 2,073,210 0.32 AAA/Aaa Crusade Global Trust, Floating Rate Note, 11/15/37 2,023,704 2,267,365 0.33 AAA/Aaa Crusade Global Trust, Floating Rate Note, 4/19/38 2,228,442 748,506 0.35 AAA/Aaa Crusade Global Trust, Floating Rate Note, 8/14/37 742,805 1,460,000 1.48 AA-/NR Del Coronado Trust 2013-DEL, Floating Rate Note, 3/15/26 (144A) 1,455,240 892,167 0.53 NR/NR Fannie Mae Trust 2003-W6, Floating Rate Note, 9/25/42 882,126
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 49 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 2,024,727 0.43 AA/Aa3 GE Business Loan Trust 2005-1, Floating Rate Note, 6/15/33 (144A) $ 1,893,758 1,700,045 0.36 A/Aa3 GE Business Loan Trust 2006-2, Floating Rate Note, 11/15/34 (144A) 1,545,546 854,714 0.38 BB+/Baa2 Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36 773,318 599,508 0.30 AAA/Aaa Medallion Trust Series 2007-1G, Floating Rate Note, 2/27/39 597,650 54,853 2.53 A+/NR Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A2, Floating Rate Note, 2/25/35 54,823 1,750,018 AAA/NR Morgan Stanley Capital I Trust 2004-HQ4, 4.97%, 4/14/40 1,788,059 1,665,405 5.11 AAA/NR Morgan Stanley Capital I Trust 2004-IQ8, Floating Rate Note, 6/15/40 1,699,251 484,623 NR/Aaa Morgan Stanley Capital I Trust 2004-TOP13, 4.66%, 9/13/45 484,939 59,285 AAA/NR Morgan Stanley Capital I Trust 2005-HQ6, 4.882%, 8/13/42 59,361 889,222 0.28 AA+/Aaa Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A) 878,585 1,750,000 0.31 A+/Aa1 Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A) 1,726,690 1,450,708 NR/NR ORES NPL 2013-LV2 LLC, 3.081%, 9/25/25 (144A) 1,450,841 611,368 NR/Baa3 ORES NPL LLC, 4.0%, 9/25/44 (144A) 610,225 166,629 0.73 NR/Baa3 RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17 158,045 153,576 0.68 BB-/Ba1 RALI Series 2003-QS11 Trust, Floating Rate Note, 6/25/33 144,240 1,091,763 0.63 BB/NR RALI Series 2003-QS22 Trust, Floating Rate Note, 12/26/33 996,867 1,687,035 0.63 AA+/NR RALI Series 2003-QS5 Trust, Floating Rate Note, 3/25/18 1,654,440 160,108 BBB+/Ba1 RALI Series 2004-QS1 Trust, 4.25%, 1/25/34 160,456 166,766 0.73 BBB+/Ba1 RALI Series 2004-QS1 Trust, Floating Rate Note, 1/25/34 164,590 67,028 NR/B3 RALI Series 2004-QS16 Trust, 5.5%, 12/25/34 68,958 414,661 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%, 4/25/34 429,377 337,777 0.78 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating Rate Note, 4/25/34 326,824 544,000 1.06 AA+/Aa1 Stanfield Bristol CLO, Ltd., Floating Rate Note, 10/15/19 (144A) 532,797
The accompanying notes are an integral part of these financial statements. 50 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 597,329 2.93 BB/Ba2 Structured Adjustable Rate Mortgage Loan Trust Class 1A1, Floating Rate Note, 3/25/34 $ 594,574 510,622 5.28 BBB+/Ba2 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34 505,323 521,575 2.38 A+/Baa1 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 3/25/34 521,721 90,074 0.58 AAA/A1 Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 6/25/35 89,467 1,752,040 NR/NR Vericrest Opportunity Loan Transferee, 2.487%, 2/26/52 (144A) 1,755,334 957,720 2.73 NR/NR Vericrest Opportunity Loan Transferee, Floating Rate Note, 11/25/60 (144A) 959,573 1,302,912 NR/NR VOLT XV LLC, 3.222%, 5/27/53 (Step) (144A) 1,278,158 ------------- $ 40,086,673 ------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.3% 1,046,355 1.67 AAA/Aaa Fosse Master Issuer Plc, Floating Rate Note, 10/18/54 (144A) $ 1,053,818 1,000,000 1.67 AAA/Aaa Fosse Master Issuer Plc, Floating Rate Note, 10/18/54 (144A) 1,004,160 213,418 2.66 AAA/Aaa Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AR4, Floating Rate Note, 12/25/34 215,389 136,292 BBB/B2 Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-WF1, 4.786%, 3/25/35 139,116 500,000 1.67 AAA/Aaa Permanent Master Issuer Plc, Floating Rate Note, 7/15/42 (144A) 501,485 2,500,000 1.77 AAA/Aaa Permanent Master Issuer Plc, Floating Rate Note, 7/15/42 (144A) 2,500,973 631,000 1.87 AAA/Aaa Permanent Master Issuer Plc, Floating Rate Note, 7/15/42 (144A) 645,182 ------------- $ 6,060,123 ------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.4% 1,172,874 0.53 NR/NR Freddie Mac Strips, Floating Rate Note, 12/15/36 $ 1,171,820 827,336 0.58 NR/NR Freddie Mac Strips, Floating Rate Note, 5/15/36 827,377 845,199 0.43 NR/NR Freddie Mac Strips, Floating Rate Note, 8/15/36 840,151 3,653,823 0.48 NR/NR Freddie Mac Strips, Floating Rate Note, 8/15/36 3,643,771 ------------- $ 6,483,119 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 51 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.3% 6,810 AAA/NR Banc of America Merrill Lynch Commercial Mortgage, Inc., 4.512%, 12/10/42 $ 6,831 1,568,402 5.74 AAA/Aaa Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 6/10/39 1,588,308 329,625 AAA/NR Bear Stearns Commercial Mortgage Securities Trust 2004-PWR3, 4.715%, 2/11/41 331,310 3,058,541 5.20 AAA/Aaa Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14, Floating Rate Note, 1/12/41 3,085,278 ------------- $ 5,011,727 ------------- Total Diversified Financials $ 57,641,642 ------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.3% Mortgage REIT's -- 0.1% 474,052 AAA/Aaa Credit Suisse First Boston Mortgage Securities Corp., 4.691%, 10/15/39 $ 485,251 24,299 1.53 AA+/A3 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/25/33 24,249 352,836 0.92 AAA/Baa1 Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/34 339,969 ------------- $ 849,469 ------------------------------------------------------------------------------------------------------- Diversified Real Estate Activities -- 0.2% 994,248 0.66 AA+/Baa1 Mellon Residential Funding Corp. Mortgage Pass-Through Trust Series 2000 TBC2, Floating Rate Note, 6/15/30 $ 983,651 840,367 0.62 B+/Baa1 Mellon Residential Funding Corp. Mortgage Pass-Through Trust Series 2000-TBC3, Floating Rate Note, 12/15/30 812,289 2,010,618 NR/Baa3 RREF 2013 LT2 LLC, 2.833%, 5/22/28 (144A) 2,009,186 ------------- $ 3,805,126 ------------------------------------------------------------------------------------------------------- Real Estate Services -- 0.0%+ 671,184 2.49 NR/A3 Bear Stearns Mortgage Securities, Inc., Floating Rate Note, 6/25/30 $ 678,092 ------------- Total Real Estate $ 5,332,687 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 52 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------ Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- GOVERNMENT -- 11.6% Government -- 11.6% 1,203,746 NR/Aaa DBRR 2012- EZ1 Trust, 0.946%, 9/25/45 (144A) $ 1,203,195 812,736 0.51 AAA/Aaa Fannie Mae REMIC Trust 2007-W3, Floating Rate Note, 4/25/37 810,394 461,532 AAA/Aaa Fannie Mae REMICS, 4.0%, 6/25/37 466,536 244,020 AAA/Aaa Fannie Mae REMICS, 4.5%, 1/25/38 246,541 115,574 AAA/Aaa Fannie Mae REMICS, 4.5%, 1/25/39 120,051 497,499 AAA/Aaa Fannie Mae REMICS, 5.5%, 5/25/30 504,150 30,415 AAA/Aaa Fannie Mae REMICS, 6.0%, 3/25/27 30,771 171,552 AAA/Aaa Fannie Mae REMICS, 6.0%, 3/25/35 178,943 348,018 0.83 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 1/18/32 350,737 542,591 0.88 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 1/25/32 547,771 648,845 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 1/25/33 652,371 602,081 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 1/25/40 606,726 916,728 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/25/35 916,393 48,014 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/25/35 47,960 2,252,154 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/25/36 2,258,487 195,617 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/25/37 196,398 874,111 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/25/37 881,571 1,047,885 1.40 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/25/38 1,061,481 2,382,000 0.38 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 10/27/37 2,383,722 2,727,825 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/18/32 2,780,682 620,658 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/25/31 624,469 546,179 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/25/31 546,263 1,076,811 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/25/33 1,078,777 1,144,547 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/25/34 1,145,447 497,228 0.50 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/25/36 497,771
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 53 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 3,090,694 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 11/25/40 $ 3,145,755 142,071 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/23 142,827 480,120 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/23 487,643 118,564 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/30 119,154 1,722,637 1.08 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/31 1,750,837 580,010 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/32 584,568 431,999 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/32 434,139 547,327 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/35 547,207 396,464 0.42 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/36 395,386 1,391,809 0.80 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/37 1,398,983 319,380 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/38 319,688 437,384 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 12/25/49 439,116 31,217 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/17 31,240 508,421 0.93 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/33 514,172 1,178,907 0.53 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/33 1,177,175 1,083,530 0.51 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/35 1,083,024 1,628,443 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/37 1,623,794 829,034 0.38 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/37 824,147 482,678 0.88 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/38 484,020 859,579 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 2/25/38 859,173 255,051 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/23 255,278 737,346 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/24 742,565 419,185 0.46 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/28 420,560
The accompanying notes are an integral part of these financial statements. 54 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 1,567,766 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/34 $ 1,570,277 1,749,304 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/35 1,746,463 283,170 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/35 283,134 141,167 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/36 141,148 291,381 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/36 292,128 359,392 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/37 366,954 1,202,469 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/37 1,200,111 718,240 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 3/25/37 716,314 150,933 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/25 151,184 201,066 0.83 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/30 202,134 2,596,610 1.08 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/32 2,642,673 346,002 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/33 347,532 956,821 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/37 954,481 268,630 0.41 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/37 267,991 530,474 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 4/25/42 533,429 552,141 0.69 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/33 552,446 1,194,898 0.53 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/36 1,191,326 1,974,203 0.49 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/36 1,969,556 1,621,208 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/37 1,617,582 355,730 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/40 358,189 1,951,041 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/40 1,952,749 1,502,534 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/40 1,507,300 5,180,557 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 5/25/41 5,154,462
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 55 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 259,178 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/23 $ 259,662 1,244,613 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/36 1,249,650 1,107,369 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/36 1,103,587 1,354,895 0.42 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/37 1,349,736 2,429,695 0.38 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/37 2,418,499 1,756,352 0.44 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/37 1,748,559 109,089 0.41 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/37 108,815 512,533 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/37 511,192 159,127 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 6/25/37 159,615 47,052 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/18/27 47,095 600,683 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/31 604,993 410,281 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/31 413,639 267,308 1.18 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/32 272,978 615,646 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/34 616,669 186,104 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/34 186,726 2,473,170 0.48 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/35 2,470,210 1,047,962 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/35 1,048,813 379,299 0.47 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/36 378,986 1,697,505 0.66 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/36 1,700,944 385,317 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 7/25/37 386,546 297,932 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 8/25/31 299,580 124,996 0.78 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 8/25/32 125,931 31,622 0.58 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 8/25/33 31,635
The accompanying notes are an integral part of these financial statements. 56 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 357,471 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 8/25/36 $ 356,799 57,403 0.98 AA+/NR Fannie Mae REMICS, Floating Rate Note, 9/25/20 57,714 110,845 1.08 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/21 112,019 527,298 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/32 530,132 577,318 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/32 577,782 2,916,129 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/33 2,930,147 1,425,401 0.75 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/36 1,423,027 445,218 0.43 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/36 445,148 1,581,608 0.68 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/37 1,588,208 606,147 0.63 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/37 608,868 577,938 0.75 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/37 581,854 347,071 0.73 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/37 349,092 57,835 0.93 AAA/Aaa Fannie Mae REMICS, Floating Rate Note, 9/25/38 57,901 154,239 2.67 AAA/Aaa Fannie Mae Trust 2005-W3, Floating Rate Note, 4/25/45 164,083 268,332 2.24 AAA/Aaa Fannie Mae Trust 2005-W4, Floating Rate Note, 6/25/35 274,268 1,131,322 0.44 AAA/Aaa Fannie Mae Whole Loan, Floating Rate Note, 11/25/46 1,127,725 18,451 AAA/Aaa Freddie Mac REMICS, 3.5%, 11/15/22 18,599 1,228,551 AAA/Aaa Freddie Mac REMICS, 3.5%, 6/15/28 1,262,099 184,545 AAA/Aaa Freddie Mac REMICS, 4.0%, 1/15/24 189,039 78,988 AAA/Aaa Freddie Mac REMICS, 4.0%, 11/15/23 81,329 335,541 AAA/Aaa Freddie Mac REMICS, 4.0%, 12/15/22 340,680 79,559 AAA/Aaa Freddie Mac REMICS, 5.0%, 12/15/32 80,791 487,489 AAA/Aaa Freddie Mac REMICS, 5.0%, 6/15/34 502,492 51,224 AAA/Aaa Freddie Mac REMICS, 5.0%, 7/15/32 51,739 44,396 AAA/Aaa Freddie Mac REMICS, 5.5%, 5/15/33 44,844 769,089 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 1/15/33 769,898 513,090 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 1/15/36 513,130
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 57 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 5,865,080 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 1/15/37 $ 5,888,541 225,755 0.33 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 10/15/20 225,403 146,367 1.13 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 10/15/31 149,169 1,316,128 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 10/15/35 1,313,056 2,049,663 0.76 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 10/15/37 2,057,620 1,148,474 0.80 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 10/15/37 1,154,228 327,571 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/18 328,011 226,936 0.78 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/31 228,557 382,459 1.18 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/33 391,325 255,717 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/35 255,836 1,426,977 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/36 1,427,031 721,335 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/36 721,365 316,942 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/36 316,217 2,418,245 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/37 2,413,515 849,632 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 11/15/40 852,071 225,525 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/20 227,041 622,629 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/28 624,629 302,320 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/32 301,801 35,294 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/32 35,295 45,477 0.68 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/32 45,749 1,132,017 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/32 1,133,233 516,490 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/32 517,062 840,304 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/34 838,627
The accompanying notes are an integral part of these financial statements. 58 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 1,442,352 0.46 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/36 $ 1,439,277 1,160,919 0.88 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/39 1,167,784 831,515 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 12/15/41 831,128 587,475 0.41 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/19 587,585 693,717 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/25 696,380 355,698 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/29 355,483 1,172,584 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/30 1,171,734 629,136 0.73 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/33 631,518 969,644 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/33 967,817 630,972 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/36 630,719 1,054,069 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/36 1,054,846 2,434,362 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/37 2,430,842 826,821 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 2/15/39 829,094 2,021,008 1.23 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/24 2,054,513 230,296 0.88 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/32 232,335 1,038,114 1.18 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/32 1,058,053 1,503,826 1.18 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/32 1,535,264 1,626,572 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/36 1,627,000 2,993,140 0.45 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/37 2,983,685 770,109 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/38 769,600 402,421 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/39 401,402 4,858,731 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/41 4,834,540 929,799 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 3/15/41 928,872
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 59 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 499,250 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 4/15/35 $ 498,739 988,561 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 4/15/36 987,528 172,767 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/29 172,712 332,918 1.68 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/33 342,774 1,081,496 0.52 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/35 1,081,162 1,245,388 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/35 1,244,323 601,575 0.52 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/37 601,162 406,093 1.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/37 411,922 155,642 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 5/15/41 155,696 213,302 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/23 214,663 248,054 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/31 248,158 776,568 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/33 776,273 828,672 0.60 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/36 830,716 3,314,412 0.49 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/36 3,308,722 1,474,773 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/38 1,476,335 1,144,976 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 6/15/40 1,143,975 473,720 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/21 473,309 966,361 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/23 970,220 873,506 0.42 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/34 873,150 1,696,783 0.68 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/36 1,703,757 80,310 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/36 80,365 1,738,628 0.38 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/36 1,732,360 811,154 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 7/15/40 807,306
The accompanying notes are an integral part of these financial statements. 60 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 631,579 0.38 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/26 $ 634,346 1,724,527 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/31 1,740,598 2,239,836 0.63 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/33 2,253,356 1,284,642 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/35 1,283,342 601,721 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/35 601,250 1,528,107 0.43 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/36 1,524,056 865,731 0.53 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 8/15/40 862,875 1,018,587 0.48 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 9/15/26 1,020,683 394,967 0.78 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 9/15/32 398,121 514,421 0.60 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 9/15/36 515,397 426,353 0.58 AAA/Aaa Freddie Mac REMICS, Floating Rate Note, 9/15/36 426,895 147,344 AAA/Aaa Government National Mortgage Association, 4.5%, 11/20/34 150,663 290,025 AAA/Aaa Government National Mortgage Association, 4.5%, 5/20/33 293,407 1,610,901 AAA/Aaa Government National Mortgage Association, 5.75%, 8/20/36 1,639,298 1,367,464 0.39 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 1/16/33 1,372,582 1,575,415 0.43 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 1/16/35 1,568,622 411,543 0.43 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 1/20/33 412,166 314,532 0.68 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 1/20/37 314,759 565,764 0.86 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 10/16/39 574,961 993,710 0.58 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 10/20/38 996,343
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 61 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Government -- (continued) 1,544,452 0.43 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 2/20/35 $ 1,540,028 394,001 0.58 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 2/20/38 395,250 687,459 0.48 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 4/16/29 692,499 301,236 0.73 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 4/16/32 304,160 1,264,133 0.58 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 5/16/38 1,270,198 308,808 0.68 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 6/16/31 311,444 2,141,231 0.43 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 7/20/41 2,139,226 740,865 1.18 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 8/16/39 752,108 848,395 0.58 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 8/20/35 849,634 676,783 0.68 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 8/20/38 682,865 962,756 0.43 AAA/Aaa Government National Mortgage Association, Floating Rate Note, 9/16/31 967,770 ------------- $ 195,460,170 ------------- Total Government $ 195,460,170 ------------------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $505,691,921) $ 506,462,654 ------------------------------------------------------------------------------------------------------- CORPORATE BONDS -- 23.3% ENERGY -- 0.3% Integrated Oil & Gas -- 0.2% 3,355,000 0.65 AA-/Aa1 Total Capital Canada, Ltd., Floating Rate Note, 1/15/16 $ 3,371,070 ------------------------------------------------------------------------------------------------------- Oil & Gas Storage & Transportation -- 0.1% 1,650,000 0.90 NR/Baa1 Enbridge, Inc., Floating Rate Note, 10/1/16 $ 1,651,462 ------------- Total Energy $ 5,022,532 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 62 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- MATERIALS -- 0.3% Diversified Metals & Mining -- 0.2% 1,650,000 0.50 A+/A1 BHP Billiton Finance USA, Ltd., Floating Rate Note, 9/30/16 $ 1,650,988 1,130,000 1.09 A-/A3 Rio Tinto Finance USA Plc, Floating Rate Note, 6/17/16 1,135,482 ------------- $ 2,786,470 ------------------------------------------------------------------------------------------------------- Steel -- 0.1% 1,800,000 1.42 BBB/Baa2 Glencore Funding LLC, Floating Rate Note, 5/27/16 (144A) $ 1,762,636 ------------- Total Materials $ 4,549,106 ------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.1% Aerospace & Defense -- 0.1% 2,372,000 0.53 A/A2 United Technologies Corp., Floating Rate Note, 12/2/13 $ 2,373,352 ------------- Total Capital Goods $ 2,373,352 ------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.1% Railroads -- 0.1% 1,500,000 BBB/Baa2 CSX Corp., 5.3%, 2/15/14 $ 1,524,676 ------------- Total Transportation $ 1,524,676 ------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.6% Auto Parts & Equipment -- 0.1% 2,342,000 0.68 BBB+/Baa1 Johnson Controls, Inc., Floating Rate Note, 2/4/14 $ 2,345,007 ------------------------------------------------------------------------------------------------------- Automobile Manufacturers -- 0.5% 1,500,000 A-/A3 Daimler Finance North America LLC, 1.3%, 7/31/15 (144A) $ 1,506,630 300,000 1.05 A-/A3 Daimler Finance North America LLC, Floating Rate Note, 4/10/14 (144A) 300,962 1,500,000 0.94 A-/A3 Daimler Finance North America LLC, Floating Rate Note, 8/1/16 (144A) 1,503,375 1,500,000 0.95 BBB+/A3 Nissan Motor Acceptance Corp., Floating Rate Note, 9/26/16 (144A) 1,502,451 1,500,000 A-/A3 Volkswagen International Finance NV, 1.875%, 4/1/14 (144A) 1,509,675 1,000,000 0.86 A-/A3 Volkswagen International Finance NV, Floating Rate Note, 11/20/14 (144A) 1,004,655 300,000 1.00 A-/A3 Volkswagen International Finance NV, Floating Rate Note, 3/21/14 (144A) 300,894 ------------- $ 7,628,642 ------------- Total Automobiles & Components $ 9,973,649 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 63 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.1% Education Services -- 0.1% 1,500,000 AA/Aa1 Cornell University, 4.35%, 2/1/14 $ 1,518,166 ------------- Total Consumer Services $ 1,518,166 ------------------------------------------------------------------------------------------------------- MEDIA -- 0.2% Broadcasting -- 0.2% 2,694,000 0.81 A-/A3 NBCUniversal Enterprise, Inc., Floating Rate Note, 4/15/16 (144A) $ 2,707,551 1,500,000 A-/A3 NBCUniversal Media LLC, 2.1%, 4/1/14 1,512,120 ------------- $ 4,219,671 ------------- Total Media $ 4,219,671 ------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.6% Brewers -- 0.3% 2,300,000 A/A3 Anheuser-Busch InBev Worldwide, Inc., 1.5%, 7/14/14 $ 2,320,150 1,500,000 0.81 A/A3 Anheuser-Busch InBev Worldwide, Inc., Floating Rate Note, 1/27/14 1,502,824 2,000,000 0.63 A/A3 Anheuser-Busch InBev Worldwide, Inc., Floating Rate Note, 7/14/14 2,004,052 ------------- $ 5,827,026 ------------------------------------------------------------------------------------------------------- Soft Drinks -- 0.1% 551,000 BBB/A3 Coca-Cola Enterprises, Inc., 2.125%, 9/15/15 $ 563,213 860,000 0.47 A-/A1 PepsiCo, Inc., Floating Rate Note, 2/26/16 860,424 850,000 0.24 AA-/Aa3 The Coca-Cola Co., Floating Rate Note, 3/5/15 849,564 ------------- $ 2,273,201 ------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.1% 1,500,000 0.56 BBB+/A2 Campbell Soup Co., Floating Rate Note, 8/1/14 $ 1,501,474 ------------------------------------------------------------------------------------------------------- Tobacco -- 0.1% 1,500,000 0.31 A/A2 Philip Morris International, Inc., Floating Rate Note, 2/26/15 $ 1,499,480 ------------- Total Food, Beverage & Tobacco $ 11,101,181 ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.1% Health Care Equipment -- 0.1% 895,000 0.43 A/A3 Baxter International, Inc., Floating Rate Note, 12/11/14 $ 895,355 ------------------------------------------------------------------------------------------------------- Health Care Services -- 0.0%+ 708,000 BBB+/Baa3 Express Scripts Holding Co., 2.1%, 2/12/15 $ 719,300 ------------- Total Health Care Equipment & Services $ 1,614,655 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 64 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- BANKS -- 5.6% Diversified Banks -- 3.0% 250,000 2.26 A/Aa3 Banco Santander Chile, Floating Rate Note, 2/14/14 (144A) $ 250,839 250,000 1.31 A+/Aa2 Bank of Nova Scotia, Floating Rate Note, 1/12/15 252,849 1,500,000 0.79 A+/Aa2 Bank of Nova Scotia, Floating Rate Note, 7/15/16 1,505,388 1,650,000 0.75 AA-/Aa2 Commonwealth Bank of Australia, Floating Rate Note, 10/28/13 (144A) 1,650,551 1,575,000 0.73 AA-/Aa2 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, Floating Rate Note, 3/18/16 1,576,564 1,000,000 NR/A2 HSBC Bank Middle East, Ltd., 3.0%, 10/21/15 1,023,800 4,619,000 1.07 AA-/Aa3 HSBC Bank Plc, Floating Rate Note, 1/17/14 (144A) 4,629,157 4,340,000 1.17 AA-/Aa3 Nordea Bank AB, Floating Rate Note, 1/14/14 (144A) 4,350,876 2,500,000 0.72 AA-/Aa3 Nordea Bank AB, Floating Rate Note, 5/13/16 (144A) 2,507,860 2,700,000 0.96 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 10/30/14 2,719,802 2,000,000 0.57 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 4/17/14 2,003,316 2,000,000 0.71 AA-/Aa3 Royal Bank of Canada, Floating Rate Note, 9/9/16 2,007,020 1,500,000 0.94 A+/Aa3 Sumitomo Mitsui Banking Corp., Floating Rate Note, 7/19/16 1,509,138 1,500,000 1.03 A+/A1 Sumitomo Mitsui Trust Bank, Ltd., Floating Rate Note, 9/16/16 (144A) 1,507,432 1,275,000 0.70 AA-/Aa3 Svenska Handelsbanken AB, Floating Rate Note, 3/21/16 1,277,896 1,000,000 0.72 AA-/Aa3 Svenska Handelsbanken AB, Floating Rate Note, 9/23/16 1,001,475 1,100,000 AA-/Aa1 The Toronto-Dominion Bank, 1.375%, 7/14/14 1,109,366 1,500,000 0.72 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 11/1/13 1,500,810 1,000,000 0.45 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 5/1/15 999,716 1,200,000 0.57 AA-/Aa1 The Toronto-Dominion Bank, Floating Rate Note, 7/14/14 1,202,695 1,555,000 A+/A1 US Bancorp, 4.2%, 5/15/14 1,592,444 1,983,000 0.60 A/A3 Wachovia Corp., Floating Rate Note, 10/28/15 1,974,503 1,040,000 A/A3 Wells Fargo & Co., 4.95%, 10/16/13 1,041,738
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 65 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Diversified Banks -- (continued) 2,503,000 0.46 A+/A2 Wells Fargo & Co., Floating Rate Note, 10/28/15 $ 2,497,949 3,175,000 1.17 A+/A2 Wells Fargo & Co., Floating Rate Note, 6/26/15 3,210,525 1,500,000 0.79 A+/A2 Wells Fargo & Co., Floating Rate Note, 7/20/16 1,505,424 1,935,000 0.99 A-/Aa2 Westpac Banking Corp., Floating Rate Note, 12/9/13 1,937,765 500,000 1.07 NR/Aaa Westpac Banking Corp., Floating Rate Note, 7/17/15 (144A) 505,021 1,000,000 0.56 A-/Aa2 Westpac Banking Corp., Floating Rate Note, 9/26/14 998,654 ------------- $ 49,850,573 ------------------------------------------------------------------------------------------------------- Regional Banks -- 2.4% 1,500,000 A-/A2 BB&T Corp., 2.05%, 4/28/14 $ 1,511,674 3,863,000 0.96 A-/A2 BB&T Corp., Floating Rate Note, 4/28/14 3,874,925 1,000,000 0.57 A-/A2 Branch Banking & Trust Co., Floating Rate Note, 9/13/16 987,656 1,900,000 0.70 BBB+/A3 Capital One NA, Floating Rate Note, 3/22/16 1,897,811 6,101,000 A/A1 Credit Suisse New York NY, 5.5%, 5/1/14 6,281,193 1,000,000 0.67 BBB/Baa2 Fifth Third Bancorp, Floating Rate Note, 12/20/16 982,197 2,600,000 0.67 A-/A3 Fifth Third Bank Cincinnati Ohio, Floating Rate Note, 2/26/16 2,596,917 1,000,000 0.41 A+/Aa3 Mellon Funding Corp., Floating Rate Note, 5/15/14 1,001,057 2,100,000 0.60 A-/A3 National City Bank Cleveland Ohio, Floating Rate Note, 12/15/16 2,069,836 2,250,000 0.57 A/A2 PNC Bank NA, Floating Rate Note, 1/28/16 2,248,009 1,150,000 0.58 A/A2 PNC Bank NA, Floating Rate Note, 4/29/16 1,147,682 1,000,000 A-/A3 PNC Funding Corp., 5.4%, 6/10/14 1,033,602 2,294,000 0.47 A-/A3 PNC Funding Corp., Floating Rate Note, 1/31/14 2,294,842 1,350,000 0.46 A+/Aa3 State Street Bank and Trust Co., Floating Rate Note, 12/8/15 1,341,378 1,500,000 4.48 BBB/Baa3 The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 1,492,500 3,950,000 1.26 A/A2 UBS AG, Floating Rate Note, 1/28/14 3,962,814 1,000,000 1.00 A+/A2 Union Bank NA, Floating Rate Note, 9/26/16 1,007,473 3,355,000 0.55 A+/A1 US Bank NA Cincinnati Ohio, Floating Rate Note, 10/14/14 3,357,801
The accompanying notes are an integral part of these financial statements. 66 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Regional Banks -- (continued) 975,000 0.47 A+/A1 Wells Fargo Bank NA, Floating Rate Note, 5/16/16 $ 964,660 ------------- $ 40,054,027 ------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance -- 0.2% 2,502,000 BBB/Baa2 Santander Holdings USA, Inc. Pennsylvania, 3.0%, 9/24/15 $ 2,574,530 1,220,000 0.70 AAA/Aaa Swedbank Hypotek AB, Floating Rate Note, 3/28/14 (144A) 1,222,773 ------------- $ 3,797,303 ------------- Total Banks $ 93,701,903 ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 8.1% Other Diversified Financial Services -- 2.5% 1,500,000 3.68 BB/NR Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) $ 1,500,300 6,000,000 1.07 A-/Baa2 Bank of America Corp., Floating Rate Note, 3/22/16 6,022,368 1,000,000 BBB+/Baa3 Citigroup, Inc., 5.0%, 9/15/14 1,037,693 1,459,000 A-/Baa2 Citigroup, Inc., 6.0%, 12/13/13 1,474,824 655,000 1.72 A-/Baa2 Citigroup, Inc., Floating Rate Note, 1/13/14 657,281 2,692,000 0.55 A-/Baa2 Citigroup, Inc., Floating Rate Note, 11/5/14 2,688,153 1,325,000 1.06 A-/Baa2 Citigroup, Inc., Floating Rate Note, 4/1/16 1,328,034 1,500,000 1.23 A-/Baa2 Citigroup, Inc., Floating Rate Note, 7/25/16 1,513,322 250,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 259,750 525,000 5.00 BB+/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 8/7/15 (Cat Bond) (144A) 543,428 822,000 1.12 AA+/A1 General Electric Capital Corp., Floating Rate Note, 1/7/14 823,828 2,300,000 0.87 AA+/A1 General Electric Capital Corp., Floating Rate Note, 1/8/16 2,309,832 2,420,000 0.96 AA+/A1 General Electric Capital Corp., Floating Rate Note, 4/24/14 2,429,264 1,967,000 0.90 AA+/A1 General Electric Capital Corp., Floating Rate Note, 4/7/14 1,973,237 500,000 1.30 AA+/A1 General Electric Capital Corp., Floating Rate Note, 7/2/15 506,780 500,000 1.38 AA+/A1 General Electric Capital Corp., Floating Rate Note, 8/1/17 499,950 2,250,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 2,288,925 2,630,000 1.06 A/A2 JPMorgan Chase & Co., Floating Rate Note, 1/24/14 2,636,333
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 67 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Other Diversified Financial Services -- (continued) 2,000,000 0.93 A/A2 JPMorgan Chase & Co., Floating Rate Note, 10/15/15 $ 2,006,510 1,800,000 0.88 A/A2 JPMorgan Chase & Co., Floating Rate Note, 2/26/16 1,803,100 1,000,000 0.97 A-/A3 JPMorgan Chase & Co., Floating Rate Note, 3/31/16 986,107 1,000,000 1.00 A/A2 JPMorgan Chase & Co., Floating Rate Note, 5/2/14 1,003,831 2,250,000 7.25 BB-/NR Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 2,296,575 1,250,000 6.50 NR/NR Queen Street VIII Re, Ltd., Floating Rate Note, 6/8/16 (Cat Bond) (144A) 1,258,500 400,000 3.00 BBB-/NR Vita Capital IV, Ltd., Floating Rate Note, 1/15/16 (Cat Bond) (144A) 407,080 1,500,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 1,529,100 500,000 3.50 BB+/NR Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 509,550 ------------- $ 42,293,655 ------------------------------------------------------------------------------------------------------- Specialized Finance -- 1.0% 500,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note, 5/14/14 (Cat Bond) (144A) $ 506,750 1,000,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note, 2/16/15 (Cat Bond) (144A) 1,031,900 2,516,000 AA+/Aa2 MassMutual Global Funding II, 2.875%, 4/21/14 (144A) 2,552,485 3,000,000 0.42 AA+/Aa2 MassMutual Global Funding II, Floating Rate Note, 12/6/13 (144A) 3,001,290 2,059,000 A+/A1 National Rural Utilities Cooperative Finance Corp., 1.125%, 11/1/13 2,060,260 2,790,000 0.35 A/A2 National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 2/18/14 2,789,356 2,925,000 0.52 A/A2 National Rural Utilities Cooperative Finance Corp., Floating Rate Note, 4/4/14 2,927,972 2,500,000 3.50 BB+/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 2,483,250 ------------- $ 17,353,263 ------------------------------------------------------------------------------------------------------- Consumer Finance -- 2.3% 1,500,000 1.36 A-/A2 American Express Credit Corp., Floating Rate Note, 6/12/15 $ 1,521,584 3,525,000 1.10 A-/A2 American Express Credit Corp., Floating Rate Note, 6/24/14 3,544,151 2,250,000 0.77 A-/A2 American Express Credit Corp., Floating Rate Note, 7/29/16 2,256,934
The accompanying notes are an integral part of these financial statements. 68 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Consumer Finance -- (continued) 1,300,000 0.36 A+/A1 American Honda Finance Corp., Floating Rate Note, 11/13/14 (144A) $ 1,301,186 1,500,000 0.40 A+/A1 American Honda Finance Corp., Floating Rate Note, 4/8/14 (144A) 1,500,843 825,000 0.64 A+/A1 American Honda Finance Corp., Floating Rate Note, 5/26/16 (144A) 826,870 1,275,000 0.72 A+/A1 American Honda Finance Corp., Floating Rate Note, 5/8/14 (144A) 1,278,088 1,500,000 0.65 A+/A1 American Honda Finance Corp., Floating Rate Note, 6/18/14 (144A) 1,505,190 4,440,000 BBB/Baa1 Capital One Financial Corp., 2.125%, 7/15/14 4,489,213 3,244,000 1.42 BBB/Baa1 Capital One Financial Corp., Floating Rate Note, 7/15/14 3,261,725 1,500,000 0.50 A/A2 Caterpillar Financial Services Corp., Floating Rate Note, 2/26/16 1,500,810 2,000,000 0.62 A/A2 Caterpillar Financial Services Corp., Floating Rate Note, 2/9/15 2,006,550 897,000 0.42 A/A2 John Deere Capital Corp., Floating Rate Note, 4/25/14 897,871 2,000,000 0.39 A+/A1 PACCAR Financial Corp., Floating Rate Note, 5/5/15 1,998,738 250,000 0.51 A+/A1 PACCAR Financial Corp., Floating Rate Note, 6/5/14 250,436 554,000 AA-/Aa3 Toyota Motor Credit Corp., 1.25%, 11/17/14 559,800 1,000,000 0.67 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 1/17/14 1,001,100 1,290,000 0.43 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 1/23/15 1,292,054 3,290,000 0.72 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 10/11/13 3,290,405 2,000,000 0.26 NR/NR Toyota Motor Credit Corp., Floating Rate Note, 4/7/14 1,999,694 1,000,000 0.55 AA-/Aa3 Toyota Motor Credit Corp., Floating Rate Note, 5/17/16 1,002,624 1,000,000 0.40 AA-/NR Toyota Motor Credit Corp., Floating Rate Note, 9/18/15 999,414 ------------- $ 38,285,280 ------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 0.9% 1,550,000 A+/A1 Northern Trust Corp., 4.625%, 5/1/14 $ 1,588,730 3,645,000 A+/A1 State Street Corp., 4.3%, 5/30/14 3,740,699 3,100,000 0.61 A+/A1 State Street Corp., Floating Rate Note, 3/7/14 3,103,646 1,219,000 A+/Aa3 The Bank of New York Mellon Corp., 4.3%, 5/15/14 1,248,825
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 69 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Asset Management & Custody Banks -- (continued) 1,300,000 0.55 A+/Aa3 The Bank of New York Mellon Corp., Floating Rate Note, 1/31/14 $ 1,301,027 1,468,000 0.49 A+/Aa3 The Bank of New York Mellon Corp., Floating Rate Note, 10/23/15 1,468,956 1,000,000 0.49 A+/Aa3 The Bank of New York Mellon Corp., Floating Rate Note, 3/4/16 998,336 2,000,000 0.53 A+/Aa3 The Bank of New York Mellon Corp., Floating Rate Note, 7/28/14 2,002,948 ------------- $ 15,453,167 ------------------------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 1.4% 3,038,000 A-/Baa2 Merrill Lynch & Co, Inc., 5.45%, 7/15/14 $ 3,149,394 3,620,000 1.86 A-/Baa1 Morgan Stanley, Floating Rate Note, 1/24/14 3,633,427 4,350,000 1.51 A-/Baa1 Morgan Stanley, Floating Rate Note, 2/25/16 4,388,228 400,000 0.98 A/A2 The Bear Stearns Companies LLC, Floating Rate Note, 10/28/14 401,584 2,465,000 0.65 A/A2 The Bear Stearns Companies LLC, Floating Rate Note, 11/21/16 2,441,481 1,000,000 1.26 A-/A3 The Goldman Sachs Group, Inc., Floating Rate Note, 11/21/14 1,005,723 2,974,000 1.27 A-/A3 The Goldman Sachs Group, Inc., Floating Rate Note, 2/7/14 2,982,452 3,000,000 0.70 A-/A3 The Goldman Sachs Group, Inc., Floating Rate Note, 3/22/16 2,974,671 2,000,000 0.85 A-/A3 The Goldman Sachs Group, Inc., Floating Rate Note, 9/29/14 2,005,098 ------------- $ 22,982,058 ------------- Total Diversified Financials $ 136,367,423 ------------------------------------------------------------------------------------------------------- INSURANCE -- 5.1% Life & Health Insurance -- 0.7% 1,500,000 0.43 BBB+/A3 Hartford Life Global Funding Trusts, Floating Rate Note, 6/16/14 $ 1,499,612 1,650,000 0.44 AA/A1 Jackson National Life Global Funding, Floating Rate Note, 3/17/14 (144A) 1,651,671 410,000 A-/NR Jefferson-Pilot Corp., 4.75%, 1/30/14 415,779 1,205,000 0.64 AA-/Aa3 MetLife Institutional Funding II, Floating Rate Note, 1/6/15 (144A) 1,209,098 2,530,000 0.63 A+/Aa3 Principal Life Global Funding II, Floating Rate Note, 5/27/16 (144A) 2,535,409 2,000,000 0.52 BBB/Baa1 Sun Life Financial Global Funding III LP, Floating Rate Note, 10/6/13 (144A) 2,000,014 1,000,000 2.75 BBB+/NR Vitality Re IV, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 1,017,500
The accompanying notes are an integral part of these financial statements. 70 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Life & Health Insurance -- (continued) 1,000,000 4.52 BBB+/NR Vitality Re, Ltd., Floating Rate Note, 1/7/14 (Cat Bond) (144A) $ 1,006,700 ------------- $ 11,335,783 ------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.7% 700,000 BBB-/Baa2 Liberty Mutual Group, Inc., 5.75%, 3/15/14 (144A) $ 712,895 2,675,000 AA-/Aa3 Metropolitan Life Global Funding I, 2.0%, 1/10/14 (144A) 2,687,252 2,350,000 1.02 AA-/Aa3 Metropolitan Life Global Funding I, Floating Rate Note, 1/10/14 (144A) 2,354,521 1,500,000 0.80 AA-/Aa3 Metropolitan Life Global Funding I, Floating Rate Note, 7/15/16 (144A) 1,503,316 1,000,000 AA+/Aaa New York Life Global Funding, 0.75%, 7/24/15 (144A) 1,001,351 1,450,000 0.61 AA+/Aaa New York Life Global Funding, Floating Rate Note, 5/23/16 (144A) 1,453,808 1,300,000 0.26 AA+/Aaa New York Life Global Funding, Floating Rate Note, 7/30/14 (144A) 1,300,265 ------------- $ 11,013,408 ------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.1% 1,650,000 BBB+/Baa2 XL Group Plc, 5.25%, 9/15/14 $ 1,719,269 ------------------------------------------------------------------------------------------------------- Reinsurance -- 3.6% 1,000,000 8.14 BB-/NR Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) $ 1,024,200 2,125,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 2,136,262 600,000 6.12 BB+/NR Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 622,860 945,000 10.87 BB-/NR Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 1,014,080 750,000 2.50 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate Note, 5/3/16 (Cat Bond) (144A) 747,375 2,500,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 2,525,250 1,300,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,327,560 2,970,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 3,058,803 1,500,000 10.00 NR/Ba2 Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,621,500 1,000,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,050,500 250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 264,250
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 71 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) $ 273,325 2,100,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 2,198,070 1,320,000 6.63 BB-/NR Embarcadero Reinsurance, Ltd., Floating Rate Note, 8/4/14 (Cat Bond) (144A) 1,349,700 500,000 17.75 B+/NR Everglades Re, Ltd., Floating Rate Note, 4/30/14 (Cat Bond) (144A) 543,400 1,550,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) 1,595,260 2,000,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A) 2,026,800 750,000 3.75 BB+/NR Golden State Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 763,050 300,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 315,120 250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 251,725 2,300,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A) 2,317,020 2,000,000 4.00 BB/NR Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 2,035,000 1,300,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note, 6/12/15 (Cat Bond) (144A) 1,376,180 1,500,000 0.00 BB-/NR MetroCat Re, Ltd., Floating Rate Note, 8/5/16 (Cat Bond) (144A) 1,534,350 1,000,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 1,055,900 500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 538,750 2,750,000 8.61 B+/NR Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 2,853,400 500,000 11.84 B-/NR Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 509,450 1,500,000 8.00 NR/NR Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 1,541,850 500,000 8.61 NR/Ba3 Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 537,250 2,000,000 8.11 NR/Ba3 Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A) 2,166,200 1,500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A) 1,523,100 2,250,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,323,575
The accompanying notes are an integral part of these financial statements. 72 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Reinsurance -- (continued) 500,000 8.50 BB-/NR Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) $ 522,000 250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 261,825 1,500,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,544,850 1,750,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,860,775 1,450,000 8.75 B+/NR Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 1,549,470 2,900,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 2,980,620 750,000 5.75 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 785,250 1,150,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,270,750 750,000 8.00 BB/NR Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 828,750 1,100,000 9.25 B-/NR Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 1,134,650 1,000,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 997,500 1,150,000 9.35 B/NR Successor X, Ltd. Class IV-E3, Floating Rate Note, 2/25/14 (Cat Bond) (144A) 1,170,010 1,500,000 8.50 B+/NR Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 1,559,850 ------------- $ 61,487,415 ------------- Total Insurance $ 85,555,875 ------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1% Computer Hardware -- 0.1% 1,500,000 0.32 AA+/Aa1 Apple, Inc., Floating Rate Note, 5/3/16 $ 1,499,642 ------------- Total Technology Hardware & Equipment $ 1,499,642 ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.8% Integrated Telecommunication Services -- 0.6% 6,645,000 1.38 BBB/Baa2 British Telecommunications Plc, Floating Rate Note, 12/20/13 $ 6,659,466
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 73 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Integrated Telecommunication Services -- (continued) 1,306,000 BBB+/Baa1 Deutsche Telekom International Finance BV, 4.875%, 7/8/14 $ 1,347,822 1,000,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%, 2/15/15 (144A) 1,033,015 500,000 BBB-/Baa3 Telecom Italia Capital SA, 5.25%, 11/15/13 502,258 805,000 1.78 BBB+/Baa1 Verizon Communications, Inc., Floating Rate Note, 9/15/16 828,482 ------------- $ 10,371,043 ------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.2% 1,500,000 1.26 A-/A2 America Movil SAB de CV, Floating Rate Note, 9/12/16 $ 1,500,004 1,150,000 0.65 A-/A3 Vodafone Group Plc, Floating Rate Note, 2/19/16 1,149,933 ------------- $ 2,649,937 ------------- Total Telecommunication Services $ 13,020,980 ------------------------------------------------------------------------------------------------------- UTILITIES -- 1.2% Electric Utilities -- 0.5% 850,000 A-/A3 Commonwealth Edison Co., 1.625%, 1/15/14 $ 853,012 1,375,000 0.62 A/A1 Duke Energy Indiana, Inc., Floating Rate Note, 7/11/16 1,378,032 725,000 0.40 A/A2 Duke Energy Ohio, Inc., Floating Rate Note, 3/6/15 725,221 1,090,000 0.57 A/A3 Georgia Power Co., Floating Rate Note, 3/15/16 1,089,540 1,000,000 0.66 A/A3 Georgia Power Co., Floating Rate Note, 8/15/16 1,000,298 1,400,000 A-/A2 NSTAR Electric Co., 4.875%, 4/15/14 1,432,785 1,450,000 0.30 A/A1 Southern California Edison Co., Floating Rate Note, 10/1/14 1,450,000 1,530,000 0.70 A/A1 Southern California Edison Co., Floating Rate Note, 9/15/14 1,535,135 ------------- $ 9,464,023 ------------------------------------------------------------------------------------------------------- Multi-Utilities -- 0.5% 5,463,000 A-/Baa2 Dominion Resources, Inc. Virginia, 1.8%, 3/15/14 $ 5,492,112 1,500,000 BBB+/Baa1 Sempra Energy, 2.0%, 3/15/14 1,509,476 1,495,000 1.01 BBB+/Baa1 Sempra Energy, Floating Rate Note, 3/15/14 1,498,742 ------------- $ 8,500,330 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 74 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.2% 1,350,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate Note, 3/14/14 (Cat Bond) (144A) $ 1,375,785 1,500,000 BBB/Baa2 Exelon Generation Co LLC, 5.35%, 1/15/14 1,520,028 ------------- $ 2,895,813 ------------- Total Utilities $ 20,860,166 ------------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS (Cost $391,003,494) $ 392,902,977 ------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 6.7% 4,506 AAA/Aaa Fannie Mae, 6.5%, 1/1/15 $ 4,603 10,773 AAA/Aaa Fannie Mae, 7.0%, 10/1/17 11,490 27,729 2.49 AAA/Aaa Fannie Mae, Floating Rate Note, 1/1/48 29,435 28,827 2.54 AAA/Aaa Fannie Mae, Floating Rate Note, 10/1/32 30,758 15,072 2.26 AAA/Aaa Fannie Mae, Floating Rate Note, 11/1/23 15,565 32,402 2.42 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/34 32,789 4,500 2.82 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/15 4,473 26,015 2.24 AAA/Aaa Fannie Mae, Floating Rate Note, 9/1/32 27,589 100,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 10/15/13 100,006 3,500,000 0.16 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 10/23/14 3,502,723 3,000,000 0.20 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 12/15/14 3,002,670 5,000,000 0.02 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 2/10/14 5,000,125 6,000,000 0.42 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 3/17/14 6,008,856 570,000 0.30 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 3/27/14 570,662 1,360,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 3/4/15 1,361,882 2,000,000 0.40 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 3/6/14 2,002,608 1,925,000 0.19 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 4/21/14 1,926,018 1,000,000 0.22 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 4/25/14 1,000,883 4,000,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 5/21/14 4,003,448 4,500,000 0.36 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 5/29/14 4,508,658
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 75 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- U.S. Government and Agency Obligations -- (continued) 5,529,000 0.19 AA+/Aaa Federal Farm Credit Banks, Floating Rate Note, 7/16/14 $ 5,532,610 3,000,000 0.18 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 1/15/14 3,001,218 3,600,000 0.18 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 1/2/14 3,601,066 1,000,000 0.14 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 11/15/13 1,000,134 4,915,000 0.16 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 11/25/13 4,915,949 4,570,000 0.15 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 12/20/13 4,571,184 6,150,000 0.21 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 2/28/14 6,154,354 1,250,000 0.18 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 3/11/14 1,250,780 7,890,000 0.28 AA+/Aaa Federal Home Loan Banks, Floating Rate Note, 4/24/14 7,900,454 2,280 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%, 6/1/14 2,312 11,938 2.36 AAA/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 10/1/23 12,720 15,171 2.86 AAA/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 11/1/33 16,126 6,240,000 0.36 AA+/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 11/18/13 6,242,608 8,514 2.60 AAA/Aaa Federal Home Loan Mortgage Corp., Floating Rate Note, 6/1/35 8,897 7,015,000 0.32 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 10/25/13 7,016,277 16,793,000 0.23 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 3/4/14 16,803,145 6,700,000 0.36 AA+/Aaa Federal National Mortgage Association, Floating Rate Note, 6/23/14 6,711,470 16,058 1.62 AAA/Aaa Government National Mortgage Association II, Floating Rate Note, 1/20/22 16,707 5,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 4/30/14 5,005,080 ------------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $112,878,263) $ 112,908,332 ------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 3.8% Municipal Development -- 0.6% 3,720,000 0.03 AA/Aa1 Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 $ 3,720,000
The accompanying notes are an integral part of these financial statements. 76 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Municipal Development -- (continued) 5,990,000 0.06 AA/Aa1 Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 $ 5,990,000 ------------- $ 9,710,000 ------------------------------------------------------------------------------------------------------- Municipal General -- 0.1% 1,000,000 NR/NR State of California, 2.0%, 5/28/14 $ 1,011,960 ------------------------------------------------------------------------------------------------------- Higher Municipal Education -- 2.5% 3,335,000 0.06 AAA/Aaa Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/33 $ 3,335,000 10,430,000 0.05 AAA/Aaa Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36 10,430,000 10,955,000 0.04 AA/Aa2 Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 10,955,000 11,670,000 0.05 AAA/Aaa Permanent University Fund, Floating Rate Note, 7/1/37 11,670,000 250,000 0.76 AA/Aa1 University of California, Floating Rate Note, 7/1/41 250,170 6,470,000 0.05 AAA/Aaa University of Michigan, Floating Rate Note, 12/1/29 6,470,000 ------------- $ 43,110,170 ------------------------------------------------------------------------------------------------------- Municipal Medical -- 0.4% 7,125,000 0.05 AA/NR Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 $ 7,125,000 ------------------------------------------------------------------------------------------------------- Municipal Power -- 0.1% 670,000 1.06 NR/A1 South Carolina State Public Service Authority, Floating Rate Note, 6/1/15 $ 671,581 1,000,000 0.88 NR/A1 South Carolina State Public Service Authority, Floating Rate Note, 6/2/14 (Pre-Refunded) 1,000,970 ------------- $ 1,672,551 ------------------------------------------------------------------------------------------------------- Municipal Student Loan -- 0.1% 1,250,000 1.00 AA+/NR Louisiana Public Facilities Authority, Floating Rate Note, 4/26/27 $ 1,249,562 ------------------------------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (Cost $63,885,131) $ 63,879,243 ------------------------------------------------------------------------------------------------------- SENIOR FLOATING RATE LOAN INTERESTS -- 8.6%** ENERGY -- 0.3% Oil & Gas Drilling -- 0.1% 1,000,000 6.00 B+/B2 Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/2/21 $ 1,011,875
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 77 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Oil & Gas Drilling -- (continued) 497,500 5.75 B-/B3 Offshore Group Investment, Ltd., Term Loan, 3/28/19 $ 504,030 ------------- $ 1,515,905 ------------------------------------------------------------------------------------------------------- Integrated Oil & Gas -- 0.0%+ 47,266 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan, 6/1/16 $ 47,503 ------------------------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 0.1% 250,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan, 12/2/17 $ 254,863 1,750,000 0.00 BB-/Ba2 Fieldwood Energy LLC, 9/25/18 1,750,875 400,000 6.00 B-/B1 Samson Investment Co., Initial Term Loan (Second Lien), 9/10/16 401,450 ------------- $ 2,407,188 ------------------------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 0.1% 99,000 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 3/30/18 $ 98,959 995,000 2.51 BBB-/Ba1 Tesoro Corp., Initial Term Loan, 1/11/16 999,345 ------------- $ 1,098,304 ------------- Total Energy $ 5,068,900 ------------------------------------------------------------------------------------------------------- MATERIALS -- 0.5% Commodity Chemicals -- 0.1% 693,977 4.25 BB-/B1 Taminco Global Chemical Corp., Tranche B-2 Dollar Term Loan, 2/15/19 $ 698,315 389,916 4.50 NR/Ba2 Tronox, Inc., New Term Loan, 1/24/17 392,840 ------------- $ 1,091,155 ------------------------------------------------------------------------------------------------------- Diversified Chemicals -- 0.1% 1,438,274 4.75 B+/B1 DuPont Performance Coatings, Inc., Initial Term B Loan, 2/1/20 $ 1,444,824 ------------------------------------------------------------------------------------------------------- Specialty Chemicals -- 0.1% 567,511 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 $ 572,476 942,875 4.50 B+/B2 PQ Corp., 2013 Term Loan, 8/7/17 949,553 ------------- $ 1,522,029 ------------------------------------------------------------------------------------------------------- Metal & Glass Containers -- 0.1% 795,496 4.50 B/B1 BWAY Holding Co., Initial Term Loan, 8/31/17 $ 800,468 ------------------------------------------------------------------------------------------------------- Paper Packaging -- 0.0%+ 659,265 4.00 BB/Ba1 Sealed Air Corp., Term B-1 Facility, 10/3/18 $ 665,858 ------------------------------------------------------------------------------------------------------- Aluminum -- 0.0%+ 118,200 5.75 B/B1 Noranda Aluminum Holding Corp., Term B Loan, 2/17/19 $ 111,551 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 78 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Diversified Metals & Mining -- 0.1% 1,488,728 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term Loan, 9/18/17 $ 1,496,679 533,509 11.75 B+/Caa1 Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16 (d) 372,122 ------------- $ 1,868,801 ------------------------------------------------------------------------------------------------------- Steel -- 0.0%+ 362,182 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan, 2/15/17 $ 363,427 45,501 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term Loan, 7/21/18 45,274 ------------- $ 408,701 ------------------------------------------------------------------------------------------------------- Paper Products -- 0.0%+ 194,419 4.50 NR/NR Ranpak Corp., USD Term Loan, 4/10/19 $ 195,877 ------------- Total Materials $ 8,109,264 ------------------------------------------------------------------------------------------------------- CAPITAL GOODS -- 0.8% Aerospace & Defense -- 0.2% 475,557 3.50 BBB-/Ba2 AWAS Aviation Capital, Ltd., Term Loan, 6/25/18 $ 477,043 886,173 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 887,835 238,542 6.25 BB-/WR DynCorp International, Inc., Term Loan, 7/7/16 240,331 421,813 5.25 B/B1 Sequa Corp., Initial Term Loan, 5/29/17 423,834 594,117 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B Loan, 3/27/19 597,459 324,183 0.00 B/Ba3 TransDigm, Inc., Tranche C Term Loan, 2/28/20 323,697 ------------- $ 2,950,199 ------------------------------------------------------------------------------------------------------- Building Products -- 0.1% 1,094,749 3.50 BB-/B1 Armstrong World Industries, Inc., Term Loan B, 2/26/20 $ 1,092,697 460,000 0.00 NR/B1 Quikrete Co, Inc., 9/19/20 460,699 992,500 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 997,214 ------------- $ 2,550,610 ------------------------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.1% 891,000 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan, 4/13/17 $ 896,569 ------------------------------------------------------------------------------------------------------- Industrial Conglomerates -- 0.1% 2,300,000 2.25 NR/NR Allegion US Holding Co, Inc., Term Loan, 12/26/20 $ 2,305,750 696,500 4.25 B/B1 Milacron LLC, Term Loan, 3/12/20 696,790 ------------- $ 3,002,540 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 79 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 0.1% 311,896 4.50 BB+/Ba1 Terex Corp., New US Term Loan, 4/28/17 $ 315,307 51,124 4.25 BB/Ba2 The Manitowoc Co., Inc., Term B Loan, 10/11/17 51,300 961,865 4.50 B+/B2 Waupaca Foundry, Inc., Term Loan, 6/29/17 961,865 ------------- $ 1,328,472 ------------------------------------------------------------------------------------------------------- Industrial Machinery -- 0.1% 400,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar Term Loan, 7/23/20 $ 396,889 683,943 4.25 NR/Ba3 Schaeffler AG, Facility C (USD), 1/27/17 687,192 496,241 3.75 BB/Ba3 Trimas Corp., Tranche B Term Loan (2012), 10/11/19 497,481 79,800 6.25 BB-/Ba3 Xerium Technologies, Inc., New Term Loan, 5/2/19 80,448 ------------- $ 1,662,010 ------------------------------------------------------------------------------------------------------- Trading Companies & Distributors -- 0.1% 1,247,223 4.50 BB-/Ba3 WESCO International, Inc., Tranche B-1 Loan, 12/4/19 $ 1,255,174 ------------- Total Capital Goods $ 13,645,574 ------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES -- 0.4% Commercial Printing -- 0.0%+ 175,000 0.00 B+/Ba3 Multi Packaging Solutions, Inc., Initial Term Loan, 8/8/20 $ 175,984 ------------------------------------------------------------------------------------------------------- Environmental & Facilities Services -- 0.1% 197,000 3.50 BB+/Baa3 Covanta Holding Corp., Term Loan, 3/1/19 $ 198,108 99,750 3.75 NR/NR ISS AS, New Term B Loan, 3/26/18 100,166 1,185,015 3.50 BBB-/Ba1 Progressive Waste Solutions, Ltd., Term B Loan, 10/31/19 1,185,015 150,748 4.00 B+/B1 Waste Industries USA, Inc., Term B Loan, 2/23/17 151,031 ------------- $ 1,634,320 ------------------------------------------------------------------------------------------------------- Diversified Support Services -- 0.0%+ 932,768 6.25 B-/B1 Language Line Services Holdings, Inc., Tranche B Term Loan, 5/30/16 $ 928,104 ------------------------------------------------------------------------------------------------------- Security & Alarm Services -- 0.2% 518,370 5.25 B+/Ba3 Allied Security Holdings LLC, Term Loan (First Lien), 1/21/17 $ 521,286 744,375 5.75 BB/Ba1 Garda World Security Corp., Term B Loan, 10/24/19 746,236 995,310 4.25 B/Ba3 Monitronics International, Inc., Term B Loan, 3/23/18 996,554
The accompanying notes are an integral part of these financial statements. 80 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Security & Alarm Services -- (continued) 498,750 3.25 BB/Ba3 The Geo Group, Inc., Term Loan, 3/28/20 $ 500,620 ------------- $ 2,764,696 ------------------------------------------------------------------------------------------------------- Human Resource & Employment Services -- 0.1% 1,261,632 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B Loan, 5/16/20 $ 1,262,683 ------------------------------------------------------------------------------------------------------- Research & Consulting Services -- 0.0%+ 499,232 0.00 BB-/Ba3 Wyle Services Corp., Term Loan (First Lien), 3/31/17 $ 497,256 ------------- Total Commercial Services & Supplies $ 7,263,043 ------------------------------------------------------------------------------------------------------- TRANSPORTATION -- 0.3% Airlines -- 0.2% 2,543,625 4.75 NR/WR American Airlines, Inc., Class B Term Loan, 6/21/19 $ 2,530,907 744,375 4.00 BB-/Ba1 Delta Air Lines, Inc., New Term B-1 Loan, 10/18/18 747,762 298,473 4.25 BB/Ba1 Delta Air Lines, Inc., Term Loan, 3/29/17 299,912 248,750 4.00 BB-/Ba2 United Air Lines, Inc., Class B Term Loan, 3/12/19 250,336 ------------- $ 3,828,917 ------------------------------------------------------------------------------------------------------- Trucking -- 0.1% 172,267 2.93 BB/Ba2 Swift Transportation Co. LLC, Tranche B-1 Term Loan (2013), 12/21/16 $ 173,290 331,509 4.00 BB/Ba2 Swift Transportation Co. LLC, Tranche B-2 Term Loan (2013), 12/21/17 333,829 ------------- $ 507,119 ------------- Total Transportation $ 4,336,036 ------------------------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 0.1% Auto Parts & Equipment -- 0.1% 148,503 3.75 B+/NR Allison Transmission, Inc., Term B-3 Loan, 8/23/19 $ 148,812 496,250 5.00 B+/B1 Metaldyne Corp., USD Term Loan, 12/19/18 499,972 643,137 5.50 NR/NR TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19 647,156 593,907 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 595,578 ------------- $ 1,891,518 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 81 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Tires & Rubber -- 0.0%+ 600,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term Loan (Second Lien), 3/27/19 $ 604,875 ------------- Total Automobiles & Components $ 2,496,393 ------------------------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.4% Home Furnishings -- 0.0%+ 530,970 3.50 BB/NR Tempur Sealy International, Inc., 3/18/20 $ 527,569 ------------------------------------------------------------------------------------------------------- Housewares & Specialties -- 0.2% 1,000,000 0.00 BBB-/Ba1 Jarden Corp., 9/18/20 $ 1,000,885 837,350 3.75 BB-/Ba3 Prestige Brands, Inc., Term B-1 Loan, 1/31/19 841,955 793,241 4.75 NR/B1 Reynolds Group Holdings, Ltd., U.S. Term Loan, 9/21/18 796,810 502,724 6.25 B+/B1 Yankee Candle Co., Inc., Initial Term Loan, 3/2/19 503,730 ------------- $ 3,143,380 ------------------------------------------------------------------------------------------------------- Leisure Products -- 0.0%+ 188,571 4.00 B+/B1 Bombardier Recreational Products, Inc., Term B Loan, 7/17/19 $ 189,004 ------------------------------------------------------------------------------------------------------- Apparel, Accessories & Luxury Goods -- 0.1% 852,402 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan, 12/19/19 $ 853,556 ------------------------------------------------------------------------------------------------------- Footwear -- 0.0%+ 643,693 4.00 BB/Ba2 Wolverine World Wide, Inc., Tranche B Term Loan, 5/1/19 $ 647,314 ------------------------------------------------------------------------------------------------------- Textiles -- 0.1% 851,330 5.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1 Loan, 12/14/16 $ 857,715 ------------- Total Consumer Durables & Apparel $ 6,218,538 ------------------------------------------------------------------------------------------------------- CONSUMER SERVICES -- 0.7% Casinos & Gaming -- 0.2% 275,000 4.00 BB-/Ba3 Boyd Gaming Corp., Term B Loan, 8/8/20 $ 275,115 1,240,625 3.50 BB/Ba2 MGM Resorts International, Term B Loan, 12/13/19 1,237,966 774,857 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B Facility Loan, 6/29/18 777,001 274,313 3.75 BB+/Ba2 Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 8/5/20 274,998 97,246 3.19 BB+/Ba1 Scientific Games Corp., Tranche B-1 Term Loan, 6/30/15 97,153 1,447,500 3.00 BBB-/Baa3 Seminole Indian Tribe of Florida, Inc., Initial Term Loan, 4/11/20 1,447,500 ------------- $ 4,109,733 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 82 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Hotels, Resorts & Cruise Lines -- 0.1% 500,000 4.25 NR/B1 Four Seasons Hotels, Inc., Term Loan (First Lien), 6/24/20 $ 505,000 1,500,000 0.00 BB/Ba3 Hilton Worldwide, Inc., 9/23/20 1,500,156 ------------- $ 2,005,156 ------------------------------------------------------------------------------------------------------- Leisure Facilities -- 0.1% 99,749 0.00 BB+/Ba1 Cedar Fair LP, U.S. Term Facility, 2/20/20 $ 100,161 739,073 4.00 BB+/Ba2 Six Flags Entertainment Corp., Tranche B Term Loan, 11/23/18 746,291 ------------- $ 846,452 ------------------------------------------------------------------------------------------------------- Restaurants -- 0.2% 244,530 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan (2012), 9/28/19 $ 245,534 127,629 3.75 BB-/Ba2 DineEquity, Inc., Term B-2 Loan, 10/19/17 128,415 199,456 3.75 B+/B2 Dunkin' Brands, Inc., Term B-3 Loan, 2/28/20 199,232 489,975 4.75 BB-/Ba3 Landry's, Inc., B Term Loan, 3/22/18 494,160 157,067 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term Loan, 12/28/18 158,245 867,242 5.25 B/Ba3 PF Chang's China Bistro, Inc., Term Borrowing, 5/15/19 875,373 730,248 3.25 NR/B1 Wendy's International, Inc., Term B Loan, 5/15/19 729,943 ------------- $ 2,830,902 ------------------------------------------------------------------------------------------------------- Education Services -- 0.0%+ 377,150 4.00 B+/B1 Bright Horizons Family Solutions, Inc., Term B Loan, 1/14/20 $ 377,916 ------------------------------------------------------------------------------------------------------- Specialized Consumer Services -- 0.1% 1,990,000 3.75 BB/Ba2 Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4/2/20 $ 1,954,771 ------------- Total Consumer Services $ 12,124,930 ------------------------------------------------------------------------------------------------------- MEDIA -- 0.8% Advertising -- 0.1% 994,995 4.25 B+/B1 Advantage Sales & Marketing LLC, 2013 Term Loan (First Lien), 12/17/17 $ 1,000,591 115,022 4.75 B/B1 Getty Images, Inc., Initial Term Loan, 9/17/19 102,897 ------------- $ 1,103,488 ------------------------------------------------------------------------------------------------------- Broadcasting -- 0.2% 1,191,452 3.50 BB-/Ba2 Cequel Communications Holdings I LLC, Term Loan, 1/31/19 $ 1,192,290
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 83 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Broadcasting -- (continued) 405,161 5.03 BB-/Ba3 Entercom Communications Corp., Term B-1 Loan, 11/7/18 $ 407,694 620,313 4.75 B/B1 NEP Broadcasting LLC, Refinanced New Term Loan (First Lien), 1/3/20 623,996 331,903 3.00 BB+/Ba1 Sinclair Broadcast Group, Inc., New Tranche B Term Loan, 10/29/16 331,123 668,827 3.50 NR/Ba3 Telesat Canada, U.S. Term B Loan, 3/28/19 667,146 98,318 3.50 B+/Ba3 TWCC Holding Corp., Term Loan, 2/11/17 98,624 671,625 4.50 B+/B2 Univision Communications, Inc., 2013 New First-Lien Term Loan, 3/1/20 670,051 ------------- $ 3,990,924 ------------------------------------------------------------------------------------------------------- Cable & Satellite -- 0.2% 1,321,688 3.00 BB+/Baa3 Charter Communications Operating LLC, Term F Loan, 1/1/21 $ 1,310,595 650,000 3.25 NR/NR Kabel Deutschland Vertrieb und Service GmbH, Facility F1, 2/1/19 651,219 742,500 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term Loan, 2/8/20 741,262 297,004 4.75 B/B1 WideOpenWest Finance LLC, Term B Loan, 3/27/19 299,355 ------------- $ 3,002,431 ------------------------------------------------------------------------------------------------------- Movies & Entertainment -- 0.3% 1,226,181 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 1,223,115 428,000 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term B-1 Loan, 8/16/20 427,465 1,752,946 3.50 BB/Ba2 Rovi Solutions Corp., 3/29/19 1,736,468 598,500 3.50 BB+/Ba1 Seminole Hard Rock Entertainment, Inc., New Term Loan B, 4/29/20 598,750 1,100,000 3.75 BB-/Ba3 WMG Acquisition Corp., Tranche B Refinancing Term Loan, 7/3/20 1,096,334 ------------- $ 5,082,132 ------------------------------------------------------------------------------------------------------- Publishing -- 0.0%+ 640,888 3.75 B+/Ba3 Interactive Data Corp., Refinanced Term Loan, 2/11/18 $ 639,686 ------------- Total Media $ 13,818,661 ------------------------------------------------------------------------------------------------------- RETAILING -- 0.3% Home Improvement Retail -- 0.1% 1,243,750 4.50 B/B1 Apex Tool Group LLC, Term Loan, 2/1/20 $ 1,249,581 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 84 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Specialty Stores -- 0.1% 997,500 3.75 BB-/Ba3 Michaels Stores, Inc., Term B Loan, 1/16/20 $ 1,000,885 ------------------------------------------------------------------------------------------------------- Automotive Retail -- 0.1% 1,295,872 3.00 BB/Ba1 Avis Budget Car Rental LLC, Tranche B Term Loan, 3/15/19 $ 1,289,933 496,250 6.25 B+/B1 Sequa Automotive Group, Term Loan, 11/1/18 498,111 744,375 3.75 BB/Ba1 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 745,957 ------------- $ 2,534,001 ------------- Total Retailing $ 4,784,467 ------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 0.1% Food Distributors -- 0.0%+ 248,125 5.75 B/B1 AdvancePierre Foods, Term Loan (First Lien), 6/17/17 $ 249,831 ------------------------------------------------------------------------------------------------------- Food Retail -- 0.1% 200,000 0.00 NR/NR Albertsons LLC, 3/21/19 $ 199,251 961,875 4.75 BB-/NR Albertsons LLC, Term B-2 Loan, 3/21/19 961,575 ------------- $ 1,160,826 ------------- Total Food & Staples Retailing $ 1,410,657 ------------------------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 0.4% Distillers & Vintners -- 0.1% 997,500 2.75 NR/NR Constellation Brands, Inc., European Term B Loan, 4/29/20 $ 992,980 ------------------------------------------------------------------------------------------------------- Agricultural Products -- 0.0%+ 897,750 4.50 B/Ba3 Arysta Lifescience SPC LLC, Initial Term Loan (First Lien), 5/22/20 $ 898,872 ------------------------------------------------------------------------------------------------------- Packaged Foods & Meats -- 0.3% 498,750 5.00 B+/NR Acosta, Inc., Term D Loan, 9/25/17 $ 500,994 727,951 4.00 B/B1 Del Monte Foods Co., Initial Term Loan, 2/3/18 727,269 1,596,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 1,604,081 992,500 3.75 NR/Ba2 JBS USA LLC, Initial Term Loan, 5/25/18 988,778 200,000 4.25 B+/Ba3 Michael Foods, Inc., Term B Facility, 2/14/18 201,583 1,333,300 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term Loan G, 4/16/20 1,324,300 ------------- $ 5,347,005 ------------- Total Food, Beverage & Tobacco $ 7,238,857 ------------------------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.1% Household Products -- 0.0%+ 300,000 0.00 BB/Ba3 Spectrum Brands Holdings, Inc., Tranche C Term Loan, 8/13/19 $ 299,812 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 85 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Personal Products -- 0.1% 400,000 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 401,625 250,000 0.00 B+/Ba2 Revlon Consumer Products Corp., 8/19/19 249,375 976,136 4.00 B+/Ba2 Revlon Consumer Products Corp., Replacement Term Loan, 11/19/17 978,374 ------------- $ 1,629,374 ------------- Total Household & Personal Products $ 1,929,186 ------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 0.7% Health Care Equipment -- 0.1% 1,003,805 3.75 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B Term Loan, 8/1/19 $ 1,008,824 593,643 4.50 BB-/Ba3 Kinetic Concepts, Inc., Dollar Term D-1 Loan, 5/4/18 598,281 ------------- $ 1,607,105 ------------------------------------------------------------------------------------------------------- Health Care Supplies -- 0.0%+ 220,419 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 221,934 ------------------------------------------------------------------------------------------------------- Health Care Services -- 0.3% 590,625 6.50 NR/B2 BioScrip, Inc., Delayed Draw Term Loan, 7/22/20 $ 578,812 984,375 6.50 B/B2 BioScrip, Inc., Initial Term B Loan, 7/22/20 964,688 600,000 4.00 B+/Ba3 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 602,751 744,375 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 748,469 1,265,287 4.00 B+/B1 Envision Healthcare Corp., Initial Term Loan, 4/5/18 1,265,550 66,656 7.75 B/B2 inVentiv Health, Inc., Term B-3 Loan, 6/24/18 65,281 997,500 6.75 B/B2 Steward Health Care System LLC, Term Loan, 4/12/20 970,069 345,638 4.50 NR/NR Truven Health Analytics, Inc., New Tranche B Term Loan, 5/23/19 346,718 ------------- $ 5,542,338 ------------------------------------------------------------------------------------------------------- Health Care Facilities -- 0.2% 72,555 3.50 BB-/Ba3 Health Management Associates, Inc., Replacement Term B Loan, 11/1/18 $ 72,639 493,737 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 497,440 721,380 4.25 B+/WR Kindred Healthcare, Inc., Term B-1 Loan, 6/1/18 721,380 496,250 2.68 BB-/Ba1 LifePoint Hospitals, Inc., Incremental Term Loan B, 7/24/17 498,727
The accompanying notes are an integral part of these financial statements. 86 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Health Care Facilities -- (continued) 496,256 7.00 NR/B2 RegionalCare Hospital Partners, Inc., Term Loan (First Lien 2013), 11/4/18 $ 495,016 504,898 4.00 BB-/Ba2 Select Medical Corp., Series C Tranche B Term Loan, 6/1/18 507,633 ------------- $ 2,792,835 ------------------------------------------------------------------------------------------------------- Health Care Technology -- 0.1% 727,198 4.00 B+/Ba3 Convatec, Inc., Dollar Term Loan, 12/1/16 $ 732,948 1,636,208 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan, 11/2/18 1,640,129 ------------- $ 2,373,077 ------------- Total Health Care Equipment & Services $ 12,537,289 ------------------------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 0.5% Biotechnology -- 0.2% 1,139,996 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 1,142,846 97,494 6.25 BB/B2 Aptalis Pharma, Inc., Term B-1 Loan, 1/25/17 97,677 1,308,179 4.25 BB+/Ba1 Grifols, Inc., New U.S. Tranche B Term Loan, 6/4/17 1,319,172 153,485 5.50 BBB-/Ba3 Warner Chilcott Corp., Additional Term B-1 Loan, 3/15/18 153,805 352,563 5.50 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan, 3/3/18 353,298 277,828 5.50 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 278,407 ------------- $ 3,345,205 ------------------------------------------------------------------------------------------------------- Pharmaceuticals -- 0.3% 8,650 4.00 BB+/Ba1 Endo Health Solutions, Inc., Term Loan B 2011, 4/14/18 $ 8,672 742,514 4.25 B+/B1 Par Pharmaceutical Companies, Inc., Additional Term B-1 Loan, 9/28/19 740,967 1,034,280 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term Loan (2012), 5/10/18 1,040,313 635,986 0.00 BBB-/Baa2 RPI Finance Trust, New Term Loan, 11/9/18 639,432 592,500 3.75 BB/NR Valeant Pharmaceuticals International, Inc., Series C2 Term Loan B, 12/11/19 594,722 246,875 3.75 BB/NR Valeant Pharmaceuticals International, Inc., Series D2 Term Loan B, 2/13/19 247,029 1,637,625 4.50 BB/Ba1 Valeant Pharmaceuticals International, Inc., Series E Tranche B Term Loan, 5/20/20 1,651,699 ------------- $ 4,922,834 ------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 8,268,039 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 87 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- BANKS -- 0.1% Thrifts & Mortgage Finance -- 0.1% 1,398,424 5.00 B/B1 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 1,418,308 ------------- Total Banks $ 1,418,308 ------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 0.3% Other Diversified Financial Services -- 0.2% 1,392,719 4.50 NR/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 1,403,745 1,500,000 2.25 BBB-/Baa3 Fresenius US Finance I, Inc., Tranche B Term Loan, 8/6/19 1,500,312 498,750 5.00 NR/B1 Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 498,127 98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 99,756 ------------- $ 3,501,940 ------------------------------------------------------------------------------------------------------- Specialized Finance -- 0.1% 769,188 5.25 B/B1 Dematic Services Luxembourg Sarl, Term Loan, 12/18/19 $ 774,636 500,000 5.00 BB-/B1 ROC Finance LLC, New Term Loan B, 3/27/19 500,782 ------------- $ 1,275,418 ------------------------------------------------------------------------------------------------------- Consumer Finance -- 0.0%+ 202,720 0.00 B+/B1 Tower Automotive Holdings USA LLC, Refinancing Term Loan (First Lien), 4/23/20 $ 203,481 ------------- Total Diversified Financials $ 4,980,839 ------------------------------------------------------------------------------------------------------- INSURANCE -- 0.1% Life & Health Insurance -- 0.0%+ 463,599 3.75 BB/Ba3 CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18 $ 466,786 ------------------------------------------------------------------------------------------------------- Multi-line Insurance -- 0.0%+ 248,125 5.00 B-/B1 Alliant Insurance Services, Inc., Initial Term Loan, 12/7/19 $ 249,829 ------------------------------------------------------------------------------------------------------- Property & Casualty Insurance -- 0.1% 500,000 0.00 B-/B2 Confie seguros Holding II Co., Term B Loan (First Lien), 10/11/13 $ 501,250 1,101,675 5.00 B-/B1 USI Insurance Services LLC, Initial Term Loan, 11/29/19 1,108,560 ------------- $ 1,609,810 ------------- Total Insurance $ 2,326,425 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 88 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- REAL ESTATE -- 0.1% Mortgage REIT's -- 0.1% 1,006,222 3.50 BB+/Ba3 Starwood Property Trust, Inc., Term Loan (1st Lien), 4/19/20 $ 1,005,802 ------------------------------------------------------------------------------------------------------- Real Estate Services -- 0.0%+ 496,250 5.75 NR/B1 Altisource Portfolio Solutions SA, Term B Loan, 11/27/19 $ 500,592 ------------- Total Real Estate $ 1,506,394 ------------------------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 0.2% IT Consulting & Other Services -- 0.1% 1,638,363 3.75 BB/Ba3 Booz Allen Hamilton Holding Corp., Refinance Tranche B, 7/31/19 $ 1,637,339 ------------------------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 0.1% 992,513 3.50 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 $ 997,061 83,992 4.25 BB/Ba3 VeriFone Systems, Inc., Term B Loan, 11/14/18 83,887 ------------- $ 1,080,948 ------------------------------------------------------------------------------------------------------- Application Software -- 0.0%+ 299,246 0.00 NR/B1 Deltek, Inc., Term Loan (First Lien), 10/10/18 $ 300,244 475,000 0.00 BB-/B1 Epiq Systems, Inc., 8/26/20 475,000 31,156 8.50 B-/Ba3 Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18 31,818 248,750 4.00 BB-/B1 Verint Systems, Inc., Term Loan, 9/6/19 249,994 ------------- $ 1,057,056 ------------- Total Software & Services $ 3,775,343 ------------------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3% Communications Equipment -- 0.2% 495,000 6.75 B+/B1 Audio Visual Services Corp., Term Loan (First Lien), 10/11/18 $ 501,188 445,815 3.75 BB/Ba2 CommScope, Inc., Tranche 2 Term Loan, 1/14/18 446,857 1,689,080 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term Loan, 10/29/19 1,703,226 ------------- $ 2,651,271 ------------------------------------------------------------------------------------------------------- Electronic Components -- 0.11% 650,000 0.00 BB/NR Belden, Inc., 9/9/20 $ 652,031 1,000,000 5.00 B/B1 MEI, Inc., Term Loan, 8/15/20 1,002,500 ------------- $ 1,654,531 ------------- Total Technology Hardware & Equipment $ 4,305,802 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 89 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.0%+ Semiconductor Equipment -- 0.0%+ 126,184 4.50 BB-/B1 Aeroflex, Inc., Tranche B-1 Term Loan, 11/24/19 $ 127,307 34,114 3.75 BBB-/Baa3 Sensata Technologies BV, Term Loan, 4/29/18 34,335 ------------- $ 161,642 ------------------------------------------------------------------------------------------------------- Semiconductors -- 0.0%+ 274,973 3.75 BB+/Ba2 Microsemi Corp., Term Loan, 2/19/20 $ 275,660 ------------- Total Semiconductors & Semiconductor Equipment $ 437,302 ------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.6% Integrated Telecommunication Services -- 0.4% 1,250,000 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B Term Loan, 8/20/20 $ 1,238,541 1,007,475 2.68 BB+/Baa3 tw telecom holdings, inc., Term Loan B Loan, 4/17/20 1,008,986 2,205,000 3.50 NR/Ba3 Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20 2,197,344 1,154,997 3.75 BB/Ba3 West Corp., Term B-8 Loan, 6/30/18 1,155,719 1,043,621 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term Loan, 1/8/20 1,046,491 715,938 4.00 BB+/Ba2 Windstream Holdings, Inc., Tranche B-3 Term Loan, 7/23/19 718,887 ------------- $ 7,365,968 ------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services -- 0.2% 62,188 3.25 NR/NR Cellular South, Inc., Term Loan B, 5/21/20 $ 62,149 1,195,129 3.25 BB-/Ba2 Crown Castle Operating Co., New Tranche B Term Loan, 1/31/19 1,186,272 540,000 4.25 NR/Ba3 Intelsat Jackson Holdings SA, Tranche B-1 Term Loan, 4/2/18 542,250 727,141 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B Term Loan, 4/23/19 727,444 ------------- $ 2,518,115 ------------- Total Telecommunication Services $ 9,884,083 ------------------------------------------------------------------------------------------------------- UTILITIES -- 0.5% Electric Utilities -- 0.1% 1,197,000 3.00 BB/Ba3 Calpine Construction Finance Co LP, Term B-1 Loan, 5/1/20 $ 1,175,804 825,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan, 8/19/20 819,844 ------------- $ 1,995,648 -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 90 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders -- 0.4% 768,015 3.75 BB+/Ba1 AES Corp. Virginia, 2013 Other Term Loan, 5/27/18 $ 772,953 767,932 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 769,852 460,385 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term Loan, 4/16/20 460,289 1,185,358 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan (2013), 7/1/18 1,179,709 1,610,797 4.75 BB+/Ba1 NSG Holdings LLC, New Term Loan, 11/15/19 1,638,986 875,808 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC, Term Loan, 3/27/20 873,984 ------------- $ 5,695,773 ------------- Total Utilities $ 7,691,421 ------------------------------------------------------------------------------------------------------- TOTAL SENIOR FLOATING RATE LOAN INTERESTS (Cost $145,140,550) $ 145,575,751 ------------------------------------------------------------------------------------------------------- TEMPORARY CASH INVESTMENTS -- 4.1% Certificates of Deposit -- 2.6% 950,000 0.52 NR/NR Bank of Nova Scotia Houston, Floating Rate Note, 1/3/14 $ 950,736 2,000,000 1.52 AA-/NR Commonwealth Bank of Australia New York NY, Floating Rate Note, 1/17/14 2,007,824 1,250,000 A-/Baa2 Dominion Resources, Inc./VA, (e) 1,249,992 1,500,000 BBB+/Baa1 Duke Energy Corp., (e) 1,499,950 8,260,000 BBB-/Baa3 Ford Motor Credit Co LLC, (e) 8,259,771 1,000,000 BBB/Baa1 Mondelez International, Inc., (e) 999,988 1,275,000 BBB/Baa1 Mondelez International, Inc., (e) 1,274,955 1,500,000 BBB/Baa1 Mondelez International, Inc., (e) 1,499,741 6,500,000 BBB+/A3 Nissan Motor Acceptance Corp., (e) 6,499,233 3,380,000 0.73 AA-/Aa3 Nordea Bank Finland Plc New York, Floating Rate Note, 1/27/14 3,386,091 3,000,000 A-/Baa2 Northeast Utilities, (e) 2,999,958 3,650,000 AA-/NR Standard Chartered Bank/New York, (e) 3,649,106 1,000,000 0.65 NR/Aa3 Sumitomo Mitsui Banking Corp. New York, Floating Rate Note, 4/1/15 999,707 1,000,000 0.43 AA-/Aa3 Svenska Handelsbanken New York NY, Floating Rate Note, 11/17/14 1,001,483 1,500,000 0.42 AA-/Aa3 Svenska Handelsbanken New York NY, Floating Rate Note, 12/19/14 1,502,188 3,450,000 1.07 NR/NR Svenska Handelsbanken New York NY, Floating Rate Note, 7/17/14 3,453,743
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 91 Schedule of Investments | 9/30/13 (continued)
------------------------------------------------------------------------------------------------------- Floating S&P/Moody's Principal Rate (b) Ratings Amount ($) (unaudited) (unaudited) Value ------------------------------------------------------------------------------------------------------- Certificates of Deposit -- (continued) 2,000,000 0.27 NR/NR Toronto-Dominion Bank New York, Floating Rate Note, 10/21/13 $ 2,000,217 -------------- $ 43,234,683 ------------------------------------------------------------------------------------------------------- Repurchase Agreement -- 1.5% 12,545,000 NR/Aaa Bank of Nova Scotia, 0.12%, dated 9/30/13, repurchase price of $12,545,000 plus accrued interest on 10/1/13 collateralized by the following: $1,202,482 Federal National Mortgage Association, 2.50-4.00%, 12/1/27-10/1/43 $11,593,462 Freddie Mac Giant, 3.00%, 7/1/43 $ 12,545,000 12,545,000 NR/NR Mizuho Securities USA, Inc., 0.10%, dated 9/30/13, repurchase price of $12,545,000 plus accrued interest on 10/1/13 collateralized by $12,795,900 U.S. Treasury Notes, 1.75%, 5/15/22 12,545,000 -------------- $ 25,090,000 ------------------------------------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENTS (Cost $68,331,811) $ 68,324,683 ------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 99.1% (Cost $1,666,760,206) (a) $1,670,363,470 ------------------------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 0.9% $ 14,473,524 ------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $1,684,836,994 =======================================================================================================
NR Not rated by either S&P or Moody's. WR Withdrawn rating. REIT Real Estate Investment Trust. REMIC Real Estate Mortgage Investment Conduits. (Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe. (Perpetual) Security with no stated maturity date. (Step) Bond issued with an initial coupon rate which converts to a higher rate at a later date. Strips Separate trading of registered interest and principal of securities. + Rounds to less than 0.1%. (144A) Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At September 30, 2013, the value of these securities amounted to $399,553,728 or 23.7% of total net assets. The accompanying notes are an integral part of these financial statements. 92 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 ** 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 September 30, 2013, the net unrealized gain on investments based on cost for federal income tax purposes of $1,669,274,289 was as follows:
Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $ 5,435,417 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (4,346,236) ------------- Net unrealized appreciation $ 1,089,181 =============
(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 in default and is non-income producing. (e) Security issued with a zero coupon. Income is earned through accretion of discount. Purchases and sales of securities (excluding temporary cash investments) for the six months ended September 30, 2013 aggregated $775,146,843 and $563,767,274, 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 September 30, 2013, in valuing the Fund's investments:
------------------------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------------------------- Asset Backed Securities $ -- $ 380,309,830 $ -- $ 380,309,830 Collateralized Mortgage Obligations -- 506,462,654 -- 506,462,654 Corporate Bonds -- 392,902,977 -- 392,902,977 U.S. Government and Agency Obligations -- 112,908,332 -- 112,908,332 Municipal Bonds -- 63,879,243 -- 63,879,243 Senior Floating Rate Loan Interests -- 145,575,751 -- 145,575,751 Certificates of Deposit -- 43,234,683 -- 43,234,683 Repurchase Agreements -- 25,090,000 -- 25,090,000 ------------------------------------------------------------------------------------------------------- Total $ -- $ 1,670,363,470 $ -- $ 1,670,363,470 =======================================================================================================
During the six months ended September 30, 2013, 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 | Semiannual Report | 9/30/13 93 Statement of Assets and Liabilities | 9/30/13 (unaudited)
ASSETS: Investment in securities (cost $1,666,760,206) $1,670,363,470 Cash 25,376,549 Receivables -- Investment securities sold 1,377,204 Fund shares sold 37,839,089 Interest 2,441,162 Prepaid expenses 159,060 -------------------------------------------------------------------------------------------------------- Total assets $1,737,556,534 -------------------------------------------------------------------------------------------------------- LIABILITIES: Payables -- Investment securities purchased $ 37,083,856 Fund shares repurchased 15,007,914 Dividends 234,053 Due to affiliates 232,038 Accrued expenses 161,680 -------------------------------------------------------------------------------------------------------- Total liabilities $ 52,719,541 -------------------------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $1,685,518,464 Distributions in excess of net investment income (3,541,500) Accumulated net realized loss on investments (743,235) Net unrealized appreciation on investments 3,603,264 -------------------------------------------------------------------------------------------------------- Total net assets $1,684,836,993 ======================================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $442,271,459/43,986,959 shares) $ 10.05 Class C (based on $433,598,491/43,180,027 shares) $ 10.04 Class C2 (based on $1,217,373/121,219 shares) $ 10.04 Class K (based on $9,967/991 shares) $ 10.06 Class Y (based on $806,256,471/80,143,077 shares) $ 10.06 Class Z (based on $1,483,232/147,674 shares) $ 10.04 MAXIMUM OFFERING PRICE: Class A ($10.05 (divided by) 97.5%) $ 10.31 ========================================================================================================
The accompanying notes are an integral part of these financial statements. 94 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 Statement of Operations (unaudited) For the Six Months Ended 9/30/13 (unaudited)
INVESTMENT INCOME: Interest $ 11,963,614 -------------------------------------------------------------------------------------------------------- Total investment income $ 11,963,614 -------------------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 2,494,008 Transfer agent fees and expenses Class A 13,378 Class C 12,905 Class Y 3,084 Class Z 32 Distribution fees Class A 412,217 Class C 976,157 Class C2 445 Administrative reimbursement 201,421 Shareholder communication expense 471,760 Custodian fees 77,128 Registration fees 163,942 Professional fees 42,497 Printing expense 8,799 Fees and expenses of nonaffiliated Trustees 28,078 Miscellaneous 191,719 -------------------------------------------------------------------------------------------------------- Total expenses $ 5,097,570 -------------------------------------------------------------------------------------------------------- Net expenses $ 5,097,570 -------------------------------------------------------------------------------------------------------- Net investment income $ 6,866,044 -------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS: Net realized loss on investments $ (127,969) Change in net unrealized depreciation on investments $ (3,421,622) -------------------------------------------------------------------------------------------------------- Net loss on investments $ (3,549,591) -------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 3,316,453 ========================================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 95 Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------- Six Months Ended 9/30/13 Year Ended (unaudited) 3/31/13 --------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 6,866,044 $ 6,664,001 Net realized gain (loss) on investments, futures contracts, and foreign currency transactions (127,969) 57,794 Change in net unrealized appreciation (depreciation) on investments, futures contracts, and foreign currency transactions (3,421,622) 6,603,179 --------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 3,316,453 $ 13,324,974 --------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.05 and $0.15 per share, respectively) $ (2,055,017) $ (2,922,161) Class C ($0.04 and $0.11 per share, respectively) (1,426,664) (1,648,303) Class C2 ($0.01 and $0.00 per share, respectively) (524) -- Class K ($0.06 and $0.05 per share, respectively) (62) (54) Class Y ($0.06 and $0.17 per share, respectively) (4,066,649) (5,907,023) Class Z ($0.07 and $0.00 per share, respectively) (2,772) -- --------------------------------------------------------------------------------------------- Total distributions to shareowners $ (7,551,688) $ (10,477,541) --------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $1,110,189,755 $1,778,506,536 Reinvestment of distributions 6,226,820 8,481,507 Cost of shares repurchased (748,268,283) (628,246,664) --------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions $ 368,148,292 $1,158,741,379 --------------------------------------------------------------------------------------------- Net increase in net assets $ 363,913,057 $1,161,588,812 NET ASSETS: Beginning of period 1,320,923,936 159,335,124 --------------------------------------------------------------------------------------------- End of period $1,684,836,993 $1,320,923,936 --------------------------------------------------------------------------------------------- Distributions in excess of net investment income $ (3,541,500) $ (2,855,856) ---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 96 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
---------------------------------------------------------------------------------------------- '13 Shares '13 Amount (unaudited) (unaudited) '13 Shares '13 Amount ---------------------------------------------------------------------------------------------- Class A Shares sold 26,708,932 $ 268,939,162 51,554,654 $ 519,046,315 Reinvestment of distributions 190,256 1,914,570 267,063 2,690,174 Less shares repurchased (20,729,268) (208,730,712) (18,809,955) (189,556,502) ---------------------------------------------------------------------------------------------- Net increase 6,169,920 $ 62,123,020 33,011,762 $ 332,179,987 ============================================================================================== Class C Shares sold 25,410,594 $ 255,599,747 43,411,358 $ 436,864,772 Reinvestment of distributions 140,141 1,408,927 154,379 1,554,742 Less shares repurchased (15,220,689) (153,093,839) (11,878,112) (119,597,629) ---------------------------------------------------------------------------------------------- Net increase 10,330,046 $ 103,914,835 31,687,625 $ 318,821,885 ============================================================================================== Class C2* Shares sold 125,111 $ 1,256,147 -- $ -- Reinvestment of distributions 52 518 -- -- Less shares repurchased (3,944) (39,596) -- -- ---------------------------------------------------------------------------------------------- Net increase 121,219 $ 1,217,069 -- $ -- ============================================================================================== Class K** Shares sold -- $ -- 991 $ 10,000 Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- -- -- ---------------------------------------------------------------------------------------------- Net increase -- $ -- 991 $ 10,000 ============================================================================================== Class Y Shares sold 57,860,079 $ 582,896,790 81,639,780 $ 822,585,449 Reinvestment of distributions 287,936 2,900,065 420,137 4,236,591 Less shares repurchased (38,350,441) (386,386,915) (31,638,154) (319,092,533) ---------------------------------------------------------------------------------------------- Net increase 19,797,574 $ 199,409,940 50,421,763 $ 507,729,507 ============================================================================================== Class Z*** Shares sold 149,114 $ 1,497,909 -- $ -- Reinvestment of distributions 273 2,740 -- -- Less shares repurchased (1,713) (17,221) -- -- ---------------------------------------------------------------------------------------------- Net increase 147,674 $ 1,483,428 -- $ -- ==============================================================================================
* Class C2 shares were first publicly offered on August 1, 2013. ** Class K shares were first publicly offered on December 20, 2013. *** Class Z shares were first publicly offered on April 1, 2013. The accompanying notes are an integral part of these financial statements. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 97 Financial Highlights
--------------------------------------------------------------------------------------------------- Six Months Ended Year 9/30/13 Ended 5/2/11 (unaudited) 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 $ 0.05 $ 0.13 $ 0.12 Net realized and unrealized gain (loss) on investments (0.03) 0.08 0.03 --------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.02 $ 0.21 $ 0.15 --------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.05) (0.15) (0.13) --------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.03) $ 0.06 $ 0.02 --------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.05 $ 10.08 $ 10.02 --------------------------------------------------------------------------------------------------- Total return* 0.21% 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 79%** 101% 56%** Net assets, end of period (in thousands) $442,271 $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. 98 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------------------- Six Months Ended Year 9/30/13 Ended 5/2/11 (unaudited) 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 $ 0.04 $ 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 $ 0.01 $ 0.16 $ 0.08 ----------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.04) (0.11) (0.06) ----------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.03) $ 0.05 $ 0.02 ----------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.04 $ 10.07 $ 10.02 ----------------------------------------------------------------------------------------------------- Total return* 0.08% 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 0.63%** 0.63% 0.52%** Portfolio turnover rate 79% ** 101% 51%** Net assets, end of period (in thousands) $433,598 $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 0.63%** 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 | Semiannual Report | 9/30/13 99 Financial Highlights (continued)
---------------------------------------------------------------------------------------------- 8/1/13 to 9/30/13 (a) ---------------------------------------------------------------------------------------------- Class C2 Net asset value, beginning of period $ 10.04 ---------------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.04 Net realized and unrealized gain (loss) on investments (0.03) ---------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.01 ---------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.01) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ -- ---------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.04 ---------------------------------------------------------------------------------------------- Total return* 0.09%(b) Ratio of net expenses to average net assets 0.98%** Ratio of net investment income to average net assets 1.47%** Portfolio turnover rate 79%** Net assets, end of period (in thousands) $ 1,217 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.98%** Net investment income 1.47%** ==============================================================================================
(a) Class C2 shares were first publicly offered on August 1, 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. 100 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
----------------------------------------------------------------------------------------- Six Months Ended 9/30/13 12/20/12 (unaudited) to 3/31/13 (a) ----------------------------------------------------------------------------------------- Class K Net asset value, beginning of period $ 10.08 $ 10.09 ----------------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.06 $ 0.03 Net realized and unrealized gain (loss) on investments (0.02) 0.01 ----------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.04 $ 0.04 ----------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.06) (0.05) ----------------------------------------------------------------------------------------- Net decrease in net asset value $ (0.02) $ (0.01) ----------------------------------------------------------------------------------------- Net asset value, end of period $ 10.06 $ 10.08 ----------------------------------------------------------------------------------------- Total return* 0.43% 0.43%(b) Ratio of net expenses to average net assets 0.41%** 0.53%** Ratio of net investment income to average net assets 1.18%** 1.25%** Portfolio turnover rate 79%** 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 1.18%** 1.25%** =========================================================================================
(a) Class K shares were first publicly offered on December 20, 2012. (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 | Semiannual Report | 9/30/13 101 Financial Highlights
--------------------------------------------------------------------------------------------------- Six Months Ended Year 9/30/13 Ended 5/2/11 (unaudited) 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 $ 0.06 $ 0.14 $ 0.14 Net realized and unrealized gain (loss) on investments (0.03) 0.09 0.04 --------------------------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.03 $ 0.23 $ 0.18 --------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.06) (0.17) (0.15) --------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.03) $ 0.06 $ 0.03 --------------------------------------------------------------------------------------------------- Net asset value, end of period $ 10.06 $ 10.09 $ 10.03 --------------------------------------------------------------------------------------------------- Total return* 0.31% 2.35% 1.79%(b) Ratio of net expenses to average net assets 0.53%** 0.55% 0.67%** Ratio of net investment income to average net assets 1.07%** 1.11% 1.72%** Portfolio turnover rate 79%** 101% 51%** Net assets, end of period (in thousands) $806,256 $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 0.53%** 0.55% 0.80%** Net investment income 1.07%** 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. 102 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13
-------------------------------------------------------------------------------- 4/1/13 to 9/30/13 (a) -------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $ 10.08 -------------------------------------------------------------------------------- Increase from investment operations: Net investment income $ 0.09 Net realized and unrealized gain (loss) on investments (0.06) -------------------------------------------------------------------------------- Net increase in net assets from investment operations $ 0.03 -------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.07) -------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (0.04) -------------------------------------------------------------------------------- Net asset value, end of period $ 10.04 -------------------------------------------------------------------------------- Total return* 0.28%(b) Ratio of net expenses to average net assets 0.46%** Ratio of net investment income to average net assets 1.38%** Portfolio turnover rate 79%** Net assets, end of period (in thousands) $ 1,483 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.46%** Net investment income 1.38%** ================================================================================
(a) Class Z shares were first publicly offered on April 1, 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 | Semiannual Report | 9/30/13 103 Notes to Financial Statements | 9/30/13 (unaudited) 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. As of September 30, 2013, the investment objective of the Fund is to seek a high level of current income. Capital appreciation is a secondary objective, effective December 1, 2013, the investment objective of the Fund is to seek a high level of current income to the extent consistent with a relatively high level of stability of principal. The Fund offers 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 20, 2012. Class Z shares are offered effective April 1, 2013. Class C2 shares are offered effective August 1, 2013. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K, Class Y, or Class Z shares. The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gains and losses on investments during the reporting period. Actual results could differ from those estimates. 104 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements, which are consistent with those policies generally accepted in the investment company industry: A. Security Valuation Security transactions are recorded as of trade date. The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. Senior floating rate loan interests (senior loans) are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. Fixed income securities 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 loan interests for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued at the direction or with the approval of the Valuation Committee using fair value methods pursuant to procedures adopted by the Board of Trustees. The Valuation Committee is comprised of certain members of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices and such differences could be material. Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser, 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. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 105 At September 30, 2013, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services). 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 portfolio hedge is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. 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 106 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 of September 30, 2013, the Fund had not accrued any interest and 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. The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended March 31, 2013 was as follows:
---------------------------------------------------------------------------- 2013 2012 ---------------------------------------------------------------------------- Distributions paid from: Ordinary income $10,477,541 $932,401 ---------------------------------------------------------------------------- Total $10,477,541 $932,401 ============================================================================
The following shows the components of distributable earnings on a federal income tax basis at March 31, 2013:
---------------------------------------------------------------------------- 2013 ---------------------------------------------------------------------------- Distributable earnings: Post-October loss deferred $ (615,225) Dividends payable (341,814) Net unrealized appreciation 4,510,803 ---------------------------------------------------------------------------- Total $3,553,764 ============================================================================
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to catastrophe bonds and 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 $9,926 in underwriting commissions on the sale of Class A shares during the six months ended September 30, 2013. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 107 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. 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 108 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 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 at September 30, 2013. 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 six months ended September 30, 2013, 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 six months ended September 30, 2013 are reflected on the Statement of Operations. These expense limitations are in effect through August 1, 2014. 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 $74,391 in management fees, administrative costs and certain other reimbursements payable to PIM at September 30, 2013. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 109 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 six months ended September 30, 2013, such out-of-pocket expenses by class of shares were as follows:
-------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 56,946 Class C 60,181 Class Y 354,632 Class Z 1 -------------------------------------------------------------------------------- Total: $471,760 ================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $124,367 in transfer agent fees and out-of-pocket reimbursements payable from PIMSS at September 30, 2013. 4. Distribution Plan The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class C2 shares. Pursuant to the Plan, the Fund pays PFD 0.20% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 0.50% of the average daily net assets attributable to Class C and Class C2 shares. The fee for Class C and Class C2 shares consists of a 0.25% service fee and a 0.25% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C and Class C2 shares. Prior to July 1, 2012, the Fund paid PFD 0.25% of the average daily net assets attributable to Class A shares and 1.00% of the average daily net assets attributable to Class C shares. Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $33,280 in distribution fees payable to PFD at September 30, 2013. 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 110 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 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 exchangeremain 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 six months ended September 30, 2013, CDSCs of $98,689 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 six months ended September 30, 2013, the Fund's expenses were not reduced under such arrangements. 6. Additional Disclosures about Derivative Instruments and Hedging Activities: The effect of derivative instruments on the Statement of Operations for the six months ended September 30, 2013 was as follows:
-------------------------------------------------------------------------------- Derivatives Not Change in Accounted for as Realized Unrealized Hedging Instruments Loss on Appreciation Under Accounting Location of Gain or (Loss) Derivatives on Derivatives Standards Codification on Derivatives Recognized Recognized Recognized (ASC) 815 in Income in Income in Income -------------------------------------------------------------------------------- Futures Contracts Change in net unrealized Appreciation on futures contracts $688
7. Line of Credit Facility The Fund, along with certain other funds in the Pioneer Family of Funds (the Funds), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund's prospectus and the 1940 Act. The credit facility is in the amount of $215 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% 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 six months ended September 30, 2013, the Fund had no borrowings under the credit facility. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 111 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman John F. Cogan, Jr., President* David R. Bock Daniel K. Kingsbury, Executive John F. Cogan, Jr.*** Vice President Benjamin M. Friedman Mark E. Bradley, Treasurer** Margaret B.W. Graham Christopher J. Kelley, Secretary Daniel K. Kingsbury Marguerite A. Piret Stephen K. West Investment Adviser and Administrator Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. 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. * Chief Executive Officer of the Fund. ** Chief Financial and Accounting Officer of the Fund. *** Mr. Cogan resigned as Trustee of the Pioneer Funds effective November 12, 2013. 112 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 This page for your notes. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 113 This page for your notes. 114 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 This page for your notes. Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 115 This page for your notes. 116 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/13 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) 2013 Pioneer Investments 25249-02-1113 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. N/A (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. N/A (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. N/A (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. N/A (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. N/A (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. N/A (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 Funds 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/ John F. Cogan, Jr. John F. Cogan, Jr, President Date November 29, 2013 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/ John F. Cogan, Jr. John F. Cogan, Jr., President Date November 29, 2013 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer & Chief Accounting & Financial Officer Date November 29, 2013 * Print the name and title of each signing officer under his or her signature. EX-99 2 ethics.pdf begin 644 ethics.pdf M)5!$1BTQ+C0-)>+CS],-"C(T(#`@;V)J#3P\+TQI;F5AF4@-3`O4')E=B`U M.#@W.2]2;V]T(#(U(#`@4B]);F9O(#(S(#`@4B])1%L\.3(R-T1&.$$Q,C1! 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Cogan, Jr., certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust X; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 29, 2013 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President CERTIFICATIONS -------------- I, Mark Bradley, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Series Trust X; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 29, 2013 /s/ Mark Bradley Mark Bradley Treasurer & Chief Accounting & Financial Officer SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series Trust X (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended September 30, 2013 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: November 29, 2013 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request. SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series Trust X (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended September 30, 2013 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: November 29, 2013 /s/ Mark Bradley Mark Bradley Treasurer & Chief Accounting & Financial Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request.