Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Classic
Balanced Fund
Semiannual Report | January 31, 2014
Ticker Symbols:
Class A AOBLX
Class B ASBBX
Class C PCBCX
Class Y AYBLX
|
[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 45
Notes to Financial Statements 53
Approval of Investment Advisory Agreement 63
Trustees, Officers and Service Providers 67
|
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 1
President's Letter
Dear Shareowner,
When we look into 2014, we foresee U.S. economic growth matching or exceeding
2013 levels. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. Tax hikes, spending restraint and a better economy have
meaningfully cut the federal budget deficit. A modestly improving European
economy, continuing economic improvement in Japan, and a "soft landing" of
growth in China appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation, making it possible for the
Federal Reserve (the Fed) to continue its accommodative monetary policies.
After observing the strengthening economic trends, the Fed decided in December
2013 to start scaling back its QE (quantitative easing) program, but 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 high.
The U.S. government's partial shutdown in October 2013 rattled the markets to a
degree, but does not appear to have had a significant negative impact on the
economy or capital markets. As the year drew to a close, leaders in Washington
reached a bipartisan budget agreement that establishes top-line government
spending levels for the next two fiscal years, a move which should help to
defuse the threat of another shutdown. That certainly was welcome news for
investors who had grown weary of infighting in Washington and wary of the risks
the policy uncertainty caused.
There are certainly risks and uncertainties facing the global economy as we head
into 2014. The European economy, while improving, remains weak, the Japanese
economy faces a tax hike this spring, and a number of emerging market countries
are experiencing difficulties. There are also geopolitical worries abroad and
the aforementioned political fights at home. 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 Classic Balanced Fund | Semiannual Report | 1/31/14
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
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 seek to 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 Classic Balanced Fund | Semiannual Report | 1/31/14 3
Portfolio Management Discussion | 1/31/14
The stock market maintained its upward momentum for most of the six-month period
ended January 31, 2014, although share prices retreated somewhat in the final
month of the period. Meanwhile, the bond market delivered modest results, with
credit-sensitive securities outperforming Treasuries and other higher-quality
investments. In the following interview, Richard Schlanger and Walter Hunnewell,
Jr., discuss the market environment and the factors that affected the
performance of Pioneer Classic Balanced Fund during the six-month period. Mr.
Schlanger, a vice president and a portfolio manager at Pioneer, and Mr.
Hunnewell, a vice president and a portfolio manager at Pioneer, are responsible
for the day-today management of the Fund.
Q How did the Fund perform during the six-month period ended January 31, 2014?
A The Fund's Class A shares returned 6.01% at net asset value during the
six-month period ended January 31, 2014, while the Fund's benchmarks, the
Standard & Poor's 500 Index (the S&P 500) and the Barclays Government/Credit
Bond Index (the Barclays Index), returned 6.85% and 1.57%, respectively.
During the same period, the average return of the 902 mutual funds in
Morningstar's Moderate Allocation Funds category was 4.53%, and the average
return of the 546 mutual funds in Lipper's Mixed-Asset Target Moderate
Allocation Funds category was 4.24%.
Q How would you describe the investment environment during the six-month
period ended January 31, 2014, and how did you manage the Fund's overall
portfolio in response to that environment?
A The Fund performed well during the period. We tilted the Fund's investments
towards equities over fixed-income investments during the period, and that
was a significant factor helping to support results relative to the two
benchmarks. However, the Fund's performance also was aided by strong
relative returns from both the equity and fixed-income portions of the
portfolio. Over the entire six-month period, we kept the Fund's allocation
to equities at approximately 65% of net assets, which is the maximum amount
permitted under the Funds' prospectus. We did this even after the robust
rally by equities during the first half of 2013, because we believed
equities still offered stronger relative value to bonds.
4 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Much of the volatility during the period can be traced to market
anticipation as well as speculation pertaining to the timing and extent of
any change in monetary policy by the U.S. Federal Reserve (Fed) that would
result in less accommodation and a reduction in economic stimulus. Then-Fed
Chairman Ben Bernanke first touched off this round of market speculation in
May 2013, when he suggested that the U.S. central bank might soon "taper"
some of its monthly purchases of agency mortgage-backed and other government
securities on the open market (known as quantitative easing, or "QE"). Mr.
Bernanke subsequently backed off a bit when he announced that any reduction
in QE would be tied to economic data releases and that interest rates, as
influenced by the influential Federal funds rate, would likely remain at
very low levels for the foreseeable future. In December, the Fed announced
that it would, in fact, begin to taper QE beginning in January 2014 by
reducing its monthly bond purchases from $85 billion to $75 billion.
Questions about the identity of the new Fed chair after Mr. Bernanke's term
concluded early in 2014 also played into the market's anxiety over Fed
policy, but fears were reduced and the market was reassured when President
Obama announced that he was nominating Fed Vice Chairman Janet Yellen to the
higher post. Ms. Yellen is widely viewed as someone who is not likely to
enact a dramatic shift in Fed policy.
Near the end of the six-month period, the markets were less worried about
the gradual removal of the Fed's monetary stimulus because of the growing
perception that the U.S. economic recovery was strengthening. While some
retail sales and employment reports occasionally were disappointing, the
overall consensus was that economic growth was gathering momentum. However,
the final weeks of the six-month period were not without some concerns, as
investors worried that even a gradual reduction in the Fed's accommodative
monetary policies would have a significant negative effect on the emerging
economies, which are dependent upon the flow of capital from the United
States and other developed markets. Those worries resulted in a sell-off in
the equity market during the final month of the period (January 2014) after
a prolonged stretch of solid gains.
Despite the interim periods of volatility, interest rates rose only modestly
during the six-month period, with the yield on 10-year Treasuries climbing
from about 2.50% at the beginning of the fiscal period (August 1, 2013) to
about 2.65% on January 31, 2014, after hitting 3.00% the previous month.
Helped by the increasing evidence of a sustained economic recovery,
credit-sensitive investments, such as corporate bonds, tended to outperform
Treasuries and government agency debt.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 5
The advancing economy also helped to support corporate profits, and the more
cyclical sectors of the equity markets tended to outpace the more
traditionally defensive areas of the market. The top-performing equity
sectors during the period included information technology, industrials and
materials; health care, typically a more defensive sector, also enjoyed
strong performance. The weaker-performing sectors included telecom services,
consumer staples, energy and utilities.
Q What strategies did you employ in managing the fixed-income portion of the
Fund's portfolio during the six-month period ended January 31, 2014, and how
did those strategies affect the Fund's performance?
A In managing the Fund's fixed-income investments during the period, we took
the announcements by Fed officials at face value and anticipated that the
central bank would gradually remove some monetary stimulus, while leaving
the Federal funds rate in the record-low range of 0.00% to 0.25% for the
foreseeable future. In that environment, we saw that there were few
opportunities available in many categories of short-maturity investments,
while the risks of higher interest rates at the longer end of the yield
curve discouraged our investing the Fund in long-maturity securities.
Accordingly, we reduced the Fund's exposure to long-maturity securities,
while adding some exposure to floating-rate bank loans and catastrophe bonds
(issued by casualty insurers) at the short end of the yield curve. We kept a
relatively neutral portfolio weighting in the five-year part of the yield
curve, while overweighing the 10-year maturity area. We focused the Fund's
investments more on the credit sectors rather than Treasuries and government
agency bonds, which tend to be less sensitive to economic conditions and
more sensitive to changes in interest rates. At the end of the six-month
period, for example, Treasuries accounted for roughly 3% of the Fund's
fixed-income investments, even though they represented about 50% of the
benchmark Barclays Index.
Our emphasis on the credit sectors tended to help the Fund's
benchmark-relative performance, which also was aided by investments in
non-benchmark groups such as the aforementioned bank loans and catastrophe
bonds. In lieu of Treasuries, the portfolio also had a small level of
exposure to municipal bonds, which we thought represented greater relative
value; the municipal holdings also aided the Fund's returns during the
period.
6 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
As for individual investments, the Fund realized notably good performance
from investments in financial industry bonds, including securities issued by
asset managers Carlyle Group and KKR, as well as Sovereign Bank. Corporate
holdings in the portfolio that did not fare as well included the debt of
Williams, a pipeline corporation, and insurer MetLife.
At the end of the period, on January 31, 2014, the average effective
duration of the Fund's fixed-income investments was 5.62 years, slightly
lower than that of the Barclays Index. (Duration is a measure of a
portfolio's price-sensitivity to changes in interest rates.) Portfolios with
shorter duration are less sensitive to changes in interest rates than
portfolios with longer duration.
Q How did you position the equity portion of the Fund's portfolio during the
six-month period ended January 31, 2014, and how did the positioning affect
the Fund's performance?
A We maintained our emphasis on higher-quality, dividend-paying stocks* in the
portfolio during the six-month period, but the Fund still saw strong price
gains from its equity holdings. Good stock selection results in the consumer
staples and utilities sectors drove the majority of the Fund's favorable
performance relative to the S&P 500 benchmark. Exposure to the health care
sector provided substantial support to results, as did the portfolio's
emphasis on the more cyclical information technology, industrials, and
materials sectors. Even though we overweighted the Fund to the
underperforming energy sector during the period, stock selection results
within the sector were strong enough to overcome the effects of the Fund's
relatively high exposure. In energy, we focused the Fund's investments in
companies that we believed could benefit from the build-out of natural gas
processing-and-distribution facilities, including pipelines, and the
emphasis proved successful. Underweighting the utilities and telecom
services sectors also aided the Fund's relative returns.
Stock selection in the information technology and financials sectors,
however, contributed negatively to the Fund's relative results.
Among individual portfolio holdings, McKesson, a pharmaceutical distribution
company, made the largest contribution to the Fund's performance during the
period. McKesson maintains a highly efficient operation, and its business is
largely insulated from the regulatory and patent expiration risks that tend
to affect other businesses within health care. The Fund's large position in
Internet technology leader Google also made a strong contribution to
returns. We invested in Google because of its excellent growth prospects,
despite the fact that the company pays no stock dividend.
* Dividends are not guaranteed.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 7
Other strong-performing holdings in the portfolio during the period included
Delta Airlines, which fared well as the airline industry continued to
improve, and specialty and generic drug manufacturer Actavis. Underweight
Fund positions in oil company Chevron and technology services company IBM
also helped performance, as did an overweight position in ONEOK, a natural
gas distribution and energy services company.
Investments that tended to hold back the Fund's performance during the
period included rural telecommunication services company Century Link;
energy exploration and production company Cobalt International Energy;
technology company Citrix Systems; and Ford Motor. An underweight position
in biotechnology company Biogen Idec also hurt relative results.
Our more significant changes to the Fund's equity holdings during the six
months included adding a position in chemical company Lyondell Basel, and
liquidating the Fund's investment in Philip Morris International, a tobacco
products company doing business outside the U.S.
Q What is your investment outlook?
A We think 2014 may turn into a transition year for the capital markets as the
Fed begins to gradually taper QE in an improving economic environment, with
gains in the jobs market and further recovery in the housing industry.
Notwithstanding recent disappointments from housing and employment reports,
we believe some evidence of economic weakness at the beginning of the new
calendar year may be related to the effects of severe winter weather in the
United States.
In the fixed-income market, we think the corporate sector may offer less
opportunity than it did last year, and we may reduce the Fund's exposure to
some corporate holdings that have performed particularly well. Overall, we
plan to retain the higher-quality bias within the Fund's fixed-income
sleeve, approximately 25% of which is made up of securities rated AAA
(according to Standard & Poor's).
We plan to retain the portfolio's heavier tilt towards equities over fixed-
income assets. As we enter the second half of the Fund's fiscal year, we are
maintaining the portfolio's overweights in the health care, energy, and
materials sectors, all of which should benefit if the economy continues to
grow. The Fund remains underweight to the traditionally defensive sectors
8 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
such as consumer staples, utilities, and telecom services, and we have
retained our focus on maintaining a portfolio of equity investments that pay
higher dividends than the S&P 500's stocks.
Please refer to the Schedule of Investments on pages 18-44 for a full listing of
Fund securities.
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 the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The Fund may invest in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to prepayments.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
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. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 9
Portfolio Summary | 1/31/14
Portfolio Diversification
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 60.1%
U.S. Corporate Bonds 12.6%
U.S. Government Securities 6.5%
International Corporate Bonds 5.8%
Collateralized Mortgage Obligations 5.6%
Municipal Bonds 2.5%
Asset Backed Securities 1.8%
Depository Receipts for International Stocks 1.5%
International Common Stocks 1.4%
Foreign Government Bonds 0.8%
Senior Secured Loans 0.6%
U.S. Preferred Stocks 0.5%
Convertible Preferred Stocks 0.3%
|
Sector Distribution
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 27.9%
Information Technology 12.2%
Energy 10.9%
Health Care 9.5%
Consumer Discretionary 8.8%
Government 8.1%
Industrials 7.4%
Consumer Staples 5.6%
Materials 4.2%
Utilities 3.0%
Telecommunication Services 1.8%
Fixed Income 0.6%
|
10 Largest Holdings
(As a percentage of total long-term holdings)*
1. Google, Inc. 2.37%
--------------------------------------------------------------------------------
2. Microsoft Corp. 2.19
--------------------------------------------------------------------------------
3. Johnson & Johnson, Inc. 1.63
--------------------------------------------------------------------------------
4. Pfizer, Inc. 1.58
--------------------------------------------------------------------------------
5. QUALCOMM, Inc. 1.57
--------------------------------------------------------------------------------
6. The PNC Financial Services Group, Inc. 1.24
--------------------------------------------------------------------------------
7. McKesson Corp. 1.20
--------------------------------------------------------------------------------
8. Apple, Inc. 1.18
--------------------------------------------------------------------------------
9. Gilead Sciences, Inc. 1.18
--------------------------------------------------------------------------------
10. United Technologies Corp. 1.09
--------------------------------------------------------------------------------
|
* 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 Classic Balanced Fund | Semiannual Report | 1/31/14
Prices and Distributions | 1/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $9.21 $10.62
--------------------------------------------------------------------------------
B $9.12 $10.54
--------------------------------------------------------------------------------
C $9.16 $10.58
--------------------------------------------------------------------------------
Y $9.27 $10.66
--------------------------------------------------------------------------------
|
Distributions per Share: 8/1/13-1/31/14
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1132 $0.0638 $1.8554
--------------------------------------------------------------------------------
B $0.0714 $0.0638 $1.8554
--------------------------------------------------------------------------------
C $0.0775 $0.0638 $1.8554
--------------------------------------------------------------------------------
Y $0.1012 $0.0638 $1.8554
--------------------------------------------------------------------------------
|
Index Definitions
The Standard & Poor's 500 Index is an unmanaged, commonly used measure of the
broad U.S. stock market. The Barclays Government/Credit Bond Index is unmanaged,
and measures the performance of debt obligations of the U.S. government agencies
and investment-grade domestic corporate debt. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-15.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 11
Performance Update | 1/31/14 Class A Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Classic Balanced Fund at public
offering price during the periods shown, compared to that of the Standard &
Poor's 500 Index and Barclays Government/Credit Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 6.19% 5.71%
5 Years 14.11 13.04
1 Year 14.03 8.89
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.28% 1.16%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/Credit Standard & Poor's
Balanced Fund Bond Index 500 Index
1/31/2004 $ 9,550 $ 10,000 $ 10,000
1/31/2005 $ 9,991 $ 10,397 $ 10,622
1/31/2006 $ 10,829 $ 10,551 $ 11,724
1/31/2007 $ 12,107 $ 10,960 $ 13,424
1/31/2008 $ 12,123 $ 11,986 $ 13,114
1/31/2009 $ 9,006 $ 12,242 $ 8,050
1/31/2010 $ 11,794 $ 13,189 $ 10,718
1/31/2011 $ 13,443 $ 13,863 $ 13,097
1/31/2012 $ 13,837 $ 15,223 $ 13,646
1/31/2013 $ 15,277 $ 15,661 $ 15,933
1/31/2014 $ 17,420 $ 15,642 $ 19,360
|
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of the maximum 4.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through December 1, 2015, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class A shares of
the Fund for periods prior to September 23, 2005, is based on the performance of
AmSouth Balanced Fund's Class A shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of Class A shares of the Fund would be
lower.
12 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Performance Update | 1/31/14 Class B Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Classic Balanced Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.26% 5.26%
5 Years 13.06 13.06
1 Year 12.88 9.20
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.38% 2.06%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/Credit Standard & Poor's
Balanced Fund Bond Index 500 Index
1/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,376 $ 10,397 $ 10,622
1/31/2006 $ 11,155 $ 10,551 $ 11,724
1/31/2007 $ 12,376 $ 10,960 $ 13,424
1/31/2008 $ 12,277 $ 11,986 $ 13,114
1/31/2009 $ 9,033 $ 12,242 $ 8,050
1/31/2010 $ 11,716 $ 13,189 $ 10,718
1/31/2011 $ 13,243 $ 13,863 $ 13,097
1/31/2012 $ 13,512 $ 15,223 $ 13,646
1/31/2013 $ 14,785 $ 15,661 $ 15,933
1/31/2014 $ 16,690 $ 15,642 $ 19,360
|
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 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 contractual expense limitations currently in
effect through December 1, 2015, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitations 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 Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class B shares of
the Fund for periods prior to September 23, 2005, is based on the performance of
AmSouth Balanced Fund's Class B shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of Class B shares of the Fund would be
lower.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 13
Performance Update | 1/31/14 Class C Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Classic Balanced Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.36% 5.36%
5 Years 13.14 13.14
1 Year 13.13 13.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.01%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Barclays Government/Credit Standard & Poor's
Balanced Fund Bond Index 500 Index
1/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,376 $ 10,397 $ 10,622
1/31/2006 $ 11,217 $ 10,551 $ 11,724
1/31/2007 $ 12,441 $ 10,960 $ 13,424
1/31/2008 $ 12,352 $ 11,986 $ 13,114
1/31/2009 $ 9,090 $ 12,242 $ 8,050
1/31/2010 $ 11,793 $ 13,189 $ 10,718
1/31/2011 $ 13,326 $ 13,863 $ 13,097
1/31/2012 $ 13,613 $ 15,223 $ 13,646
1/31/2013 $ 14,895 $ 15,661 $ 15,933
1/31/2014 $ 16,850 $ 15,642 $ 19,360
|
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.
Pioneer Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class C shares
for periods prior to September 23, 2005, is based upon the performance of
AmSouth Balanced Fund's Class B shares as adjusted to reflect sales charges
applicable to Class C shares (but not other differences in expenses). If the
performance had been adjusted to reflect all differences in expenses, the
performance of Class C shares of the Fund would be lower.
14 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Performance Update | 1/31/14 Class Y Shares
Investment Returns
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Classic Balanced Fund during the
periods shown, compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.52% 6.52%
5 Years 14.49 14.49
1 Year 14.52 14.52
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.90%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Classic Barclays Government/Credit Standard & Poor's
Balanced Fund Bond Index 500 Index
1/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2005 $ 5,236,845 $ 5,198,676 $ 5,311,118
1/31/2006 $ 5,689,066 $ 5,275,419 $ 5,862,188
1/31/2007 $ 6,383,042 $ 5,480,218 $ 6,712,132
1/31/2008 $ 6,415,076 $ 5,993,114 $ 6,556,884
1/31/2009 $ 4,780,342 $ 6,121,020 $ 4,025,042
1/31/2010 $ 6,283,589 $ 6,594,478 $ 5,358,824
1/31/2011 $ 7,185,960 $ 6,931,442 $ 6,548,524
1/31/2012 $ 7,424,643 $ 7,611,494 $ 6,823,016
1/31/2013 $ 8,210,805 $ 7,830,447 $ 7,966,736
1/31/2014 $ 9,403,197 $ 7,821,036 $ 9,680,145
|
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.
Pioneer Classic Balanced Fund acquired the assets and liabilities of AmSouth
Balanced Fund on September 23, 2005. The performance shown for Class Y shares of
the Fund for periods prior to September 23, 2005, is based on the performance of
AmSouth Balanced Fund's Class I shares prior to the reorganization, which has
been restated to reflect differences in any applicable sales charges (but not
differences in expenses). If the performance had been adjusted to reflect all
differences in expenses, the performance of Class Y shares of the Fund would be
lower. 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 Classic Balanced Fund | Semiannual Report | 1/31/14 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on actual returns from August 1, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 8/1/14
--------------------------------------------------------------------------------
Ending Account $1,060.10 $1,055.10 $1,055.60 $1,060.70
Value (after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.18 $ 10.83 $ 10.05 $ 5.04
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.19%,
2.09%, 1.94% and 0.97% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
16 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from August 1, 2013 through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 8/1/14
--------------------------------------------------------------------------------
Ending Account $1,019.21 $1,014.67 $1,015.43 $1,020.32
Value (after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.06 $ 10.61 $ 9.86 $ 4.94
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.19%,
2.09%, 1.94% and 0.97% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 17
Schedule of Investments | 1/31/14 (unaudited)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.6%
BANKS -- 0.3%
Diversified Banks -- 0.3%
13,300 6.50 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) $ 361,095
6,000 6.00 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) 165,360
------------
$ 526,455
-----------------------------------------------------------------------------------------------------
Regional Banks -- 0.0%+
1,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 97,250
------------
Total Banks $ 623,705
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial
Services -- 0.0%+
3,000 7.88 BB+/Ba2 Citigroup Capital XIII, Floating Rate
Note, 10/30/40 $ 81,390
------------
Total Diversified Financials $ 81,390
-----------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Property & Casualty Insurance -- 0.3%
21,025 5.10 BBB/Baa1 The Allstate Corp., Floating Rate Note,
1/15/53 $ 513,010
------------
Total Insurance $ 513,010
-----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $1,191,403) $ 1,218,105
-----------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCK -- 0.4%
BANKS -- 0.4%
Diversified Banks -- 0.4%
700 BBB+/Baa3 Wells Fargo & Co., 7.5% (Perpetual) $ 810,250
-----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $730,069) $ 810,250
-----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 62.6%
ENERGY -- 8.2%
Oil & Gas Equipment &
Services -- 0.8%
18,818 Schlumberger, Ltd. $ 1,647,892
-----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.8%
14,247 BP Plc (A.D.R.) $ 668,042
18,998 Exxon Mobil Corp. 1,750,856
15,013 Occidental Petroleum Corp. 1,314,688
------------
$ 3,733,586
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
18 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 2.5%
26,152 ConocoPhillips $ 1,698,572
7,375 EOG Resources, Inc. 1,218,645
15,276 EQT Corp. 1,417,766
30,215 Marathon Oil Corp. 990,750
------------
$ 5,325,733
-----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.3%
20,625 Marathon Petroleum Corp.* $ 1,795,406
13,558 Phillips 66, Inc. 990,954
------------
$ 2,786,360
-----------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.8%
39,619 Spectra Energy Corp. $ 1,424,303
12,036 Targa Resources Corp. 1,086,730
31,495 The Williams Companies, Inc. 1,275,233
------------
$ 3,786,266
------------
Total Energy $ 17,279,837
-----------------------------------------------------------------------------------------------------
MATERIALS -- 3.1%
Commodity Chemicals -- 1.1%
28,325 LyondellBasell Industries NV $ 2,230,877
-----------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
9,726 The Dow Chemical Co. $ 442,630
-----------------------------------------------------------------------------------------------------
Fertilizers & Agricultural
Chemicals -- 0.7%
12,559 Monsanto Co. $ 1,338,161
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
53,498 Freeport-McMoRan Copper & Gold, Inc. $ 1,733,870
-----------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
14,263 International Paper Co. $ 680,916
------------
Total Materials $ 6,426,454
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.7%
Aerospace & Defense -- 1.8%
16,314 Honeywell International, Inc. $ 1,488,326
20,058 United Technologies Corp. 2,287,013
------------
$ 3,775,339
-----------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 1.6%
22,418 Eaton Corp Plc $ 1,638,532
14,058 Rockwell Automation, Inc. 1,614,421
------------
$ 3,252,953
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 19
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
8,696 Cummins, Inc. $ 1,104,218
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.8%
14,302 Ingersoll-Rand Plc $ 840,815
8,448 Snap-on, Inc. 846,067
------------
$ 1,686,882
------------
Total Capital Goods $ 9,819,392
-----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.5%
Diversified Support Services -- 0.5%
36,412 KAR Auction Services, Inc. $ 1,012,982
------------
Total Commercial Services & Supplies $ 1,012,982
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.3%
Air Freight & Logistics -- 0.6%
13,020 United Parcel Service, Inc. (Class B) $ 1,239,895
-----------------------------------------------------------------------------------------------------
Airlines -- 0.7%
47,191 Delta Air Lines, Inc. $ 1,444,517
------------
Total Transportation $ 2,684,412
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.1%
Auto Parts & Equipment -- 0.4%
20,588 Johnson Controls, Inc. $ 949,519
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.7%
94,571 Ford Motor Co. $ 1,414,782
------------
Total Automobiles & Components $ 2,364,301
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Restaurants -- 0.8%
18,164 McDonald's Corp. $ 1,710,504
------------
Total Consumer Services $ 1,710,504
-----------------------------------------------------------------------------------------------------
MEDIA -- 2.9%
Cable & Satellite -- 1.0%
40,433 Comcast Corp. $ 2,201,577
-----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.1%
50,864 Regal Entertainment Group, Inc. $ 991,848
18,179 The Walt Disney Co. 1,319,977
------------
$ 2,311,825
-----------------------------------------------------------------------------------------------------
Publishing -- 0.8%
57,850 Gannett Co., Inc. $ 1,592,610
------------
Total Media $ 6,106,012
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
20 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
RETAILING -- 2.4%
Department Stores -- 0.4%
15,352 Macy's, Inc. $ 816,726
-----------------------------------------------------------------------------------------------------
Apparel Retail -- 0.7%
21,253 Ross Stores, Inc. $ 1,443,291
-----------------------------------------------------------------------------------------------------
Home Improvement Retail -- 1.0%
46,075 Lowe's Companies, Inc. $ 2,132,812
-----------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
13,729 Vitamin Shoppe, Inc.* $ 615,334
------------
Total Retailing $ 5,008,163
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.8%
Drug Retail -- 1.8%
23,121 CVS Caremark Corp. $ 1,565,754
38,853 Walgreen Co. 2,228,220
------------
$ 3,793,974
------------
Total Food & Staples Retailing $ 3,793,974
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.1%
Soft Drinks -- 1.1%
16,729 Coca-Cola Enterprises, Inc. $ 724,198
19,440 PepsiCo., Inc. 1,562,198
------------
$ 2,286,396
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
15,384 Campbell Soup Co. $ 633,975
17,643 Green Mountain Coffee Roasters, Inc.* 1,429,083
------------
$ 2,063,058
-----------------------------------------------------------------------------------------------------
Tobacco -- 1.0%
60,583 Altria Group, Inc. $ 2,133,733
------------
Total Food, Beverage & Tobacco $ 6,483,187
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.2%
Health Care Distributors -- 1.2%
14,487 McKesson Corp. $ 2,526,678
------------
Total Health Care Equipment & Services $ 2,526,678
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 8.1%
Biotechnology -- 2.3%
8,996 Celgene Corp.* $ 1,366,762
30,598 Gilead Sciences, Inc.* 2,467,729
11,737 Vertex Pharmaceuticals, Inc.* 927,692
------------
$ 4,762,183
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 21
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
-----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 5.8%
15,568 AbbVie, Inc. $ 766,413
8,858 Actavis Plc* 1,673,985
24,885 AstraZeneca Plc (A.D.R.) 1,580,198
38,589 Johnson & Johnson, Inc. 3,413,969
12,489 Merck & Co., Inc. 661,542
109,094 Pfizer, Inc. 3,316,458
29,638 Zoetis, Inc. 899,810
------------
$ 12,312,375
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 17,074,558
-----------------------------------------------------------------------------------------------------
BANKS -- 2.7%
Regional Banks -- 2.0%
46,076 BB&T Corp. $ 1,723,703
32,463 The PNC Financial Services Group, Inc. 2,593,144
------------
$ 4,316,847
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.7%
53,796 New York Community Bancorp, Inc. $ 870,957
39,871 People's United Financial, Inc. 566,567
------------
$ 1,437,524
------------
Total Banks $ 5,754,371
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.8%
Other Diversified Financial
Services -- 2.5%
117,422 Bank of America Corp. $ 1,966,818
38,519 Citigroup, Inc. 1,826,956
28,197 JPMorgan Chase & Co. 1,560,986
------------
$ 5,354,760
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
19,228 CME Group, Inc./IL $ 1,437,485
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.7%
27,677 Discover Financial Services, Inc. $ 1,484,871
-----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 1.7%
2,080 Affiliated Managers Group, Inc.* $ 414,419
89,575 Ares Capital Corp. 1,586,373
12,621 Franklin Resources, Inc. 656,418
14,609 The Carlyle Group LP 508,539
9,802 Walter Investment Management Corp.* 302,294
------------
$ 3,468,043
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
22 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal
Amount ($) Value
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.2%
13,713 Morgan Stanley Co. $ 404,671
------------
Total Diversified Financials $ 12,149,830
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Residential REIT -- 0.4%
22,357 American Campus Communities, Inc. $ 777,129
-----------------------------------------------------------------------------------------------------
Specialized REIT -- 1.0%
92,180 Chesapeake Lodging Trust $ 2,244,583
------------
Total Real Estate $ 3,021,712
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 5.8%
Internet Software & Services -- 2.9%
20,305 eBay, Inc.* $ 1,080,226
4,195 Google, Inc.* 4,954,178
------------
$ 6,034,404
-----------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.5%
4,858 Visa, Inc. $ 1,046,559
-----------------------------------------------------------------------------------------------------
Application Software -- 0.2%
10,206 Citrix Systems, Inc.* $ 551,838
-----------------------------------------------------------------------------------------------------
Systems Software -- 2.2%
121,142 Microsoft Corp. $ 4,585,225
------------
Total Software & Services $ 12,218,026
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 3.6%
Communications Equipment -- 1.5%
44,381 Qualcomm, Inc. $ 3,293,958
-----------------------------------------------------------------------------------------------------
Computer Hardware -- 1.2%
4,951 Apple, Inc. $ 2,478,471
-----------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.9%
78,140 EMC Corp. $ 1,894,114
------------
Total Technology Hardware & Equipment $ 7,666,543
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.1%
Semiconductors -- 2.1%
21,554 Analog Devices, Inc. $ 1,040,412
40,282 Intel Corp. 988,520
32,056 Microchip Technology, Inc. 1,438,032
20,506 Xilinx, Inc. 951,889
------------
$ 4,418,853
------------
Total Semiconductors &
Semiconductor Equipment $ 4,418,853
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 23
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Telecommunication Services -- 0.7%
Integrated Telecommunication
Services -- 0.3%
22,436 CenturyLink, Inc. $ 647,503
-----------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.4%
24,981 Vodafone Group Plc (A.D.R.) $ 925,796
------------
Total Telecommunication Services $ 1,573,299
-----------------------------------------------------------------------------------------------------
UTILITIES -- 1.3%
Gas Utilities -- 1.0%
31,586 ONEOK, Inc. $ 2,163,325
-----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
17,182 Ameren Corp. $ 650,167
------------
Total Utilities $ 2,813,492
-----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $102,367,397) $131,906,580
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings
-----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.8%
MATERIALS -- 0.3%
Diversified Metals & Mining -- 0.1%
83,751 BBB+/Baa1 Lehman ABS Manufactured Housing
Contract Trust 2001-B, 5.873%, 4/15/40 $ 88,636
-----------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
264,262 AA+/A2 Credit-Based Asset Servicing and
Securitization LLC, 4.99112%, 7/25/35
(Step) $ 268,871
-----------------------------------------------------------------------------------------------------
Steel -- 0.1%
48,252 AAA/Aaa HSBC Home Equity Loan Trust USA
2006-3, 5.63%, 3/20/36 (Step) $ 48,684
265,000 1.73 AA-/Baa1 NovaStar Mortgage Funding Trust Series
2004-3, Floating Rate Note, 12/25/34 246,203
------------
$ 294,887
------------
Total Materials $ 652,394
-----------------------------------------------------------------------------------------------------
BANKS -- 1.2%
Diversified Banks -- 0.0%+
2,040 0.25 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating Rate
Note, 4/25/37 $ 2,037
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.2%
250,000 A+/NR AmeriCredit Automobile Receivables
Trust 2012-4, 3.82%, 2/10/20 $ 255,699
360,583 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%, 7/25/36 (Step) 367,776
117,654 0.41 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 106,064
|
The accompanying notes are an integral part of these financial statements.
24 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
200,000 AAA/NR Nationstar Mortgage Advance
Receivables Trust 2013-T2, 1.679%,
6/20/46 (144A) $ 197,853
375,000 0.60 NR/A2 RAMP Series 2005-RS5 Trust, Floating
Rate Note, 5/25/35 362,098
155,930 A/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 169,655
22,644 0.76 AA+/Aa1 Structured Asset Investment Loan Trust
2005-4, Floating Rate Note, 5/25/35 22,564
129,464 0.29 CCC/Baa3 Structured Asset Securities Corp.,
Mortgage Loan Trust 2007-BC2, Floating
Rate Note, 3/25/37 125,423
793,360 A+/NR SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 793,560
------------
$ 2,400,692
------------
Total Banks $ 2,402,729
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial
Services -- 0.1%
206,250 A-/NR Textainer Marine Containers, Ltd., 4.21%,
4/15/27 (144A) $ 207,284
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
305,000 0.60 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 $ 305,566
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
198,156 NR/Aa2 California Republic Auto Receivables Trust
2012-1, 1.18%, 8/15/17 (144A) $ 197,971
------------
Total Diversified Financials $ 710,821
-----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $3,727,050) $ 3,765,944
-----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 5.6%
BANKS -- 3.0%
Diversified Banks -- 0.0%+
18,846 2.94 NR/Ba3 Banc of America Mortgage 2004-L Trust,
Floating Rate Note, 1/25/35 $ 18,892
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 3.0%
33,681 BBB+/Ba1 Alternative Loan Trust 2004-2CB, 5.125%,
3/25/34 34,231
216,057 CCC/Caa3 Alternative Loan Trust 2005-1CB, 5.5%,
3/25/35 190,595
252,386 0.46 AA/NR ASG Resecuritization Trust 2010-3,
Floating Rate Note, 12/28/45 (144A) 244,033
176,615 A+/Baa2 Banc of America Alternative Loan Trust
2003-2, 5.75%, 4/25/33 194,405
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 25
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
352,661 NR/Baa2 Banc of America Alternative Loan Trust
2003-7, 5.5%, 9/25/33 $ 367,555
277,050 NR/Ba2 Banc of America Alternative Loan Trust
2004-2, 6.0%, 3/25/34 292,999
832 0.26 AAA/NR Banc of America Funding 2010-R4 Trust,
Floating Rate Note, 9/26/46 (144A) 831
245,000 NR/NR Bayview Opportunity Master Fund Trust IIB
LP, 3.9496%, 1/28/34 (Step) 245,000
124,801 2.35 AA+/Baa2 Bear Stearns ARM Trust 2003-5, Floating
Rate Note, 8/25/33 124,200
100,000 4.65 AA-/A3 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 100,829
168,000 AAA/Aaa COMM 2012-CCRE4 Mortgage Trust,
2.436%, 10/15/45 164,400
97,007 NR/NR Federal Home Loan Mortgage Corp.,
3.0%, 10/15/38 102,497
166,122 0.56 NR/NR Federal National Mortgage Association,
Floating Rate Note, 2/25/41 165,742
105,021 BB/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 103,155
159,933 5.71 B/NR GSR Mortgage Loan Trust 2004-3F,
Floating Rate Note, 2/25/34 142,344
247,300 0.78 A-/Ba1 Impac CMB Trust Series 2004-4, Floating
Rate Note, 9/25/34 232,092
250,000 AAA/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2010-C2, 3.6159%,
11/15/43 (144A) 266,315
291,109 2.02 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 290,729
166,158 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 174,570
43,932 0.94 BB+/B2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-D, Floating Rate Note,
9/25/29 37,675
358,194 0.44 A+/Baa2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note, 11/25/35 354,668
816,681 BBB-/Baa3 RALI Series 2003-QR24 Trust, 4.0%,
7/25/33 830,067
109,214 0.74 A+/A2 RAMP Series 2004-SL1 Trust, Floating
Rate Note, 10/25/31 80,434
128,568 BBB/NR Residential Asset Securitization Trust
2004-A8, 5.25%, 11/25/34 134,009
230,258 CCC/NR Residential Asset Securitization Trust
2005-A9, 5.5%, 7/25/35 229,307
102,931 2.25 NR/Aaa Sequoia Mortgage Trust 2013-8, Floating
Rate Note, 6/25/43 97,368
158,553 3.00 NR/Aaa Sequoia Mortgage Trust 2013-8, Floating
Rate Note, 6/25/43 146,594
|
The accompanying notes are an integral part of these financial statements.
26 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
250,000 1.46 AAA/NR Starwood Property Mortgage Trust
2013-FV1, Floating Rate Note, 8/11/28
(144A) $ 249,977
350,000 BB/B1 TimberStar Trust 1, 7.5296%,
10/15/36 (144A) 357,616
307,746 2.48 BBB/NR WaMu Mortgage Pass-Through Certificates
Series 2005-AR3 Trust, Floating Rate Note,
3/25/35 309,504
41,381 BB+/Ba2 Wells Fargo Mortgage Backed Securities
2005-9 Trust, 5.5%, 10/25/35 41,476
------------
$ 6,305,217
------------
Total Banks $ 6,324,109
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified Financial
Services -- 1.3%
142,082 6.87 BBB+/NR Banc of America Mortgage 2005-H Trust,
Floating Rate Note, 9/25/35 $ 142,372
60,777 A+/NR Banc of America Mortgage Trust 2004-11,
5.75%, 1/25/35 63,923
200,000 4.89 A+/A2 Commercial Mortgage Trust 2005-GG3,
Floating Rate Note, 8/10/42 205,089
333,000 1.46 AA-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 332,290
183,554 BB-/NR GSR Mortgage Loan Trust 2005-1F, 6.0%,
2/25/35 189,821
300,000 5.39 NR/A2 LSTAR Commercial Mortgage Trust, Floating
Rate Note, 6/25/43 (144A) 316,113
38,724 2.48 BBB+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate Note,
2/25/35 39,124
127,640 NR/NR ORES NPL 2013-LV2 LLC, 3.081%,
9/25/25 (144A) 127,657
549,580 NR/B1 RALI Series 2004-QS13 Trust, 5.0%,
9/25/19 563,411
108,012 NR/Ba2 RALI Series 2004-QS3 Trust, 5.0%,
3/25/19 111,464
80,154 0.76 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating Rate
Note, 4/25/34 78,669
145,407 2.86 BB/Ba2 Structured Adjustable Rate Mortgage Loan
Trust Class 1A1, Floating Rate Note,
3/25/34 146,944
121,062 2.37 BBB-/B3 Structured Adjustable Rate Mortgage Loan
Trust, Floating Rate Note, 1/25/35 119,258
145,145 2.58 A+/Ba2 Structured Adjustable Rate Mortgage Loan
Trust, Floating Rate Note, 9/25/34 145,932
149,671 NR/NR VOLT XX LLC, 3.625%, 2/1/39 (Step)
(144A) 149,023
------------
$ 2,731,090
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 27
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
33,154 5.20 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP14, Floating
Rate Note, 1/12/41 $ 33,116
------------
Total Diversified Financials $ 2,764,206
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Mortgage REIT -- 0.3%
200,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 $ 202,257
109,000 3.82 NR/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 6/25/47 (144A) 110,142
250,000 2.31 NR/NR Resource Capital Corp., CRE Notes 2013,
Ltd., Floating Rate Note, 6/15/16 (144A) 250,000
------------
$ 562,399
------------
Total Real Estate $ 562,399
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication
Services -- 0.1%
240,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 261,294
------------
Total Telecommunication Services $ 261,294
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.9%
781,545 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 3.5%, 11/15/25 $ 794,076
25,855 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 6/15/34 26,333
88,141 0.81 AAA/Aaa Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 2/15/24 87,971
163,144 0.56 NR/NR Federal Home Loan Mortgage Corp.
REMICS, Floating Rate Note, 5/15/41 163,171
99,829 0.48 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 11/25/36 99,792
162,106 3.68 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 3/25/39 154,906
147,250 0.46 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 4/25/36 146,873
364,807 0.61 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 7/25/41 366,074
69,662 0.71 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 9/25/37 70,053
61,690 0.66 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/20/30 62,386
------------
$ 1,971,635
------------
Total Government $ 1,971,635
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
28 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $11,710,326) $ 11,883,643
-----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 18.4%
ENERGY -- 2.7%
Oil & Gas Drilling -- 0.3%
225,000 BBB+/Baa1 Pride International, Inc., 6.875%,
8/15/20 $ 272,084
100,000 BBB-/Baa3 Rowan Companies, Inc., 4.75%, 1/15/24 101,276
250,000 BBB-/Baa3 Transocean, Inc., 6.375%, 12/15/21 278,704
------------
$ 652,064
-----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
355,000 BBB-/Baa2 Weatherford International, Ltd., Bermuda,
9.625%, 3/1/19 $ 460,866
-----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
175,000 BBB/Baa2 Ecopetrol SA, 4.25%, 9/18/18 $ 182,438
250,000 AA-/Aa2 Statoil ASA, 2.9%, 11/8/20 252,344
------------
$ 434,782
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.3%
200,000 NR/A1 Dolphin Energy, Ltd., 5.5%,
12/15/21 (144A) $ 219,760
400,000 BBB-/Baa3 Novatek OAO via Novatek Finance, Ltd.,
4.422%, 12/13/22 (144A) 365,100
------------
$ 584,860
-----------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
300,000 BBB/Baa2 GS Caltex Corp., 3.25%, 10/1/18 (144A) $ 303,272
360,000 BBB+/A2 Motiva Enterprises LLC, 5.75%, 1/15/20
(144A) 413,205
370,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 486,393
------------
$ 1,202,870
-----------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.0%
125,000 BBB-/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 140,384
385,000 BBB-/Baa2 DCP Midstream LLC, 9.75%, 3/15/19
(144A) 489,726
250,000 5.85 BB/Baa3 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 231,250
425,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 488,223
200,000 BBB-/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 231,015
242,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 263,266
200,000 6.35 BBB/Baa1 TransCanada PipeLines, Ltd., Floating Rate
Note, 5/15/67 206,393
------------
$ 2,050,257
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 29
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
250,000 AA-/A1 Corp Nacional del Cobre de Chile,
5.625%, 10/18/43 (144A) $ 250,369
------------
Total Energy $ 5,636,068
-----------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Diversified Chemicals -- 0.1%
250,000 A-/Baa1 FMC Corp., 4.1%, 2/1/24 $ 254,316
-----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
200,000 BBB-/Baa2 Cytec Industries, Inc., 3.5%, 4/1/23 $ 190,677
-----------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
125,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS, 6.0%,
12/30/19 (144A) $ 144,291
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
350,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) $ 296,206
425,000 A-/Baa2 Vale Canada, Ltd., 7.2%, 9/15/32 446,252
------------
$ 742,458
-----------------------------------------------------------------------------------------------------
Gold -- 0.1%
150,000 BBB/Baa2 Barrick Gold Corp., 5.8%, 11/15/34 $ 138,119
-----------------------------------------------------------------------------------------------------
Steel -- 0.2%
200,000 BBB/Baa2 Glencore Funding LLC, 4.125%, 5/30/23
(144A) $ 187,138
200,000 BBB/NR Samarco Mineracao SA, 5.75%,
10/24/23 (144A) 193,000
------------
$ 380,138
------------
Total Materials $ 1,849,999
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.8%
Aerospace & Defense -- 0.1%
200,000 A-/A3 Rockwell Collins, Inc., 3.7%, 12/15/23 $ 203,637
-----------------------------------------------------------------------------------------------------
Building Products -- 0.1%
175,000 5.75 BBB+/Baa2 Stanley Black & Decker, Inc., Floating
Rate Note, 12/15/53 $ 185,938
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
250,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 $ 254,262
130,000 A/A3 Cummins, Inc., 6.75%, 2/15/27 156,936
250,000 BBB-/Baa3 Wabtec Corp., Delaware, 4.375%,
8/15/23 254,963
------------
$ 666,161
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
150,000 BBB/Baa2 Valmont Industries, Inc., 6.625%,
4/20/20 $ 174,248
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
30 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
375,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 411,354
------------
Total Capital Goods $ 1,641,338
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.0%+
4,443 BBB+/Baa2 Continental Airlines 1998-1 Class A
Pass Through Trust, 6.648%, 9/15/17 $ 4,665
77,427 A+/Baa1 Delta Air Lines 2010-2 Class A Pass
Through Trust, 4.95%, 11/23/19 84,008
------------
$ 88,673
-----------------------------------------------------------------------------------------------------
Railroads -- 0.1%
150,000 BBB+/A3 Burlington Northern Santa Fe LLC,
5.15%, 9/1/43 $ 158,078
------------
Total Transportation $ 246,751
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%+
Automobile Manufacturers -- 0.0%+
55,000 BBB+/Baa1 Hyundai Motor Manufacturing Czech s.r.o.,
4.5%, 4/15/15 (144A) $ 57,172
------------
Total Automobiles & Components $ 57,172
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.0%+
120,000 BBB/Baa2 Marriott International, Inc., Delaware,
3.375%, 10/15/20 $ 120,887
-----------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
140,000 A-/Baa1 Starbucks Corp., 0.875%, 12/5/16 $ 139,669
------------
Total Consumer Services $ 260,556
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.3%
512,000 BBB+/Baa1 21st Century Fox America, Inc., 7.3%,
4/30/28 $ 636,485
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
125,000 BBB+/Baa1 British Sky Broadcasting Group Plc,
6.1%, 2/15/18 (144A) $ 143,345
100,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 118,252
50,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 60,117
------------
$ 321,714
-----------------------------------------------------------------------------------------------------
Publishing -- 0.2%
95,000 BBB+/Baa2 Thomson Reuters Corp., 0.875%,
5/23/16 $ 94,538
250,000 BBB+/Baa2 Thomson Reuters Corp., 1.3%, 2/23/17 249,552
------------
$ 344,090
------------
Total Media $ 1,302,289
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 31
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
176,347 BBB+/Baa1 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 187,030
115,756 BBB+/Baa1 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 126,930
------------
$ 313,960
------------
Total Food & Staples Retailing $ 313,960
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Brewers -- 0.1%
55,000 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 69,030
-----------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
410,000 BBB/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 448,352
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
250,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%, 6/6/22 $ 250,247
------------
Total Food, Beverage & Tobacco $ 767,629
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Household Products -- 0.1%
200,000 A+/A1 Reckitt Benckiser Treasury Services
Plc, 2.125%, 9/21/18 (144A) $ 200,775
-----------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
200,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 194,070
------------
Total Household & Personal Products $ 394,845
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.1%
Health Care Equipment -- 0.1%
150,000 BBB-/Baa3 Boston Scientific Corp., 2.65%, 10/1/18 $ 152,589
-----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
100,000 A-/Baa2 WellPoint, Inc., 3.3%, 1/15/23 $ 95,754
------------
Total Health Care Equipment & Services $ 248,343
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.1%
Pharmaceuticals -- 0.1%
175,000 BBB-/Baa3 Mylan, Inc., Pennsylvania, 2.55%,
3/28/19 $ 175,364
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 175,364
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
32 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
BANKS -- 1.8%
Diversified Banks -- 1.0%
200,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 $ 203,716
300,000 A+/Aa3 Export-Import Bank of Korea,
2.875%, 9/17/18 306,628
200,000 A+/Aa3 HSBC Holdings Plc, 4.875%, 1/14/22 219,126
250,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 3.125%,
1/15/16 255,001
200,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 223,680
250,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 281,920
250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22 (144A) 251,978
150,000 AA-/Aa3 Royal Bank of Canada, 1.45%, 9/9/16 151,918
200,000 A/A3 Wells Fargo & Co., 4.125%, 8/15/23 199,518
------------
$ 2,093,485
-----------------------------------------------------------------------------------------------------
Regional Banks -- 0.8%
138,000 A-/A2 BB&T Corp., 1.6%, 8/15/17 $ 138,507
250,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 284,014
600,000 BBB-/Baa2 Santander Bank NA, 8.75%, 5/30/18 725,569
600,000 6.75 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 631,500
------------
$ 1,779,590
------------
Total Banks $ 3,873,075
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.0%
Other Diversified Financial
Services -- 1.5%
290,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 333,487
400,000 A-/NR Carlyle Holdings II Finance LLC,
5.625%, 3/30/43 (144A) 409,892
250,000 AA+/A1 General Electric Capital Corp.,
5.625%, 9/15/17 285,352
420,000 AA+/A1 General Electric Capital Corp.,
6.75%, 3/15/32 528,694
100,000 BBB+/Baa1 Hyundai Capital Services, Inc.,
6.0%, 5/5/15 (144A) 106,117
1,300,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 12/31/49 (Perpetual) 1,181,375
300,000 A/NR KKR Group Finance Co., II LLC, 5.5%,
2/1/43 (144A) 305,917
------------
$ 3,150,834
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
200,000 BBB+/Baa1 BM&FBovespa SA, 5.5%, 7/16/20 (144A) $ 208,500
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 33
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
360,000 BBB/Baa1 Capital One Bank USA NA,
8.8%, 7/15/19 $ 460,057
150,000 BBB/Baa1 Capital One Financial Corp.,
2.15%, 3/23/15 152,366
70,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 72,609
265,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note,
7/25/14 264,918
------------
$ 949,950
-----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
100,000 AA-/A1 Franklin Resources, Inc., 3.125%,
5/20/15 $ 103,389
250,000 4.50 BBB/Baa2 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 225,625
------------
$ 329,014
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.8%
385,000 BBB/Baa3 Jefferies Group LLC, 6.875%, 4/15/21 $ 445,867
235,000 BBB/A3 Macquarie Group, Ltd., 7.625%,
8/13/19 (144A) 285,137
250,000 BBB+/Baa3 Morgan Stanley, Inc., 4.1%, 5/22/23 243,462
250,000 BBB/Baa2 Raymond James Financial, Inc.,
5.625%, 4/1/24 273,012
425,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 428,227
------------
$ 1,675,705
------------
Total Diversified Financials $ 6,314,003
-----------------------------------------------------------------------------------------------------
INSURANCE -- 3.2%
Insurance Brokers -- 0.1%
250,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%,
5/15/20 (144A) $ 291,842
-----------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.7%
64,000 6.05 BBB/Baa3 Lincoln National Corp., Floating Rate
Note, 4/20/67 $ 63,040
365,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/69 540,200
220,000 BBB+/Baa1 Principal Financial Group, Inc.,
3.3%, 9/15/22 214,416
335,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 409,473
200,000 5.62 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 6/15/43 200,040
150,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 153,750
------------
$ 1,580,919
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
34 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.5%
250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 313,264
500,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 511,169
200,000 AA+/Aaa New York Life Global Funding,
1.125%, 3/1/17 (144A) 200,269
------------
$ 1,024,702
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
200,000 BBB-/Baa2 OneBeacon US Holdings, Inc.,
4.6%, 11/9/22 $ 199,762
200,000 A-/Baa2 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) 193,808
400,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 482,295
100,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 120,884
------------
$ 996,749
-----------------------------------------------------------------------------------------------------
Reinsurance -- 1.4%
200,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 208,950
250,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 252,550
260,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 262,093
250,000 9.06 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 261,225
450,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 512,781
250,000 N/A NR/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 12/6/17 (Cat
Bond) (144A) 251,500
250,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 248,200
280,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 316,193
250,000 7.51 BB+/Ba2 Sirius International Group, Ltd.,
Floating Rate Note (Perpetual) (144A) 259,562
240,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%,
1/26/40 328,067
------------
$ 2,901,121
------------
Total Insurance $ 6,795,333
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Diversified REIT -- 0.1%
60,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 $ 65,983
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 35
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Diversified REIT -- (continued)
250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.0%,
3/22/22 (144A) $ 274,466
------------
$ 340,449
-----------------------------------------------------------------------------------------------------
Industrial REIT -- 0.1%
200,000 BBB-/Baa2 DCT Industrial Operating Partnership
LP, 4.5%, 10/15/23 (144A) $ 199,461
-----------------------------------------------------------------------------------------------------
Office REIT -- 0.4%
110,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 113,039
65,000 BBB-/Baa3 BioMed Realty LP, 4.25%, 7/15/22 64,381
260,000 BBB-/Baa3 Corporate Office Properties LP, 3.6%,
5/15/23 240,982
250,000 BBB/Baa2 Highwoods Realty LP, 3.625%, 1/15/23 234,987
85,000 BBB/Baa2 Mack-Cali Realty LP, 4.5%, 4/18/22 84,963
50,000 BBB/Baa2 Mack-Cali Realty LP, 7.75%, 8/15/19 60,409
------------
$ 798,761
-----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
50,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 52,431
200,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 4.5%, 1/15/24 203,158
210,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 235,907
250,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 258,924
382,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 433,194
------------
$ 1,183,614
------------
Total Real Estate $ 2,522,285
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Data Processing & Outsourced
Services -- 0.0%+
44,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) $ 46,640
------------
Total Software & Services $ 46,640
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.1%
185,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 218,873
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
36 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
250,000 A-/Baa1 Altera Corp., 2.5%, 11/15/18 $ 252,395
250,000 NR/NR Micron Semiconductor Asia Pte,
Ltd., 1.258%, 1/15/19 249,291
------------
$ 501,686
------------
Total Semiconductors & Semiconductor
Equipment $ 720,559
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication
Services -- 0.7%
225,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%,
6/15/16 (144A) $ 236,728
350,000 BBB/Baa2 Telefonica Emisiones SAU, 5.462%,
2/16/21 379,173
300,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 342,290
350,000 BBB+/Baa1 Verizon Communications, Inc.,
6.55%, 9/15/43 420,119
97,000 BBB+/Baa1 Verizon Communications, Inc.,
8.75%, 11/1/18 125,000
------------
$ 1,503,310
-----------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.3%
250,000 NR/A2 Crown Castle Towers LLC, 5.495%,
1/15/17 (144A) $ 273,239
140,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) 160,684
100,000 NR/NR WCP Issuer LLC, 6.657%,
8/15/20 (144A) 103,773
------------
$ 537,696
------------
Total Telecommunication Services $ 2,041,006
-----------------------------------------------------------------------------------------------------
UTILITIES -- 1.7%
Electric Utilities -- 1.1%
225,000 A-/A2 Commonwealth Edison Co., 6.15%,
9/15/17 $ 260,947
250,000 5.25 BBB+/A3 Electricite de France SA, Floating
Rate Note (Perpetual) (144A) 241,562
100,000 A+/Aa3 Electricite de France, 6.0%,
1/22/14 (144A) 100,430
270,000 BBB/Baa2 Enel Finance International NV,
5.125%, 10/7/19 (144A) 293,350
200,000 8.75 BB+/Ba1 Enel S.p.A., Floating Rate Note,
9/24/73 (144A) 217,000
93,883 BB/Baa3 FPL Energy American Wind LLC,
6.639%, 6/20/23 (144A) 92,386
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 37
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
25,269 B-/Ba2 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) $ 24,890
200,000 BB+/Baa3 Israel Electric Corp, Ltd., 6.7%,
2/10/17 (144A) 218,250
200,000 BB+/Baa3 Israel Electric Corp., Ltd., 7.25%,
1/15/19 (144A) 224,230
125,000 A/A2 Nevada Power Co., 6.5%, 8/1/18 149,411
82,195 NR/NR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 80,552
275,000 BBB/Baa2 Public Service Co. of New Mexico,
7.95%, 5/15/18 328,923
------------
$ 2,231,931
-----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
250,000 A+/Aa2 Southern California Gas Co.,
5.125%, 11/15/40 $ 280,706
-----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
615,000 BBB+/A3 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 683,203
-----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
85,088 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 91,737
223,000 BB+/Ba1 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 235,822
------------
$ 327,559
------------
Total Utilities $ 3,523,399
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $35,824,051) $ 38,730,614
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 6.6%
3,021,388 AAA/Aaa Fannie Mae, 4.0%, 1/1/41-8/1/43 $ 3,166,272
2,572,561 AAA/Aaa Fannie Mae, 4.5%, 11/1/20-12/1/43 2,769,174
144,337 AAA/Aaa Fannie Mae, 5.0%, 12/1/17-6/1/37 156,062
1,103,240 AAA/Aaa Fannie Mae, 5.5%, 8/1/14-5/1/38 1,212,468
179,075 AAA/Aaa Fannie Mae, 6.0%, 1/1/29-12/1/37 198,950
177,741 AAA/Aaa Fannie Mae, 6.5%, 1/1/15-10/1/32 199,977
88,152 AAA/Aaa Fannie Mae, 7.0%, 10/1/19-1/1/36 96,522
13,697 AAA/Aaa Fannie Mae, 8.0%, 4/1/20-5/1/31 15,882
313,918 NR/NR Federal Home Loan Mortgage Corp.,
3.5%, 11/1/28 331,856
742,037 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.0%, 11/1/40-1/1/41 775,753
|
The accompanying notes are an integral part of these financial statements.
38 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
1,214,903 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 8/1/34-7/1/40 $ 1,301,573
192,590 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 11/1/34-8/1/37 209,461
70,190 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 10/1/16-11/1/34 76,690
218,161 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 4/1/33-10/1/38 240,519
23,239 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 10/1/33 26,338
75,906 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 10/1/46 81,886
116,128 2.14 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/35 122,688
260,526 AAA/Aaa Government National Mortgage
Association I, 5.0%, 2/15/18-9/15/33 282,851
315,726 AAA/Aaa Government National Mortgage
Association I, 6.0%, 10/15/33-9/15/38 352,674
247,065 AAA/Aaa Government National Mortgage
Association I, 6.5%, 10/15/28-5/15/33 280,217
4,007 AAA/Aaa Government National Mortgage
Association I, 7.0%, 4/15/28-8/15/28 4,556
3,503 AAA/Aaa Government National Mortgage
Association I, 8.0%, 2/15/30 3,572
196,864 AAA/Aaa Government National Mortgage
Association II, 5.5%, 2/20/34-4/20/35 218,778
101,014 AAA/Aaa Government National Mortgage
Association II, 6.5%, 11/20/28 117,309
3,890 AAA/Aaa Government National Mortgage
Association II, 7.5%, 9/20/29 4,685
250,000 NR/Aaa U.S. Treasury Bonds, 3.125%, 2/15/43 227,226
370,000 AA+/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 461,690
350,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 446,359
100,000 AA+/Aaa U.S. Treasury Notes, 2.625%, 11/15/20 103,570
165,000 AA+/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 177,723
115,000 AA+/Aaa U.S. Treasury Notes, 3.375%, 11/15/19 125,314
------------
$ 13,788,595
-----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $13,323,279) $ 13,788,595
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 39
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 0.1%
200,000 NR/NR Commonwealth of the Bahamas,
5.75%, 1/16/24 (144A) $ 198,000
EURO 75,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
4.75%, 8/1/23 (144A) (144A) 110,297
------------
$ 308,297
-----------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $297,534) $ 308,297
-----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.5%
Education Services -- 0.5%
250,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 $ 305,203
300,000 AAA/Aaa The Board of Trustees of The Leland
Stanford Junior University, 4.75%, 5/1/19 339,552
250,000 A+/A1 The George Washington University,
1.827%, 9/15/17 243,122
137,000 A+/A1 The George Washington University,
3.485%, 9/15/22 134,190
------------
$ 1,022,067
-----------------------------------------------------------------------------------------------------
Municipal Airport -- 0.3%
250,000 BBB/Baa1 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 275,998
400,000 A/A2 Massachusetts Port Authority, 5.0%,
7/1/16 432,604
------------
$ 708,602
-----------------------------------------------------------------------------------------------------
Municipal General -- 0.1%
100,000 BBB-/Baa2 Central Texas Regional Mobility
Authority, 1/1/25 (c) $ 56,433
200,000 AA/A2 JobsOhio Beverage System,
3.985%, 1/1/29 189,478
------------
$ 245,911
-----------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.9%
100,000 AAA/Aaa Health & Educational Facilities Authority
of the State of Missouri, 5.0%, 11/15/39 $ 108,058
100,000 NR/A2 Massachusetts Development Finance
Agency, 5.0%, 3/1/39 104,509
150,000 AA+/Aa1 Massachusetts Development Finance
Agency, 5.0%, 7/1/43 161,424
600,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 672,570
550,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 593,186
|
The accompanying notes are an integral part of these financial statements.
40 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Municipal Higher
Education -- (continued)
200,000 AA/Aa1 University of California, 4.062%,
5/15/33 $ 189,020
100,000 AA/Aa1 Virginia College Building Authority,
4.0%, 9/1/26 106,269
------------
$ 1,935,036
-----------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
100,000 AAA/Aaa Health & Educational Facilities Authority
of the State of Missouri, 3.685%,
2/15/47 $ 89,436
150,000 AA/Aa2 Massachusetts Development Finance
Agency, 5.0%, 7/1/39 157,344
------------
$ 246,780
-----------------------------------------------------------------------------------------------------
Municipal Utility District -- 0.1%
150,000 AAA/Aaa Washington Suburban Sanitary
Commission, 4.0%, 6/1/30 $ 155,196
-----------------------------------------------------------------------------------------------------
Municipal Power -- 0.2%
250,000 AA-/Aa1 Energy Northwest, 5.0%, 7/1/35 $ 267,340
100,000 AAA/Aaa Massachusetts Development Finance
Agency, 4.844%, 9/1/43 104,872
------------
$ 372,212
-----------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
180,000 AA-/Aa3 Maine Turnpike Authority, 5.0%, 7/1/42 $ 190,901
-----------------------------------------------------------------------------------------------------
Municipal Water -- 0.1%
150,000 AA+/Aa2 County of King Washington Sewer
Revenue, 4.25%, 1/1/36 $ 151,170
-----------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
250,000 AAA/Aaa City of Irving Texas, 4.0%, 9/15/27 $ 264,780
-----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $5,164,494) $ 5,292,655
-----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 0.6%**
TRANSPORTATION -- 0.1%
Trucking -- 0.1%
115,579 4.00 BB/Ba2 Swift Transportation Co., LLC, Tranche
B-2 Term Loan (2013), 12/21/17 $ 116,638
------------
Total Transportation $ 116,638
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.0%+
Broadcasting -- 0.0%+
74,812 3.00 NR/Ba1 Sinclair Television Group, Inc., New
Tranche B Term Loan, 4/19/20 $ 74,944
------------
Total Media $ 74,944
-----------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 41
Schedule of Investments | 1/31/14 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
487,500 3.50 BB+/Ba1 Chrysler Group LLC, Term Loan B,
5/24/17 $ 490,808
------------
Total Retailing $ 490,808
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
168,751 3.25 NR/Baa2 Kasima LLC, Term Loan, 5/17/21 $ 169,102
------------
Total Diversified Financials $ 169,102
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
174,123 2.74 NR/NR Commscope, Inc., Tranche 3 Term
Loan, 1/21/17 $ 174,993
261,184 3.25 NR/NR Commscope Inc., Tranche 4 Term
Loan, 1/14/18 263,306
------------
$ 438,299
------------
Total Technology Hardware & Equipment $ 438,299
-----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $1,280,697) $ 1,289,791
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 99.2%
(Cost $175,616,299) (a) $208,994,474
-----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.8% $ 1,606,325
-----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $210,600,799
=====================================================================================================
|
(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 January 31, 2014, the value of these securities
amounted to $18,774,181 or 9.0% of total net assets.
* Non-income producing security.
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
|
(Perpetual) Security with no stated maturity date.
REIT Real Estate Investment Trust.
(A.D.R.) American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At January 31, 2014, the value of these securities
amounted to $18,774,181 or 8.9% of total net assets.
(a) At January 31, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $175,948,174 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 34,835,088
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,788,788)
------------
Net unrealized appreciation $ 33,046,300
============
|
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EURO Euro
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2014 aggregated $54,720,034 and $44,802,196,
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) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 43
Schedule of Investments | 1/31/14 (unaudited) (continued)
The following is a summary of the inputs used as of January 31, 2014, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------
Preferred stocks $ 1,120,855 $ 97,250 $ -- $ 1,218,105
Convertible preferred stock 810,250 -- -- 810,250
Common stocks 131,906,580 -- -- 131,906,580
Asset backed securities -- 3,765,944 -- 3,765,944
Collateralized mortgage obligations -- 11,883,643 -- 11,883,643
Corporate bonds -- 38,730,614 -- 38,730,614
U.S. government and
agency obligations -- 13,788,595 -- 13,788,595
Foreign government bond -- 308,297 -- 308,297
Municipal bonds -- 5,292,655 -- 5,292,655
Senior Floating Rate Loan Interests -- 1,289,791 -- 1,289,791
-------------------------------------------------------------------------------------------
Total $133,837,685 $ 75,156,789 $ -- $208,994,474
===========================================================================================
Other Financial Instruments
Net unrealized appreciation
on futures contracts $ 21,985 $ -- $ -- $ 21,985
-------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 21,985 $ -- $ -- $ 21,985
===========================================================================================
|
During the six months ended January 31, 2014, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Statement of Assets and Liabilities | 1/31/14 (unaudited)
ASSETS:
Investment in securities (cost $175,616,299) $208,994,474
Cash 2,367,284
Futures collateral 17,500
Foreign currencies, at value (cost $3) 3
Receivables --
Investment securities sold 1,976,599
Fund shares sold 636,799
Dividends 99,733
Interest 697,554
Net unrealized appreciation on futures contracts 21,985
Prepaid expenses 40,623
--------------------------------------------------------------------------------------
Total assets $214,852,554
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 3,893,819
Fund shares repurchased 221,257
Due to affiliates 55,368
Accrued expenses 81,311
--------------------------------------------------------------------------------------
Total liabilities $ 4,251,755
======================================================================================
NET ASSETS:
Paid-in capital $172,232,542
Distributions in excess of net investment income (209,615)
Accumulated net realized gain on investments and foreign currency
transactions 5,177,718
Net unrealized appreciation on investments 33,378,175
Net unrealized appreciation on futures contracts 21,985
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (6)
--------------------------------------------------------------------------------------
Total net assets $210,600,799
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $139,960,473/15,194,860 shares) $ 9.21
Class B (based on $3,535,712/387,573 shares) $ 9.12
Class C (based on $31,430,662/3,430,351 shares) $ 9.16
Class Y (based on $35,673,952/3,846,824 shares) $ 9.27
MAXIMUM OFFERING PRICE:
Class A ($9.21 (divided by) 95.5%) $ 9.64
======================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 45
Statement of Operations (unaudited)
For the Six Months Ended 1/31/14
INVESTMENT INCOME:
Dividends $1,509,461
Interest (net of foreign taxes withheld of $1,625) 1,627,467
-------------------------------------------------------------------------------------
Total investment income $ 3,136,928
=====================================================================================
EXPENSES:
Management fees $ 658,922
Transfer agent fees
Class A 71,438
Class B 6,446
Class C 6,663
Class Y 616
Distribution fees
Class A 173,852
Class B 19,382
Class C 143,360
Shareholder communications expense 77,437
Administrative reimbursements 39,963
Custodian fees 17,531
Registration fees 38,700
Professional fees 23,257
Printing expense 7,267
Fees and expenses of nonaffiliated trustees 3,106
Miscellaneous 17,746
-------------------------------------------------------------------------------------
Total expenses $ 1,305,686
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (39,823)
-------------------------------------------------------------------------------------
Net expenses $ 1,265,863
-------------------------------------------------------------------------------------
Net investment income $ 1,871,065
-------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $9,626,770
Futures contracts (45,508)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 88,303 $ 9,669,565
-------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 19,272
Futures contracts 61,891
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (45,386) $ 35,777
-------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign
currency transactions $ 9,705,342
-------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $11,576,407
=====================================================================================
|
The accompanying notes are an integral part of these financial statements.
46 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
1/31/14 Year Ended
(unaudited) 7/31/13
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,871,065 $ 6,501,404
Net realized gain on investments, futures contracts
and foreign currency transactions 9,669,565 33,553,286
Change in net unrealized appreciation (depreciation)
on investments, class actions, futures contracts
and foreign currency transactions 35,777 (2,952,557)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 11,576,407 $ 37,102,133
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.11 and $0.24 per share, respectively) $ (1,566,929) $ (2,977,190)
Class B ($0.07 and $0.15 per share, respectively) (27,601) (70,476)
Class C ($0.08 and $0.17 per share, respectively) (221,514) (276,328)
Class Y ($0.10 and $0.26 per share, respectively) (315,518) (3,771,537)
Net realized gain:
Class A ($1.92 and $0.21 per share, respectively) (24,555,210) $ (2,550,543)
Class B ($1.92 and $0.21 per share, respectively) (824,758) (98,712)
Class C ($1.92 and $0.21 per share, respectively) (5,171,743) (284,057)
Class Y ($1.92 and $0.21 per share, respectively) (5,681,789) (2,921,185)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (38,365,062) $ (12,950,028)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 32,138,352 $ 43,796,196
Reinvestment of distributions 36,952,710 12,618,566
Cost of shares repurchased (24,915,837) (165,343,215)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 44,175,225 $ (108,928,453)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 17,386,570 $ (84,776,348)
NET ASSETS:
Beginning of period 193,214,229 277,990,577
------------------------------------------------------------------------------------------
End of period $ 210,600,799 $ 193,214,229
==========================================================================================
Undistributed (distributions in excess of) net
investment income $ (209,615) $ 50,882
==========================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 47
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------------
Class A
Shares sold 1,263,961 $ 12,665,626 1,514,618 $ 15,345,056
Reinvestment of distributions 2,719,866 25,129,784 535,936 5,258,763
Less shares repurchased (1,490,067) (14,749,226) (2,117,236) (21,215,153)
------------------------------------------------------------------------------------------
Net decrease 2,493,760 $ 23,046,184 (66,682) $ (611,334)
==========================================================================================
Class B
Shares exchanged 9,710 $ 94,691 20,535 $ 203,341
Reinvestment of distributions 71,445 652,954 16,202 157,102
Less shares repurchased (75,576) (749,900) (200,406) (1,989,874)
------------------------------------------------------------------------------------------
Net decrease 5,579 $ (2,255) (163,669) $ (1,629,431)
==========================================================================================
Class C
Shares sold 886,136 $ 9,109,279 1,584,293 $ 16,473,075
Reinvestment of distributions 573,509 5,261,176 53,617 524,824
Less shares repurchased (677,520) (6,872,546) (353,048) (3,555,873)
------------------------------------------------------------------------------------------
Net increase (decrease) 782,125 $ 7,497,909 1,284,862 $ 13,442,026
==========================================================================================
Class Y
Shares sold 1,006,213 $ 10,268,756 1,170,735 $ 11,774,724
Reinvestment of distributions 636,847 5,908,796 678,913 6,677,877
Less shares repurchased (256,363) (2,544,165) (13,534,487) (138,582,315)
------------------------------------------------------------------------------------------
Net increase (decrease) 1,386,697 $ 13,633,387 (11,684,839) $ (120,129,714)
==========================================================================================
|
The accompanying notes are an integral part of these financial statements.
48 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.62 $ 9.64 $ 9.54 $ 8.49 $ 7.93 $ 8.65
------------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.10 $ 0.22 $ 0.25 $ 0.22 $ 0.21 $ 0.30
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.52 1.21 0.12 1.05 0.59 (0.76)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.62 $ 1.43 $ 0.37 $ 1.27 $ 0.80 $ (0.46)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.11) (0.24) (0.26) (0.22) (0.24) (0.26)
Net realized gain (1.92) (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions $ (2.03) $ (0.45) $ (0.27) $ (0.22) $ (0.24) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.41) $ 0.98 $ 0.10 $ 1.05 $ 0.56 $ (0.72)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.21 $ 10.62 $ 9.64 $ 9.54 $ 8.49 $ 7.93
====================================================================================================================================
Total return* 6.01% 15.21% 4.01% 15.07% 10.07% (4.95)%
Ratio of net expenses to average net assets 1.16%** 1.16% 1.16% 1.16% 1.16% 1.16%
Ratio of net investment income to average net assets 1.94%** 2.20% 2.63% 2.34% 2.41% 4.05%
Portfolio turnover rate 45%** 41% 26% 29% 37% 86%
Net assets, end of period (in thousands) $139,960 $134,933 $123,060 $125,455 $112,568 $112,506
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.21%** 1.28% 1.30% 1.24% 1.31% 1.42%
Net investment income 1.89%** 2.08% 2.49% 2.26% 2.26% 3.80%
====================================================================================================================================
|
* 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 Classic Balanced Fund | Semiannual Report | 1/31/14 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.54 $ 9.58 $ 9.47 $ 8.43 $ 7.88 $ 8.61
------------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.14 $ 0.18 $ 0.14 $ 0.13 $ 0.24
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.51 1.18 0.11 1.03 0.59 (0.76)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.57 $ 1.32 $ 0.29 $ 1.17 $ 0.72 $ (0.52)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.07) (0.15) (0.17) (0.13) (0.17) (0.21)
Net realized gain (1.92) (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions $ (1.99) $ (0.36) $ (0.18) $ (0.13) $ (0.17) $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.42) $ 0.96 $ 0.11 $ 1.04 $ 0.55 $ (0.73)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.12 $ 10.54 $ 9.58 $ 9.47 $ 8.43 $ 7.88
====================================================================================================================================
Total return* 5.51% 14.15% 3.11% 13.92% 9.12% (5.82)%
Ratio of net expenses to average net assets 2.06%** 2.06% 2.06% 2.06% 2.06% 2.06%
Ratio of net investment income to average net assets 1.05%** 1.34% 1.74% 1.47% 1.54% 3.18%
Portfolio turnover rate 45%** 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $ 3,536 $ 4,028 $ 5,228 $ 8,639 $11,790 $15,132
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 2.24%** 2.38% 2.33% 2.18% 2.22% 2.32%
Net investment income 0.87%** 1.02% 1.47% 1.35% 1.37% 2.92%
====================================================================================================================================
|
* 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.
50 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.58 $ 9.61 $ 9.51 $ 8.47 $ 7.91 $ 8.63
------------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06 $ 0.13 $ 0.17 $ 0.14 $ 0.13 $ 0.23
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.52 1.22 0.12 1.04 0.60 (0.75)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.58 $ 1.35 $ 0.29 $ 1.18 $ 0.73 $ (0.52)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.08) (0.17) (0.18) (0.14) (0.17) (0.20)
Net realized gain (1.92) (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.00) $ (0.38) $ (0.19) $ (0.14) $ (0.17) $ (0.20)
------------------------------------------------------------------------------------------------------------------------------------
Net increase decrease in net asset value $ (1.42) $ 0.97 $ 0.10 $ 1.04 $ 0.56 $ (0.72)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.16 $ 10.58 $ 9.61 $ 9.51 $ 8.47 $ 7.91
====================================================================================================================================
Total return* 5.56% 14.35% 3.12% 13.99% 9.23% (5.79)%
Ratio of net expenses to average net assets 1.91%** 2.01% 2.02% 1.98% 2.06% 2.06%
Ratio of net investment income to average net assets 1.19%** 1.25% 1.79% 1.52% 1.50% 3.15%
Portfolio turnover rate 45%** 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $31,431 $28,019 $13,106 $13,492 $12,544 $10,764
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.91%** 2.01% 2.02% 1.98% 2.06% 2.21%
Net investment income 1.19%** 1.25% 1.76% 1.52% 1.50% 3.01%
====================================================================================================================================
|
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of 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 Classic Balanced Fund | Semiannual Report | 1/31/14 51
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.66 $ 9.66 $ 9.54 $ 8.49 $ 7.93 $ 8.65
----------------------------------------------------------------------------------------------------------------------------------
Increase decrease from investment operations:
Net investment income $ 0.10 $ 0.23 $ 0.28 $ 0.25 $ 0.24 $ 0.30
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.53 1.24 0.12 1.04 0.60 (0.73)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.63 $ 1.47 $ 0.40 $ 1.29 $ 0.84 $ (0.43)
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.10) $ (0.26) $ (0.27) $ (0.24) $ (0.28) $ (0.29)
Net realized gain (1.92) (0.21) (0.01) -- -- --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (2.02) $ (0.47) $ (0.28) $ (0.24) $ (0.28) $ (0.29)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.39) $ 1.00 $ 0.12 $ 1.05 $ 0.56 $ (0.72)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.27 $ 10.66 $ 9.66 $ 9.54 $ 8.49 $ 7.93
==================================================================================================================================
Total return* 6.07% 15.71% 4.40% 15.30% 10.58% (4.62)%
Ratio of net expenses to average net assets 0.94%** 0.90% 0.88% 0.84% 0.78% 0.89%
Ratio of net investment income to average net assets 2.14%** 2.56% 2.91% 2.67% 2.79% 4.03%
Portfolio turnover rate 45%** 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $35,674 $26,234 $136,597 $139,451 $129,107 $126,636
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.94%** 0.90% 0.88% 0.84% 0.78% 0.89%
Net investment income 2.14%** 2.56% 2.91% 2.67% 2.79% 4.03%
==================================================================================================================================
|
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Notes to Financial Statements | 1/31/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Classic Balanced Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust IV, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The Fund is the successor to the AmSouth Balanced Fund. The
Fund's investment objective is to seek capital growth and current income through
a diversified portfolio of equity securities and bonds.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Class C shares were first publicly offered on September 23,
2005. 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 Y 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 gain and losses on investments during the reporting period.
Actual results could differ from those estimates.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 53
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. 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' 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 or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by a fair
valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
54 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities. The Fund may use fair value methods if
it is determined that a significant event has occurred after the close of
the exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At January 31, 2014 there were no securities that 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
is recorded on the accrual basis, net of unrecoverable foreign taxes
withheld at the applicable country rates.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. 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 price of those securities but are included
with the net realized and unrealized gain or loss on investments.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 55
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 gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts
from the potential inability of counterparties to meet the terms of the
contract and from unanticipated movements in the value of foreign currencies
relative to the U.S. dollar (see Note 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 January 31, 2014, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of 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 July 31, 2013 was as follows:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 7,095,531
Long-term capital gain 5,854,497
----------------------------------------------------------------------------
Total $12,950,028
============================================================================
|
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2013:
56 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 863,594
Undistributed long-term gain 31,223,098
Unrealized appreciation 33,070,220
----------------------------------------------------------------------------
Total $65,156,912
============================================================================
|
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of forward and futures contracts, tax basis
adjustments on Real Estate Investment Trust (REIT) holdings, interest
accruals on preferred stock, partnerships and other holdings.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $12,847 in underwriting commissions on the sale of Class A shares
during the six months ended January 31, 2014.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund,
respectively (see Note 4). Class Y 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 and Class Y shares
can reflect different transfer agent and distribution expense rates.
G. 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 may invest in REIT
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 57
securities, the value of which can fall for a variety of reasons, such as
declines in rental income, fluctuating interest rates, poor property
management, environmental liabilities, uninsured damage, increased
competition, or changes in real estate tax laws. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
H. 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.
I. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
January 31, 2014 was $17,500. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract. The use of futures contracts
involves, to varying degrees, elements of market, interest rate, currency
exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open during the six months ended January 31, 2014
was $926,813.
At January 31, 2014, open futures contracts were as follows:
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
U.S. Long Bond (CBT) 7 3/14 $935,136 $21,985
--------------------------------------------------------------------------------
$935,136 $21,985
================================================================================
|
58 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.65% of
the Fund's average daily net assets up to $1 billion; 0.60% of the next
$4 billion and 0.55% of the excess over $5 billion. The management fee was
equivalent to 0.65% of the average daily net assets for the six months ended
January 31, 2014.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.16%, 2.06% and 2.06% of the average daily
net assets attributable to Class A, Class B and Class C shares, respectively.
These expense limitations are in effect through December 1, 2014 for Class A,
Class B and Class C shares. Fees waived and expenses reimbursed during the six
months ended January 31, 2014 are reflected on the Statement of Operations.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the dates referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$15,022 in management fees, administrative costs and certain other
reimbursements payable to PIM at January 31, 2014.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended January 31, 2014, such out-of-pocket expenses by class of
shares were as follows
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $44,582
Class B 2,125
Class C 9,265
Class Y 21,465
--------------------------------------------------------------------------------
Total $77,437
================================================================================
|
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $36,514 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at January 31, 2014.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 59
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class B 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 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. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $3,832 in distribution fees payable to PFD at January 31, 2014.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. 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 Y shares. Proceeds
from the CDSCs are paid to PFD. For the six months ended January 31, 2014, CDSCs
in the amount of $7,325 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 January 31, 2014, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At January 31, 2014, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the six months ended January 31, 2014 was
$57,256. There were no outstanding forward foreign currency contracts open at
January 31, 2014.
60 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
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 in effect until February 12, 2014 was in the amount of $215
million as of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) on an annualized basis, or the alternate base rate, which is
the greater of (a) the facility's administrative agent's daily announced prime
rate on the borrowing date, (b) 2% plus the federal funds rate on the borrowing
date and (c) 2% plus the overnight eurodollar rate on the borrowing date. The
Funds pay an annual commitment fee to participate in the credit facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended January 31,
2014, the Fund had no borrowings under the credit agreement.
8. 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 January 31, 2014.
----------------------------------------------------------------------------------------------
Assets:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement -------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------------
Futures contracts $21,985 $ -- $21,985 $ -- $ -- $21,985
----------------------------------------------------------------------------------------------
$21,985 $ -- $21,985 $ -- $ -- $21,985
==============================================================================================
----------------------------------------------------------------------------------------------
Liabilities:
Net
Gross Amounts of Gross Amounts
Amounts Liabilities Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement -------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------------
Futures contracts $ -- $ -- $ -- $ -- $ -- $ --
----------------------------------------------------------------------------------------------
$ -- $ -- $ -- $ -- $ -- $ --
==============================================================================================
|
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 61
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of January 31, 2014 were as follows:
------------------------------------------------------------------------------------
Derivatives Not Asset Derivatives 2014 Liabilities Derivatives 2014
Accounted for as ----------------------------------------------------------
Hedging Instruments Statement of Statement of
Under Accounting Assets and Assets and
Standards Codification Liabilities Liabilities
(ASC) 815 Location Value Location Value
------------------------------------------------------------------------------------
Futures contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $21,985 futures contracts $ --
------------------------------------------------------------------------------------
Total $21,985 $ --
------------------------------------------------------------------------------------
|
* Reflects unrealized appreciation/depreciation of futures contracts
(see Note 1H).
The effect of derivative instruments on the Statement of Operations for the six
months ended January 31, 2014 was as follows:
------------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation
Hedging Instruments (Loss) on or (Depreciation)
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
------------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on
currency contracts forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies $(45,508)
Forward foreign Change in unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $(2,070)
Interest Rate Futures Net realized gain (loss) on
futures contracts $(45,508)
Interest Rate Futures Change in net unrealized
appreciation (depreciation) on
futures contracts $61,891
|
62 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Classic Balanced Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non- Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 63
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the third quintile of its Morningstar
category for the one and ten year periods ended June 30, 2013, in the second
quintile of its Morningstar category for the three year period ended June 30,
2013, and in the first quintile of its Morningstar category for the five year
period ended June 30, 2013. The Trustees also considered that the Fund's yield
(for the twelve months ended June 30, 2013) exceeded the yield of the Fund's
benchmark index for the same period. The Trustees noted the discussions held
throughout the year regarding the Fund's performance and confirmed that those
discussions were factored into the Trustees' deliberations concerning the
renewal of the advisory agreement. The Trustees concluded that the investment
performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
64 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the third quintile relative to its
Morningstar peer group and in the second quintile relative to its Strategic
Insight peer group, in each case for the comparable period. They also considered
that the expense ratio of the Fund's Class Y shares for the twelve months ended
June 30, 2013 was in the third quintile relative to both its Morningstar peer
group and its Strategic Insight peer group, in each case for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses
in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 65
profit margin in connection with the overall operation of the Fund. They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a fund-by-fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Fund. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Fund.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
66 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer
Marguerite A. Piret
Kenneth J. Taubes
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.
Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14 67
This page for your notes.
68 Pioneer Classic Balanced Fund | Semiannual Report | 1/31/14
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
|
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 18831-08-0314
Pioneer Government
Income Fund
Semiannual Report | January 31, 2014
Ticker Symbols:
Class A AMGEX
Class B ABGIX
Class C GOVCX
Class Y ATGIX
|
[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 14
Schedule of Investments 16
Financial Statements 24
Notes to Financial Statements 32
Approval of Investment Advisory Agreement 40
Trustees, Officers and Service Providers 44
|
Pioneer Government Income Fund | Semiannual Report | 1/31/14 1
President's Letter
Dear Shareowner,
When we look into 2014, we foresee U.S. economic growth matching or exceeding
2013 levels. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. Tax hikes, spending restraint and a better economy have
meaningfully cut the federal budget deficit. A modestly improving European
economy, continuing economic improvement in Japan, and a "soft landing" of
growth in China appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation, making it possible for the
Federal Reserve (the Fed) to continue its accommodative monetary policies.
After observing the strengthening economic trends, the Fed decided in December
2013 to start scaling back its QE (quantitative easing) program, but 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 high.
The U.S. government's partial shutdown in October 2013 rattled the markets to a
degree, but does not appear to have had a significant negative impact on the
economy or capital markets. As the year drew to a close, leaders in Washington
reached a bipartisan budget agreement that establishes top-line government
spending levels for the next two fiscal years, a move which should help to
defuse the threat of another shutdown. That certainly was welcome news for
investors who had grown weary of infighting in Washington and wary of the risks
the policy uncertainty caused.
There are certainly risks and uncertainties facing the global economy as we head
into 2014. The European economy, while improving, remains weak, the Japanese
economy faces a tax hike this spring, and a number of emerging market countries
are experiencing difficulties. There are also geopolitical worries abroad and
the aforementioned political fights at home. 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 Government Income Fund | Semiannual Report | 1/31/14
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
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 seek to 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 Government Income Fund | Semiannual Report | 1/31/14 3
Portfolio Management Discussion | 1/31/14
Government securities produced modest returns over the six-month period ended
January 31, 2014, despite occasional bouts with volatility. In the following
interview, Richard Schlanger and Charles Melchreit discuss the investment
environment and the factors that affected the performance of Pioneer Government
Income Fund during the six-month period ended January 31, 2014. Mr. Schlanger, a
vice president and a portfolio manager at Pioneer, and Mr. Melchreit, a senior
vice president and a portfolio manager at Pioneer, are responsible for the
day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended January 31, 2014?
A Pioneer Government Income Fund's Class A shares returned 1.17% at net asset
value during the six-month period ended January 31, 2014, while the Fund's
benchmarks, the Barclays Government Bond Index and the Barclays U.S.
Mortgage-Backed Securities Index, returned 0.82% and 2.27%, respectively.
During the same period, the average return of the 1,102 mutual funds in
Morningstar's Intermediate-Term Bond Funds category was 2.00%, and the
average return of the 119 mutual funds in Lipper's General U.S. Government
Funds category was 1.13%.
Q How would you describe the investment environment during the six-month
period ended January 31, 2014?
A The six-month period ended with market interest rates at levels not far from
where they were six months earlier, despite intervals in which rates gyrated
and the market grew volatile.
Much of the volatility during the period can be traced to market
anticipation as well as speculation pertaining to the timing and extent of
any change in monetary policy by the U.S. Federal Reserve (Fed) that would
result in less accommodation and a reduction in economic stimulus. Then- Fed
Chairman Ben Bernanke first touched off this round of market speculation in
May 2013, when he suggested that the U.S. central bank might soon "taper"
some of its monthly purchases of agency mortgage-backed and other
government securities on the open market (known as quantitative easing, or
"QE"). Mr. Bernanke subsequently backed off a bit when he announced that any
reduction in QE would be tied to economic data releases and that interest
rates, as influenced by the Federal funds rate, would likely remain at very
low levels for the foreseeable future. In December, the Fed announced that
it would, in fact, begin to taper QE beginning in January 2014 by reducing
its monthly bond purchases from $85 billion to $75 billion. Questions about
the identity of the new Fed chair
4 Pioneer Government Income Fund | Semiannual Report | 1/31/14
after Mr. Bernanke's term concluded early in 2014 also played into the
market's anxiety over Fed policy, but fears were reduced and the market was
reassured when President Obama announced that he was nominating Fed Vice
Chairman Janet Yellen to the higher post. Ms. Yellen is widely viewed as
someone who is not likely to enact a dramatic shift in Fed policy.
Near the end of the six-month period, the markets were less worried about
the gradual removal of the Fed's monetary stimulus because of the growing
perception that the U.S. economic recovery was strengthening. While some
retail sales and employment reports occasionally were disappointing, the
overall consensus was that economic growth was gathering momentum. However,
the final weeks of the six-month period were not without some concerns, as
investors worried that even a gradual reduction in the Fed's accommodative
monetary policies would have a significant negative effect on the emerging
economies, which are dependent upon the flow of capital from the United
States and other developed markets. Moreover, some disappointing jobs and
housing reports late in the period led to rising concerns about the strength
and sustainability of the domestic economic recovery.
Despite the interim periods of volatility, interest rates rose only modestly
during the six-month period, with the yield on 10-year Treasuries climbing
from about 2.50% at the beginning of the fiscal period (August 1, 2013) to
about 2.65% on January 31, 2014, after hitting 3.00% the previous month.
Meanwhile, yields of Treasuries with very short maturities as well as
30-year Treasuries finished the period at levels somewhat lower than where
they started.
Within the government securities universe, mortgage-backed securities issued
by agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae substantially
outperformed Treasuries and government agency debt, as the housing industry
continued to recover.
Q How did you manage the Fund in that environment during the six-month period
ended January 31, 2014, and how did your investment strategies affect the
Fund's performance?
A We substantially underweighted the Fund to Treasuries and agency bonds
during the period. These asset classes make up nearly 100% of the Fund's
primary benchmark, the Barclays Government Bond Index (the Barclays Index),
and the Fund's underweights significantly aided relative performance. In
place of Treasuries, we emphasized securitized assets in the portfolio,
primarily government agency securities backed by mortgages on single-family
homes. At the end of the period, almost 47% of the Fund's portfolio was
allocated to out-of-benchmark assets, including single-family home
mortgages, commercial mortgage-backed securities, and municipal bonds.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 5
The Fund's relatively high exposure to securitized assets was the
primary factor behind its outperformance of the Barclays Index during the
six-month period, as non-Treasury government agencies substantially
outperformed Treasuries. The portfolio's investments in municipal bonds,
which we believed offered good relative value, also proved to be beneficial
for the Fund's returns during the six-month period.
While the securitized holdings in the portfolio tended to fare well overall,
the exception was the Fund's exposure to commercial mortgage-backed debt -
primarily debt backed by government-guaranteed multi-family mortgages -
which underperformed single-family mortgages.
We managed interest-rate risk during the period by keeping the Fund's
duration shorter than that of the Barclays Index. Duration is a measure of a
portfolio's price-sensitivity to changes in interest rates, and portfolios
with shorter durations tend to be less sensitive to changes in rates than
those with longer durations. While the shorter-duration stance also helped
the Fund's relative performance, yield-curve positioning provided even more
support, as we overweighted the portfolio to securities with maturities of
10 years and 20 years, groups which outperformed during the period. Overall,
duration management had less of an effect on the Fund's benchmark-relative
outperformance than sector allocation.
Q What is your investment outlook?
A After market interest rates declined and bond prices rallied near the end of
the six-month period, we substantially shortened the Fund's duration, which
on January 31, 2014, was shorter than that of the Barclays Index by about
two-thirds of a year. In doing this, we also underweighted the Fund to
investments with very short maturities, as we believed the low yields on
those instruments offered relatively little potential return opportunity. By
sector, we have added to the Fund's positions in securitized assets,
primarily government agency single-family home mortgages, which we think
offer good value.
While the Fed begins to gradually taper QE, we anticipate that it will also
work hard to avoid surprising the market. As a result, we believe market
volatility should be contained, which should benefit the Fund's mortgage-
backed positions. As the tapering process unfolds, the traditional factors
that affect the fixed-income market should become more dominant. We think
that should create a good environment for our fundamentals-based investment
style.
We continue to believe that Pioneer Government Income Fund, by providing
current income and a measure of stability, potentially represents a sensible
part of an appropriate investor's well-diversified portfolio*.
* Diversification does not assure a profit nor protect against loss in a
declining market.
6 Pioneer Government Income Fund | Semiannual Report | 1/31/14
Please refer to the Schedule of Investments on pages 16-23 for a full listing of
Fund securities.
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.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The securities issued by U.S. government-sponsored entities (i.e., FNMA, Freddie
Mac) are neither guaranteed nor issued by the U.S. government.
The Fund may invest in mortgage-backed securities, which, during times of
fluctuating interest rates, may increase or decrease more than other
fixed-income securities. Mortgage-backed securities are also subject to
prepayments.
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.
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. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 7
Portfolio Summary | 1/31/14
Portfolio Diversification
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government Securities 70.1%
Collateralized Mortgage Obligations 14.8%
Asset Backed Securities 6.1%
Foreign Government Bonds 4.6%
Municipal Bonds 3.5%
U.S. Corporate Bonds 0.9%
|
Portfolio Maturity
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
0-2 Years 6.4%
2-5 Years 35.3%
5-7 Years 37.5%
7-10 Years 11.0%
10-20 Years 4.3%
20+ Years 5.5%
|
10 Largest Holdings
(As a percentage of total long-term holdings)*
1. Private Export Funding Corp., 4.375%, 3/15/19 5.05%
--------------------------------------------------------------------------------
2. Fannie Mae, 4.5%, 12/1/43 4.21
--------------------------------------------------------------------------------
3. U.S. Treasury Notes, 1.875%, 8/31/17 4.19
--------------------------------------------------------------------------------
4. Federal National Mortgage Association, 4.92%, 7/25/20 3.37
--------------------------------------------------------------------------------
5. Fannie Mae, 4.0%, 4/1/39 3.23
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 0.625%, 5/31/17 3.10
--------------------------------------------------------------------------------
7. Private Export Funding Corp., 4.3%, 12/15/21 2.97
--------------------------------------------------------------------------------
8. U.S. Treasury Notes, 2.625%, 11/15/20 2.83
--------------------------------------------------------------------------------
9. Israel Government AID Bond, 5.5%, 4/26/24 2.79
--------------------------------------------------------------------------------
10. U.S. Treasury Notes, 4.0%, 8/15/18 2.62
--------------------------------------------------------------------------------
|
* 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.
8 Pioneer Government Income Fund | Semiannual Report | 1/31/14
Prices and Distributions | 1/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $9.47 $9.67
--------------------------------------------------------------------------------
B $9.48 $9.68
--------------------------------------------------------------------------------
C $9.47 $9.68
--------------------------------------------------------------------------------
Y $9.47 $9.68
--------------------------------------------------------------------------------
|
Distributions per Share: 8/1/13-1/31/14
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3098 $ -- $ --
--------------------------------------------------------------------------------
B $0.2549 $ -- $ --
--------------------------------------------------------------------------------
C $0.2751 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2751 $ -- $ --
--------------------------------------------------------------------------------
|
Index Definitions
The Barclays Government Bond Index is an unmanaged index that measures the
performance of the U.S. government bond market. The Barclays U.S.
Mortgage-Backed Securities Index is an unmanaged index including 15- and 30-year
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC) and
Federal National Mortgage Association (FNMA). Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-13.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 9
Performance Update | 1/31/14 Class A Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Government Income Fund during the
periods shown at public offering price during the periods shown, compared to
that of the Barclays Government Bond Index and the Barclays U.S. Mortgage-Backed
Securities Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 3.70% 3.23%
5 Years 3.33 2.38
1 Year -1.05 -5.47
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.22%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Government Barclays Government Barclays U.S. Mortgage-Backed
Income Fund Bond Index Securities Index
1/31/2004 $ 9,550 $ 10,000 $ 10,000
1/31/2005 $ 9,754 $ 10,327 $ 10,460
1/31/2006 $ 9,887 $ 10,517 $ 10,711
1/31/2007 $ 10,159 $ 10,888 $ 11,242
1/31/2008 $ 11,056 $ 12,129 $ 12,232
1/31/2009 $ 11,662 $ 12,981 $ 13,037
1/31/2010 $ 12,273 $ 13,209 $ 13,961
1/31/2011 $ 12,767 $ 13,739 $ 14,525
1/31/2012 $ 13,738 $ 15,044 $ 15,485
1/31/2013 $ 13,884 $ 15,165 $ 15,743
1/31/2014 $ 13,738 $ 15,078 $ 15,842
|
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class A
shares of the Fund for periods prior to September 23, 2005, is based on the
performance of AmSouth Government Income Fund's Class A shares prior to the
reorganization, which has been restated to reflect differences in any applicable
sales charges (but not differences in expenses). If the performance had been
adjusted to reflect all differences in expenses, the performance of Class A
shares of the Fund would be lower than that shown.
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.
10 Pioneer Government Income Fund | Semiannual Report | 1/31/14
Performance Update | 1/31/14 Class B Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Government Income Fund during the
periods shown, compared to that of the Barclays Government Bond Index and the
Barclays U.S. Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 2.83% 2.83%
5 Years 2.37 2.37
1 Year -2.17 -5.94
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.22%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Government Barclays Government Barclays U.S. Mortgage-Backed
Income Fund Bond Index Securities Index
1/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,135 $ 10,327 $ 10,460
1/31/2006 $ 10,195 $ 10,517 $ 10,711
1/31/2007 $ 10,388 $ 10,888 $ 11,242
1/31/2008 $ 11,222 $ 12,129 $ 12,232
1/31/2009 $ 11,757 $ 12,981 $ 13,037
1/31/2010 $ 12,279 $ 13,209 $ 13,961
1/31/2011 $ 12,665 $ 13,739 $ 14,525
1/31/2012 $ 13,496 $ 15,044 $ 15,485
1/31/2013 $ 13,513 $ 15,165 $ 15,743
1/31/2014 $ 13,220 $ 15,078 $ 15,842
|
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class B
shares of the Fund for periods prior to September 23, 2005, is based on the
performance of AmSouth Government Income Fund's Class B shares prior to the
reorganization, which has been restated to reflect differences in any applicable
sales charges (but not differences in expenses). If the performance had been
adjusted to reflect all differences in expenses, the performance of Class B
shares of the Fund would be lower than that shown.
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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 11
Performance Update | 1/31/14 Class C Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Government Income Fund during the
periods shown, compared to that of the Barclays Government Bond Index and the
Barclays U.S. Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 2.93% 2.93%
5 Years 2.58 2.58
1 Year -1.84 -1.84
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.90%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Government Barclays Government Barclays U.S. Mortgage-Backed
Income Fund Bond Index Securities Index
1/31/2004 $ 10,000 $ 10,000 $ 10,000
1/31/2005 $ 10,135 $ 10,327 $ 10,460
1/31/2006 $ 10,201 $ 10,517 $ 10,711
1/31/2007 $ 10,384 $ 10,888 $ 11,242
1/31/2008 $ 11,222 $ 12,129 $ 12,232
1/31/2009 $ 11,750 $ 12,981 $ 13,037
1/31/2010 $ 12,276 $ 13,209 $ 13,961
1/31/2011 $ 12,678 $ 13,739 $ 14,525
1/31/2012 $ 13,545 $ 15,044 $ 15,485
1/31/2013 $ 13,599 $ 15,165 $ 15,743
1/31/2014 $ 13,349 $ 15,078 $ 15,842
|
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class C
shares of the Fund for periods prior to September 23, 2005, is based upon the
performance of the predecessor Fund's Class B shares as adjusted to reflect
sales charges applicable to Class C shares (but not other differences in
expenses). If the performance had been adjusted to reflect all differences in
expenses, the performance of Class C shares of the Fund would be lower than that
shown.
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 Government Income Fund | Semiannual Report | 1/31/14
Performance Update | 1/31/14 Class Y Shares
Investment Returns
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Government Income Fund during the
periods shown, compared to that of the Barclays Government Bond Index and
Barclays U.S. Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.10% 4.10%
5 Years 3.73 3.73
1 Year -0.75 -0.75
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.85%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Government Barclays Government Barclays U.S. Mortgage-Backed
Income Fund Bond Index Securities Index
1/31/2004 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2005 $ 5,112,749 $ 5,163,558 $ 5,230,243
1/31/2006 $ 5,193,121 $ 5,258,400 $ 5,355,658
1/31/2007 $ 5,366,747 $ 5,443,799 $ 5,620,984
1/31/2008 $ 5,862,659 $ 6,064,274 $ 6,115,963
1/31/2009 $ 6,219,546 $ 6,490,630 $ 6,518,258
1/31/2010 $ 6,574,538 $ 6,604,380 $ 6,980,466
1/31/2011 $ 6,856,867 $ 6,869,509 $ 7,262,555
1/31/2012 $ 7,416,031 $ 7,521,747 $ 7,742,577
1/31/2013 $ 7,526,067 $ 7,582,419 $ 7,871,480
1/31/2014 $ 7,470,005 $ 7,539,151 $ 7,921,099
|
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.
Pioneer Government Income Fund acquired the assets and liabilities of AmSouth
Government Income Fund on September 23, 2005. The performance shown for Class Y
shares of the Fund for periods prior to September 23, 2005, is based on the
performance of AmSouth Government Income Fund's Class I shares prior to the
reorganization, which has been restated to reflect differences in any applicable
sales charges (but not differences in expenses). If the performance had been
adjusted to reflect all differences in expenses, the performance of Class Y
shares of the Fund would be lower than that shown. 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 Government Income Fund | Semiannual Report | 1/31/14 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 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 Government Income Fund
Based on actual returns from August 1, 2013, through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,011.70 $1,005.90 $1,007.00 $1,012.80
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.24 $ 11.33 $ 9.86 $ 4.57
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 1.23%,
2.24%, 1.95%, and 0.90% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
14 Pioneer Government Income Fund | Semiannual Report | 1/31/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Government Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from August 1, 2013, through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,019.00 $1,013.91 $1,015.38 $1,020.67
(after expenses)
on 1/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.26 $ 11.37 $ 9.91 $ 4.58
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 1.23%,
2.24%, 1.95%, and 0.90% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
Pioneer Government Income Fund | Semiannual Report | 1/31/14 15
Schedule of Investments | 1/31/14 (unaudited)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES - 6.1%
DIVERSIFIED FINANCIALS - 6.1%
Other Diversified Financial
Services - 4.5%
356,328 NR/NR Small Business Administration
Participation Certificates, 4.2%, 9/1/29 $ 381,591
784,670 NR/NR Small Business Administration
Participation Certificates, 4.625%, 2/1/25 836,036
815,832 NR/NR Small Business Administration
Participation Certificates, 4.84%, 5/1/25 872,732
828,535 NR/NR Small Business Administration
Participation Certificates, 5.37%, 4/1/28 921,041
550,081 NR/NR Small Business Administration
Participation Certificates, 5.63%, 10/1/28 620,122
173,010 NR/NR Small Business Administration
Participation Certificates, 5.72%, 1/1/29 193,350
1,019,376 NR/NR Small Business Administration
Participation Certificates, 6.02%, 8/1/28 1,160,235
234,254 NR/NR Small Business Administration
Participation Certificates, 6.14%, 1/1/22 256,572
545,596 NR/NR Small Business Administration
Participation Certificates, 6.22%, 12/1/28 621,134
------------
$ 5,862,813
-------------------------------------------------------------------------------------------------
Consumer Finance - 1.6%
2,000,000 0.99 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) $ 1,990,292
------------
Total Diversified Financials $ 7,853,105
-------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $7,372,758) $ 7,853,105
-------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 14.7%
BANKS - 6.0%
Thrifts & Mortgage Finance - 6.0%
4,303,989 NR/NR Federal National Mortgage Association,
4.92%, 7/25/20 $ 4,308,590
990,010 NR/NR Government National Mortgage
Association REMICS, 3.25%, 4/16/27 1,023,729
718,630 NR/NR Vendee Mortgage Trust 2008-1, 5.25%,
1/15/32 807,649
1,481,853 NR/NR Vendee Mortgage Trust 2010-1, 4.25%,
2/15/35 1,609,437
------------
$ 7,749,405
------------
Total Banks $ 7,749,405
-------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
16 Pioneer Government Income Fund | Semiannual Report | 1/31/14
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS - 1.2%
Other Diversified Financial
Services - 1.2%
1,498,343 2.75 NR/NR La Hipotecaria Panamanian Mortgage
Trust 2010-1, Floating Rate Note,
9/8/39 (144A) $ 1,561,789
------------
Total Diversified Financials $ 1,561,789
-------------------------------------------------------------------------------------------------
GOVERNMENT - 7.5%
61,175 NR/NR Federal Home Loan Mortgage Corp.,
REMICS, 5.0%, 6/15/34 $ 62,306
206,090 0.56 NR/NR Federal Home Loan Mortgage Corp.,
REMICS, Floating Rate Note, 12/15/20 207,472
1,203,767 3.35 NR/NR Federal National Mortgage Association
2004-T2, Floating Rate Note, 7/25/43 1,250,077
150,000 NR/NR Federal National Mortgage Association
REMICS, 4.5%, 6/25/29 162,945
386,838 AAA/Aaa Government National Mortgage
Association, 3.025%, 2/16/30 386,897
116,559 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 130,945
551,493 NR/NR Government National Mortgage
Association, 6.0%, 6/16/32 618,104
2,000,000 4.81 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/16/50 2,167,986
5,818,739 1.45 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/52 (c) 394,964
238,790 0.61 NR/NR Government National Mortgage
Association, Floating Rate Note,
12/16/29 240,822
2,482,800 5.14 NR/NR Government National Mortgage
Association, Floating Rate Note,
12/16/36 2,600,900
36,918 5.12 NR/NR Government National Mortgage
Association, Floating Rate Note,
12/16/46 36,944
8,755,537 0.68 AAA/Aa1 Government National Mortgage
Association, Floating Rate Note,
2/16/52 (c) 326,371
1,752,546 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (c) 141,853
1,458,432 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/53 (c) 113,533
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 17
Schedule of Investments | 1/31/14 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Government -- (continued)
235,908 5.78 NR/Aa1 Government National Mortgage
Association, Floating Rate Note,
6/16/32 $ 244,065
6,184,621 1.31 NR/NR Government National Mortgage
Association, Floating Rate Note,
6/16/52 (c) 372,704
1,938,659 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (c) 162,058
------------
$ 9,620,946
------------
Total Government $ 9,620,946
-------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $20,545,423) $ 18,932,140
-------------------------------------------------------------------------------------------------
CORPORATE BONDS - 0.6%
DIVERSIFIED FINANCIALS - 0.2%
Investment Banking & Brokerage - 0.2%
250,000 NR/Aaa North American Development Bank,
2.3%, 10/10/18 $ 248,870
------------
Total Diversified Financials $ 248,870
-------------------------------------------------------------------------------------------------
Government - 0.4%
577,001 NR/NR Helios Leasing I LLC, 2.018%, 5/29/24 $ 565,429
------------
Total Government $ 565,429
-------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $826,538) $ 814,299
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 69.3%
1,361,069 AAA/Aaa Fannie Mae, 3.763%, 12/1/20 $ 1,445,278
9,912,013 AAA/Aaa Fannie Mae, 4.0%, 4/1/25-10/1/41 10,405,342
5,022,628 AAA/Aaa Fannie Mae, 4.5%, 11/1/20-12/1/43 5,414,001
2,930,549 AAA/Aaa Fannie Mae, 4.639%, 6/1/15-11/1/14 2,992,513
3,272,867 AAA/Aaa Fannie Mae, 5.0%, 8/1/18-10/1/34 3,569,202
248,528 AAA/Aaa Fannie Mae, 5.5%, 2/1/25 273,450
137,799 AAA/Aaa Fannie Mae, 5.72%, 11/1/28-6/1/29 154,141
65,692 AAA/Aaa Fannie Mae, 5.75%, 3/1/33 73,720
168,842 AAA/Aaa Fannie Mae, 5.9%, 11/1/27-4/1/28 189,231
612,921 AAA/Aaa Fannie Mae, 6.0%, 11/1/34-12/1/37 683,688
296,362 AAA/Aaa Fannie Mae, 6.5%, 7/1/32-11/1/47 330,009
140,675 AAA/Aaa Fannie Mae, 7.0%, 10/1/19 155,722
16,210 AAA/Aaa Fannie Mae, 7.5%, 4/1/15-6/1/15 16,612
10,445 AAA/Aaa Fannie Mae, 8.0%, 7/1/15 10,760
|
The accompanying notes are an integral part of these financial statements.
18 Pioneer Government Income Fund | Semiannual Report | 1/31/14
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
347,306 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 9/1/38-10/1/38 $ 377,134
32,041 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 1/1/34 35,338
906,419 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/16-7/1/38 1,002,771
16,894 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 5/1/31 19,108
76,296 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 10/1/46 82,307
130 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 3/1/14 130
5,035 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 6/1/31 5,052
1,000,000 NR/NR Financing Corp., Fico, 4/6/18 (d) 934,337
2,000,000 NR/NR Financing Corp., Fico, 5/11/18 (d) 1,863,548
1,000,000 NR/NR Government National Mortgage
Association I, 3.5%, 2/20/14 1,028,594
786,125 AAA/Aaa Government National Mortgage
Association I, 4.5%, 4/15/18-6/15/25 843,652
580,748 AAA/Aaa Government National Mortgage
Association I, 5.0%, 2/15/19-7/15/40 636,925
798,569 AAA/Aaa Government National Mortgage
Association I, 5.5%, 6/15/18-10/15/34 881,753
25,168 AAA/Aaa Government National Mortgage
Association I, 5.72%, 4/15/29 27,812
5,828,227 AAA/Aaa Government National Mortgage
Association I, 6.0%, 3/15/19-8/15/38 6,586,747
1,855,961 AAA/Aaa Government National Mortgage
Association I, 6.5%, 1/15/15-4/15/33 2,101,262
109,380 AAA/Aaa Government National Mortgage
Association I, 6.75%, 4/15/26 122,978
1,201,494 AAA/Aaa Government National Mortgage
Association I, 7.0%, 10/15/16-4/15/32 1,352,602
504,709 AAA/Aaa Government National Mortgage
Association I, 7.5%, 3/15/23-3/15/31 569,823
68,355 AAA/Aaa Government National Mortgage
Association I, 8.25%, 5/15/20-8/15/21 77,368
17,329 AAA/Aaa Government National Mortgage
Association I, 9.0%, 12/15/19-6/15/22 18,212
361,086 AAA/Aaa Government National Mortgage
Association II, 5.0%, 12/20/18-1/20/20 389,470
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 19
Schedule of Investments | 1/31/14 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
294,862 AAA/Aaa Government National Mortgage
Association II, 5.5%, 10/20/37 $ 326,295
305,146 AAA/Aaa Government National Mortgage
Association II, 5.75%, 4/20/33-6/20/33 339,173
284,747 AAA/Aaa Government National Mortgage
Association II, 5.9%, 11/20/27-7/20/28 312,470
645,146 AAA/Aaa Government National Mortgage
Association II, 6.0%, 7/20/17-6/20/34 719,554
200,986 AAA/Aaa Government National Mortgage
Association II, 6.45%, 7/20/32-1/20/33 225,150
315,665 AAA/Aaa Government National Mortgage
Association II, 6.5%, 1/20/24-3/20/34 363,948
181,384 AAA/Aaa Government National Mortgage
Association II, 7.0%, 5/20/26-11/20/31 215,200
68,048 AAA/Aaa Government National Mortgage
Association II, 7.5%, 5/20/30-12/20/30 81,231
90,365 AAA/Aaa Government National Mortgage
Association II, 8.0%, 5/20/25-6/20/30 109,972
18,593 AAA/Aaa Government National Mortgage
Association II, 9.0%, 9/20/21-11/20/24 19,944
600,000 AA+/Aaa Private Export Funding Corp., 2.25%,
12/15/17 622,913
1,300,000 AA+/Aaa Private Export Funding Corp., 2.8%,
5/15/22 1,292,648
3,420,000 AA+/Aaa Private Export Funding Corp., 4.3%,
12/15/21 3,801,559
5,750,000 AA+/Aaa Private Export Funding Corp., 4.375%,
3/15/19 6,460,226
1,655,000 AA+/Aaa Private Export Funding Corp., 5.45%,
9/15/17 1,902,505
1,259,282 AA-/Aaa Tennessee Valley Authority, 4.929%,
1/15/21 1,406,304
800,000 AA+/Aaa Tennessee Valley Authority, 5.5%, 6/15/38 921,322
750,000 AA+/NR Tennessee Valley Authority, 6.25%,
12/15/17 891,213
1,500,000 AA+/Aaa U.S. Treasury Bonds, 3.0%, 5/15/42 1,335,704
2,625,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 2,944,512
1,650,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 1,921,219
4,000,000 AA+/Aaa U.S. Treasury Notes, 0.625%, 5/31/17 3,967,188
2,400,000 AA+/Aaa U.S. Treasury Notes, 0.875%, 12/31/16 2,413,126
|
The accompanying notes are an integral part of these financial statements.
20 Pioneer Government Income Fund | Semiannual Report | 1/31/14
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
5,200,000 AA+/Aaa U.S. Treasury Notes, 1.875%, 8/31/17 $ 5,362,500
3,500,000 AA+/Aaa U.S. Treasury Notes, 2.625%, 11/15/20 3,624,960
3,000,000 AA+/Aaa U.S. Treasury Notes, 4.0%, 8/15/18 3,353,201
------------
$ 89,604,629
-------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $87,372,465) $ 89,604,629
-------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS - 4.6%
3,000,000 AA+/Aaa Israel Government AID Bond, 5.5%,
4/26/24 $ 3,569,904
2,000,000 AA+/Aaa Israel Government AID Bond, 5.5%,
9/18/23 2,373,520
-------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS $ 5,943,424
------------
(Cost $5,856,680) $ 5,943,424
-------------------------------------------------------------------------------------------------
MUNICIPAL BONDS - 3.5%
Municipal Higher Education - 2.1%
100,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 $ 108,819
400,000 AAA/Aaa Houston Higher Education Finance Corp.,
4.5%, 11/15/37 405,700
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 1,120,950
270,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 291,605
350,000 AA+/Aa1 New York State Dormitory Authority
Series C, 5.0%, 7/1/40 372,491
200,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 215,704
210,000 AA/Aa2 Pennsylvania State University, 5.0%,
3/1/40 224,337
------------
$ 2,739,606
-------------------------------------------------------------------------------------------------
Municipal Utility District - 0.5%
600,000 AAA/Aaa Washington Suburban Sanitary
Commission, 4.0%, 6/1/30 $ 620,784
-------------------------------------------------------------------------------------------------
Municipal Water - 0.1%
180,000 AAA/Aaa City of Charlotte North Carolina Water &
Sewer System Revenue, 5.0%, 7/1/38 $ 193,570
-------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 21
Schedule of Investments | 1/31/14 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Municipal Obligation - 0.8%
700,000 AAA/Aaa County of Wake North Carolina, 4.0%,
5/1/30 $ 734,769
250,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 266,228
$ 1,000,997
-------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $4,505,012) $ 4,554,957
-------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES - 98.8%
(Cost $126,478,876) (a) $127,702,554
-------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES - 1.2% $ 1,567,619
-------------------------------------------------------------------------------------------------
TOTAL NET ASSETS - 100.0% $129,270,173
=================================================================================================
|
NR Not rated by either S&P or Moody's.
(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
January 31, 2014, the value of these securities amounted to $3,552,081
or 2.7% of total net assets.
(a) At January 31, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $126,707,320 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 4,113,250
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (3,118,016)
-----------
Net unrealized appreciation $ 995,234
===========
|
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(c) Security represents the interest only portion of payments on a pool of
underlying mortgages or mortgage-backed securities.
(d) 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 January 31, 2014 aggregated $9,214,019 and $2,210,428,
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 accompanying notes are an integral part of these financial statements.
22 Pioneer Government Income Fund | Semiannual Report | 1/31/14
The following is a summary of the inputs used as of January 31, 2014, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 7,853,105 $ -- $ 7,853,105
Collateralized Mortgage Obligations -- 18,932,140 -- 18,932,140
Corporate Bonds -- 814,299 -- 814,299
U.S. Government and Agency
Obligations -- 89,604,629 -- 89,604,629
Foreign Government Bonds -- 5,943,424 -- 5,943,424
Municipal Bonds -- 4,554,957 -- 4,554,957
------------------------------------------------------------------------------------------------
Total $ -- $127,702,554 $ -- $ 127,702,554
================================================================================================
Other Financial Instruments:
Net unrealized depreciation on
futures contracts $(115,173) $ -- $ -- $ (115,173)
------------------------------------------------------------------------------------------------
Total Other Financial Instruments $(115,173) $ -- $ -- $ (115,173)
================================================================================================
|
During the six months ended January 31, 2014, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 23
Statement of Assets and Liabilities | 1/31/14 (unaudited)
ASSETS:
Investment in securities (cost $126,478,876) $127,702,554
Cash 7,122,827
Futures collateral 246,549
Receivables --
Fund shares sold 81,125
Interest 818,270
Futures receivable 5,741
Prepaid expenses 31,165
-----------------------------------------------------------------------------------------
Total assets $136,008,231
=========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 6,356,927
Fund shares repurchased 132,855
Net unrealized depreciation on futures contracts 115,173
Due to affiliates 43,681
Accrued expenses 89,422
-----------------------------------------------------------------------------------------
Total liabilities $ 6,738,058
=========================================================================================
NET ASSETS:
Paid-in capital $136,773,573
Distributions in excess of net investment income (576,785)
Accumulated net realized loss on investments and futures contracts (8,035,120)
Net unrealized appreciation on investments 1,223,678
Net unrealized depreciation on futures contracts (115,173)
-----------------------------------------------------------------------------------------
Total net assets $129,270,173
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $101,174,680/10,688,581 shares) $ 9.47
Class B (based on $2,908,860/306,819 shares) $ 9.48
Class C (based on $15,259,719/1,611,645 shares) $ 9.47
Class Y (based on $9,926,914/1,048,310 shares) $ 9.47
MAXIMUM OFFERING PRICE:
Class A ($9.47 (divided by) 95.5%) $ 9.92
=========================================================================================
|
The accompanying notes are an integral part of these financial statements.
24 Pioneer Government Income Fund | Semiannual Report | 1/31/14
Statement of Operations (unaudited)
For the Six Months Ended 1/31/14
INVESTMENT INCOME:
Interest $ 2,965,352
-------------------------------------------------------------------------------------------
Total investment income $ 2,965,352
-------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 336,178
Transfer agent fees and expenses
Class A 75,550
Class B 5,355
Class C 6,522
Class Y 390
Distribution fees
Class A 129,160
Class B 16,705
Class C 85,683
Shareholder communications expense 76,748
Administrative reimbursement 29,957
Custodian fees 21,015
Registration fees 31,312
Professional fees 26,568
Printing expense 7,279
Fees and expenses of nonaffiliated Trustees 2,877
Miscellaneous 35,099
-------------------------------------------------------------------------------------------
Total expenses $ 886,398
-------------------------------------------------------------------------------------------
Net investment income $ 2,078,954
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $(2,336,758)
Futures contracts 239,712 $(2,097,046)
-------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 1,660,605
Futures contracts (383,126) $ 1,277,479
-------------------------------------------------------------------------------------------
Net loss on investments and futures contracts $ (819,567)
===========================================================================================
Net increase in net assets resulting from operations $ 1,259,387
===========================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 25
Statements of Changes in Net Assets (unaudited)
------------------------------------------------------------------------------------------------
Six Months
Ended
1/31/14 Year Ended
(unaudited) 7/31/13
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,078,954 $ 6,382,970
Net realized gain (loss) on investments and
futures contracts (2,097,046) 2,278,498
Change in net unrealized appreciation (depreciation)
on investments and futures contracts 1,277,479 (13,760,858)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 1,259,387 $ (5,099,390)
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.31 and $0.35 per share, respectively) $ (3,229,491) $ (4,564,709)
Class B ($0.25 and $0.25 per share, respectively) (84,087) (137,639)
Class C ($0.28 and $0.29 per share, respectively) (470,714) (839,466)
Class Y ($0.28 and $0.40 per share, respectively) (355,164) (445,463)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (4,139,456) $ (5,987,277)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 11,992,231 $ 31,138,843
Reinvestment of distributions 3,640,255 5,127,568
Cost of shares repurchased (29,734,096) (101,417,465)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (14,101,610) $ (65,151,054)
------------------------------------------------------------------------------------------------
Net decrease in net assets $ (16,981,679) $ (76,237,721)
NET ASSETS:
Beginning of period 146,251,852 222,489,573
------------------------------------------------------------------------------------------------
End of period $ 129,270,173 $ 146,251,852
================================================================================================
Undistributed (distributions in excess of) net investment income $ (576,785) $ 1,483,717
================================================================================================
|
The accompanying notes are an integral part of these financial statements.
26 Pioneer Government Income Fund | Semiannual Report | 1/31/14
----------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
----------------------------------------------------------------------------------------
Class A
Shares sold 978,393 $ 9,307,681 1,709,714 $ 17,327,505
Reinvestment of distributions 308,890 2,926,228 407,327 4,106,258
Less shares repurchased (1,872,065) (17,941,099) (5,558,535) (56,236,885)
----------------------------------------------------------------------------------------
Net decrease (584,782) $ (5,707,190) (3,441,494) $ (34,803,122)
========================================================================================
Class B
Shares sold or exchanged 856 $ 8,126 35,375 $ 353,497
Reinvestment of distributions 8,101 76,622 12,196 123,246
Less shares repurchased (106,590) (1,020,215) (334,550) (3,375,669)
----------------------------------------------------------------------------------------
Net decrease (97,633) $ (935,467) (286,979) $ (2,898,926)
========================================================================================
Class C
Shares sold 116,736 $ 1,112,742 410,034 $ 4,163,136
Reinvestment of distributions 31,782 300,826 50,429 509,844
Less shares repurchased (523,707) (5,010,299) (3,331,096) (33,834,670)
----------------------------------------------------------------------------------------
Net decrease (375,189) $ (3,596,731) (2,870,633) $ (29,161,690)
========================================================================================
Class Y
Shares sold 163,159 $ 1,563,682 934,865 $ 9,294,705
Reinvestment of distributions 35,478 336,579 38,584 388,220
Less shares repurchased (602,203) (5,762,483) (787,802) (7,970,241)
----------------------------------------------------------------------------------------
Net increase (decrease) (403,566) $ (3,862,222) 185,647 $ 1,712,684
========================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.67 $ 10.33 $ 10.07 $ 10.15 $ 9.81 $ 9.41
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.17 $ 0.38 $ 0.27 $ 0.32 $ 0.31 $ 0.36
Net realized and unrealized gain (loss) on investments (0.06) (0.69) 0.33 (0.03) 0.40 0.43
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.11 $ (0.31) $ 0.60 $ 0.29 $ 0.71 $ 0.79
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.35) $ (0.34) $ (0.37) $ (0.37) $ (0.39)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ (0.66) $ 0.26 $ (0.08) $ 0.34 $ 0.40
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $ 9.67 $ 10.33 $ 10.07 $ 10.15 $ 9.81
==============================================================================================================================
Total return* 1.17% (3.04)% 6.03% 2.95% 7.38% 8.58%
Ratio of net expenses to average net assets 1.23%** 1.22% 1.14% 1.17% 1.13% 1.15%
Ratio of net investment income to average net assets 3.18%** 3.72% 2.57% 3.29% 3.13% 3.73%
Portfolio turnover rate 14%** 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $101,175 $109,054 $152,020 $131,758 $144,794 $140,136
==============================================================================================================================
|
* 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 sale 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.
28 Pioneer Government Income Fund | Semiannual Report | 1/31/14
-------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.68 $ 10.34 $ 10.08 $ 10.15 $ 9.83 $ 9.41
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.29 $ 0.14 $ 0.22 $ 0.22 $ 0.29
Net realized and unrealized gain (loss) on investments (0.08) (0.70) 0.36 (0.01) 0.39 0.45
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ (0.41) $ 0.50 $ 0.21 $ 0.61 $ 0.74
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.25) $ (0.24) $ (0.28) $ (0.29) $ (0.32)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.20) $ (0.66) $ 0.26 $ (0.07) $ 0.32 $ 0.42
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.48 $ 9.68 $ 10.34 $ 10.08 $ 10.15 $ 9.83
=========================================================================================================================
Total return* 0.59% (4.01)% 4.98% 2.10% 6.34% 7.96%
Ratio of net expenses to average net assets 2.24%** 2.22% 2.17% 2.08% 1.96% 1.89%
Ratio of net investment income to average net assets 2.21%** 2.78% 1.64% 2.45% 2.48% 3.01%
Portfolio turnover rate 14%** 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $ 2,909 $ 3,915 $ 7,148 $ 9,952 $17,217 $26,751
=========================================================================================================================
|
* 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 sale 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 Government Income Fund | Semiannual Report | 1/31/14 29
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.68 $ 10.34 $ 10.08 $ 10.15 $ 9.82 $ 9.42
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.32 $ 0.22 $ 0.25 $ 0.24 $ 0.28
Net realized and unrealized gain (loss) on investments (0.07) (0.69) 0.31 (0.02) 0.39 0.45
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ (0.37) $ 0.53 $ 0.23 $ 0.63 $ 0.73
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.29) $ (0.27) $ (0.30) $ (0.30) $ (0.33)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.21) $ (0.66) $ 0.26 $ (0.07) $ 0.33 $ 0.40
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $ 9.68 $ 10.34 $ 10.08 $ 10.15 $ 9.82
=========================================================================================================================
Total return* 0.70% (3.68)% 5.29% 2.32% 6.50% 7.80%
Ratio of net expenses to average net assets 1.95%** 1.90% 1.83% 1.87% 1.86% 1.90%
Ratio of net investment income to average net assets 2.49%** 3.10% 1.73% 2.61% 2.41% 2.90%
Portfolio turnover rate 14%** 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $15,260 $19,225 $50,230 $26,113 $36,314 $38,101
=========================================================================================================================
|
* 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 sale charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Government Income Fund | Semiannual Report | 1/31/14
-------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/14 Ended Ended Ended Ended Ended
(unaudited) 7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.68 $ 10.34 $ 10.07 $ 10.16 $ 9.83 $ 9.42
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.39 $ 0.33 $ 0.36 $ 0.34 $ 0.45
Net realized and unrealized gain (loss) on investments (0.08) (0.65) 0.32 (0.03) 0.39 0.40
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ (0.26) $ 0.65 $ 0.33 $ 0.74 $ 0.85
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.40) $ (0.38) $ (0.42) $ (0.41) $ (0.44)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.21) $ (0.66) $ 0.27 $ (0.09) $ 0.33 $ 0.41
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $ 9.68 $ 10.34 $ 10.07 $ 10.16 $ 9.83
=========================================================================================================================
Total return* 1.28% (2.65)% 6.56% 3.32% 7.75% 9.19%
Ratio of net expenses to average net assets 0.90%** 0.85% 0.74% 0.69% 0.77% 0.67%
Ratio of net investment income to average net assets 3.52%** 3.80% 2.83% 3.85% 3.58% 4.32%
Portfolio turnover rate 14%** 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $ 9,927 $14,057 $13,092 $ 6,496 $10,699 $12,358
=========================================================================================================================
|
* 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 Government Income Fund | Semiannual Report | 1/31/14 31
Notes to Financial Statements | 1/31/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Government Income Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust IV, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The Fund is the successor to the AmSouth Government Income
Fund. The Fund's investment objective is to seek current income as is consistent
with preservation of capital.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Class C shares were first publicly offered on September 23,
2005. 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 Y 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.
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:
32 Pioneer Government Income Fund | Semiannual Report | 1/31/14
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed income
securities with remaining maturities 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 for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities. The Fund may use fair value methods if
it is determined that a significant event has occurred after the close of
the exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At January 31, 2014, there were no securities that 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
Pioneer Government Income Fund | Semiannual Report | 1/31/14 33
accretion/amortization is included in interest income. Interest income,
including interest on income bearing cash accounts, is recorded on the
accrual basis.
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 January 31, 2014, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of 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 July 31, 2013 was as follows:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $5,987,277
Long-term capital gain --
----------------------------------------------------------------------------
Total $5,987,277
============================================================================
|
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,706,642
Capital loss carryforward (5,660,608)
Dividends payable (3,994)
Net unrealized depreciation (665,371)
----------------------------------------------------------------------------
Total $(4,623,331)
============================================================================
|
34 Pioneer Government Income Fund | Semiannual Report | 1/31/14
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to the tax deferral of losses on wash sales, the tax
treatment of premium and amortization and the mark-to-market on futures
contracts.
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 $2,555 in underwriting commissions on the sale of Class A shares
during the six months ended January 31, 2014.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund,
respectively (see Note 4). Class Y 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 and Class Y shares
can reflect different transfer agent and distribution expense rates.
E. Risks
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-backed securities are also subject to
prepayments. 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
Pioneer Government Income Fund | Semiannual Report | 1/31/14 35
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.
G. 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. The amount of cash deposited with the broker as collateral at
January 31, 2014 was $246,549. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract. The use of futures contracts
involves, to varying degrees, elements of market, interest rate, currency
exchange rates and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. The average
value of contracts open for the six months ended January 31, 2014
was $28,643,860.
At January 31, 2014, open futures contracts were as follows.
-------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
-------------------------------------------------------------------------------------
US Long Bond (CBT) (121) 3/14 $(16,164,844) $(323,437)
US 10 Year Note (CBT) (47) 3/14 (5,910,250) (19,166)
US 2 Year Note (CBT) 27 3/14 5,945,484 (422)
US 5 Year Note (CBT) (10) 3/14 (1,206,250) 2,031
US Ultra Bond (CBT) 41 3/14 5,896,313 225,821
-------------------------------------------------------------------------------------
Total $(11,439,547) $(115,173)
-------------------------------------------------------------------------------------
|
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets up to $1 billion and 0.45% on assets over $1
billion. For the six months ended January 31, 2014, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.50% of the
Fund's average daily net assets.
36 Pioneer Government Income Fund | Semiannual Report | 1/31/14
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
$8,362 in management fees, administrative costs and certain other reimbursements
payable to PIM at January 31, 2014.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended January 31, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $52,355
Class B 3,150
Class C 12,283
Class Y 8,960
--------------------------------------------------------------------------------
Total $76,748
================================================================================
|
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $32,934 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at January 31, 2014.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B 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 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. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,385 in distribution fees payable to PFD at January 31, 2014.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 37
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. 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 Y shares. Proceeds
from the CDSCs are paid to PFD. For the six months ended January 31, 2014, CDSCs
in the amount of $2,106 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 January 31, 2014, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings was
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which was
the greater of (a) the facility's administrative agent's daily announced prime
rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing
date and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The
Funds pay an annual commitment to participate in a credit facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended January 31,
2014, the Fund had no borrowings under a credit facility.
7. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of January 31, 2014.
38 Pioneer Government Income Fund | Semiannual Report | 1/31/14
----------------------------------------------------------------------------------------------------------
Assets:
Net Amounts Gross Amounts Not
Gross of Assets Offset in the Statement
Amounts Presented of Assets and Liabilities
Offset in the in the ---------------------------
Gross Amounts Statement of Statement of Cash
of Recognized Assets and Assets and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------------------------
Futures contracts $227,852 $(227,852) $ -- $ -- $ -- $ --
----------------------------------------------------------------------------------------------------------
$227,852 $(227,852) $ -- $ -- $ -- $ --
==========================================================================================================
----------------------------------------------------------------------------------------------------------
Liabilities:
Net Amounts Gross Amounts Not
Gross of Liabilities Offset in the Statement
Amounts Presented of Assets and Liabilities
Offset in the in the ---------------------------
Gross Amounts Statement of Statement of Cash
of Recognized Assets and Assets and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Received Amount
----------------------------------------------------------------------------------------------------------
Futures contracts $343,025 $(227,852) $115,173 $ -- $ -- $115,173
----------------------------------------------------------------------------------------------------------
$343,025 $(227,852) $115,173 $ -- $ -- $115,173
==========================================================================================================
|
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of January 31, 2014 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
---------------------------------------------------------------------------------------
Interest Rate Futures* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $ -- futures contracts $115,173
---------------------------------------------------------------------------------------
Total $ -- $115,173
=======================================================================================
|
* Reflects the net unrealized appreciation on futures contracts (see Note 1G).
The effect of derivative instruments on the Statement of Operations for the six
months ended January 31, 2014 was as follows:
--------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation/
Hedging Instruments Gain/(Loss) (Depreciation)
Under Accounting Location of Gain/(Loss) on Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized gain (loss) on
futures contracts $239,712
Interest Rate Futures Change in net unrealized appreciation $(383,126)
(depreciation) on futures contracts
|
Pioneer Government Income Fund | Semiannual Report | 1/31/14 39
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Government Income Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees
40 Pioneer Government Income Fund | Semiannual Report | 1/31/14
considered the non-investment resources and personnel of PIM involved in
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the third quintile of its Morningstar
category for the one, three, five and ten year periods ended June 30, 2013. The
Trustees also considered that the Fund's yield (for the twelve months ended June
30, 2013) exceeded the yield of the Fund's benchmark index for the same period.
The Trustees noted the discussions held throughout the year regarding the Fund's
performance and confirmed that those discussions were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement. The
Trustees concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 41
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2013 was in the fifth quintile relative to both its Morningstar
category and its Strategic Insight peer group, in each case for the comparable
period. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund,
and noted the impact of expenses relating to small accounts and omnibus accounts
on transfer and sub-transfer agency expenses generally. The Trustees noted that
they separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its
42 Pioneer Government Income Fund | Semiannual Report | 1/31/14
costs to the management of the Fund. The Trustees also considered PIM's
profit margin in connection with the overall operation of the Fund. They
further reviewed the financial results realized by PIM and its affiliates from
non-fund businesses. The Trustees considered PIM's profit margins with
respect to the Fund in comparison to the limited industry data available and
noted that the profitability of any adviser was affected by numerous factors,
including its organizational structure and method for allocating expenses. The
Trustees concluded that PIM's profitability with respect to the management of
the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Government Income Fund | Semiannual Report | 1/31/14 43
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer
Marguerite A. Piret
Kenneth J. Taubes
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.
44 Pioneer Government Income Fund | Semiannual Report | 1/31/14
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
|
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 18828-08-0314
Pioneer Multi-Asset
Income Fund
Semiannual Report | January 31, 2014
Ticker Symbols:
Class A PMAIX
Class C PMACX
Class Y PMFYX
|
[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 15
Schedule of Investments 17
Financial Statements 51
Notes to Financial Statements 58
Approval of Investment Advisory Agreement 72
Trustees, Officers and Service Providers 76
|
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 1
President's Letter
Dear Shareowner,
When we look into 2014, we foresee U.S. economic growth matching or exceeding
2013 levels. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. Tax hikes, spending restraint and a better economy have
meaningfully cut the federal budget deficit. A modestly improving European
economy, continuing economic improvement in Japan, and a "soft landing" of
growth in China appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation, making it possible for the
Federal Reserve (the Fed) to continue its accommodative monetary policies.
After observing the strengthening economic trends, the Fed decided in December
2013 to start scaling back its QE (quantitative easing) program, but 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 high.
The U.S. government's partial shutdown in October 2013 rattled the markets to a
degree, but does not appear to have had a significant negative impact on the
economy or capital markets. As the year drew to a close, leaders in Washington
reached a bipartisan budget agreement that establishes top-line government
spending levels for the next two fiscal years, a move which should help to
defuse the threat of another shutdown. That certainly was welcome news for
investors who had grown weary of infighting in Washington and wary of the risks
the policy uncertainty caused.
There are certainly risks and uncertainties facing the global economy as we head
into 2014. The European economy, while improving, remains weak, the Japanese
economy faces a tax hike this spring, and a number of emerging market countries
are experiencing difficulties. There are also geopolitical worries abroad and
the aforementioned political fights at home. 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 Income Fund | Semiannual Report | 1/31/14
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
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 seek to 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 Income Fund | Semiannual Report | 1/31/14 3
Portfolio Management Discussion | 1/31/14
Slowly improving economic growth and evolving central bank policies around the
world remained the focus of investors during the six-month period ended January
31, 2014, contributing to volatility across several asset classes. In the
following interview, portfolio managers Marco Pirondini and Tracy Wright discuss
Pioneer Multi-Asset Income Fund's investment strategies during the period, along
with their outlook for the coming months. Mr. Pirondini, Executive Vice
President, Head of Equities, U.S., and a portfolio manager at Pioneer, and Ms.
Wright, a senior vice president and portfolio manager at Pioneer, co-manage the
Fund along with Michele Garau, a senior vice president and a portfolio manager
at Pioneer, and Charles Melchreit, a senior vice president and a portfolio
manager at Pioneer.
Q How would you characterize the investment environment during the six-month
period ended January 31, 2014?
A The period generally saw positive price increases across all asset classes,
with stocks and other riskier investments outperforming lower-risk, fixed-
income strategies. However, the outcome belies a rather volatile market
backdrop, driven in large measure by the actions of central banks and
sovereign governments around the globe as they grappled with the pace of
economic growth. The actions of the U.S. Federal Reserve (the Fed) remained
front and center during the period, as it kept investors apprised of the
prospect of winding down its bond-buying stimulus program ("quantitative
easing 3", or QE3) if U.S. economic growth continued to improve.
In September 2013, the Fed surprised many observers by announcing that it
was delaying the so-called "tapering" of QE3 given sluggish economic data
releases during the summer and the potential for some market disruptions
arising from political discord in Washington. The uncertainty surrounding
the timing and scope of the plans to taper QE3 continued until December
2013, when the Fed finally announced a timeline for gradually ending QE3
during 2014. The drawdown of QE3 commenced in January 2014 with a reduction
in the Fed's monthly purchases of Treasuries and mortgage-backed securities
(from $85 billion to $75 billion). Perhaps most importantly, then-Fed
Chairman Ben Bernanke clarified that the Fed did not have any plans to
increase the key Federal funds rate in 2014. The Federal funds rate has held
steady at near-zero levels for the past few years, which has helped to keep
market interest rates low and lent some support to the U.S. economy. There
was no large market sell-off following the widely anticipated tapering
announcement, suggesting that the bond market had, by and large, already
taken the Fed's actions into account.
4 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
With Chairman Bernanke's term ending in January 2014, Fed Vice Chairman
Janet Yellen was nominated (and later confirmed) as his replacement. The
move was well received by the market, as Ms. Yellen has been an influential
proponent of the Fed's historic measures to revive the economy and is not
viewed as someone who will quickly reverse the central bank's current
course. It is, however, now her job to oversee the gradual unwinding of
those accommodative policies.
Q How did the Fund perform in that environment during the six-month period
ended January 31, 2014?
A Pioneer Multi-Asset Income Fund's Class A shares returned 7.14% at net asset
value during the six-month period ended January 31, 2014, while the Fund's
benchmarks, the Barclays Aggregate Bond Index (the Barclays Index) and the
Morgan Stanley Capital International (MSCI) All Country World ND Index(1),
returned 1.78% and 6.08%, respectively. During the same period, the average
return of the 739 mutual funds in Morningstar's Conservative Allocation
Funds category was 2.93%, and the average return of the 364 mutual funds in
Lipper's Mixed-Target Conservative Allocation Funds category was 2.97%.
Q How did you manage the Fund's portfolio in that environment during the
six-month period ended January 31, 2014, and how did your investment
strategies affect the Fund's performance?
In an environment of shifting risk tolerances, where being in the right
place at the right time was key to success, the Fund delivered rewarding
performance relative to its fixed-income and equity benchmarks as well as
its peer funds.
Our preference for equities and U.S. high-yield bonds during the period was
the primary driver of returns. The Fund's underweights of mortgage
securities and high-quality U.S. Treasuries--allocation decisions which
proved correct--also aided relative performance during the period. Equities
and lower-quality bonds tend to be less sensitive to rising interest rates
than other asset classes, such as investment-grade bonds and
(1) The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an "as
is" basis and the user of this information assumes the entire risk of any
use made of this information. MSCI, each of its affiliates and each other
person involved in or related to compiling, computing or creating any MSCI
information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 5
emerging markets securities. However, the Fund's allocation to investment-
grade corporates, while small, proved to be a minor drag on benchmark-
relative returns during the period.
Our allocation decisions helped to maintain the portfolio's shorter duration
relative to the Barclays Index, and that also proved to be a significant
contributor to the Fund's benchmark-relative outperformance, and the
outperformance of its peers, during the period. (Duration is a measure of a
portfolio's price-sensitivity to changes in interest rates.)
With the strong performance of high-yield bonds over the last few months,
credit spreads in the sector have narrowed somewhat, leaving credit sectors
with less of a yield advantage over higher-quality issues and Treasuries.
(Credit spreads reflect the differences in yield between Treasuries and
other types of fixed-income securities with similar maturities.) However, we
have been finding some attractive credit opportunities.
In the equity portion of the Fund's portfolio, we slightly favored U.S.
stocks over international stocks. Identifying large-cap multinational
companies with solid balance sheets, global brands, and attractive
dividends* that we believe can increase over time continues to be the
hallmark of our equity strategy. Our price-conscious approach - that is,
investing the Fund in what we consider to be undervalued or underappreciated
stocks - augmented results during the six-month period, especially given the
considerable rally in U.S., European, and Japanese stocks that took place
for much of 2013. The Fund's position in Vodafone, a top-performing holding
during the period, exemplified our equity strategy. On the negative side,
the Funds' position in HSBC, which we eventually sold, detracted from
relative returns.
Finally, we utilized hedging strategies during the period in order to reduce
portfolio risks linked to changes in the value of foreign currencies; this
proved beneficial for performance. As part of the hedging strategy, we
invested in currency forward contracts to hedge the portfolio's currency
risk from a weakening Japanese yen. Much like the Fed, the Bank of Japan
(BOJ) remains committed to its asset-purchase program, which is aimed at
injecting the necessary liquidity into the Japanese economy to meet the
BOJ's target inflation level.
Q With Fed policy coming into clearer focus, did you make any changes to the
Fund's asset allocations by the end of the six-month period ended January
31, 2014?
A Yes. As we mentioned in the Fund's annual report last July, we began a
process of trimming some portfolio positions in the more
interest-rate-sensitive asset classes in response to the Fed's May 2013
announcement that it was considering a timeline to begin tapering QE3. At
that time, we reduced the Fund's
* Dividends are not guaranteed.
6 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
exposure to emerging markets equities, utilities, and real estate investment
trusts (REITs), and reallocated those proceeds into high-yield bonds and
equities. The adjustments contributed favorably to the Fund's performance
for much of the six-month period ended January 31, 2014.
However, with Fed policy coming into clearer focus in December 2013, and
with its plan to decouple the decision to taper QE3 from any potential move
to increase short-term interest rates, we thought it would be advantageous
to modestly increase the portfolio's exposure to interest-rate-sensitive
investments. Many of those investments had experienced both falling demand
and prices as investors became more risk-averse given the uncertainty
surrounding Fed policy. Accordingly, we invested the Fund in business
development companies, REITs, municipal bonds, and sovereign bonds in the
Asian emerging markets. In addition to adding valuable diversity** to the
Fund's holdings, those securities currently offer attractive yields in an
environment of low nominal interest rates.
Q What is your outlook for 2014?
A We have seen some tempering of investors' appetites for riskier and less-
liquid segments of the financial markets in the wake of the Fed's forward
guidance about future monetary tightening. However, we remain upbeat in our
assessment of the financial markets for this year, and into 2015, and we
don't believe that the macroeconomic backdrop will change dramatically in
the intervening months.
We expect somewhat better, but still modest economic growth of approximately
3.0% in the U.S. this year, led by consumption, the housing sector, exports,
and lower U.S. government restraint (due in part to decreased fiscal
austerity). The Fed is expected to continue unwinding QE3 during 2014, but
the measured reductions in monetary stimulus will be linked to conditions in
the labor market as well as economic growth. Other developed economies, in
general, are picking up momentum, and central banks in those countries are
maintaining accommodative pro-growth monetary policies. Those policies have
helped to keep credit spreads and yields near historic lows and have been
providing support for riskier assets. Developing markets, on the other hand,
are facing unique headwinds given the steady rise in interest rates in the
developed markets, falling commodity prices, and political instability in
some emerging nations.
With that said, we believe the greatest risks to our outlook are
faster-than-expected normalization of monetary policy and interest rates,
disappointing economic growth in China or Europe, and lingering uncertainty
about future fiscal and monetary policies coming out of Washington, D.C.
** Diversification does not assure a profit nor protect against loss in a
declining market.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 7
Against that backdrop, we will continue to maintain the Fund's investments
in dividend-paying equities and high-yield securities. In addition to their
relatively low interest-rate sensitivity, we believe that steady improvement
in global economic growth and easy global monetary policies are likely to
support both of those asset classes for the foreseeable future.
Please refer to the Schedule of Investments on pages 17-50 for a full listing of
Fund securities.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed income
securities falls.
Prepayment risk is the chance that an issuer may exercise the right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
The Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
International investments are subject to special risks including currency
fluctuations, social, economic and political uncertainties, which could increase
volatility. These risks are magnified in emerging markets.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in underlying funds (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.
Investments in equity securities are subject to price fluctuation.
8 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
Investments in small-and mid-cap stocks involve greater risks and volatility
than investments in large-cap stocks.
The Fund may invest in Master Limited Partnerships, which are subject to
increased risks of liquidity, price valuation, control, voting rights and
taxation. In addition, the structure affords fewer protections to investors in
the Partnership than direct investors in a corporation.
The Fund may invest in zero-coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities is payable as taxable
annual dividends to shareholders.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or under-
lying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is not a 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 Multi-Asset Income Fund | Semiannual Report | 1/31/14 9
Portfolio Summary | 1/31/14
Portfolio Diversification
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 37.0%
U.S. Common Stocks 24.2%
International Common Stocks 24.1%
International Corporate Bonds 5.1%
Senior Secured Loans 1.9%
Collateralized Mortgage Obligations 1.8%
Mutual Fund Closed 1.6%
U.S. Preferred Stocks 0.9%
Asset Backed Securities 0.9%
Exchange Traded Funds 0.8%
Foreign Government Bonds 0.7%
International Preferred Stocks 0.7%
Convertible Corporate Bonds 0.2%
Convertible Preferred Stocks 0.1%
|
Sector Distribution
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 21.9%
Energy 16.8%
Telecommunication Services 11.2%
Health Care 10.5%
Consumer Discretionary 8.1%
Industrials 8.1%
Information Technology 6.0%
Materials 6.0%
Consumer Staples 6.0%
Utilities 4.1%
Government 0.7%
Food Distributors 0.6%
|
10 Largest Holdings
(As a percentage of total long-term holdings)*
1. Microsoft Corp. 2.64%
--------------------------------------------------------------------------------
2. Vodafone Group Plc 2.22
--------------------------------------------------------------------------------
3. Nippon Telegraph & Telephone Corp. 2.10
--------------------------------------------------------------------------------
4. CMS Energy Corp. 2.08
--------------------------------------------------------------------------------
5. Verizon Communications, Inc. 1.91
--------------------------------------------------------------------------------
6. Novartis AG 1.88
--------------------------------------------------------------------------------
7. TCP Capital Corp. 1.82
--------------------------------------------------------------------------------
8. Ares Capital Corp. 1.77
--------------------------------------------------------------------------------
9. BP Plc 1.59
--------------------------------------------------------------------------------
10. Golub Capital BDC, Inc. 1.56
--------------------------------------------------------------------------------
|
* 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 Income Fund | Semiannual Report | 1/31/14
Prices and Distributions | 1/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 1/31/14 7/31/13
--------------------------------------------------------------------------------
A $11.53 $11.07
--------------------------------------------------------------------------------
C $11.50 $11.04
--------------------------------------------------------------------------------
Y $11.50 $11.06
--------------------------------------------------------------------------------
|
Distributions per Share: 8/1/13-1/31/14
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3233 $ -- $ --
--------------------------------------------------------------------------------
C $0.2745 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3341 $ -- $ --
--------------------------------------------------------------------------------
|
Index Definitions
The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond
market. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
The MSCI All Country World ND Index is an unmanaged, free float-adjusted, market
capitalization-weighted index that is designed to measure the equity market
performance of developed and emerging markets. The Index consists of 45 country
indices comprising 24 developed and 21 emerging market country indices. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. It is not
possible to invest directly in an index.
The indices defined here pertains to the "Value of $10,000 Investment" and
"Value of $5 Million Investment" charts on pages 12-14.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 11
Performance Update | 1/31/14 Class A Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset Income Fund during the
periods shown at public offering price during the periods shown, compared to
that of the Barclays Aggregate Bond Index and the MSCI All Country World ND
Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
12/22/2011 14.26% 11.80%
1 Year 10.56 5.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.37% 0.85%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $ 9,550 $ 10,000 $ 10,000
1/31/2012 $ 9,781 $ 10,088 $ 10,581
1/31/2013 $ 11,411 $ 10,349 $ 12,148
1/31/2014 $ 12,616 $ 10,361 $ 13,690
|
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 contractual expense limitations currently in
effect through December 1, 2015, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitations 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 Multi-Asset Income Fund | Semiannual Report | 1/31/14
Performance Update | 1/31/14 Class C Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Barclays Aggregate Bond Index and the
MSCI All Country World ND Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/22/2011 13.27% 13.27%
1 Year 9.64 9.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.13% 1.75%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $ 10,000 $ 10,000 $ 10,000
1/31/2012 $ 10,229 $ 10,088 $ 10,581
1/31/2013 $ 11,826 $ 10,349 $ 12,148
1/31/2014 $ 12,966 $ 10,361 $ 13,690
|
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 contractual expense limitations currently in
effect through December 1, 2015, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitations 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 Multi-Asset Income Fund | Semiannual Report | 1/31/14 13
Performance Update | 1/31/14 Class Y Shares
Investment Returns
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset Income Fund during the
periods shown, compared to that of the Barclays Aggregate Bond Index and the
MSCI All Country World ND Index.
Average Annual Total Returns
(As of January 31, 2014)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/22/2011 14.32% 14.32%
1 Year 10.49 10.49
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.10% 0.65%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset Barclays Aggregate MSCI All Country
Income Fund Bond Index World ND Index
12/31/2011 $ 5,000,000 $ 5,000,000 $ 5,000,000
1/31/2012 $ 5,119,641 $ 5,043,904 $ 5,290,735
1/31/2013 $ 5,983,188 $ 5,174,314 $ 6,073,959
1/31/2014 $ 6,610,874 $ 5,180,727 $ 6,845,207
|
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 contractual expense limitations currently in
effect through December 1, 2015, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitations 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 Multi-Asset Income Fund | Semiannual Report | 1/31/14
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on actual returns from August 1, 2013, through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 8/1/13 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 1/31/14 $1,071.40 $1,067.10 $1,070.70
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.22 $ 9.74 $ 4.18
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.00%,
1.87% and 0.80% for Class A, Class C and Class Y shares, respectively. These
combined ratios were multiplied by the average account value over the
period, and then multiplied by 184/365 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from August 1, 2013, through January 31, 2014.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 8/1/13 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 1/31/14 $1,020.16 $1,015.78 $1,021.17
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.09 $ 9.50 $ 4.08
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.00%,
1.87% and 0.80% for Class A, Class C and Class Y shares, respectively. These
combined ratios were multiplied by the average account value over the
period, and then multiplied by 184/365 (to reflect the one-half year period)
to calculate the "Expenses Paid During Period" in the table above.
16 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
Schedule of Investments | 1/31/14 (unaudited)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.2%
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.0%+
100,000 NR/NR Vantage Drilling Co., 7.875%, 9/1/42 $ 112,688
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.1%
300,000 NR/NR Cobalt International Energy, Inc., 2.625%,
12/1/19 $ 267,000
------------
Total Energy $ 379,688
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.1%
Biotechnology -- 0.1%
350,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 $ 236,688
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 236,688
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $641,665) $ 616,376
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.0%
TRANSPORTATION -- 0.0%+
Air Freight & Logistics -- 0.0%+
49 NR/NR CEVA Ggroup Plc, 12/31/14* (d) $ 48,550
------------
Total Transportation $ 48,550
---------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Regional Banks -- 0.2%
1,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 97,250
15,000 6.62 BBB-/Ba1 Fifth Third Bancorp, Floating Rate
Note (Perpetual) 382,500
------------
$ 479,750
------------
Total Banks $ 479,750
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial
Services -- 0.3%
37,000 7.12 BB+/B1 Citigroup, Inc., Floating Rate Note
(Perpetual) $ 963,850
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
30,000 7.12 BB+/Ba3 Morgan Stanley, Floating Rate Note
(Perpetual) $ 781,800
------------
Total Diversified Financials $ 2,225,400
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 17
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Reinsurance -- 0.1%
180,000 0.00 NR/NR Altair Re III, Floating Rate Note,
6/30/16 (Cat Bond) $ 181,062
67,498 0.00 NR/NR Altair Re, Floating Rate Note, 4/30/16
(Cat Bond) 74,315
125,000 NR/NR Pangaea Re, 10/1/15 (Cat Bond) (d) 135,548
------------
$ 390,925
------------
Total Insurance $ 390,925
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Electric Utilities -- 0.1%
10,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%,
4/30/73 $ 227,400
------------
Total Utilities $ 227,400
---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $2,820,418) $ 2,892,275
---------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCK -- 0.1%
ENERGY -- 0.1%
Oil & Gas Exploration &
Production -- 0.1%
500 NR/NR Halcon Resources Corp., 5.75%
(Perpetual) $ 351,875
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $355,000) $ 351,875
---------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 46.3%
ENERGY -- 4.4%
Integrated Oil & Gas -- 4.0%
568,882 BP Plc $ 4,456,794
40,722 Exxon Mobil Corp. 3,752,940
16,486 Occidental Petroleum Corp. 1,443,679
37,787 Total SA 2,157,943
------------
$ 11,811,356
---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
551,197 Chevron Lubricants Lanka Plc $ 1,210,910
------------
Total Energy $ 13,022,266
---------------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Commodity Chemicals -- 0.6%
23,898 LyondellBasell Industries NV $ 1,882,206
---------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
11,338 The Dow Chemical Co. $ 515,992
---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
31,858 MeadWestvaco Corp. $ 1,149,118
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
41,836 BHP Billiton, Ltd. $ 1,337,046
------------
Total Materials $ 4,884,362
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Industrial Conglomerates -- 0.6%
74,503 General Electric Co. $ 1,872,260
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
2,063,000 Nam Cheong, Ltd. $ 517,282
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
414,000 Sarine Technologies, Ltd. $ 663,991
------------
Total Capital Goods $ 3,053,533
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.2%
Human Resource & Employment
Services -- 0.2%
4,148 Towers Watson & Co. $ 484,984
------------
Total Commercial Services & Supplies $ 484,984
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Air Freight & Logistics -- 0.0%+
22 CEVA Group Plc* $ 22,430
---------------------------------------------------------------------------------------------------------
Airlines -- 1.0%
89,375 American Airlines Group, Inc. $ 2,998,531
------------
Total Transportation $ 3,020,961
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Tires & Rubber -- 0.2%
14,000 Bridgestone Corp. $ 503,364
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
22,067 Daimler AG $ 1,847,519
------------
Total Automobiles & Components $ 2,350,883
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.3%
Homebuilding -- 0.2%
42,900 West Holdings Corp. $ 547,694
---------------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
16,900 Sega Sammy Holdings, Inc. $ 400,581
------------
Total Consumer Durables & Apparel $ 948,275
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.3%
21,210 Grand Korea Leisure Co., Ltd. $ 804,884
------------
Total Consumer Services $ 804,884
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 19
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
5,417 RTL Group SA $ 659,737
------------
Total Media $ 659,737
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.4%
Brewers -- 0.2%
11,483 Molson Coors Brewing Co. (Class B) $ 604,465
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.3%
30,000 Green Mountain Coffee Roasters, Inc.* $ 2,430,000
26,662 Kraft Foods Group, Inc.* 1,395,756
------------
$ 3,825,756
---------------------------------------------------------------------------------------------------------
Tobacco -- 1.9%
24,182 Altria Group, Inc. $ 851,690
75,500 Japan Tobacco, Inc. 2,329,090
46,889 Lorillard, Inc. 2,307,877
------------
$ 5,488,657
------------
Total Food, Beverage & Tobacco $ 9,918,878
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.3%
Household Products -- 0.3%
8,702 The Clorox Co. $ 768,126
------------
Total Household & Personal Products $ 768,126
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.2%
Health Care Equipment -- 0.2%
9,829 Covidien Plc $ 670,731
------------
Total Health Care Equipment & Services $ 670,731
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 6.3%
Pharmaceuticals -- 6.3%
67,720 AstraZeneca Plc $ 4,298,193
47,209 Johnson & Johnson, Inc. 4,176,580
25,572 Merck & Co., Inc. 1,354,549
66,881 Novartis AG 5,287,153
88,807 Pfizer, Inc. 2,699,733
1,978 Roche Holding AG 543,353
------------
$ 18,359,561
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 18,359,561
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------
BANKS -- 2.9%
Diversified Banks -- 2.4%
814,041 Abu Dhabi Commercial Bank PJSC $ 1,468,898
1,586,600 Bank Pembangunan Daerah Jawa
Barat Dan Banten Tbk PT 119,143
24,605 Doha Bank QSC 431,874
321,500 Mitsubishi UFJ Financial Group, Inc. 1,928,351
27,100 Sumitomo Mitsui Financial Group, Inc. 1,252,159
74,730 Swedbank AB 1,948,574
------------
$ 7,148,999
---------------------------------------------------------------------------------------------------------
Regional Banks -- 0.5%
18,703 The PNC Financial Services Group, Inc. $ 1,493,996
------------
Total Banks $ 8,642,995
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.2%
Other Diversified Financial
Services -- 1.1%
10,872 Intercorp Financial Services, Inc. $ 345,186
51,463 JPMorgan Chase & Co. 2,848,992
------------
$ 3,194,178
---------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 5.1%
281,137 Ares Capital Corp. $ 4,978,936
240,188 Golub Capital BDC, Inc. 4,395,440
15,574 KKR & Co., LP 375,489
294,986 TCP Capital Corp. 5,109,158
------------
$ 14,859,023
------------
Total Diversified Financials $ 18,053,201
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.5%
Multi-line Insurance -- 0.3%
5,296 Allianz SE* $ 883,645
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
7,587 ACE, Ltd. $ 711,736
------------
Total Insurance $ 1,595,381
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.9%
Industrial REIT -- 1.7%
2,690,000 Mapletree Industrial Trust $ 2,755,733
1,705,000 Mapletree Logistics Trust 1,339,755
962,387 Sabana Shari'ah Compliant Industrial
Real Estate Investment Trust 797,410
------------
$ 4,892,898
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 21
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------
Retail REIT -- 0.2%
740,000 Fortune Real Estate Investment Trust $ 578,452
------------
Total Real Estate $ 5,471,350
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.5%
Systems Software -- 2.5%
195,359 Microsoft Corp. $ 7,394,333
------------
Total Software & Services $ 7,394,333
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.7%
Semiconductors -- 1.7%
14,744 Intel Corp. $ 361,818
214,000 MediaTek, Inc. 2,822,149
900 Samsung Electronics Co., Ltd. 1,054,209
224,000 Transcend Information, Inc. 659,921
------------
$ 4,898,097
------------
Total Semiconductors & Semiconductor
Equipment $ 4,898,097
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.7%
Integrated Telecommunication
Services -- 5.6%
29,430 AT&T, Inc. $ 980,608
109,600 Nippon Telegraph & Telephone Corp. 5,900,466
147,025 Orange SA 1,814,835
607,401 Telecom Corp of New Zealand, Ltd. 1,153,709
5,897,000 Telekomunikasi Indonesia Persero Tbk PT 1,089,051
111,811 Verizon Communications, Inc. 5,369,164
------------
$ 16,307,833
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 2.1%
1,679,596 Vodafone Group Plc $ 6,239,995
------------
Total Telecommunication Services $ 22,547,828
---------------------------------------------------------------------------------------------------------
UTILITIES -- 2.8%
Multi-Utilities -- 2.3%
210,267 CMS Energy Corp. $ 5,843,320
38,296 GDF Suez 844,343
------------
$ 6,687,663
---------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.5%
191,778 AES Tiete SA $ 1,380,630
------------
Total Utilities $ 8,068,293
---------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $131,376,252) $135,618,659
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.9%
MATERIALS -- 0.1%
Aluminum -- 0.0%+
30,096 B+/B1 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/47 (Step) $ 30,056
87,575 7.78 NR/Caa2 GE Mortgage Services LLC, Floating
Rate Note, 3/25/27 86,663
------------
$ 116,719
---------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
10,620 6.50 BB+/Baa2 ACE Securities Corp., Manufactured
Housing Trust Series 2003-MH1, Floating
Rate Note, 8/15/30 (144A) $ 10,632
---------------------------------------------------------------------------------------------------------
Steel -- 0.1%
3,609 2.93 BB+/B3 ABFC 2003-WMC1 Trust, Floating Rate
Note, 3/25/33 $ 3,380
108,633 B+/B3 Accredited Mortgage Loan Trust 2003-3,
5.21%, 1/25/34 (Step) 105,371
100,050 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 96,030
------------
$ 204,781
------------
Total Materials $ 332,132
---------------------------------------------------------------------------------------------------------
BANKS -- 0.7%
Thrifts & Mortgage Finance -- 0.7%
78,213 NR/Ba3 Bear Stearns Asset Backed Securities
Trust, 8.41%, 10/25/29 (Step) $ 78,140
350,000 NR/NR CAM Mortgage Trust, 5.5%, 12/15/53
(144A) 348,366
100,000 BB/NR CarNow Auto Receivables Trust 2012-1,
6.9%, 11/15/16 (144A) 102,005
100,000 CCC/C Citicorp Residential Mortgage Trust
Series 2006-2, 5.918%, 9/25/36 (Step) 91,075
31,140 B-/B1 Citicorp Residential Mortgage Trust
Series 2006-3, 5.703%, 11/25/36 (Step) 31,060
205,000 A+/Baa1 Countrywide Asset-Backed Certificates,
5.2687%, 2/25/36 (Step) 209,084
69,125 5.24 BB+/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 70,852
5,338 0.84 AAA/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 5,178
210,000 5.00 NR/NR GMAT 2013-1 Trust, Floating Rate Note,
8/25/53 201,910
250,000 5.50 BBB/Baa1 MASTR Specialized Loan Trust, Floating
Rate Note, 11/25/34 (144A) 241,784
200,000 NR/Ba2 Nations Equipment Finance Funding I
LLC, 5.5%, 5/20/21 (144A) 200,000
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 23
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
292,757 A+/Baa2 RAMP Series 2004-RZ1 Trust, 4.82%,
3/25/34 (Step) $ 290,231
100,000 BB/NR SNAAC Auto Receivables Trust 2013-1,
4.56%, 4/15/20 (144A) 99,504
------------
$ 1,969,189
------------
Total Banks $ 1,969,189
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Asset Management & Custody
Banks -- 0.1%
250,000 NR/NR Navitas Equipment Receivables LLC
2013-1, 5.82%, 6/15/19 $ 249,326
------------
Total Diversified Financials $ 249,326
---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,547,179) $ 2,550,647
---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.8%
BANKS -- 1.4%
Thrifts & Mortgage Finance -- 1.4%
100,000 NR/NR A10 Securitization 2013-1 LLC, 4.7%,
11/15/25 (144A) $ 99,443
100,000 NR/NR A10 Securitization 2013-1 LLC, 6.41%,
11/15/25 (144A) 99,456
200,000 5.34 BBB/NR Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP16, Floating
Rate Note, 2/13/46 (144A) 175,687
100,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 101,258
767,493 BB/NR Bear Stearns Commercial Mortgage
Securities Trust 2006-PWR14, 5.273%,
12/11/38 759,853
23,655 5.68 B-/NR CHL Mortgage Pass-Through Trust
2002-32, Floating Rate Note, 1/25/33 24,070
50,000 5.78 NR/Baa3 Citigroup Commercial Mortgage Trust
2006-C4, Floating Rate Note, 3/15/49 51,480
150,000 4.50 BB-/NR COMM 2013-FL3 Mortgage Trust,
Floating Rate Note, 10/13/28 150,141
33,796 NR/NR Extended Stay America Trust
2013-ESH MZ, 7.625%, 12/5/19 (144A) 33,931
250,000 5.17 BBB-/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 248,498
96,553 BBB+/Ba3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 92,725
245,529 B+/B3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 215,994
|
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
97,561 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) $ 82,439
49,622 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 39,618
100,000 5.82 BB+/Ba2 GS Mortgage Securities Corp., II
Commercial Mortgage Pass Through
Certificates Series 2004-GG2, Floating
Rate Note, 8/10/38 99,632
30,000 5.64 NR/Baa3 GS Mortgage Securities Trust 2012-GC6,
Floating Rate Note, 1/10/45 (144A) 30,339
50,000 5.96 BB-/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2007-C1, Floating Rate
Note, 2/15/51 53,946
225,000 5.99 B-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating
Rate Note, 2/15/51 211,785
100,000 3.91 BB/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating Rate
Note, 4/15/28 (144A) 99,512
124,439 5.28 BB/NR LB-UBS Commercial Mortgage Trust
2006-C1, Floating Rate Note, 2/15/41 125,339
168,445 2.40 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust
2003-6, Floating Rate Note, 12/25/33 166,853
49,039 5.28 B-/B3 MASTR Adjustable Rate Mortgages Trust,
Floating Rate Note, 1/25/35 49,927
72,694 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 76,375
110,316 D/Caa3 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 70,175
46,995 5.62 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2007-1, Floating Rate
Note, 1/25/37 47,510
75,236 1.56 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 66,250
100,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 101,003
250,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 6/25/58 (144A) 248,715
25,000 BB/B1 TimberStar Trust 1, 7.5296%, 10/15/36
(144A) 25,544
84,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating Rate
Note, 3/15/45 83,514
25,000 5.97 B-/B1 Wachovia Bank Commercial Mortgage
Trust Series 2007-C34, Floating Rate
Note, 5/15/46 25,596
50,000 5.47 NR/Baa3 WF-RBS Commercial Mortgage Trust
2011-C2, Floating Rate Note, 2/15/44
(144A) 51,193
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 25
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000 5.34 NR/A2 WFRBS Commercial Mortgage Trust
2011-C3, Floating Rate Note,
3/15/44 (144A) $ 107,050
100,000 4.36 BBB-/NR WFRBS Commercial Mortgage Trust
2013-C12, Floating Rate Note,
3/15/48 (144A) 88,303
------------
$ 4,003,154
------------
Total Banks $ 4,003,154
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial
Services -- 0.2%
12,398 6.87 BBB+/NR Banc of America Mortgage 2005-H Trust,
Floating Rate Note, 9/25/35 $ 12,423
100,000 5.44 NR/A2 DBUBS 2011-LC2 Mortgage Trust,
Floating Rate Note, 7/10/44 (144A) 108,547
200,000 5.16 NR/NR Del Coronado Trust 2013-DEL MZ,
Floating Rate Note, 3/15/18 (144A) 200,660
50,000 BB+/NR Morgan Stanley Capital I Trust
2007-IQ13, 5.406%, 3/15/44 54,624
100,000 5.91 B/NR Morgan Stanley Capital I Trust
2007-IQ15, Floating Rate Note, 6/11/49 108,956
------------
$ 485,210
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
179,880 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) $ 178,444
---------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
35,780 6.33 BBB/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 9/10/47 (144A) $ 36,874
------------
Total Diversified Financials $ 700,528
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.2%
100,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 $ 101,128
27,029 B-/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 26,969
100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 89,089
50,000 4.16 NR/Baa2 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 9/25/44 (144A) 49,379
100,000 4.35 NR/A3 FREMF Mortgage Trust 2011-K12,
Floating Rate Note, 1/25/46 (144A) 101,735
|
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Mortgage REIT -- (continued)
50,000 3.76 NR/NR FREMF Mortgage Trust 2012-K708,
Floating Rate Note, 2/25/45 (144A) $ 48,177
10,000 3.82 NR/NR FREMF Mortgage Trust Class C, Floating
Rate Note, 6/25/47 (144A) 9,592
------------
$ 426,069
------------
Total Real Estate $ 426,069
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
207,939 NR/NR Federal National Mortgage Association
REMICS, 3.5%, 1/25/29 (c) $ 16,074
48,147 6.49 NR/NR Government National Mortgage
Association REMICS, Floating Rate
Note, 6/20/38 (c) 5,354
146,046 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (c) 11,821
145,843 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/53 (c) 11,353
193,592 1.08 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/52 (c) 13,693
145,399 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (c) 12,154
------------
$ 70,449
------------
Total Government $ 70,449
---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $5,152,818) $ 5,200,200
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 40.4%
ENERGY -- 11.4%
Oil & Gas Drilling -- 0.9%
700,000 B/B3 Hercules Offshore, Inc., 7.5%,
10/1/21 (144A) $ 726,250
270,000 B/B3 Hercules Offshore, Inc., 8.75%,
7/15/21 (144A) 301,050
700,000 NR/NR North Atlantic Drilling, Ltd., 6.25%,
2/1/19 (144A) 696,500
175,000 B+/B1 Parker Drilling Co., 6.75%, 7/15/22 178,938
170,000 B+/B1 Parker Drilling Co., 7.5%, 8/1/20 (144A) 178,500
185,000 B+/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) 199,338
325,000 B/B3 Summit Midstream Holdings LLC,
7.5%, 7/1/21 (144A) 346,125
------------
$ 2,626,701
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 27
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.4%
250,000 B+/B2 Basic Energy Services, Inc., 7.75%,
10/15/22 $ 261,875
225,000 BB-/Ba3 Bristow Group, Inc., 6.25%, 10/15/22 237,375
510,000 BB-/B1 Calfrac Holdings LP, 7.5%,
12/1/20 (144A) 529,125
700,000 B-/NR Exterran Partners LP, 6.0%, 4/1/21 694,750
325,000 B/Caa1 Forbes Energy Services, Ltd., 9.0%,
6/15/19 317,688
500,000 BB/Ba3 Forum Energy Technologies, Inc.,
6.25%, 10/1/21 (144A) 522,500
600,000 B-/B3 Hiland Partners LP, 7.25%,
10/1/20 (144A) 642,000
355,000 BB-/B1 Key Energy Services, Inc., 6.75%, 3/1/21 364,762
400,000 B/B3 Seitel, Inc., 9.5%, 4/15/19 406,000
------------
$ 3,976,075
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 7.4%
200,000 BB-/B1 Antero Resources Finance Corp.,
5.375%, 11/1/21 (144A) $ 201,500
235,000 BB-/B1 Antero Resources Finance Corp.,
6.0%, 12/1/20 247,631
355,000 B-/B3 Approach Resources, Inc., 7.0%, 6/15/21 358,550
130,000 CCC+/Caa1 Athlon Holdings LP, 7.375%,
4/15/21 (144A) 136,175
300,000 CCC+/Caa1 Aurora USA Oil & Gas, Inc., 7.5%,
4/1/20 (144A) 312,000
700,000 BB-/B1 Berry Petroleum Co., LLC, 6.375%, 9/15/22 712,250
1,185,000 B-/B3 Bonanza Creek Energy, Inc., 6.75%,
4/15/21 1,238,325
300,000 B-/B3 BreitBurn Energy Partners LP, 7.875%,
4/15/22 319,125
125,000 B-/B3 Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 135,000
400,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 426,000
300,000 BB/B1 Denbury Resources, Inc., 4.625%, 7/15/23
276,750
845,000 B+/B3 Energy XXI Gulf Coast, Inc., 7.5%,
12/15/21 (144A) 876,688
100,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 115,000
325,995 B/B3 EPE Holdings LLC, 8.875%, 12/15/17
(144A) (PIK) 337,340
50,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%, 2/15/18 53,750
275,000 B-/B3 Forest Oil Corp., 7.5%, 9/15/20 270,875
600,000 CCC/Caa1 Goodrich Petroleum Corp., 8.875%,
3/15/19 621,000
100,000 CCC+/B3 Gulfport Energy Corp., 7.75%, 11/1/20 107,500
|
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
175,000 CCC+/Caa1 Halcon Resources Corp., 8.875%,
5/15/21 $ 174,562
220,000 CCC+/Caa1 Halcon Resources Corp., 9.25%,
2/15/22 (144A) 221,650
315,000 CCC+/Caa1 Halcon Resources Corp., 9.75%, 7/15/20 326,812
525,000 CCC+/Caa1 Halcon Resources Corp., 9.75%,
7/15/20 (144A) 544,031
250,000 B/B3 Kodiak Oil & Gas Corp., 5.5%, 1/15/21 248,750
150,000 B-/Caa1 Legacy Reserves LP, 6.625%,
12/1/21 (144A) 146,625
160,000 B-/Caa1 Lightstream Resources, Ltd., 8.625%,
2/1/20 (144A) 162,400
1,000,000 B+/B1 Linn Energy LLC, 7.0%, 11/1/19 (144A) 1,015,000
250,000 B-/Caa1 Memorial Production Partners LP,
7.625%, 5/1/21 258,750
140,000 B-/Caa1 Memorial Production Partners LP,
7.625%, 5/1/21 (144A) 144,900
175,000 B-/Caa1 Midstates Petroleum Co., Inc., 10.75%,
10/1/20 189,438
200,000 B-/Caa1 Midstates Petroleum Co., Inc., 9.25%,
6/1/21 208,000
400,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 422,000
250,000 B/B3 Oasis Petroleum, Inc., 6.875%,
3/15/22 (144A) 265,000
1,050,000 CCC+/Caa2 Parsley Energy LLC, 7.5%, 2/15/22 (144A) 1,050,000
200,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22 215,500
200,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 206,000
650,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 708,500
650,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 682,500
100,000 B-/B3 Resolute Energy Corp., 8.5%, 5/1/20 104,500
400,000 B-/B3 RKI Exploration & Production LLC, 8.5%,
8/1/21 (144A) 424,000
745,000 BB-/B2 Rosetta Resources, Inc., 5.625%, 5/1/21 743,138
675,000 BB-/B2 Rosetta Resources, Inc., 5.875%, 6/1/22 669,938
1,000,000 CCC+/B3 Samson Investment Co., 10.5%,
2/15/20 (144A) 1,100,000
735,000 CCC+/Caa1 Sanchez Energy Corp., 7.75%,
6/15/21 (144A) 758,888
50,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 50,938
380,000 B-/B2 SandRidge Energy, Inc., 7.5%, 3/15/21 394,250
220,000 B-/B2 SandRidge Energy, Inc., 8.125%,
10/15/22 230,175
300,000 BB-/Ba3 SM Energy Co., 5.0%, 1/15/24 (144A) 282,000
595,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 627,725
1,095,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 1,116,900
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 29
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
355,000 B+/B3 Swift Energy Co., 8.875%, 1/15/20 $ 378,075
200,000 CCC+/Caa1 Talos Production LLC, 9.75%, 2/15/18
(144A) 205,500
230,000 B/B3 Vanguard Natural Resources LLC,
7.875%, 4/1/20 243,225
500,000 B/B3 W&T Offshore, Inc., 8.5%, 6/15/19 535,000
------------
$ 21,800,129
---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
170,000 B+/B2 Calumet Specialty Products Partners LP,
7.625%, 1/15/22 $ 179,775
1,000,000 BB/Ba3 Murphy Oil USA, Inc., 6.0%, 8/15/23
(144A) 997,500
100,000 BBB/Baa2 Valero Energy Corp., 6.625%, 6/15/37 117,415
400,000 B+/B3 Western Refining, Inc., 6.25%, 4/1/21 407,000
------------
$ 1,701,690
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.9%
95,000 B+/NR Atlas Pipeline Partners LP, 4.75%,
11/15/21 $ 87,638
340,000 BB/B1 Crestwood Midstream Partners LP,
6.0%, 12/15/20 349,350
385,000 BB/B1 Crestwood Midstream Partners LP,
6.125%, 3/1/22 (144A) 392,700
300,000 5.85 BB/Baa3 DCP Midstream LLC, Floating Rate
Note, 5/21/43 (144A) 277,500
605,000 B/B1 Genesis Energy LP, 5.75%, 2/15/21 614,075
100,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.0%, 8/15/42 93,603
350,000 B-/B2 PVR Partners LP, 6.5%, 5/15/21 (144A) 366,625
290,000 BB+/Ba3 Sabine Pass Liquefaction LLC, 5.625%,
2/1/21 (144A) 289,275
215,000 BB/Ba3 Targa Resources Partners LP, 4.25%,
11/15/23 (144A) 194,306
------------
$ 2,665,072
---------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.2%
350,000 B-/B3 Alpha Natural Resources, Inc.,
6.0%, 6/1/19 $ 289,625
345,000 BB-/B1 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 365,700
------------
$ 655,325
------------
Total Energy $ 33,424,992
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
MATERIALS -- 4.1%
Commodity Chemicals -- 0.5%
975,000 B-/Caa1 Axalta Coating Systems US Holdings,
Inc., 7.375%, 5/1/21 (144A) $ 1,050,562
450,000 BB-/B2 Rain CII Carbon LLC, 8.0%,
12/1/18 (144A) 472,500
------------
$ 1,523,062
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.9%
150,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 153,000
600,000 CCC+/NR Hexion US Finance Corp., 9.0%,
11/15/20 601,500
1,245,000 B/B1 Rentech Nitrogen Partners LP, 6.5%,
4/15/21 (144A) 1,213,875
800,000 BB-/B2 Tronox Finance LLC, 6.375%, 8/15/20 810,000
------------
$ 2,778,375
---------------------------------------------------------------------------------------------------------
Construction Materials -- 0.4%
1,000,000 B-/Caa2 Texas Industries, Inc., 9.25%, 8/15/20 $ 1,160,000
---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.4%
1,000,000 CCC+/NR Ardagh Packaging Finance Plc, 6.75%,
1/31/21 (144A) $ 1,007,500
210,000 BB+/Ba1 Ball Corp., 4.0%, 11/15/23 191,625
------------
$ 1,199,125
---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.8%
200,000 B-/NR Exopack Holding Corp., 10.0%,
6/1/18 (144A) $ 218,000
800,000 B-/Caa2 Exopack Holdings SA, 7.875%,
11/1/19 (144A) 828,000
100,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.0%,
4/15/19 106,625
500,000 BB/B1 Sealed Air Corp., 5.25%, 4/1/23 (144A) 492,500
605,000 BB/B1 Sealed Air Corp., 6.875%, 7/15/33
(144A) 592,900
------------
$ 2,238,025
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
100,000 CCC/Caa2 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) $ 82,000
7,778 NR/NR Mirabela Nickel, Ltd., 3.5%, 3/28/14
(144A) (PIK) 7,583
100,000 D/NR Mirabela Nickel, Ltd., 8.75%, 4/15/18
(144A) 22,000
50,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 56,125
------------
$ 167,708
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 31
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Steel -- 0.5%
150,000 B+/B3 APERAM, 7.75%, 4/1/18 (144A) $ 156,375
90,000 B/Caa1 Atkore International, Inc., 9.875%,
1/1/18 96,975
500,000 BB+/Ba2 Commercial Metals Co., 4.875%,
5/15/23 470,000
300,000 B-/Caa1 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 310,500
200,000 NR/Caa1 Metinvest BV, 8.75%, 2/14/18 (144A) 183,000
100,000 CCC+/NR Ryerson, Inc., 9.0%, 10/15/17 108,250
------------
$ 1,325,100
---------------------------------------------------------------------------------------------------------
Paper Products -- 0.5%
435,000 CCC+/B2 Appvion, Inc., 9.0%, 6/1/20 (144A) $ 446,962
105,000 BB/Ba3 Neenah Paper, Inc., 5.25%, 5/15/21
(144A) 103,950
760,000 BB-/Ba3 Resolute Forest Products, Inc., 5.875%,
5/15/23 (144A) 725,800
200,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 210,000
------------
$ 1,486,712
------------
Total Materials $ 11,878,107
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.3%
Aerospace & Defense -- 0.5%
960,000 CCC+/Caa1 Accudyne Industries Borrower, 7.75%,
12/15/20 (144A) $ 1,017,600
100,000 B-/Caa1 ADS Tactical, Inc., 11.0%, 4/1/18 (144A) 95,000
370,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 363,525
50,000 B-/B2 DynCorp International, Inc., 10.375%,
7/1/17 51,438
------------
$ 1,527,563
---------------------------------------------------------------------------------------------------------
Building Products -- 0.5%
100,000 BB-/NR Gibraltar Industries, Inc., 6.25%, 2/1/21 $ 103,625
1,050,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 1,115,625
100,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 113,750
220,000 BB-/B2 USG Corp., 5.875%, 11/1/21 (144A) 231,550
------------
$ 1,564,550
---------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.3%
740,000 B+/B2 General Cable Corp., 6.5%,
10/1/22 (144A) $ 732,600
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
225,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) $ 241,875
|
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- (continued)
100,000 B-/B3 Park-Ohio Industries, Inc., 8.125%,
4/1/21 $ 111,000
205,000 B/B2 Waterjet Holdings, Inc., 7.625%,
2/1/20 (144A) 209,612
------------
$ 562,487
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
350,000 B/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 355,250
100,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 101,705
375,000 CCC-/B3 Navistar International Corp., 8.25%,
11/1/21 386,250
500,000 B+/B1 Titan International, Inc., 6.875%,
10/1/20 (144A) 527,500
------------
$ 1,370,705
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.6%
250,000 B-/B3 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 256,250
185,000 BB-/B1 Boart Longyear Management Pty, Ltd.,
10.0%, 10/1/18 (144A) 193,325
340,000 B/B3 Boart Longyear Management Pty, Ltd.,
7.0%, 4/1/21 (144A) 255,850
100,000 B/B2 Cleaver-Brooks, Inc., 8.75%,
12/15/19 (144A) 110,000
245,000 B-/Caa1 Gardner Denver, Inc., 6.875%,
8/15/21 (144A) 245,612
100,000 B/B1 Mcron Finance Sub LLC, 8.375%,
5/15/19 (144A) 111,250
500,000 B/B3 Xerium Technologies, Inc., 8.875%,
6/15/18 530,000
------------
$ 1,702,287
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
505,000 BB-/B1 Ashtead Capital, Inc., 6.5%,
7/15/22 (144A) $ 540,350
100,000 BB+/NR Aviation Capital Group Corp., 4.625%,
1/31/18 (144A) 104,607
1,290,000 B/B2 Avis Budget Car Rental LLC, 5.5%, 4/1/23 1,244,850
150,000 B+/B3 H&E Equipment Services, Inc., 7.0%,
9/1/22 162,750
100,000 B-/B3 TRAC Intermodal LLC, 11.0%, 8/15/19 114,000
------------
$ 2,166,557
------------
Total Capital Goods $ 9,626,749
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 33
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 1.0%
Commercial Printing -- 0.1%
160,000 B-/Caa1 Mustang Merger Corp., 8.5%,
8/15/21 (144A) $ 174,400
---------------------------------------------------------------------------------------------------------
Environmental & Facilities
Services -- 0.2%
100,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%,
10/1/16 (144A) $ 98,000
500,000 B/B3 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) 527,500
------------
$ 625,500
---------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.7%
300,000 BB-/Ba1 Iron Mountain, Inc., 6.0%, 8/15/23 $ 308,625
530,000 B+/B3 NANA Development Corp., 9.5%,
3/15/19 (144A) 549,875
155,000 B-/B3 TMS International Corp., 7.625%,
10/15/21 (144A) 164,688
1,000,000 BB-/B2 United Rentals North America, Inc.,
6.125%, 6/15/23 1,037,500
------------
$ 2,060,688
---------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
165,000 B-/B3 Garda World Security Corp., 7.25%,
11/15/21 (144A) $ 169,331
------------
Total Commercial Services & Supplies $ 3,029,919
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
Airlines -- 0.3%
100,000 B-/NR Gol Finance SA, 9.25%, 7/20/20 (144A) $ 91,750
400,000 NR/NR Intrepid Aviation Group Holdings LLC,
6.875%, 2/15/19 (144A) 407,000
210,000 B/B2 United Continental Holdings, Inc.,
6.0%, 12/1/20 211,050
150,000 BB/Ba2 US Airways 2013-1 Class B Pass
Through Trust, 5.375%, 11/15/21 147,000
------------
$ 856,800
---------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
760,000 B-/B2 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 830,300
---------------------------------------------------------------------------------------------------------
Airport Services -- 0.0%+
154,880 CCC+/B3 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 (144A) $ 146,362
------------
Total Transportation $ 1,833,462
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.8%
760,000 BB/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 761,900
500,000 BB-/Ba3 LKQ Corp., 4.75%, 5/15/23 (144A) 465,000
640,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 668,800
200,000 B/B3 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) 216,000
200,000 B/B1 Schaeffler Holding Finance BV, 6.875%,
8/15/18 (144A) (PIK) 212,000
170,000 B+/B2 Stackpole International Intermediate,
7.75%, 10/15/21 (144A) 177,225
------------
$ 2,500,925
------------
Total Automobiles & Components $ 2,500,925
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 1.1%
Home Furnishings -- 0.2%
200,000 B/B2 SIWF Merger Sub, Inc., 6.25%,
6/1/21 (144A) $ 202,000
325,000 B+/B3 Tempur Sealy International, Inc.,
6.875%, 12/15/20 355,469
------------
$ 557,469
---------------------------------------------------------------------------------------------------------
Homebuilding -- 0.8%
150,000 CCC/Caa2 Beazer Homes USA, Inc., 9.125%,
6/15/18 $ 159,750
250,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.125%, 7/1/22 (144A) 251,250
300,000 BB/Ba2 DR Horton, Inc., 5.75%, 8/15/23 309,000
50,000 B/B2 KB Home, Inc., 8.0%, 3/15/20 55,625
135,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 126,900
170,000 B+/B1 Meritage Homes Corp., 7.0%, 4/1/22 181,900
600,000 B/B2 Rialto Holdings LLC, 7.0%, 12/1/18
(144A) 606,000
505,000 B+/B2 Standard Pacific Corp., 6.25%, 12/15/21 530,250
205,000 BB-/B1 The Ryland Group, Inc., 5.375%, 10/1/22 196,800
------------
$ 2,417,475
---------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.1%
135,000 BB+/Ba2 The William Carter Co., 5.25%,
8/15/21 (144A) $ 136,688
------------
Total Consumer Durables & Apparel $ 3,111,632
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 35
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Casinos & Gaming -- 0.4%
100,000 B+/B3 MGM Resorts International, Inc., 6.75%,
10/1/20 $ 107,750
240,000 B+/B2 PNK Finance Corp., 6.375%,
8/1/21 (144A) 246,000
750,000 B/B2 Scientific Games International, Inc.,
6.25%, 9/1/20 783,750
100,000 BB/B1 Seneca Gaming Corp., 8.25%,
12/1/18 (144A) 107,500
60,000 BBB-/NR Wynn Las Vegas LLC, 4.25%,
5/30/23 (144A) 56,100
------------
$ 1,301,100
---------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.3%
710,000 B-/B3 MISA Investments, Ltd., 8.625%,
8/15/18 (144A) (PIK) $ 733,962
50,000 B+/B3 Viking Cruises, Ltd., 8.5%,
10/15/22 (144A) 56,625
------------
$ 790,587
---------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
100,000 CCC/Caa1 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 96,750
---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.3%
535,000 BB-/Ba3 Sotheby's, Inc., 5.25%, 10/1/22 (144A) $ 502,900
325,000 B-/B3 StoneMor Partners LP, 7.875%,
6/1/21 (144A) 338,000
------------
$ 840,900
------------
Total Consumer Services $ 3,029,337
---------------------------------------------------------------------------------------------------------
MEDIA -- 1.5%
Advertising -- 0.1%
300,000 BB-/Ba1 Lamar Media Corp., 5.375%, 1/15/24 $ 303,750
---------------------------------------------------------------------------------------------------------
Broadcasting -- 0.3%
165,000 BB-/B1 CCO Holdings LLC, 5.75%, 1/15/24 $ 160,462
265,000 B/NR Sinclair Television Group, Inc.,
6.375%, 11/1/21 274,275
320,000 B/B3 Townsquare Radio LLC, 9.0%,
4/1/19 (144A) 350,400
100,000 B+/B2 Univision Communications, Inc.,
6.875%, 5/15/19 (144A) 107,250
------------
$ 892,387
---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
100,000 B-/Caa2 Intelsat Luxembourg SA, 7.75%,
6/1/21 (144A) $ 107,250
|
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
350,000 BB/B1 Sirius XM Holdings, Inc., 4.625%,
5/15/23 (144A) $ 312,375
------------
$ 419,625
---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.8%
135,000 B/Ba3 DreamWorks Animation SKG, Inc.,
6.875%, 8/15/20 (144A) $ 143,438
870,000 B+/B3 Live Nation Entertainment, Inc., 7.0%,
9/1/20 (144A) 943,950
475,000 CCC+/Caa1 Production Resource Group, Inc.,
8.875%, 5/1/19 368,125
315,000 B-/B3 Regal Entertainment Group, Inc., 5.75%,
2/1/25 299,250
650,000 B-/Caa1 SFX Entertainment, Inc., 9.625%,
2/1/19 (144A) 650,000
------------
$ 2,404,763
---------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
505,000 BB/Ba1 Gannett Co., Inc., 6.375%,
10/15/23 (144A) $ 517,625
------------
Total Media $ 4,538,150
---------------------------------------------------------------------------------------------------------
RETAILING -- 1.4%
Department Stores -- 0.3%
650,000 CCC+/Caa2 Neiman Marcus Group, Ltd., Inc.,
8.0%, 10/15/21 (144A) $ 680,875
---------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
300,000 B+/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 318,375
---------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.2%
715,000 BB-/Ba3 Rent-A-Center, Inc., 4.75%, 5/1/21 $ 647,075
---------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.5%
300,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 $ 309,375
275,000 CCC+/Caa2 PC Nextco Holdings LLC, 8.75%,
8/15/19 (144A) (PIK) 283,250
460,000 CCC+/Caa1 Petco Holdings, Inc., 8.5%, 10/15/17
(144A) (PIK) 469,200
250,000 B/B3 Radio Systems Corp., 8.375%,
11/1/19 (144A) 275,312
135,000 BB+/Ba2 Sally Holdings LLC, 5.5%, 11/1/23 132,975
------------
$ 1,470,112
---------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
905,000 BB-/Ba3 CST Brands, Inc., 5.0%, 5/1/23 $ 868,800
------------
Total Retailing $ 3,985,237
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 37
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.1%
235,000 B/B3 KeHE Distributors LLC, 7.625%,
8/15/21 (144A) $ 249,100
------------
Total Food & Staples Retailing $ 249,100
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.3%
Agricultural Products -- 0.3%
455,000 BB+/B1 Darling International, Inc., 5.375%,
1/15/22 (144A) $ 458,412
270,000 B/B2 Southern States Cooperative, Inc.,
10.0%, 8/15/21 (144A) 265,950
200,000 B/NR Tonon Bioenergia SA, 9.25%, 1/24/20
(144A) 152,750
------------
$ 877,112
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
463,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 (144A) $ 499,461
560,000 CCC+/Caa1 Dole Food Co., Inc., 7.25%, 5/1/19
(144A) 559,300
125,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 131,875
325,000 BB/NR JBS Investments GmbH, 7.75%,
10/28/20 (144A) 333,125
200,000 B/B2 Marfrig Holding Europe BV, 9.875%,
7/24/17 (144A) 196,000
290,000 B/B1 Post Holdings, Inc., 6.75%, 12/1/21
(144A) 303,775
80,000 BB-/B2 Smithfield Foods, Inc., 5.875%,
8/1/21 (144A) 81,200
180,000 B+/B3 Wells Enterprises, Inc., 6.75%,
2/1/20 (144A) 184,050
------------
$ 2,288,786
---------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
575,000 B-/Caa1 Alliance One International, Inc.,
9.875%, 7/15/21 $ 553,438
------------
Total Food, Beverage & Tobacco $ 3,719,336
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.5%
Personal Products -- 0.5%
200,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 194,070
965,256 CCC+/Caa1 Monitronics International, Inc.,
9.125%, 4/1/20 1,027,998
150,000 B/B2 Revlon Consumer Products Corp.,
5.75%, 2/15/21 148,500
------------
$ 1,370,568
------------
Total Household & Personal Products $ 1,370,568
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 2.2%
Health Care Equipment -- 0.1%
125,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 133,438
250,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 261,562
------------
$ 395,000
---------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
100,000 CCC+/B3 ExamWorks Group, Inc., 9.0%, 7/15/19 $ 108,250
100,000 CCC+/Caa2 Gentiva Health Services, Inc.,
11.5%, 9/1/18 105,250
80,000 CCC+/Caa1 Truven Health Analytics, Inc., 10.625%,
6/1/20 90,600
------------
$ 304,100
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.6%
100,000 BB/Ba3 Aviv Healthcare Properties LP, 7.75%,
2/15/19 $ 107,500
100,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 107,000
405,000 B-/B3 CHS, Inc., 6.875%, 2/1/22 (144A) 415,125
700,000 B-/B3 CHS, Inc., 7.125%, 7/15/20 745,500
1,065,000 B-/B3 CHS, Inc., 8.0%, 11/15/19 1,168,838
330,000 BB/Ba3 HCA, Inc., 5.875%, 3/15/22 347,325
300,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 321,750
300,000 BB-/Ba1 LifePoint Hospitals, Inc., 5.5%,
12/1/21 (144A) 305,250
1,080,000 B+/B3 Universal Hospital Services, Inc.,
7.625%, 8/15/20 1,142,100
------------
$ 4,660,388
---------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
1,000,000 BB/Ba2 WellCare Health Plans, Inc.,
5.75%, 11/15/20 $ 1,035,000
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
100,000 B/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 107,750
------------
Total Health Care Equipment
& Services $ 6,502,238
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.7%
Biotechnology -- 0.1%
250,000 B-/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 231,250
40,000 BBB/Baa3 Warner Chilcott Co., LLC, 7.75%,
9/15/18 43,050
------------
$ 274,300
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 39
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.6%
660,000 BB+/Ba1 Forest Laboratories, Inc., 5.0%,
12/15/21 (144A) $ 656,700
100,000 CCC+/Caa1 Par Pharmaceutical Companies, Inc.,
7.375%, 10/15/20 105,500
695,000 B/B2 Salix Pharmaceuticals, Ltd., 6.0%,
1/15/21 (144A) 724,538
300,000 B/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) 320,250
------------
$ 1,806,988
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 2,081,288
---------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Diversified Banks -- 0.1%
250,000 BB-/B1 CorpGroup Banking SA, 6.75%,
3/15/23 (144A) $ 247,208
---------------------------------------------------------------------------------------------------------
Regional Banks -- 0.1%
30,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) $ 31,575
210,000 4.85 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 190,050
------------
$ 221,625
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
400,000 B+/Ba3 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) $ 395,000
------------
Total Banks $ 863,833
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified Financial
Services -- 0.3%
100,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) $ 112,375
300,000 5.65 BB/Ba1 ING US, Inc., Floating Rate Note, 5/15/53 288,000
540,000 6.75 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 8/29/49 547,290
------------
$ 947,665
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
100,000 BBB-/NR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 105,000
455,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 6/1/22 422,012
580,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 7/1/21 545,200
100,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 8/1/18 101,000
450,000 B/B1 Oxford Finance LLC, 7.25%, 1/15/18
(144A) 477,000
------------
$ 1,650,212
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
200,000 B+/B1 Jefferies Finance LLC, 7.375%,
4/1/20 (144A) $ 209,500
205,000 B+/B3 TMX Finance LLC, 8.5%, 9/15/18 (144A) 219,350
------------
$ 428,850
---------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.2%
177,000 BBB/NR Prospect Capital Corp., 5.875%, 3/15/23 $ 176,149
400,000 4.50 BBB/Baa2 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 361,000
------------
$ 537,149
---------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.1%
200,000 7.50 BB-/NR Credit Suisse Group AG, Floating Rate
Note, 12/31/49 (Perpetual) (144A) $ 210,500
------------
Total Diversified Financials $ 3,774,376
---------------------------------------------------------------------------------------------------------
INSURANCE -- 1.6%
Insurance Brokers -- 0.1%
200,000 CCC+/Caa2 Compass Investors, Inc., 7.75%,
1/15/21 (144A) $ 205,250
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
250,000 N/A NR/NR Loma Reinsurance, Ltd., Bermuda,
Floating Rate Note, 1/8/18 (Cat Bond)
(144A) $ 253,150
---------------------------------------------------------------------------------------------------------
Reinsurance -- 1.4%
250,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate Note,
5/23/16 (Cat Bond) (144A) $ 253,875
250,000 5.31 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 252,550
250,000 6.66 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 258,175
250,000 6.67 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 2/4/16 (Cat Bond) (144A) 253,375
250,000 17.77 B+/NR Everglades Re, Ltd., Floating Rate Note,
4/30/14 (Cat Bond) (144A) 259,150
250,000 7.44 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 258,700
250,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat Bond)
(144A) 264,425
250,000 11.78 B-/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat
Bond) (144A) 264,925
250,000 8.00 NR/NR Mythen Re, Ltd., Series 2013-1 Class B,
Floating Rate Note, 7/9/15 (Cat Bond)
(144A) 261,100
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 41
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 8.66 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) $ 261,100
250,000 4.57 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 258,325
250,000 5.82 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 259,925
250,000 10.03 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 279,750
250,000 4.06 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 248,200
250,000 16.30 NR/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 261,625
250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 252,600
------------
$ 4,147,800
------------
Total Insurance $ 4,606,200
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Diversified REIT -- 0.1%
400,000 B/Ba3 CNL Lifestyle Properties, Inc., 7.25%,
4/15/19 $ 415,000
---------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.1%
300,000 BB/Ba3 Aviv Healthcare Properties LP, 6.0%,
10/15/21 $ 307,500
---------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
260,000 NR/B1 Alam Synergy Pte, Ltd., 9.0%,
1/29/19 (144A) $ 257,400
---------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.2%
500,000 B/Ba3 The Howard Hughes Corp., 6.875%,
10/1/21 (144A) $ 521,250
------------
Total Real Estate $ 1,501,150
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.1%
Internet Software & Services -- 0.6%
515,000 BB/Ba3 Equinix, Inc., 5.375%, 4/1/23 $ 504,700
915,000 NR/NR First Data Holdings, Inc., 14.5%,
9/24/19 (144A) (PIK) 846,375
325,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 349,375
------------
$ 1,700,450
---------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.3%
500,000 BB-/Ba2 Audatex North America, Inc., 6.125%,
11/1/23 (144A) $ 517,500
|
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- (continued)
200,000 CCC+/Caa2 First Data Corp., 11.75%, 8/15/21
(144A) $ 205,500
125,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) 132,500
------------
$ 855,500
---------------------------------------------------------------------------------------------------------
Application Software -- 0.1%
315,000 BB/B2 ACI Worldwide, Inc., 6.375%,
8/15/20 (144A) $ 329,175
---------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
220,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%,
9/15/23 (144A) $ 229,350
------------
Total Software & Services $ 3,114,475
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.4%
Communications Equipment -- 0.2%
390,000 BB+/Ba3 Brocade Communications Systems,
Inc., 4.625%, 1/15/23 (144A) $ 360,750
105,000 CCC+/B3 CPI International, Inc., 8.0%, 2/15/18 110,250
------------
$ 471,000
---------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
265,000 BB/Ba3 NCR Corp., 6.375%, 12/15/23 (144A) $ 275,600
---------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.0%+
125,000 BB-/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 133,750
---------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
410,000 B+/Ba2 Belden, Inc., 5.5%, 9/1/22 (144A) $ 399,750
------------
Total Technology Hardware & Equipment $ 1,280,100
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
150,000 BB/B2 Amkor Technology, Inc., 6.375%, 10/1/22 $ 153,375
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
100,000 B/B2 Advanced Micro Devices, Inc., 7.5%,
8/15/22 $ 96,500
------------
Total Semiconductors & Semiconductor
Equipment $ 249,875
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Integrated Telecommunication
Services -- 2.2%
200,000 BB/Ba2 CenturyLink, Inc., 5.8%, 3/15/22 $ 197,000
700,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 728,875
100,000 BB/Ba2 CenturyLink, Inc., 6.75%, 12/1/23 101,250
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 43
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
277,000 CCC+/Caa1 Cincinnati Bell, Inc., 8.75%, 3/15/18 $ 290,158
200,000 BB-/Ba2 Frontier Communications Corp., 7.125%,
1/15/23 197,500
100,000 BB-/Ba2 Frontier Communications Corp., 7.625%,
4/15/24 99,250
317,000 BB-/Ba2 Frontier Communications Corp., 8.5%,
4/15/20 355,040
160,000 BB-/Ba2 Frontier Communications Corp., 8.75%,
4/15/22 174,600
600,000 B+/B3 GCI, Inc., 6.75%, 6/1/21 582,000
300,000 B+/B3 GCI, Inc., 8.625%, 11/15/19 319,500
750,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 706,875
1,510,000 B/B1 Windstream Corp., 6.375%, 8/1/23 1,404,300
770,000 B/B1 Windstream Corp., 7.5%, 6/1/22 783,475
590,000 B/B1 Windstream Corp., 7.75%, 10/1/21 619,500
------------
$ 6,559,323
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.9%
500,000 BB-/B1 Altice Financing SA, 6.5%, 1/15/22
(144A) $ 507,500
200,000 B-/B3 Altice Finco SA, 8.125%, 1/15/24 (144A) 209,000
100,000 BB/Ba3 MetroPCS Wireless, Inc., 6.625%,
11/15/20 105,750
500,000 BB-/B1 Sprint Corp., 7.125%, 6/15/24 (144A) 502,500
200,000 BB-/B1 Sprint Corp., 7.25%, 9/15/21 (144A) 215,500
170,000 BB/Ba3 T-Mobile USA, Inc., 6.125%, 1/15/22 173,825
215,000 BB/Ba3 T-Mobile USA, Inc., 6.5%, 1/15/24 219,569
335,000 BB/Ba3 T-Mobile USA, Inc., 6.836%, 4/28/23 349,656
100,000 NR/NR Unison Ground Lease Funding LLC,
5.78%, 3/15/20 (144A) 96,219
100,000 NR/NR WCP ISSUER LLC, 6.657%,
8/15/20 (144A) 103,773
------------
$ 2,483,292
------------
Total Telecommunication Services $ 9,042,615
---------------------------------------------------------------------------------------------------------
UTILITIES -- 1.0%
Gas Utilities -- 0.3%
100,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 108,750
350,000 B/B2 Ferrellgas LP, 6.5%, 5/1/21 360,500
105,000 B/B2 Ferrellgas LP, 6.75%, 1/15/22 (144A) 108,150
200,000 B-/B2 Star Gas Partners LP, 8.875%, 12/1/17 212,500
------------
$ 789,900
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.7%
175,000 BB-/Ba3 AES Corp. Virginia, 4.875%, 5/15/23 $ 163,844
165,000 BB-/B1 Calpine Corp., 5.875%, 1/15/24 (144A) 163,762
185,000 BB-/B1 Calpine Corp., 6.0%, 1/15/22 (144A) 191,475
600,000 BB-/B1 NRG Energy, Inc., 6.25%, 7/15/22
(144A) 601,500
635,000 BB-/B1 NRG Energy, Inc., 6.625%, 3/15/23 648,494
75,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 84,375
300,000 BB+/Ba1 NSG Holdings LLC, 7.75%, 12/15/25
(144A) 317,250
------------
$ 2,170,700
------------
Total Utilities $ 2,960,600
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $116,629,072) $118,274,264
---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 0.7%
NR/Baa3 Indonesia Treasury Bond, 6.125%,
IDR 25,033,000,000 5/15/28 $ 1,537,654
NR/Baa3 Indonesia Treasury Bond, 9.0%,
IDR 6,870,000,000 3/15/29 541,149
---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,203,543) $ 2,078,803
---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 1.9%
ENERGY -- 0.0%+
Oil & Gas Exploration &
Production -- 0.0%+
110,000 8.38 B-/B2 Fieldwood Energy LLC, Closing Date
Loan (Second Lien), 9/30/20 $ 113,221
------------
Total Energy $ 113,221
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Electrical Components &
Equipment -- 0.3%
822,487 5.24 NR/NR Pelican Products Inc., Repriced Term
Loan (First Lien), 6/9/18 $ 829,943
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
200,000 8.25 NR/NR Filtration Group Corp.,Initial Term
Loan (Second Lien), 11/15/21 $ 205,583
------------
Total Capital Goods $ 1,035,526
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.1%
Office Services & Supplies -- 0.1%
122,255 0.00 NR/NR WEST Corp., 1st Lien Term-B10 Loan,
6/30/18 $ 122,688
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 45
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
58,954 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 $ 59,470
------------
Total Commercial Services & Supplies $ 182,158
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
123,750 5.00 B+/B1 Metaldyne LLC, USD Term Loan,
12/18/18 $ 124,957
------------
Total Automobiles & Components $ 124,957
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.1%
Leisure Products -- 0.0%+
113,143 4.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 1/30/19 $ 113,709
---------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.1%
148,500 5.75 B/B2 Renfro Corp., Tranche B Term Loan,
1/23/19 $ 149,057
------------
Total Consumer Durables & Apparel $ 262,766
---------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.1%
59,509 0.00 NR/NR Univision Communications, Inc.,
Replacement Term Loan, 3/1/20 $ 59,912
148,500 4.75 B/B2 NEP, Refinanced New Term Loan (First
Lien), 1/22/20 149,459
------------
$ 209,371
---------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
900,000 6.25 NR/NR Mcgraw-Hill School Education Holdings
LLC, Term B Loan, 12/18/19 $ 912,562
------------
Total Media $ 1,121,933
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Distributors -- 0.2%
700,000 7.25 NR/NR Del Monte Foods Consumer Products,
Term Loan (Second Lien), 5/26/21 $ 710,792
------------
Total Food & Staples Retailing $ 710,792
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
200,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan,
2/25/20 $ 208,000
------------
Total Food, Beverage & Tobacco $ 208,000
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.1%
Health Care Services -- 0.1%
199,496 6.75 B+/B1 Ardent Medical Services, Inc., 1st Lien
Term Loan, 5/2/18 $ 201,159
79,000 6.50 NR/B2 BioScrip, Inc., Delayed Draw Term
Loan, 7/31/20 78,605
158,000 6.50 B/B2 BioScrip, Inc., Initial Term B Loan,
7/31/20 157,210
------------
$ 436,974
------------
Total Health Care Equipment & Services $ 436,974
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Life Sciences Tools & Services -- 0.4%
1,125,000 7.25 NR/NR JLL/Delta Patheon Holdings Bridge loan,
12/11/14 $ 1,125,000
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 1,125,000
---------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
148,875 5.00 B+/B1 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 150,689
------------
Total Banks $ 150,689
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Application Software -- 0.0%+
96,166 4.25 B+/B1 Vertafore, Inc., Term Loan (2013),
10/3/19 $ 97,038
------------
Total Software & Services $ 97,038
---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $5,487,347) $ 5,569,054
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 2.4%
242,798 BlackRock MuniVest Fund, Inc. $ 2,326,005
168,989 BlackRock MuniYield Fund, Inc. 2,296,561
48,327 SPDR S&P Euro Dividend Aristocrats
UCITS ETF 1,218,057
59,299 SPDR S&P UK Dividend Aristocrats
UCITS ETF 1,220,472
---------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $7,023,848) $ 7,061,095
---------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 47
Schedule of Investments | 1/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------
PURCHASED PUT OPTIONS -- 0.1%
100 S&P 500 EMINI, 2/21/14 at $1,780 $ 143,500
70 S&P 500 EMINI, 2/21/14 at $1,800 134,400
---------------------------------------------------------------------------------------------------------
TOTAL PURCHASED PUT OPTIONS
(Cost $171,329) $ 277,900
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 95.8%
(Cost $274,408,471) (a) $280,491,148
---------------------------------------------------------------------------------------------------------
WRITTEN CALL OPTIONS -- (0.1)%
(150) Green Mountain Coffee Roasters, Inc.,
2/22/14 at $80.00 $ (81,000)
(150) Green Mountain Coffee Roasters, Inc.,
2/22/14 at $85.00 (48,375)
(250) Verizon Communications, Inc., 2/22/14
at $47.00 (37,250)
---------------------------------------------------------------------------------------------------------
TOTAL WRITTEN CALL OPTIONS
(Premiums received $(148,406)) $ (166,625)
---------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 4.3% $ 12,631,936
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $292,956,459
=========================================================================================================
|
* Non-income producing security.
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
PIK Represents a pay-in-kind security.
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.
(A.D.R.) American Depositary Receipts.
** 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 certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
|
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At January 31, 2014, the value of these securities
amounted to $63,687,487 or 16.2% of total net assets.
(a) At January 31, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $274,534,980 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 9,006,895
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (3,050,727)
------------
Net unrealized appreciation $ 5,956,168
============
|
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security represents the interest only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(d) Security issued with a zero coupon. Income is earned through
accretion of discount.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
IDR Indonesian Rupiah.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended January 31, 2014 aggregated $244,124,044 and $78,358,012,
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 accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 49
Schedule of Investments | 1/31/14 (unaudited) (continued)
The following is a summary of the inputs used as of January 31, 2014, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 616,376 $ -- $ 616,376
Preferred Stocks 2,355,550 145,800 390,925 2,892,275
Convertible Preferred Stock 351,875 -- -- 351,875
Common Stocks 72,602,838 63,015,821 -- 135,618,659
Asset Backed Securities -- 2,550,647 -- 2,550,647
Collateralized Mortgage Obligations -- 5,200,200 -- 5,200,200
Corporate Bonds -- 118,266,681 7,583 118,274,264
Foreign Government Bonds -- 2,078,803 -- 2,078,803
Senior Floating Rate Loan Interests -- 5,569,054 -- 5,569,054
Exchange Traded Funds 4,622,566 2,438,529 -- 7,061,095
Purchased Put Options 277,900 -- -- 277,900
---------------------------------------------------------------------------------------
Total $80,210,729 $199,881,911 $ 398,508 $280,491,148
=======================================================================================
Other Financial Instruments
Net unrealized appreciation
on futures contracts $ 54,060 $ -- $ -- $ 54,060
Written call options (166,625) -- -- (166,625)
---------------------------------------------------------------------------------------
Total Other Financial Instruments $ (112,565) $ -- $ -- $ (112,565)
=======================================================================================
|
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
--------------------------------------------------------------------------------
Corporate Preferred Total
Bonds Stocks
--------------------------------------------------------------------------------
Balance as of 7/31/13 $ -- $282,556 $282,556
Realized gain (loss)(1) -- -- --
Change in unrealized
appreciation (depreciation)(2) (195) 10,871 10,676
Purchases 7,778 180,000 187,778
Sales -- (82,502) (82,502)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
--------------------------------------------------------------------------------
Balance as of 1/31/14 $ 7,583 $390,925 $398,508
================================================================================
|
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended January 31, 2014, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 1/31/14 $10,676
-------
|
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
Statement of Assets and Liabilities | 1/31/14 (unaudited)
ASSETS:
Investment in securities (cost $274,408,471) $280,491,148
Cash 7,121,639
Foreign currency (cost $2,268,848) 2,234,833
Futures collateral 154,180
Receivables --
Investment securities sold 9,331,130
Fund shares sold 5,936,067
Dividends 351,232
Interest 2,250,186
Due from Pioneer Investment Management, Inc. 57,895
Net unrealized appreciation on forward foreign currency contracts 17,309
Net unrealized appreciation on futures contracts 54,060
Prepaid expenses 293,663
-------------------------------------------------------------------------------------
Total assets $308,293,342
=====================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 14,142,490
Fund shares repurchased 875,312
Dividends 24,297
Written options (premiums received $148,406) 166,625
Due to affiliates 57,535
Accrued expenses 70,624
-------------------------------------------------------------------------------------
Total liabilities $ 15,336,883
=====================================================================================
NET ASSETS:
Paid-in capital $286,577,827
Distributions in excess of net investment income (867,071)
Accumulated net realized gain on investments, written options,
foreign currency transactions and futures contracts 1,157,833
Net unrealized appreciation on investments 6,082,677
Net unrealized appreciation on futures contracts 54,060
Net unrealized depreciation on written options (18,219)
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (30,648)
-------------------------------------------------------------------------------------
Total net assets $292,956,459
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $102,257,451/8,869,277 shares) $ 11.53
Class C (based on $99,916,095/8,961,082 shares) $ 11.50
Class Y (based on $90,782,913/7,891,095 shares) $ 11.50
MAXIMUM OFFERING PRICE:
Class A ($11.53 (divided by) 95.5%) $ 12.07
=====================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 51
Statement of Operations (unaudited)
For the Six Months Ended 1/31/14
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $1,167) $2,925,914
Dividends (net of foreign taxes withheld of $64,765) 1,736,184
---------------------------------------------------------------------------------------------
Total investment income $ 4,662,098
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 452,402
Transfer agent fees
Class A 9,609
Class C 4,172
Class Y 457
Distribution fees
Class A 89,650
Class C 286,855
Shareholder communication expense 70,946
Administrative reimbursement 35,431
Custodian fees 42,758
Registration fees 30,513
Professional fees 27,701
Printing expense 8,286
Fees and expenses of nonaffiliated Trustees 1,865
Miscellaneous 28,418
---------------------------------------------------------------------------------------------
Total expenses $ 1,089,063
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (121,202)
---------------------------------------------------------------------------------------------
Net expenses $ 967,861
---------------------------------------------------------------------------------------------
Net investment income $ 3,694,237
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, WRITTEN OPTIONS
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 983,349
Futures contracts 223,042
Written options 50,641
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 287,344 $ 1,544,376
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $5,103,052
Written options (18,219)
Futures contracts 54,060
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (24,934) $ 5,113,959
---------------------------------------------------------------------------------------------
Net gain on investments, futures contracts, written options and
foreign currency transactions $ 6,658,335
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $10,352,572
=============================================================================================
|
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------
Six Months
Ended
1/31/14 Year Ended
(unaudited) 7/31/13
---------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,694,237 $ 2,800,182
Net realized gain (loss) on investments, written options,
futures contracts and foreign currency transactions 1,544,376 (121,370)
Change in net unrealized appreciation (depreciation)
on investments, written options, futures contracts
and foreign currency transactions 5,113,959 452,246
---------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 10,352,572 $ 3,131,058
=======================================================================================
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.32 and $0.73 per share, respectively) $ (2,034,516) $ (1,220,918)
Class C ($0.27 and $0.63 per share, respectively) (1,395,007) (704,196)
Class Y ($0.33 and $0.75 per share, respectively) (1,517,855) (779,806)
Net realized gain:
Class A ($0.00 and $0.20 per share, respectively) -- (182,478)
Class C ($0.00 and $0.20 per share, respectively) -- (115,439)
Class Y ($0.00 and $0.20 per share, respectively) -- (113,470)
---------------------------------------------------------------------------------------
Total distributions to shareowners $ (4,947,378) $ (3,116,307)
=======================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $209,015,339 $108,318,140
Reinvestment of distributions 4,759,888 1,662,286
Cost of shares repurchased (43,053,749) (10,960,311)
---------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $170,721,478 $ 99,020,115
---------------------------------------------------------------------------------------
Net increase in net assets $176,126,672 $ 99,034,866
NET ASSETS:
Beginning of period $116,829,787 $ 17,794,921
---------------------------------------------------------------------------------------
End of period $292,956,459 $116,829,787
---------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (867,071) $ 386,070
=======================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 53
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
------------------------------------------------------------------------------------
Class A
Shares sold 6,060,095 $ 69,112,097 4,339,215 $48,246,211
Reinvestment of distributions 169,684 1,942,697 79,476 876,443
Less shares repurchased (1,811,796) (20,425,351) (584,180) (6,481,190)
------------------------------------------------------------------------------------
Net increase 4,417,983 $ 50,629,443 3,834,511 $42,641,464
====================================================================================
Class C
Shares sold 6,158,081 $ 70,320,975 2,693,610 $29,969,385
Reinvestment of distributions 117,225 1,341,186 33,557 370,231
Less shares repurchased (761,329) (8,420,827) (100,274) (1,096,742)
------------------------------------------------------------------------------------
Net increase 5,513,977 $ 63,241,334 2,626,893 $29,242,874
====================================================================================
Class Y
Shares sold 6,091,217 $ 69,582,267 2,695,279 $30,102,544
Reinvestment of distributions 128,956 1,476,005 37,558 415,612
Less shares repurchased (1,267,309) (14,207,571) (304,858) (3,382,379)
------------------------------------------------------------------------------------
Net increase 4,952,864 $ 56,850,701 2,427,979 $27,135,777
====================================================================================
|
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
Financial Highlights
--------------------------------------------------------------------------------
Six Months
Ended
1/31/14 Year Ended 12/22/11 (a)
(unaudited) 7/31/13 to 7/31/12
--------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.07 $ 10.61 $ 10.00
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.25 $ 0.61 $ 0.36
Net realized and unrealized gain
on investments 0.53 0.78 0.53
--------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.78 $ 1.39 $ 0.89
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.32) $ (0.73) $ (0.28)
Net realized gain -- (0.20) --
--------------------------------------------------------------------------------
Total Distributions $ (0.32) $ (0.93) $ (0.28)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.46 $ 0.46 $ 0.61
--------------------------------------------------------------------------------
Net asset value, end of period $ 11.53 $ 11.07 $ 10.61
================================================================================
Total return* 7.14% 13.52% 8.91%***
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85%**
Ratio of net investment income to
average net assets 4.36%** 6.19% 5.99%**
Portfolio turnover rate 89%** 119% 42%***
Net assets, end of period (in thousands) $102,257 $49,263 $ 6,545
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Total expenses 1.06%** 1.37% 2.51%**
Net investment income 4.15%** 5.67% 4.33%**
================================================================================
|
(a) Class A shares were first publicly offered on December 23, 2011.
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 55
Financial Highlights (continued)
--------------------------------------------------------------------------------
Six Months
Ended
1/31/14 Year Ended 12/22/11 (a)
(unaudited) 7/31/13 to 7/31/12
--------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.04 $ 10.60 $ 10.00
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.20 $ 0.52 $ 0.32
Net realized and unrealized gain
on investments 0.53 0.75 0.52
--------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.73 $ 1.27 $ 0.84
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.63) $ (0.24)
Net realized gain -- (0.20) --
--------------------------------------------------------------------------------
Total Distributions $ (0.27) $ (0.83) $ (0.24)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.46 $ 0.44 $ 0.60
--------------------------------------------------------------------------------
Net asset value, end of period $ 11.50 $ 11.04 $ 10.60
================================================================================
Total return* 6.71% 12.39% 8.45%***
Ratio of net expenses to average net assets 1.72%** 1.71% 1.67%**
Ratio of net investment income to
average net assets 3.39%** 5.24% 5.17%**
Portfolio turnover rate 89%** 119% 42%***
Net assets, end of period (in thousands) $99,916 $35,074 $ 5,831
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Total expenses 1.77%** 2.13% 3.26%**
Net investment income 3.34%** 4.81% 3.58%**
================================================================================
|
(a) Class A shares were first publicly offered on December 23, 2011.
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
--------------------------------------------------------------------------------
Six Months
Ended
1/31/14 Year Ended 12/22/11 (a)
(unaudited) 7/31/13 to 7/31/12
--------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.06 $ 10.62 $ 10.00
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.26 $ 0.63 $ 0.39
Net realized and unrealized gain
on investments 0.51 0.76 0.51
--------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.77 $ 1.39 $ 0.90
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.33) $ (0.75) $ (0.28)
Net realized gain -- (0.20) --
--------------------------------------------------------------------------------
Total Distributions $ (0.33) $ (0.95) $ (0.28)
--------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ 0.44 $ 0.62
--------------------------------------------------------------------------------
Net asset value, end of period $ 11.50 $ 11.06 $ 10.62
================================================================================
Total return* 7.07% 13.53% 9.10%***
Ratio of net expenses to average net assets 0.65%** 0.65% 0.65%**
Ratio of net investment income to
average net assets 4.46%** 6.23% 6.16%**
Portfolio turnover rate 89%** 119% 42%***
Net assets, end of period (in thousands) $90,783 $32,492 $ 5,418
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Total expenses 0.78%** 1.10% 2.25%**
Net investment income 4.34%** 5.79% 4.56%**
================================================================================
|
(a) Class A shares were first publicly offered on December 23, 2011.
* 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.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 57
Notes to Financial Statements | 1/31/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Income Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust IV, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek a high level
of current income to the extent consistent with a relatively high level of
stability of principal.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on December 22, 2011. 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:
58 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternate loan interest pricing source. If no reliable
price quotes are available from either the primary or alternate 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. 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 interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by a fair
valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 59
Inputs used when applying fair value methods to value a security may include
credit ratings, the financial condition of the company, current market
conditions and comparable securities. The Fund may use fair value methods if
it is determined that a significant event has occurred after the close of
the exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At January 31, 2014, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing less than 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. 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. 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
60 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
investments are not segregated in the statement of operations from the
effects of changes in the market prices of those securities but are included
with the net realized and unrealized gain or loss on investments.
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 gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 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 January 31, 2014, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior year 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 current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the years ended July 31, 2013 was as follows:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $3,070,131
Long-term capital gain 46,176
----------------------------------------------------------------------------
Total $3,116,307
============================================================================
|
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 61
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 483,286
Current year post October loss deferred (272,559)
Current year dividend payable (84,691)
Unrealized appreciation 847,402
----------------------------------------------------------------------------
Total $ 973,438
============================================================================
|
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
related to catastrophe bonds and Passive Foreign Investment Companies, the
tax basis adjustments on partnerships and the 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 $64,683 in underwriting commissions on the sale of Class A shares
during the six months ended January 31, 2014.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y 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 and Class Y shares can
reflect different transfer agent and distribution expense rates.
62 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
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 underlying
issuers and their inability to meet their debt obligations. The Fund's
prospectus contains unaudited information regarding the Fund's principal
risks. Please refer to that document when considering the Fund's principal
risks.
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. Subsequent payments for futures contracts ("variation margin") are
paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized
appreciation and depreciation. When the contract is closed, the Fund
realizes a gain or loss equal to the difference between the opening and
closing value of the contract as well as any fluctuation in foreign currency
exchange rates where applicable. The use of futures contracts involves, to
varying degrees, elements of market, interest rate, currency exchange rate
and counterparty risks, which may exceed the amounts recognized by the Fund.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. The average value of contracts open
during the six months ended January 31, 2014 was $7,376,418.
At January 31, 2014, open futures contracts were as follows:
----------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
----------------------------------------------------------------------------
F/C Dollar Index 170 3/14 $13,838,510 $54,060
----------------------------------------------------------------------------
$13,883,510 $54,060
============================================================================
|
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
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 63
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 Swaps
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to seek to increase the Fund's income or
to attempt to hedge the risk of default on portfolio securities. As a seller
of protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty in
the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return, the
Fund would receive from the counterparty a periodic stream of payments
during the term of the contract provided that no event of default occurred.
The maximum exposure of loss to the Fund as seller of protection would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no payment
obligation. The Fund may also buy credit default swap contracts in order to
hedge against the risk of default of debt securities, in which case the Fund
would function as the counterparty described above.
When the Fund enters into a credit default swap contract, either the buyer
or seller of protection will make a rebalancing payment to the other party.
The amount of the rebalancing payment is determined based on the value of
the contract on the trade date. Periodic payments received or paid by the
Fund are recorded as realized gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized appreciation or depreciation. Payments received or
made as a result of a credit event or upon termination of the contract are
recognized, net of the appropriate amount of the upfront payment, as
realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. In addition,
obligations under sell protection credit default swaps may be partially
offset by net amounts received from
64 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
settlement of buy protection credit default swaps entered into by the Fund
for the same reference obligation with the same counterparty. During the six
months ended January 31, 2014, the fund held no credit default swap
contracts.
K. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price, upon
the exercise of the option. When the Fund writes an option, an amount equal
to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain, or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Fund has realized a gain or
loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option.
The average value of contracts open during the six months ended January 31,
2014 was $93,371. Written call option contracts outstanding at period end
are listed at the end of the Fund's schedule of investments.
The Fund held 3 written call option contracts that were open at January 31,
2014. If the call options were exercised at January 31, 2014, the maximum
amount the Fund would have been required to pay was $166,625.
Transactions in written call options for the six months ended January 31,
2014 are summarized as follows:
----------------------------------------------------------------------------
Number of Premium
Contracts Received
----------------------------------------------------------------------------
Options open at beginning of period -- $ --
Options opened 1,030 395,250
Options exercised (480) (246,844)
Options closed -- --
Options expired -- --
----------------------------------------------------------------------------
Options open at end of period (550) $ (148,406)
============================================================================
|
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 65
L. Purchased Options
The Fund may purchase put and call options in order to seek to increase
total return. Purchased call and put options entitle the Fund to buy and
sell a specified number of shares or units of a particular security,
currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. All premiums are marked-to-market daily, and
any unrealized appreciation or depreciation are recorded in the Fund's
financial statements. As the purchaser of an index option, the Fund has the
right to receive a cash payment equal to any depreciation in the value of
the index below the strike price of the option (in the case of a put) or
equal to any appreciation in the value of the index over the strike price
of the option (in the case of a call) as of the valuation date of the
option. Premiums paid for purchased calls and put options which have expired
are treated as realized losses on investments in the Statement of
Operations. Upon the exercise or closing of a purchased put option, the
premium is offset against the proceeds on the sale of the underlying
security or financial instrument in order to determine the realized gain or
loss on investments. Upon the exercise or closing of a purchased call
option, the premium is added to the cost of the security or financial
instrument. The risk associated with purchasing options is limited to the
premium originally paid. The average value of contracts open during the six
months ended January 31, 2014 was $41,575. Purchased options open at
January 31, 2014 are listed in 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 of 0.50% of
the Fund's average daily net assets up to $1 billion and 0.45% on assets over $1
billion.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.75%, and 0.65% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
Fees waived and expenses reimbursed during the six months ended January 31, 2014
are reflected on the Statement of Operations. These expense limitations are in
effect through December 1, 2015. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements.
66 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $32,785 in management fees, administrative costs and certain
other reimbursements payable to PIM at January 31, 2014.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended January 31, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $30,594
Class C 17,713
Class Y 22,639
--------------------------------------------------------------------------------
Total $70,946
================================================================================
|
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $18,003 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at January 31, 2014.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $6,747 in distribution fees payable to
PFD at January 31, 2014.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 67
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the six months ended January 31, 2014, CDSC's in the amount of
$6,831 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 January 31, 2014, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At January 31, 2014, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the six months ended January 31, 2014 was
$5,605,654.
As of January 31, 2014, open forward foreign currency contracts were as follows:
-------------------------------------------------------------------------------------------
Net
Net Contracts In Exchange Settlement Unrealized
Currency to Deliver For Date Value Appreciation
-------------------------------------------------------------------------------------------
HKD (Hong
Kong Dollar) 4,518,847 $ 581,928 2/4/14 $ 582,041 $ 113
CHF (Swiss Franc) (1,723,220) (1,900,960) 2/5/14 (1,899,912) 1,048
JPY (Japanese Yen) (34,437,007) (337,353) 2/5/14 (336,644) 709
EURO (European Euro) (958,957) (1,308,880) 2/3/14 (1,293,441) 15,439
-------------------------------------------------------------------------------------------
Total $17,309
===========================================================================================
|
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 in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings was
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which was
the greater of (a) the facility's administrative agent's daily announced prime
rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing
date and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The
Funds
68 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
pay an annual commitment 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 January 31, 2014, the
Fund had no borrowings under a credit facility.
8. 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 January 31, 2014.
-------------------------------------------------------------------------------------------
Assets:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement -------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
-------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $17,309 $ -- $17,309 $ -- $ -- $ 17,309
Futures contracts $54,060 $ -- $54,060 $ -- $ -- $ 54,060
Written options $ -- $ -- $ -- $ -- $ -- $ --
-------------------------------------------------------------------------------------------
$71,369 $ -- $71,369 $ -- $ - $ 71,369
===========================================================================================
-------------------------------------------------------------------------------------------
Liabilities:
Net
Gross Amounts of Gross Amounts
Amounts Liabilities Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement -------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Received Amount
-------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ -- $ -- $ -- $ -- $ -- $ --
Futures contracts $ -- $ -- $ -- $ -- $ -- $ --
Written options $166,625 $ -- $166,625 $ -- $ -- $166,625
-------------------------------------------------------------------------------------------
$166,625 $ -- $166,625 $ -- $ - $166,625
===========================================================================================
|
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 69
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of January 31, 2014 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not Asset Derivatives 2014 Liabilities Derivatives 2014
Accounted for as ---------------------------------------------------------------
Hedging Instruments Statement of Statement of
Under Accounting Assets and Assets and
Standards Codification Liabilities Liabilities
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------------
Forward Foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency contracts $17,309 currency contracts $ --
Written options Net unrealized Net unrealized
appreciation on depreciation on
written options $ -- written options $166,625
Futures contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $54,060 futures contracts $ --
--------------------------------------------------------------------------------------------
Total $71,369 $166,625
============================================================================================
|
* Reflects unrealized appreciation/depreciation of futures contracts (see Note
1H).
70 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
The effect of derivative instruments on the Statement of Operations for the six
months ended January 31, 2014 was as follows:
-----------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation or
Hedging Instruments Gain or (Loss) (Depreciation)
Under Accounting Location of Gain or (Loss) on Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-----------------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on forward
currency contracts foreign currency contracts and other
assets and liabilities denominated
in foreign currencies $289,643
Forward foreign Change in unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $ 18,153
Futures contracts Net realized gain (loss) on
futures contracts $223,042
Futures contracts Change in net unrealized
appreciation (depreciation)
on futures contracts $ 54,060
Written options Net realized gain (loss) on
written options $ 50,641
Written options Change in net unrealized
appreciation (depreciation)
on written options $(18,219)
=====================================================================================================
|
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 71
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Income Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non- Fund assets managed by the portfolio
managers of the Fund. The Trustees
72 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
considered the non-investment resources and personnel of PIM involved in PIM's
services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2013. The Trustees also
considered that the Fund's yield (for the twelve months ended June 30, 2013)
exceeded the yield of the Fund's benchmark index for the same period. The
Trustees noted the discussions held throughout the year regarding the Fund's
performance and confirmed that those discussions were factored into the
Trustees' deliberations concerning the renewal of the advisory agreement. The
Trustees concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 73
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the first quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2013 was in the second
quintile relative to its Morningstar peer group and in the first quintile
relative to its Strategic Insight peer group, in each case for the comparable
period. The Trustees noted that PIM was waiving fees and/or reimbursing expenses
in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts. The Trustees concluded that the
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from
74 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
non-fund businesses. The Trustees considered PIM's profit margins with respect
to the Fund in comparison to the limited industry data available and noted that
the profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14 75
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer
Marguerite A. Piret
Kenneth J. Taubes
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.
76 Pioneer Multi-Asset Income Fund | Semiannual Report | 1/31/14
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
|
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 25512-02-0314