UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-21108

 

Pioneer Series Trust X

(Exact name of registrant as specified in charter)

 

60 State Street, Boston, MA 02109

(Address of principal executive offices) (ZIP code)

 

Terrence J. Cullen, Amundi Asset Management, Inc.,

60 State Street, Boston, MA 02109

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code:  (617) 742-7825

Date of fiscal year end:  March 31, 2022

 

Date of reporting period: April 1, 2021 through September 30, 2021

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

 

 

 
 

 


Pioneer Multi-Asset

Ultrashort Income Fund

Semiannual Report | September 30, 2021

         
A: MAFRX C: MCFRX C2: MAUCX K: MAUKX Y: MYFRX

 

Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.

 



visit us: www.amundi.com/us



   
Table of Contents  
President’s Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Financial Statements 86
Notes to Financial Statements 95
Statement Regarding Liquidity Risk Management Program 110
Approval of Renewal of Investment Management Agreement 112
Trustees, Officers and Service Providers 117

 

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President’s Letter

Dear Shareholders,

The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.

Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.

In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.

Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.

After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.

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Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.

Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.

At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.

As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.

We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.

Sincerely,

Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2021

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. Past performance is no guarantee of future results.

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Portfolio Management Discussion 9/30/21

In the following interview, portfolio managers Jonathan Sharkey, Noah Funderburk, and Nicolas Pauwels discuss the factors that influenced the performance of Pioneer Multi-Asset Ultrashort Income Fund during the six-month period ended September 30, 2021. Mr. Sharkey, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US); Mr. Funderburk, a vice president and a portfolio manager at Amundi US; and Mr. Pauwels, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.

QHow did the Fund perform during the six-month period ended September 30, 2021?
APioneer Multi-Asset Ultrashort Income Fund’s Class A shares returned 0.60% at net asset value (NAV) during the six-month period ended September 30, 2021, while the Fund’s benchmark, the ICE Bank of America 3- Month US Dollar LIBOR Index (the ICE BofA Index), returned 0.09%. During the same period, the average return of the 244 mutual funds in Morningstar’s Ultrashort Bond category was 0.19%.
QCan you describe the market environment for fixed-income investors over the six-month period ended September 30, 2021?
AEntering the period back in April, investors had looked beyond negative news of regional surges in COVID-19 cases as well as select data that suggested a slowing in the rate of economic recovery, and instead focused their attention on positive developments pertaining to the distribution of COVID-19 vaccines, a broader economic reopening from the pandemic-induced shutdowns and restrictions, and the US government’s most recent fiscal stimulus package approved at the beginning of the calendar year. The continued dovish posture of the US Federal Reserve (Fed) on monetary policy lent further support to the markets and helped drive an increased appetite for riskier assets such as high-yield bonds, as Federal Open Market Committee (FOMC) members hinted at a desire to remain “on the sidelines” with regard to major policy changes until at least 2023. The Fed based its projection on the view that near-term increases in inflation above the usual 2% target would be transitory, and not structural. The Fed also messaged that it would look at average inflation over time, rather than feeling compelled to raise interest rates based on an isolated uptick in prices for certain goods and services.

However, the “reflation trade” wobbled during June 2021, as market participants navigated around growing apprehension over the spread of COVID-19 variants and a somewhat “hawkish” FOMC meeting that

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month. Treasury-market investors reacted to the updated Fed “dot plot” displaying FOMC member forecasts that pointed to a median federal funds target rate of 0.625% by year-end 2023, or 50 basis points (bps) higher than the March 2021 forecast. The Treasury yield curve saw short-end yields rise and long-end yields decline, while longer-term inflation expectations moved lower. The movement suggested investors’ doubts regarding the Fed's long-term commitment to its current average inflation-targeting framework. (The Fed’s “dot” plot/projection is a quarterly chart summarizing the outlook for the federal funds rate for each of the FOMC’s meeting participants. A basis point is equal to 1/100th of a percentage point.)

The hawks prevailed during the September FOMC debate as to when to start tapering the asset purchases the Fed had implemented shortly after the outset of the pandemic, and at what pace. The FOMC signaled, and Fed Chair Powell affirmed, that tapering could begin as early as November and be completed by the middle of next year.

QCan you review your principal investment strategies during the six-month period ended September 30, 2021, and how the strategies affected the Fund’s benchmark-relative performance?
AThe Fund’s benchmark-relative performance over the period benefited the most from investments in securitized assets, with allocations to residential mortgage-backed securities (RMBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) the primary positive contributors. The Fund has been overweight to securitized assets versus its peers, and the portfolio’s RMBS exposures include a significant position in credit-risk-transfer securities, which transfer some of the risk of default from government-sponsored entities (Fannie Mae, Freddie Mac) to the private sector. Performance of those securities benefited during the period from record housing prices, declining mortgage forbearance rates, and strong consumer balance sheets. The ABS sector received support from consumer strength, as the economy gradually reopened and retail sales exceeded expectations. Within the Fund’s CMBS allocation, key positive performance contributions came from exposure to single asset/single borrower securities, an area where spreads have benefited from recovering hotel revenues — in particular, economy, limited service, and drive-to-destination hotels. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) Prices on bonds backed by hotels have rebounded substantially from the depths experienced in 2020, while bonds backed by other property types, such as multi-family, logistics, and offices, have also begun to approach their pre-pandemic levels.

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Positions in bank loans and collateralized loan obligations (CLOs) also aided the Fund’s relative performance during the period. Bank loans have benefited from record CLO demand, limited new issuance, and higher net inflows. Investment-grade corporate bond positions, particularly in financials and industrials, were another positive performance contributor for the Fund over the period. Finally, an allocation to insurance-linked securities (ILS) boosted benchmark-relative performance. We view the ILS exposure as helping to improve the portfolio’s risk-return profile, as ILS returns, historically, have been uncorrelated to other asset classes.

Given the Fund’s outperformance of the ICE BofA Index over the six-month period, there were no significant, material detractors from relative returns.

QCan you discuss the factors that affected the Fund’s income-generation (or yield), either positively or negatively, during the six-month period ended September 30, 2021?
ACredit spreads narrowed over the six-month period, which had the effect of reducing the Fund’s overall income generation. However, we believe the Fund’s income generation relative to alternative investment options has remained attractive, given the continued low-interest-rate environment.
QDid the Fund have any exposure to derivative securities during the six-month period ended September 30, 2021?
AThe Fund had a small allocation to US Treasury futures during the period, which had no material effect on performance.
QWhat is your assessment of the current investment environment in the fixed-income markets?
AIn our view, the COVID-19 situation remains a key driver of global economic activity and, in turn, of the performance of financial markets. Though the spread of the highly contagious “Delta” variant of the virus has led to an increase in infection rates, we do not expect that development to derail the recovery already underway in major developed economies, where vaccination rates have been relatively high. While vaccines do not provide 100 percent protection against infection, “breakthrough” infections appear to be less severe and have resulted in fewer hospitalizations and deaths. We believe it is important to keep that in mind as the pandemic eventually becomes endemic and the world transitions from “fighting” COVID to “living with” COVID.

While the expected start and completion dates of the Fed’s tapering program have been pushed forward into November, we do not think that will have a material influence on interest rates. We place more weight on

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the cumulative impact that the Fed’s bond purchases have had on the markets since the spring of 2020, rather than the effects of the monthly purchase flows. The earlier start to the Fed’s tapering could have a relatively small effect on the total amount of bonds purchased by the Fed during this latest round of quantitative easing (QE). Nevertheless, we believe the end of QE could modestly increase the term premium in the yield curve (meaning a steeper curve), and as of period-end, markets had yet to reflect that factor.

Given the Fed’s prior guidance that adjustments to the federal funds rate target range would only occur after QE ends, an earlier tapering of QE could provide the Fed with the flexibility to raise the federal funds rate sooner than anticipated, if deemed necessary. Current market pricing has implied a very reasonable early 2023 timeframe for the first hike in the federal funds target range; however, we think the pricing underestimates the likely pace of rate increases after the initial “lift off,” especially if inflation proves less transitory than the Fed’s current forecasts.

We are monitoring developments on a number of economic and policy fronts, including the effects of the expiration of expanded unemployment benefits on the labor market, supply chain disruptions, and rising inflation, as well as the Fed’s signaling with respect to the trajectory of interest rates. Our base-case scenario is for solid near-term economic growth, possibly above potential, and improving corporate credit-quality metrics if cash-flow generation grows relative to outstanding debt obligations. Corporate bond markets, however, have largely priced in that projected improvement in credit metrics, in our view.

The yield spread relative to Treasuries for the US investment-grade corporate bond market was historically narrow as of period-end. As such, we believe potential returns from spread tightening could be modest. But, we also view the risk of material spread widening as modest, given a supportive macro environment, an accommodative Fed, and global investor demand for positive yields.

While we expect spread assets to outperform Treasuries in the coming quarters, we appreciate that spread levels across most fixed-income sectors currently leave little room for error. With that in mind, we have continued to trim the Fund’s positions in holdings that we believe may offer less attractive return potential relative to the long-term risks.

We continue to believe that the Fund offers a compelling option for investors seeking a strategic alternative to other short-term investment vehicles.

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Please refer to the Schedule of Investments on pages 19–85 for a full listing of Fund securities.

All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.

The Fund has the ability to invest in a wide variety of debt securities.

The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and financial markets generally.

The Fund may invest in underlying funds (including ETFs). In addition to the Fund’s operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.

The Fund and some of the underlying funds may utilize strategies that have a leveraging effect on the Fund, which increases the volatility of investment returns and subjects the Fund to magnified losses if the Fund’s or an underlying fund’s investments decline in value.

The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.

The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable.

The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap.

The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer.

The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate.

The Fund may invest in insurance-linked securities. The return of principal and the payment of interest and/or dividends on insurance-linked securities are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude.

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The Fund may invest in zero-coupon bonds and payment-in-kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders.

Investments in equity securities are subject to price fluctuation.

International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

Investments in fixed-income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities generally falls.

The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments.

Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation.

High yield bonds possess greater price volatility, illiquidity, and possibility of default.

There may be insufficient or illiquid collateral securing the floating rate loans held within the Fund. This may reduce the future redemption or recovery value of such loans.

The Fund may have disadvantaged access to confidential information that could be used to assess a loan issuer, as Amundi normally seeks to avoid receiving material, non-public information.

The Fund is not a money market fund.

These risks may increase share price volatility.

There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.

Please see the prospectus for a more complete discussion of the Fund’s risks.

Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.

Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

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Portfolio Summary 9/30/21

     
10 Largest Holdings  
(As a percentage of total investments)*  
1. Fannie Mae, 2.5%, 10/1/51 (TBA) 3.83%
2. U.S. Treasury Bills, 12/9/21 1.92
3. U.S. Treasury Bills, 11/23/21 1.18
4. U.S. Treasury Bills, 11/26/21 1.18
5. Fannie Mae, 2.0%, 10/1/36 (TBA) 0.66
6. Mitsubishi UFJ Financial Group, Inc., 0.915% (3 Month USD  
  LIBOR + 79 bps), 7/25/22 0.54
7. Truist Bank, 0.714% (3 Month USD LIBOR + 59 bps), 5/17/22 0.54
8. U.S. Treasury Note, 2.875%, 10/15/21 0.54
9. Cardinal Health, Inc., 0.886% (3 Month USD LIBOR + 77 bps), 6/15/22 0.52
10. American Express Co., 0.736% (3 Month USD LIBOR + 61 bps), 8/1/22 0.51

 

*      Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

 

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Prices and Distributions 9/30/21

     

Net Asset Value per Share

 

 
Class 9/30/21 3/31/21
A $9.71 $9.71
C $9.71 $9.71
C2 $9.72 $9.72
K $9.74 $9.74
Y $9.73 $9.73

 

       

Distributions per Share: 4/1/21 – 9/30/21

 

 
  Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.0585 $ — $ —
C $0.0427 $ — $ —
C2 $0.0442 $ — $ —
K $0.0698 $ — $ —
Y $0.0657 $ — $ —

 

The ICE Bank of America U.S. Dollar 3-Month LIBOR Index is an unmanaged index that tracks the performance of a synthetic asset paying the London Interbank Offered Rate (LIBOR), with a constant 3-month average maturity. The index is based on the assumed purchase at par value of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s 3-month LIBOR rate. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.

The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–16.

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Performance Update 9/30/21 Class A Shares

 

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Multi-Asset Ultrashort Income Fund at public offering price during the periods shown, compared to that of the ICE Bank of America (BofA) U.S. Dollar 3-Month LIBOR Index.

Average Annual Total Returns  
(As of September 30, 2021)  
      ICE BofA
      U.S.
  Net Public Dollar
  Asset Offering 3-Month
  Value Price LIBOR
Period (NAV) (POP)* Index
10 years 1.44% 1.18% 0.90%
5 years 1.52 1.01 1.44
1 year 2.28 2.28 0.21

 

Expense Ratio
(Per prospectus dated August 1, 2021)
Gross
0.60%

 

Call 1-800-225-6292 or visit www.amundi.com/us 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.

*POP returns shown above reflect the deduction of the maximum 2.50% front-end sales charge on Class A shares purchased prior to February 5, 2018.

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.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update 9/30/21 Class C Shares

 

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the ICE Bank of America (BofA) U.S. Dollar 3-Month LIBOR Index.

Average Annual Total Returns  
(As of September 30, 2021)  
      ICE BofA
      U.S.
      Dollar
      3-Month
  If If LIBOR
Period Held Redeemed Index
10 years 1.10% 1.10% 0.90%
5 years 1.21 1.21 1.44
1 year 1.85 1.85 0.21

 

Expense Ratio
(Per prospectus dated August 1, 2021)
Gross
0.91%

 

 

Call 1-800-225-6292 or visit www.amundi.com/us 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. 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.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update 9/30/21 Class C2 Shares

 

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class C2 shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the ICE Bank of America (BofA) U.S. Dollar 3-Month LIBOR Index.

Average Annual Total Returns  
(As of September 30, 2021)  
      ICE BofA
      U.S.
      Dollar
      3-Month
  If If LIBOR
Period Held Redeemed Index
10 years 1.11% 1.11% 0.90%
5 years 1.24 1.24 1.44
1 year 1.97 1.97 0.21

 

Expense Ratio
(Per prospectus dated August 1, 2021)
Gross
0.90%

 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class C2 shares held for less than 1 year are subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percentage change in net asset value per share. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

The performance shown for periods prior to the commencement of operations of Class C2 shares on August 1, 2013, is the net asset value performance of the Fund’s Class C shares, which has not been restated to reflect any differences in expenses. For the period beginning August 1, 2013, the actual performance of Class C2 shares is reflected.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update 9/30/21 Class K Shares

 

Investment Returns

The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the ICE Bank of America (BofA) U.S. Dollar 3-Month LIBOR Index.

Average Annual Total Returns
(As of September 30, 2021)  
    ICE BofA
    U.S.
  Net Dollar
  Asset 3-Month
  Value LIBOR
Period (NAV) Index
10 years 1.66% 0.90%
5 years 1.78 1.44
1 year 2.51 0.21

 

Expense Ratio
(Per prospectus dated August 1, 2021)
Gross
0.37%

 

 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 20, 2012, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning on December 20, 2012, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update 9/30/21 Class Y Shares

 

Investment Returns

The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Multi-Asset Ultrashort Income Fund during the periods shown, compared to that of the ICE Bank of America (BofA) U.S. Dollar 3-Month LIBOR Index.

Average Annual Total Returns
(As of September 30, 2021)  
    ICE BofA
    U.S.
  Net Dollar
  Asset 3-Month
  Value LIBOR
Period (NAV) Index
10 years 1.62% 0.90%
5 years 1.68 1.44
1 year 2.43 0.21

 

Expense Ratio
(Per prospectus dated August 1, 2021)
Gross
0.45%

 

 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for a more current expense ratio.

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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 ÷ $1,000 = 8.6

(2)Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income Fund

Based on actual returns from April 1, 2021 through September 30, 2021.

Share Class A C C2 K Y
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/21          
Ending Account Value $1,006.00 $1,004.40 $1,004.60 $1,007.20 $1,006.80
(after expenses)          
on 9/30/21          
Expenses Paid $2.97 $4.57 $4.47 $1.81 $2.26
During Period*          

 

*Expenses are equal to the Fund's annualized expense ratio of 0.59%, 0.91%, 0.89%, 0.36% and 0.45% for class A, C, C2, K, and Y respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).

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Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income Fund

Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2021 through September 30, 2021.

Share Class A C C2 K Y
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 4/1/21          
Ending Account Value $1,022.11 $1,020.51 $1,020.61 $1,023.26 $1,022.81
(after expenses)          
on 9/30/21          
Expenses Paid $2.99 $4.61 $4.51 $1.83 $2.28
During Period*          

 

*Expenses are equal to the Fund's annualized expense ratio of 0.59%, 0.91%, 0.89%, 0.36% and 0.45% for class A, C, C2, K, and Y respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period).

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Schedule of Investments 9/30/21 (unaudited)

Principal    
Amount    
USD ($)   Value
  UNAFFILIATED ISSUERS — 99.7%  
  ASSET BACKED SECURITIES — 24.4%
  of Net Assets  
1,546,844(a) 321 Henderson Receivables LLC, Series 2005-1A,  
  Class A1, 0.326% (1 Month USD LIBOR + 23 bps),  
  11/15/40 (144A) $ 1,526,087
141,525(a) 321 Henderson Receivables I LLC, Series 2004-A,  
  Class A1, 0.434% (1 Month USD LIBOR +  
  35 bps), 9/15/45 (144A) 140,410
157,935(a) 321 Henderson Receivables I LLC, Series 2006-1A,  
  Class A1, 0.284% (1 Month USD LIBOR +  
  20 bps), 3/15/41 (144A) 157,121
614,787(a) 321 Henderson Receivables I LLC, Series 2006-2A,  
  Class A1, 0.284% (1 Month USD LIBOR +  
  20 bps), 6/15/41 (144A) 604,304
786,117(a) 321 Henderson Receivables I LLC, Series 2006-3A,  
  Class A1, 0.284% (1 Month USD LIBOR +  
  20 bps), 9/15/41 (144A) 770,892
520,140(a) 321 Henderson Receivables I LLC, Series 2006-4A,  
  Class A1, 0.284% (1 Month USD LIBOR +  
  20 bps), 12/15/41 (144A) 519,048
3,000,000(a) ABPCI Direct Lending Fund CLO V, Ltd., Series 2019-5A,  
  Class CR, 4.334% (3 Month USD LIBOR +  
  420 bps), 4/20/31 (144A) 3,002,325
5,000,000(a) ABPCI Direct Lending Fund CLO X LP, Series 2020-10A,  
  Class A1A, 2.084% (3 Month USD LIBOR +  
  195 bps), 1/20/32 (144A) 5,006,055
7,006,329 ACC Auto Trust, Series 2021-A, Class A, 1.08%,  
  4/15/27 (144A) 7,013,550
897,446 ACC Trust, Series 2019-2, Class A, 2.82%,  
  2/21/23 (144A) 900,090
2,325,000(a) AIG CLO, Ltd., Series 2021-2A, Class E, 6.59% (3 Month  
  USD LIBOR + 650 bps), 7/20/34 (144A) 2,309,876
7,100,000(a) Aimco CLO 11, Ltd., Series 2020-11A, Class A1, 1.506%  
  (3 Month USD LIBOR + 138 bps), 10/15/31 (144A) 7,101,853
3,325,000(a) Allegro CLO XIII Ltd., Series 2021-1A, Class X, 1.151%  
  (3 Month USD LIBOR + 100 bps), 7/20/34 (144A) 3,324,993
3,075,000(a) Allegro CLO XIV Ltd., Series 2021-2A, Class X, 1.077%  
  (3 Month USD LIBOR + 100 bps), 10/15/34 (144A) 3,075,000
3,820,000 AM Capital Funding LLC, Series 2018-1, Class A, 4.98%,  
  12/15/23 (144A) 3,972,656
3,002,091 American Credit Acceptance Receivables Trust, Series  
  2020-1, Class B, 2.08%, 12/13/23 (144A) 3,004,647
403,206 American Credit Acceptance Receivables Trust, Series  
  2020-2, Class A, 1.65%, 12/13/23 (144A) 403,512
44,149(a) Amortizing Residential Collateral Trust, Series 2002-BC5,  
  Class M1, 1.121% (1 Month USD LIBOR +  
  104 bps), 7/25/32 44,161
1,554,065 Amur Equipment Finance Receivables VI LLC, Series  
  2018-2A, Class A2, 3.89%, 7/20/22 (144A) 1,567,622

 

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
4,000,000 Amur Equipment Finance Receivables VII LLC, Series  
  2019-1A, Class B, 2.8%, 3/20/25 (144A) $ 4,096,928
1,750,000 Amur Equipment Finance Receivables IX LLC, Series  
  2021-1A, Class D, 2.3%, 11/22/27 (144A) 1,759,148
2,300,000(a) Antares CLO, Ltd., Series 2019-2A, Class D, 4.888%  
  (3 Month USD LIBOR + 475 bps), 1/23/32 (144A) 2,305,803
1,114,284(a) Apidos CLO XXXII, Series 2019-32A, Class X, 0.784%  
  (3 Month USD LIBOR + 65 bps), 1/20/33 (144A) 1,114,283
5,604,752(a) Apres Static CLO, Ltd., Series 2019-1A, Class A1R,  
  1.196% (3 Month USD LIBOR + 107 bps),  
  10/15/28 (144A) 5,604,976
8,750,000 Aqua Finance Trust, Series 2017-A, Class A, 1.54%,  
  7/17/46 (144A) 8,735,742
6,832,483 Aqua Finance Trust, Series 2019-A, Class A, 3.14%,  
  7/16/40 (144A) 6,997,721
6,532,281 Aqua Finance Trust, Series 2020-AA, Class A, 1.9%,  
  7/17/46 (144A) 6,585,313
7,500,000(a) Arbor Realty Collateralized Loan Obligation, Ltd.,  
  Series 2020-FL1, Class D, 2.614% (SOFR30A +
  256 bps), 2/15/35 (144A) 7,504,710
3,600,000(a) Ares LVII CLO, Ltd., Series 2020-57A, Class X, 0.875%  
  (3 Month USD LIBOR + 75 bps), 10/25/31 (144A) 3,599,996
277,108(a) Argent Securities, Inc. Asset-Backed Pass-Through  
  Certificates, Series 2004-W11, Class M2, 1.136%
  (1 Month USD LIBOR + 105 bps), 11/25/34 278,144
20,659(a) Argent Securities, Inc. Asset-Backed Pass-Through  
  Certificates, Series 2005-W3, Class A2D, 0.766%
  (1 Month USD LIBOR + 68 bps), 11/25/35 20,649
2,414,492 Arivo Acceptance Auto Loan Receivables Trust, Series  
  2019-1, Class A, 2.99%, 7/15/24 (144A) 2,435,541
11,696,000 ARM Master Trust, Series 2021-T2, Class A, 1.42%,  
  1/15/24 (144A) 11,697,779
5,654,000 ARM Master Trust, Series 2021-T2, Class B, 2.17%,  
  1/15/24 (144A) 5,653,929
250,000(a) ASSURANT CLO, Ltd., Series 2018-2A, Class D, 2.984%  
  (3 Month USD LIBOR + 285 bps), 4/20/31 (144A) 245,789
9,052,908(a) Atlas Senior Loan Fund III, Ltd., Series 2013-1A,  
  Class AR, 0.954% (3 Month USD LIBOR +  
  83 bps), 11/17/27 (144A) 9,053,252
307,383(a) Atlas Senior Loan Fund XII, Ltd., Series 2018-12A,  
  Class X, 0.875% (3 Month USD LIBOR +  
  75 bps), 10/24/31 (144A) 307,373
606,963 Avid Automobile Receivables Trust, Series 2019-1,  
  Class A, 2.62%, 2/15/24 (144A) 608,218
6,250,000(a) Barings Middle Market CLO, Ltd., Series 2018-IA,  
  Class A1, 1.656% (3 Month USD LIBOR +  
  153 bps), 1/15/31 (144A) 6,250,556

 

The accompanying notes are an integral part of these financial statements.

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Principal      
Amount      
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
375,000(a) Battery Park CLO, Ltd., Series 2019-1A, Class X, 0.776%  
  (3 Month USD LIBOR + 65 bps), 7/15/32 (144A) $ 375,000
3,500,000(a) BDS, Ltd., Series 2020-FL5, Class C, 2.214% (SOFR30A +  
  216 bps), 2/16/37 (144A)   3,501,114
515,625(a) Bean Creek CLO, Ltd., Series 2015-1A, Class XR, 0.734%  
  (3 Month USD LIBOR + 60 bps), 4/20/31 (144A)   515,615
260,988(a) Bear Stearns Asset Backed Securities Trust, Series    
  2001-3, Class A1, 0.986% (1 Month USD LIBOR +    
  90 bps), 10/27/32   258,259
3,000,000 BHG Securitization Trust, Series 2021-B, Class A, 0.9%,  
  10/17/34 (144A)   2,998,401
2,500,000 BHG Securitization Trust, Series 2021-B, Class C, 2.24%,  
  10/17/34 (144A)   2,497,657
4,000,000(a) Black Diamond CLO, Ltd., Series 2017-1A,    
  Class A1AR, 1.175% (3 Month USD LIBOR + 105 bps),  
  4/24/29 (144A)   4,000,348
3,958,333 Blackbird Capital Aircraft, Series 2021-1A, Class A,    
  2.443%, 7/15/46 (144A)   3,960,335
11,500,000(a) Blackrock DLF VIII-L CLO Trust, Series 2021-1A,    
  Class A, 1.423% (3 Month USD LIBOR + 135 bps),    
  4/17/32 (144A)   11,499,954
2,000,000(a) Brightwood Capital MM CLO, Ltd., Series 2020-1A,    
  Class D, 5.516% (3 Month USD LIBOR +    
  540 bps), 12/15/28 (144A)   2,006,450
9,825,000(a) BRSP, Ltd., Series 2021-FL1, Class A, 1.237% (1 Month  
  USD LIBOR + 115 bps), 8/19/38 (144A)   9,825,000
4,050,000(a) BRSP, Ltd., Series 2021-FL1, Class D, 2.787% (1 Month  
  USD LIBOR + 270 bps), 8/19/38 (144A)   4,050,000
3,600,000(a) BRSP, Ltd., Series 2021-FL1, Class E, 3.537% (1 Month  
  USD LIBOR + 345 bps), 8/19/38 (144A)   3,600,004
567,846 BXG Receivables Note Trust, Series 2020-A, Class B,  
  2.49%, 2/28/36 (144A)   569,445
1,250,000(a) California Street CLO IX LP, Series 2012-9A, Class XR2,  
  0.826% (3 Month USD LIBOR + 70 bps), 7/16/32 (144A) 1,249,992
3,000,000(a) Capital One Multi-Asset Execution Trust, Series    
  2016-A7, Class A7, 0.594% (1 Month USD LIBOR +    
  51 bps), 9/16/24   3,001,840
2,008,975 CarNow Auto Receivables Trust, Series 2021-1A, Class A,  
  0.97%, 10/15/24 (144A)   2,009,990
1,750,000 CarNow Auto Receivables Trust, Series 2021-1A, Class B,  
  1.38%, 2/17/26 (144A)   1,754,895
1,150,000 CarNow Auto Receivables Trust, Series 2021-1A, Class C,  
  2.16%, 2/17/26 (144A)   1,155,741
5,000,000 Carvana Auto Receivables Trust, Series 2020-N1A,    
  Class D, 3.43%, 1/15/26 (144A)   5,184,557
2,000,000 Carvana Auto Receivables Trust, Series 2021-N3, Class N,  
  2.53%, 6/12/28 (144A)   2,000,734

 

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
1,000,000 Carvana Auto Receivables Trust, Series 2021-P2,  
  Class D, 2.02%, 5/10/28 $ 996,549
6,539,905 Carvana Auto Receivables Trust, Series 2021-P2,  
  Class N, 1.88%, 5/10/28 (144A) 6,539,974
1,281(b) Centex Home Equity Loan Trust, Series 2003-A,  
  Class AF6, 3.654%, 3/25/33 1,283
1,500,000(a) Cerberus Loan Funding XXVIII LP, Series 2020-1A,  
  Class A, 1.976% (3 Month USD LIBOR +  
  185 bps), 10/15/31 (144A) 1,500,333
3,263,227 Chase Auto Credit Linked Notes, Series 2020-1, Class B,  
  0.991%, 1/25/28 (144A) 3,272,060
7,742,250 Chase Auto Credit Linked Notes, Series 2021-1, Class B,  
  0.875%, 9/25/28 (144A) 7,747,779
1,778,997 Chase Auto Credit Linked Notes, Series 2021-1, Class C,  
  1.024%, 9/25/28 (144A) 1,779,420
4,000,000 Chase Auto Credit Linked Notes, Series 2021-1, Class F,  
  4.28%, 9/25/28 (144A) 3,988,853
16,865,000(a) CIFC Funding, Ltd., Series 2015-3A, Class AR, 1.004%  
  (3 Month USD LIBOR + 87 bps), 4/19/29 (144A) 16,866,585
989,410 CIG Auto Receivables Trust, Series 2020-1A, Class A,  
  0.68%, 10/12/23 (144A) 990,189
1,609,814(a) CIM Small Business Loan Trust, Series 2018-1A,  
  Class A, 1.487% (1 Month USD LIBOR + 140 bps),  
  3/20/43 (144A) 1,595,443
10,000,000(a) Citibank Credit Card Issuance Trust, Series 2017-A7,  
  Class A7, 0.453% (1 Month USD LIBOR +  
  37 bps), 8/8/24 10,030,709
515,000(a) Citibank Credit Card Issuance Trust, Series 2018-A4,  
  Class A4, 0.423% (1 Month USD LIBOR +  
  34 bps), 6/7/25 517,365
62,500(a) Clear Creek CLO, Series 2015-1A, Class X, 1.134%  
  (3 Month USD LIBOR + 100 bps), 10/20/30 (144A) 62,498
755,646 Commonbond Student Loan Trust, Series 2016-B,  
  Class A1, 2.73%, 10/25/40 (144A) 765,029
149,121(a) Commonbond Student Loan Trust, Series 2016-B,  
  Class A2, 1.536% (1 Month USD LIBOR + 145 bps),  
  10/25/40 (144A) 149,763
1,347,923(a) Commonbond Student Loan Trust, Series 2017-AGS,  
  Class A2, 0.936% (1 Month USD LIBOR +  
  85 bps), 5/25/41 (144A) 1,348,139
2,342,315(a) Commonbond Student Loan Trust, Series 2017-BGS,  
  Class A2, 0.736% (1 Month USD LIBOR +  
  65 bps), 9/25/42 (144A) 2,325,813
98,836 Commonbond Student Loan Trust, Series 2017-BGS,  
  Class C, 4.44%, 9/25/42 (144A) 102,587
1,970,487(a) Commonbond Student Loan Trust, Series 2018-AGS,  
  Class A2, 0.586% (1 Month USD LIBOR +  
  50 bps), 2/25/44 (144A) 1,957,643

 

The accompanying notes are an integral part of these financial statements.

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Principal      
Amount      
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
3,845,387(a) Commonbond Student Loan Trust, Series 2018-BGS,  
  Class A2, 0.656% (1 Month USD LIBOR +    
  57 bps), 9/25/45 (144A) $ 3,823,160
2,499,016(a) Commonbond Student Loan Trust, Series 2018-CGS,  
  Class A2, 0.886% (1 Month USD LIBOR +    
  80 bps), 2/25/46 (144A)   2,493,036
4,600,871(a) Commonbond Student Loan Trust, Series 2019-AGS,  
  Class A2, 0.986% (1 Month USD LIBOR +    
  90 bps), 1/25/47 (144A)   4,613,772
918,314 Conn’s Receivables Funding LLC, Series 2020-A, Class A,  
  1.71%, 6/16/25 (144A)   918,941
2,323,309 Conn’s Receivables Funding LLC, Series 2020-A, Class C,  
  4.2%, 6/16/25 (144A)   2,330,906
9,504(a) Conseco Finance Home Equity Loan Trust, Series 2002-C,  
  Class MV1, 1.584% (1 Month USD LIBOR +
  150 bps), 5/15/32   9,508
5,465,570 Consumer Loan Underlying Bond Club Certificate Issuer  
  Trust, Series 2019-HP1, Class A, 2.59%,    
  12/15/26 (144A)   5,499,705
756,166 Consumer Loan Underlying Bond CLUB Credit Trust,  
  Series 2020-P1, Class A, 2.26%, 3/15/28 (144A)   757,515
4,470,000 Continental Credit Card ABS LLC, Series 2019-1A,    
  Class B, 4.95%, 8/15/26 (144A)   4,683,964
5,000,000 Credit Acceptance Auto Loan Trust, Series 2020-1A,  
  Class C, 2.59%, 6/15/29 (144A)   5,133,640
5,335,037 Credito Real USA Auto Receivables Trust, Series 2021-1A,  
  Class A, 1.35%, 2/16/27 (144A)   5,336,912
7,870,000 Credito Real USA Auto Receivables Trust, Series 2021-1A,  
  Class B, 2.87%, 2/16/27 (144A)   7,853,707
1,350,000 Crossroads Asset Trust, Series 2021-A, Class B, 1.12%,  
  6/20/25 (144A)   1,350,421
500,000 Crossroads Asset Trust, Series 2021-A, Class D, 2.52%,  
  1/20/26 (144A)   497,941
103,581(a) CWHEQ Revolving Home Equity Loan Resuritization  
  Trust, Series 2006-RES, Class 4M1A, 0.364% (1 Month  
  USD LIBOR + 28 bps), 2/15/34 (144A)   103,478
846,480(a) CWHEQ Revolving Home Equity Loan Resuritization  
  Trust, Series 2006-RES, Class 4N1A, 0.364% (1 Month  
  USD LIBOR + 28 bps), 2/15/34 (144A)   840,626
722,736 Dell Equipment Finance Trust, Series 2020-1, Class A2,  
  2.26%, 6/22/22 (144A)   725,958
85 Delta Funding Home Equity Loan Trust, Series 1997-2,  
  Class A6, 7.04%, 6/25/27   77
8,000,000(a) Donlen Fleet Lease Funding 2 LLC, Series 2021-2,    
  Class A1, 0.415% (1 Month USD LIBOR +    
  33 bps), 12/11/34 (144A)   8,008,926
951,035(a) DRB Prime Student Loan Trust, Series 2017-A, Class A1,  
  0.936% (1 Month USD LIBOR + 85 bps), 5/27/42 (144A) 951,393

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents 

 


Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
1,338,147(a) Drug Royalty III LP 1, Series 2018-1A, Class A1, 1.726%  
  (3 Month USD LIBOR + 160 bps), 10/15/31 (144A) $ 1,327,144
1,031,250(a) Dryden 80 CLO, Ltd., Series 2019-80A, Class X, 1.034%  
  (3 Month USD LIBOR + 90 bps), 1/17/33 (144A) 1,031,248
516,088(a) Earnest Student Loan Program LLC, Series 2017-A,  
  Class A1, 1.086% (1 Month USD LIBOR +  
  100 bps), 1/25/41 (144A) 516,303
4,900,000(a) Ellington CLO III, Ltd., Series 2018-3A, Class B, 2.134%  
  (3 Month USD LIBOR + 200 bps), 7/20/30 (144A) 4,824,241
7,000,000(a) Ellington CLO IV, Ltd., Series 2019-4A, Class AR, 1.706%  
  (3 Month USD LIBOR + 158 bps), 4/15/29 (144A) 7,001,162
7,000,000(a) Ellington CLO IV, Ltd., Series 2019-4A, Class BR, 2.126%  
  (3 Month USD LIBOR + 200 bps), 4/15/29 (144A) 7,002,737
3,362,500(a) Ellington CLO IV, Ltd., Series 2019-4A, Class CR, 2.876%  
  (3 Month USD LIBOR + 275 bps), 4/15/29 (144A) 3,364,329
1,500,000(a) Elmwood CLO IV, Ltd., Series 2020-1A, Class X, 0.826%  
  (3 Month USD LIBOR + 70 bps), 4/15/33 (144A) 1,499,998
3,138,597 Encina Equipment Finance LLC, Series 2021-1A,  
  Class A1, 0.5%, 9/15/25 (144A) 3,140,821
693,031 FCI Funding LLC, Series 2019-1A, Class A, 3.63%,  
  2/18/31 (144A) 700,786
6,315,376 FCI Funding LLC, Series 2021-1A, Class A, 1.13%,  
  4/15/33 (144A) 6,319,444
4,736,532 FCI Funding LLC, Series 2021-1A, Class B, 1.53%,  
  4/15/33 (144A) 4,739,706
4,397,902 FHF Trust, Series 2020-1A, Class A, 2.59%,  
  12/15/23 (144A) 4,426,331
8,474,373 FHF Trust, Series 2021-1A, Class A, 1.27%,  
  3/15/27 (144A) 8,468,683
4,500,000 FHF Trust, Series 2021-2A, Class A, 0.83%,  
  12/15/26 (144A) 4,498,498
2,500,000(b) Finance of America HECM Buyout, Series 2021-HB1,  
  Class M3, 3.64%, 2/25/31 (144A) 2,497,002
19,923(a) First Franklin Mortgage Loan Trust, Series 2004-FF4,  
  Class M1, 0.941% (1 Month USD LIBOR +  
  86 bps), 6/25/34 19,928
139,152 First Investors Auto Owner Trust, Series 2019-1A,  
  Class A, 2.89%, 3/15/24 (144A) 139,300
500,000(a) Fort Washington CLO, Series 2019-1A, Class A, 1.554%  
  (3 Month USD LIBOR + 142 bps), 10/20/32 (144A) 500,000
2,750,000(a) Fortress Credit Opportunities VI CLO, Ltd., Series  
  2015-6A, Class A1TR, 1.479% (3 Month USD LIBOR +  
  136 bps), 7/10/30 (144A) 2,747,830
5,040,000(a) Fortress Credit Opportunities IX CLO, Ltd., Series  
  2017-9A, Class A1T, 1.675% (3 Month USD LIBOR +  
  155 bps), 11/15/29 (144A) 5,040,000

 

The accompanying notes are an integral part of these financial statements.

24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 


Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
8,250,000(a) Fortress Credit Opportunities IX CLO, Ltd., Series  
  2017-9A, Class A1TR, 0.0% (3 Month USD LIBOR +  
  155 bps), 10/15/33 (144A) $ 8,250,000
9,282,980 Foundation Finance Trust, Series 2021-1A, Class A,  
  1.27%, 5/15/41 (144A) 9,244,932
2,500,000 Foursight Capital Automobile Receivables Trust, Series  
  2020-1, Class B, 2.27%, 2/18/25 (144A) 2,538,309
634,698 Freed ABS Trust, Series 2020-FP1, Class A, 2.52%,  
  3/18/27 (144A) 636,229
1,300,000 Freed ABS Trust, Series 2021-1CP, Class C, 2.83%,  
  3/20/28 (144A) 1,314,437
6,674,576 Freed ABS Trust, Series 2021-2, Class A, 0.68%,  
  6/19/28 (144A) 6,678,270
6,000,000 Freed ABS Trust, Series 2021-2, Class C, 1.94%,  
  6/19/28 (144A) 6,024,020
3,500,000 Freed ABS Trust, Series 2021-3FP, Class A, 0.62%,  
  11/20/28 (144A) 3,499,948
1,000,000 Freed ABS Trust, Series 2021-3FP, Class D, 2.37%,  
  11/20/28 (144A) 994,045
12,000,000 Genesis Sales Finance Master Trust, Series 2021-AA,  
  Class A, 1.2%, 12/21/26 (144A) 11,966,104
1,000,000 Genesis Sales Finance Master Trust, Series 2021-AA,  
  Class D, 2.09%, 12/21/26 (144A) 997,125
2,988,282 GLS Auto Receivables Issuer Trust, Series 2019-3A,  
  Class B, 2.72%, 6/17/24 (144A) 3,014,226
243,319 GLS Auto Receivables Trust, Series 2018-1A, Class B,  
  3.52%, 8/15/23 (144A) 244,408
1,447,632 Gold Key Resorts LLC, Series 2014-A, Class B, 3.72%,  
  3/17/31 (144A) 1,466,952
500,000(a) Goldentree Loan Management US CLO 1, Ltd., Series  
  2017-1A, Class ER2, 6.634% (3 Month USD LIBOR +  
  650 bps), 4/20/34 (144A) 500,718
3,000,000(a) Golub Capital Partners CLO 24M-R, Ltd., Series  
  2015-24A, Class AR, 1.721% (3 Month USD LIBOR +  
  160 bps), 11/5/29 (144A) 3,000,855
1,821,000(a) Golub Capital Partners CLO 25M, Ltd., Series 2015-25A,  
  Class AR, 1.501% (3 Month USD LIBOR +  
  138 bps), 5/5/30 (144A) 1,821,120
10,000,000(a) Golub Capital Partners CLO 34M, Ltd., Series 2017-34A,  
  Class AR, 1.821% (3 Month USD LIBOR +  
  170 bps), 3/14/31 (144A) 10,014,440
5,000,000(a) Golub Capital Partners CLO 46M, Ltd., Series 2019-46A,  
  Class A1A, 1.934% (3 Month USD LIBOR +  
  180 bps), 4/20/32 (144A) 5,006,800
2,499,902(a) Gracie Point International Funding, Series 2020-B,  
  Class A, 1.486% (1 Month USD LIBOR +  
  140 bps), 5/2/23 (144A) 2,518,822

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 25

Table of Contents 

 


Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
3,000,000(a) Gracie Point International Funding, Series 2020-B,  
  Class B, 2.486% (1 Month USD LIBOR +  
  240 bps), 5/2/23 (144A) $ 3,020,954
9,999,967(a) Gracie Point International Funding, Series 2021-1A,  
  Class A, 0.836% (1 Month USD LIBOR +  
  75 bps), 11/1/23 (144A) 9,999,967
1,889,000(a) Gracie Point International Funding, Series 2021-1A,  
  Class C, 2.486% (1 Month USD LIBOR +  
  240 bps), 11/1/23 (144A) 1,889,000
783,333(a) Greywolf CLO III, Ltd., Series 2020-3RA, Class XR,  
  0.638% (3 Month USD LIBOR + 50 bps),  
  4/15/33 (144A) 780,742
500,000(a) Harbor Park CLO, Ltd., Series 2018-1A, Class X, 1.034%  
  (3 Month USD LIBOR + 90 bps), 1/20/31 (144A) 499,999
5,300,000 HOA Funding LLC - HOA, Series 2021-1A, Class A2,  
  4.723%, 8/20/51 (144A) 5,398,034
2,050,000 HOA Funding LLC - HOA, Series 2021-1A, Class B,  
  7.432%, 8/20/51 (144A) 2,116,451
23,244(a) Home Equity Asset Trust, Series 2005-7, Class M1,  
  0.761% (1 Month USD LIBOR + 68 bps), 1/25/36 23,235
3,000,000(a) Home Partners of America Trust, Series 2017-1,  
  Class C, 1.634% (1 Month USD LIBOR + 155 bps),  
  7/17/34 (144A) 2,999,999
2,500,000(a) Home Partners of America Trust, Series 2017-1,  
  Class D, 1.984% (1 Month USD LIBOR + 190 bps),  
  7/17/34 (144A) 2,497,940
2,000,000(a) Home Partners of America Trust, Series 2018-1,  
  Class C, 1.335% (1 Month USD LIBOR + 125 bps),  
  7/17/37 (144A) 2,003,326
4,000,000(a) ICG US CLO, Ltd., Series 2017-1A, Class ERR, 7.492%  
  (3 Month USD LIBOR + 736 bps), 7/28/34 (144A) 3,955,552
693,082(a) Invitation Homes Trust, Series 2017-SFR2, Class C,  
  1.534% (1 Month USD LIBOR + 145 bps),  
  12/17/36 (144A) 693,649
10,603,529(a) Invitation Homes Trust, Series 2018-SFR1, Class A,  
  0.784% (1 Month USD LIBOR + 70 bps),  
  3/17/37 (144A) 10,617,515
3,999,426(a) Invitation Homes Trust, Series 2018-SFR1, Class B,  
  1.034% (1 Month USD LIBOR + 95 bps),  
  3/17/37 (144A) 4,002,240
1,749,725(a) Invitation Homes Trust, Series 2018-SFR2, Class C,  
  1.364% (1 Month USD LIBOR + 128 bps),  
  6/17/37 (144A) 1,752,124
5,000,000(a) Ivy Hill Middle Market Credit Fund XII Ltd., Series 12A,  
  Class A1TR, 1.742% (3 Month USD LIBOR +
  160 bps), 7/20/33 (144A) 4,998,730
8,500,000 JPMorgan Chase Bank N.A. - CACLN, Series 2021-2,  
  Class B, 0.889%, 12/26/28 (144A) 8,497,550

 

The accompanying notes are an integral part of these financial statements.

26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
1,600,000 JPMorgan Chase Bank N.A. - CACLN, Series 2021-2,  
  Class D, 1.138%, 12/26/28 (144A) $ 1,600,514
257,412(a) KVK CLO, Ltd., Series 2018-1A, Class A, 1.061%  
  (3 Month USD LIBOR + 93 bps), 5/20/29 (144A) 257,525
15,000,000(a) KVK CLO, Ltd., Series 2018-1A, Class B, 1.781%  
  (3 Month USD LIBOR + 165 bps), 5/20/29 (144A) 15,005,205
2,925,837(a) Laurel Road Prime Student Loan Trust, Series 2017-C,  
  Class A1, 0.636% (1 Month USD LIBOR +  
  55 bps), 11/25/42 (144A) 2,917,485
250,000(a) LCM 28, Ltd., Series 28A, Class X, 1.034% (3 Month USD  
  LIBOR + 90 bps), 10/20/30 (144A) 249,996
8,000,000(a) LCM XVIII LP, Series 18A, Class A1R, 1.154% (3 Month  
  USD LIBOR + 102 bps), 4/20/31 (144A) 7,986,016
304,615(a) Lehman XS Trust, Series 2005-4, Class 1A3, 0.886%  
  (1 Month USD LIBOR + 80 bps), 10/25/35 304,997
7,632,861 Lendingpoint Asset Securitization Trust, Series 2020-1,  
  Class C, 4.143%, 2/10/26 (144A) 7,672,185
20,184,946 Lendingpoint Asset Securitization Trust, Series 2021-A,  
  Class A, 1.0%, 12/15/28 (144A) 20,190,644
8,492,812 LFS 2021A LLC, Series 2021-A, Class A, 2.46%,  
  4/15/33 (144A) 8,489,564
1,634,944 LL ABS Trust, Series 2020-1A, Class A, 2.33%,  
  1/17/28 (144A) 1,643,715
2,829,342(a) LoanCore Issuer, Ltd., Series 2019-CRE2, Class A, 1.214%  
  (1 Month USD LIBOR + 113 bps), 5/15/36 (144A) 2,829,342
6,810,962(a) M360 LLC, Series 2019-CRE2, Class A, 1.564%  
  (SOFR30A + 151 bps), 9/15/34 (144A) 6,814,011
823,975(a) Madison Park Funding XII, Ltd., Series 2014-12A,  
  Class CR, 2.484% (3 Month USD LIBOR +  
  235 bps), 7/20/26 (144A) 824,061
1,100,000(a) Madison Park Funding XLV Ltd., Series 2020-45A,  
  Class ER, 6.476% (3 Month USD LIBOR +  
  635 bps), 7/15/34 (144A) 1,099,958
246,972(a) Magnetite VII, Ltd., Series 2012-7A, Class A1R2, 0.926%  
  (3 Month USD LIBOR + 80 bps), 1/15/28 (144A) 247,200
8,629,000(a) Magnetite XVIII, Ltd., Series 2016-18A, Class AR, 1.205%  
  (3 Month USD LIBOR + 108 bps), 11/15/28 (144A) 8,629,526
3,243,179 Marlette Funding Trust, Series 2021-2A, Class A, 0.51%,  
  9/15/31 (144A) 3,243,337
2,500,000(a) MCF CLO VII LLC, Series 2017-3A, Class ER, 9.291%  
  (3 Month USD LIBOR + 915 bps), 7/20/33 (144A) 2,439,233
5,250,000 Mercury Financial Credit Card Master Trust, Series  
  2021-1A, Class A, 1.54%, 3/20/26 (144A) 5,264,940
7,000,000 Mercury Financial Credit Card Master Trust, Series  
  2021-1A, Class B, 2.33%, 3/20/26 (144A) 6,954,382
162,810(a) Merrill Lynch Mortgage Investors Trust, Series  
  2004-OPT1, Class A1B, 0.946% (1 Month USD LIBOR +  
  86 bps), 6/25/35 162,293

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 27

Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
9,000,000(a) MF1, Ltd., Series 2020-FL4, Class A, 1.864%  
  (SOFR30A + 181 bps), 11/15/35 (144A) $ 9,056,205
2,550,000(a) MF1, Ltd., Series 2021-FL7, Class D, 2.645% (1 Month  
  USD LIBOR + 255 bps), 10/18/36 (144A) 2,549,990
3,300,000(a) MF1, Ltd., Series 2021-FL7, Class E, 2.895% (1 Month  
  USD LIBOR + 280 bps), 10/18/36 (144A) 3,299,984
9,000,000(a) MF1 Multifamily Housing Mortgage Loan Trust, Series  
  2021-FL6, Class E, 3.035% (1 Month USD LIBOR
  + 295 bps), 7/16/36 (144A) 9,016,373
3,500,000 Mission Lane Credit Card Master Trust, Series 2021-A,  
  Class A, 1.59%, 9/15/26 (144A) 3,499,040
4,000,000 Mission Lane Credit Card Master Trust, Series 2021-A,  
  Class B, 2.24%, 9/15/26 (144A) 4,008,324
9,000,000(a) MJX Venture Management II LLC, Series 2014-18RR,  
  Class A, 1.346% (3 Month USD LIBOR +  
  122 bps), 10/16/29 (144A) 9,000,954
670,453 MMAF Equipment Finance LLC, Series 2019-B, Class A2,  
  2.07%, 10/12/22 (144A) 671,580
1,100,000(a) Monroe Capital MML CLO VII, Ltd., Series 2018-2A,  
  Class D, 4.181% (3 Month USD LIBOR +  
  405 bps), 11/22/30 (144A) 1,100,164
352,115(a) Morgan Stanley Home Equity Loan Trust, Series 2006-2,  
  Class A4, 0.646% (1 Month USD LIBOR +  
  56 bps), 2/25/36 350,694
3,818,165 MVW LLC, Series 2021-1WA, Class A, 1.14%,  
  1/22/41 (144A) 3,819,102
1,773,111 MVW Owner Trust, Series 2019-1A, Class A, 2.89%,  
  11/20/36 (144A) 1,822,387
1,941,677(a) National Collegiate Trust, Series 2007-A,  
  Class A, 0.381% (1 Month USD LIBOR + 30 bps),
  5/25/31 (144A) 1,908,926
3,089,158(b) Nationstar HECM Loan Trust, Series 2020-1A, Class A1,  
  1.269%, 9/25/30 (144A) 3,097,581
4,722,916(a) Navient Student Loan Trust, Series 2021-1A,  
  Class A1B, 0.686% (1 Month USD LIBOR + 60 bps),  
  12/26/69 (144A) 4,751,445
4,000,000(a) Navistar Financial Dealer Note Master Trust, Series  
  2020-1, Class A, 1.036% (1 Month USD LIBOR +
  95 bps), 7/25/25 (144A) 4,020,732
1,000,000(a) Navistar Financial Dealer Note Master Trust, Series  
  2020-1, Class C, 2.236% (1 Month USD LIBOR +
  215 bps), 7/25/25 (144A) 1,010,615
954,998 Nelnet Private Education Loan Trust, Series 2016-A,  
  Class A1B, 3.6%, 12/26/40 (144A) 967,809
7,037,187(a) Nelnet Student Loan Trust, Series 2005-2, Class A5,  
  0.225% (3 Month USD LIBOR + 10 bps), 3/23/37 6,929,318
12,483,698 Nelnet Student Loan Trust, Series 2021-A, Class APT1,  
  1.36%, 4/20/62 (144A) 12,469,953

 

The accompanying notes are an integral part of these financial statements.

28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
1,471,375 Nelnet Student Loan Trust, Series 2021-A, Class APT2,  
  1.36%, 4/20/62 (144A) $ 1,470,637
4,750,000(a) Neuberger Berman CLO XXI, Ltd., Series 2016-21A,  
  Class XR2, 1.034% (3 Month USD LIBOR +  
  90 bps), 4/20/34 (144A) 4,749,991
1,718,750(a) Neuberger Berman CLO XXII, Ltd., Series 2016-22A,  
  Class XR, 1.034% (3 Month USD LIBOR +  
  90 bps), 10/17/30 (144A) 1,718,747
420,389(a) Newtek Small Business Loan Trust, Series 2016-1A,  
  Class A, 3.086% (1 Month USD LIBOR +  
  300 bps), 2/25/42 (144A) 421,151
2,605,588(a) Newtek Small Business Loan Trust, Series 2017-1,  
  Class A, 2.086% (1 Month USD LIBOR +  
  200 bps), 2/25/43 (144A) 2,593,314
3,665,565(a) Newtek Small Business Loan Trust, Series  
  2018-1, Class A, 2.7% (PRIME + -55 bps),  
  2/25/44 (144A) 3,611,459
2,819,666(a) Newtek Small Business Loan Trust, Series  
  2018-1, Class B, 4.0% (PRIME + 75 bps),  
  2/25/44 (144A) 2,729,830
8,528,318(a) Newtek Small Business Loan Trust, Series  
  2019-1, Class A, 2.35% (PRIME + -90 bps),
  12/25/44 (144A) 8,481,012
1,819,375(a) Newtek Small Business Loan Trust, Series  
  2019-1, Class B, 3.5% (PRIME + 25 bps),  
  12/25/44 (144A) 1,764,210
1,300,000 NextGear Floorplan Master Owner Trust, Series 2018-2A,  
  Class A2, 3.69%, 10/15/23 (144A) 1,301,609
1,617,377 NMEF Funding LLC, Series 2019-A, Class A, 2.73%,  
  8/17/26 (144A) 1,621,694
1,800,000 NMEF Funding LLC, Series 2019-A, Class C, 3.3%,  
  8/17/26 (144A) 1,834,811
104,458(a) NovaStar Mortgage Funding Trust, Series 2003-1,  
  Class A2, 0.866% (1 Month USD LIBOR +  
  78 bps), 5/25/33 104,298
5,371,780 Oasis LLC, Series 2020-1A, Class A, 3.82%,  
  1/15/32 (144A) 5,384,691
3,533,784 Oasis LLC, Series 2020-2A, Class A, 4.262%,  
  5/15/32 (144A) 3,558,441
6,323,585 Oasis Securitization Funding LLC, Series 2021-1A,  
  Class A, 2.579%, 2/15/33 (144A) 6,338,565
1,125,000(a) Octagon Investment Partners XXI Ltd., Series 2014-1A,  
  Class XR3, 0.775% (3 Month USD LIBOR +  
  65 bps), 2/14/31 (144A) 1,124,999
1,218,750(a) Octagon Investment Partners XXII, Ltd., Series 2014-1A,  
  Class XRR, 0.788% (3 Month USD LIBOR +  
  65 bps), 1/22/30 (144A) 1,218,723

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 29

Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal      
Amount      
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
4,811,010 Octane Receivables Trust, Series 2020-1A, Class A,    
  1.71%, 2/20/25 (144A) $ 4,848,871
8,867,675 Octane Receivables Trust, Series 2021-1A, Class A,    
  0.93%, 3/22/27 (144A)   8,871,737
2,750,000 Octane Receivables Trust, Series 2021-1A, Class C,    
  2.23%, 11/20/28 (144A)   2,754,233
2,000,000(a) OHA Credit Funding 5, Ltd., Series 2020-5A,    
  Class X, 0.684% (3 Month USD LIBOR + 55 bps),
  4/18/33 (144A)   1,981,510
742,277 OneMain Financial Issuance Trust, Series 2019-1A,    
  Class A, 3.48%, 2/14/31 (144A)   743,127
170,000 OneMain Financial Issuance Trust, Series 2019-1A,    
  Class B, 3.79%, 2/14/31 (144A)   170,491
7,605,000(a) OneMain Financial Issuance Trust, Series 2021-1A,    
  Class A2, 0.81% (SOFR30A +    
  76 bps), 6/16/36 (144A)   7,660,323
6,000,000 Oportun Funding XIV LLC, Series 2021-A, Class B,    
  1.76%, 3/8/28 (144A)   6,015,605
3,000,000 Oportun Funding XIV LLC, Series 2021-A, Class D, 5.4%,  
  3/8/28 (144A)   3,039,202
2,700,000 Oscar US Funding X LLC, Series 2019-1A, Class A4,    
  3.27%, 5/11/26 (144A)   2,791,364
5,000,000(a) Owl Rock CLO I, Ltd., Series 2019-1A, Class B, 2.831%  
  (3 Month USD LIBOR + 270 bps), 5/20/31 (144A)   5,005,085
11,000,000(a) Owl Rock CLO II, Ltd., Series 2019-2A, Class ALR, 1.684%  
  (3 Month USD LIBOR + 155 bps), 4/20/33 (144A)   11,008,492
2,000,000(a) Owl Rock CLO IV, Ltd., Series 2020-4A, Class A1R, 1.742%  
  (3 Month USD LIBOR + 160 bps), 8/20/33 (144A)   2,001,974
3,000,000(a) OZLM XXIII, Ltd., Series 2019-23A, Class X, 1.026%    
  (3 Month USD LIBOR + 90 bps), 4/15/34 (144A)   2,999,997
1,100,174 Pagaya AI Debt Selection Trust, Series 2020-3, Class A,  
  2.1%, 5/17/27 (144A)   1,106,626
6,748,167 Pagaya AI Debt Selection Trust, Series 2021-1, Class A,  
  1.18%, 11/15/27 (144A)   6,764,394
4,000,000(a) Palmer Square Loan Funding, Ltd., Series 2020-4A,    
  Class C, 3.729% (3 Month USD LIBOR +    
  360 bps), 11/25/28 (144A)   4,005,352
1,250,000(a) Palmer Square Loan Funding, Ltd., Series 2021-2A,    
  Class D, 5.131% (3 Month USD LIBOR +    
  500 bps), 5/20/29 (144A)   1,250,971
4,400,000(a) Parallel, Ltd., Series 2021-1A, Class D, 3.582% (3 Month  
  USD LIBOR + 345 bps), 7/15/34 (144A)   4,368,892
3,759,330 Pawnee Equipment Receivables LLC, Series 2019-1,    
  Class A2, 2.29%, 10/15/24 (144A)   3,791,679
2,135,575 Pawnee Equipment Receivables LLC, Series 2020-1,    
  Class A, 1.37%, 11/17/25 (144A)   2,145,233
6,036,749 PEAR LLC, Series 2020-1, Class A, 3.75%,    
  12/15/32 (144A)   6,035,543

 

The accompanying notes are an integral part of these financial statements.

30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal      
Amount      
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
2,500,000 PFS Financing Corp., Series 2021-A, Class A, 0.71%,    
  4/15/26 (144A) $ 2,494,398
16,117,000(a) Pnmac GMSR Issuer Trust, Series 2018-GT2,    
  Class A, 2.736% (1 Month USD LIBOR + 265 bps),    
  8/25/25 (144A)   16,095,091
11,045,891(a) Prodigy Finance CMDAC, Series 2021-1A, Class A, 1.336%  
  (1 Month USD LIBOR + 125 bps), 7/25/51 (144A)   11,084,246
3,500,000 Purchasing Power Funding LLC, Series 2021-A, Class A,  
  1.57%, 10/15/25 (144A)   3,508,412
4,860,000 Purchasing Power Funding LLC, Series 2021-A, Class C,  
  2.53%, 10/15/25 (144A)   4,880,653
2,310,000 Purchasing Power Funding LLC, Series 2021-A, Class D,  
  4.37%, 10/15/25 (144A)   2,329,130
4,187,212(a) RAAC Trust, Series 2006-RP1, Class M2, 1.286% (1 Month  
  USD LIBOR + 120 bps), 10/25/45 (144A)   4,225,666
206,055(a) RAMP Trust, Series 2005-EFC6, Class M2, 0.731% (1 Month  
  USD LIBOR + 43 bps), 11/25/35   205,959
330,227(a) RASC Trust, Series 2005-KS1, Class M1, 0.761% (1 Month  
  USD LIBOR + 45 bps), 2/25/35   330,373
7,791,912(a) ReadyCap Lending Small Business Loan Trust, Series  
  2019-2, Class A, 2.75% (PRIME + -50 bps),
  12/27/44 (144A)   7,461,354
4,500,000(a) Regatta VI Funding, Ltd., Series 2016-1A, Class XR,    
  0.934% (3 Month USD LIBOR + 80 bps), 4/20/34 (144A) 4,499,996
4,500,000(a) Regatta VII Funding, Ltd., Series 2016-1A, Class X,    
  0.972% (3 Month USD LIBOR + 85 bps), 6/20/34 (144A) 4,496,906
7,500,000 Regional Management Issuance Trust, Series 2021-2,  
  Class A, 1.9%, 8/15/33 (144A)   7,433,087
6,400,000 Republic Finance Issuance Trust, Series 2019-A, Class A,  
  3.43%, 11/22/27 (144A)   6,454,553
7,500,000(a) Rosy, Series 2018-1, Class A2, 3.377% (1 Month USD    
  LIBOR + 325 bps), 12/15/25 (144A)   7,200,000
17,354(a) Salomon Mortgage Loan Trust, Series 2001-CB4, Class   
  1A1, 0.986% (1 Month USD LIBOR + 90 bps), 11/25/33 17,359
3,718,197 SCF Equipment Leasing LLC, Series 2019-2A, Class A1,  
  2.22%, 6/20/24 (144A)   3,735,086
1,500,000 SCF Equipment Leasing LLC, Series 2021-1A, Class A3,  
  0.83%, 8/21/28 (144A)   1,496,258
4,290(a) Securitized Asset Backed Receivables LLC Trust, Series  
  2005-OP2, Class M1, 0.731% (1 Month USD LIBOR    
  + 65 bps), 10/25/35   4,290
172,618(a) Security National Mortgage Loan Trust, Series    
  2007-1A, Class 2A, 0.436% (1 Month USD LIBOR +    
  35 bps), 4/25/37 (144A)   172,571
1,102,302 Sierra Timeshare Receivables Funding LLC, Series    
  2021-1A, Class A, 0.99%, 11/20/37 (144A)   1,103,156
1,212,532 Sierra Timeshare Receivables Funding LLC, Series    
  2021-1A, Class D, 3.17%, 11/20/37 (144A)   1,217,982

 

The accompanying notes are an integral part of these financial statements.

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Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
6,034,334(a) SLM Private Credit Student Loan Trust, Series 2007-A,  
  Class A4A, 0.356% (3 Month USD LIBOR +  
  24 bps), 12/16/41 $ 5,953,370
12,430,397(a) SLM Student Loan Trust, Series 2006-10, Class A6,  
  0.275% (3 Month USD LIBOR + 15 bps), 3/25/44 12,127,504
1,516,212 Small Business Lending Trust, Series 2020-A, Class A,  
  2.62%, 12/15/26 (144A) 1,519,648
1,500,000 Small Business Lending Trust, Series 2020-A, Class B,  
  3.2%, 12/15/26 (144A) 1,505,903
1,000,000 Small Business Lending Trust, Series 2020-A, Class C,  
  5.01%, 12/15/26 (144A) 1,003,997
913,027 Sofi Consumer Loan Program LLC, Series 2016-1,  
  Class A, 3.26%, 8/25/25 (144A) 914,867
1,911,009 Sofi Consumer Loan Program Trust, Series 2018-1,  
  Class B, 3.65%, 2/25/27 (144A) 1,930,357
866,875(a) Sofi Professional Loan Program LLC, Series 2015-D,  
  Class A1, 1.586% (1 Month USD LIBOR +  
  150 bps), 10/27/36 (144A) 869,787
869,107(a) Sofi Professional Loan Program LLC, Series 2016-A,  
  Class A1, 1.836% (1 Month USD LIBOR +  
  175 bps), 8/25/36 (144A) 873,260
535,666(a) Sofi Professional Loan Program LLC, Series 2016-B,  
  Class A1, 1.286% (1 Month USD LIBOR +  
  120 bps), 6/25/33 (144A) 538,298
1,356,210(a) Sofi Professional Loan Program LLC, Series 2016-C,  
  Class A1, 1.186% (1 Month USD LIBOR +  
  110 bps), 10/27/36 (144A) 1,361,088
335,576(a) Sofi Professional Loan Program LLC, Series 2016-D,  
  Class A1, 1.036% (1 Month USD LIBOR +  
  95 bps), 1/25/39 (144A) 337,199
546,864(a) Sofi Professional Loan Program LLC, Series 2016-E,  
  Class A1, 0.936% (1 Month USD LIBOR +  
  85 bps), 7/25/39 (144A) 547,656
218,176(a) Sofi Professional Loan Program LLC, Series 2017-A,  
  Class A1, 0.786% (1 Month USD LIBOR +  
  70 bps), 3/26/40 (144A) 218,459
262,075(a) Sofi Professional Loan Program LLC, Series 2017-C,  
  Class A1, 0.686% (1 Month USD LIBOR +  
  60 bps), 7/25/40 (144A) 262,233
254,888(a) Sofi Professional Loan Program LLC, Series 2017-E,  
  Class A1, 0.586% (1 Month USD LIBOR +  
  50 bps), 11/26/40 (144A) 255,012
696,729(a) Sofi Professional Loan Program LLC, Series 2018-A,  
  Class A1, 0.436% (1 Month USD LIBOR +  
  35 bps), 2/25/42 (144A) 693,591
5,500,000(a) Sound Point CLO V-R, Ltd., Series 2014-1RA,  
  Class D, 3.234% (3 Month USD LIBOR + 310 bps),  
  7/18/31 (144A) 5,279,126

 

The accompanying notes are an integral part of these financial statements.

32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

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Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
3,000,000(a) Sound Point CLO XVI, Ltd., Series 2017-2A,  
  Class D, 3.725% (3 Month USD LIBOR + 360 bps),  
  7/25/30 (144A) $ 2,956,890
400,000(a) Sound Point CLO XXV, Ltd., Series 2019-4A,  
  Class X, 0.776% (3 Month USD LIBOR + 65 bps),
  1/15/33 (144A) 400,000
3,249,595 SpringCastle America Funding LLC, Series 2020-AA,  
  Class A, 1.97%, 9/25/37 (144A) 3,276,114
27,254(a) Structured Asset Securities Corp. Mortgage Loan Trust,  
  Series 2005-NC2, Class M4, 0.791% (1 Month
  USD LIBOR + 71 bps), 5/25/35 27,273
9,000,000(a) STWD, Ltd., Series 2021-FL2, Class A, 1.284% (1 Month  
  USD LIBOR + 120 bps), 4/18/38 (144A) 9,002,722
6,000,000(a) STWD, Ltd., Series 2021-SIF1, Class A, 1.695% (3 Month  
  USD LIBOR + 150 bps), 4/15/32 (144A) 6,003,744
1,500,000(a) STWD, Ltd., Series 2021-SIF1, Class C, 2.545% (3 Month  
  USD LIBOR + 235 bps), 4/15/32 (144A) 1,500,000
1,000,000(a) Symphony CLO XXVIII, Ltd., Series 2021-28A,  
  Class D, 3.238% (3 Month USD LIBOR + 315 bps),  
  10/23/34 (144A) 999,984
4,750,000(a) THL Credit Wind River CLO, Ltd., Series 2019-1A,  
  Class XR, 1.096% (3 Month USD LIBOR +  
  95 bps), 7/20/34 (144A) 4,749,991
1,586,000 Tidewater Auto Receivables Trust, Series 2018-AA,  
  Class E, 5.48%, 10/15/26 (144A) 1,594,146
2,684,651 Tidewater Auto Receivables Trust, Series 2020-AA,  
  Class A2, 1.39%, 8/15/24 (144A) 2,691,718
2,750,000 Tidewater Auto Receivables Trust, Series 2020-AA,  
  Class E, 3.35%, 7/17/28 (144A) 2,785,262
7,491,257(a) Towd Point Asset Trust, Series 2018-SL1, Class A, 0.686%  
  (1 Month USD LIBOR + 60 bps), 1/25/46 (144A) 7,451,499
11,000,000(a) Towd Point Asset Trust, Series 2018-SL1, Class B, 1.136%  
  (1 Month USD LIBOR + 105 bps), 1/25/46 (144A) 10,831,044
4,245,029(b) Towd Point Mortgage Trust, Series 2018-SJ1, Class XA,  
  5.0%, 10/25/58 (144A) 4,312,165
3,661,000(a) Towd Point Mortgage Trust, Series 2019-HY2,  
  Class A1, 1.086% (1 Month USD LIBOR + 100 bps),  
  5/25/58 (144A) 3,689,088
37,108(b) Towd Point Mortgage Trust, Series 2019-HY2, Class XA,  
  5.0%, 5/25/58 (144A) 36,897
2,101,633(a) Towd Point Mortgage Trust, Series 2019-HY3,  
  Class A1A, 1.086% (1 Month USD LIBOR + 100 bps),  
  10/25/59 (144A) 2,118,250
1,559,688 Towd Point Mortgage Trust, Series 2019-HY3, Class XA,  
  4.5%, 10/25/59 (144A) 1,550,866
1,660,914(b) Towd Point Mortgage Trust, Series 2019-SJ1, Class XA,  
  5.0%, 11/25/58 (144A) 1,660,841

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 33

Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal      
Amount      
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
1,644,863(b) Towd Point Mortgage Trust, Series 2019-SJ2, Class XA,  
  5.0%, 11/25/58 (144A) $ 1,702,401
4,958,503(b) Towd Point Mortgage Trust, Series 2019-SJ3, Class A1,  
  3.0%, 11/25/59 (144A)   4,968,059
7,966,465(b) Towd Point Mortgage Trust, Series 2019-SJ3, Class XA,  
  4.5%, 11/25/59 (144A)   7,966,465
11,470,974 Towd Point Mortgage Trust, Series 2020-4, Class XA,  
  3.25%, 10/25/60 (144A)   11,409,630
11,500,000(a) Trafigura Securitisation Finance Plc, Series 2021-1A,  
  Class A1, 0.614% (1 Month USD LIBOR +    
  53 bps), 1/15/25 (144A)   11,536,087
807,692(a) Tralee CLO V, Ltd., Series 2018-5A, Class AX, 0.834%  
  (3 Month USD LIBOR + 70 bps), 10/20/28 (144A)   807,511
9,489,170 Tricolor Auto Securitization Trust, Series 2021-1A,    
  Class A, 0.74%, 4/15/24 (144A)   9,488,625
1,000,000 Tricolor Auto Securitization Trust, Series 2021-1A,    
  Class D, 1.92%, 5/15/26 (144A)   998,883
3,250,000 Tricolor Auto Securitization Trust, Series 2021-1A,    
  Class E, 3.23%, 9/15/26 (144A)   3,245,796
1,500,000(a) Trinitas CLO XVI, Ltd., Series 2021-16A, Class D, 3.434%  
  (3 Month USD LIBOR + 330 bps), 7/20/34 (144A)   1,490,622
16,400,000(a) TRTX Issuer, Ltd., Series 2019-FL3, Class C, 2.264%    
  (SOFR30A + 221 bps), 10/15/34 (144A)   16,359,023
7,726,001 TVEST LLC, Series 2021-A, Class A, 2.35%,    
  9/15/33 (144A)   7,726,001
3,058,060 TVEST LLC, Series 2020-A, Class A, 4.5%,    
  7/15/32 (144A)   3,080,275
4,700,000 United Auto Credit Securitization Trust, Series 2021-1,  
  Class F, 4.3%, 9/10/27 (144A)   4,702,205
1,371,557 Upstart Pass-Through Trust, Series 2021-ST4, Class A,  
  2.0%, 7/20/27 (144A)   1,370,205
6,008,021 Upstart Pass-Through Trust, Series 2021-ST5, Class A,  
  2.0%, 7/20/27 (144A)   6,000,247
1,309,781 Upstart Securitization Trust, Series 2019-3, Class A,    
  2.684%, 1/21/30 (144A)   1,312,905
6,256,632 Upstart Securitization Trust, Series 2020-1, Class A,    
  2.322%, 4/22/30 (144A)   6,286,972
4,243,928 Upstart Securitization Trust, Series 2020-3, Class A,    
  1.702%, 11/20/30 (144A)   4,264,982
2,250,000 Upstart Securitization Trust, Series 2021-1, Class B,    
  1.89%, 3/20/31 (144A)   2,261,565
3,596,879 USASF Receivables LLC, Series 2020-1A, Class A, 2.47%,  
  8/15/23 (144A)   3,612,771
105,263(a) Venture 32 CLO, Ltd., Series 2018-32RR, Class AX, 0.884%  
  (3 Month USD LIBOR + 75 bps), 7/19/31 (144A)   105,260
543,480(a) Venture XXI CLO, Ltd., Series 2015-21A, Class AR, 1.006%  
  (3 Month USD LIBOR + 88 bps), 7/15/27 (144A)   543,502

 

The accompanying notes are an integral part of these financial statements.

34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal    
Amount    
USD ($)   Value
  ASSET BACKED SECURITIES — (continued)
4,480,368(a) Verizon Owner Trust, Series 2019-A, Class A1B, 0.417%  
  (1 Month USD LIBOR + 33 bps), 9/20/23 $ 4,484,411
3,862,211 Veros Auto Receivables Trust, Series 2021-1, Class A,  
  0.92%, 10/15/26 (144A) 3,862,591
2,000,000 Veros Auto Receivables Trust, Series 2021-1, Class C,  
  3.64%, 8/15/28 (144A) 2,011,447
3,221,054 Veros Automobile Receivables Trust, Series 2020-1,  
  Class A, 1.67%, 9/15/23 (144A) 3,225,679
2,000,000 Veros Automobile Receivables Trust, Series 2020-1,  
  Class B, 2.19%, 6/16/25 (144A) 2,011,802
1,637,259 Westgate Resorts LLC, Series 2018-1A, Class B, 3.58%,  
  12/20/31 (144A) 1,655,319
253,839 Westgate Resorts LLC, Series 2018-1A, Class C, 4.1%,  
  12/20/31 (144A) 255,726
1,674,557 Westgate Resorts LLC, Series 2020-1A, Class A, 2.713%,  
  3/20/34 (144A) 1,706,889
2,009,469 Westgate Resorts LLC, Series 2020-1A, Class C, 6.213%,  
  3/20/34 (144A) 2,111,477
7,178,396 Willis Engine Structured Trust VI, Series 2021-A,  
  Class B, 5.438%, 5/15/46 (144A) 7,420,908
6,928(a) Wilshire Mortgage Loan Trust, Series 1997-2, Class A6,  
  0.366% (1 Month USD LIBOR + 28 bps), 5/25/28 6,925
1,031,542(a) Wind River CLO, Ltd., Series 2016-1A, Class AR, 1.176%  
  (3 Month USD LIBOR + 105 bps), 7/15/28 (144A) 1,031,596
5,000,000(a) Woodmont Trust, Series 2020-7A, Class A1A, 2.026%  
  (3 Month USD LIBOR + 190 bps), 1/15/32 (144A) 5,027,775
7,000,000 World Omni Automobile Lease Securitization Trust,  
  Series 2021-A, Class A2, 0.21%, 4/15/24 6,998,681
6,500,000(a) Z Capital Credit Partners CLO, Ltd., Series 2019-1A,  
  Class BR, 2.126% (3 Month USD LIBOR +  
  200 bps), 7/16/31 (144A) 6,500,689
6,000,000(a) Z Capital Credit Partners CLO, Ltd., Series 2019-1A,  
  Class DR, 5.126% (3 Month USD LIBOR +  
  500 bps), 7/16/31 (144A) 5,999,682
  TOTAL ASSET BACKED SECURITIES  
  (Cost $1,214,897,273) $1,216,465,393
  COLLATERALIZED MORTGAGE OBLIGATIONS —  
  15.3% of Net Assets  
60,620(b) Bear Stearns Mortgage Securities, Inc., Series 1997-6,  
  Class 3B1, 2.388%, 6/25/30 $ 62,286
8,800,885(a) Bellemeade Re, Ltd., Series 2017-1, Class M2, 3.436%  
  (1 Month USD LIBOR + 335 bps), 10/25/27 (144A) 8,883,472
6,533,876(a) Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 1.686%  
  (1 Month USD LIBOR + 160 bps), 4/25/28 (144A) 6,538,012
1,657,000(a) Bellemeade Re, Ltd., Series 2018-3A, Class B1, 3.986%  
  (1 Month USD LIBOR + 390 bps), 10/25/28 (144A) 1,694,692

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 35

Table of Contents 

 


Schedule of Investments 9/30/21

(unaudited) (continued)

Principal      
Amount      
USD ($)   Value
  COLLATERALIZED MORTGAGE    
  OBLIGATIONS — (continued)    
2,319,316(a) Bellemeade Re, Ltd., Series 2018-3A, Class M1B, 1.936%  
  (1 Month USD LIBOR + 185 bps), 10/25/28 (144A) $ 2,326,145
6,125,000(a) Bellemeade Re, Ltd., Series 2018-3A, Class M2, 2.836%  
  (1 Month USD LIBOR + 275 bps), 10/25/28 (144A)   6,140,262
8,448(a) Bellemeade Re, Ltd., Series 2019-1A, Class M1A, 1.386%  
  (1 Month USD LIBOR + 130 bps), 3/25/29 (144A)   8,449
5,290,000(a) Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 1.836%  
  (1 Month USD LIBOR + 175 bps), 3/25/29 (144A)   5,289,999
2,800,000(a) Bellemeade Re, Ltd., Series 2019-3A, Class B1, 2.586%  
  (1 Month USD LIBOR + 250 bps), 7/25/29 (144A)   2,799,999
10,671,000(a) Bellemeade Re, Ltd., Series 2019-3A, Class M1B, 1.686%  
  (1 Month USD LIBOR + 160 bps), 7/25/29 (144A)   10,701,820
10,150,000(a) Bellemeade Re, Ltd., Series 2019-4A, Class M1B, 2.086%  
  (1 Month USD LIBOR + 200 bps), 10/25/29 (144A)   10,153,211
5,000,000(a) Bellemeade Re, Ltd., Series 2019-4A, Class M1C, 2.586%  
  (1 Month USD LIBOR + 250 bps), 10/25/29 (144A)   5,039,038
1,724,815(a) Bellemeade Re, Ltd., Series 2020-2A, Class M1B, 3.286%  
  (1 Month USD LIBOR + 320 bps), 8/26/30 (144A)   1,741,044
3,250,000(a) Bellemeade Re, Ltd., Series 2020-2A, Class M1C, 4.086%  
  (1 Month USD LIBOR + 400 bps), 8/26/30 (144A)   3,316,838
4,567,000(a) Bellemeade Re, Ltd., Series 2020-3A, Class M1B, 2.936%  
  (1 Month USD LIBOR + 285 bps), 10/25/30 (144A)   4,636,821
6,300,000(a) Bellemeade Re, Ltd., Series 2020-3A, Class M1C, 3.786%  
  (1 Month USD LIBOR + 370 bps), 10/25/30 (144A)   6,613,856
4,120,000(a) Bellemeade Re, Ltd., Series 2020-4A, Class M2B, 3.686%  
  (1 Month USD LIBOR + 360 bps), 6/25/30 (144A)   4,164,382
4,290,000(a) Bellemeade Re, Ltd., Series 2021-3A, Class A2, 1.05%  
  (SOFR30A + 100 bps), 9/25/31 (144A)   4,308,769
3,046,582(a) Brass NO 8 Plc, Series 8A, Class A1, 0.825% (3 Month  
  USD LIBOR + 70 bps), 11/16/66 (144A)   3,057,919
1,802,205(b) BRAVO Residential Funding Trust, Series 2021-NQM2,  
  Class A2, 1.28%, 3/25/60 (144A)   1,803,354
14,311,805(b) Cascade Funding Mortgage Trust, Series 2021-HB6,    
  Class A, 0.898%, 6/25/36 (144A)   14,316,380
7,500,000(b) CFMT LLC, Series 2020-HB4, Class M4, 4.948%,    
  12/26/30 (144A)   7,496,632
3,300,000(b) CFMT LLC, Series 2021-HB5, Class M3, 2.91%,    
  2/25/31 (144A)   3,303,050
4,511,760(a) Chase Mortgage Finance Corp., Series 2019-CL1,    
  Class M1, 1.436% (1 Month USD LIBOR + 135 bps),    
  4/25/47 (144A)   4,545,111
11,677,751(a) Chase Mortgage Finance Corp., Series 2021-CL1, Class M1,  
  1.25% (SOFR30A + 120 bps), 2/25/50 (144A)   11,683,996
3,022,477(a) Chase Mortgage Finance Corp., Series 2021-CL1, Class M2,  
  1.4% (SOFR30A + 135 bps), 2/25/50 (144A)   3,022,476
1,740,214(a) Chase Mortgage Finance Corp., Series 2021-CL1, Class M3,  
  1.6% (SOFR30A + 155 bps), 2/25/50 (144A)   1,742,047

 

The accompanying notes are an integral part of these financial statements.

36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal    
Amount    
USD ($)   Value
  COLLATERALIZED MORTGAGE  
  OBLIGATIONS — (continued)  
84,675(a) CHL Mortgage Pass-Through Trust, Series 2003-15,  
  Class 1A1, 0.586% (1 Month USD LIBOR +  
  50 bps), 6/25/18 $ 84,675
544 Citicorp Mortgage Securities REMIC Pass-Through  
  Certificates Trust, Series 2005-4, Class 2A1,
  5.0%, 7/25/20 556
17,061,778(a) Connecticut Avenue Securities Trust, Series 2019-HRP1,  
  Class M2, 2.236% (1 Month USD LIBOR +  
  215 bps), 11/25/39 (144A) 17,145,104
62,863(a) CSFB Mortgage-Backed Pass-Through Certificates,  
  Series 2004-AR5, Class 11A2, 0.826% (1 Month USD  
  LIBOR + 74 bps), 6/25/34 63,318
153,330(a) Deer Creek CLO, Ltd., Series 2017-1A, Class X, 1.134%  
  (3 Month USD LIBOR + 100 bps), 10/20/30 (144A) 153,327
4,410,148(a) Eagle Re, Ltd., Series 2018-1, Class M1, 1.786% (1 Month  
  USD LIBOR + 170 bps), 11/25/28 (144A) 4,414,506
6,292,367(a) Eagle Re, Ltd., Series 2019-1, Class M1B, 1.886%  
  (1 Month USD LIBOR + 180 bps), 4/25/29 (144A) 6,303,376
6,640,000(a) Eagle Re, Ltd., Series 2020-1, Class M1B, 1.536%  
  (1 Month USD LIBOR + 145 bps), 1/25/30 (144A) 6,571,723
750,000(a) Eagle Re, Ltd., Series 2020-1, Class M1C, 1.886%  
  (1 Month USD LIBOR + 180 bps), 1/25/30 (144A) 743,418
1,809,890(a) Eagle Re, Ltd., Series 2020-2, Class M1B, 4.086%  
  (1 Month USD LIBOR + 400 bps), 10/25/30 (144A) 1,814,297
2,720,000(a) Eagle Re, Ltd., Series 2020-2, Class M1C, 4.586%  
  (1 Month USD LIBOR + 450 bps), 10/25/30 (144A) 2,747,442
4,000,000(a) Eagle Re, Ltd., Series 2021-1, Class M1A, 1.75%  
  (SOFR30A + 170 bps), 10/25/33 (144A) 4,015,312
4,206,000(a) Eagle Re, Ltd., Series 2021-1, Class M1B, 2.2%  
  (SOFR30A + 215 bps), 10/25/33 (144A) 4,249,292
1,563,382(a) Fannie Mae Connecticut Avenue Securities, Series  
  2016-C02, Class 1M2, 6.086% (1 Month USD LIBOR +  
  600 bps), 9/25/28 1,634,732
8,847,702(a) Fannie Mae Connecticut Avenue Securities, Series  
  2016-C03, Class 2M2, 5.986% (1 Month USD LIBOR +  
  590 bps), 10/25/28 9,293,470
10,526,604(a) Fannie Mae Connecticut Avenue Securities, Series  
  2017-C05, Class 1M2B, 2.286% (1 Month USD LIBOR +  
  220 bps), 1/25/30 10,599,834
528,433(a) Fannie Mae Connecticut Avenue Securities, Series  
  2017-C07, Class 1M2A, 2.486% (1 Month USD LIBOR +  
  240 bps), 5/25/30 529,510
13,069,490(a) Fannie Mae Connecticut Avenue Securities, Series  
  2018-C01, Class 1EB1, 0.536% (1 Month USD LIBOR +  
  45 bps), 7/25/30 12,955,744
8,534,720(a) Fannie Mae Connecticut Avenue Securities, Series  
  2018-C04, Class 2M2, 2.636% (1 Month USD LIBOR +  
  255 bps), 12/25/30 8,685,024

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 37

Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  COLLATERALIZED MORTGAGE  
  OBLIGATIONS — (continued)  
144,953(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  1695, Class EG, 1.146% (1 Month USD LIBOR +
  105 bps), 3/15/24 $ 145,746
105,489(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2106, Class F, 0.534% (1 Month USD LIBOR +
  45 bps), 12/15/28 105,892
67,714(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2122, Class FD, 0.434% (1 Month USD LIBOR +
  35 bps), 2/15/29 66,304
20,249(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2156, Class FQ, 0.434% (1 Month USD LIBOR +
  35 bps), 5/15/29 19,993
127,466(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2186, Class FY, 0.684% (1 Month USD LIBOR +
  60 bps), 4/15/28 128,209
34,109(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2368, Class AF, 1.034% (1 Month USD LIBOR +
  95 bps), 10/15/31 34,767
34,165(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2377, Class FE, 0.684% (1 Month USD LIBOR +
  60 bps), 11/15/31 34,493
83,418(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2411, Class FR, 0.684% (1 Month USD LIBOR +
  60 bps), 6/15/31 84,185
73,310(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2432, Class FH, 0.784% (1 Month USD LIBOR +
  70 bps), 3/15/32 74,500
172,698(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2439, Class F, 1.084% (1 Month USD LIBOR +
  100 bps), 3/15/32 176,560
239,016(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2470, Class AF, 1.084% (1 Month USD LIBOR +
  100 bps), 3/15/32 244,746
145,910(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2471, Class FD, 1.084% (1 Month USD LIBOR +
  100 bps), 3/15/32 149,173
43,661(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2498, Class FQ, 0.684% (1 Month USD LIBOR +
  60 bps), 9/15/32 44,099
46,618(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2543, Class EF, 0.434% (1 Month USD LIBOR +
  35 bps), 12/15/32 46,681
277,610(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2551, Class FD, 0.484% (1 Month USD LIBOR +
  40 bps), 1/15/33 280,117
162,274(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  2567, Class FJ, 0.484% (1 Month USD LIBOR +
  40 bps), 2/15/33 162,815

 

The accompanying notes are an integral part of these financial statements.

38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal      
Amount      
USD ($)   Value  
  COLLATERALIZED MORTGAGE    
  OBLIGATIONS — (continued)    
74,660(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2577, Class FA, 0.634% (1 Month USD LIBOR +
  55 bps), 2/15/33 $ 75,318
6,241(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2585, Class FD, 0.584% (1 Month USD LIBOR +
  50 bps), 12/15/32   6,285
87,290(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2614, Class FV, 1.586% (1 Month USD LIBOR +
  150 bps), 5/15/33   90,181
132,910(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2631, Class FC, 0.484% (1 Month USD LIBOR +
  40 bps), 6/15/33   134,145
74,733(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2711, Class FA, 1.084% (1 Month USD LIBOR +
  100 bps), 11/15/33   76,300
125,973(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2916, Class NF, 0.334% (1 Month USD LIBOR +
  25 bps), 1/15/35   126,261
288,390(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  2976, Class LF, 0.424% (1 Month USD LIBOR +
  34 bps), 5/15/35   290,274
99,562(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3012, Class FE, 0.334% (1 Month USD LIBOR +
  25 bps), 8/15/35   99,244
82,743(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3042, Class PF, 0.334% (1 Month USD LIBOR +
  25 bps), 8/15/35   82,945
55,211(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3067, Class FA, 0.434% (1 Month USD LIBOR +
  35 bps), 11/15/35   55,607
45,741(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3102, Class FG, 0.384% (1 Month USD LIBOR +
  30 bps), 1/15/36   45,923
104,127(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3117, Class EF, 0.434% (1 Month USD LIBOR +
  35 bps), 2/15/36   104,765
232,875(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3117, Class FE, 0.384% (1 Month USD LIBOR +
  30 bps), 2/15/36   233,823
142,751(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3122, Class FP, 0.384% (1 Month USD LIBOR +
  30 bps), 3/15/36   143,336
87,183(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3147, Class PF, 0.384% (1 Month USD LIBOR +
  30 bps), 4/15/36   87,539
202,756(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3173, Class FC, 0.504% (1 Month USD LIBOR +
  42 bps), 6/15/36   204,444

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 39

Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal    
Amount    
USD ($)   Value
  COLLATERALIZED MORTGAGE  
  OBLIGATIONS — (continued)  
459,409(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3175, Class FE, 0.394% (1 Month USD LIBOR +
  31 bps), 6/15/36 $ 460,181
251,287(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3181, Class HF, 0.584% (1 Month USD LIBOR +
  50 bps), 7/15/36 255,137
13,225(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3191, Class FE, 0.484% (1 Month USD LIBOR +
  40 bps), 7/15/36 13,351
195,930(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3221, Class FW, 0.504% (1 Month USD LIBOR +
  42 bps), 9/15/36 199,005
57,277(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3222, Class FN, 0.484% (1 Month USD LIBOR +
  40 bps), 9/15/36 57,742
204,816(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3239, Class EF, 0.434% (1 Month USD LIBOR +
  35 bps), 11/15/36 206,412
101,289(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3239, Class FB, 0.434% (1 Month USD LIBOR +
  35 bps), 11/15/36 102,074
160,738(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3247, Class FA, 0.334% (1 Month USD LIBOR +
  25 bps), 8/15/36 161,302
190,576(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3266, Class F, 0.384% (1 Month USD LIBOR +
  30 bps), 1/15/37 191,336
143,638(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3307, Class FT, 0.324% (1 Month USD LIBOR +
  24 bps), 7/15/34 143,906
18,435(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3315, Class F, 0.424% (1 Month USD LIBOR +
  34 bps), 5/15/37 18,570
363,922(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3373, Class FB, 0.664% (1 Month USD LIBOR +
  58 bps), 10/15/37 369,803
46,843(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3376, Class FM, 0.704% (1 Month USD LIBOR +
  62 bps), 10/15/37 47,673
15,404(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3560, Class FA, 1.334% (1 Month USD LIBOR +
  125 bps), 5/15/37 15,971
211,040(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3610, Class FA, 0.784% (1 Month USD LIBOR +
  70 bps), 12/15/39 211,718
90,050(a) Federal Home Loan Mortgage Corp. REMICS, Series  
  3708, Class PF, 0.434% (1 Month USD LIBOR +
  35 bps), 7/15/40 90,430

 

The accompanying notes are an integral part of these financial statements.

40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal      
Amount      
USD ($)   Value  
  COLLATERALIZED MORTGAGE    
  OBLIGATIONS — (continued)    
33,954(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3784, Class F, 0.484% (1 Month USD LIBOR +
  40 bps), 7/15/23 $ 33,904
10,089(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3792, Class DF, 0.484% (1 Month USD LIBOR +
  40 bps), 11/15/40   10,047
22,406(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3867, Class FD, 0.434% (1 Month USD LIBOR +
  35 bps), 5/15/41   22,547
50,879(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3914, Class LF, 0.284% (1 Month USD LIBOR +
  20 bps), 8/15/26   50,716
103,261(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3970, Class GF, 0.384% (1 Month USD LIBOR +
  30 bps), 9/15/26   103,237
133,363(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  3982, Class FL, 0.634% (1 Month USD LIBOR +
  55 bps), 12/15/39   133,863
75,875(a) Federal Home Loan Mortgage Corp. REMICS, Series    
  4056, Class QF, 0.434% (1 Month USD LIBOR +
  35 bps), 12/15/41   76,220
99,948(a) Federal Home Loan Mortgage Corp. Strips, Series 237,    
  Class F14, 0.484% (1 Month USD LIBOR +    
  40 bps), 5/15/36   100,283
88,905(a) Federal Home Loan Mortgage Corp. Strips, Series 239,    
  Class F29, 0.334% (1 Month USD LIBOR +    
  25 bps), 8/15/36   89,218
384,338(a) Federal Home Loan Mortgage Corp. Strips, Series 239,    
  Class F30, 0.384% (1 Month USD LIBOR +    
  30 bps), 8/15/36   383,956
113,049(a) Federal Home Loan Mortgage Corp. Strips, Series 244,    
  Class F22, 0.434% (1 Month USD LIBOR +    
  35 bps), 12/15/36   113,762
12,535(a) Federal National Mortgage Association REMICS, Series    
  1993-230, Class FA, 0.684% (1 Month USD LIBOR    
  + 60 bps), 12/25/23   12,498
31,144(a) Federal National Mortgage Association REMICS, Series    
  1993-247, Class FA, 1.663% (11th District    
  Cost of Funds Index + 140 bps), 12/25/23   31,475
31,144(a) Federal National Mortgage Association REMICS, Series    
  1993-247, Class FE, 1.086% (1 Month USD LIBOR    
  + 100 bps), 12/25/23   31,360
63,146(a) Federal National Mortgage Association REMICS, Series    
  1994-40, Class FC, 0.586% (1 Month USD LIBOR
  + 50 bps), 3/25/24   63,656
11,353(a) Federal National Mortgage Association REMICS, Series    
  1997-46, Class FA, 0.587% (1 Month USD LIBOR
  + 50 bps), 7/18/27   11,277

 

The accompanying notes are an integral part of these financial statements.

Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21 41

Table of Contents 

 

Schedule of Investments 9/30/21

(unaudited) (continued)

Principal      
Amount      
USD ($)   Value  
  COLLATERALIZED MORTGAGE    
  OBLIGATIONS — (continued)    
25,490(a) Federal National Mortgage Association REMICS, Series    
  1998-21, Class F, 0.42% (1 Year CMT Index +
  35 bps), 3/25/28 $ 25,386
29,841(a) Federal National Mortgage Association REMICS, Series    
  2000-47, Class FD, 0.636% (1 Month USD LIBOR
  + 55 bps), 12/25/30   30,068
111,622(a) Federal National Mortgage Association REMICS, Series    
  2001-35, Class F, 0.686% (1 Month USD LIBOR +
  60 bps), 7/25/31   112,679
37,254(a) Federal National Mortgage Association REMICS, Series    
  2001-37, Class F, 0.586% (1 Month USD LIBOR +
  50 bps), 8/25/31   37,457
230,668(a) Federal National Mortgage Association REMICS, Series    
  2001-50, Class FQ, 0.686% (1 Month USD LIBOR
  + 60 bps), 11/25/31   232,853
101,494(a) Federal National Mortgage Association REMICS, Series    
  2001-65, Class F, 0.686% (1 Month USD LIBOR +
  60 bps), 11/25/31   102,455
67,407(a) Federal National Mortgage Association REMICS, Series    
  2001-69, Class FA, 0.686% (1 Month USD LIBOR
  + 60 bps), 7/25/31   68,056
201,294(a) Federal National Mortgage Association REMICS, Series    
  2001-72, Class FB, 0.986% (1 Month USD LIBOR
  + 90 bps), 12/25/31   205,304
52,760(a) Federal National Mortgage Association REMICS, Series    
  2001-81, Class FL, 0.737% (1 Month USD LIBOR
  + 65 bps), 1/18/32   53,239
87,747(a) Federal National Mortgage Association REMICS, Series    
  2002-1, Class FC, 0.786% (1 Month USD LIBOR +
  70 bps), 1/25/32   89,028
273,224(a) Federal National Mortgage Association REMICS, Series    
  2002-13, Class FD, 0.986% (1 Month USD LIBOR
  + 90 bps), 3/25/32   277,619
181,361(a) Federal National Mortgage Association REMICS, Series    
  2002-34, Class FA, 0.587% (1 Month USD LIBOR
  + 50 bps), 5/18/32   182,688
147,223(a) Federal National Mortgage Association REMICS, Series    
  2002-56, Class FN, 1.086% (1 Month USD LIBOR
  + 100 bps), 7/25/32   150,592
19,650(a) Federal National Mortgage Association REMICS, Series    
  2002-58, Class FD, 0.686% (1 Month USD LIBOR
  + 60 bps), 8/25/32   19,849
87,897(a) Federal National Mortgage Association REMICS, Series    
  2002-77, Class F, 0.686% (1 Month USD LIBOR +
  60 bps), 12/25/32   89,273
67,818(a) Federal National Mortgage Association REMICS, Series    
  2002-82, Class FB, 0.586% (1 Month USD LIBOR
  + 50 bps), 12/25/32   68,281

 

The accompanying notes are an integral part of these financial statements.

42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report 9/30/21

Table of Contents 

 

Principal      
Amount      
USD ($)   Value  
  COLLATERALIZED MORTGAGE    
  OBLIGATIONS — (continued)    
87,011(a) Federal National Mortgage Association REMICS, Series    
  2002-90, Class FH, 0.586% (1 Month USD LIBOR
  + 50 bps), 9/25/32 $ 87,595
47,260(a) Federal National Mortgage Association REMICS, Series    
  2002-92, Class FB, 0.736% (1 Month USD LIBOR
  + 65 bps), 4/25/30   47,765
93,725(a) Federal National Mortgage Association REMICS, Series    
  2002-93, Class FH, 0.586% (1 Month USD LIBOR
  + 50 bps), 1/25/33   94,618
76,505(a) Federal National Mortgage Association REMICS, Series    
  2003-7, Class FA, 0.836% (1 Month USD LIBOR +    
  75 bps), 2/25/33   77,836
144,858(a) Federal National Mortgage Association REMICS, Series    
  2003-8, Class FJ, 0.436% (1 Month USD LIBOR +
  35 bps), 2/25/33   145,004
236,912(a) Federal National Mortgage Association REMICS, Series    
  2003-31, Class FM, 0.586% (1 Month USD LIBOR
  + 50 bps), 4/25/33   240,356
109,047(a) Federal National Mortgage Association REMICS, Series    
  2003-42, Class JF, 0.586% (1 Month USD LIBOR
  + 50 bps), 5/25/33   109,554
35,646(a) Federal National Mortgage Association REMICS, Series    
  2003-49, Class FY, 0.486% (1 Month USD LIBOR
  + 40 bps), 6/25/23   35,641
152,799(a) Federal National Mortgage Association REMICS, Series    
  2003-107, Class FD, 0.586% (1 Month USD LIBOR    
  + 50 bps), 11/25/33   154,017
160,908(a) Federal National Mortgage Association REMICS, Series    
  2004-52, Class FW, 0.486% (1 Month USD LIBOR    
  + 40 bps), 7/25/34   162,173
43,189(a) Federal National Mortgage Association REMICS, Series    
  2004-54, Class FN, 0.536% (1 Month USD LIBOR
  + 45 bps), 7/25/34   43,482
267,231(a) Federal National Mortgage Association REMICS, Series    
  2004-79, Class FM, 0.386% (1 Month USD LIBOR
  + 30 bps), 11/25/24   267,212
650(a) Federal National Mortgage Association REMICS, Series    
  2004-91, Class HF, 0.386% (1 Month USD LIBOR
  + 30 bps), 11/25/34   651
150,286(a) Federal National Mortgage Association REMICS, Series    
  2005-83, Class KT, 0.386% (1 Month USD LIBOR
  + 30 bps), 10/25/35