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
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ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Classic
Balanced Fund
Annual Report | July 31, 2013
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 43
Notes to Financial Statements 51
Report of Independent Registered Public Accounting Firm 61
Trustees, Officers and Service Providers 62
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Pioneer Classic Balanced Fund | Annual Report | 7/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
|
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 3
Portfolio Management Discussion | 7/31/13
Stocks and bonds embarked on contrasting performance paths during the 12 months
ended July 31, 2013. Stocks moved higher as the economy continued to grow, while
most fixed-income asset classes posted negative returns amid uncertainties about
future U.S. monetary policy and the direction of interest rates. 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 12-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 would you describe the overall investment environment during the 12
months ended July 31, 2013?
A The 12-month period saw the domestic economy continue to improve, although
at a slow pace that satisfied few observers. Gross domestic product (GDP)
grew modestly, with noticeable recoveries in both the housing and auto
sectors, while new job creation finally started to show progress. Against
that backdrop, equity values generally rose, while the
economically-sensitive credit sectors in the fixed-income market generally
outperformed government securities.
To be sure, political issues in Washington did bring uncertainties to the
markets, as both political parties fought over issues such as the debt
ceiling and national fiscal policy. The political wrangling eventually
resulted in agreement on a temporary policy of "sequestration," a series of
automatic, across-the-board reductions throughout the Federal budget. The
sequestration agreement, in turn, created new worries in the capital markets
over the potential that cutbacks in U.S. government spending could undermine
the general growth of the economy.
Despite the market's concerns, the economy continued to expand slowly.
In the equity market, stock values climbed during most of the 12-month
period, aided early in the period by the announcement from the U.S. Federal
Reserve (Fed) that domestic monetary policy would become even more
accommodative with a third round of quantitative easing (QE3). The Fed's
ensuing monthly purchases of $85 billion in mortgage-backed
4 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
and other government securities in the open market injected new money into
the financial system. Central banks in Europe and Japan also become more
accommodative, increasing hopes that the global economy also would improve.
The momentum in the equity market slowed in late 2012 amid market concerns
about a political impasse over budget expenditures and an increase in the
U.S. debt ceiling, but those concerns gradually faded in the wake of the
November-December 2012 budget accords, and the equity market resumed its
ascent throughout most of the remainder of the 12-month period. There was,
however, a brief interruption in the equity market's rally in May 2013, when
the Fed signaled that it might begin tapering back bond purchases either
later in 2013 or in 2014.
The hints by the Fed about a possible unwinding of QE3 had more of a
negative effect on the fixed-income markets. Treasury yields moved higher,
and that caused price losses in many areas of the bond market, especially
among government securities.
Q How did the Fund perform in that environment during the 12 months ended July
31, 2013?
A Pioneer Classic Balanced Fund's Class A shares returned 15.21% at net asset
value during the 12 months ended July 31, 2013, 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 24.98% and
-2.00%, respectively. During the same 12-month period, the average return of
the 890 mutual funds in Morningstar's Moderate Allocation category was
14.67%.
Q Which of your investment strategies had the greatest effect on the Fund's
performance during the 12 months ended July 31, 2013?
A The Fund's emphasis on equities over bonds substantially aided overall
performance during the 12-month period. For most of the period, we kept the
portfolio's allocation to stocks at 63% of net assets (close to the Fund's
limit). As equities rallied, reaching a market high in July 2013, the
portfolio's equity sleeve helped to drive overall performance, as the Fund's
equity holdings largely kept pace with the performance of the S&P 500. In
addition, the Fund's fixed-income portfolio significantly outperformed the
Barclays Index during the period, as our large underweighting of Treasuries,
which underperformed, was a major boost for benchmark-relative returns.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 5
Q What were your principal investment strategies in managing the Fund's equity
portfolio, and how did the strategies affect performance during the 12
months ended July 31, 2013?
A As noted previously the Fund's equity portfolio performed largely in line
with the S&P 500 during the period, as we held to our longer-term strategy
of combining elements of both the growth and value management styles, while
aiming to generate an overall portfolio dividend yield appreciably greater
than that of the S&P 500. Although we generally maintain portfolio sector
weightings that do not diverge significantly from those of the S&P 500, the
Fund did have benchmark-relative overweights to the health care, industrials
and materials sectors during the 12-month period, and underweights to
utilities, financials and consumer staples. The Fund's sector positioning
generally supported results during the period, especially the overweighting
of health care and the de-emphasis of utilities and consumer staples,
although the underweight to financials was a minor drag on
benchmark-relative results. While the Fund had exposure to financials
stocks, and we increased that exposure during the period, we did not bring
the Fund's weighting in the sector up to the S&P 500's allocation because of
our continued appreciation for the risks involved with investment in
financials as well as our recognition that dividend* levels have yet to
rebound to pre-financial-crisis levels and may in fact take longer to get
there than many in the markets believe.
Among individual portfolio holdings, the top positive contributor to
benchmark-relative results was Gannett, a major owner of newspaper and
broadcasting operations. Gannett's performance rose due to improvements in
the company's ability to produce revenues from its web-based distributor of
newspaper content. In addition, increasing merger-and-acquisition activity
in the broadcasting industry added to the value of Gannett's television
properties. Other Fund investments that made notable contributions to
relative results included Celgene, a biotechnology company that showed
significant progress in the development of prospective new pharmaceutical
products. In addition, our decisions to either underweight or not invest the
Fund in telecommunications provider AT&T, integrated oil giant ExxonMobil,
and technology services company IBM also supported benchmark-relative
results, as those large components of the S&P 500 underperformed the market.
On the negative side, the worst-performing holding in the portfolio during
the 12-month period was regional telecom services provider CenturyLink,
which underperformed as the stock market lost confidence in the company's
continuing dividend policy. We reduced the Fund's position in the company.
Other underperformers in the portfolio during
* Dividends are not guaranteed.
6 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
the period were fertilizer producer Mosaic, whose stock price lagged amid
market concerns that the market price for potash would decline due to
production increases by a major Russian supplier, and Teva Pharmaceuticals,
the major manufacturer of generic drugs. We sold the Fund's position in
Teva. In addition, relative performance was held back by our decision not to
own Bank of America and to underweight the Fund to JPMorgan Chase, two major
financial institutions that performed well during the period.
Q Did you make any notable changes to the Fund's equity portfolio during the
12 months ended July 31, 2013?
A We added to the Fund's positions in JPMorgan Chase and Valero Energy, a
major domestic oil refiner that has made progress in rationalizing its
business. We also added several new holdings to the portfolio, including two
major information technology companies: EMC, a leader in data storage
technology; and Cisco Systems, a major producer of networking equipment. We
also initiated an investment in Ross Stores, a discount department store
chain. Meanwhile, we sold the Fund's position in Wells Fargo, a major
diversified banking institution. While we continue to like the company, we
had become concerned about the vulnerability of Wells Fargo's home mortgage
business to potential increases in interest rates. We also sold two large
energy holdings, Chevron and ConocoPhillips, as we became more skeptical
about longer-term oil prices and the ability of major oil companies to
maintain their earnings growth rates.
Q What were your principal investment strategies in managing the Fund's
fixed-income portfolio, and how did they affect performance during the 12
months ended July 31, 2013?
A The Fund's fixed-income portfolio substantially outperformed the Barclays
Index benchmark during the period, producing a positive return in contrast
to the benchmarks return of -2.00%. The largest driver of the Fund's
performance on the fixed-income side was a significant underweighting of
weak-performing U.S. Treasuries. While Treasuries account for about 50% of
the Barclays Index, the Fund's allocation to Treasuries represented only
around 5% of fixed-income assets for much of the 12-month period. Also
helping relative performance was the portfolio's yield-curve positioning, as
we underweighted the Fund to longer-maturity securities, which suffered more
severe price losses when interest rates shot upward late in the period.
Security selection also helped performance, including the Fund's corporate
bond holdings - in which the portfolio was overweight relative to the
Barclays Index - and holdings of securities in some out-of-benchmark
sectors, including non-agency mortgage-backed issues, which outperformed
during the 12-month period.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 7
The Fund's non-benchmark allocation to municipal bonds detracted from
relative results, as municipals fared even worse than Treasuries when
interest rates rose. The problems of municipal bonds were compounded by
heavy media interest in the financial problems of the City of Detroit, which
damaged the reputation of the entire municipal asset class. Nevertheless, we
think the extent of the losses suffered by municipal bond holders during the
period was excessive, and that municipal securities, especially at their
current low prices, represent one of the better values in the fixed-income
market.
At the end of the 12-month period, the effective duration of the Fund's
fixed-income portfolio was 5.22 years, which was about a half-year shorter
than that of the Barclays Index. (Duration is a measure of a portfolio's
price sensitivity to changes in interest rates.)
Q What is your investment outlook?
A We continue to see better value in the equity market versus the fixed-
income market, and so we have maintained an asset allocation in the
portfolio in favor of stocks, which represent about 63% to 64% of net assets
as of July 31, 2013.
Within the Fund's fixed-income portfolio, we have kept the duration shorter
than that of the benchmark, with significantly lower portfolio exposure to
longer-maturity securities. In general, we think fixed-income assets are
fairly valued, with the most attractive relative values available in the
municipal market, where we have maintained an out-of-benchmark exposure in
the Fund. The Fund also remains overweight to the corporate sector and to
mortgage-backed securities--two areas that we think remain attractively
valued.
Within the Fund's equity portfolio, we also have positioned the assets in
line with our expectations of an expanding economy at home and economic
improvements in Europe. The portfolio's largest overweighting is to health
care, followed by industrials. The utilities sector continues to represent
the most significant Fund underweighting. We also have reduced portfolio
exposure to telecom service providers, especially rural telecom services
companies, and we remain cautious about the earnings growth prospects of the
major service providers. We have added to the Fund's positions in
financials, but have maintained an overall underweight to the sector.
Overall, we believe the Fund is well positioned to perform well in an
environment of steady, if unspectacular, economic growth.
8 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Please refer to the Schedule of Investments on pages 18-42 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 mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages. 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 associated with falling interest rates.
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 | Annual Report | 7/31/13 9
Portfolio Summary | 7/31/13
Portfolio Diversification
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 61.5%
U.S. Corporate Bonds 14.0%
U.S. Government Securities 6.2%
Collateralized Mortgage Obligations 5.7%
International Corporate Bonds 5.0%
Municipal Bonds 1.8%
Asset Backed Securities 1.3%
International Common Stocks 1.3%
Senior Secured Loans 0.8%
Depository Receipts for International Stocks 0.7%
Foreign Government Bonds 0.7%
U.S. Preferred Stocks 0.6%
Convertible Preferred Stocks 0.4%
|
Sector Distribution
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 26.7%
Information Technology 11.6%
Health Care 10.2%
Consumer Discretionary 9.5%
Government 9.3%
Energy 9.2%
Industrials 7.9%
Consumer Staples 7.7%
Materials 3.5%
Utilities 2.2%
Telecommunication Services 2.2%
|
10 Largest Holdings
(As a percentage of total long-term holdings)*
1. Pfizer, Inc. 2.25%
--------------------------------------------------------------------------------
2. Google, Inc. 1.93
--------------------------------------------------------------------------------
3. QUALCOMM, Inc. 1.49
--------------------------------------------------------------------------------
4. Johnson & Johnson, Inc. 1.44
--------------------------------------------------------------------------------
5. United Technologies Corp. 1.43
--------------------------------------------------------------------------------
6. Comcast Corp. 1.33
--------------------------------------------------------------------------------
7. Citigroup, Inc. 1.32
--------------------------------------------------------------------------------
8. The PNC Financial Services Group, Inc. 1.28
--------------------------------------------------------------------------------
9. Microsoft Corp. 1.28
--------------------------------------------------------------------------------
10. Philip Morris International, Inc. 1.24
--------------------------------------------------------------------------------
|
* 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 | Annual Report | 7/31/13
Prices and Distributions | 7/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $10.62 $9.64
--------------------------------------------------------------------------------
B $10.54 $9.58
--------------------------------------------------------------------------------
C $10.58 $9.61
--------------------------------------------------------------------------------
Y $10.66 $9.66
--------------------------------------------------------------------------------
|
Distributions per Share: 8/1/12-7/31/13
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2362 $-- $0.2062
--------------------------------------------------------------------------------
B $0.1534 $-- $0.2062
--------------------------------------------------------------------------------
C $0.1664 $-- $0.2062
--------------------------------------------------------------------------------
Y $0.2635 $-- $0.2062
--------------------------------------------------------------------------------
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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 | Annual Report | 7/31/13 11
Performance Update | 7/31/13 Class A Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Classic Balanced Fund at public offering price,
compared to that of the Standard & Poor's 500 Index and Barclays
Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 6.59% 6.10%
5 Years 7.60 6.61
1 Year 15.21 10.08
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.30% 1.16%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Standard & Poor's Barclays Government/Credit
Balanced Fund 500 Index Bond Index
7/31/2003 $ 9,550 $ 10,000 $ 10,000
7/31/2004 $ 10,345 $ 11,316 $ 10,472
7/31/2005 $ 11,414 $ 12,905 $ 10,990
7/31/2006 $ 12,272 $ 13,599 $ 11,089
7/31/2007 $ 13,551 $ 15,792 $ 11,719
7/31/2008 $ 12,532 $ 14,041 $ 12,443
7/31/2009 $ 11,912 $ 11,240 $ 13,331
7/31/2010 $ 13,112 $ 12,796 $ 14,524
7/31/2011 $ 15,087 $ 15,310 $ 15,181
7/31/2012 $ 15,692 $ 16,704 $ 16,463
7/31/2013 $ 18,079 $ 20,877 $ 16,134
|
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, 2014, 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 | Annual Report | 7/31/13
Performance Update | 7/31/13 Class B Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Classic Balanced Fund, compared to that of the
Standard & Poor's 500 Index and Barclays Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.66% 5.66%
5 Years 6.62 6.62
1 Year 14.15 10.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.33% 2.06%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Standard & Poor's Barclays Government/Credit
Balanced Fund 500 Index Bond Index
7/31/2003 $ 10,000 $ 10,000 $ 10,000
7/31/2004 $ 10,759 $ 11,316 $ 10,472
7/31/2005 $ 11,770 $ 12,905 $ 10,990
7/31/2006 $ 12,542 $ 13,599 $ 11,089
7/31/2007 $ 13,730 $ 15,792 $ 11,719
7/31/2008 $ 12,586 $ 14,041 $ 12,443
7/31/2009 $ 11,854 $ 11,240 $ 13,331
7/31/2010 $ 12,934 $ 12,796 $ 14,524
7/31/2011 $ 14,734 $ 15,310 $ 15,181
7/31/2012 $ 15,193 $ 16,704 $ 16,463
7/31/2013 $ 17,341 $ 20,877 $ 16,134
|
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, 2014, 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 | Annual Report | 7/31/13 13
Performance Update | 7/31/13 Class C Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Classic Balanced Fund, compared to that of the
Standard & Poor's 500 Index and Barclays Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.76% 5.76%
5 Years 6.70 6.70
1 Year 14.35 14.35
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.02%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Classic Standard & Poor's Barclays Government/Credit
Balanced Fund 500 Index Bond Index
7/31/2003 $ 10,000 $ 10,000 $ 10,000
7/31/2004 $ 10,759 $ 11,316 $ 10,472
7/31/2005 $ 11,770 $ 12,905 $ 10,990
7/31/2006 $ 12,610 $ 13,599 $ 11,089
7/31/2007 $ 13,813 $ 15,792 $ 11,719
7/31/2008 $ 12,652 $ 14,041 $ 12,443
7/31/2009 $ 11,920 $ 11,240 $ 13,331
7/31/2010 $ 13,020 $ 12,796 $ 14,524
7/31/2011 $ 14,841 $ 15,310 $ 15,181
7/31/2012 $ 15,304 $ 16,704 $ 16,463
7/31/2013 $ 17,500 $ 20,877 $ 16,134
|
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 | Annual Report | 7/31/13
Performance Update | 7/31/13 Class Y Shares
Investment Returns
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Classic Balanced Fund, compared to that of the
Standard & Poor's 500 Index and Barclays Government/Credit Bond Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.91% 6.91%
5 Years 8.00 8.00
1 Year 15.71 15.71
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.88%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Classic Standard & Poor's Barclays Government/Credit
Balanced Fund 500 Index Bond Index
7/31/2003 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2004 $ 5,425,779 $ 5,658,090 $ 5,236,033
7/31/2005 $ 5,990,001 $ 6,452,734 $ 5,494,758
7/31/2006 $ 6,462,457 $ 6,799,641 $ 5,544,327
7/31/2007 $ 7,161,524 $ 7,896,083 $ 5,859,507
7/31/2008 $ 6,642,531 $ 7,020,342 $ 6,221,596
7/31/2009 $ 6,335,438 $ 5,619,867 $ 6,665,727
7/31/2010 $ 7,005,755 $ 6,397,816 $ 7,261,892
7/31/2011 $ 8,077,306 $ 7,654,851 $ 7,590,453
7/31/2012 $ 8,432,925 $ 8,351,882 $ 8,231,454
7/31/2013 $ 9,758,024 $10,438,389 $ 8,067,212
|
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 | Annual Report | 7/31/13 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and
actual expenses.You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on actual returns from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 2/1/13
--------------------------------------------------------------------------------
Ending Account $1,075.62 $1,069.92 $1,071.70 $1,079.59
Value (after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.97 $ 10.57 $ 10.32 $ 4.64
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%,
2.06%, 2.01% 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 181/365 (to reflect the partial year period).
16 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Classic Balanced Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2013 through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00
on 2/1/13
--------------------------------------------------------------------------------
Ending Account $1,019.04 $1,014.58 $1,014.83 $1,020.33
Value (after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.81 $ 10.29 $ 10.04 $ 4.51
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 1.16%,
2.06%, 2.01% 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 181/365 (to reflect the partial year period).
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 17
Schedule of Investments | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.6%
BANKS -- 0.3%
Diversified Banks -- 0.3%
13,300 6.50 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) $ 358,302
6,000 6.00 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) 159,900
--------------
$ 518,202
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.0%+
1,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 103,219
--------------
Total Banks $ 621,421
-------------------------------------------------------------------------------------------------------------
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 $ 82,500
--------------
Total Diversified Financials $ 82,500
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Property & Casualty Insurance -- 0.3%
21,025 5.10 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 1/15/53 $ 528,148
--------------
Total Insurance $ 528,148
-------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $1,191,403) $ 1,232,069
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK -- 0.4%
BANKS -- 0.4%
Diversified Banks -- 0.4%
700 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 814,100
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $730,069) $ 814,100
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 62.7%
ENERGY -- 6.4%
Oil & Gas Drilling -- 0.6%
19,489 Ensco Plc $ 1,117,499
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.9%
18,546 Halliburton Co. $ 838,094
11,314 Schlumberger, Ltd. 920,168
--------------
$ 1,758,262
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
18 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.2%
24,092 BP Plc (A.D.R.) $ 998,372
14,810 Occidental Petroleum Corp. 1,318,830
--------------
$ 2,317,202
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.1%
7,833 Anadarko Petroleum Corp. $ 693,377
15,097 Cobalt International Energy, Inc.* 435,548
5,828 EOG Resources, Inc. 847,916
15,069 EQT Corp. 1,303,468
21,234 Marathon Oil Corp. 772,068
--------------
$ 4,052,377
-------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
7,097 Phillips 66, Inc. $ 436,466
14,448 Valero Energy Corp. 516,805
--------------
$ 953,271
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.1%
39,083 Spectra Energy Corp. $ 1,406,597
11,873 Targa Resources Corp. 809,382
--------------
$ 2,215,979
--------------
Total Energy $ 12,414,590
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 2.3%
Fertilizers & Agricultural Chemicals -- 1.0%
12,389 Monsanto Co. $ 1,223,785
18,544 The Mosaic Co. 761,973
--------------
$ 1,985,758
-------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.7%
14,517 Ecolab, Inc. $ 1,337,596
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
36,652 Freeport-McMoRan Copper & Gold, Inc. $ 1,036,519
--------------
Total Materials $ 4,359,873
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.9%
Aerospace & Defense -- 2.0%
15,628 Raytheon Co. $ 1,122,716
25,684 United Technologies Corp. 2,711,460
--------------
$ 3,834,176
-------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.7%
13,868 Rockwell Automation, Inc. $ 1,343,116
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.4%
5,122 3M Co. $ 601,476
81,453 General Electric Co. 1,985,010
--------------
$ 2,586,486
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 19
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
8,578 Cummins, Inc. $ 1,039,568
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
11,283 Ingersoll-Rand Plc $ 688,827
13,206 Snap-on, Inc. 1,252,589
10,017 Timken Co. 585,193
--------------
$ 2,526,609
--------------
Total Capital Goods $ 11,329,955
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Diversified Support Services -- 0.2%
17,481 KAR Auction Services, Inc. $ 444,717
--------------
Total Commercial Services & Supplies $ 444,717
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.1%
Air Freight & Logistics -- 0.6%
12,844 United Parcel Service, Inc. (Class B) $ 1,114,859
-------------------------------------------------------------------------------------------------------------
Airlines -- 0.5%
46,552 Delta Air Lines, Inc.* $ 988,299
--------------
Total Transportation $ 2,103,158
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Auto Parts & Equipment -- 0.4%
20,309 Johnson Controls, Inc. $ 816,625
-------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
70,228 Ford Motor Co. $ 1,185,449
--------------
Total Automobiles & Components $ 2,002,074
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.4%
Restaurants -- 1.4%
2,521 Chipotle Mexican Grill, Inc.* $ 1,039,333
17,918 McDonald's Corp. 1,757,397
--------------
$ 2,796,730
--------------
Total Consumer Services $ 2,796,730
-------------------------------------------------------------------------------------------------------------
MEDIA -- 3.4%
Cable & Satellite -- 1.3%
56,056 Comcast Corp. $ 2,527,004
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.3%
50,176 Regal Entertainment Group $ 945,818
17,933 The Walt Disney Co. 1,159,368
8,335 Time Warner, Inc. 518,937
--------------
$ 2,624,123
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.8%
57,067 Gannett Co., Inc. $ 1,470,046
--------------
Total Media $ 6,621,173
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
20 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
RETAILING -- 2.0%
Department Stores -- 0.4%
15,144 Macy's, Inc. $ 732,061
-------------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.5%
13,931 Ross Stores, Inc. $ 939,925
-------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 1.1%
17,289 Lowe's Companies, Inc. $ 770,744
16,985 The Home Depot, Inc. 1,342,325
--------------
$ 2,113,069
--------------
Total Retailing $ 3,785,055
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.7%
Drug Retail -- 1.7%
22,808 CVS Caremark Corp. $ 1,402,464
38,327 Walgreen Co. 1,925,932
--------------
$ 3,328,396
--------------
Total Food & Staples Retailing $ 3,328,396
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.3%
Soft Drinks -- 1.2%
16,503 Coca-Cola Enterprises, Inc. $ 619,523
19,177 PepsiCo, Inc. 1,602,047
--------------
$ 2,221,570
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.0%
15,176 Campbell Soup Co. $ 710,237
10,448 Green Mountain Coffee Roasters, Inc.* 806,377
13,223 Hillshire Brands Co. 465,582
--------------
$ 1,982,196
-------------------------------------------------------------------------------------------------------------
Tobacco -- 2.1%
48,107 Altria Group, Inc. $ 1,686,631
26,451 Philip Morris International, Inc. 2,358,900
--------------
$ 4,045,531
--------------
Total Food, Beverage & Tobacco $ 8,249,297
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.9%
Household Products -- 0.9%
11,329 Colgate-Palmolive Co. $ 678,267
14,379 The Procter & Gamble Co. 1,154,634
--------------
$ 1,832,901
--------------
Total Household & Personal Products $ 1,832,901
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.0%
Health Care Equipment -- 0.4%
11,887 Covidien Plc $ 732,596
-------------------------------------------------------------------------------------------------------------
Health Care Distributors -- 1.2%
18,441 McKesson Corp. $ 2,261,973
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 21
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
11,978 UnitedHealth Group, Inc. $ 872,597
--------------
Total Health Care Equipment & Services $ 3,867,166
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 8.0%
Biotechnology -- 2.4%
6,975 Amgen, Inc. $ 755,323
11,327 Celgene Corp.* 1,663,483
23,742 Gilead Sciences, Inc.* 1,458,946
10,582 Vertex Pharmaceuticals, Inc.* 844,444
--------------
$ 4,722,196
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 5.6%
15,357 AbbVie, Inc. $ 698,436
8,738 Actavis, Inc.* 1,173,251
8,972 AstraZeneca Plc (A.D.R.) 455,060
29,211 Johnson & Johnson, Inc. 2,731,228
12,320 Merck & Co., Inc. 593,454
146,714 Pfizer, Inc. 4,288,447
29,237 Zoetis, Inc. 871,555
--------------
$ 10,811,431
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 15,533,627
-------------------------------------------------------------------------------------------------------------
BANKS -- 2.7%
Diversified Banks -- 0.3%
12,857 US Bancorp, Inc. $ 479,823
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 1.7%
69,077 KeyCorp $ 848,956
32,024 The PNC Financial Services Group, Inc. 2,435,425
--------------
$ 3,284,381
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.7%
53,068 New York Community Bancorp, Inc. $ 805,042
39,331 People's United Financial, Inc. 589,965
--------------
$ 1,395,007
--------------
Total Banks $ 5,159,211
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.2%
Other Diversified Financial Services -- 2.1%
48,008 Citigroup, Inc. $ 2,503,137
27,815 JPMorgan Chase & Co. 1,550,130
--------------
$ 4,053,267
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.7%
27,302 Discover Financial Services, Inc. $ 1,351,722
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
22 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.5%
2,052 Affiliated Managers Group, Inc.* $ 370,078
67,691 Ares Capital Corp. 1,204,223
12,450 Franklin Resources, Inc. 608,556
14,411 The Carlyle Group LP 403,364
9,669 Walter Investment Management Corp.* 384,730
--------------
$ 2,970,951
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.9%
13,527 Morgan Stanley Co. $ 368,070
8,269 The Goldman Sachs Group, Inc. 1,356,364
--------------
$ 1,724,434
--------------
Total Diversified Financials $ 10,100,374
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.5%
Residential REIT -- 0.5%
22,054 American Campus Communities, Inc. $ 847,094
-------------------------------------------------------------------------------------------------------------
Specialized REIT -- 1.0%
54,504 Chesapeake Lodging Trust $ 1,248,687
15,046 Plum Creek Timber Co., Inc. 733,944
--------------
$ 1,982,631
--------------
Total Real Estate $ 2,829,725
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 4.8%
Internet Software & Services -- 2.4%
20,030 eBay, Inc.* $ 1,035,351
4,138 Google, Inc.* 3,672,889
--------------
$ 4,708,240
-------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
4,792 Visa, Inc. $ 848,232
-------------------------------------------------------------------------------------------------------------
Application Software -- 0.7%
12,206 Adobe Systems, Inc.* $ 577,100
10,068 Citrix Systems, Inc.* 725,097
--------------
$ 1,302,197
-------------------------------------------------------------------------------------------------------------
Systems Software -- 1.3%
76,220 Microsoft Corp. $ 2,426,083
--------------
Total Software & Services $ 9,284,752
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 4.0%
Communications Equipment -- 2.2%
42,101 Cisco Systems, Inc. $ 1,075,681
6,742 Motorola Solutions, Inc. 369,664
43,780 Qualcomm, Inc. 2,825,999
--------------
$ 4,271,344
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 23
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Computer Hardware -- 1.2%
5,111 Apple, Inc. $ 2,312,728
-------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.6%
40,220 EMC Corp. $ 1,051,753
--------------
Total Technology Hardware &
Equipment $ 7,635,825
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.4%
Semiconductors -- 2.4%
21,262 Analog Devices, Inc. $ 1,049,492
32,095 Intel Corp. 747,814
19,192 Maxim Integrated Products, Inc. 548,891
31,622 Microchip Technology, Inc. 1,256,658
20,229 Xilinx, Inc. 944,492
--------------
$ 4,547,347
--------------
Total Semiconductors &
Semiconductor Equipment $ 4,547,347
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.9%
Integrated Telecommunication Services -- 0.9%
49,070 CenturyLink, Inc. $ 1,759,160
--------------
Total Telecommunication Services $ 1,759,160
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.6%
Gas Utilities -- 0.3%
10,985 ONEOK, Inc. $ 581,656
-------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
16,949 Ameren Corp. $ 606,944
--------------
Total Utilities $ 1,188,600
-------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $91,440,618) $ 121,173,706
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited)
-------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.3%
MATERIALS -- 0.5%
Diversified Metals & Mining -- 0.0%+
94,522 BBB+/Baa1 Lehman ABS Manufactured Housing
Contract Trust 2001-B, 5.873%, 4/15/40 $ 101,010
-------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.2%
302,188 AA+/A2 Credit-Based Asset Servicing and
Securitization LLC, 5.121%,
7/25/35 (Step) $ 297,998
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
24 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Steel -- 0.3%
106,783 1.27 AAA/A1 Accredited Mortgage Loan Trust
2004-3, Floating Rate Note, 10/25/34 $ 100,268
3,836 0.85 AA+/A3 Asset Backed Securities Corp., Home
Equity, Floating Rate Note, 4/25/35 3,832
32,105 1.54 A+/Ba1 CDC Mortgage Capital Trust 2003-HE1,
Floating Rate Note, 8/25/33 29,562
23,942 0.60 AAA/Aaa Home Equity Asset Trust 2005-5,
Floating Rate Note, 11/25/35 23,800
29,017 0.47 AAA/Aa1 Home Equity Asset Trust 2005-6,
Floating Rate Note, 12/25/35 28,909
95,289 AAA/Aaa HSBC Home Equity Loan Trust USA
2006-3, 5.63%, 3/20/36 (Step) 95,859
265,000 1.77 AA-/Baa1 NovaStar Mortgage Funding Trust Series
2004-3, Floating Rate Note, 12/25/34 240,537
--------------
$ 522,767
--------------
Total Materials $ 921,775
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.5%
Diversified Banks -- 0.0%+
54,408 0.28 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating Rate
Note, 4/25/37 $ 54,110
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
390,403 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%, 7/25/36 (Step) $ 389,323
4,735 0.60 AAA/A3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/35 4,734
200,000 AAA/NR Nationstar Mortgage Advance Receivable
Trust, 1.679%, 6/20/46 (144A) 199,688
157,041 A/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 160,849
36,048 0.79 AA+/Aa1 Structured Asset Investment Loan Trust
2005-4, Floating Rate Note, 5/25/35 35,866
150,000 0.32 CCC/Baa3 Structured Asset Securities Corp., Mortgage
Loan Trust 2007-BC2, Floating Rate
Note, 3/25/37 144,157
--------------
$ 934,617
--------------
Total Banks $ 988,727
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Specialized Finance -- 0.2%
305,000 0.63 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 $ 305,541
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 25
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
269,978 NR/Aa3 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) $ 269,445
--------------
Total Diversified Financials $ 574,986
-------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,461,131) $ 2,485,488
-------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 5.7%
BANKS -- 2.9%
Thrifts & Mortgage Finance -- 2.9%
60,063 BBB+/Ba3 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 $ 60,501
226,550 CCC/Caa3 Alternative Loan Trust 2005-1CB,
5.5%, 3/25/35 197,941
197,078 A+/Baa2 Banc of America Alternative Loan
Trust 2003-2, 5.75%, 4/25/33 213,701
378,401 NR/Baa2 Banc of America Alternative Loan
Trust 2003-7, 5.5%, 9/25/33 385,046
302,706 NR/Ba2 Banc of America Alternative Loan
Trust 2004-2, 6.0%, 3/25/34 312,076
37,199 0.29 AAA/NR Banc of America Funding 2010-R4
Trust, Floating Rate Note, 9/26/46 (144A) 37,114
140,567 2.34 AA+/Baa2 Bear Stearns ARM Trust 2003-5,
Floating Rate Note, 8/25/33 136,590
56,483 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-PWR6,
4.705%, 11/11/41 56,973
100,000 4.65 AA-/A1 City Center Trust 2011-CCHP,
Floating Rate Note, 7/15/28 (144A) 101,584
168,000 AAA/Aaa COMM 2012-CCRE4 Mortgage Trust,
2.436%, 10/15/45 160,993
162,402 5.73 B/NR GSR Mortgage Loan Trust 2004-3F,
Floating Rate Note, 2/25/34 158,288
250,000 AAA/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2010-C2, 3.616%,
11/15/43 (144A) 262,610
324,525 2.14 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 324,547
95 5.41 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 95
14,315 1.04 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A2, Floating Rate Note,
10/25/37 (144A) 14,274
133,115 0.44 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 114,479
|
The accompanying notes are an integral part of these financial statements.
26 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
179,998 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 $ 184,791
410,153 0.47 A+/Ba2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note, 11/25/35 382,716
826,890 BBB-/Baa3 RALI Series 2003-QR24 Trust, 4.0%,
7/25/33 847,852
109,214 0.77 A+/A2 RAMP Series 2004-SL1 Trust, Floating
Rate Note, 10/25/31 79,486
158,640 BBB/NR Residential Asset Securitization
Trust 2004-A8, 5.25%, 11/25/34 161,750
257,426 CCC/NR Residential Asset Securitization
Trust 2005-A9, 5.5%, 7/25/35 250,796
164,452 3.00 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 151,715
250,000 1.50 NR/NR Starwood Property Mortgage
Trust 2013-FV1, Floating Rate Note,
8/11/15 (144A) 249,375
350,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36
(144A) 357,940
341,795 2.50 BBB/NR WaMu Mortgage Pass Through
Certificates, Floating Rate Note, 3/25/35 335,655
157,819 BB+/Ba2 Wells Fargo Mortgage Backed Securities
2005-9 Trust, 5.5%, 10/25/35 158,097
--------------
$ 5,696,985
--------------
Total Banks $ 5,696,985
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Other Diversified Financial Services -- 1.2%
159,462 5.07 BBB+/NR Banc of America Mortgage 2005-H Trust,
Floating Rate Note, 9/25/35 $ 156,652
67,173 A+/NR Banc of America Mortgage Trust 2004-11,
5.75%, 1/25/35 68,768
333,000 1.49 AA-/NR Del Coronado Trust 2013-DEL, Floating
Rate Note, 3/15/26 (144A) 331,706
300,000 5.52 NR/A2 LSTAR Commercial Mortgage Trust,
Floating Rate Note, 6/25/43 (144A) 317,312
44,620 2.55 BBB+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 44,185
130,245 2.55 A+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 130,193
637,076 NR/B1 RALI Series 2004-QS13 Trust, 5.0%,
9/25/19 654,342
127,965 NR/Baa3 RALI Series 2004-QS3 Trust, 5.0%,
3/25/19 133,112
97,128 0.79 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 93,478
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 27
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
145,928 2.96 BB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust Class 1A1, Floating Rate Note,
3/25/34 $ 143,822
126,342 2.44 BBB-/B3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 1/25/35 120,393
162,816 2.75 A+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 9/25/34 161,750
--------------
$ 2,355,713
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
304,750 5.20 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP14, Floating
Rate Note, 1/12/41 $ 308,299
--------------
Total Diversified Financials $ 2,664,012
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.2%
200,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 $ 200,578
109,000 3.82 NR/NR FREMF Mortgage Trust Class B,
Floating Rate Note, 6/25/47 (144A) 105,722
--------------
$ 306,300
--------------
Total Real Estate $ 306,300
-------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.2%
14,679 NR/NR Fannie Mae Benchmark REMIC,
5.45%, 12/25/20 $ 14,790
122,453 0.51 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/36 122,942
194,876 3.95 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/39 187,717
193,155 0.49 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/36 193,472
463,285 0.64 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/41 467,476
89,568 0.74 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/37 90,516
781,555 NR/NR Freddie Mac REMICS, 3.5%, 11/15/25 801,230
53,639 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 55,387
88,141 0.84 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/24 88,414
216,351 0.59 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/41 217,321
65,883 0.69 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/20/30 66,760
--------------
$ 2,306,025
--------------
Total Government $ 2,306,025
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
28 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $10,867,480) $ 10,973,322
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 18.8%
ENERGY -- 2.6%
Oil & Gas Drilling -- 0.3%
225,000 BBB+/Baa1 Pride International, Inc., 6.875%,
8/15/20 $ 269,261
250,000 BBB-/Baa3 Transocean, Inc., 6.375%, 12/15/21 282,100
--------------
$ 551,361
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
355,000 BBB-/Baa2 Weatherford International, Ltd., Bermuda,
9.625%, 3/1/19 $ 455,454
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
200,000 NR/A1 Dolphin Energy, Ltd., 5.5%, 12/15/21
(144A) $ 220,000
400,000 BBB-/Baa3 Novatek OAO via Novatek Finance, Ltd.,
4.422%, 12/13/22 (144A) 366,000
--------------
$ 586,000
-------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
360,000 A/A2 Motiva Enterprises LLC, 5.75%,
1/15/20 (144A) $ 414,352
370,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 484,449
--------------
$ 898,801
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.3%
90,000 BBB-/Baa2 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 98,995
125,000 BBB-/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 140,246
385,000 BBB/Baa2 DCP Midstream LLC, 9.75%, 3/15/19
(144A) 494,329
250,000 5.85 BB+/Baa3 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 238,750
400,000 7.00 BBB-/Baa2 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 421,000
425,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 489,396
200,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 234,510
242,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 284,909
200,000 6.35 BBB/Baa1 TransCanada PipeLines, Ltd., Floating
Rate Note, 5/15/67 209,943
--------------
$ 2,612,078
--------------
Total Energy $ 5,103,694
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 29
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.8%
Specialty Chemicals -- 0.1%
200,000 BBB/Baa2 Cytec Industries, Inc., 3.5%, 4/1/23 $ 189,378
-------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
125,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) $ 141,623
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
350,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) $ 288,520
425,000 A-/Baa2 Vale Canada, Ltd., 7.2%, 9/15/32 446,032
--------------
$ 734,552
-------------------------------------------------------------------------------------------------------------
Steel -- 0.2%
195,000 BB+/Ba2 Commercial Metals Co., 7.35%, 8/15/18 $ 214,500
200,000 BBB/Baa2 Glencore Funding LLC, 4.125%,
5/30/23 (144A) 179,149
--------------
$ 393,649
--------------
Total Materials $ 1,459,202
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
250,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 $ 236,883
130,000 A/A3 Cummins, Inc., 6.75%, 2/15/27 148,942
--------------
$ 385,825
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
150,000 BBB/Baa3 Valmont Industries, Inc., 6.625%,
4/20/20 $ 169,720
-------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
375,000 BB+/NR Aviation Capital Group Corp.,
6.75%, 4/6/21 (144A) $ 401,081
--------------
Total Capital Goods $ 956,626
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Airlines -- 0.0%+
4,663 BBB+/Baa2 Continental Airlines 1998-1 Class A
Pass Through Trust, 6.648%, 9/15/17 $ 4,943
82,132 A/Baa1 Delta Air Lines 2010-2 Class A Pass
Through Trust, 4.95%, 5/23/19 88,497
--------------
$ 93,440
--------------
Total Transportation $ 93,440
-------------------------------------------------------------------------------------------------------------
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) $ 57,590
--------------
Total Automobiles & Components $ 57,590
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
30 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Education Services -- 0.5%
250,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 $ 295,200
300,000 AAA/Aaa The Board of Trustees of The Leland
Stanford Junior University, 4.75%, 5/1/19 342,915
250,000 A+/A1 The George Washington University,
1.827%, 9/15/17 246,806
--------------
$ 884,921
--------------
Total Consumer Services $ 884,921
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.5%
Broadcasting -- 0.3%
512,000 BBB+/Baa1 News America, Inc., 7.3%, 4/30/28 $ 612,065
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
125,000 BBB+/Baa1 British Sky Broadcasting Group Plc,
6.1%, 2/15/18 (144A) $ 143,661
100,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 116,410
50,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 59,242
--------------
$ 319,313
-------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
95,000 A-/Baa1 Thomson Reuters Corp., 0.875%,
5/23/16 $ 94,423
--------------
Total Media $ 1,025,801
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
181,141 BBB+/Baa2 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 193,767
117,410 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 127,158
--------------
$ 320,925
--------------
Total Food & Staples Retailing $ 320,925
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Brewers -- 0.1%
55,000 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 69,704
-------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.2%
410,000 BBB/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 426,770
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
250,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%, 6/6/22 $ 250,307
--------------
Total Food, Beverage & Tobacco $ 746,781
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 31
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
200,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 199,336
--------------
Total Household & Personal Products $ 199,336
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Managed Health Care -- 0.1%
100,000 A-/Baa2 WellPoint, Inc., 3.3%, 1/15/23 $ 95,576
--------------
Total Health Care Equipment & Services $ 95,576
-------------------------------------------------------------------------------------------------------------
BANKS -- 1.6%
Diversified Banks -- 0.7%
200,000 AA-/Aa2 Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Netherlands,
3.875%, 2/8/22 $ 201,323
200,000 A+/Aa3 HSBC Holdings Plc, 4.875%, 1/14/22 216,852
250,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 3.125%, 1/15/16 247,844
200,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%, 2/24/21
(144A) 202,718
250,000 BBB/A3 Macquarie Bank, Ltd., 6.625%, 4/7/21
(144A) 272,390
250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22
(144A) 247,319
--------------
$ 1,388,446
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.9%
138,000 A-/A2 BB&T Corp., 1.6%, 8/15/17 $ 136,078
250,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 284,003
600,000 BBB-/Baa2 Sovereign Bank, 8.75%, 5/30/18 704,457
600,000 6.75 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 639,000
--------------
$ 1,763,538
--------------
Total Banks $ 3,151,984
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.0%
Other Diversified Financial Services -- 1.9%
290,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 328,426
250,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 247,225
200,000 A-/NR Carlyle Holdings Finance LLC, 3.875%,
2/1/23 (144A) 193,990
200,000 A-/NR Carlyle Holdings II Finance LLC, 5.625%,
3/30/43 (144A) 184,344
250,000 AA+/A1 General Electric Capital Corp., 5.625%,
9/15/17 284,411
420,000 AA+/A1 General Electric Capital Corp., 6.75%,
3/15/32 506,336
|
The accompanying notes are an integral part of these financial statements.
32 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- (continued)
100,000 BBB+/Baa1 Hyundai Capital Services, Inc.,
6.0%, 5/5/15 (144A) $ 107,508
1,050,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 1,168,125
300,000 A-/NR KKR Group Finance Co., II LLC, 5.5%,
2/1/43 (144A) 271,916
250,000 8.75 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat Bond)
(144A) 261,700
--------------
$ 3,553,981
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
200,000 BBB+/Baa1 BM&FBovespa SA, 5.5%, 7/16/20
(144A) $ 207,000
250,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 246,450
--------------
$ 453,450
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
360,000 BBB/Baa1 Capital One Bank USA NA, 8.8%,
7/15/19 $ 466,496
150,000 BBB/Baa1 Capital One Financial Corp., 2.15%,
3/23/15 152,569
70,000 BBB+/A3 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 73,660
265,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note, 7/25/14 268,154
--------------
$ 960,879
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
100,000 AA-/A1 Franklin Resources, Inc., 3.125%,
5/20/15 $ 104,001
250,000 4.50 BBB/Baa1 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 232,812
--------------
$ 336,813
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.2%
385,000 BBB/Baa3 Jefferies Group LLC, 6.875%, 4/15/21 $ 431,739
235,000 BBB/A3 Macquarie Group, Ltd., 7.625%, 8/13/19
(144A) 275,056
750,000 A-/Baa1 Morgan Stanley, Inc., 4.0%, 9/22/20
(Step) 744,496
250,000 BBB+/Baa2 Morgan Stanley, Inc., 4.1%, 5/22/23 234,694
250,000 BBB/Baa2 Raymond James Financial, Inc.,
5.625%, 4/1/24 260,808
425,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 412,833
--------------
$ 2,359,626
--------------
Total Diversified Financials $ 7,664,749
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 33
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 3.8%
Insurance Brokers -- 0.2%
250,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%,
5/15/20 (144A) $ 276,970
-------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.9%
280,000 6.05 BBB/Baa3 Lincoln National Corp., Floating Rate
Note, 4/20/67 $ 280,000
365,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 554,800
220,000 BBB+/A3 Principal Financial Group, Inc., 3.3%,
9/15/22 214,183
335,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 406,889
200,000 5.62 BBB+/Baa2 Prudential Financial, Inc., Floating Rate
Note, 6/15/43 194,000
150,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 151,500
--------------
$ 1,801,372
-------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 302,794
250,000 BBB-/Baa3 Genworth Holdings, Inc., 4.95%, 10/1/15 265,429
250,000 BBB-/Baa3 Genworth Holdings, Inc., 7.625%, 9/24/21 300,011
500,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 522,944
--------------
$ 1,391,178
-------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.1%
200,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%,
11/9/22 $ 196,389
250,000 6.80 BBB/Baa3 QBE Capital Funding II LP, Floating
Rate Note (Perpetual) (144A) 251,562
200,000 A-/Baa1 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) 194,203
280,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 305,264
250,000 7.51 BB+/Ba2 Sirius International Group, Ltd.,
Floating Rate Note (Perpetual) (144A) 260,000
400,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 456,291
100,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 122,264
250,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note
(Perpetual) 245,625
--------------
$ 2,031,598
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral pa rt of these financial statements.
34 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.9%
200,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 202,250
260,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 255,354
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 256,950
450,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 501,204
265,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 267,650
240,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%, 1/26/40 308,444
--------------
$ 1,791,852
--------------
Total Insurance $ 7,292,970
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified REIT -- 0.2%
60,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 $ 65,360
250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.0%,
3/22/22 (144A) 270,184
--------------
$ 335,544
-------------------------------------------------------------------------------------------------------------
Office REIT -- 0.4%
110,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 112,749
65,000 BBB-/Baa3 BioMed Realty LP, 4.25%, 7/15/22 64,079
260,000 BBB-/Baa3 Corporate Office Properties LP, 3.6%,
5/15/23 (144A) 240,794
250,000 BBB/Baa2 Highwoods Realty LP, 3.625%, 1/15/23 234,355
85,000 BBB/Baa2 Mack-Cali Realty LP, 4.5%, 4/18/22 85,329
50,000 BBB/Baa2 Mack-Cali Realty LP, 7.75%, 8/15/19 60,877
--------------
$ 798,183
-------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.5%
50,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 52,266
210,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 236,550
250,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 252,706
382,000 BBB-/Baa3 Senior Housing Properties Trust, 6.75%,
4/15/20 423,775
--------------
$ 965,297
--------------
Total Real Estate $ 2,099,024
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 35
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Data Processing & Outsourced
Services -- 0.0%+
44,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21
(144A) $ 45,980
--------------
Total Software & Services $ 45,980
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.1%
185,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 217,344
--------------
Total Semiconductors &
Semiconductor Equipment $ 217,344
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.9%
Integrated Telecommunication Services -- 0.5%
225,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%,
6/15/16 (144A) $ 238,348
350,000 BBB/Baa2 Telefonica Emisiones SAU, 5.462%,
2/16/21 364,868
300,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 330,377
97,000 A-/A3 Verizon Communications, Inc., 8.75%,
11/1/18 126,805
--------------
$ 1,060,398
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
240,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 255,346
250,000 NR/A2 Crown Castle Towers LLC, 5.495%,
1/15/17 (144A) 273,034
140,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) 158,970
--------------
$ 687,350
--------------
Total Telecommunication Services $ 1,747,748
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.6%
Electric Utilities -- 1.0%
225,000 A-/A3 Commonwealth Edison Co., 6.15%,
9/15/17 $ 263,698
250,000 5.25 BBB+/A3 Electricite de France SA, Floating
Rate Note (Perpetual) (144A) 239,062
270,000 BBB/Baa2 Enel Finance International NV, 5.125%,
10/7/19 (144A) 278,791
93,883 BB/Baa3 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) 86,333
29,600 B-/Ba2 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) 26,196
|
The accompanying notes are an integral part of these financial statements.
36 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Electric Utilities (continued)
200,000 BB+/Baa3 Israel Electric Corp., Ltd., 6.7%,
2/10/17 (144A) $ 213,500
200,000 BB+/Baa3 Israel Electric Corp., Ltd., 7.25%,
1/15/19 (144A) 217,500
125,000 BBB+/A3 Nevada Power Co., 6.5%, 8/1/18 149,668
91,972 NR/WR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 90,132
275,000 BBB/Baa3 Public Service Co. of New Mexico,
7.95%, 5/15/18 329,176
--------------
$ 1,894,056
-------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
250,000 A+/Aa3 Southern California Gas Co., 5.125%,
11/15/40 $ 279,256
-------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
615,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 688,507
-------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
86,991 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 88,974
223,000 BB+/Ba1 NSG Holdings LLC, 7.75%, 12/15/25
(144A) 235,265
--------------
$ 324,239
--------------
Total Utilities $ 3,186,058
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $33,549,552) $ 36,349,749
-------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 6.2%
769,040 AAA/Aaa Fannie Mae, 4.0%, 1/1/41-2/1/41 $ 799,723
893,741 AAA/Aaa Fannie Mae, 4.5%, 11/1/20-4/1/41 948,658
188,076 AAA/Aaa Fannie Mae, 5.0%, 12/1/17-6/1/37 201,590
1,471,123 AAA/Aaa Fannie Mae, 5.5%, 8/1/14-5/1/38 1,601,048
242,530 AAA/Aaa Fannie Mae, 6.0%, 1/1/29-12/1/37 266,261
200,805 AAA/Aaa Fannie Mae, 6.5%, 1/1/15-10/1/32 223,804
119,561 AAA/Aaa Fannie Mae, 7.0%, 10/1/1-1/1/36 135,925
15,278 AAA/Aaa Fannie Mae, 8.0%, 4/1/20-5/1/31 17,854
806,556 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.0%, 11/1/40-1/1/41 836,929
1,374,330 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 8/1/34-5/1/41 1,451,084
250,336 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 11/1/34-8/1/37 268,349
83,915 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 10/1/16-11/1/34 90,650
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 37
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
268,199 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 4/1/33-10/1/38 $ 294,695
25,876 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 10/1/33 28,505
76,172 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 10/1/46 84,746
118,277 2.64 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/35 124,420
265,272 AAA/Aaa Government National Mortgage
Association I, 5.0%, 2/15/18 284,178
58,211 AAA/Aaa Government National Mortgage
Association I, 5.5%, 8/15/33-9/15/33 65,041
385,324 AAA/Aaa Government National Mortgage
Association I, 6.0%, 4/15/14-9/15/38 425,990
274,933 AAA/Aaa Government National Mortgage
Association I, 6.5%, 10/15/28-12/15/32 312,151
5,055 AAA/Aaa Government National Mortgage
Association I, 7.0%, 4/15/28-8/15/28 5,909
5,890 AAA/Aaa Government National Mortgage
Association I, 7.5%, 1/15/30 6,087
3,553 AAA/Aaa Government National Mortgage
Association I, 8.0%, 2/15/30 3,627
257,847 AAA/Aaa Government National Mortgage
Association II, 5.5%, 2/20/34-4/20/35 284,784
112,788 AAA/Aaa Government National Mortgage
Association II, 6.5%, 11/20/28 128,139
4,160 AAA/Aaa Government National Mortgage
Association II, 7.5%, 9/20/29 5,021
670,000 AA+/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 837,709
350,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 447,453
100,000 AA+/Aaa U.S. Treasury Notes, 2.625%, 11/15/20 103,859
1,165,000 AA+/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 1,261,750
365,000 AA+/Aaa U.S. Treasury Notes, 3.375%, 11/15/19 400,331
--------------
$ 11,946,270
-------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $11,349,870) $ 11,946,270
-------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.1%
EURO 75,000 NR/Baa2 Italy Buoni Poliennali Del Tesoro,
4.75%, 8/1/23 (144A) $ 103,695
-------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $97,519) $ 103,695
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
38 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.8%
Municipal Airport -- 0.4%
250,000 BBB/Baa1 Indianapolis Airport Authority, 5.1%,
1/15/17 $ 277,618
400,000 A/A2 Massachusetts Port Authority, 5.0%,
7/1/16 433,772
--------------
$ 711,390
-------------------------------------------------------------------------------------------------------------
Municipal General -- 0.1%
100,000 BBB-/Baa2 Central Texas Regional Mobility Authority,
0.0%, 1/1/25 (c) $ 55,157
200,000 AA/A2 JobsOhio Beverage System, 3.985%,
1/1/29 186,736
--------------
$ 241,893
-------------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.9%
150,000 AA+/Aa1 Massachusetts Development Finance
Agency, 5.0%, 7/1/43 $ 157,164
600,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 668,982
100,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 104,031
550,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 580,398
200,000 AA/Aa1 University of California, 4.062%, 5/15/33 183,908
100,000 AA/Aa1 Virginia College Building Authority,
4.0%, 9/1/26 101,675
--------------
$ 1,796,158
-------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
100,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 3.685%, 2/15/47 $ 86,805
-------------------------------------------------------------------------------------------------------------
Municipal Power -- 0.1%
250,000 AA-/Aa1 Energy Northwest, 5.0%, 7/1/35 $ 259,648
-------------------------------------------------------------------------------------------------------------
Municipal Utilities -- 0.1%
150,000 AAA/Aaa Washington Suburban Sanitary
Commission, 4.0%, 6/1/30 $ 148,002
-------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.1%
250,000 AAA/Aaa City of Irving Texas, 4.0%, 9/15/27 $ 255,278
-------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $3,546,240) $ 3,499,174
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 39
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 0.9%**
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 $ 116,807
--------------
Total Transportation $ 116,807
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
172,711 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 7/14/18 $ 174,054
243,802 3.45 BB+/Ba1 Scientific Games Corp., Tranche B-1
Term Loan, 6/30/15 244,411
--------------
$ 418,465
--------------
Total Consumer Services $ 418,465
-------------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
490,000 4.25 BB/Ba1 Chrysler Group LLC, Term Loan B,
5/24/17 $ 498,748
--------------
Total Retailing $ 498,748
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
168,751 3.25 NR/Baa2 Kasima LLC, Term Loan, 5/17/21 $ 168,575
--------------
Total Diversified Financials $ 168,575
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
487,519 3.75 BB/Ba2 CommScope, Inc., Tranche 2 Term Loan,
1/14/18 $ 491,323
--------------
Total Technology Hardware & Equipment $ 491,323
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $1,678,706) $ 1,693,918
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.5%
(Cost $156,912,588) (a) $ 190,271,491
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.5% $ 2,942,738
-------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 193,214,229
=============================================================================================================
|
* Non-income producing security.
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
WR Rating withdrawn 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.
|
The accompanying notes are an integral part of these financial statements.
40 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
(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.
REIT Real Estate Investment Trust.
(A.D.R.) American Depositary Receipt.
** 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 July 31, 2013, the value of these securities
amounted to $15,340,775 or 7.9% of total net assets.
(a) At July 31, 2013, the net unrealized gain on investments based on
cost for federal income tax purposes of $157,244,581 was as
|
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $35,266,912
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (2,240,002)
-----------
Net unrealized appreciation $33,026,910
===========
|
(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
year ended July 31, 2013 aggregated $111,765,840 and $222,981,431, 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 | Annual Report | 7/31/13 41
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Preferred stocks* $ 1,128,850 $ 103,219 $ -- $ 1,232,069
Convertible preferred stock 814,100 -- -- 814,100
Common stocks 121,173,706 -- -- 121,173,706
Asset backed securities -- 2,485,488 -- 2,485,488
Collateralized mortgage obligations -- 10,973,322 -- 10,973,322
Corporate bonds -- 36,349,749 -- 36,349,749
U.S. government and agency obligations -- 11,946,270 -- 11,946,270
Foreign government bond -- 103,695 -- 103,695
Municipal bonds -- 3,499,174 -- 3,499,174
Senior Floating Rate Loan Interests -- 1,693,918 -- 1,693,918
-----------------------------------------------------------------------------------------------------
Total $123,116,656 $ 67,154,835 $ -- $190,271,491
=====================================================================================================
Other Financial Instruments:
Unrealized Depreciation on
Futures Contracts $ (39,906) $ -- $ -- $ (39,906)
-----------------------------------------------------------------------------------------------------
Unrealized Appreciation on
Forward Foreign Currency
Portfolio Hedge Contracts -- 2,070 -- 2,070
-----------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ (39,906) $ 2,070 $ -- $ (37,836)
=====================================================================================================
|
* Level 2 securities are valued by independent pricing services using fair
value factors.
During the year ended July 31, 2013, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Statement of Assets and Liabilities | 7/31/13
ASSETS:
Investment in securities (cost $156,912,588) $190,271,491
Cash 485,639
Futures collateral 17,500
Foreign currencies, at value (cost $2,116,611) 2,159,869
Receivables --
Fund shares sold 768,796
Dividends 140,825
Interest 671,332
Due from Pioneer Investment Management, Inc. 42,813
Net unrealized appreciation on forward foreign currency
portfolio hedge contracts 2,070
Prepaid expenses 56,257
--------------------------------------------------------------------------------------
Total assets $194,616,592
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 897,027
Fund shares repurchased 306,136
Variation margin 4,594
Due to affiliates 96,379
Accrued expenses 98,227
--------------------------------------------------------------------------------------
Total liabilities $ 1,402,363
======================================================================================
NET ASSETS:
Paid-in capital $128,057,317
Undistributed net investment income 50,882
Accumulated net realized gain on investments and foreign currency
transactions 31,741,653
Net unrealized appreciation on investments 33,358,903
Net unrealized depreciation on futures contracts (39,906)
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 45,380
--------------------------------------------------------------------------------------
Total net assets $193,214,229
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $134,933,372/12,701,100 shares) $ 10.62
Class B (based on $4,027,731/381,994 shares) $ 10.54
Class C (based on $28,018,889/2,648,226 shares) $ 10.58
Class Y (based on $26,234,237/2,460,127 shares) $ 10.66
MAXIMUM OFFERING PRICE:
Class A ($10.62 (divided by) 95.5%) $ 11.12
======================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 43
Statement of Operations
For the Year Ended 7/31/13
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $8,467) $ 4,728,949
Interest 4,873,395
------------------------------------------------------------------------------------------
Total investment income $ 9,602,344
==========================================================================================
EXPENSES:
Management fees $ 1,832,627
Transfer agent fees
Class A 194,948
Class B 19,984
Class C 18,009
Class Y 1,253
Distribution fees
Class A 317,160
Class B 45,227
Class C 159,911
Shareholder communications expense 288,541
Administrative reimbursements 94,902
Custodian fees 32,381
Registration fees 56,641
Professional fees 62,065
Printing expense 42,235
Fees and expenses of nonaffiliated trustees 9,131
Miscellaneous 90,134
------------------------------------------------------------------------------------------
Total expenses $ 3,265,149
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (164,209)
------------------------------------------------------------------------------------------
Net expenses $ 3,100,940
------------------------------------------------------------------------------------------
Net investment income $ 6,501,404
------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTIONS, FUTURES CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 33,852,429
Class actions 11,940
Futures contracts (322,695)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 11,612 $ 33,553,286
------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (2,960,964)
Futures contracts (39,906)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 48,313 $ (2,952,557)
------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 30,600,729
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 37,102,133
==========================================================================================
|
The accompanying notes are an integral part of these financial statements.
44 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/13 7/31/12
-------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,501,404 $ 7,414,841
Net realized gain on investments and foreign
currency transactions 33,553,286 10,250,820
Change in net unrealized appreciation (depreciation)
on investments, class actions, futures contracts and
foreign currency transactions (2,952,557) (7,377,104)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 37,102,133 $ 10,288,557
-------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.24 and $0.26 per share, respectively) $ (2,977,190) $ (3,291,286)
Class B ($0.15 and $0.17 per share, respectively) (70,476) (118,295)
Class C ($0.17 and $0.18 per share, respectively) (276,328) (249,044)
Class Y ($0.26 and $0.27 per share, respectively) (3,771,537) (3,927,112)
Net realized gain:
Class A ($0.21 and $0.01 per share, respectively) (2,550,543) $ (116,580)
Class B ($0.21 and $0.01 per share, respectively) (98,712) (7,114)
Class C ($0.21 and $0.01 per share, respectively) (284,057) (12,799)
Class Y ($0.21 and $0.01 per share, respectively) (2,921,185) (128,904)
-------------------------------------------------------------------------------------------
Total distributions to shareowners $ (12,950,028) $ (7,851,134)
-------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 43,796,196 $ 31,006,451
Reinvestment of distributions 12,618,566 7,586,395
Cost of shares repurchased (165,343,215) (50,077,128)
-------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (108,928,453) $ (11,484,282)
-------------------------------------------------------------------------------------------
Net decrease in net assets $ (84,776,348) $ (9,046,859)
NET ASSETS:
Beginning of year 277,990,577 287,037,436
-------------------------------------------------------------------------------------------
End of year $ 193,214,229 $ 277,990,577
===========================================================================================
Undistributed net investment income $ 50,882 $ 589,933
===========================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 45
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------
Class A
Shares sold 1,514,618 $ 15,345,056 1,700,873 $ 16,084,774
Reinvestment of distributions 535,936 5,258,763 346,542 3,185,547
Less shares repurchased (2,117,236) (21,215,153) (2,435,672) (22,582,180)
------------------------------------------------------------------------------------------
Net decrease (66,682) $ (611,334) (388,257) $ (3,311,859)
==========================================================================================
Class B
Shares exchanged 20,535 $ 203,341 43,883 $ 406,619
Reinvestment of distributions 16,202 157,102 12,825 116,341
Less shares repurchased (200,406) (1,989,874) (422,982) (3,914,073)
------------------------------------------------------------------------------------------
Net decrease (163,669) $ (1,629,431) (366,274) $ (3,391,113)
==========================================================================================
Class C
Shares sold 1,584,293 $ 16,473,075 267,039 $ 2,478,434
Reinvestment of distributions 53,617 524,824 27,029 247,960
Less shares repurchased (353,048) (3,555,873) (349,507) (3,244,519)
------------------------------------------------------------------------------------------
Net increase (decrease) 1,284,862 $ 13,442,026 (55,439) $ (518,125)
==========================================================================================
Class Y
Shares sold 1,170,735 $ 11,774,724 1,273,673 $ 12,036,624
Reinvestment of distributions 678,913 6,677,877 438,138 4,036,547
Less shares repurchased (13,534,487) (138,582,315) (2,177,450) (20,336,356)
------------------------------------------------------------------------------------------
Net decrease (11,684,839) $ (120,129,714) (465,639) $ (4,263,185)
==========================================================================================
|
The accompanying notes are an integral part of these financial statements.
46 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.64 $ 9.54 $ 8.49 $ 7.93 $ 8.65
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.22 $ 0.25 $ 0.22 $ 0.21 $ 0.30
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.21 0.12 1.05 0.59 (0.76)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.43 $ 0.37 $ 1.27 $ 0.80 $ (0.46)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.24) (0.26) (0.22) (0.24) (0.26)
Net realized gain (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total Distributions $ (0.45) $ (0.27) $ (0.22) $ (0.24) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.98 $ 0.10 $ 1.05 $ 0.56 $ (0.72)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.62 $ 9.64 $ 9.54 $ 8.49 $ 7.93
==============================================================================================================================
Total return* 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%
Ratio of net investment income to average net assets+ 2.20% 2.63% 2.34% 2.41% 4.05%
Portfolio turnover rate 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $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 1.28% 1.30% 1.24% 1.31% 1.42%
Net investment income 2.08% 2.49% 2.26% 2.26% 3.80%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.16% 1.16% 1.16% 1.16% 1.16%
Net investment income 2.20% 2.63% 2.34% 2.41% 4.05%
==============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 47
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.58 $ 9.47 $ 8.43 $ 7.88 $ 8.61
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.14 $ 0.18 $ 0.14 $ 0.13 $ 0.24
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.18 0.11 1.03 0.59 (0.76)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.32 $ 0.29 $ 1.17 $ 0.72 $ (0.52)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.15) (0.17) (0.13) (0.17) (0.21)
Net realized gain (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total Distributions $ (0.36) $ (0.18) $ (0.13) $ (0.17) $ (0.21)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.96 $ 0.11 $ 1.04 $ 0.55 $ (0.73)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.54 $ 9.58 $ 9.47 $ 8.43 $ 7.88
==============================================================================================================================
Total return* 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%
Ratio of net investment income to average net assets+ 1.34% 1.74% 1.47% 1.54% 3.18%
Portfolio turnover rate 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $ 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 2.38% 2.33% 2.18% 2.22% 2.32%
Net investment income 1.02% 1.47% 1.35% 1.37% 2.92%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.06% 2.06% 2.06% 2.06% 2.06%
Net investment income 1.34% 1.74% 1.47% 1.54% 3.18%
==============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.61 $ 9.51 $ 8.47 $ 7.91 $ 8.63
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.13 $ 0.17 $ 0.14 $ 0.13 $ 0.23
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.22 0.12 1.04 0.60 (0.75)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.35 $ 0.29 $ 1.18 $ 0.73 $ (0.52)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.17) (0.18) (0.14) (0.17) (0.20)
Net realized gain (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.38) $ (0.19) $ (0.14) $ (0.17) $ (0.20)
------------------------------------------------------------------------------------------------------------------------------
Net increase decrease in net asset value $ 0.97 $ 0.10 $ 1.04 $ 0.56 $ (0.72)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.58 $ 9.61 $ 9.51 $ 8.47 $ 7.91
==============================================================================================================================
Total return* 14.35% 3.12% 13.99% 9.23% (5.79)%
Ratio of net expenses to average net assets+ 2.01% 2.02% 1.98% 2.06% 2.06%
Ratio of net investment income to average net assets+ 1.25% 1.76% 1.52% 1.50% 3.15%
Portfolio turnover rate 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $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 2.01% 2.02% 1.98% 2.06% 2.21%
Net investment income 1.25% 1.76% 1.52% 1.50% 3.01%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.01% 2.02% 1.98% 2.06% 2.06%
Net investment income 1.25% 1.76% 1.52% 1.50% 3.16%
==============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.66 $ 9.54 $ 8.49 $ 7.93 $ 8.65
------------------------------------------------------------------------------------------------------------------------------
Increase decrease from investment operations:
Net investment income $ 0.23 $ 0.28 $ 0.25 $ 0.24 $ 0.30
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.24 0.12 1.04 0.60 (0.73)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.47 $ 0.40 $ 1.29 $ 0.84 $ (0.43)
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $ (0.27) $ (0.24) $ (0.28) $ (0.29)
Net realized gain (0.21) (0.01) -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.47) $ (0.28) $ (0.24) $ (0.28) $ (0.29)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.00 $ 0.12 $ 1.05 $ 0.56 $ (0.72)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.66 $ 9.66 $ 9.54 $ 8.49 $ 7.93
==============================================================================================================================
Total return* 15.71% 4.40% 15.30% 10.58% (4.62)%
Ratio of net expenses to average net assets+ 0.90% 0.88% 0.84% 0.78% 0.89%
Ratio of net investment income to average net assets+ 2.56% 2.91% 2.67% 2.79% 4.03%
Portfolio turnover rate 41% 29% 29% 37% 86%
Net assets, end of period (in thousands) $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 0.90% 0.88% 0.84% 0.78% 0.89%
Net investment income 2.56% 2.91% 2.67% 2.79% 4.03%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.90% 0.88% 0.84% 0.78% 0.89%
Net investment income 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Notes to Financial Statements | 7/31/13
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 | Annual Report | 7/31/13 51
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. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. 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 senior loans for which independent pricing services are unable
to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. 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
52 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
valuation of the Fund's securities may differ significantly from exchange
prices and such differences could be material. Pioneer Investment
Management, Inc. (PIM) is responsible for monitoring developments that may
impact fair valued securities and for discussing and assessing fair values
on an ongoing basis, and at least quarterly, with the Valuation Committee.
At July 31, 2013 there were no securities that were valued using fair value
methods (other than securities valued using prices supplied by independent
pricing services). 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.
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. 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).
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 53
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of July 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal 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. At
July 31, 2013, the Fund reclassified $55,076 to increase undistributed net
investment income and $55,076 to decrease accumulated net realized gain on
investments and foreign currency transactions to reflect permanent book/tax
differences. These adjustments have no impact on net assets or the results
of operations.
The tax character of distributions paid during the years ended July 31,
2013 and July 31, 2012 were as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 7,095,531 $7,585,737
Long-term capital gain 5,854,497 265,397
----------------------------------------------------------------------------
Total $12,950,028 $7,851,134
============================================================================
|
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 863,594
Undistributed long-term gain 31,223,098
Unrealized appreciation 33,070,220
----------------------------------------------------------------------------
Total $65,156,912
============================================================================
|
54 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
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.
D. 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 $20,145 in underwriting commissions on the sale of Class A shares
during the year ended July 31, 2013.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class 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.
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund 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. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 55
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with
a broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. The amount of cash
deposited with the broker as collateral at July 31, 2013 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 gains or losses. 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 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. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss. The average number of contracts open during the year ended July 31,
2013 was 2.
At July 31, 2013, open futures contracts were as follows:
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
U.S. Long Bond (CBT) 7 9/13 $938,438 (39,906)
--------------------------------------------------------------------------------
$938,438 $ (39,906)
--------------------------------------------------------------------------------
|
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 year ended July 31,
2013.
56 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
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 year
ended July 31, 2013 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
$7,076 in management fees, administrative costs and certain other reimbursements
payable to PIM at July 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2013, such out-of-pocket expenses by class of shares
were as follows
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $102,651
Class B 6,523
Class C 14,580
Class Y 164,787
--------------------------------------------------------------------------------
Total $288,541
================================================================================
|
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $85,709 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at July 31, 2013.
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%
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 57
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 $3,594 in distribution fees payable to PFD at July 31, 2013.
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 twelve 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 year ended July 31, 2013, CDSCs in the
amount of $9,964 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended July 31, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At July 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of settlement contracts
open during the year ended July 31, 2013 was $15,073. There were no outstanding
settlement contracts open at July 31, 2013. The average value of portfolio
contracts open during the year ended July 31, 2013 was $85,332.
As of July 31, 2013, open portfolio hedge contracts were as follows:
--------------------------------------------------------------------------------
Net
Unrealized
Contracts In Exchange Settlement Appreciation/
Currency to Deliver for Date Value (Depreciation)
--------------------------------------------------------------------------------
EUR (European
Euro) 100,000 $131,381 10/15/13 $133,451 $2,070
--------------------------------------------------------------------------------
Total $2,070
--------------------------------------------------------------------------------
|
58 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
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 as of February 15, 2013 is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the alternate base rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the federal funds rate on the borrowing date and (c) 2% plus
the overnight eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement.
For the year ended July 31, 2013, the average daily amount of borrowings
outstanding during the period was $5,600,000. The related weighted average
annualized interest rate for the period was 0.99%, and the total interest
expense on such borrowings was $1,994, which is included in interest expense,
located on the Statement of Operations. As of July 31, 2013, there were no
borrowings outstanding.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of July 31, 2013 were as follows:
-------------------------------------------------------------------------------------------------------
Derivatives Not Asset Derivatives 2013 Liabilities Derivatives 2013
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 currency
portfolio hedge contracts Net unrealized Net unrealized
appreciation on depreciation on
forward foreign forward foreign
currency Portfolio currency Portfolio
hedge contracts $2,070 hedge contracts $ --
Futures contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $ -- futures contracts $(39,906)
-------------------------------------------------------------------------------------------------------
Total $2,070 $(39,906)
-------------------------------------------------------------------------------------------------------
|
* Reflects unrealized appreciation/depreciation of futures contracts (see Note
1H). The current day's variation margin is separately disclosed on the
Statement of Assets and Liabilities.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 59
The effect of derivative instruments on the Statement of Operations for the year
ended July 31, 2013 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 currency Net realized gain (loss) on $ 210
settlement hedge contracts forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies
Forward foreign currency Net realized gain (loss) on $ 2,063
portfolio hedge contracts forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies
Forward foreign currency Change in unrealized appreciation $ 2,070
portfolio hedge contracts (depreciation) on forward foreign
currency contracts and other
assets and liabilities denominated
in foreign currencies
Interest Rate Futures Net realized gain (loss) on $(322,695)
futures contracts
Interest Rate Futures Change in net unrealized $(39,906)
appreciation (depreciation) on
futures contracts
|
60 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Classic Balanced Fund:
We have audited the accompanying statement of assets and liabilities of Pioneer
Classic Balanced Fund, one of the portfolios constituting Pioneer Series Trust
IV (the "Trust"), including the schedule of investments, as of July 31, 2013,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of July 31, 2013 by correspondence with the custodian,
brokers and agent banks or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Classic Balanced Fund at July 31, 2013, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the five
years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
September 24, 2013
|
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 61
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 52 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
62 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Director, Broadridge Financial
Chairman of the Board Serves until a Officer, Quadriserv, Inc. Solutions, Inc. (investor
and Trustee successor trustee is (technology products for communications and securities
elected or earlier securities lending industry) processing provider for financial
retirement or (2008 - present); private services industry) (2009 - present);
removal. investor (2004 - 2008); and Director, Quadriserv, Inc. (2005 -
Senior Executive Vice present); and Commissioner, New
President, The Bank of New Jersey State Civil Service
York (financial and securities Commission (2011 - present)
services) (1986 - 2004)
-----------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Director of Enterprise Community
Trustee Serves until a Capital Advisors (corporate Investment, Inc. (privately-held
successor trustee is advisory services company) affordable housing finance company)
elected or earlier (1997 - 2004 and 2008 - (1985 - 2010); Director of Oxford
retirement or present); Interim Chief Analytica, Inc. (2008 - present);
removal. Executive Officer, Oxford Director of The Swiss Helvetia Fund,
Analytica, Inc. (privately Inc. (closed-end fund) (2010 -
held research and consulting present); and Director of New York
company) (2010); Executive Mortgage Trust (publicly traded
Vice President and Chief mortgage REIT) (2004 - 2009, 2012 -
Financial Officer, I-trax, present)
Inc. (publicly traded health
care services company) (2004 -
2007); and Executive Vice
President and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 - 2002)
-----------------------------------------------------------------------------------------------------------------------------
|
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 63
Independent Trustees (continued)
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a Political Economy, Harvard Institutional Funds
successor trustee is University (1972 - present) Investment Trust and
elected or earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
-----------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2005. Founding Director, Vice President None
Trustee Serves until a and Corporate Secretary, The
successor trustee is Winthrop Group, Inc. (consulting
elected or earlier firm) (1982-present); Desautels
retirement or removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
-----------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2005. President and Chief Executive Director of New America
Trustee Serves until a Officer, Newbury, Piret & Company, High Income Fund, Inc.
successor trustee is Inc. (investment banking firm) (closed-end investment
elected or earlier (1981 - present) company) (2004 -
retirement or removal. present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 1993. Senior Counsel, Sullivan & Director, The Swiss
Trustee Serves until a Cromwell LLP (law firm) (1998 - Helvetia Fund, Inc.
successor trustee is present); and Partner, Sullivan & (closed-end investment
elected or earlier Cromwell LLP (prior to 1998) company); and Director,
retirement or removal. Invesco, Ltd. (formerly
AMVESCAP, PLC)
(investment manager)
(1997-2005)
-----------------------------------------------------------------------------------------------------------------------------
|
64 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
Interested Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 2005. Non-Executive Chairman and a director of None
Trustee, President and Chief Serves until a Pioneer Investment Management USA Inc.
Executive Officer of the Fund successor trustee is ("PIM-USA"); Chairman and a director of
elected or earlier Pioneer; Chairman and Director of
retirement or removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated funds;
Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
-----------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc.
retirement or removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); and Head of
New Markets Division, PGAM (2005 - 2007)
-----------------------------------------------------------------------------------------------------------------------------
|
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 65
Fund Officers
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2003. Serves at Vice President and Associate None
Secretary the discretion of the General Counsel of Pioneer since
Board. January 2008 and Secretary of all
of the Pioneer Funds since June
2010; Assistant Secretary of all
of the Pioneer Funds from
September 2003 to May 2010; and
Vice President and Senior Counsel
of Pioneer from July 2002 to
December 2007
-----------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2010. Serves at Fund Governance Director of None
Assistant Secretary the discretion of the Pioneer since December 2006 and
Board. Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Pioneer from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 None
Assistant Secretary the discretion of the and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; and
Vice President and Counsel at
State Street Bank from October
2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the
Financial and Board. Pioneer Funds since March 2008;
Accounting Officer of Deputy Treasurer of Pioneer from
the Fund March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
-----------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2005. Serves at Assistant Vice President - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2005. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
|
66 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November
2008; Assistant Treasurer of all
of the Pioneer Funds since January
2009; and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
-----------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at the Chief Compliance Officer of None
Chief Compliance Officer discretion of the Board. Pioneer and of all the Pioneer
Funds since March 2010; Director
of Adviser and Portfolio
Compliance at Pioneer since
October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
-----------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at the Director--Transfer Agency None
Anti-Money Laundering discretion of the Board. Compliance of Pioneer and
Officer Anti-Money Laundering Officer of
all the Pioneer Funds since 2006
-----------------------------------------------------------------------------------------------------------------------------
|
Pioneer Classic Balanced Fund | Annual Report | 7/31/13 67
This page for your notes.
68 Pioneer Classic Balanced Fund | Annual Report | 7/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
|
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19418-07-0913
Pioneer Government
Income Fund
Annual Report | July 31, 2013
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
Report of Independent Registered Public Accounting Firm 40
Trustees, Officers and Service Providers 41
|
Pioneer Government Income Fund | Annual Report | 7/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff " tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff " and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Government Income Fund | Annual Report | 7/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
|
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Government Income Fund | Annual Report | 7/31/13 3
Portfolio Management Discussion | 7/31/13
Government securities generally declined in value during the 12 months ended
July 31, 2013, as interest rates moved higher, particularly late in the period,
thus undermining the values of higher-quality securities. 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 12 months ended July 31, 2013. 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 would you describe the investment environment for fixed-income
securities during the 12 months ended July 31, 2013?
A The 12-month period saw the domestic economy continue to improve, although
at a slow pace that satisfied few observers. Gross domestic product (GDP)
grew modestly, with noticeable recoveries in both the housing and auto
sectors, while new job creation finally started to show progress. Against
that backdrop, equity values generally rose, while the
economically-sensitive credit sectors in the fixed-income market generally
outperformed government securities.
To be sure, political issues in Washington did bring uncertainties to the
markets, as both political parties fought over issues such as the debt
ceiling and national fiscal policy. The political wrangling eventually
resulted in agreement on a temporary policy of "sequestration," a series of
automatic, across-the-board reductions throughout the federal budget. The
sequestration agreement, in turn, created new worries in the capital
markets over the potential that cutbacks in U.S. government spending could
undermine the general growth of the economy.
Despite the market's concerns, the economy continued to expand slowly.
The market for government securities exhibited relatively little volatility
during much of the period. However, in May 2013, the U.S. Federal Reserve
(Fed) signaled that it might begin tapering back its accommodative program
of $85 billion in monthly purchases of agency mortgage-backed and other
government-related debt (known as QE3), which had helped to support the
prices of government securities. The hints by the Fed about unwinding QE3
prompted Treasury yields to jump higher and caused price losses in most
areas of the bond market, especially among government securities.
4 Pioneer Government Income Fund | Annual Report | 7/31/13
Q How did the Fund perform in that environment during the 12 months ended
July 31, 2013?
A Pioneer Government Income Fund's Class A shares returned -3.04% at net
asset value during the 12 months ended July 31, 2013, while the Fund's
benchmarks, the Barclays Government Bond Index and the Barclays U.S.
Mortgage-Backed Securities Index, returned -2.54% and -1.98%, respectively.
During the same period, the average return of the 330 mutual funds in
Morningstar's Intermediate Government category was -2.64%.
Q What were your principal investment strategies during the 12 months ended
July 31, 2013, and how did those strategies affect the Fund's performance?
A We maintained very low portfolio exposure to the U.S. Treasury market
during the 12-month period, as we saw relatively little relative value in
Treasuries due to their low yield levels, and because we thought the asset
class was particularly vulnerable to the risks of price losses should
interest rates spike higher. The Fund's allocation to Treasuries averaged
about 20% of net assets through much of the period, while Treasuries
account for about 88% of the Barclays Government Bond Index (the Barclays
Index), the Fund's primary benchmark. The de-emphasis of Treasuries in the
portfolio provided a substantial assist to relative returns, as Treasuries
significantly underperformed in a rising-interest-rate environment. As we
de-emphasized Treasuries in the portfolio, we overweighted government
agency bonds as well as government agency mortgage-backed securities, both
of which fared better than Treasuries during the period. The Fund also had
an out-of-benchmark exposure to commercial mortgage-backed securities, with
the exposure rising to as high as 15% of the portfolio's net assets during
the period. However, we had brought that exposure down dramatically by the
end of the fiscal year on July 31, 2013, as the performance of commercial
mortgages faltered because of heavy refinancing activity.
The Fund underperformed the Barclays Index during the period, largely
because of the heavy prepayments that undermined the performance of some
mortgage-backed securities held in the portfolio, and due to
out-of-benchmark exposure to municipal bonds, which also detracted from
results as municipals performed even worse than Treasuries when interest
rates rose. The problems of municipal bonds were compounded by heavy media
interest in the financial problems of the City of Detroit, which damaged
the reputation of the entire asset class. Nevertheless, we think the extent
of the losses suffered by municipal bond holders was excessive, and that
municipal securities, especially at their current low prices, represent one
of the better values in the fixed-income market.
Pioneer Government Income Fund | Annual Report | 7/31/13 5
As noted previously, the Fund's significant underweighting of U.S.
Treasuries, which represent the largest component in the Barclays Index,
tended to help relative returns as Treasuries performed poorly, especially
when interest rates climbed late in the period.
Within the mortgage sector, the Fund's investments in some premium
mortgages, which offered higher yields, held back results when prepayment
activity increased and the group ended up underperforming lower-coupon
mortgages for the period. We have substantially reduced the Fund's exposure
to premium mortgages. We have, however, maintained the portfolio's exposure
to municipal bonds, despite the underperformance of the asset class during
the 12-month period. Municipals are not part of the Barclays Index, and we
saw good value in the asset class as municipals often were offering higher
yields than government bonds of comparable quality and maturity. The
group's underperformance of Treasuries after interest rates rose towards
the end of the 12-month period actually represented a departure from past
historical tendencies.
Yield-curve positioning also hurt the Fund's relative performance,
somewhat, during the 12-month period, as we maintained an essentially
neutral portfolio exposure to bonds with 10-year maturities.
The portfolio's effective duration as of July 31, 2013, was 4.96 years,
close to that of the Barclays Index. (Duration is a measure of a
portfolio's price sensitivity to changes in interest rates.)
Q What is your investment outlook?
A We think the U.S. economy should continue to grow slowly. Overall, economic
conditions are looking better. The housing market has strengthened, the
trade deficit has improved, and better job prospects have helped to improve
overall consumer confidence. In addition, inflationary pressures have
remained well under control. At the same time, the effects of the budget
sequestration cuts appear to be wearing off, and the global economy is
looking healthier--although the U.S. economy remains the strongest in the
developed world. While we de-emphasized Treasuries in the portfolio during
the 12-month period, we believe Treasuries still remain the most liquid -
or easily tradable - of all asset classes; and, on a relative basis, they
look attractive compared with the sovereign debt of other major Western
nations.
The Fed has made it clear that its next move with regard to monetary policy
- if the central bank sees significant evidence of continued economic
strengthening - likely will be a tapering of QE3, which would result in its
purchasing fewer government securities in the open market. If and when the
unwinding of QE3 begins, we believe we may very well see rates on
6 Pioneer Government Income Fund | Annual Report | 7/31/13
longer-maturity securities climb higher. We still favor mortgage-backed
securities as well as other securitized products, and we still like the
relative values offered by municipal securities, despite their recent poor
performance. In addition, we may increase the Fund's allocation to
Treasuries if we see a good opportunity to do so.
We believe investors should expect modest performance from government
securities in general. Government securities remain one of the safest areas
for investment, and we believe they can be an attractive alternative for
investors who have become uneasy about increased security prices in some of
the higher-risk sectors, including stocks and high-yield bonds.
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 mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages. 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 associated with falling interest rates.
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 | Annual Report | 7/31/13 7
Portfolio Summary | 7/31/13
Portfolio Diversification
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government Securities 58.6%
Collateralized Mortgage Obligations 16.5%
U.S. Corporate Bonds 10.7%
Asset Backed Securities 5.8%
Foreign Government Bonds 5.0%
Municipal Bonds 3.4%
|
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 7.5%
2-5 Years 33.7%
5-7 Years 34.6%
7-10 Years 9.2%
10-20 Years 6.8%
20+ Years 8.2%
|
10 Largest Holdings
(As a percentage of total long-term holdings)*
1. Private Export Funding Corp., 4.375%, 3/15/19 4.60%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 4.0%, 8/15/18 3.98
--------------------------------------------------------------------------------
3. U.S. Treasury Notes, 1.875%, 8/31/17 3.78
--------------------------------------------------------------------------------
4. Israel Government AID Bond, 5.5%, 4/26/24 3.40
--------------------------------------------------------------------------------
5. Federal National Mortgage Association-Aces, 4.92%, 7/25/20 3.24
--------------------------------------------------------------------------------
6. Federal National Mortgage Association, 4.0%, 4/1/39 3.23
--------------------------------------------------------------------------------
7. U.S. Treasury Notes, 0.625%, 5/31/17 2.78
--------------------------------------------------------------------------------
8. Private Export Funding Corp., 4.3%, 12/15/21 2.64
--------------------------------------------------------------------------------
9. U.S. Treasury Notes, 2.625%, 11/15/20 2.56
--------------------------------------------------------------------------------
10. U.S. Treasury Bonds, 4.25%, 5/15/39 2.47
--------------------------------------------------------------------------------
|
* 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 | Annual Report | 7/31/13
Prices and Distributions | 7/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $9.67 $10.33
--------------------------------------------------------------------------------
B $9.68 $10.34
--------------------------------------------------------------------------------
C $9.68 $10.34
--------------------------------------------------------------------------------
Y $9.68 $10.34
--------------------------------------------------------------------------------
|
Distributions per Share: 8/1/12-7/31/13
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3542 $ -- $ --
--------------------------------------------------------------------------------
B $0.2522 $ -- $ --
--------------------------------------------------------------------------------
C $0.2875 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3952 $ -- $ --
--------------------------------------------------------------------------------
|
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 | Annual Report | 7/31/13 9
Performance Update | 7/31/13 Class A Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Government Income Fund at public offering price,
compared to that of the Barclays Government Bond Index and the Barclays U.S.
Mortgage-Backed Securities Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 3.81% 3.34%
5 Years 4.30 3.35
1 Year -3.04 -7.43
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.14%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2003 $ 9,550 $ 10,000 $ 10,000
7/31/2004 $ 9,778 $ 10,386 $ 10,511
7/31/2005 $ 10,043 $ 10,841 $ 11,002
7/31/2006 $ 10,119 $ 10,976 $ 11,260
7/31/2007 $ 10,568 $ 11,613 $ 11,891
7/31/2008 $ 11,252 $ 12,613 $ 12,718
7/31/2009 $ 12,218 $ 13,455 $ 14,045
7/31/2010 $ 13,120 $ 14,352 $ 15,101
7/31/2011 $ 13,507 $ 14,820 $ 15,682
7/31/2012 $ 14,322 $ 15,941 $ 16,441
7/31/2013 $ 13,886 $ 15,536 $ 16,115
|
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 | Annual Report | 7/31/13
Performance Update | 7/31/13 Class B Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Government Income Fund, compared to that of the
Barclays Government Bond Index and the Barclays U.S. Mortgage-Backed Securities
Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 2.97% 2.97%
5 Years 3.39 3.39
1 Year -4.01 -7.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.17%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2003 $ 10,000 $ 10,000 $ 10,000
7/31/2004 $ 10,158 $ 10,386 $ 10,511
7/31/2005 $ 10,367 $ 10,841 $ 11,002
7/31/2006 $ 10,351 $ 10,976 $ 11,260
7/31/2007 $ 10,736 $ 11,613 $ 11,891
7/31/2008 $ 11,344 $ 12,613 $ 12,718
7/31/2009 $ 12,247 $ 13,455 $ 14,045
7/31/2010 $ 13,025 $ 14,352 $ 15,101
7/31/2011 $ 13,299 $ 14,820 $ 15,682
7/31/2012 $ 13,961 $ 15,941 $ 16,441
7/31/2013 $ 13,401 $ 15,536 $ 16,115
|
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 | Annual Report | 7/31/13 11
Performance Update | 7/31/13 Class C Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Government Income Fund, compared to that of the
Barclays Government Bond Index and the Barclays U.S. Mortgage-Backed Securities
Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 3.06% 3.06%
5 Years 3.56 3.56
1 Year -3.68 -3.68
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.83%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2003 $ 10,000 $ 10,000 $ 10,000
7/31/2004 $ 10,158 $ 10,386 $ 10,511
7/31/2005 $ 10,367 $ 10,841 $ 11,002
7/31/2006 $ 10,348 $ 10,976 $ 11,260
7/31/2007 $ 10,735 $ 11,613 $ 11,891
7/31/2008 $ 11,347 $ 12,613 $ 12,718
7/31/2009 $ 12,232 $ 13,455 $ 14,045
7/31/2010 $ 13,026 $ 14,352 $ 15,101
7/31/2011 $ 13,329 $ 14,820 $ 15,682
7/31/2012 $ 14,034 $ 15,941 $ 16,441
7/31/2013 $ 13,517 $ 15,536 $ 16,115
|
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 | Annual Report | 7/31/13
Performance Update | 7/31/13 Class Y Shares
Investment Returns
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Government Income Fund, compared to that of the
Barclays Government Bond Index and Barclays U.S. Mortgage-Backed Securities
Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.20% 4.20%
5 Years 4.75 4.75
1 Year -2.65 -2.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.74%
--------------------------------------------------------------------------------
|
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Barclays U.S.
Pioneer Government Barclays Government Mortgage-Backed
Income Fund Bond Index Securities Index
7/31/2003 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/31/2004 $ 5,125,712 $ 5,192,874 $ 5,255,700
7/31/2005 $ 5,277,134 $ 5,420,698 $ 5,501,040
7/31/2006 $ 5,334,155 $ 5,487,906 $ 5,630,114
7/31/2007 $ 5,595,157 $ 5,806,290 $ 5,945,477
7/31/2008 $ 5,985,630 $ 6,306,536 $ 6,359,055
7/31/2009 $ 6,535,561 $ 6,727,431 $ 7,022,518
7/31/2010 $ 7,042,050 $ 7,176,130 $ 7,550,396
7/31/2011 $ 7,275,875 $ 7,410,007 $ 7,840,801
7/31/2012 $ 7,753,126 $ 7,970,275 $ 8,220,460
7/31/2013 $ 7,547,889 $ 7,768,029 $ 8,057,600
|
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 | Annual Report | 7/31/13 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 February 1, 2013, through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $ 978.11 $ 972.54 $ 974.80 $ 979.97
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.98 $ 10.86 $ 9.30 $ 4.17
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 1.22%,
2.22%, 1.90%, and 0.85% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
14 Pioneer Government Income Fund | Annual Report | 7/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Government Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from February 1, 2013, through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,018.74 $1,013.79 $1,015.37 $1,020.58
(after expenses)
on 7/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 6.11 $ 11.08 $ 9.49 $ 4.26
During Period*
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 1.22%,
2.22%, 1.90%, and 0.85% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
Pioneer Government Income Fund | Annual Report | 7/31/13 15
Schedule of Investments | 7/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 5.7%
DIVERSIFIED FINANCIALS -- 5.7%
Other Diversified Financial Services -- 4.3%
378,959 NR/NR Small Business Administration
Participation Certificates, 4.2%, 9/1/29 $ 406,102
929,707 NR/NR Small Business Administration
Participation Certificates, 4.625%, 2/1/25 995,199
985,247 NR/NR Small Business Administration
Participation Certificates, 4.84%, 5/1/25 1,057,297
917,180 NR/NR Small Business Administration
Participation Certificates, 5.37%, 4/1/28 1,005,637
610,113 NR/NR Small Business Administration
Participation Certificates, 5.63%, 10/1/28 675,540
194,213 NR/NR Small Business Administration
Participation Certificates, 5.72%, 1/1/29 215,505
1,106,343 NR/NR Small Business Administration
Participation Certificates, 6.02%, 8/1/28 1,239,579
592,403 NR/NR Small Business Administration
Participation Certificates, 6.22%, 12/1/28 669,064
-------------
$ 6,263,923
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.4%
2,000,000 1.02 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) $ 1,998,960
-------------
Total Diversified Financials $ 8,262,883
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $7,773,298) $ 8,262,883
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 16.1%
BANKS -- 4.9%
Thrifts & Mortgage Finance -- 4.9%
4,585,575 NR/NR Federal National Mortgage
Association-Aces, 4.92%, 7/25/20 $ 4,600,103
769,598 NR/NR Vendee Mortgage Trust 2008-1,
5.25%, 1/15/32 868,316
1,593,687 NR/NR Vendee Mortgage Trust 2010-1,
4.25%, 2/15/35 1,702,825
-------------
$ 7,171,244
-------------
Total Banks $ 7,171,244
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.2%
Other Diversified Financial Services -- 1.2%
1,596,940 3.00 NR/NR La Hipotecaria Panamanian Mortgage Trust
2010-1, Floating Rate Note, 9/8/39 (144A) $ 1,655,827
-------------
Total Diversified Financials $ 1,655,827
-----------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
16 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 10.0%
Government -- 10.0%
1,278,067 3.41 NR/NR Federal National Mortgage Association
Grantor Trust 2004-T2, Floating Rate
Note, 7/25/43 $ 1,367,883
150,000 NR/NR Federal National Mortgage Association
REMICS, 4.5%, 6/25/29 162,399
685,548 0.49 NR/NR Federal National Mortgage Association
REMICS, Floating Rate Note, 12/25/42 687,332
126,913 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 131,049
238,227 0.59 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/20 239,819
2,321,549 AAA/Aaa Government National Mortgage
Association, 3.025%, 2/16/30 2,343,407
113,546 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 128,532
619,396 NR/NR Government National Mortgage
Association, 6.0%, 6/16/32 699,609
2,000,000 4.82 NR/NR Government National Mortgage
Association, Floating Rate Note, 1/16/50 2,088,720
7,986,418 0.52 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 (c) 270,460
6,730,034 1.65 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/52 (c) 504,961
263,186 0.64 NR/NR Government National Mortgage
Association, Floating Rate Note, 12/16/29 265,711
3,000,000 5.14 NR/NR Government National Mortgage
Association, Floating Rate Note, 12/16/36 3,204,267
286,113 5.12 NR/NR Government National Mortgage
Association, Floating Rate Note, 12/16/46 291,856
9,174,681 1.02 AAA/Aa1 Government National Mortgage
Association, Floating Rate Note,
2/16/52 (c) 371,657
1,768,321 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (c) 149,766
1,472,052 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/53 (c) 120,271
6,974,839 1.07 NR/Aaa Government National Mortgage
Association, Floating Rate Note,
4/16/51 (c) 324,853
6,472,279 1.21 NR/NR Government National Mortgage
Association, Floating Rate Note,
4/16/51 (c) 333,458
299,902 5.78 NR/Aa1 Government National Mortgage
Association, Floating Rate Note, 6/16/32 312,132
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 17
Schedule of Investments | 7/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
6,965,764 1.36 NR/NR Government National Mortgage
Association, Floating Rate Note,
6/16/52 (c) $ 461,259
1,959,880 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (c) 174,235
-------------
$ 14,633,636
-------------
Total Government $ 14,633,636
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $26,537,016) $ 23,460,707
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 10.4%
DIVERSIFIED FINANCIALS -- 10.0%
Specialized Finance -- 10.0%
600,000 AA+/Aaa Private Export Funding Corp.,
2.25%, 12/15/17 $ 622,717
1,300,000 AA+/Aaa Private Export Funding Corp.,
2.8%, 5/15/22 1,272,370
3,420,000 AA+/Aaa Private Export Funding Corp.,
4.3%, 12/15/21 3,747,892
5,750,000 AA+/Aaa Private Export Funding Corp.,
4.375%, 3/15/19 6,529,350
2,155,000 AA+/Aaa Private Export Funding Corp.,
5.45%, 9/15/17 2,504,750
-------------
$ 14,677,079
-------------
Total Diversified Financials $ 14,677,079
-----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
Government -- 0.4%
601,577 NR/NR Helios Leasing I LLC, 2.018%, 5/29/24 $ 590,287
-------------
Total Government $ 590,287
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $14,554,379) $ 15,267,366
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 56.9%
6,042 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.0%, 11/1/13 $ 6,365
442,433 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 9/1/38-10/1/38 473,693
37,793 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 1/1/34 41,133
1,240,195 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/16-7/1/38 1,361,675
19,263 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 5/1/31 21,175
85,533 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 3/1/14-10/1/46 95,014
|
The accompanying notes are an integral part of these financial statements.
18 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
1,370,539 AAA/Aaa Federal National Mortgage Association,
3.763%, 12/1/20 $ 1,454,740
10,136,400 AAA/Aaa Federal National Mortgage Association,
4.0%, 9/1/20-10/1/41 10,536,270
44,039 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20 46,904
1,942,105 AAA/Aaa Federal National Mortgage Association,
4.64%, 11/1/14 2,002,336
1,095,099 AAA/Aaa Federal National Mortgage Association,
4.989%, 6/1/15 1,155,204
3,820,650 AAA/Aaa Federal National Mortgage Association,
5.0%, 8/1/18-2/1/39 4,117,445
289,891 AAA/Aaa Federal National Mortgage Association,
5.5%, 2/1/25 318,303
142,473 AAA/Aaa Federal National Mortgage Association,
5.72%, 11/1/28-6/1/29 157,442
66,571 AAA/Aaa Federal National Mortgage Association,
5.75%, 3/1/33 73,670
177,994 AAA/Aaa Federal National Mortgage Association,
5.9%, 11/1/27-4/1/28 197,032
678,749 AAA/Aaa Federal National Mortgage Association,
6.0%, 11/1/34-12/1/37 748,018
386,592 AAA/Aaa Federal National Mortgage Association,
6.5%, 7/1/32-11/1/47 429,895
154,645 AAA/Aaa Federal National Mortgage Association,
7.0%, 10/1/19 169,820
25,931 AAA/Aaa Federal National Mortgage Association,
7.5%, 4/1/15-6/1/15 26,845
15,481 AAA/Aaa Federal National Mortgage Association,
8.0%, 7/1/15 16,113
1,000,000 NR/NR Financing Corp. Fico, 0.0%, 4/6/18 (d) 924,713
2,000,000 NR/NR Financing Corp. Fico, 0.0%, 5/11/18 (d) 1,843,364
869,520 AAA/Aaa Government National Mortgage
Association I, 4.5%, 4/15/18-6/15/25 929,837
661,669 AAA/Aaa Government National Mortgage
Association I, 5.0%, 2/15/19-7/15/40 718,359
983,320 AAA/Aaa Government National Mortgage
Association I, 5.5%, 6/15/18-10/15/34 1,073,425
26,164 AAA/Aaa Government National Mortgage
Association I, 5.72%, 4/15/29 28,626
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 19
Schedule of Investments | 7/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
6,363,415 AAA/Aaa Government National Mortgage
Association I, 6.0%, 3/15/19-8/15/38 $ 7,072,984
16,604 AAA/Aaa Government National Mortgage
Association I, 6.25%, 11/15/13 16,701
2,150,822 AAA/Aaa Government National Mortgage
Association I, 6.5%, 1/15/15-4/15/33 2,435,943
136,160 AAA/Aaa Government National Mortgage
Association I, 6.75%, 4/15/26 157,120
1,286,109 AAA/Aaa Government National Mortgage
Association I, 7.0%, 10/15/16-3/15/32 1,495,357
536,014 AAA/Aaa Government National Mortgage
Association I, 7.5%, 3/15/23-2/15/31 605,913
74,402 AAA/Aaa Government National Mortgage
Association I, 8.25%, 5/15/20 80,137
2,631 AAA/Aaa Government National Mortgage
Association I, 8.5%, 8/15/21 2,668
18,985 AAA/Aaa Government National Mortgage
Association I, 9.0%, 12/15/19-6/15/22 20,084
412,892 AAA/Aaa Government National Mortgage
Association II, 5.0%, 12/20/18-1/20/20 442,505
342,997 AAA/Aaa Government National Mortgage
Association II, 5.5%, 10/20/37 375,662
309,456 AAA/Aaa Government National Mortgage
Association II, 5.75%, 4/20/33-6/20/33 340,948
297,695 AAA/Aaa Government National Mortgage
Association II, 5.9%, 11/20/27-7/20/28 323,348
750,746 AAA/Aaa Government National Mortgage
Association II, 6.0%, 7/20/17-6/20/34 833,913
203,973 AAA/Aaa Government National Mortgage
Association II, 6.45%, 7/20/32-1/20/33 226,252
356,023 AAA/Aaa Government National Mortgage
Association II, 6.5%, 1/20/24-3/20/34 405,253
195,935 AAA/Aaa Government National Mortgage
Association II, 7.0%, 5/20/26-11/20/31 227,345
75,149 AAA/Aaa Government National Mortgage
Association II, 7.5%, 5/20/30-12/20/30 90,320
100,562 AAA/Aaa Government National Mortgage
Association II, 8.0%, 5/20/25-6/20/30 123,856
20,417 AAA/Aaa Government National Mortgage
Association II, 9.0%, 9/20/21-11/20/24 22,123
1,156,145 AA-/Aaa New Valley Generation I, 7.299%, 3/15/19 1,347,915
1,368,745 AA-/Aaa New Valley Generation V, 4.929%, 1/15/21 1,520,922
|
The accompanying notes are an integral part of these financial statements.
20 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
276,640 NR/NR Small Business Administration
Participation Certificates, 6.14%, 1/1/22 $ 304,668
2,600,000 AA+/Aaa Tennessee Valley Authority, 5.5%, 6/15/38 2,959,055
1,500,000 AA+/NR Tennessee Valley Authority, 6.25%, 12/15/17 1,792,564
1,500,000 AA+/Aaa U.S. Treasury Bonds, 3.0%, 5/15/42 1,331,484
3,125,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 3,508,788
1,500,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 1,747,500
1,900,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 2,214,688
4,000,000 AA+/Aaa U.S. Treasury Notes, 0.625%, 5/31/17 3,947,188
2,800,000 AA+/Aaa U.S. Treasury Notes, 0.875%, 12/31/16 2,807,000
5,200,000 AA+/Aaa U.S. Treasury Notes, 1.875%, 8/31/17 5,367,378
3,500,000 AA+/Aaa U.S. Treasury Notes, 2.625%, 11/15/20 3,635,079
750,000 AA+/Aaa U.S. Treasury Notes, 3.125%, 5/15/21 801,035
5,000,000 AA+/Aaa U.S. Treasury Notes, 4.0%, 8/15/18 5,642,190
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $81,768,019) $ 83,193,302
-----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 4.9%
4,000,000 AA+/Aaa Israel Government AID Bond,
5.5%, 4/26/24 $ 4,820,032
2,000,000 AA+/Aaa Israel Government AID Bond,
5.5%, 9/18/23 2,388,534
-----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $7,139,740) $ 7,208,566
-----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.0%
Municipal Higher Education -- 1.8%
100,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 $ 104,551
400,000 AAA/Aaa Houston Higher Education Finance Corp.,
4.5%, 11/15/37 406,056
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 1,114,970
270,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 282,509
350,000 AA+/Aa1 New York State Dormitory Authority
Series C, 5.0%, 7/1/40 367,514
200,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 211,054
210,000 AA/Aa2 Pennsylvania State University,
5.0%, 3/1/40 214,668
-------------
$ 2,701,322
-----------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 21
Schedule of Investments | 7/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Municipal Utilities -- 0.4%
600,000 AAA/Aaa Washington Suburban Sanitary
Commission, 4.0%, 6/1/30 $ 592,008
-----------------------------------------------------------------------------------------------------------
Municipal Water -- 0.1%
180,000 AAA/Aaa City of Charlotte North Carolina Water &
Sewer System Revenue, 5.0%, 7/1/38 $ 190,220
-----------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.7%
700,000 AAA/Aaa County of Wake North Carolina,
4.0%, 5/1/30 $ 704,466
250,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 259,682
-------------
$ 964,148
-----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $4,504,997) $ 4,447,698
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 97.0%
(Cost $142,277,449) (a) $ 141,840,522
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.0% $ 4,411,330
-----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 146,251,852
===========================================================================================================
|
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
July 31, 2013, the value of these securities amounted to $3,654,787 or
2.5% of total net assets.
(a) At July 31, 2013, the net unrealized depreciation on investments based
on cost for federal income tax purposes of $142,505,893 was as
|
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 4,453,023
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,118,394)
-----------
Net unrealized depreciation $ (665,371)
===========
|
(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
year ended July 31, 2013 aggregated $34,165,214 and $96,258,240, respectively.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Government Income Fund | Annual Report | 7/31/13
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 8,262,883 $ -- $ 8,262,883
Collateralized Mortgage Obligations -- 23,460,707 -- 23,460,707
Corporate Bonds -- 15,267,366 -- 15,267,366
U.S. Government and Agency
Obligations -- 83,193,302 -- 83,193,302
Foreign Government Bonds -- 7,208,566 -- 7,208,566
Municipal Bonds -- 4,447,698 -- 4,447,698
----------------------------------------------------------------------------------------
Total $ -- $ 141,840,522 $ -- $141,840,522
========================================================================================
Other Financial Instruments:
Unrealized appreciation on
futures contracts $ 267,953 $ -- $ -- $ 267,953
----------------------------------------------------------------------------------------
Total Other Financial Instruments $ 267,953 $ -- $ -- $ 267,953
========================================================================================
|
During the year ended July 31, 2013, 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 | Annual Report | 7/31/13 23
Statement of Assets and Liabilities | 7/31/13
ASSETS:
Investment in securities (cost $142,277,449) $141,840,522
Futures collateral 146,030
Receivables --
Fund shares sold 3,455,372
Interest 1,041,990
Variation margin 274,188
Prepaid expenses 43,272
----------------------------------------------------------------------------------
Total assets $146,801,374
==================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 39,495
Fund shares repurchased 197,877
Dividends 3,994
Due to custodian 154,897
Due to affiliates 43,164
Accrued expenses 110,095
----------------------------------------------------------------------------------
Total liabilities $ 549,522
==================================================================================
NET ASSETS:
Paid-in capital $150,875,183
Undistributed net investment income 1,483,717
Accumulated net realized loss on investments and futures contracts (5,938,074)
Net unrealized depreciation on investments (436,927)
Net unrealized appreciation on futures contracts 267,953
----------------------------------------------------------------------------------
Total net assets $146,251,852
==================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $109,054,105/11,273,363 shares) $ 9.67
Class B (based on $3,915,344/404,452 shares) $ 9.68
Class C (based on $19,224,970/1,986,834 shares) $ 9.68
Class Y (based on $14,057,433/1,451,876 shares) $ 9.68
MAXIMUM OFFERING PRICE:
Class A ($9.67(divided by)95.5%) $ 10.13
==================================================================================
|
The accompanying notes are an integral part of these financial statements.
24 Pioneer Government Income Fund | Annual Report | 7/31/13
Statement of Operations
For the Year Ended 7/31/13
INVESTMENT INCOME:
Interest $ 8,774,333
-----------------------------------------------------------------------------------------------
Total investment income $ 8,774,333
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 888,699
Transfer agent fees and expenses
Class A 185,483
Class B 19,028
Class C 28,228
Class Y 1,325
Distribution fees
Class A 325,849
Class B 55,674
Class C 302,614
Shareholder communications expense 179,541
Administrative reimbursement 72,259
Custodian fees 60,010
Registration fees 74,046
Professional fees 53,564
Printing expense 25,667
Fees and expenses of nonaffiliated Trustees 7,319
Miscellaneous 112,057
-----------------------------------------------------------------------------------------------
Total expenses $ 2,391,363
-----------------------------------------------------------------------------------------------
Net investment income $ 6,382,970
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FUTURES CONTRACTS:
Net realized gain on:
Investments $ 2,214,944
Futures contracts 63,554 $ 2,278,498
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (13,942,560)
Futures contracts 181,702 $ (13,760,858)
-----------------------------------------------------------------------------------------------
Net loss on investments and futures contracts $ (11,482,360)
-----------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (5,099,390)
===============================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 25
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
7/31/13 7/31/12
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,382,970 $ 5,003,663
Net realized gain on investments and futures contracts 2,278,498 2,218,029
Change in net unrealized appreciation (depreciation)
on investments and futures contracts (13,760,858) 3,416,454
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (5,099,390) $ 10,638,146
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.35 and $0.34 per share, respectively) $ (4,564,709) $ (5,039,498)
Class B ($0.25 and $0.24 per share, respectively) (137,639) (199,460)
Class C ($0.29 and $0.27 per share, respectively) (839,466) (956,238)
Class Y ($0.40 and $0.38 per share, respectively) (445,463) (367,290)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (5,987,277) $ (6,562,486)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 31,138,843 $ 177,604,636
Reinvestment of distributions 5,127,568 5,241,183
Cost of shares repurchased (101,417,465) (138,750,362)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (65,151,054) $ 44,095,457
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (76,237,721) $ 48,171,117
NET ASSETS:
Beginning of year 222,489,573 174,318,456
--------------------------------------------------------------------------------------------------
End of year $ 146,251,852 $ 222,489,573
--------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ 1,483,717 $ (205,086)
==================================================================================================
|
The accompanying notes are an integral part of these financial statements.
26 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 1,709,714 $ 17,327,505 11,982,388 $ 123,672,829
Reinvestment of distributions 407,327 4,106,258 422,495 4,326,120
Less shares repurchased (5,558,535) (56,236,885) (10,771,412) (110,488,698)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (3,441,494) $ (34,803,122) 1,633,471 $ 17,510,251
===============================================================================================
Class B
Shares sold or exchanged 35,375 $ 353,497 172,838 $ 1,773,646
Reinvestment of distributions 12,196 123,246 18,038 184,817
Less shares repurchased (334,550) (3,375,669) (486,800) (4,985,851)
-----------------------------------------------------------------------------------------------
Net decrease (286,979) $ (2,898,926) (295,924) $ (3,027,388)
===============================================================================================
Class C
Shares sold 410,034 $ 4,163,136 4,151,759 $ 42,538,004
Reinvestment of distributions 50,429 509,844 52,238 535,490
Less shares repurchased (3,331,096) (33,834,670) (1,937,445) (19,863,894)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (2,870,633) $ (29,161,690) 2,266,552 $ 23,209,600
===============================================================================================
Class Y
Shares sold 934,865 $ 9,294,705 936,937 $ 9,620,157
Reinvestment of distributions 38,584 388,220 18,992 194,756
Less shares repurchased (787,802) (7,970,241) (334,417) (3,411,919)
-----------------------------------------------------------------------------------------------
Net increase 185,647 $ 1,712,684 621,512 $ 6,402,994
===============================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 27
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.33 $ 10.07 $ 10.15 $ 9.81 $ 9.41
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.38 $ 0.27 $ 0.32 $ 0.31 $ 0.36
Net realized and unrealized gain (loss) on investments (0.69) 0.33 (0.03) 0.40 0.43
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ (0.31) $ 0.60 $ 0.29 $ 0.71 $ 0.79
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.35) (0.34) (0.37) (0.37) (0.39)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ 0.26 $ (0.08) $ 0.34 $ 0.40
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 10.33 $ 10.07 $ 10.15 $ 9.81
=============================================================================================================================
Total return* (3.04)% 6.03% 2.95% 7.38% 8.58%
Ratio of net expenses to average net assets+ 1.22% 1.14% 1.17% 1.13% 1.15%
Ratio of net investment income to average net assets+ 3.72% 2.57% 3.29% 3.13% 3.73%
Portfolio turnover rate 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $109,054 $152,020 $131,758 $144,794 $140,136
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.22% 1.14% 1.17% 1.13% 1.15%
Net investment income 3.72% 2.57% 3.29% 3.13% 3.73%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.22% 1.14% 1.17% 1.13% 1.15%
Net investment income 3.72% 2.57% 3.29% 3.13% 3.73%
=============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.34 $10.08 $ 10.15 $ 9.83 $ 9.41
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.29 $ 0.14 $ 0.22 $ 0.22 $ 0.29
Net realized and unrealized gain (loss) on investments (0.70) 0.36 (0.01) 0.39 0.45
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ (0.41) $ 0.50 $ 0.21 $ 0.61 $ 0.74
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.25) (0.24) (0.28) (0.29) (0.32)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ 0.26 $ (0.07) $ 0.32 $ 0.42
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $10.34 $ 10.08 $ 10.15 $ 9.83
=============================================================================================================================
Total return* (4.01)% 4.98% 2.10% 6.34% 7.96%
Ratio of net expenses to average net assets+ 2.22% 2.17% 2.08% 1.96% 1.89%
Ratio of net investment income to average net assets+ 2.78% 1.64% 2.45% 2.48% 3.01%
Portfolio turnover rate 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $ 3,915 $7,148 $ 9,952 $17,217 $26,751
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 2.22% 2.17% 2.08% 2.02% 1.97%
Net investment income 2.78% 1.64% 2.45% 2.42% 2.93%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 2.22% 2.17% 2.08% 1.96% 1.89%
Net investment income 2.78% 1.64% 2.45% 2.48% 3.01%
=============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 29
|
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.34 $ 10.08 $ 10.15 $ 9.82 $ 9.42
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.22 $ 0.25 $ 0.24 $ 0.28
Net realized and unrealized gain (loss) on investments (0.69) 0.31 (0.02) 0.39 0.45
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ (0.37) $ 0.53 $ 0.23 $ 0.63 $ 0.73
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.29) (0.27) (0.30) (0.30) (0.33)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ 0.26 $ (0.07) $ 0.33 $ 0.40
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 10.34 $ 10.08 $ 10.15 $ 9.82
=============================================================================================================================
Total return* (3.68)% 5.29% 2.32% 6.50% 7.80%
Ratio of net expenses to average net assets+ 1.90% 1.83% 1.87% 1.86% 1.90%
Ratio of net investment income to average net assets+ 3.10% 1.73% 2.61% 2.41% 2.90%
Portfolio turnover rate 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $19,225 $50,230 $26,113 $36,314 $38,101
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.90% 1.83% 1.87% 1.86% 1.90%
Net investment income 3.10% 1.73% 2.61% 2.41% 2.90%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.90% 1.83% 1.87% 1.86% 1.90%
Net investment income 3.10% 1.73% 2.61% 2.41% 2.90%
=============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/13 7/31/12 7/31/11 7/31/10 7/31/09
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.34 $ 10.07 $ 10.16 $ 9.83 $ 9.42
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.39 $ 0.33 $ 0.36 $ 0.34 $ 0.45
Net realized and unrealized gain (loss) on investments (0.65) 0.32 (0.03) 0.39 0.40
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ (0.26) $ 0.65 $ 0.33 $ 0.74 $ 0.85
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.40) (0.38) (0.42) (0.41) (0.44)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ 0.27 $ (0.09) $ 0.33 $ 0.41
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 10.34 $ 10.07 $ 10.16 $ 9.83
=============================================================================================================================
Total return* (2.65)% 6.56% 3.32% 7.75% 9.19%
Ratio of net expenses to average net assets+ 0.85% 0.74% 0.69% 0.77% 0.67%
Ratio of net investment income to average net assets+ 3.80% 2.83% 3.85% 3.58% 4.32%
Portfolio turnover rate 19% 67% 19% 84% 48%
Net assets, end of period (in thousands) $14,057 $13,092 $ 6,496 $10,699 $12,358
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.85% 0.74% 0.69% 0.77% 0.67%
Net investment income 3.80% 2.83% 3.85% 3.58% 4.32%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.85% 0.74% 0.69% 0.77% 0.67%
Net investment income 3.80% 2.83% 3.85% 3.58% 4.32%
=============================================================================================================================
|
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Government Income Fund | Annual Report | 7/31/13 31
Notes to Financial Statements | 7/31/13
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.
32 Pioneer Government Income Fund | Annual Report | 7/31/13
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. 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 their 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 or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At July 31, 2013, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services). Inputs used when applying fair value methods
to value a security may include credit ratings, the financial condition of
the company, current market conditions and comparable securities.
Pioneer Government Income Fund | Annual Report | 7/31/13 33
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities,
and such accretion/amortization is included in interest income. Interest
income, including interest on income bearing cash accounts, is recorded on
the accrual basis.
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 July 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal 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. At
July 31, 2013, the Fund reclassified $3,541,564 to decrease paid-in
capital, $1,293,110 to increase undistributed net investment income and
$2,248,454 to decrease accumulated net realized loss on investments to
reflect permanent book/tax differences. These adjustments have no impact on
net assets or the results of operations.
At July 31, 2013, the Fund had a net capital loss carryforward of
$5,660,608, of which the following amounts will expire between 2014 and
2016 if not utilized: $401,844 in 2014, $2,465,526 in 2015 and $2,793,238
in 2016. Since new losses are required to be utilized prior to losses
incurred in pre-enactment tax years, pre-enactment capital loss
carryforwards may be more likely to expire unused.
34 Pioneer Government Income Fund | Annual Report | 7/31/13
The tax character of distributions paid during the years ended July 31, 2013 and
July 31, 2012 was as follows:
--------------------------------------------------------------------------------
2013 2012
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $5,987,277 $6,562,486
Long-term capital gain -- --
--------------------------------------------------------------------------------
Total $5,987,277 $6,562,486
================================================================================
|
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)
================================================================================
|
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 $10,135 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2013.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
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).
Pioneer Government Income Fund | Annual Report | 7/31/13 35
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 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 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 July 31, 2013 was $146,030.
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 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. These risks may decrease the effectiveness of the Fund's
hedging strategies and potentially result in a loss. The average number of
contracts open for the year ended July 31, 2013 was 158.
36 Pioneer Government Income Fund | Annual Report | 7/31/13
At July 31, 2013, open futures contracts were as follows.
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
US Long Bond (CBT) (56) 9/13 $ (7,507,500) $ 374,500
US 10 Year Note (CBT) (45) 9/13 (5,689,688) 139,219
US 2 Year Note (CBT) (25) 9/13 (5,507,812) (3,125)
US 5 Year Note (CBT) (10) 9/13 (1,213,672) 12,578
US Ultra Bond (CBT) 28 9/13 4,039,000 (255,219)
--------------------------------------------------------------------------------
Total $ (15,879,672) $ 267,953
--------------------------------------------------------------------------------
|
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 year ended July 31, 2013, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.50% of the
Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$4,231 in management fees, administrative costs and certain other reimbursements
payable to PIM at July 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $132,896
Class B 8,352
Class C 26,809
Class Y 11,484
--------------------------------------------------------------------------------
Total $179,541
================================================================================
|
Pioneer Government Income Fund | Annual Report | 7/31/13 37
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $36,154 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at July 31, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class 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 $2,779 in distribution fees payable to PFD at July 31, 2013.
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 one year 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 year ended July 31, 2013, CDSCs in the amount of
$9,856 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended July 31, 2013, the Fund's expenses were
not reduced under such arrangements.
38 Pioneer Government Income Fund | Annual Report | 7/31/13
6. Additional Disclosures about Derivative Instruments and
Hedging Activities:
Values of derivative instruments as of July 31, 2013 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013
Under Accounting -----------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------------
Interest Rate Futures* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $267,953 futures contracts $ --
--------------------------------------------------------------------------------------------
Total $267,953 $ --
============================================================================================
|
* Reflects the net unrealized appreciation on futures contracts (see Note
1G).
The effect of derivative instruments on the Statement of Operations for the year
ended July 31, 2013 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 on futures contracts $63,554
Interest Rate Futures Change in net unrealized appreciation $181,702
on futures contracts
|
Pioneer Government Income Fund | Annual Report | 7/31/13 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Government Income Fund:
We have audited the accompanying statement of assets and liabilities of Pioneer
Government Income Fund, one of the portfolios constituting Pioneer Series Trust
IV (the "Trust"), including the schedule of investments, as of July 31, 2013,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of July 31, 2013 by correspondence with the custodian,
brokers and agent banks or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Government Income Fund at July 31, 2013, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the five
years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
September 24, 2013
|
40 Pioneer Government Income Fund | Annual Report | 7/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 52 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Government Income Fund | Annual Report | 7/31/13 41
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Director, Broadridge Financial
Chairman of the Board Serves until a Officer, Quadriserv, Inc. Solutions, Inc. (investor
and Trustee successor trustee is (technology products for communications and securities
elected or earlier securities lending industry) processing provider for financial
retirement or (2008 - present); private services industry) (2009 - present);
removal. investor (2004 - 2008); and Director, Quadriserv, Inc. (2005 -
Senior Executive Vice present); and Commissioner, New
President, The Bank of New Jersey State Civil Service
York (financial and securities Commission (2011 - present)
services) (1986 - 2004)
-----------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Director of Enterprise Community
Trustee Serves until a Capital Advisors (corporate Investment, Inc. (privately-held
successor trustee is advisory services company) affordable housing finance company)
elected or earlier (1997 - 2004 and 2008 - (1985 - 2010); Director of Oxford
retirement or present); Interim Chief Analytica, Inc. (2008 - present);
removal. Executive Officer, Oxford Director of The Swiss Helvetia Fund,
Analytica, Inc. (privately Inc. (closed-end fund) (2010 -
held research and consulting present); and Director of New York
company) (2010); Executive Mortgage Trust (publicly traded
Vice President and Chief mortgage REIT) (2004 - 2009, 2012 -
Financial Officer, I-trax, present)
Inc. (publicly traded health
care services company) (2004 -
2007); and Executive Vice
President and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 - 2002)
-----------------------------------------------------------------------------------------------------------------------------
|
42 Pioneer Government Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a Political Economy, Harvard Institutional Funds
successor trustee is University (1972 - present) Investment Trust and
elected or earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
-----------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2005. Founding Director, Vice President None
Trustee Serves until a and Corporate Secretary, The
successor trustee is Winthrop Group, Inc. (consulting
elected or earlier firm) (1982-present); Desautels
retirement or removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
-----------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2005. President and Chief Executive Director of New America
Trustee Serves until a Officer, Newbury, Piret & Company, High Income Fund, Inc.
successor trustee is Inc. (investment banking firm) (closed-end investment
elected or earlier (1981 - present) company) (2004 -
retirement or removal. present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 1993. Senior Counsel, Sullivan & Director, The Swiss
Trustee Serves until a Cromwell LLP (law firm) (1998 - Helvetia Fund, Inc.
successor trustee is present); and Partner, Sullivan & (closed-end investment
elected or earlier Cromwell LLP (prior to 1998) company); and Director,
retirement or removal. Invesco, Ltd. (formerly
AMVESCAP, PLC)
(investment manager)
(1997-2005)
-----------------------------------------------------------------------------------------------------------------------------
|
Pioneer Government Income Fund | Annual Report | 7/31/13 43
Interested Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 2005. Non-Executive Chairman and a director of None
Trustee, President and Chief Serves until a Pioneer Investment Management USA Inc.
Executive Officer of the Fund successor trustee is ("PIM-USA"); Chairman and a director of
elected or earlier Pioneer; Chairman and Director of
retirement or removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated funds;
Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
-----------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc.
retirement or removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
-----------------------------------------------------------------------------------------------------------------------------
|
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
44 Pioneer Government Income Fund | Annual Report | 7/31/13
Fund Officers
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2003. Serves at Vice President and Associate None
Secretary the discretion of the General Counsel of Pioneer since
Board. January 2008 and Secretary of all
of the Pioneer Funds since June
2010; Assistant Secretary of all
of the Pioneer Funds from
September 2003 to May 2010; and
Vice President and Senior Counsel
of Pioneer from July 2002 to
December 2007
-----------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2010. Serves at Fund Governance Director of None
Assistant Secretary the discretion of the Pioneer since December 2006 and
Board. Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Pioneer from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 None
Assistant Secretary the discretion of the and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; and
Vice President and Counsel at
State Street Bank from October
2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the
Financial Board. Pioneer Funds since March 2008;
and Accounting Officer of Deputy Treasurer of Pioneer from
the Fund March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
-----------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2005. Serves at Assistant Vice President - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2005. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
|
Pioneer Government Income Fund | Annual Report | 7/31/13 45
Fund Officers (continued)
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November
2008; Assistant Treasurer of all
of the Pioneer Funds since January
2009; and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
-----------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at the Chief Compliance Officer of None
Chief Compliance Officer discretion of the Board. Pioneer and of all the Pioneer
Funds since March 2010; Director
of Adviser and Portfolio
Compliance at Pioneer since
October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
-----------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at the Director--Transfer Agency None
Anti-Money Laundering discretion of the Board. Compliance of Pioneer and
Officer Anti-Money Laundering Officer of
all the Pioneer Funds since 2006
-----------------------------------------------------------------------------------------------------------------------------
|
46 Pioneer Government Income Fund | Annual Report | 7/31/13
This page for your notes.
Pioneer Government Income Fund | Annual Report | 7/31/13 47
This page for your notes.
48 Pioneer Government Income Fund | Annual Report | 7/31/13
This page for your notes.
Pioneer Government Income Fund | Annual Report | 7/31/13 49
This page for your notes.
50 Pioneer Government Income Fund | Annual Report | 7/31/13
This page for your notes.
Pioneer Government Income Fund | Annual Report | 7/31/13 51
This page for your notes.
52 Pioneer Government Income Fund | Annual Report | 7/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
|
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19422-07-0913
Pioneer Multi-Asset
Income Fund
Annual Report | July 31, 2013
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 44
Notes to Financial Statements 51
Report of Independent Registered Public Accounting Firm 63
Trustees, Officers and Service Providers 64
|
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
|
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 3
Portfolio Management Discussion | 7/31/13
Global macroeconomic conditions generally improved during the 12 months ended
July 31, 2013, setting the stage for a rally in higher-risk assets for much of
the period. However, the U.S. Federal Reserve's (the Fed's) announcements
hinting at a possible timeline for a winding down of its monetary stimulus
program caused considerable interest-rate volatility and a sharp sell-off in the
financial markets during the final months of the period. 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 did the Fund perform during the 12 months ended July 31, 2013?
A Pioneer Multi-Asset Income Fund's Class A shares returned 13.52% at net
asset value during the 12 months ended July 31, 2013, 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 (the
MSCI Index)1, returned -1.90% and 20.50%, respectively. During the same
12-month period, the average return of the 724 mutual funds in
Morningstar's Conservative Allocation Funds category was 6.94%.
Q How would you characterize the investment environment during the 12 months
ended July 31, 2013?
A For much of the reporting period, the global economy experienced slow
improvement, with inflation remaining relatively low, thus creating a
hospitable environment for both fixed-income and equity markets, which
enjoyed especially strong performance from the fourth quarter of 2012
(1) The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
through most of the spring of 2013. With that said, investor concerns about
the pace of economic growth in China and the United States, the sovereign-
debt situation in Europe, and debates over U.S. fiscal policy contributed
to some market volatility.
In the final months of the period, however, global markets sold off sharply
in response to the Fed's May and June statements regarding a potential
tapering of its third round of quantitative easing (QE3). The central bank
reasoned that improving U.S. economic data, most notably the improvement in
job growth; the strong performance of the housing market; and higher levels
of consumer confidence might justify a reduction in its monthly bond
purchases. Fixed-income investors responded to the announcements with
record redemptions in June across a broad range of asset classes, including
investment grade, high yield, and emerging markets.
Consequently, the U.S. fixed-income markets suffered their third-worst
quarterly sell-off over the past 20 years during the second quarter of 2013
(April through June). As the short and intermediate part of the yield curve
steepened, yields on 10-year U.S. Treasuries rose from a low of 1.60% just
after May 1 to 2.48% by June 30, and then climbed even further in July. The
10-year U.S. Treasury bond's total return for the three-month period
between April 1, 2013, and June 30, 2013, was -4.57%, while the Fund's
fixed-income benchmark, the Barclays Index, returned -2.33%, and the Bank
of America Merrill Lynch High Yield Master II Index returned -1.35% during
that same three-month period.
Global equity markets generally produced positive results in the first half
of the second quarter, peaking around May 22, when Fed Chairman Bernanke
first publicly hinted that QE3 might be scaled back. U.S. stocks weakened
somewhat after the Fed's announcements, but the Standard & Poor's 500 Index
still posted a 2.91% gain over the three-month period ended June 30, while
the Fund's secondary benchmark, the globally-oriented MSCI Index, returned
-0.40%.
Q Which of your investment strategies had the largest effect on the Fund's
performance during the 12 months ended July 31, 2013?
A While our security selection decisions helped the Fund's performance, it
was the portfolio's asset allocation decisions - that is, being invested in
asset classes that outperformed the market - that proved especially
beneficial. Our decision to emphasize equities and high-yield corporate
bonds in the portfolio, particularly those in the United States, over
government-related securities was correct. As it turned out, investing in
relatively undervalued and out-of-favor high-yield bonds at a time when
many income-oriented investors were focusing on high-grade corporate bonds,
Treasuries, and emerging markets bonds meant that the portfolio was
underweight to the
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 5
areas of the fixed-income market that suffered the most from the sell-off
during the final months of the period. As a result, the portfolio was less
sensitive to the sharp increase in Treasury yields that characterized the
final months of the period and weathered the market volatility better than
many of its peers.
The Fund's short duration positioning also helped to protect the portfolio
during the duration-based sell-off, and proved to be a significant
contributor to performance relative to the Barclays Index. (Duration is a
measure of a portfolio's price sensitivity to changes in interest rates.)
The large equity allocation, with its bias toward what we saw as
higher-quality, large-cap European stocks, was a large contributor to
performance. Equities kept outperforming other asset classes during the
correction, reducing the overall volatility of the Fund.
Q Did you make any changes to the Fund's investment strategies in light of
the Fed's announcements concerning a potential tapering of QE3?
A As we have seen in recent months, the markets are grappling with how the
Fed's QE3 exit strategy might affect the yield curve and the capital
markets in general. Since the beginning of the financial crisis five years
ago, virtually all bond sectors have enjoyed strong, positive returns, and
yields have fallen in response to the Fed's monetary policies. As of period
end, however, we think the stage is being set for a potentially different
environment for the fixed-income markets.
Immediately after the Fed announced this past May that it was considering a
timeline to begin winding down its stimulus program, we began a process of
reducing some of the Fund's positions in the more interest-rate-sensitive
asset classes. Reducing the Fund's investments in emerging markets equities
as well as curtailing the portfolio's exposure to utilities and real estate
investment trusts was also helpful and contributed to the Fund's strong
performance.
Q Could you discuss some of the other investment strategies that influenced
the Fund's performance during the 12 months ended July 31, 2013?
A Security selection across the fixed-income portion of the portfolio was
rewarding for performance during the period, with high-yield bonds
especially noteworthy performers. We think the exceptionally poor
performance of long-term Treasuries during the second quarter of 2013
served to reinforce our decision to favor corporate bonds in the portfolio,
as those assets outperformed by a solid margin. The recent spread widening
within the high-yield area of the fixed-income market also has created some
investment opportunities. (Credit spreads are commonly defined as the
6 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
differences in yield between Treasuries and other types of fixed-income
securities with similar maturities.) High-yield spreads currently imply a
default rate of around 4%, which is considerably higher than our forecast.
Consequently, the Fund continues to hold a significant allocation to the
high-yield asset class.
Over the 12-month period, we initiated Fund positions in convertible
securities, event-linked securities (sometimes referred to as catastrophe
bonds), and European government bonds. In addition to adding valuable
diversity* to the Fund's holdings, these securities - catastrophe bonds in
particular - offered attractive yields. Even though catastrophe bonds
account for just a small percentage of the Fund's overall portfolio, our
timely positioning in the investments had a favorable impact on
performance.
For much of the 12-month period, the Fund's equity positioning was defined
by a bias towards Europe, given the attractive valuations there. This past
spring, however, we shifted some of the Fund's equity allocation from
emerging markets to developed markets, with an increasing focus on U.S. and
Japanese stocks. The decision aided the Fund's performance, as the Fed's
statements coupled with concerns about economic growth in Asia as well as
geopolitical issues in Turkey depressed the prices of emerging markets
equities during that time. The Fund's focus within equities remains on what
we believe to be stable, diversified global companies with strong balance
sheets. In our opinion, the Fund's equity holdings provide attractive
income and the potential for growth over time.
Lastly, the Fund's underlying currency positioning as well as the currency
hedging strategies that we employed during the course of the 12-month
period helped to reduce portfolio volatility and generally aided overall
performance.
Q What is your outlook and how will your view affect the Fund's positioning?
A Looking ahead, we expect the U.S. economy to continue to improve, albeit
slowly. Modest economic growth has its advantages, however, as commodity
prices have remained fairly moderate and there are few signs of
inflationary pressures. We believe the Japanese economy can continue to
improve, but we expect China's growth to slow, compared with the robust
growth the country has experienced over the last few years. We remain
cautious about Europe, given the region's inability to solve its
macroeconomic challenges.
Against this backdrop, we continue to think equities and high-yield
securities offer great opportunities for yield-focused investors. However,
the severity of the correction that we have seen is pushing us to consider
other opportunities, particularly in municipal and emerging markets bonds.
With
* Diversification does not assure a profit nor protect against loss in a
declining market.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 7
that said, we expect that equities will continue to be our preferred asset
class and we will seek to maintain a high level of portfolio exposure to
global multinational corporations with good balance sheets and stable
dividends*.
Please refer to the Schedule of Investments on pages 17-43 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 mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
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.
Investments in small-and mid-cap stocks involve greater risks and volatility
than investments in large-cap stocks.
* Dividends are not guaranteed.
8 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
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 | Annual Report | 7/31/13 9
Portfolio Summary | 7/31/13
Portfolio Diversification
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 39.7%
International Common Stocks 25.0%
U.S. Common Stocks 20.4%
International Corporate Bonds 6.2%
Collateralized Mortgage Obligations 4.8%
Asset Backed Securities 1.3%
Senior Secured Loans 1.2%
International Preferred Stocks 0.7%
Depository Receipts for International Stocks 0.3%
U.S. Preferred Stocks 0.3%
Convertible Corporate Bonds 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 26.7%
Energy 17.5%
Health Care 8.8%
Consumer Discretionary 8.5%
Consumer Staples 8.4%
Information Technology 7.2%
Industrials 7.0%
Telecommunication Services 6.4%
Materials 5.5%
Utilities 3.4%
Government 0.6%
|
10 Largest Holdings
(As a percentage of total long-term holdings)*
1. HSBC Holdings Plc 2.90%
--------------------------------------------------------------------------------
2. Vodafone Group Plc 2.74
--------------------------------------------------------------------------------
3. Imperial Tobacco Group Plc 1.93
--------------------------------------------------------------------------------
4. Pfizer, Inc. 1.74
--------------------------------------------------------------------------------
5. Lorillard, Inc. 1.38
--------------------------------------------------------------------------------
6. Total SA 1.25
--------------------------------------------------------------------------------
7. Raytheon Co. 1.13
--------------------------------------------------------------------------------
8. Merck & Co., Inc. 1.12
--------------------------------------------------------------------------------
9. LyondellBasell Industries NV 1.05
--------------------------------------------------------------------------------
10. Microsoft Corp. 1.04
--------------------------------------------------------------------------------
|
* 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 | Annual Report | 7/31/13
Prices and Distributions | 7/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 7/31/13 7/31/12
--------------------------------------------------------------------------------
A $11.07 $10.61
--------------------------------------------------------------------------------
C $11.04 $10.60
--------------------------------------------------------------------------------
Y $11.06 $10.62
--------------------------------------------------------------------------------
Distributions per Share: 8/1/12-7/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.7261 $0.1740 $0.0220
--------------------------------------------------------------------------------
C $0.6327 $0.1740 $0.0220
--------------------------------------------------------------------------------
Y $0.7479 $0.1740 $0.0220
--------------------------------------------------------------------------------
|
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 | Annual Report | 7/31/13 11
Performance Update | 7/31/13 Class A Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Income Fund at public offering price,
compared to that of the Barclays Aggregate Bond Index and the MSCI All Country
World ND Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
12/22/2011 14.10% 10.89%
1 Year 13.52 8.41
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.51% 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
7/31/2012 $ 10,372 $ 10,378 $ 10,710
7/31/2013 $ 11,775 $ 10,181 $ 12,905
|
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, 2014, 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 | Annual Report | 7/31/13
Performance Update | 7/31/13 Class C Shares
Investment Returns
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Income Fund, compared to that of the
Barclays Aggregate Bond Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/22/2011 13.09% 13.09%
1 Year 12.39 12.39
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
3.26% 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
7/31/2012 $ 10,812 $ 10,378 $10,710
7/31/2013 $ 12,151 $ 10,181 $12,905
|
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, 2014, 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 | Annual Report | 7/31/13 13
Performance Update | 7/31/13 Class Y Shares
Investment Returns
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Multi-Asset Income Fund, compared to that of the
Barclays Aggregate Bond Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of July 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/22/2011 14.23% 14.23%
1 Year 13.53 13.53
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.25% 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
7/31/2012 $ 5,438,634 $ 5,189,203 $ 5,355,020
7/31/2013 $ 6,174,439 $ 5,090,349 $ 6,452,651
|
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, 2014, 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 | Annual Report | 7/31/13
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 Multi-Asset Income Fund
Based on actual returns from February 1, 2013, through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 2/1/13 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 7/31/13 $1,031.81 $1,027.52 $1,032.00
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 4.28 $ 8.60 $ 3.27
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.71%, and 0.65% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period multiplied by
181/365 (to reflect the partial year period).
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 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 February 1, 2013, through July 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 2/1/13 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 7/31/13 $1,020.58 $1,016.31 $1,021.57
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 4.26 $ 8.55 $ 3.26
--------------------------------------------------------------------------------
|
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.71%, and 0.65% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period multiplied by
181/365 (to reflect the partial year period).
16 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Schedule of Investments | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.2%
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.1%
100,000 NR/NR Vantage Drilling Co., 7.875%, 9/1/42 $ 116,062
-------------
Total Energy $ 116,062
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Farm Machinery
& Heavy Trucks -- 0.1%
65,000 B-/NR Meritor, Inc., 7.875%, 3/1/26 (144A) $ 82,347
-------------
Total Capital Goods $ 82,347
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Asset Management &
Custody Banks -- 0.0%+
15,000 BBB/NR Apollo Investment Corp., 5.75%, 1/15/16 $ 15,919
-------------
Total Diversified Financials $ 15,919
-------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $172,311) $ 214,328
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.6%
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
49 CEVA Group Plc * $ 43,695
-------------
Total Transportation $ 43,695
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Regional Banks -- 0.1%
1,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 103,219
-------------
Total Banks $ 103,219
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Reinsurance -- 0.2%
150,000 0.00 NR/NR Altair Re, Floating Rate Note, 4/30/16 (c) $ 153,705
125,000 NR/NR Pangaea Re, 0.0%, 10/1/15 (c) (e) 128,851
-------------
Total Insurance 282,556
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
10,000 BB+/Ba1 PPL Capital Funding, Inc., 5.9%, 4/30/73 $ 229,900
-------------
Total Utilities $ 229,900
-------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $548,550) $ 659,370
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 17
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 43.2%
ENERGY -- 3.9%
Oil & Gas Drilling -- 0.2%
4,266 Helmerich & Payne, Inc. $ 269,611
-------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 3.6%
87,885 BP Plc $ 608,736
4,587 Chevron Corp. 577,457
6,556 Occidental Petroleum Corp. 583,812
31,655 Royal Dutch Shell Plc 1,078,656
25,730 Total SA 1,371,520
-------------
$ 4,220,181
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.1%
2,244 Gulfport Energy Corp. * $ 119,381
-------------
Total Energy $ 4,609,173
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.3%
Commodity Chemicals -- 1.0%
16,898 LyondellBasell Industries NV $ 1,161,062
-------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.3%
11,338 The Dow Chemical Co. $ 397,284
-------------
Total Materials $ 1,558,346
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.0%
Aerospace & Defense -- 1.6%
4,903 Lockheed Martin Corp. $ 588,948
17,332 Raytheon Co. 1,245,131
-------------
$ 1,834,079
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.4%
2,063,000 Nam Cheong, Ltd. $ 453,922
-------------
Total Capital Goods $ 2,288,001
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Air Freight & Logistics -- 0.0%+
22 CEVA Group Plc * $ 15,701
-------------
Total Transportation $ 15,701
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.2%
Tires & Rubber -- 0.4%
14,000 Bridgestone Corp. $ 496,817
-------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.8%
8,104 Daimler AG $ 564,286
1,312 Volkswagen AG 299,579
-------------
$ 863,865
-------------
Total Automobiles & Components $ 1,360,682
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.7%
Food Distributors -- 0.7%
250,484 Metcash, Ltd. $ 777,948
-------------
Total Food & Staples Retailing $ 777,948
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.1%
Brewers -- 0.5%
11,483 Molson Coors Brewing Co. $ 574,839
-------------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.5%
7,384 PepsiCo, Inc. $ 616,859
-------------------------------------------------------------------------------------------------------------
Tobacco -- 3.1%
63,107 Imperial Tobacco Group Plc $ 2,126,422
35,637 Lorillard, Inc. 1,515,642
-------------
$ 3,642,064
-------------
Total Food, Beverage & Tobacco $ 4,833,762
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.3%
Personal Products -- 0.3%
4,896 Herbalife, Ltd. $ 320,688
-------------
Total Household & Personal Products $ 320,688
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 0.2%
Health Care Equipment -- 0.2%
4,795 Medtronic, Inc. $ 264,876
-------------
Total Health Care Equipment & Services $ 264,876
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 5.8%
Pharmaceuticals -- 5.8%
21,248 AstraZeneca Plc $ 1,080,732
17,736 GlaxoSmithKline Plc 454,035
25,572 Merck & Co., Inc. 1,231,803
13,838 Novartis AG 996,259
65,509 Pfizer, Inc. 1,914,828
1,978 Roche Holding AG 487,495
2,361 Sanofi SA 253,653
9,275 Teva Pharmaceutical Industries, Ltd.
(A.D.R.) 368,218
-------------
$ 6,787,023
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 6,787,023
-------------------------------------------------------------------------------------------------------------
BANKS -- 6.0%
Diversified Banks -- 6.0%
74,631 Banco Bilbao Vizcaya Argentaria SA $ 705,678
1,586,600 Bank Pembangunan Daerah Jawa Barat
Dan Banten Tbk PT 163,678
43,725 Doha Bank QSC 608,810
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 19
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
24,183 First Gulf Bank PJSC $ 108,733
280,547 HSBC Holdings Plc 3,190,323
636,071 Industrial & Commercial Bank of
China, Ltd. 416,746
300,321 National Development Bank Plc 381,042
2,172 Royal Bank of Canada, Inc. 135,976
15,089 Standard Chartered Plc 349,806
5,400 Sumitomo Mitsui Financial Group, Inc. 247,013
19,442 Swedbank AB 469,609
2,209 The Toronto-Dominion Bank, Inc. 186,575
-------------
$ 6,963,989
-------------
Total Banks $ 6,963,989
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.4%
Other Diversified
Financial Services -- 0.7%
10,872 Intercorp Financial Services, Inc. $ 315,288
9,200 JPMorgan Chase & Co. 512,716
-------------
$ 828,004
-------------------------------------------------------------------------------------------------------------
Asset Management &
Custody Banks -- 2.7%
61,710 Ares Capital Corp. $ 1,097,821
42,143 Golub Capital BDC, Inc. 766,160
14,614 TCP Capital Corp. 232,216
39,210 The Carlyle Group LP 1,097,488
-------------
$ 3,193,685
-------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 1.0%
41,393 Morgan Stanley Co. $ 1,126,304
-------------
Total Diversified Financials $ 5,147,993
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Multi-line Insurance -- 0.6%
2,689 Zurich Insurance Group AG $ 724,203
-------------
Total Insurance $ 724,203
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Industrial REIT -- 0.9%
201,289 Cache Logistics Trust (144A) $ 190,410
259,276 Mapletree Logistics Trust (144A) 218,702
754,387 Sabana Shari'ah Compliant Industrial
Real Estate Investment Trust 690,883
-------------
$ 1,099,995
-------------
Total Real Estate $ 1,099,995
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.8%
IT Consulting & Other Services -- 0.8%
59,303 SAIC, Inc. $ 906,743
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------------
Systems Software -- 1.0%
35,821 Microsoft Corp. $ 1,140,182
-------------
Total Software & Services $ 2,046,925
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 2.9%
Communications Equipment -- 0.6%
25,537 Cisco Systems, Inc. $ 652,470
-------------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.7%
1,710 Apple, Inc. $ 773,775
-------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.3%
12,640 EMC Corp. $ 330,536
-------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.4%
24,700 Hoya Corp. $ 533,347
-------------------------------------------------------------------------------------------------------------
Office Electronics -- 0.9%
107,616 Xerox Corp. $ 1,043,875
-------------
Total Technology Hardware & Equipment $ 3,334,003
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.7%
Semiconductors -- 0.7%
29,970 Maxim Integrated Products, Inc. $ 857,142
-------------
Total Semiconductors &
Semiconductor Equipment $ 857,142
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.6%
Integrated Telecommunication
Services -- 2.0%
13,949 AT&T, Inc. $ 491,981
13,900 Nippon Telegraph & Telephone Corp. 701,712
278,006 Telecom Corp of New Zealand, Ltd. 500,692
13,308 Verizon Communications, Inc. 658,480
-------------
$ 2,352,865
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 2.6%
1,004,660 Vodafone Group Plc $ 3,019,190
-------------
Total Telecommunication Services $ 5,372,055
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.8%
Electric Utilities -- 0.3%
7,237 The Southern Co. $ 324,507
-------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 1.5%
11,044 Consolidated Edison, Inc. $ 661,536
29,783 E.ON SE 506,720
29,991 GDF Suez 629,536
-------------
$ 1,797,792
-------------
Total Utilities $ 2,122,299
-------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $49,426,528) $ 50,484,804
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 21
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.3%
MATERIALS -- 0.4%
Aluminum -- 0.1%
40,045 B+/B1 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/47 (Step) $ 40,656
94,566 7.78 NR/B3 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 92,748
-------------
$ 133,404
-------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
13,618 6.50 BB+/Baa2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1, Floating
Rate Note, 8/15/30 (144A) $ 13,648
-------------------------------------------------------------------------------------------------------------
Steel -- 0.3%
4,813 2.97 BB+/Caa2 ABFC 2003-WMC1 Trust, Floating Rate
Note, 3/25/33 $ 4,398
119,376 B+/B3 Accredited Mortgage Loan Trust 2003-3,
5.21%, 1/25/34 (Step) 112,899
88,182 0.29 CCC/Caa3 Morgan Stanley Home Equity Loan Trust
2007-2, Floating Rate Note, 4/25/37 54,929
105,276 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 99,922
-------------
$ 272,148
-------------
Total Materials $ 419,200
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.9%
Thrifts & Mortgage Finance -- 0.9%
80,744 NR/Ba3 Bear Stearns Asset Backed Securities
Trust, 8.41%, 10/25/29 (Step) $ 79,506
100,000 BB/NR CarNow Auto Receivables Trust 2012-1,
6.9%, 11/15/16 (144A) 103,466
100,000 CCC/C Citicorp Residential Mortgage Trust Series
2006-2, 5.918%, 9/25/36 (Step) 89,596
35,188 B-/B1 Citicorp Residential Mortgage Trust Series
2006-3, 5.703%, 11/25/36 (Step) 35,100
85,000 A+/Baa1 Countrywide Asset-Backed Certificates,
5.557%, 2/25/36 (Step) 87,480
73,195 5.24 BB+/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 75,475
5,455 0.87 AAA/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 5,278
200,000 NR/Ba2 Nations Equipment Finance Funding I LLC,
5.5%, 5/20/21 (144A) 192,236
292,757 A+/Baa2 RAMP Series 2004-RZ1 Trust, 4.32%,
3/25/34 (Step) 301,370
|
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
100,000 BB/NR SNAAC Auto Receivables Trust 2013-1,
4.56%, 4/15/20 (144A) $ 98,940
-------------
$ 1,068,447
-------------
Total Banks $ 1,068,447
-------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,497,723) $ 1,487,647
-------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 4.6%
BANKS -- 3.6%
Thrifts & Mortgage Finance -- 3.6%
100,000 NR/NR A10 Securitization 2013-1 LLC, 4.7%,
11/15/25 (144A) $ 98,808
100,000 NR/NR A10 Securitization 2013-1 LLC, 6.41%,
11/15/25 (144A) 98,846
105,212 0.58 NR/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 1/25/36 (144A) 85,878
151,110 1.39 A/Baa1 Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/34 (144A) 131,556
118,701 0.50 AA+/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 8/25/35 (144A) 96,727
200,000 5.35 BBB/NR Bear Stearns Commercial Mortgage
Securities Trust 2004-TOP16, Floating
Rate Note, 2/13/46 (144A) 170,502
100,000 5.21 NR/Baa2 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 101,227
767,493 BB/NR Bear Stearns Commercial Mortgage
Securities Trust 2006-PWR14,
5.273%, 12/11/38 738,351
27,225 5.61 B+/NR CHL Mortgage Pass-Through Trust
2002-32, Floating Rate Note, 1/25/33 27,405
50,000 5.75 NR/Baa3 Citigroup Commercial Mortgage Trust
2006-C4, Floating Rate Note, 3/15/49 51,972
25,736 0.37 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 25,563
100,000 NR/NR Extended Stay America Trust 2013-ESH
MZ, 7.625%, 12/5/19 (144A) 100,932
250,000 5.15 BBB-/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 252,494
110,038 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 11/25/32 (144A) 87,205
54,667 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 48,762
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 23
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
100,000 5.64 BB+/Ba2 GS Mortgage Securities Corp., II
Commercial Mortgage Pass Through
Certificates Series 2004-GG2, Floating
Rate Note, 8/10/38 $ 98,175
100,000 3.79 NR/Ba2 GS Mortgage Securities Corp., II, Floating
Rate Note, 11/8/29 (144A) 99,952
30,000 5.64 NR/Baa3 GS Mortgage Securities Trust 2012-GC6,
Floating Rate Note, 1/10/45 (144A) 28,441
30,683 5.25 BB-/NR GSR Mortgage Loan Trust 2005-AR4,
Floating Rate Note, 7/25/35 30,074
50,000 5.93 BB-/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2007-C1, Floating Rate
Note, 2/15/51 52,410
50,000 6.00 B-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating Rate
Note, 2/15/51 45,983
100,000 3.94 BB/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2013-FL3, Floating Rate
Note, 4/15/28 (144A) 98,356
124,439 5.28 BB/NR LB-UBS Commercial Mortgage Trust
2006-C1, Floating Rate Note, 2/15/41 122,224
110,265 0.39 BBB+/Aa3 Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 87,428
115,318 0.39 BBB+/A3 Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 98,020
25,285 0.41 A+/Aa2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 23,286
170,950 2.50 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust
2003-6, Floating Rate Note, 12/25/33 169,323
49,319 5.28 B-/B3 MASTR Adjustable Rate Mortgages Trust,
Floating Rate Note, 1/25/35 47,719
78,749 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 80,846
119,266 D/Caa3 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 75,514
58,088 5.63 A+/Baa3 Merrill Lynch Mortgage Investors Trust Series
MLCC 2007-1, Floating Rate Note,
1/25/37 57,364
87,117 1.59 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 76,722
100,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 96,499
250,000 5.58 BB/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 6/25/58 (144A) 251,063
|
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
25,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36
(144A) $ 25,567
84,000 5.66 BB-/Ba3 Wachovia Bank Commercial Mortgage
Trust Series 2006-C24, Floating Rate
Note, 3/15/45 80,121
25,000 5.97 B-/Ba1 Wachovia Bank Commercial Mortgage
Trust Series 2007-C34, Floating Rate
Note, 5/15/46 24,611
37,366 CCC/NR Wells Fargo Mortgage Backed Securities
2004-1 Trust, 5.5%, 2/25/34 37,287
31,289 4.99 NR/Ba2 Wells Fargo Mortgage Backed Securities
2005-AR6 Trust, Floating Rate Note,
4/25/35 31,436
50,000 5.46 NR/Baa3 WFRBS Commercial Mortgage Trust
2011-C2, Floating Rate Note, 2/15/44
(144A) 48,163
100,000 5.34 NR/A2 WFRBS Commercial Mortgage Trust
2011-C3, Floating Rate Note, 3/15/44
(144A) 103,892
100,000 4.36 BBB-/NR WFRBS Commercial Mortgage Trust
2013-C12, Floating Rate Note,
3/15/48 (144A) 83,022
-------------
$ 4,189,726
-------------
Total Banks $ 4,189,726
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial
Services -- 0.4%
13,915 5.07 BBB+/NR Banc of America Mortgage 2005-H Trust,
Floating Rate Note, 9/25/35 $ 13,669
100,000 5.44 NR/A2 DBUBS 2011-LC2 Mortgage Trust, Floating
Rate Note, 7/10/44 (144A) 103,718
200,000 5.19 NR/NR Del Coronado Trust 2013-DEL MZ, Floating
Rate Note, 3/15/18 (144A) 200,980
50,000 BB+/NR Morgan Stanley Capital I Trust 2007-IQ13,
5.406%, 3/15/44 53,897
100,000 5.89 B/NR Morgan Stanley Capital I Trust 2007-IQ15,
Floating Rate Note, 6/11/49 108,478
-------------
$ 480,742
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
181,647 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) $ 177,078
-------------
$ 177,078
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
7,238 5.09 CCC/NR GMACM Mortgage Loan Trust 2005-AR2,
Floating Rate Note, 5/25/35 $ 7,034
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 25
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%+
36,140 6.13 BBB/NR Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate Note,
9/10/47 (144A) $ 37,414
-------------
Total Diversified Financials $ 702,268
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Mortgage REIT -- 0.3%
100,000 BBB/B1 Credit Suisse First Boston Mortgage
Securities Corp., 4.877%, 4/15/37 $ 100,289
32,340 B+/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 32,269
100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 90,398
100,000 4.35 NR/A3 FREMF 2011-K12 Mortgage Trust, Floating
Rate Note, 12/25/20 (144A) 97,638
50,000 4.16 NR/Baa2 FREMF 2012-K705 Mortgage Trust, Floating
Rate Note, 9/25/44 (144A) 47,579
50,000 3.76 NR/NR FREMF 2012-K708 Mortgage Trust, Floating
Rate Note, 2/25/45 (144A) 46,237
10,000 3.82 NR/NR FREMF Mortgage Trust Class C, Floating
Rate Note, 6/25/47 (144A) 9,186
-------------
$ 423,596
-------------
Total Real Estate $ 423,596
-------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
235,366 NR/NR Fannie Mae REMICS, 3.5%, 1/25/29 (d) $ 15,259
147,360 1.03 NR/NR Government National Mortgage Association,
Floating Rate Note, 2/16/53 (d) 12,481
147,205 1.05 NR/NR Government National Mortgage Association,
Floating Rate Note, 3/16/53 (d) 12,027
58,586 6.46 NR/NR Government National Mortgage Association,
Floating Rate Note, 6/20/38 (d) 7,247
196,069 1.10 NR/NR Government National Mortgage Association,
Floating Rate Note, 8/16/52 (d) 14,701
146,991 1.07 NR/NR Government National Mortgage Association,
Floating Rate Note, 9/16/52 (d) 13,068
-------------
$ 74,783
-------------
Total Government $ 74,783
-------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $5,432,100) $ 5,390,373
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 43.2%
ENERGY -- 12.5%
Oil & Gas Drilling -- 0.8%
270,000 B/B3 Hercules Offshore, Inc., 8.75%,
7/15/21 (144A) $ 283,500
170,000 B+/B1 Parker Drilling Co., 7.5%, 8/1/20 (144A) 170,000
185,000 B/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) 197,025
325,000 B/B3 Summit Midstream Holdings LLC, 7.5%,
7/1/21 (144A) 331,500
-------------
$ 982,025
-------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.7%
250,000 B+/B2 Basic Energy Services, Inc., 7.75%,
10/15/22 $ 248,125
225,000 BB-/Ba3 Bristow Group, Inc., 6.25%, 10/15/22 234,000
340,000 B+/B1 Calfrac Holdings LP, 7.5%, 12/1/20
(144A) 343,400
325,000 B/Caa1 Forbes Energy Services, Ltd., 9.0%,
6/15/19 326,625
220,000 B-/B3 Hiland Partners LP, 7.25%, 10/1/20
(144A) 231,000
355,000 BB-/B1 Key Energy Services, Inc., 6.75%, 3/1/21 347,900
200,000 B/B3 Seitel, Inc., 9.5%, 4/15/19 (144A) 202,500
-------------
$ 1,933,550
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 7.8%
235,000 B+/B2 Antero Resources Finance Corp.,
6.0%, 12/1/20 $ 236,175
130,000 CCC+/Caa1 Athlon Holdings LP, 7.375%, 4/15/21
(144A) 131,950
300,000 CCC+/Caa1 Aurora USA Oil & Gas, Inc., 7.5%,
4/1/20 (144A) 297,000
301,000 B-/B3 Bonanza Creek Energy, Inc., 6.75%, 4/15/21 308,525
125,000 B-/B3 Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 136,562
400,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 412,000
300,000 BB/B1 Denbury Resources, Inc., 4.625%,
7/15/23 274,500
100,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 113,500
312,144 B/B3 EPE Holdings LLC, 8.125%, 12/15/17
(144A) (PIK) 319,948
50,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%, 2/15/18 52,750
275,000 B-/B3 Forest Oil Corp., 7.5%, 9/15/20 (144A) 267,438
100,000 CCC/Caa1 Goodrich Petroleum Corp., 8.875%, 3/15/19 102,500
100,000 CCC+/B3 Gulfport Energy Corp., 7.75%,
11/1/20 (144A) 104,500
175,000 CCC+/Caa1 Halcon Resources Corp., 8.875%, 5/15/21 176,750
315,000 CCC+/Caa1 Halcon Resources Corp., 9.75%, 7/15/20 326,812
150,000 B-/Caa1 Legacy Reserves LP, 6.625%, 12/1/21
(144A) 144,375
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 27
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
100,000 CCC+/Caa1 Lightstream Resources, Ltd., 8.625%,
2/1/20 (144A) $ 97,500
500,000 B/B2 Linn Energy LLC, 6.25%, 11/1/19 (144A) 470,000
250,000 B-/Caa1 MEM Production Partners LP, 7.625%,
5/1/21 242,500
175,000 B-/Caa1 Midstates Petroleum Co., Inc., 10.75%,
10/1/20 (144A) 182,000
100,000 B-/Caa1 Midstates Petroleum Co., Inc., 9.25%,
6/1/21 (144A) 98,250
400,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 411,000
200,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22
(144A) 212,000
200,000 B-/Caa1 Penn Virginia Corp., 7.25%, 4/15/19 195,000
485,000 B-/Caa1 Penn Virginia Corp., 8.5%, 5/1/20 (144A) 489,850
450,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 462,938
100,000 B-/B3 Resolute Energy Corp., 8.5%, 5/1/20 102,750
400,000 B-/B3 RKI Exploration & Production LLC, 8.5%,
8/1/21 (144A) 406,000
190,000 B+/B2 Rosetta Resources, Inc., 5.625%, 5/1/21 190,000
400,000 B-/B3 Samson Investment Co., 10.0%,
2/15/20 (144A) 424,000
50,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 49,000
380,000 B-/B2 SandRidge Energy, Inc., 7.5%, 3/15/21 376,200
220,000 B-/B2 SandRidge Energy, Inc., 8.125%,
10/15/22 223,300
300,000 BB-/Ba3 SM Energy Co., 5.0%, 1/15/24 (144A) 292,500
95,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 100,225
395,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 391,050
200,000 CCC+/Caa1 Talos Production LLC, 9.75%,
2/15/18 (144A) 195,000
100,000 B/B3 Vanguard Natural Resources LLC,
7.875%, 4/1/20 103,750
-------------
$ 9,120,098
-------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
100,000 BBB/Baa2 Valero Energy Corp., 6.625%, 6/15/37 $ 111,906
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.3%
95,000 B+/B2 Atlas Pipeline Partners LP, 4.75%,
11/15/21 (144A) $ 87,162
300,000 5.85 BB+/Baa3 DCP Midstream LLC, Floating Rate Note,
5/21/43 (144A) 286,500
255,000 B/B1 Genesis Energy LP, 5.75%, 2/15/21 251,812
340,000 BB/B1 Inergy Midstream LP, 6.0%, 12/15/20
(144A) 341,700
100,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.0%, 8/15/42 94,380
290,000 BB+/Ba3 Sabine Pass Liquefaction LLC, 5.625%,
2/1/21 (144A) 286,012
|
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- (continued)
215,000 BB/Ba3 Targa Resources Partners LP, 4.25%,
11/15/23 (144A) $ 197,262
-------------
$ 1,544,828
-------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.8%
100,000 B+/B2 Alpha Natural Resources, Inc., 6.0%,
6/1/19 $ 85,750
150,000 B-/Caa1 Bumi Investment Pte, Ltd., 10.75%,
10/6/17 (144A) 90,000
350,000 B-/B2 Penn Virginia Resource Partners LP, 6.5%,
5/15/21 (144A) 339,500
345,000 BB-/B1 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 357,075
-------------
$ 872,325
-------------
Total Energy $ 14,564,732
-------------------------------------------------------------------------------------------------------------
MATERIALS -- 3.6%
Commodity Chemicals -- 0.6%
100,000 CCC+/NR Hexion US Finance Corp., 9.0%,
11/15/20 $ 101,250
450,000 BB-/B1 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 465,750
150,000 B-/Caa1 US Coatings Acquisition, Inc., 7.375%,
5/1/21 (144A) 155,438
-------------
$ 722,438
-------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.6%
150,000 BB-/B1 Chemtura Corp., 5.75%, 7/15/21 $ 149,250
270,000 B/B1 Rentech Nitrogen Partners LP, 6.5%,
4/15/21 (144A) 269,325
300,000 BB-/B2 Tronox Finance LLC, 6.375%,
8/15/20 (144A) 287,250
-------------
$ 705,825
-------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
210,000 BB+/Ba1 Ball Corp., 4.0%, 11/15/23 $ 192,150
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.6%
200,000 CCC+/Caa2 Exopack Holding Corp., 10.0%, 6/1/18 $ 209,000
490,000 BB-/B1 Sealed Air Corp., 6.875%, 7/15/33
(144A) 465,500
-------------
$ 674,500
-------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
100,000 CCC/Caa2 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) $ 73,500
100,000 B-/Caa1 Mirabela Nickel, Ltd., 8.75%, 4/15/18
(144A) 71,000
50,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 53,812
-------------
$ 198,312
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 29
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Steel -- 0.9%
100,000 B/Caa1 Atkore International, Inc., 9.875%,
1/1/18 $ 108,500
70,000 BB+/Ba2 Commercial Metals Co., 7.35%, 8/15/18 77,000
300,000 B-/B3 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 298,500
200,000 NR/B3 Metinvest BV, 8.75%, 2/14/18 (144A) 192,540
250,000 B-/B3 Permian Holdings, Inc., 10.5%,
1/15/18 (144A) 246,250
100,000 CCC+/Caa2 Ryerson, Inc., 9.0%, 10/15/17 (144A) 104,000
-------------
$ 1,026,790
-------------------------------------------------------------------------------------------------------------
Forest Products -- 0.1%
100,000 B-/B3 Millar Western Forest Products, Ltd.,
8.5%, 4/1/21 $ 99,500
-------------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
105,000 BB-/Ba3 Neenah Paper, Inc., 5.25%, 5/15/21
(144A) $ 103,425
260,000 BB-/Ba3 Resolute Forest Products, Inc., 5.875%,
5/15/23 (144A) 234,000
200,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 203,000
-------------
$ 540,425
-------------
Total Materials $ 4,159,940
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.8%
Aerospace & Defense -- 0.3%
270,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) $ 255,150
50,000 B-/B2 DynCorp International, Inc., 10.375%,
7/1/17 51,500
-------------
$ 306,650
-------------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
100,000 BB-/B2 Gibraltar Industries, Inc., 6.25%,
2/1/21 (144A) $ 102,500
100,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 113,250
-------------
$ 215,750
-------------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
100,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 106,000
-------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
340,000 B+/B1 Boart Longyear Management Pty, Ltd.,
7.0%, 4/1/21 (144A) $ 307,700
225,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) 235,125
100,000 CCC+/B3 Park-Ohio Industries, Inc., 8.125%,
4/1/21 108,500
-------------
$ 651,325
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.9%
350,000 B/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 350,000
100,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 94,753
190,000 B-/B3 Meritor, Inc., 6.75%, 6/15/21 189,050
375,000 CCC/B3 Navistar International Corp., 8.25%,
11/1/21 383,438
-------------
$ 1,017,241
-------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
150,000 B-/B3 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 156,000
100,000 B/B2 Cleaver-Brooks, Inc., 8.75%,
12/15/19 (144A) 107,500
100,000 B-/Caa2 Liberty Tire Recycling LLC, 11.0%,
10/1/16 (144A) 101,000
100,000 B/B1 Mcron Finance Sub LLC, 8.375%,
5/15/19 (144A) 108,750
150,000 B/B3 Xerium Technologies, Inc., 8.875%, 6/15/18 150,750
-------------
$ 624,000
-------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.3%
100,000 BB+/NR Aviation Capital Group Corp., 4.625%,
1/31/18 (144A) $ 100,433
150,000 B+/B3 H&E Equipment Services, Inc., 7.0%, 9/1/22 160,500
100,000 B-/NR TRAC Intermodal LLC, 11.0%, 8/15/19 112,000
-------------
$ 372,933
-------------
Total Capital Goods $ 3,293,899
-------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.7%
Environmental & Facilities
Services -- 0.3%
300,000 B/B3 Safway Group Holding LLC, 7.0%,
5/15/18 (144A) $ 301,500
-------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.4%
100,000 B-/Caa1 ADS Tactical, Inc., 11.0%, 4/1/18 (144A) $ 95,000
185,000 NR/Caa1 Monitronics Escrow Corp., 9.125%,
4/1/20 (144A) 191,938
200,000 B+/B3 NANA Development Corp., 9.5%,
3/15/19 (144A) 204,000
-------------
$ 490,938
-------------
Total Commercial Services & Supplies $ 792,438
-------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Airlines -- 0.2%
100,000 B-/NR Gol Finance, 9.25%, 7/20/20 (144A) $ 82,000
150,000 B+/B1 US Airways 2013-1 Class B Pass Through
Trust, 5.375%, 11/15/21 146,250
-------------
$ 228,250
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 31
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Trucking -- 0.7%
600,000 B-/B2 Jack Cooper Holdings Corp., 9.25%,
6/1/20 (144A) $ 619,500
125,000 B/B3 Syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) 133,750
-------------
$ 753,250
-------------------------------------------------------------------------------------------------------------
Airport Services -- 0.1%
158,400 B-/B3 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 152,064
-------------
Total Transportation $ 1,133,564
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.9%
190,000 B/B3 Chassix, Inc., 9.25%, 8/1/18 (144A) $ 198,075
300,000 BB/B2 Dana Holding Corp., 6.0%, 9/15/23 300,750
325,000 B+/B3 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) 337,188
200,000 B-/B2 Schaeffler Holding Finance BV, 6.875%,
8/15/18 (144A) (PIK) 204,000
-------------
$ 1,040,013
-------------
Total Automobiles & Components $ 1,040,013
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.5%
Home Furnishings -- 0.5%
200,000 B/B2 SIWF Merger Sub, Inc., 6.25%, 6/1/21
(144A) $ 200,000
325,000 B+/B3 Tempur Sealy International, Inc.,
6.875%, 12/15/20 (144A) 344,500
-------------
$ 544,500
-------------------------------------------------------------------------------------------------------------
Homebuilding -- 0.7%
150,000 CCC/Caa2 Beazer Homes USA, Inc., 9.125%,
6/15/18 $ 159,750
300,000 BB/Ba2 DR Horton, Inc., 5.75%, 8/15/23 300,000
50,000 B/B2 KB Home, Inc., 8.0%, 3/15/20 55,750
135,000 BB-/Ba3 Lennar Corp., 5.0%, 11/15/22 (144A) 129,600
170,000 B+/B1 Meritage Homes Corp., 7.0%, 4/1/22 185,300
-------------
$ 830,400
-------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
100,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.0%,
4/15/19 $ 104,000
66,000 CCC+/B3 Yankee Candle Co., Inc., 9.75%,
2/15/17 68,393
-------------
$ 172,393
-------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
185,000 CCC+/Caa2 PC Nextco Holdings LLC, 8.75%, 8/15/19
(144A) (PIK) $ 184,075
-------------
Total Consumer Durables & Apparel $ 1,731,368
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.1%
Casinos & Gaming -- 0.5%
30,000 CC/Ca Codere Finance Luxembourg SA, 9.25%,
2/15/19 (144A) $ 14,250
100,000 B+/B3 MGM Resorts International, Inc.,
6.75%, 10/1/20 106,375
240,000 B+/B2 PNK Finance Corp., 6.375%, 8/1/21 (144A) 241,800
100,000 BB/B2 Seneca Gaming Corp., 8.25%,
12/1/18 (144A) 107,000
60,000 BBB-/NR Wynn Las Vegas LLC, 4.25%, 5/30/23
(144A) 55,650
-------------
$ 525,075
-------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.0%
50,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22
(144A) $ 55,125
-------------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
100,000 CCC-/Caa1 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 91,500
-------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.5%
300,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 (144A) $ 304,500
325,000 B-/B3 StoneMor Partners LP, 7.875%,
6/1/21 (144A) 328,250
-------------
$ 632,750
-------------
Total Consumer Services $ 1,304,450
-------------------------------------------------------------------------------------------------------------
MEDIA -- 1.2%
Broadcasting -- 0.3%
165,000 BB-/B1 CCO Holdings LLC, 5.75%, 1/15/24 $ 154,275
100,000 CCC+/Caa2 Intelsat Luxembourg SA, 7.75%,
6/1/21 (144A) 105,250
100,000 B+/B2 Univision Communications, Inc., 6.875%,
5/15/19 (144A) 106,750
-------------
$ 366,275
-------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.5%
350,000 BB/B1 Sirius XM Radio, Inc., 4.625%,
5/15/23 (144A) $ 322,000
310,000 BB/B1 Sirius XM Radio, Inc., 5.75%, 8/1/21 (144A) 310,000
-------------
$ 632,000
-------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.4%
100,000 B/B3 Live Nation Entertainment, Inc., 7.0%,
9/1/20 (144A) $ 106,000
315,000 B-/B3 Regal Entertainment Group, Inc.,
5.75%, 2/1/25 302,400
-------------
$ 408,400
-------------
Total Media $ 1,406,675
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 33
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
RETAILING -- 1.6%
Distributors -- 0.1%
100,000 BB-/Ba3 LKQ Corp., 4.75%, 5/15/23 (144A) $ 95,875
-------------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.2%
300,000 B/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 318,000
-------------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.3%
350,000 BB-/Ba3 Rent-A-Center, Inc., 4.75%, 5/1/21
(144A) $ 334,250
-------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.9%
340,000 CCC+/Caa1 Michaels FinCo Holdings LLC, 7.5%,
8/1/18 (144A) (PIK) $ 343,400
460,000 CCC+/Caa1 Petco Holdings, Inc., 8.5%, 10/15/17
(144A) (PIK) 471,500
250,000 B-/B3 Radio Systems Corp., 8.375%,
11/1/19 (144A) 271,250
-------------
$ 1,086,150
-------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
105,000 BB-/Ba3 CST Brands, Inc., 5.0%, 5/1/23 (144A) $ 103,688
-------------
Total Retailing $ 1,937,963
-------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Distributors -- 0.2%
235,000 B/B3 KeHE Distributors LLC, 7.625%,
8/15/21 (144A) $ 238,819
-------------
Total Food & Staples Retailing $ 238,819
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.9%
Agricultural Products -- 0.2%
200,000 B/NR Tonon Bioenergia SA, 9.25%,
1/24/20 (144A) $ 182,000
-------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.9%
375,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 (144A) $ 398,438
125,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 136,719
200,000 B/B2 Marfrig Holding Europe BV, 9.875%,
7/24/17 (144A) 202,000
80,000 BB-/B2 Sun Merger Sub, Inc., 5.25%, 8/1/18
(144A) 80,200
80,000 BB-/B2 Sun Merger Sub, Inc., 5.875%, 8/1/21
(144A) 80,200
200,000 B+/B2 Wells Enterprises, Inc., 6.75%,
2/1/20 (144A) 208,500
-------------
$ 1,106,057
-------------------------------------------------------------------------------------------------------------
Tobacco -- 0.8%
350,000 B-/B3 Alliance One International, Inc.,
10.0%, 7/15/16 $ 367,500
|
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Tobacco -- (continued)
575,000 B-/Caa1 Alliance One International, Inc., 9.875%,
7/15/21 (144A) $ 566,375
-------------
$ 933,875
-------------
Total Food, Beverage & Tobacco $ 2,221,932
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.5%
Personal Products -- 0.5%
200,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 199,336
280,256 CCC+/Caa1 Monitronics International, Inc.,
9.125%, 4/1/20 290,766
150,000 B/B1 Revlon Consumer Products Corp., 5.75%,
2/15/21 (144A) 151,312
-------------
$ 641,414
-------------
Total Household & Personal Products $ 641,414
-------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.7%
Health Care Equipment -- 0.3%
125,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 116,250
250,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 260,000
-------------
$ 376,250
-------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
100,000 CCC+/B3 ExamWorks Group, Inc., 9.0%, 7/15/19 $ 107,750
100,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%, 9/1/18 104,000
80,000 CCC+/Caa1 Truven Health Analytics, Inc.,
10.625%, 6/1/20 87,600
-------------
$ 299,350
-------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.0%
100,000 BB/Ba3 Aviv Healthcare Properties LP,
7.75%, 2/15/19 $ 107,500
100,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 106,750
565,000 B/B3 CHS, Inc., 8.0%, 11/15/19 596,781
300,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 315,750
75,000 B-/B3 Vanguard Health Holding Co., II LLC,
7.75%, 2/1/19 80,531
-------------
$ 1,207,312
-------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
100,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 107,250
-------------
Total Health Care Equipment & Services $ 1,990,162
-------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.6%
Biotechnology -- 0.2%
250,000 B/Caa2 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 $ 216,562
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 35
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
40,000 BB/B3 Warner Chilcott Co., LLC, 7.75%,
9/15/18 $ 43,850
-------------
$ 260,412
-------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
100,000 B-/Caa1 Sky Growth Acquisition Corp., 7.375%,
10/15/20 (144A) $ 104,000
300,000 B/B1 Valeant Pharmaceuticals International,
Inc., 6.375%, 10/15/20 (144A) 309,750
-------------
$ 413,750
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 674,162
-------------------------------------------------------------------------------------------------------------
BANKS -- 1.0%
Diversified Banks -- 0.2%
250,000 NR/Ba3 CorpGroup Banking SA, 6.75%,
3/15/23 (144A) $ 222,500
-------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
300,000 4.85 BBB/Baa3 The PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) $ 273,000
-------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
250,000 8.11 NR/NR Mythen Re, Ltd., Series 2013-1 Class B,
Floating Rate Note, 7/9/15
(Cat Bond) (144A) $ 250,275
400,000 B+/Ba3 Provident Funding Associates LP, 6.75%,
6/15/21 (144A) 405,000
-------------
$ 655,275
-------------
Total Banks $ 1,150,775
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.6%
Other Diversified
Financial Services -- 1.2%
250,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) $ 247,225
230,000 5.35 BB/B1 Citigroup, Inc., Floating Rate Note 209,875
(Perpetual)
250,000 6.60 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 255,025
100,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 112,500
300,000 5.65 BB/Ba1 ING US, Inc., Floating Rate Note,
5/15/53 (144A) 282,000
250,000 8.75 B+/NR Residential Reinsurance 2011, Ltd., Floating
Rate Note, 6/6/15 (Cat Bond) (144A) 261,700
-------------
$ 1,368,325
-------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.4%
100,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 103,516
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
355,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 6/1/22 $ 352,338
355,000 B+/B2 Nationstar Mortgage LLC, 6.5%, 7/1/21 354,112
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) 463,500
250,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 246,450
-------------
$ 1,620,916
-------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
200,000 B+/B1 Jefferies Finance LLC, 7.375%,
4/1/20 (144A) $ 202,000
205,000 B+/B3 TMX Finance LLC, 8.5%, 9/15/18 (144A) 211,150
-------------
$ 413,150
-------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.7%
200,000 BBB/NR Prospect Capital Corp., 5.875%,
3/15/23 $ 190,148
245,000 NR/Caa1 Renaissance Acquisition Corp., 6.875%,
8/15/21 (144A) 243,775
400,000 4.50 BBB/Baa1 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 372,500
-------------
$ 806,423
-------------
Total Diversified Financials $ 4,208,814
-------------------------------------------------------------------------------------------------------------
INSURANCE -- 2.4%
Insurance Brokers -- 0.3%
100,000 CCC+/Caa2 HUB International, Ltd., 8.125%,
10/15/18 (144A) $ 106,250
200,000 CCC/Caa2 Onex USI Acquisition Corp., 7.75%,
1/15/21 (144A) 201,000
-------------
$ 307,250
-------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.1%
100,000 BBB-/Baa3 Genworth Holdings, Inc., 7.2%, 2/15/21 $ 116,047
-------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
250,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate Note,
5/23/16 (Cat Bond) (144A) $ 250,300
300,000 6.80 BBB/Baa3 QBE Capital Funding II LP, Floating Rate
Note (Perpetual) (144A) 301,875
-------------
$ 552,175
-------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.5%
250,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note,
2/3/14 (Cat Bond) (144A) $ 248,025
250,000 8.61 B+/NR Mythen Re, Ltd., Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat Bond)
(144A) 253,025
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 37
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 11.84 B-/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 11/10/16
(Cat Bond) (144A) $ 240,100
250,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 253,450
250,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 252,675
250,000 5.75 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 257,125
250,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 268,400
-------------
$ 1,772,800
-------------
Total Insurance $ 2,748,272
-------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Diversified REIT -- 0.3%
400,000 B/Ba3 CNL Lifestyle Properties, Inc.,
7.25%, 4/15/19 $ 407,000
-------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.1%
100,000 B/B3 Forest City Enterprises, Inc., 6.5%,
2/1/17 $ 100,220
-------------
Total Real Estate $ 507,220
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Internet Software & Services -- 0.5%
250,000 B+/Ba3 EarthLink, Inc., 7.375%, 6/1/20 (144A) $ 246,875
325,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 349,375
-------------
$ 596,250
-------------------------------------------------------------------------------------------------------------
Data Processing &
Outsourced Services -- 0.1%
125,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21
(144A) $ 130,625
-------------
Total Software & Services $ 726,875
-------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 0.5%
Communications Equipment -- 0.4%
390,000 BB+/B1 Brocade Communications Systems, Inc.,
4.625%, 1/15/23 (144A) $ 366,600
105,000 CCC+/B3 CPI International, Inc., 8.0%, 2/15/18 107,888
-------------
$ 474,488
-------------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.1%
125,000 BB-/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 133,750
-------------
Total Technology Hardware & Equipment $ 608,238
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.2%
150,000 BB/NR Amkor Technology, Inc., 6.375%,
10/1/22 (144A) $ 148,875
70,000 B+/Caa1 SunEdison, Inc., 7.75%, 4/1/19 67,550
-------------
$ 216,425
-------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
100,000 B/B2 Advanced Micro Devices, Inc.,
7.5%, 8/15/22 $ 97,000
-------------
Total Semiconductors &
Semiconductor Equipment $ 313,425
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.4%
Integrated Telecommunication
Services -- 1.3%
277,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 $ 288,080
200,000 BB-/Ba2 Frontier Communications Corp.,
7.125%, 1/15/23 198,000
100,000 BB-/Ba2 Frontier Communications Corp.,
7.625%, 4/15/24 101,000
160,000 BB-/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 176,400
300,000 B+/B2 GCI, Inc., 8.625%, 11/15/19 311,250
100,000 NR/NR Unison Ground Lease Funding LLC,
5.78%, 3/15/20 (144A) 95,801
260,000 B/B1 Windstream Corp., 6.375%, 8/1/23 247,000
120,000 B/B1 Windstream Corp., 7.5%, 6/1/22 123,600
-------------
$ 1,541,131
-------------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
100,000 BB/Ba3 MetroPCS Wireless, Inc., 6.625%,
11/15/20 $ 105,000
-------------
Total Telecommunication Services $ 1,646,131
-------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Gas Utilities -- 0.5%
100,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 106,500
350,000 B/B2 Ferrellgas LP, 6.5%, 5/1/21 353,500
200,000 B-/B2 Star Gas Partners LP, 8.875%, 12/1/17 206,000
-------------
$ 666,000
-------------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.7%
175,000 BB-/Ba3 AES Corp., Virginia, 4.875%, 5/15/23 $ 166,250
250,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 256,525
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 39
Schedule of Investments | 7/31/13 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- (continued)
270,000 BB-/B1 NRG Energy, Inc., 6.625%, 3/15/23 $ 276,750
75,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 83,625
-------------
$ 783,150
-------------
Total Utilities $ 1,449,150
-------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $50,696,700) $ 50,490,431
-------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 1.2%**
CAPITAL GOODS -- 0.1%
Electrical Components &
Equipment -- 0.1%
99,000 7.00 NR/NR Pelican Products, Inc., Term Loan
(First Lien), 7/11/18 $ 99,371
-------------
Total Capital Goods $ 99,371
-------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
124,375 5.00 B+/B1 Metaldyne Corp., USD Term Loan,
12/18/18 $ 126,552
-------------
Total Automobiles & Components $ 126,552
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Housewares & Specialties -- 0.1%
45,129 5.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 4/2/19 $ 45,581
-------------------------------------------------------------------------------------------------------------
Apparel, Accessories &
Luxury Goods -- 0.1%
149,250 5.75 B/B2 Renfro Corp., Tranche B Term Loan,
1/30/19 $ 150,369
-------------
Total Consumer Durables & Apparel $ 195,950
-------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Leisure Facilities -- 0.1%
113,143 4.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 1/30/19 $ 113,514
-------------
Total Consumer Services $ 113,514
-------------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
149,250 4.75 B/B1 NEP Broadcasting LLC, Refinanced New
Term Loan (First Lien), 1/22/20 $ 150,836
59,809 4.50 B+/B2 Univision Communications, Inc., 2013
Converted Extended First-Lien Term
Loan, 3/1/20 60,216
-------------
$ 211,052
-------------
Total Media $ 211,052
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Packaged Foods & Meats -- 0.2%
200,000 6.75 B-/NR Hostess Brands, Inc., Term B
Loan, 4/9/20 $ 206,000
-------------
Total Food, Beverage & Tobacco $ 206,000
-------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.0%+
Personal Products -- 0.0%+
59,251 4.25 B/Ba3 Monotronics International, Inc., Term B
Loan, 3/23/18 $ 59,869
-------------
Total Household & Personal Products $ 59,869
-------------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
149,625 5.00 B/B1 Ocwen Financial Corp., Initial Term
Loan, 2/15/18 $ 151,869
-------------
Total Banks $ 151,869
-------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
24,000 5.50 B/B3 Springleaf Finance Corp., Initial Term
Loan, 5/10/17 $ 24,069
-------------
Total Diversified Financials $ 24,069
-------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Application Software -- 0.1%
98,491 4.25 NR/B1 Vertafore, Inc., Term Loan
(2013), 10/3/19 $ 99,127
-------------
Total Software & Services $ 99,127
-------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication
Services -- 0.1%
123,811 3.75 BB/Ba3 West Corp., Term B-8 Loan, 6/30/18 $ 124,532
-------------
Total Telecommunication Services $ 124,532
-------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING
RATE LOAN INTERESTS
(Cost $1,385,321) $ 1,411,905
-------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 94.3%
(Cost $109,159,233) (a) $ 110,138,858
-------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 5.7% $ 6,690,929
-------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 116,829,787
-------------------------------------------------------------------------------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 41
* Non-income producing security.
+ Rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
WR Rating withdrawn 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 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 July 31, 2013, the value of these securities
amounted to $33,778,724 or 28.9% of total net assets.
(a) At July 31, 2013, the net unrealized gain on investments based on
|
cost for federal income tax purposes of $109,285,742 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $ 2,861,395
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (2,008,279)
-----------
Net unrealized appreciation $ 853,116
===========
|
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes To Financial
Statements -- Note 1A.
(d) Security represents the interest only portion payments on a pool of
underlying mortgages or mortgage-backed securities.
(e) Security issued with a zero coupon. Income is earned through
accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2013 aggregated $147,852,933 and $55,199,856, 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.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2013, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 214,328 $ -- $ 214,328
Preferred Stocks 229,900 146,914 282,556 659,370
Common Stocks 24,746,921 25,737,883 -- 50,484,804
Asset Backed Securities -- 1,487,647 -- 1,487,647
Collateralized Mortgage Obligations -- 5,390,373 -- 5,390,373
Corporate Bonds -- 50,490,431 -- 50,490,431
Senior Floating Rate Loan Interests -- 1,411,905 -- 1,411,905
----------------------------------------------------------------------------------------
Total $ 24,976,821 $84,879,481 $ 282,556 $110,138,858
========================================================================================
Other Financial Instruments
Unrealized depreciation on forward
foreign currency settlement
hedge contracts $ -- $ (844) $ -- $ (844)
----------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ (844) $ -- $ (844)
========================================================================================
|
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
----------------------------------------------------------------------------------------
Preferred
Stocks
----------------------------------------------------------------------------------------
Balance as of 7/31/12 $ --
Realized gain (loss)(1) --
Change in unrealized appreciation
(depreciation)(2) 7,556
Purchases 275,000
Sales --
Transfers in to Level 3** --
Transfers out of Level 3** --
----------------------------------------------------------------------------------------
Balance as of 7/31/13 $ 282,556
========================================================================================
|
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
** Transfers are calculated on the beginning of period values. During the year
ended July 31, 2013, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 7/31/13 $ 7,556
-------
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 43
Statement of Assets and Liabilities | 7/31/13
ASSETS:
Investment in securities (cost $109,159,233) $110,138,858
Cash 6,471,608
Foreign currency (cost $931,931) 932,978
Receivables --
Investment securities sold 3,178,102
Fund shares sold 1,962,666
Dividends 232,389
Interest 914,210
Due from Pioneer Investment Management, Inc. 27,693
Prepaid expenses 12,141
------------------------------------------------------------------------------------
Total assets $123,870,645
====================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 6,098,544
Fund shares repurchased 763,216
Dividends 84,691
Net unrealized depreciation on forward foreign currency
settlement hedge contracts 844
Due to affiliates 25,004
Accrued expenses 68,559
------------------------------------------------------------------------------------
Total liabilities $ 7,040,858
====================================================================================
NET ASSETS:
Paid-in capital $115,856,349
Undistributed net investment income 386,070
Accumulated net realized loss on investments, foreign currency
transactions and futures contracts (386,543)
Net unrealized appreciation on investments 979,625
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (5,714)
------------------------------------------------------------------------------------
Total net assets $116,829,787
====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $49,263,343/4,451,294 shares) $ 11.07
Class C (based on $35,074,082/3,177,105 shares) $ 11.04
Class Y (based on $32,492,362/2,938,231 shares) $ 11.06
MAXIMUM OFFERING PRICE:
Class A ($11.07(divided by)95.5%) $ 11.59
====================================================================================
|
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Statement of Operations
For the Year Ended 7/31/13
INVESTMENT INCOME:
Interest $1,805,825
Dividends (net of foreign taxes withheld of $82,522) 1,489,575
-------------------------------------------------------------------------------------------
Total investment income $3,295,400
===========================================================================================
EXPENSES:
Management fees $ 236,358
Transfer agent fees
Class A 5,586
Class C 4,734
Class Y 468
Distribution fees
Class A 51,273
Class C 139,136
Shareholder communication expense 9,828
Administrative reimbursement 33,047
Custodian fees 54,794
Registration fees 60,561
Professional fees 49,494
Printing expense 35,020
Fees and expenses of nonaffiliated Trustees 7,347
Miscellaneous 32,011
-------------------------------------------------------------------------------------------
Total expenses $ 719,657
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (224,439)
-------------------------------------------------------------------------------------------
Net expenses $ 495,218
-------------------------------------------------------------------------------------------
Net investment income $2,800,182
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 525,753
Futures contracts (656,439)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 9,316 $ (121,370)
-------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 496,124
Futures contracts (2,000)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (41,878) $ 452,246
-------------------------------------------------------------------------------------------
Net gain on investments and futures contracts/foreign
currency transactions $ 330,876
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $3,131,058
===========================================================================================
|
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 45
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
12/22/11
Year (Commencement
Ended of Operations)
7/31/13 to 7/31/12
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,800,182 $ 567,130
Net realized gain (loss) on investments, futures
contracts and foreign currency transactions (121,370) 273,745
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and foreign
currency transactions 452,246 521,665
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,131,058 $ 1,362,540
===================================================================================================
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.73 and $0.28 per share, respectively) $ (1,220,918) $ (149,155)
Class C ($0.63 and $0.24 per share, respectively) (704,196) (128,121)
Class Y ($0.75 and $0.28 per share, respectively) (779,806) (142,695)
Net realized gain:
Class A ($0.20 and $0.00 per share, respectively) (182,478) --
Class C ($0.20 and $0.00 per share, respectively) (115,439) --
Class Y ($0.20 and $0.00 per share, respectively) (113,470) --
===================================================================================================
Total distributions to shareowners $ (3,116,307) $ (419,971)
===================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $108,318,140 $ 16,879,519
Reinvestment of distributions 1,662,286 17,725
Cost of shares repurchased (10,960,311) (44,892)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 99,020,115 $ 16,852,352
---------------------------------------------------------------------------------------------------
Net increase in net assets $ 99,034,866 $ 17,794,921
NET ASSETS:
Beginning of period $ 17,794,921 $ --
---------------------------------------------------------------------------------------------------
End of period $116,829,787 $ 17,794,921
---------------------------------------------------------------------------------------------------
Undistributed net investment income $ 386,070 $ 245,974
===================================================================================================
|
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
------------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A*
Shares sold 4,339,215 $48,246,211 618,502 $6,237,784
Reinvestment of distributions 79,476 876,443 944 9,897
Less shares repurchased (584,180) (6,481,190) (2,663) (27,231)
------------------------------------------------------------------------------------------------
Net increase 3,834,511 $42,641,464 616,783 $6,220,450
================================================================================================
Class C*
Shares sold 2,693,610 $29,969,385 551,204 $5,535,843
Reinvestment of distributions 33,557 370,231 705 7,395
Less shares repurchased (100,274) (1,096,742) (1,697) (17,661)
------------------------------------------------------------------------------------------------
Net increase 2,626,893 $29,242,874 550,212 $5,525,577
================================================================================================
Class Y*
Shares sold 2,695,279 $30,102,544 510,211 $5,105,892
Reinvestment of distributions 37,558 415,612 41 433
Less shares repurchased (304,858) (3,382,379) -- --
------------------------------------------------------------------------------------------------
Net increase 2,427,979 $27,135,777 510,252 $5,106,325
================================================================================================
|
* Class A, Class C and Class Y shares were first publicly offered on December
22, 2011.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 47
Financial Highlights
------------------------------------------------------------------------------------------------
Year Ended 12/22/11 (a)
7/31/13 to 7/31/12
------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.61 $ 10.00
------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.61 $ 0.36
Net realized and unrealized gain on investments 0.78 0.53
------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.39 $ 0.89
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.73) (0.28)
Net realized gain (0.20) --
------------------------------------------------------------------------------------------------
Total Distributions $ (0.93) $ (0.28)
------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.46 $ 0.61
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.07 $ 10.61
================================================================================================
Total return* 13.52% 8.91%***
Ratio of net expenses to average net assets 0.85% 0.85%**
Ratio of net investment income to average net assets 6.19% 5.99%**
Portfolio turnover rate 119% 42%***
Net assets, end of period (in thousands) $49,263 $ 6,545
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.37% 2.51%**
Net investment income 5.67% 4.33%**
================================================================================================
|
(a) Class A shares were first publicly offered on December 22, 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.
48 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
------------------------------------------------------------------------------------------------
Year Ended 12/22/11 (a)
7/31/13 to 7/31/12
------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.60 $ 10.00
------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.52 $ 0.32
Net realized and unrealized gain on investments 0.75 0.52
------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.27 $ 0.84
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.63) (0.24)
Net realized gain (0.20) --
------------------------------------------------------------------------------------------------
Total Distributions $ (0.83) $ (0.24)
------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.44 $ 0.60
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.04 $ 10.60
================================================================================================
Total return* 12.39% 8.45%***
Ratio of net expenses to average net assets 1.71% 1.67%**
Ratio of net investment income to average net assets 5.24% 5.17%**
Portfolio turnover rate 119% 42%***
Net assets, end of period (in thousands) $35,074 $ 5,831
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 2.13% 3.26%**
Net investment income 4.81% 3.58%**
================================================================================================
|
(a) Class C shares were first publicly offered on December 22, 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 | Annual Report | 7/31/13 49
Financial Highlights (continued)
------------------------------------------------------------------------------------------------
Year Ended 12/22/11 (a)
7/31/13 to 7/31/12
------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.62 $ 10.00
------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.63 $ 0.39
Net realized and unrealized gain on investments 0.76 0.51
------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.39 $ 0.90
------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.75) (0.28)
Net realized gain (0.20) --
------------------------------------------------------------------------------------------------
Total Distributions $ (0.95) $ (0.28)
------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.44 $ 0.62
------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.06 $ 10.62
================================================================================================
Total return* 13.53% 9.10%***
Ratio of net expenses to average net assets 0.65% 0.65%**
Ratio of net investment income to average net assets 6.23% 6.16%**
Portfolio turnover rate 119% 42%***
Net assets, end of period (in thousands) $32,492 $ 5,418
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Total expenses 1.10% 2.25%**
Net investment income 5.79% 4.56%**
================================================================================================
|
(a) Class Y shares were first publicly offered on December 22, 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.
50 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Notes to Financial Statements | 7/31/13
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:
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 51
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. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. 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 senior loans for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by or
at the direction or with the approval of the Valuation Committee using fair
value methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At July 31, 2013, there were two securities that were valued using fair
value methods (in addition to securities valued using prices supplied by
independent pricing services) representing 0.2% of net assets. 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.
52 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
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 investments are not segregated in the statement of operations from
the effects of changes in market price 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).
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 53
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 July 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior fiscal year remains subject to examination by federal and state tax
authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
July 31, 2013, the Fund reclassified $44,834 to increase undistributed net
investment income and $44,834 to increase accumulated net realized loss on
investments and foreign currency transactions to reflect permanent book/tax
differences. These adjustments have no impact on net assets or the results
of operations.
The Fund has elected to defer $272,559 of capital losses recognized between
November 1, 2012 and July 31, 2013 to its fiscal year ending July 31, 2014.
The tax character of distributions paid during the years ended July 31,
2013 and July 31, 2012 were as follows:
---------------------------------------------------------------------------
2013 2012
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $3,070,131 $419,971
Long-term capital gain 46,176 --
---------------------------------------------------------------------------
Total $3,116,307 $419,971
===========================================================================
|
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
===========================================================================
|
54 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
The difference between book-basis and tax-basis net unrealized gain 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 $48,871 in underwriting commissions on the sale of
Class A shares during the year ended July 31, 2013.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y 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.
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.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 55
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency rates or to seek to increase
total return. Futures contracts are types of derivatives. All futures
contracts entered into by the Fund are traded on a futures exchange. Upon
entering into a futures contract, the Fund is required to deposit with a
broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. Subsequent
payments for futures contracts ("variation margin") are paid or received by
the Fund, depending on the daily fluctuation in the value of the contracts,
and are recorded by the Fund as unrealized gains or losses. 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. These risks may decrease the effectiveness of the
Fund's hedging strategies and potentially result in a loss. The average
number of contracts open during the year ended July 31, 2013 was 8. There
were no open futures contracts at July 31, 2013.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. (PIM), is responsible for determining that the value of the
collateral remains at least equal to the repurchase price.
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 increase the Fund's income, to add
leverage to the Fund or to hedge the risk of default on portfolio
securities. When the Fund is a seller of protection, the Fund would be
required to pay the notional (or other agreed-upon) value of the referenced
debt obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result in
a loss to the Fund. In return, the Fund would receive from the counterparty
a periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the Fund as
seller of protection would be
56 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
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, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An
upfront payment received by the Fund, as the protection seller, is recorded
as a liability in the Fund's records. An upfront payment made by the Fund,
as the protection buyer, is recorded as an asset in the Fund's records.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. 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. At July 31,
2013, the Fund had no open credit default swaps.
K. Option Writing
The Fund may buy and sell put and call options, or write put and covered
call options on portfolio securities in order to produce incremental
earning or protect against changes in the value of portfolio securities.
The Fund generally purchases put options or writes covered call options to
hedge against adverse movements in the value of portfolio holdings. When an
option is written, the Fund receives a premium and becomes obligated to
sell or purchase 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
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 57
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. At July 31, 2013, there were no
open written options.
L. Purchased Options
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time.
Upon the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized gains or losses are
recorded in the Fund's financial statements. As the purchaser of an index
option, the Fund has the right to receive a cash payment equal to any
depreciation in the value of the index below the strike price of the option
(in the case of a put) or equal to any appreciation in the value of the
index over the strike price of the option (in the case of a call) as of the
valuation date of the option. Premiums paid for purchased calls and put
options which have expired are treated as realized losses on investments in
the Statement of Operations. Upon the exercise or closing of a purchased
put option, the premium is offset against the proceeds on the sale of the
underlying security or financial instrument in order to determine the
realized gain or loss on investments. Upon the exercise or closing of a
purchased call option, the premium is added to the cost of the security or
financial instrument. The risk associated with purchasing options is
limited to the premium originally paid. The number of contracts open during
two months during the year ended July 31, 2013 was 7. At July 31, 2013,
there were no open purchased options.
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 year ended July 31, 2013 are
reflected on the Statement of Operations. These expense
58 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
limitations are in effect through December 1, 2014. There can be no assurance
that PIM will extend the expense limitation agreement for a class of shares
beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$25,437 in management fees, administrative costs and certain other
reimbursements payable to PIM at July 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $4,778
Class C 2,999
Class Y 2,051
--------------------------------------------------------------------------------
Total $9,828
================================================================================
|
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,992 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at July 31, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $2,559 in distribution fees payable to
PFD at July 31, 2013.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 59
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 one year 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
year ended July 31, 2013, CDSC's in the amount of $2,317 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended July 31, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At July 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of settlement contracts
open during the year ended July 31, 2013 was $691,399. At July 31, 2013, the
Fund's gross forward currency settlement contracts receivable and payable were
$4,816,013 and $4,816,857, respectively, resulting in a net payable of $844. The
average value of portfolio contracts open during the year ended July 31, 2013
was $1,877,594. There were no open portfolio hedge contracts at July 31, 2013.
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 as of February 15, 2013 is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
60 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
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 year ended July 31, 2013, the Fund had no borrowings
under the credit facility.
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of July 31, 2013 were as follows:
----------------------------------------------------------------------------------------------
Derivatives Not Asset Derivatives 2013 Liabilities Derivatives 2013
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 settlement appreciation on depreciation on
hedge contracts forward foreign forward foreign
currency currency
settlement hedge settlement hedge
contracts $ -- contracts $844
----------------------------------------------------------------------------------------------
Total $ -- $844
==============================================================================================
|
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 61
The effect of derivative instruments on the Statement of Operations for the year
ended July 31, 2013 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 currency Net realized gain (loss) on forward
settlement hedge contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies $ (17,780)
Forward foreign currency Change in unrealized appreciation
settlement hedge contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $ (820)
Forward foreign currency Net realized gain (loss) on forward
portfolio hedge contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies $ 12,648
Forward foreign currency Change in unrealized appreciation
portfolio hedge contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $ (35,897)
Interest Rate Futures Net realized gain (loss) on
futures contracts $ (656,439)
Interest Rate Futures Change in net unrealized
appreciation (depreciation) on
futures contracts $ (2,000)
--------------------------------------------------------------------------------------------------------
|
62 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust IV and the Shareowners of
Pioneer Multi-Asset Income Fund:
We have audited the accompanying statement of assets and liabilities of Pioneer
Multi-Asset Income Fund, one of the portfolios constituting Pioneer Series Trust
IV (the "Trust"), including the schedule of investments, as of July 31, 2013,
and the related statement of operations for the year then ended, and the
statements of changes in net assets and the financial highlights for the year
then ended and the period from December 22, 2011 (commencement of operations) to
July 31, 2012. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of July 31, 2013 by correspondence with the custodian,
brokers and agent banks or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Multi-Asset Income Fund at July 31, 2013, the results of its operations
for the year then ended, and the changes in its net assets and the financial
highlights for the year then ended and the period from December 22, 2011
(commencement of operations) to July 31, 2012, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
September 24, 2013
|
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 63
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 52 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
64 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Independent Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2011. Chairman and Chief Executive Director, Broadridge Financial
Chairman of the Board Serves until a Officer, Quadriserv, Inc. Solutions, Inc. (investor
and Trustee successor trustee is (technology products for communications and securities
elected or earlier securities lending industry) processing provider for financial
retirement or (2008 - present); private services industry) (2009 - present);
removal. investor (2004 - 2008); and Director, Quadriserv, Inc. (2005 -
Senior Executive Vice present); and Commissioner, New
President, The Bank of New Jersey State Civil Service
York (financial and securities Commission (2011 - present)
services) (1986 - 2004)
-----------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2011. Managing Partner, Federal City Director of Enterprise Community
Trustee Serves until a Capital Advisors (corporate Investment, Inc. (privately-held
successor trustee is advisory services company) affordable housing finance company)
elected or earlier (1997 - 2004 and 2008 - (1985 - 2010); Director of Oxford
retirement or present); Interim Chief Analytica, Inc. (2008 - present);
removal. Executive Officer, Oxford Director of The Swiss Helvetia Fund,
Analytica, Inc. (privately Inc. (closed-end fund) (2010 -
held research and consulting present); and Director of New York
company) (2010); Executive Mortgage Trust (publicly traded
Vice President and Chief mortgage REIT) (2004 - 2009, 2012 -
Financial Officer, I-trax, present)
Inc. (publicly traded health
care services company) (2004 -
2007); and Executive Vice
President and Chief Financial
Officer, Pedestal Inc.
(internet-based mortgage
trading company) (2000 - 2002)
-----------------------------------------------------------------------------------------------------------------------------
|
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 65
Independent Trustees (continued)
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a Political Economy, Harvard Institutional Funds
successor trustee is University (1972 - present) Investment Trust and
elected or earlier Mellon Institutional
retirement or removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
-----------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2011. Founding Director, Vice President None
Trustee Serves until a and Corporate Secretary, The
successor trustee is Winthrop Group, Inc. (consulting
elected or earlier firm) (1982-present); Desautels
retirement or removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
-----------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2011. President and Chief Executive Director of New America
Trustee Serves until a Officer, Newbury, Piret & Company, High Income Fund, Inc.
successor trustee is Inc. (investment banking firm) (closed-end investment
elected or earlier (1981 - present) company) (2004 -
retirement or removal. present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2011. Senior Counsel, Sullivan & Director, The Swiss
Trustee Serves until a Cromwell LLP (law firm) (1998 - Helvetia Fund, Inc.
successor trustee is present); and Partner, Sullivan & (closed-end investment
elected or earlier Cromwell LLP (prior to 1998) company); and Director,
retirement or removal. Invesco, Ltd. (formerly
AMVESCAP, PLC)
(investment manager)
(1997-2005)
-----------------------------------------------------------------------------------------------------------------------------
|
66 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
Interested Trustees
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
-----------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 2011. Non-Executive Chairman and a director of None
Trustee, President and Chief Serves until a Pioneer Investment Management USA Inc.
Executive Officer of the Fund successor trustee is ("PIM-USA"); Chairman and a director of
elected or earlier Pioneer; Chairman and Director of
retirement or removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated funds;
Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
-----------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2011. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc.
retirement or removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
-----------------------------------------------------------------------------------------------------------------------------
|
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 67
Fund Officers
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2011. Serves at Vice President and Associate None
Secretary the discretion of the General Counsel of Pioneer since
Board. January 2008 and Secretary of all
of the Pioneer Funds since June
2010; Assistant Secretary of all
of the Pioneer Funds from
September 2003 to May 2010; and
Vice President and Senior Counsel
of Pioneer from July 2002 to
December 2007
-----------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2011. Serves at Fund Governance Director of None
Assistant Secretary the discretion of the Pioneer since December 2006 and
Board. Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Pioneer from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2011. Serves at Counsel of Pioneer since June 2007 None
Assistant Secretary the discretion of the and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; and
Vice President and Counsel at
State Street Bank from October
2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2011. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the
Financial Board. Pioneer Funds since March 2008;
and Accounting Officer of Deputy Treasurer of Pioneer from
the Fund March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
-----------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2011. Serves at Assistant Vice President - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2011. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
-----------------------------------------------------------------------------------------------------------------------------
|
68 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
-----------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
-----------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2011. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November
2008; Assistant Treasurer of all
of the Pioneer Funds since January
2009; and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
-----------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2011. Serves at the Chief Compliance Officer of None
Chief Compliance Officer discretion of the Board. Pioneer and of all the Pioneer
Funds since March 2010; Director
of Adviser and Portfolio
Compliance at Pioneer since
October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
-----------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2011. Serves at the Director--Transfer Agency None
Anti-Money Laundering discretion of the Board. Compliance of Pioneer and
Officer Anti-Money Laundering Officer of
all the Pioneer Funds since 2006
-----------------------------------------------------------------------------------------------------------------------------
|
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 69
This page for your notes.
70 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 71
This page for your notes.
72 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 73
This page for your notes.
74 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
This page for your notes.
Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13 75
This page for your notes.
76 Pioneer Multi-Asset Income Fund | Annual Report | 7/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
|
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 25962-01-0913