You can currently create a pivot table report with "release quarter", but there is no practical way to create a pivot with initiatives based on time. Initiatives are not the same and don't have a 'release date', but there is still value in organizing initiatives by dates. i.e. A Pivot option with "initiative Start Quarter" or "End Quarter" would give us a quick and compact planning view.
We recently launched the ability to set Time Frames for initiatives and goals.
By setting quarterly time frames on your initiatives (i.e., 2016 Q1, 2016 Q2, etc), you would be able to report on this.
You can see more on our blog post: http://blog.aha.io/index.php/time-based-goals-initiatives/