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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21108
Pioneer Series Trust X
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: April 1, 2012 through September 30, 2012
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Fundamental
Growth Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class B FUNBX
Class C FUNCX
Class R PFGRX*
Class Y FUNYX
Class Z PFGZX*
* Share class was first publicly offered on April 2, 2012.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 18
Schedule of Investments 20
Financial Statements 24
Notes to Financial Statements 34
Trustees, Officers and Service Providers 42
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through September 30, 2012, the Standard & Poor's 500 Index returned 16.35%. In
fixed income, the Bank of America Merrill Lynch High Yield Master II Index was
up by 12.02% during the same period, while the Barclays Capital Aggregate Bond
Index gained 3.99%. Treasury bonds, by contrast, generated a comparatively
sluggish return of 1.70%, as measured by the Barclays Capital Intermediate
Treasuries Index.
Despite this generally positive picture during the first nine months of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 3
Portfolio Management Discussion | 9/30/12
In a volatile period for the investment markets, stock values generally moved
upward during the six months ended September 30, 2012. Renewed confidence about
the direction of the economy led to a brisk rally in the final three months of
the period, after a rocky start in the first three months. In the following
interview, Timothy Mulrenan, Andrew Acheson, and Paul Cloonan discuss the market
environment and the performance of Pioneer Fundamental Growth Fund during the
six months ended September 30, 2012. Mr. Mulrenan, vice president and portfolio
manager at Pioneer, was responsible for day-to-day portfolio management of the
Fund during the six months ended September 30, 2012, with the support of Mr.
Acheson, senior vice president and portfolio manager at Pioneer. Mr. Cloonan,
Co-Head of Equity Research, U.S., at Pioneer, will join the Fund as a portfolio
manager, replacing Mr. Mulrenan, effective November 1, 2012*.
Q How would you describe the market environment during the six months ended
September 30, 2012?
A The six months ended September 30, 2012, consisted of two contrasting
quarters, with stocks and other perceived riskier asset classes falling out
of favor in the first three months of the period, before improving investor
sentiment about global growth prospects led to a rally in the second three
months. The shifting market dynamics were linked mainly to macroeconomic
trends rather than to company-specific fundamentals.
During the first three months of the period, investors sought to limit their
exposure to stocks because of fears about economic conditions in Europe as
well as in the United States. The financial crisis in Europe appeared to be
worsening, as several nations faced higher borrowing costs and investors
worried about the exposure of major banking institutions to the problems
swirling around the euro zone. The concerns about Europe led to worries
about weakening global economic trends in general, concerns that were
further exacerbated by slowing growth trends in China. Meanwhile, corporate
profit growth in the United States was unimpressive, with several companies
reporting disappointing earnings results.
Conditions began to improve in July 2012, however, as the European Central
Bank (ECB) announced that it would become more aggressive in providing
liquidity help to any sovereign nation that requested assistance.
* Effective November 1, 2012, Mr. Cloonan, Co-Head of Equity Research, U.S.,
at Pioneer, will join Mr. Acheson as a portfolio manager of the Fund,
replacing Mr. Mulrenan.
4 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
The ECB said that its assistance would include the indirect purchase of
sovereign debt, a move with the potential to drive down the borrowing costs
of troubled nations. Investor confidence received another boost in September
when the U.S. Federal Reserve (the Fed) announced its third round of
quantitative easing ("QE3"), in an effort to encourage lower interest rates
through the purchasing of government securities on the open market. The
combined actions of the central banks helped to quiet fears about the
strength of the global economic recovery, and stock prices generally rose
during the final three months of the period, overcoming the losses equity
markets had experienced during the first three months.
Q How did the Fund perform in that environment during the six months ended
September 30, 2012?
A Pioneer Fundamental Growth Fund Class A shares returned 3.02% at net asset
value during the six months ended September 30, 2012, while the Fund's
benchmark, the Russell 1000 Growth Index (the Russell Index), returned
1.84%. During the same period, the average return of the 741 mutual funds in
Lipper's Large-Cap Growth Funds category was 0.27%.
Q What were the main reasons behind the Fund's outperformance of the benchmark
Russell Index during the six months ended September 30, 2012?
A During the volatile six-month period, the Fund's traditional emphasis on
higher-quality, financially healthy growth companies with defensible
competitive positions helped it to weather the changing economic environment
and to outperform both the Russell Index and its Lipper peers. The Fund's
higher-quality emphasis helped it to hold up relatively well during the
market downturn of the first three months of the period. The Fund
subsequently captured most of its gains when stocks rallied in the second
three months of the period.
Our investment discipline for the Fund relies principally on stock selection
rather than sector or industry weightings, and so it was no surprise to us
that generally positive security selection results were the key to the
Fund's relative outperformance during the period. Stock picks in the
information technology sector had an especially favorable effect on the
Fund's relative performance; selection results in the sector were
responsible for half of the Fund's statistical outperformance of the
benchmark during the period. In addition, stock selection in the consumer
discretionary sector also made a noteworthy contribution to the Fund's
relative returns.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 5
Q What individual investments contributed the most to the Fund's performance
during the six months ended September 30, 2012?
A The top individual contributor in the portfolio during the period was a
consumer discretionary stock: Ross Stores, a long-time Fund holding. The
corporation operates a chain of retail shops specializing in name-brand
merchandise offered at discounted prices. The chain has focused on the
southern parts of the U.S., including the Southwest, but recently has begun
to move into the Midwest. Ross is a well-managed company that has executed
its business plan very well and has consistently posted healthy earnings
gains, both from expanding same-store sales and from profitable new-store
development. In health care, the Fund's holding in DaVita was the
second-biggest contributor to performance. DaVita has achieved its growth by
becoming one of the nation's leading operators of dialysis centers for
kidney patients. At period-end, DaVita was in the process of acquiring
Health Care Partners, the largest physician network in the United States.
Health Care Partners has distinguished itself by efficiently managing
patient services by taking a more holistic, rather than specialist-oriented,
approach to patient care. We think Health Care Partners' operations have the
potential to set important examples for reducing the total cost of health
care, and we think the acquisition should add to DaVita's overall earnings
power.
A position in Disney, the well-known media and theme-park corporation, also
made a significant contribution to the Fund's performance during the period.
We added Disney to the portfolio in late 2011, and since then the stock has
performed very well. Although the media industry has become increasingly
fragmented, Disney's brands and operations have done well, especially its
ESPN business, which has become a dominant force in sports broadcasting.
Disney also is coming to the end of a substantial investment program in its
theme parks, and we think the company is well positioned to start realizing
profit gains from those investments.
Google was the top performance contributor among the Fund's information
technology holdings during the period, as the company's stock price
registered healthy gains from its core Internet search business. At the same
time, Google's Android operating system has become the leader in the
smartphone market. We also think the company's profit outlook should not be
seriously affected by a recent patent lawsuit filed, and won, by Apple. We
think the lawsuit actually posed more problems for Samsung, which makes the
hardware for many Android-based smartphones, rather than for Google.
6 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Rounding out the top five positive performance contributors for the period
was the Fund's holding in MasterCard, a leading global financial transaction
processing company (credit and debit cards). MasterCard has continued to
experience significant growth domestically as well as outside of the U.S.,
as both credit and debit card use has become increasingly accepted by
consumers around the globe.
Q What investments detracted from the Fund's performance during the six months
ended September 30, 2012?
A The Fund's positioning in the financials sector was the most notable factor
holding back performance during the period. Specifically, the portfolio's
holding in Progressive Insurance, a leading auto insurance company, lagged
the overall results of the financials sector. Early in the six-month period,
the company indicated that the cost of insurance claims, which has been
below historical trends for several quarters, may begin to rise and thus
pressure profit margins in the near term. Although claims costs have been
rising from their previous low level, we expect that they will remain within
the company's long-range expectations. We have maintained the portfolio's
position in Progressive, with the expectation that the company will be a
long-term share gainer within the auto insurance industry.
Notable among other performance detractors in the portfolio during the
period was communications network equipment company Juniper Networks. The
company has been hurt by modest infrastructure spending by the major
telecommunication services providers. Meanwhile, Juniper's new products have
failed to contribute to significant increases in sales. While we have
eliminated the Fund's position in Juniper, we have retained portfolio
exposure to several other companies that detracted from performance results
during the past six months. One such holding was coffee chain Starbucks,
whose stock underperformed after the company reported
softer-than-anticipated sales growth this past summer. We have maintained
the Fund's position because Starbucks' earnings have remained solid and the
company's longer-term growth prospects appear good. Starbucks has been doing
especially well internationally as it expands into Asian markets.
Worries about the global economic cycle hurt two other Fund holdings during
the period: industrial gas producer Praxair and package delivery corporation
United Parcel Service (UPS). Although Praxair's operating
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 7
earnings have continued to hold up, its stock price trailed that of the
overall market during the period as investors feared that a slowing of
global growth trends would hurt the company's business. Similarly, UPS's
stock underperformed primarily due to concerns about the global economic
backdrop. Moreover, the company's China-to-Europe business also fell as
demand from Europe declined. Despite the immediate market concerns about
Praxair and UPS, we continue to hold both stocks in the portfolio because of
our more favorable long-term outlook for the companies.
Q What changes did you make to the Fund's portfolio during the six months
ended September 30, 2012?
A In addition to selling the Fund's position in Juniper Networks, we
liquidated investments in natural gas company Southwestern Energy, and in
Western Union, which specializes in money transfer services. We believed
that Southwestern's profit growth prospects were limited by the low prices
for natural gas, while we were unsure of Western Union's earnings prospects,
given that the company faces the need to invest in digital technology to
defend its competitive position.
We added several new investments to the portfolio during the period,
including Express Scripts, a pharmacy benefit manager (PBM) that recently
has acquired Medco, another PBM. We think the combined company has the
potential to strengthen its position in the competitive market, and to grow
earnings. Also in health care, we established a Fund position in Celgene, a
biotechnology company that produces therapies for cancer and rheumatology.
In the industrials sector, we initiated a position in Cummins Engine, a
leading producer of large truck engines and engine components. We think the
trucking industry is about to move into a new replacement cycle; that should
benefit Cummins, as the company is introducing new engines capable of
meeting stricter standards for air emissions.
Q What is your investment outlook?
A We think the Fund is well positioned for an uneasy investment environment.
In the near term, we expect to see increased volatility arising from
continued uncertainty over the pace of global economic growth. Moreover,
markets also will be anxious about immediate developments in the United
States and how the November elections may affect potential negotiations over
the country's debt ceiling, spending cuts and tax policy (the so-called
"fiscal cliff").
8 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
We don't think it likely that we will see concrete signs of progress in
Europe before the second half of 2013. In the case of China, the slowing of
economic growth there has been more severe than we expected, and it is
possible that any acceleration in growth may be delayed until the change in
political leadership, which is scheduled to take place soon.
We believe it may take as long as 12 to 18 months before we see positive
resolutions to many of the questions that continue to hover over investors'
minds--and contribute to market uncertainty. Until then, the markets may
remain volatile and change direction rapidly from time to time.
Nevertheless, we think stocks, in general, are reasonably priced, especially
relative to other asset classes, and we feel the Fund is well positioned to
weather continued market volatility because of its portfolio of what we
believe to be higher-quality, financially strong growth companies. In an
uncertain time, we believe companies that can demonstrate durable business
models and strong competitive positions should do well.
Please refer to the Schedule of Investments on pages 20-23 for a full listing of
Fund securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 9
Portfolio Summary | 9/30/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 93.7%
Depositary Receipts for International Stocks 3.6%
International Common Stocks 2.7%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
Information Technology 33.3%
Consumer Staples 15.1%
Health Care 15.1%
Industrials 10.7%
Consumer Discretionary 9.6%
Energy 6.6%
Materials 6.5%
Financials 3.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
1. Apple, Inc. 6.96%
--------------------------------------------------------------------------------
2. Google, Inc. 5.09
--------------------------------------------------------------------------------
3. Mastercard, Inc. 4.91
--------------------------------------------------------------------------------
4. Microsoft Corp. 4.76
--------------------------------------------------------------------------------
5. Philip Morris International, Inc. 4.40
--------------------------------------------------------------------------------
6. Oracle Corp. 4.18
--------------------------------------------------------------------------------
7. Ross Stores, Inc. 4.05
--------------------------------------------------------------------------------
8. The Coca-Cola Co. 3.98
--------------------------------------------------------------------------------
9. QUALCOMM, Inc. 3.89
--------------------------------------------------------------------------------
10. Starbucks Corp. 3.31
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
10 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Prices and Distributions | 9/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/12 3/31/12
--------------------------------------------------------------------------------
A $13.63 $13.23
--------------------------------------------------------------------------------
B $12.80 $12.50
--------------------------------------------------------------------------------
C $12.90 $12.57
--------------------------------------------------------------------------------
Y $13.72 $13.30
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/12 4/2/12
--------------------------------------------------------------------------------
R* $13.61 $13.34
--------------------------------------------------------------------------------
Z* $13.64 $13.34
--------------------------------------------------------------------------------
* Class R and Class Z shares were first publicly offered on April 2, 2012.
Distributions per Share: 4/1/12-9/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
R $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $ -- $ -- $ --
--------------------------------------------------------------------------------
Z $ -- $ -- $ --
--------------------------------------------------------------------------------
The Russell 1000 Growth Index measures the performance of large-cap U.S. growth
stocks. Index returns assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-17.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 11
Performance Update | 9/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund at public offering price,
compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 9.01% 8.38%
5 Years 4.58 3.35
1 Year 28.85 21.49
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.19% 1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2002 $ 9,425 $ 10,000
9/30/2003 $ 11,787 $ 12,592
9/30/2004 $ 12,390 $ 13,537
9/30/2005 $ 14,681 $ 15,107
9/30/2006 $ 15,346 $ 16,019
9/30/2007 $ 17,870 $ 19,119
9/30/2008 $ 15,071 $ 15,127
9/30/2009 $ 15,166 $ 14,847
9/30/2010 $ 16,457 $ 16,725
9/30/2011 $ 17,347 $ 17,357
9/30/2012 $ 22,352 $ 22,424
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Performance Update | 9/30/12 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 5.04% 5.04%
5 Years 3.58 3.58
1 Year 27.43 23.43
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.29% 2.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
12/31/2005 $ 10,000 $ 10,000
9/30/2006 $ 10,341 $ 10,297
9/30/2007 $ 11,947 $ 12,290
9/30/2008 $ 9,978 $ 9,724
9/30/2009 $ 9,952 $ 9,544
9/30/2010 $ 10,688 $ 10,751
9/30/2011 $ 11,176 $ 11,158
9/30/2012 $ 14,242 $ 14,414
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 13
Performance Update | 9/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 5.15% 5.15%
5 Years 3.73 3.73
1 Year 27.79 27.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.96%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
12/31/2005 $ 10,000 $ 10,000
9/30/2006 $ 10,331 $ 10,297
9/30/2007 $ 11,936 $ 12,290
9/30/2008 $ 9,978 $ 9,724
9/30/2009 $ 9,963 $ 9,544
9/30/2010 $ 10,719 $ 10,751
9/30/2011 $ 11,217 $ 11,158
9/30/2012 $ 14,335 $ 14,414
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Performance Update | 9/30/12 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.00% 9.00%
5 Years 4.55 4.55
1 Year 28.66 28.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.50% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2002 $ 10,000 $ 10,000
9/30/2003 $ 12,500 $ 12,592
9/30/2004 $ 13,140 $ 13,537
9/30/2005 $ 15,569 $ 15,107
9/30/2006 $ 16,274 $ 16,019
9/30/2007 $ 18,950 $ 19,119
9/30/2008 $ 15,982 $ 15,127
9/30/2009 $ 16,083 $ 14,847
9/30/2010 $ 17,452 $ 16,725
9/30/2011 $ 18,396 $ 17,357
9/30/2012 $ 23,669 $ 22,424
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 2, 2012, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 2, 2012, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 15
Performance Update | 9/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.17% 9.17%
5 Years 4.87 4.87
1 Year 29.24 29.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.78%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2002 $ 5,000,000 $ 5,000,000
9/30/2003 $ 6,250,000 $ 6,295,832
9/30/2004 $ 6,569,767 $ 6,768,559
9/30/2005 $ 7,784,464 $ 7,553,444
9/30/2006 $ 8,137,068 $ 8,009,355
9/30/2007 $ 9,475,052 $ 9,559,494
9/30/2008 $ 7,991,224 $ 7,563,626
9/30/2009 $ 8,064,715 $ 7,423,471
9/30/2010 $ 8,774,224 $ 8,362,667
9/30/2011 $ 9,300,846 $ 8,678,642
9/30/2012 $ 12,020,152 $ 11,211,777
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the
commencement of operations of Class Y shares on April 8, 2009, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class Y shares, the performance of Class Y shares prior to their inception would
have been higher than the performance shown. 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.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Performance Update | 9/30/12 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.02% 9.02%
5 Years 4.59 4.59
1 Year 28.95 28.95
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.95% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Fundamental Russell 1000
Growth Fund Growth Index
9/30/2002 $ 10,000 $ 10,000
9/30/2003 $ 12,500 $ 12,592
9/30/2004 $ 13,140 $ 13,537
9/30/2005 $ 15,569 $ 15,107
9/30/2006 $ 16,274 $ 16,019
9/30/2007 $ 18,950 $ 19,119
9/30/2008 $ 15,982 $ 15,127
9/30/2009 $ 16,083 $ 14,847
9/30/2010 $ 17,452 $ 16,725
9/30/2011 $ 18,396 $ 17,357
9/30/2012 $ 23,721 $ 22,424
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on April
2, 2012, reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior to
their inception on April 2, 2012, would have been higher than that shown. Class
Z shares are not subject to sales charges and are available for limited groups
of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class Z shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on actual returns from April 1, 2012 through September 30, 2012.
-----------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
-----------------------------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $1,000.00
Value on 4/1/12**
-----------------------------------------------------------------------------------------------------------
Ending Account $ 1,030.20 $ 1,024.00 $ 1,026.20 $ 1,020.20 $ 1,031.60 $1,022.50
Value (after expenses)
on 9/30/12
-----------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.60 $ 10.96 $ 9.45 $ 7.05 $ 3.87 $ 4.54
During Period*
-----------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.16%,
1.86%, 1.40%, 0.76% and 0.90% for Class A, Class B, Class C, Class R, Class
Y and Class Z shares, respectively, multiplied by the average account value
over the period, multiplied by 183/365 (182/365 for Class R and Class Z
shares) (to reflect the one-half year period).
** Class R and Class Z shares were first publicly offered on April 2, 2012.
18 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Fundamental Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from April 1, 2012 through September 30, 2012.
-----------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
-----------------------------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 4/1/12**
-----------------------------------------------------------------------------------------------------------
Ending Account $ 1,019.55 $ 1,014.24 $ 1,015.74 $ 1,017.95 $ 1,021.26 $ 1,020.44
Value (after expenses)
on 9/30/12
-----------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.57 $ 10.91 $ 9.40 $ 7.04 $ 3.85 $ 4.53
During Period*
-----------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.16%,
1.86%, 1.40%, 0.76% and 0.90% for Class A, Class B, Class C, Class R, Class
Y and Class Z shares, respectively, multiplied by the average account value
over the period, multiplied by 183/365 (182/365 for Class R and Class Z
shares) (to reflect the one-half year period).
** Class R and Class Z shares were first publicly offered on April 2, 2012.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 19
Schedule of Investments | 9/30/12 (unaudited)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
COMMON STOCKS -- 97.8%
ENERGY -- 6.5%
Oil & Gas Equipment & Services -- 2.9%
358,100 National Oilwell Varco, Inc. $ 28,687,391
-------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 3.6%
247,150 Exxon Mobil Corp. $ 22,601,868
144,700 Occidental Petroleum Corp. 12,452,882
-------------
$ 35,054,750
-------------
Total Energy $ 63,742,141
-------------------------------------------------------------------------------------------
MATERIALS -- 6.4%
Fertilizers & Agricultural Chemicals -- 1.2%
128,005 Monsanto Co. $ 11,651,015
-------------------------------------------------------------------------------------------
Industrial Gases -- 2.4%
220,370 Praxair, Inc. $ 22,892,036
-------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.6%
243,950 Ecolab, Inc. $ 15,810,400
-------------------------------------------------------------------------------------------
Gold -- 1.2%
208,430 Newmont Mining Corp. $ 11,674,164
-------------
Total Materials $ 62,027,615
-------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.2%
Aerospace & Defense -- 3.0%
372,255 United Technologies Corp. $ 29,143,844
-------------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.1%
329,095 3M Co. $ 30,414,960
-------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.0%
110,300 Cummins, Inc. $ 10,170,763
-------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.1%
49,200 WW Grainger, Inc. $ 10,251,804
-------------
Total Capital Goods $ 79,981,371
-------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.3%
Air Freight & Logistics -- 2.3%
313,630 United Parcel Service, Inc. (Class B) $ 22,446,499
-------------
Total Transportation $ 22,446,499
-------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.2%
Restaurants -- 3.2%
622,000 Starbucks Corp. $ 31,566,500
-------------
Total Consumer Services $ 31,566,500
-------------------------------------------------------------------------------------------
MEDIA -- 2.2%
Movies & Entertainment -- 2.2%
408,050 The Walt Disney Co. $ 21,332,854
-------------
Total Media $ 21,332,854
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
RETAILING -- 4.0%
Apparel Retail -- 4.0%
598,040 Ross Stores, Inc. $ 38,633,384
-------------
Total Retailing $ 38,633,384
-------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 4.2%
Drug Retail -- 3.0%
607,550 CVS Caremark Corp. $ 29,417,571
-------------------------------------------------------------------------------------------
Food Retail -- 1.2%
120,600 Whole Foods Market, Inc. $ 11,746,440
-------------
Total Food & Staples Retailing $ 41,164,011
-------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 9.7%
Soft Drinks -- 5.4%
157,650 Fomento Economico Mexicano SAB de CV (A.D.R.) $ 14,500,647
1,001,780 The Coca-Cola Co. 37,997,515
-------------
$ 52,498,162
-------------------------------------------------------------------------------------------
Tobacco -- 4.3%
467,100 Philip Morris International, Inc. $ 42,010,974
-------------
Total Food, Beverage & Tobacco $ 94,509,136
-------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.9%
Household Products -- 0.9%
126,600 The Procter & Gamble Co. $ 8,780,976
-------------
Total Household & Personal Products $ 8,780,976
-------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 7.8%
Health Care Equipment -- 3.7%
191,445 Baxter International, Inc. $ 11,536,476
414,950 Covidien Plc 24,656,329
-------------
$ 36,192,805
-------------------------------------------------------------------------------------------
Health Care Services -- 4.1%
266,850 DaVita, Inc.* $ 27,648,328
199,400 Express Scripts Holding Co.* 12,496,398
-------------
$ 40,144,726
-------------
Total Health Care Equipment & Services $ 76,337,531
-------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 7.0%
Biotechnology -- 1.8%
143,896 Celgene Corp.* $ 10,993,654
124,200 Vertex Pharmaceuticals, Inc.* 6,948,990
-------------
$ 17,942,644
-------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.7%
286,250 Allergan, Inc. $ 26,214,775
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 21
Schedule of Investments | 9/30/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 2.5%
406,880 Thermo Fisher Scientific, Inc. $ 23,936,750
-------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 68,094,169
-------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Specialized Finance -- 1.4%
100,665 IntercontinentalExchange, Inc.* $ 13,429,718
-------------
Total Diversified Financials $ 13,429,718
-------------------------------------------------------------------------------------------
INSURANCE -- 1.4%
Property & Casualty Insurance -- 1.4%
639,380 The Progressive Corp. $ 13,260,741
-------------
Total Insurance $ 13,260,741
-------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 18.5%
Internet Software & Services -- 5.0%
64,330 Google, Inc.* $ 48,536,985
-------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.8%
103,770 Mastercard, Inc. $ 46,850,080
-------------------------------------------------------------------------------------------
Systems Software -- 8.7%
1,524,340 Microsoft Corp. $ 45,394,845
1,265,470 Oracle Corp. 39,849,650
-------------
$ 85,244,495
-------------
Total Software & Services $ 180,631,560
-------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 10.6%
Communications Equipment -- 3.8%
593,610 Qualcomm, Inc. $ 37,094,689
-------------------------------------------------------------------------------------------
Computer Hardware -- 6.8%
99,535 Apple, Inc. $ 66,415,724
-------------
Total Technology Hardware & Equipment $ 103,510,413
-------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.5%
Semiconductor Equipment -- 2.1%
372,750 ASML Holding NV (A.D.R.) $ 20,009,220
-------------------------------------------------------------------------------------------
Semiconductors -- 1.4%
408,300 Xilinx, Inc. $ 13,641,303
-------------
Total Semiconductors & Semiconductor Equipment $ 33,650,523
-------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $741,887,188) $ 953,099,142
-------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.8%
(Cost $741,887,188) (a) $ 953,099,142
-------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.2% $ 21,905,958
-------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 975,005,100
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(a) At September 30, 2012, the net unrealized gain on investments based on
cost for federal income tax purposes of $743,082,101 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 212,225,245
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (2,208,204)
--------------
Net unrealized gain $ 210,017,041
==============
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2012 aggregated $216,679,743 and $63,506,776,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2012, in
valuing the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $953,099,142 $ -- $ -- $ 953,099,142
--------------------------------------------------------------------------------
Total $953,099,142 $ -- $ -- $ 953,099,142
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 23
Statement of Assets and Liabilities | 9/30/12 (unaudited)
ASSETS:
Investment in securities (cost $741,887,188) $953,099,142
Cash 24,371,547
Receivables --
Investment securities sold 756,149
Fund shares sold 4,538,926
Dividends 912,320
Due from affiliates 129,453
Due from Pioneer Investment Management, Inc. 13,342
Other 112,171
--------------------------------------------------------------------------------
Total assets $983,933,050
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 7,147,951
Fund shares repurchased 1,649,543
Due to affiliates 113,508
Accrued expenses 16,948
--------------------------------------------------------------------------------
Total liabilities $ 8,927,950
================================================================================
NET ASSETS:
Paid-in capital $757,745,152
Undistributed net investment income 2,755,424
Accumulated net realized gain on investments 3,292,570
Net unrealized gain on investments 211,211,954
--------------------------------------------------------------------------------
Total net assets $975,005,100
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $391,356,974/28,721,096 shares) $ 13.63
Class B (based on $3,174,294/247,903 shares) $ 12.80
Class C (based on $56,768,146/4,400,925 shares) $ 12.90
Class R (based on $159,603/11,729 shares) $ 13.61
Class Y (based on $523,528,454/38,147,820 shares) $ 13.72
Class Z (based on $17,629/1,292 shares) $ 13.64
MAXIMUM OFFERING PRICE:
Class A ($13.63 (divided by) 94.25%) $ 14.46
================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
Statement of Operations (unaudited)
For the Six Months Ended 9/30/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $28,822) $ 6,215,557
Interest 13,474
--------------------------------------------------------------------------------------------------
Total investment income $ 6,229,031
--------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,800,153
Transfer agent fees
Class A 121,786
Class B 6,545
Class C 15,383
Class Y 4,464
Class Z 15
Distribution fees
Class A 450,408
Class B 15,605
Class C 212,264
Class R 126
Shareholder communications expense 267,368
Administrative reimbursements 122,563
Custodian fees 12,961
Registration fees 40,841
Professional fees 38,227
Printing expense 25,044
Fees and expenses of nonaffiliated Trustees 8,331
Miscellaneous 15,353
--------------------------------------------------------------------------------------------------
Total expenses $ 4,157,437
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (36,631)
--------------------------------------------------------------------------------------------------
Net expenses $ 4,120,806
--------------------------------------------------------------------------------------------------
Net investment income $ 2,108,225
--------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (3,367,504)
--------------------------------------------------------------------------------------------------
Change in net unrealized gain on investments $ 33,850,548
--------------------------------------------------------------------------------------------------
Net gain on investments $ 30,483,044
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 32,591,269
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 25
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended
9/30/12 Year Ended
(unaudited) 3/31/12
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,108,225 $ 2,075,948
Net realized gain (loss) on investments (3,367,504) 13,832,845
Change in net unrealized gain on investments 33,850,548 69,418,797
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 32,591,269 $ 85,327,590
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.00 and $0.03 per share, respectively) $ -- $ (487,169)
Class Y ($0.00 and $0.07 per share, respectively) -- (1,318,638)
Net realized gain:
Class A ($0.00 and $0.30 per share, respectively) -- (4,746,151)
Class B ($0.00 and $0.30 per share, respectively) -- (87,881)
Class C ($0.00 and $0.30 per share, respectively) -- (539,842)
Class Y ($0.00 and $0.30 per share, respectively) -- (5,958,549)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (13,138,230)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 290,586,871 $ 432,147,397
Reinvestment of distributions -- 8,177,366
Cost of shares repurchased (135,936,014) (93,643,390)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ 154,650,857 $ 346,681,373
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 187,242,126 $ 418,870,733
NET ASSETS:
Beginning of period 787,762,974 368,892,241
--------------------------------------------------------------------------------------------------
End of period $ 975,005,100 $ 787,762,974
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 2,755,424 $ 647,199
==================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------
9/30/12 9/30/12
Shares Amount 3/31/12 3/31/12
(unaudited) (unaudited) Shares Amount
---------------------------------------------------------------------------------------
Class A
Shares sold 8,871,070 $115,623,458 19,396,234 $234,741,946
Reinvestment of distributions -- -- 418,234 4,691,030
Less shares repurchased (6,379,374) (83,074,270) (3,982,787) (47,524,046)
---------------------------------------------------------------------------------------
Net increase 2,491,696 $ 32,549,188 15,831,681 $191,908,930
=======================================================================================
Class B
Shares sold or exchanged 36,661 $ 455,650 100,515 $ 1,125,814
Reinvestment of distributions -- -- 7,205 76,090
Less shares repurchased (61,374) (750,000) (191,777) (2,156,277)
---------------------------------------------------------------------------------------
Net decrease (24,713) $ (294,350) (84,057) $ (954,373)
=======================================================================================
Class C
Shares sold 1,992,914 $ 24,747,534 1,692,846 $ 19,363,891
Reinvestment of distributions -- -- 39,795 422,711
Less shares repurchased (287,009) (3,557,662) (373,086) (4,218,195)
---------------------------------------------------------------------------------------
Net increase 1,705,905 $ 21,189,872 1,359,555 $ 15,568,407
=======================================================================================
Class R*
Shares sold 11,729 $ 156,392 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
---------------------------------------------------------------------------------------
Net increase 11,729 $ 156,392 -- $ --
=======================================================================================
Class Y
Shares sold 11,497,675 $149,586,578 14,339,090 $176,915,746
Reinvestment of distributions -- -- 263,491 2,987,535
Less shares repurchased (3,686,688) (48,554,082) (3,283,465) (39,744,872)
---------------------------------------------------------------------------------------
Net increase 7,810,987 $101,032,496 11,319,116 $140,158,409
=======================================================================================
Class Z*
Shares sold 1,292 $ 17,259 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
---------------------------------------------------------------------------------------
Net increase 1,292 $ 17,259 -- $ --
=======================================================================================
* Class R and Class Z shares were first publicly offered on April 2, 2012.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/12 Ended Ended Ended Ended Ended
(unaudited) 3/31/12 3/31/11 3/31/10 3/31/09 3/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.23 $ 11.86 $ 10.96 $ 8.25 $ 11.32 $11.26
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.02 $ 0.02 $ 0.03 $ 0.02 $ 0.01 $ 0.01
Net realized and unrealized gain (loss) on investments 0.38 1.68 1.17 3.29 (3.06) 0.27
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.40 $ 1.70 $ 1.20 $ 3.31 $ (3.05) $ 0.28
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.03) (0.02) (0.02) -- --
Net realized gain -- (0.30) (0.28) (0.58) (0.02) (0.22)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.40 $ 1.37 $ 0.90 $ 2.71 $ (3.07) $ 0.06
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.63 $ 13.23 $ 11.86 $ 10.96 $ 8.25 $11.32
====================================================================================================================================
Total return* 3.02% 14.84% 11.23% 40.50% (26.95)% 2.39%
Ratio of net expenses to average net assets+ 1.10%** 1.19% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 0.35%** 0.28% 0.25% 0.14% 0.24% 0.13%
Portfolio turnover rate 15%** 16% 18% 45% 27% 30%
Net assets, end of period (in thousands) $391,357 $346,987 $123,305 $117,218 $ 6,720 $4,053
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Net expenses 1.12%** 1.19% 1.28% 1.47% 3.94% 3.94%
Net investment income (loss) 0.33%** 0.28% 0.22% (0.07)% (2.45)% (2.56)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.10%** 1.19% 1.25% 1.25% 1.25% 1.25%
Net investment income 0.35%** 0.28% 0.25% 0.14% 0.24% 0.13%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/12 Ended Ended Ended Ended Ended
(unaudited) 3/31/12 3/31/11 3/31/10 3/31/09 3/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 12.50 $ 11.30 $ 10.53 $ 8.01 $ 11.09 $ 11.13
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.04) $ (0.09) $ (0.07)(a) $ (0.05)(a) $ (0.04) $ (0.05)
Net realized and unrealized gain (loss) on investments 0.34 1.59 1.12 3.15 (3.02) 0.23
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.30 $ 1.50 $ 1.05 $ 3.10 $ (3.06) $ 0.18
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain -- (0.30) (0.28) (0.58) (0.02) (0.22)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.30 $ 1.20 $ 0.77 $ 2.52 $ (3.08) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.80 $ 12.50 $ 11.30 $ 10.53 $ 8.01 $ 11.09
====================================================================================================================================
Total return* 2.40% 13.77% 10.26% 39.09% (27.60)% 1.51%
Ratio of net expenses to average net assets+ 2.16%** 2.15% 2.15% 2.15% 2.16% 2.17%
Ratio of net investment loss to average net assets+ (0.72)%** (0.71)% (0.65)% (0.71)% (0.67)% (0.78)%
Portfolio turnover rate 15%** 16% 18% 45% 27% 30%
Net assets, end of period (in thousands) $ 3,174 $ 3,407 $ 4,029 $ 4,114 $ 1,169 $ 1,057
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Net expenses 2.33%** 2.29% 2.23% 2.53% 4.85% 5.01%
Net investment loss (0.89)%** (0.85)% (0.73)% (1.09)% (3.36)% (3.62)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.16%** 2.15% 2.15% 2.15% 2.15% 2.15%
Net investment loss (0.72)%** (0.71)% (0.65)% (0.71)% (0.66)% (0.76)%
====================================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating fair values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
9/30/12 Ended Ended Ended Ended Ended
(unaudited) 3/31/12 3/31/11 3/31/10 3/31/09 3/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.57 $ 11.34 $ 10.56 $ 8.02 $ 11.09 $ 11.13
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.02) $ (0.04) $ (0.05)(a) $ (0.04)(a) $ (0.02) $ (0.05)
Net realized and unrealized gain (loss) on investments 0.35 1.57 1.11 3.16 (3.03) 0.23
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.33 $ 1.53 $ 1.06 $ 3.12 $ (3.05) $ 0.18
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain -- (0.30) (0.28) (0.58) (0.02) (0.22)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.33 $ 1.23 $ 0.78 $ 2.54 $ (3.07) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.90 $ 12.57 $ 11.34 $ 10.56 $ 8.02 $ 11.09
====================================================================================================================================
Total return* 2.62% 13.98% 10.33% 39.29% (27.51)% 1.51%
Ratio of net expenses to average net assets+ 1.86%** 1.96% 2.03% 2.15% 2.15% 2.17%
Ratio of net investment loss to average net assets+ (0.40)%** (0.50)% (0.52)% (0.72)% (0.65)% (0.79)%
Portfolio turnover rate 15%** 16% 18% 45% 27% 30%
Net assets, end of period (in thousands) $56,768 $33,880 $15,149 $11,331 $ 1,187 $ 377
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid
indirectly:
Net expenses 1.86%** 1.96% 2.03% 2.31% 4.95% 5.00%
Net investment loss (0.40)%** (0.50)% (0.52)% (0.88)% (3.45)% (3.62)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.86%** 1.96% 2.03% 2.15% 2.15% 2.15%
Net investment loss (0.40)%** (0.50)% (0.52)% (0.72)% (0.65)% (0.77)%
====================================================================================================================================
(a) The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating fair values of the
investments of the Fund.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
--------------------------------------------------------------------------------
4/2/12 (a)
to 9/30/12
(unaudited)
--------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 13.34
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment loss $ (0.01)
Net realized and unrealized gain on investments 0.28
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.27
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income --
Net realized gain --
--------------------------------------------------------------------------------
Net increase in net asset value $ 0.27
--------------------------------------------------------------------------------
Net asset value, end of period $ 13.61
================================================================================
Total return* 2.02%
Ratio of net expenses to average net assets 1.40%**
Ratio of net investment income to average net assets 0.17%**
Portfolio turnover rate 15%**
Net assets, end of period (in thousands) $ 160
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.56%**
Net investment income 0.01%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 1.40%**
Net investment income 0.17%**
================================================================================
(a) Class R shares were first publicly offered on April 2, 2012.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
9/30/12 Ended Ended 4/8/09 (a)
(unaudited) 3/31/12 3/31/11 to 3/31/10
------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 13.30 $ 11.91 $ 10.99 $ 8.40
------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.04 $ 0.07 $ 0.08 $ 0.03
Net realized and unrealized gain on investments 0.38 1.69 1.19 3.17
------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.42 $ 1.76 $ 1.27 $ 3.20
------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- (0.07) (0.07) (0.03)
Net realized gain -- (0.30) (0.28) (0.58)
------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.42 $ 1.39 $ 0.92 $ 2.59
------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.72 $ 13.30 $ 11.91 $ 10.99
------------------------------------------------------------------------------------------------------------
Total return* 3.16% 15.29% 11.84% 38.49%(b)
Ratio of net expenses to average net assets+ 0.76%** 0.78% 0.78% 0.89%**
Ratio of net investment income to average net assets+ 0.70%** 0.67% 0.72% 0.46%**
Portfolio turnover rate 15%** 16% 18% 45%(b)
Net assets, end of period (in thousands) $523,528 $403,490 $226,409 $238,017
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Net expenses 0.76%** 0.78% 0.78% 0.97%**
Net investment income 0.70%** 0.67% 0.72% 0.38%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.76%** 0.78% 0.78% 0.89%**
Net investment income 0.70%** 0.67% 0.72% 0.46%**
============================================================================================================
(a) Class Y shares were first publicly offered on April 8, 2009.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
--------------------------------------------------------------------------------
4/2/12 (a)
to 9/30/12
(unaudited)
--------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 13.34
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.02
Net realized and unrealized gain on investments 0.28
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.30
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income --
Net realized gain --
--------------------------------------------------------------------------------
Net increase in net asset value $ 0.30
--------------------------------------------------------------------------------
Net asset value, end of period $ 13.64
================================================================================
Total return* 2.25%
Ratio of net expenses to average net assets 0.90%**
Ratio of net investment income to average net assets 0.57%**
Portfolio turnover rate 15%**
Net assets, end of period (in thousands) $ 18
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 0.98%**
Net investment income 0.49%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 0.90%**
Net investment income 0.57%**
================================================================================
(a) Class Z shares were first publicly offered on April 2, 2012.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 33
Notes to Financial Statements | 9/30/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Fundamental Growth Fund (the Fund) is a series of Pioneer Series Trust
X, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Fund's investment objective is to seek long-term capital growth.
The Fund offers six classes of shares designated as Class A, Class B, Class C,
Class R, Class Y and Class Z shares. Class Y shares were first publicly offered
on April 8, 2009. Class R and Class Z shares were first publicly offered on
April 2, 2012. Effective as of the close of business on December 31, 2009, Class
B shares are no longer offered to new or existing shareholders, except that
dividends and/or capital gain distributions may continue to be reinvested in
Class B shares, and shareholders may exchange their Class B shares for Class B
shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y or
Class Z shares. Class B shares convert to Class A shares approximately eight
years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
34 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
at the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued at the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Money market mutual funds are valued at net asset value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund
may use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from exchange
prices.
At September 30, 2012, there were no securities that were valued using fair
value methods (other than securities that were valued using prices supplied
by independent pricing services). Inputs used when applying fair value
methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 35
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
September 30, 2012, the Fund did not have any interest and penalties related
to unrecognized tax positions, which, if applicable, would be recorded as an
income tax expense in the Statement of Operations. Tax years for the prior
three fiscal years remain subject to examination by federal and state tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The tax character of current year distributions payable will be determined
at the end of the Fund's taxable year. The tax character of distributions
paid during the year ended March 31, 2012 was as follows:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 1,805,807
Long-term capital gain 11,332,423
----------------------------------------------------------------------------
Total $13,138,230
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2012:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 647,199
Undistributed long-term gain 7,854,987
Net unrealized gain 176,166,493
----------------------------------------------------------------------------
Total $184,668,679
============================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales.
36 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $64,617 in underwriting commissions on the sale of Class A shares
during the six months ended September 30, 2012.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
E. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 37
F. Securities Lending
The Fund may lend securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive payments in
lieu of dividends or interest on the securities loaned. Gain or loss on the
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. If the required market value of the collateral is
less than the value of the loaned securities, the borrower is required to
deliver additional collateral for the account of the Fund prior to the close
of business on that day. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund is required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined. At September 30, 2012, the Fund had
no securities on loan.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.65% of
the Fund's average daily net assets up to $1 billion and 0.60% on assets over $1
billion. For the six months ended September 30, 2012, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% of
the Fund's average daily net assets.
38 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.09%, 2.15%, 2.15%, 1.40% and 0.90% of the
average daily net assets attributable to Class A, Class B, Class C, Class R and
Class Z shares, respectively. Class Y shares do not have an expense limitation.
Fees waived and expenses reimbursed during the six months ended September 30,
2012 are reflected on the Statement of Operations. These expense limitations are
in effect through August 1, 2014. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
Prior to August 1, 2012, PIM contractually agreed to limit ordinary operating
expenses of Class A shares to 1.25% of average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$96,278 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2012.
Effective March 5, 2012 PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 158,368
Class B 3,056
Class C 15,640
Class R 83
Class Y 90,221
--------------------------------------------------------------------------------
Total $ 267,368
================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $129,453 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2012.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 39
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $17,230 in distribution fees payable to PFD at September 30,
2012.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates beginning
at 4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class R, Class Y
or Class Z shares. Proceeds from the CDSCs are paid to PFD. For the six months
ended September 30, 2012, CDSCs in the amount of $5,555 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2012, the Fund's
expenses were not reduced under such arrangements.
40 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on
an annualized basis or the Federal Funds Rate on the borrowing date plus 1.25%
on an annualized basis. The credit facility in effect as of February 15, 2012 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee
to participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2012, the Fund had no
borrowings under a credit facility.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 41
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Fund
** Chief Financial and Accounting Officer of the Fund
42 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
This page for your notes.
Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12 43
This page for your notes.
44 Pioneer Fundamental Growth Fund | Semiannual Report | 9/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Invesments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 19434-06-1112
Pioneer Absolute
Return Credit Fund
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A RCRAX
Class C RCRCX
Class Y RCRYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 47
Notes to Financial Statements 54
Trustees, Officers and Service Providers 66
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through September 30, 2012, the Standard & Poor's 500 Index returned 16.35%. In
fixed income, the Bank of America Merrill Lynch High Yield Master II Index was
up by 12.02% during the same period, while the Barclays Capital Aggregate Bond
Index gained 3.99%. Treasury bonds, by contrast, generated a comparatively
sluggish return of 1.70%, as measured by the Barclays Capital Intermediate
Treasuries Index.
Despite this generally positive picture during the first nine months of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 3
Portfolio Management Discussion | 9/30/12
Credit-sensitive fixed-income securities delivered solid results during the
six-month period ended September 30, 2012, after the markets bounced back from
early concerns about the health of the global economic recovery. In the
following interview, Michael Temple and Andrew Feltus discuss the factors that
influenced the performance of Pioneer Absolute Return Credit Fund during the
six-month period ended September 30, 2012. Mr. Temple, senior vice president,
director of fixed-income credit research and portfolio manager at Pioneer, and
Mr. Feltus, senior vice president and portfolio manager at Pioneer, are members
of Pioneer's fixed-income team and are responsible for the day-to-day management
of the Fund.
Q How did Pioneer Absolute Return Credit Fund perform during the six months
ended September 30, 2012?
A Pioneer Absolute Return Credit Fund Class A shares returned 5.21% at net
asset value during the six-month period ended September 30, 2012, while
the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S.
Dollar 3-Month LIBOR Index (the BofA ML Index), returned 0.25%. During the
same six-month period, the average return of the 267 mutual funds in
Lipper's Absolute Return Funds category was 0.88%.
Q How would you describe the market environment during the six-month period
ended September 30, 2012?
A Throughout the six-month period, global economic factors seemed to have as
much of an influence on market trends as domestic issues, with investors
closely watching developments in China and Europe as well as in the United
States. At the start of the period, on April 1, 2012, high-yield bonds and
other perceived riskier asset classes remained in favor with the market,
but sentiment abruptly changed as evidence mounted that growth in China
and the rest of Asia was slowing, and that the sovereign-debt problems of
several European nations had not been solved. In the U.S., fears about the
strength of the economic recovery were exacerbated when some corporations
began announcing disappointing profit growth. Corporate bonds and other
credit-sensitive securities fell out of favor in the spring of 2012, amid
renewed fears about a potential global economic slowdown.
The market downturn continued through much of the summer of 2012, until
the announcements by central banks--particularly the European Central Bank
(ECB) and the U.S. Federal Reserve System (the Fed)--of their intentions
to inject more liquidity into the global financial system in an effort to
stimulate economic growth and encourage job creation. The ECB announced in
August 2012 that it could become more active in buying
4 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
the short-term debt of peripheral European nations, including Greece and
Spain, in an effort to keep borrowing rates low for national governments
on the Continent. Shortly after that, the Fed announced its third round of
quantitative easing ("QE3") in an effort to encourage lower interest rates
through the purchasing of government securities in the open market.
Additionally, monetary authorities in China announced that they also were
lowering short-term interest rates and easing credit conditions.
The combination of the central banks' announcements helped trigger a sharp
rally in the financial markets, and high-yield and other credit-sensitive
securities rallied through the end of the period (September 30, 2012),
outperforming higher-quality securities.
Q How did you manage the Fund in that environment during the six-month
period ended September 30, 2012?
A Consistent with the Fund's overall strategy, we used three layers of
hedges during the period to help manage risks associated with the
portfolio's investments in the credit sectors. We used two of the three
layers throughout the six-month period. The first of the hedges consists
of futures contracts that "short" the Standard & Poor's 500 Index (the S&P
500 Index), and are designed to profit when the S&P Index declines. The
second of the hedges consists of volatility contracts, which are based on
investors' attitudes about the direction and intensity of stock market
trends. Both of the hedging layers were in place throughout the six-month
period.
The third layer of hedges, consisting of investments in futures contracts
for U.S. Treasury investments, was used to protect the portfolio's value
when the credit sectors slumped in performance in May of 2012. The
disciplined use of that tactic helped to protect the Fund from the more
extreme effects of the market downturn. We removed the third hedging layer
in time for the Fund's investments to participate in the market rally that
occurred later in the summer of 2012.
The use of the three layers of hedges was a major factor in the Fund's
outperformance of the BofA ML Index during the six-month period.
At the end of the period on September 30, 2012, nearly 74% of the
portfolio's net assets were invested in below-investment-grade debt, with
the largest allocations made to U.S. high-yield corporate bonds (28.6%)
and floating-rate bank loans (20.8%). The below-investment-grade component
of the portfolio also included event-linked ("catastrophe") bonds issued
by insurance companies, convertible securities, and international
high-yield investments. At the close of the period on September 30, 2012,
9.12% of the Fund's net assets were invested in U.S. investment-grade
securities, underscoring the overall emphasis on credit-sensitive
investments in the portfolio.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 5
Q What types of investments most affected the Fund's performance during the
six-month period ended September 30, 2012?
A The Fund's emphasis on credit-sensitive investments, combined with the
aforementioned well-placed use of hedging tactics to control risk, helped
the Fund to significantly outperform the BofA ML Index as well as its
Lipper peer group average during the six-month period. The continued
emphasis on higher-yielding, below-investment-grade securities in the
Fund's investment portfolio helped to drive strong performance during the
six-month period.
By sector and industry, investments in health care, in general, helped the
Fund's returns, as the group rebounded from the low valuations to which it
had fallen in 2011, amid worries about the effects of the passage of the
U.S. Affordable Care Act. Strong performers in health care in the Fund's
portfolio during the period included the bonds of Kindred Health Care, a
home health care provider, and Vanguard Health Systems, a hospital chain.
The Fund's holdings of securities issued by homebuilders also fared well
during the period as the housing sector showed signs of bottoming out and
stabilizing. KB Homes was a good performer for the Fund in the
homebuilding space.
Aside from holdings in health care and homebuilders, a wide variety of
investments contributed to the Fund's healthy returns during the six-month
period, including debt issued by the Russian Government, financial broker
Merrill Lynch, energy exploration-and-production company Comstock
Resources, and NRE, an independent power producer. A catastrophe bond
issued by Eastland Re also fared very well and contributed to the Fund's
returns during the six-month period.
The Fund did have some holdings that disappointed during the six-month
period, including securities issued by: James River Coal, a coal producer
that was hurt by weak demand for metallurgical coal; Navistar, a truck
manufacturer that encountered difficulty with U.S. government emission
standards; and Energia, an Argentinian power producer that was hurt when
the national government blocked rate increases, despite the company's
rising costs.
6 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Q What is your investment outlook?
A The fundamentals supporting both the economy and corporate profits appear
solid, but in the short term, we expect that the capital markets will be
highly affected by events that occur as the U.S. government approaches the
so-called "fiscal cliff" budget scenario at the end of 2012. Congress is
not expected to take any action until sometime after the November
elections on three significant financial challenges: the nation's debt
ceiling; sequestration, which calls for largely unspecified, but deep,
across-the-board spending cuts in the absence of a budget agreement; and
the automatic end of the Bush-era tax cuts. If Congress and the President
cannot come to an agreement, the "fiscal cliff" would be reached.
Obviously, the outcome of the November elections will have a major
influence on how all three issues will be approached.
If there were a successful resolution to the nation's immediate debt,
spending and tax issues, we believe we would see less market volatility
and a return by investors to focusing on fundamental investment
principles. While the nation's economic growth, as measured by gross
domestic product, clearly slowed in the first and second quarters of 2012,
we think the prospects for improving economic conditions are good. The
more accommodative stances by the major central banks in the U.S., Europe,
China and Japan should help to encourage economic expansion as well as an
improvement in corporate profits. We think those factors should encourage
a higher level of economic growth, especially if the U.S. manages to avoid
the "fiscal cliff."
In an environment of extremely low interest rates, we think there should
be continuing investor appetite for corporate bonds and other
credit-sensitive securities that offer yield premiums over high-grade
debt. Nevertheless, the currently low absolute level of interest rates
does limit the total-return potential of fixed-income investments in
general.
We plan to watch events carefully and to be ready to make changes to the
Fund's hedging position in order to protect against any sudden market
volatility, including what could occur in connection with the approaching
"fiscal cliff" scenario should a deal in Washington fail to emerge.
Please refer to the Schedule of Investments on pages 17-46 for a full listing of
Fund securities.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 7
All investments are subject to risk, including the possible loss of principal.
Pioneer Absolute Return Credit ("ARC") Fund has the ability to invest in a wide
variety of debt securities.
The Fund may invest in underlying funds (ETFs and unit investment trusts). In
addition to the Fund's operating expenses, you will indirectly bear the
operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the nonoccurrence of
a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in commodities. The value of commodity-linked derivatives
may be affected by changes in overall market movements, commodity index
volatility, changes in interest rates, factors affecting a particular industry
or commodity, international economic, political and regulatory developments,
supply and demand, and governmental regulatory policies.
8 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
The Fund may invest in zero coupon bonds and payment-in-kind securities, which
may be more speculative and fluctuate more in value than other fixed income
securities. The accrual of income from these securities are payable as taxable
annual dividends to shareholders.
Investments in equity securities are subject to price fluctuation.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities falls.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other
fixed-income securities. Mortgage-Backed securities are also subject to
pre-payments.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Absolute return funds are not intended to outperform stocks and bonds during
strong market rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 9
Portfolio Summary | 9/30/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 41.1%
International Corporate Bonds 23.3%
Senior Secured Loans 22.6%
Collateralized Mortgage Obligations 4.7%
Convertible Corporate Bonds 3.7%
Asset Backed Securities 1.4%
Municipal Bonds 1.2%
U.S. Preferred Stocks 1.1%
Convertible Preferred Stocks 0.5%
Foreign Government Bonds 0.4%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 0.5%
AA 0.7%
A 4.7%
BBB 13.2%
BB 29.7%
B 32.9%
CCC & Lower 6.6%
Not Rated 4.5%
Cash Equivalents 7.2%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. AWAS Aviation Capital, Ltd., Term Loan, 6/25/18 1.43%
-------------------------------------------------------------------------------------------
2. Prudential Financial, Inc., Floating Rate Note, 9/15/42 0.58
-------------------------------------------------------------------------------------------
3. State Street Capital Trust III, Floating Rate Note, 1/29/49 (Perpetual) 0.57
-------------------------------------------------------------------------------------------
4. Reynolds Group Issuer, Inc., 9.875%, 8/15/19 0.50
-------------------------------------------------------------------------------------------
5. Copano Energy LLC, 7.125%, 4/1/21 0.48
-------------------------------------------------------------------------------------------
6. Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 0.47
-------------------------------------------------------------------------------------------
7. Windstream Corp., 7.5%, 6/1/22 0.46
-------------------------------------------------------------------------------------------
8. Genworth Financial, Inc., 7.2%, 2/15/21 0.43
-------------------------------------------------------------------------------------------
9. QEP Resources, Inc., 5.25%, 5/1/23 0.43
-------------------------------------------------------------------------------------------
10. Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A) 0.43
-------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or
sell any security listed.
10 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Prices and Distributions | 9/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/12 3/31/12
--------------------------------------------------------------------------------
A $9.87 $9.63
--------------------------------------------------------------------------------
C $9.85 $9.61
--------------------------------------------------------------------------------
Y $9.90 $9.66
--------------------------------------------------------------------------------
Distributions per Share: 4/1/12-9/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2540 $ -- $ --
--------------------------------------------------------------------------------
C $0.2176 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2708 $ -- $ --
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London interbank offered rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. 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 12-14.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 11
Performance Update | 9/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Absolute Return Credit Fund at public offering price,
compared to that of the Bank of America (BofA) Merrill Lynch U.S. Dollar 3-Month
LIBOR Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 3.91% 0.61%
1 Year 10.57 5.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.66% 1.20%
--------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Absolute BofA Merrill Lynch U.S.
Return Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 9,550 $ 10,000
9/30/2011 $ 9,122 $ 10,009
9/30/2012 $ 10,086 $ 10,058
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Performance Update | 9/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Absolute Return Credit Fund, compared to that of the
Bank of America (BofA) Merrill Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 3.03% 3.03%
1 Year 9.63% 9.63%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.46% 2.10%
--------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Absolute BofA Merrill Lynch U.S.
Return Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 9,517 $ 10,009
9/30/2012 $ 10,434 $ 10,058
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 13
Performance Update | 9/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 Million
investment made in Pioneer Absolute Return Credit Fund, compared to that of the
Bank of America (BofA) Merrill Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 4.44% 4.44%
1 Year 10.80 10.80
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated August 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.30% 0.85%
--------------------------------------------------------------------------------
Value of $5 Million Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Absolute BofA Merrill Lynch U.S.
Return Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 5,000,000 $ 5,000,000
9/30/2011 $ 4,800,067 $ 5,004,742
9/30/2012 $ 5,318,483 $ 5,028,849
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through August 1, 2014, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Absolute Return Credit Fund
Based on actual returns from April 1, 2012, through September 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,052.10 $1,048.30 $1,053.70
(after expenses) on 9/30/12
--------------------------------------------------------------------------------
Expenses Paid $6.07 $9.86 $4.38
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, 1.92%,
and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Absolute Return Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2012, through September 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 4/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,019.15 $1,015.44 $1,020.81
(after expenses) on 9/30/12
--------------------------------------------------------------------------------
Expenses Paid $5.97 $9.70 $4.31
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, 1.92%,
and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
16 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Schedule of Investments | 9/30/12 (unaudited)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 3.4%
ENERGY -- 0.4%
Oil & Gas Exploration & Production -- 0.2%
100,000 BB-/Ba3 Chesapeake Energy Corp., 2.25%, 12/15/38 $ 80,562
100,000 NR/NR Stone Energy Corp., 1.75%, 3/1/17 (144A) 95,188
--------------
$ 175,750
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
100,000 NR/NR Golar LNG, Ltd., 3.75%, 3/7/17 $ 99,770
---------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
223,000 CCC-/B2 James River Coal Co., 3.125%, 3/15/18 $ 73,590
--------------
Total Energy $ 349,110
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Electrical Components & Equipment -- 0.2%
100,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 107,000
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
100,000 NR/NR Greenbrier Companies, Inc., 3.5%, 4/1/18 $ 90,312
250,000 B-/NR Meritor, Inc., 4.625%, 3/1/26 (Step) 223,594
100,000 CCC+/NR Navistar International Corp., 3.0%, 10/15/14 88,688
--------------
$ 402,594
--------------
Total Capital Goods $ 509,594
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Equipment -- 0.1%
100,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 $ 95,438
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
100,000 NR/NR WebMD Health Corp., 2.25%, 3/31/16 $ 92,500
--------------
Total Health Care Equipment & Services $ 187,938
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Biotechnology -- 0.3%
50,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 (144A) $ 84,938
130,000 NR/NR PDL BioPharma, Inc., 3.75%, 5/1/15 159,900
--------------
$ 244,838
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 244,838
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.2%
115,000 B+/NR DFC Global Corp., 3.25%, 4/15/17 (144A) $ 122,259
--------------
Total Diversified Financials $ 122,259
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 17
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Application Software -- 0.3%
175,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 196,656
--------------
Total Software & Services $ 196,656
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Computer Storage & Peripherals -- 0.1%
100,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 113,188
---------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
180,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 134,888
--------------
Total Technology Hardware &
Equipment $ 248,076
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.9%
Semiconductor Equipment -- 0.3%
125,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 120,781
100,000 BBB-/NR Novellus Systems, Inc., 2.625%, 5/15/41 111,062
--------------
$ 231,843
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.6%
50,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 54,375
30,000 A-/A2 Intel Corp., 3.25%, 8/1/39 36,975
55,000 NR/NR JA Solar Holdings Co., Ltd., 4.5%, 5/15/13 52,250
50,000 NR/NR JinkoSolar Holding Co, Ltd., 4.0%,
5/15/16 (144A) 19,500
150,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 75,562
250,000 NR/NR SunPower Corp., 4.75%, 4/15/14 236,875
--------------
$ 475,537
--------------
Total Semiconductors &
Semiconductor Equipment $ 707,380
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
100,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 86,062
--------------
Total Telecommunication Services $ 86,062
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $2,804,048) $ 2,651,913
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.0%
BANKS -- 0.3%
Diversified Banks -- 0.3%
2,250 6.50 A-/A3 US Bancorp, Floating Rate Note, 12/31/99
(Perpetual) $ 65,475
6,000 6.00 A-/A3 US Bancorp, Floating Rate Note, 12/31/99
(Perpetual) 167,880
--------------
$ 233,355
--------------
Total Banks $ 233,355
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.5%
5,125 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate Note,
10/30/40 $ 142,731
7,750 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate Note,
2/15/40 194,602
--------------
$ 337,333
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
100 CCC+/B3 Ally Financial, Inc., 7.0%, 12/31/99
(Perpetual) (144A) $ 93,553
--------------
Total Diversified Financials $ 430,886
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
4,400 BBB-/Baa3 Qwest Corp., 7.375%, 6/1/51 $ 118,272
--------------
Total Telecommunication Services $ 118,272
---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $723,902) $ 782,513
---------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.2%
BANKS -- 0.2%
Diversified Banks -- 0.2%
100 BBB+/Ba1 Wells Fargo & Co., 7.5%, 12/31/99
(Perpetual) $ 123,800
--------------
Total Banks $ 123,800
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $100,637) $ 123,800
---------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.3%
MATERIALS -- 0.0%
Precious Metals & Minerals -- 0.0%
22,559 BBB/NR Mid-State Capital Trust 2010-1, 7.0%,
12/15/45 (144A) $ 23,528
--------------
Total Materials $ 23,528
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 19
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Hotels, Resorts & Cruise Lines -- 0.3%
250,000 BB/NR Westgate Resorts LLC, 9.0%, 1/20/25 (144A) $ 251,250
--------------
Total Consumer Services $ 251,250
---------------------------------------------------------------------------------------------------------
BANKS -- 0.9%
Thrifts & Mortgage Finance -- 0.9%
85,000 1.27 BB/A2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 10/25/34 $ 70,753
100,000 BB/NR CarNow Auto Receivables Trust 2012-1,
6.9%, 11/15/16 (144A) 100,325
75,867 A/B2 Citicorp Residential Mortgage Securities,
Inc., 5.836%, 7/25/36 (Step) 75,599
125,000 A/B2 Citicorp Residential Mortgage Securities,
Inc., 5.892%, 3/25/37 (Step) 123,772
125,000 A/B1 Citicorp Residential Mortgage Securities,
Inc., 5.939%, 7/25/36 (Step) 124,685
36,632 4.46 BBB/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 36,806
99,624 0.39 NR/Caa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/36 (144A) 81,604
30,978 0.46 B+/B3 RASC Trust, Floating Rate Note, 11/25/35 29,756
6,056 B+/A2 Structured Asset Securities Corp., 4.51%,
2/25/35 (Step) 6,061
--------------
$ 649,361
--------------
Total Banks $ 649,361
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial Services -- 0.1%
67,121 BB/NR Sierra Receivables Funding Co. LLC, 9.31%,
7/20/28 (144A) $ 67,113
--------------
Total Diversified Financials $ 67,113
---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $945,273) $ 991,252
---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 4.3%
BANKS -- 2.6%
Thrifts & Mortgage Finance -- 2.6%
210,162 2.80 A/NR Banc of America Funding Corp., Floating
Rate Note, 11/20/34 $ 182,387
200,000 5.03 NR/Aa1 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 9/20/51 (144A) 198,404
77,772 NR/Baa1 Citigroup Mortgage Loan Trust, Inc., 6.75%,
8/25/34 82,854
93,417 0.40 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating
Rate Note, 6/15/22 (144A) 89,025
100,000 5.98 NR/A2 COMM 2010-C1 Mortgage Trust, Floating
Rate Note, 7/10/46 (144A) 118,900
The accompanying notes are an integral part of these financial statements.
20 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000 NR/Baa3 COMM 2011-THL Mortgage Trust, 5.949%,
6/9/28 (144A) $ 104,136
100,000 5.02 NR/Baa3 COMM 2012-CCRE2 Mortgage Trust,
Floating Rate Note, 8/15/45 (144A) 87,612
123,310 AAA/Ba1 Countrywide Alternative Loan Trust, 5.75%,
3/25/34 121,808
55,620 5.61 AAA/NR Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note, 1/25/33 56,337
100,000 NR/NR GS Mortgage Securities Corp. II, 4.209%,
2/10/21 (144A) 100,830
87,971 CCC/NR GSR Mortgage Loan Trust, 6.0%, 2/25/36 89,570
113,587 5.25 BB+/NR GSR Mortgage Loan Trust, Floating Rate
Note, 7/25/35 111,704
262,667 2.96 NR/Caa1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/35 240,471
20,398 CC/Caa2 Structured Asset Securities Corp., 6.0%,
8/25/35 18,421
64,586 2.66 BBB-/B3 Thornburg Mortgage Securities Trust,
Floating Rate Note, 9/25/37 60,986
100,000 NR/Ba2 Wells Fargo Commercial Mortgage Trust,
4.0%, 11/15/43 (144A) 78,297
14,851 NR/B3 Wells Fargo Mortgage Backed Securities
Trust, 5.75%, 5/25/36 14,717
48,344 2.64 BBB-/Ba2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 3/25/35 47,961
50,000 AA-/NR WFDB Commercial Mortgage Trust, 5.914%,
7/5/24 (144A) 52,151
100,000 5.65 NR/Baa3 WFRBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 97,175
50,000 5.42 NR/Baa1 WFRBS Commercial Mortgage Trust 2011-C4,
Floating Rate Note, 6/15/44 (144A) 49,914
--------------
$ 2,003,660
--------------
Total Banks $ 2,003,660
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Other Diversified Financial Services -- 1.0%
113,538 5.63 NR/A2 DBUBS Mortgage Trust, Floating Rate Note,
7/10/44 (144A) $ 125,018
100,000 0.92 BBB+/A3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 12/15/20 (144A) 91,956
105,000 7.35 B+/Ba3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 7/15/32 (144A) 108,399
80,286 AAA/NR RALI Trust, 6.0%, 10/25/34 81,713
250,000 NR/NR Vericrest Opportunity Loan Transferee,
6.414%, 2/26/52 (144A) 250,000
100,000 8.11 NR/NR Vericrest Opportunity Loan Trust 2012-NPL1,
Floating Rate Note, 3/25/49 (144A) $ 101,832
--------------
$ 758,918
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 21
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
125,000 6.00 BB+/NR COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 $ 128,977
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
70,434 5.10 CCC/NR GMAC Mortgage Corp Loan Trust, Floating
Rate Note, 5/25/35 $ 69,815
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
125,000 5.93 BB+/Baa3 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note, 9/11/38 $ 112,974
--------------
Total Diversified Financials $ 1,070,684
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Mortgage REITs -- 0.3%
60,628 2.66 AAA/B2 American Home Mortgage Investment
Trust, Floating Rate Note, 6/25/45 $ 54,377
175,000 4.18 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 5/25/45 (144A) 149,905
--------------
$ 204,282
--------------
Total Real Estate $ 204,282
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%
Government -- 0.0%
348,547 1.05 NR/NR Government National Mortgage Association,
Floating Rate Note, 3/16/53 $ 29,593
--------------
Total Government $ 29,593
---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,087,629) $ 3,308,219
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 58.8%
ENERGY -- 9.1%
Oil & Gas Drilling -- 0.5%
175,000 B/NR Drill Rigs Holdings, Inc., 6.5%,
10/1/17 (144A) $ 173,906
100,000 CCC+/Caa1 Ocean Rig UDW, Inc., 9.5%, 4/27/16 103,000
105,000 BB-/B2 Unit Corp., 6.625%, 5/15/21 (144A) 108,412
--------------
$ 385,318
---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.8%
150,000 BB/Ba3 Bristow Group, Inc., 6.25%, 10/15/22 $ 153,562
100,000 B+/B1 Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 99,000
123,000 B/B3 Expro Finance Luxembourg SCA, 8.5%,
12/15/16 (144A) 126,690
100,000 B/Caa1 Forbes Energy Services, Ltd., 9.0%, 6/15/19 97,000
120,000 B-/B3 Hiland Partners LP, 7.25%, 10/1/20 (144A) 124,800
50,000 BB/Ba3 Oil States International, Inc., 6.5%, 6/1/19 53,125
--------------
$ 654,177
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
300,000 BB+/Ba1 QEP Resources, Inc., 5.25%, 5/1/23 $ 306,750
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.5%
200,000 B/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 $ 204,000
100,000 B-/B3 Chaparral Energy, Inc., 8.25%, 9/1/21 108,000
205,000 B-/B3 Comstock Resources, Inc., 9.5%, 6/15/20 220,375
100,000 BB+/B1 Concho Resources, Inc., 6.5%, 1/15/22 110,250
225,000 B/B2 EP Energy LLC, 7.75%, 9/1/22 (144A) 229,500
100,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 (144A) 109,000
250,000 B-/B3 EV Energy Partners LP, 8.0%, 4/15/19 259,375
285,000 B-/B2 Forest Oil Corp., 7.5%, 9/15/20 (144A) 282,862
200,000 CCC+/Caa1 Goodrich Petroleum Corp., 8.875%, 3/15/19 193,500
150,000 CCC+/B3 Halcon Resources Corp., 9.75%,
7/15/20 (144A) 153,375
100,000 CCC+/Caa1 Kodiak Oil & Gas Corp., 8.125%,
12/1/19 (144A) 106,000
150,000 B-/Caa1 Midstates Petroleum Co, Inc., 10.75%,
10/1/20 (144A) 156,375
100,000 B+/NR MIE Holdings Corp., 9.75%, 5/12/16 (144A) 103,250
100,000 NR/NR National JSC Naftogaz of Ukraine, 9.5%,
9/30/14 101,630
150,000 BBB-/Ba1 Newfield Exploration Co., 5.625%, 7/1/24 166,500
200,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 206,000
200,000 B/B3 Oasis Petroleum, Inc., 6.875%, 1/15/23 212,500
175,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22 (144A) 175,000
100,000 B/B3 Penn Virginia Corp., 7.25%, 4/15/19 93,000
160,000 CCC+/Caa1 PetroBakken Energy, Ltd., 8.625%,
2/1/20 (144A) 166,400
140,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 (144A) 142,800
115,000 CCC/Caa1 Quicksilver Resources, Inc., 7.125%, 4/1/16 98,325
290,000 B-/B3 Samson Investment Co., 9.75%,
2/15/20 (144A) 298,700
100,000 B/B3 Stone Energy Corp., 8.625%, 2/1/17 107,000
100,000 CCC+/Caa1 Venoco, Inc., 8.875%, 2/15/19 87,000
100,000 B/B3 W&T Offshore, Inc., 8.5%, 6/15/19 109,000
--------------
$ 4,199,717
---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
215,000 BB+/Ba1 Tesoro Corp., 5.375%, 10/1/22 $ 221,450
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 23
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.3%
325,000 B/B1 Copano Energy LLC, 7.125%, 4/1/21 $ 339,625
200,000 BBB-/Baa3 DCP Midstream Operating LP, 4.95%, 4/1/22 210,253
100,000 7.00 BB+/Baa3 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 107,125
95,000 BB/Ba3 MarkWest Energy Partners LP, 6.25%, 6/15/22 102,125
100,000 BBB/Baa2 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 110,307
100,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%, 6/15/31 127,911
--------------
$ 997,346
---------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.3%
250,000 B-/B2 James River Coal Co., 7.875%, 4/1/19 $ 143,125
75,000 B/B3 Murray Energy Corp., 10.25%,
10/15/15 (144A) 73,500
--------------
$ 216,625
--------------
Total Energy $ 6,981,383
---------------------------------------------------------------------------------------------------------
MATERIALS -- 5.3%
Commodity Chemicals -- 0.3%
100,000 CCC+/B3 Hexion US Finance Corp., 8.875%, 2/1/18 $ 102,750
100,000 BB+/Ba2 NOVA Chemicals Corp., 7.875%, 9/15/25 100,750
--------------
$ 203,500
---------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.5%
125,000 BB-/Ba3 Celanese US Holdings LLC, 5.875%,
6/15/21 $ 140,000
175,000 CCC+/Caa1 INEOS Group Holdings SA, 8.5%,
2/15/16 (144A) 165,375
90,000 B/B2 Orion Engineered Carbons Bondco
GmbH, 9.625%, 6/15/18 (144A) 98,550
--------------
$ 403,925
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
170,000 BB-/B1 Tronox Finance LLC, 6.375%,
8/15/20 (144A) $ 171,700
---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.0%
130,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 137,800
111,858 CCC+/Caa1 ARD Finance SA, 11.125%,
6/1/18 (144A) (PIK) 111,299
EURO 100,000 CCC+/B3 Ardagh Glass Finance Plc, 8.75%,
2/1/20 (144A) 128,515
EURO 150,000 B+/Ba3 Ardagh Packaging Finance Plc, 7.375%,
10/15/17 (144A) 204,821
EURO 100,000 BB+/Ba2 OI European Group BV, 6.75%,
9/15/20 (144A) 142,652
--------------
$ 725,087
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
200,000 B+/Ba3 Cascades, Inc., 7.875%, 1/15/20 $ 209,500
100,000 CCC+/Caa2 Exopack Holding Corp., 10.0%, 6/1/18 96,000
50,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) 52,750
--------------
$ 358,250
---------------------------------------------------------------------------------------------------------
Aluminum -- 0.2%
150,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 165,535
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.0%
200,000 BBB-/Baa3 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) $ 203,422
75,000 BB-/B1 KGHM International, Ltd., 7.75%,
6/15/19 (144A) 77,250
100,000 CCC+/Caa1 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) 61,000
200,000 CCC+/Caa1 Mirabela Nickel, Ltd., 8.75%,
4/15/18 (144A) 150,000
100,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 (144A) 99,000
200,000 BB/Ba3 Vedanta Resources Plc, 8.25%,
6/7/21 (144A) 194,000
--------------
$ 784,672
---------------------------------------------------------------------------------------------------------
Gold -- 0.2%
180,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20 (144A) $ 176,400
---------------------------------------------------------------------------------------------------------
Steel -- 0.7%
100,000 B/B3 Essar Steel Algoma, Inc., 9.375%,
3/15/15 (144A) $ 95,250
100,000 B/B3 JMC Steel Group, 8.25%, 3/15/18 (144A) 102,000
100,000 NR/B2 Metinvest BV, 8.75%, 2/14/18 (144A) 95,250
120,000 BB+/Ba2 Steel Dynamics, Inc., 6.125%,
8/15/19 (144A) 124,800
120,000 BB+/Ba2 Steel Dynamics, Inc., 6.375%,
8/15/22 (144A) 123,900
--------------
$ 541,200
---------------------------------------------------------------------------------------------------------
Paper Products -- 0.7%
200,000 B+/B1 Appleton Papers, Inc., 10.5%,
6/15/15 (144A) $ 212,500
120,000 BB+/Ba1 PH Glatfelter Co., 5.375%,
10/15/20 (144A) 121,200
200,000 BB/Ba2 Sappi Papier Holding GmbH, 6.625%,
4/15/21 (144A) 192,000
--------------
$ 525,700
--------------
Total Materials $ 4,055,969
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 25
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.0%
Aerospace & Defense -- 0.1%
100,000 B-/B2 DynCorp International, Inc., 10.375%,
7/1/17 $ 86,250
---------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
50,000 BBB-/Ba2 Masco Corp., 5.95%, 3/15/22 $ 54,776
135,000 BBB-/Ba2 Masco Corp., 7.125%, 3/15/20 153,673
--------------
$ 208,449
---------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.7%
200,000 B+/B1 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 185,000
150,000 B+/B1 Empresas ICA SAB de CV, 8.375%,
7/24/17 (144A) 156,375
200,000 B+/B1 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 209,000
--------------
$ 550,375
---------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
200,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 213,000
100,000 B/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 107,000
--------------
$ 320,000
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.7%
100,000 BB-/Ba2 Boart Longyear Management Pty, Ltd., 7.0%,
4/1/21 (144A) $ 102,625
100,000 B/NR Cia Latinoamericana de Infraestructura
& Servicios SA, 9.5%, 12/15/16 65,000
200,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) 200,000
150,000 CCC+/B3 Park-Ohio Industries, Inc., 8.125%, 4/1/21 155,250
--------------
$ 522,875
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.2%
100,000 B/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 101,000
100,000 CCC+/B2 Navistar International Corp., 8.25%, 11/1/21 94,875
--------------
$ 195,875
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.7%
100,000 B/Caa2 Liberty Tire Recycling, 11.0%,
10/1/16 (144A) $ 97,000
100,000 CCC+/Caa2 Mueller Water Products, Inc., 7.375%,
6/1/17 102,500
200,000 B+/NR WPE International Cooperatief UA,
10.375%, 9/30/20 (144A) 170,000
198,000 B/B3 Xerium Technologies, Inc., 8.875%, 6/15/18 175,230
--------------
$ 544,730
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.9%
200,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 203,880
175,000 B+/B3 H&E Equipment Services, Inc., 7.0%,
9/1/22 (144A) 182,000
100,000 B-/B3 INTCOMEX, Inc., 13.25%, 12/15/14 102,000
55,000 B+/B3 UR Merger Sub Corp., 7.375%,
5/15/20 (144A) 59,125
100,000 B+/B3 UR Merger Sub Corp., 7.625%,
4/15/22 (144A) 109,500
--------------
$ 656,505
--------------
Total Capital Goods $ 3,085,059
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.1%
100,000 B/B3 ADS Tactical, Inc., 11.0%, 4/1/18 (144A) $ 99,750
--------------
Total Commercial Services & Supplies $ 99,750
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.7%
Air Freight & Logistics -- 0.2%
200,000 B-/Ba3 CEVA Group Plc, 8.375%, 12/1/17 (144A) $ 192,750
---------------------------------------------------------------------------------------------------------
Airlines -- 0.3%
49,590 BB+/Ba2 Continental Airlines 1997-4 Class B
Pass Through Trust, 6.9%, 1/2/17 $ 51,573
49,861 BB-/Ba1 Continental Airlines 2001-1 Class B
Pass Through Trust, 7.373%, 12/15/15 53,416
100,000 BB+/Ba3 Delta Air Lines 2010-1 Class B Pass
Through Trust, 6.375%, 1/2/16 100,000
--------------
$ 204,989
---------------------------------------------------------------------------------------------------------
Marine -- 0.2%
160,000 B+/B3 Navios South American Logistics, Inc.,
9.25%, 4/15/19 $ 150,400
---------------------------------------------------------------------------------------------------------
Trucking -- 0.8%
150,000 BBB-/Baa2 Asciano Finance, Ltd., 5.0%, 4/7/18 (144A) $ 161,095
100,000 B/B3 syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) 104,250
325,000 BBB+/A3 Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 330,362
--------------
$ 595,707
---------------------------------------------------------------------------------------------------------
Airport Services -- 0.2%
93,000 B/B2 Aeropuertos Argentina 2000 SA, 10.75%,
12/1/20 (144A) $ 91,605
100,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 (144A) 105,000
--------------
$ 196,605
--------------
Total Transportation $ 1,340,451
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 27
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.2%
Auto Parts & Equipment -- 0.3%
200,000 B/Caa1 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) $ 192,000
100,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) 93,000
--------------
$ 285,000
---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.6%
200,000 BB-/B2 Cooper Tire & Rubber Co., 8.0%, 12/15/19 $ 227,000
210,000 B+/B1 The Goodyear Tire & Rubber Co.,
7.0%, 5/15/22 222,600
--------------
$ 449,600
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
100,000 NR/Ba1 Automotores Gildemeister SA, 8.25%,
5/24/21 (144A) $ 108,750
100,000 B/B2 Chrysler Group LLC, 8.25%, 6/15/21 106,500
--------------
$ 215,250
--------------
Total Automobiles & Components $ 949,850
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.6%
Homebuilding -- 0.8%
100,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.5%,
12/11/19 (144A) $ 102,000
55,000 NR/Ba3 Desarrolladora Homex SAB de CV,
9.75%, 3/25/20 (144A) 56,100
200,000 B/B2 KB Home, 8.0%, 3/15/20 221,500
95,000 BB-/B1 The Ryland Group, Inc., 5.375%, 10/1/22 95,238
200,000 NR/Ba3 Urbi Desarrollos Urbanos SAB de CV,
9.5%, 1/21/20 (144A) 176,000
--------------
$ 650,838
---------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.5%
330,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 $ 351,038
---------------------------------------------------------------------------------------------------------
Leisure Products -- 0.1%
EURO 100,000 CCC/Caa2 Heckler & Koch GmbH, 9.5%,
5/15/18 (144A) $ 108,595
---------------------------------------------------------------------------------------------------------
Footwear -- 0.2%
115,000 NR/B2 Wolverine World Wide, Inc., 6.125%,
10/15/20 (144A) $ 118,450
--------------
Total Consumer Durables & Apparel $ 1,228,921
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.7%
Casinos & Gaming -- 1.1%
295,000 B-/Caa2 Codere Finance Luxembourg SA, 9.25%,
2/15/19 (144A) $ 241,900
EURO 200,000 8.25 BB/Ba2 Lottomatica Group S.p.A., Floating Rate
Note, 3/31/66 (144A) 252,642
250,000 B-/B3 MGM Resorts International, 6.75%,
10/1/20 (144A) 250,000
100,000 BB-/B1 Scientific Games International, Inc.,
9.25%, 6/15/19 111,000
--------------
$ 855,542
---------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.3%
200,000 CCC+/B2 Seven Seas Cruises S de RL LLC,
9.125%, 5/15/19 $ 208,000
---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.3%
260,000 BB/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) $ 262,600
--------------
Total Consumer Services $ 1,326,142
---------------------------------------------------------------------------------------------------------
MEDIA -- 1.3%
Broadcasting -- 1.1%
100,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 $ 107,000
250,000 CCC+/B3 Cumulus Media Holdings, Inc., 7.75%,
5/1/19 243,125
100,000 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%, 2/4/17 106,000
EURO 100,000 B+/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 117,591
150,000 B+/B2 Univision Communications, Inc., 6.875%,
5/15/19 (144A) 154,500
100,000 CCC+/Caa2 Univision Communications, Inc., 8.5%,
5/15/21 (144A) 101,500
--------------
$ 829,716
---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
100,000 CCC+/Caa1 Production Resource Group, Inc.,
8.875%, 5/1/19 $ 70,000
---------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
100,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) $ 89,500
--------------
Total Media $ 989,216
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.2%
100,000 B/NR Grupo Famsa SAB de CV, 11.0%,
7/20/15 (144A) $ 106,500
---------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.3%
250,000 B/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 255,625
--------------
Total Retailing $ 362,125
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 29
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.9%
Soft Drinks -- 0.1%
35,000 BB/Ba2 Central American Bottling Corp.,
6.75%, 2/9/22 (144A) $ 37,800
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.5%
75,000 B/NR Agrokor DD, 8.875%, 2/1/20 (144A) $ 75,000
200,000 BBB-/Baa3 BRF -- Brasil Foods SA, 5.875%,
6/6/22 (144A) 218,500
200,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 196,500
100,000 B+/B2 Marfrig Holding Europe BV, 8.375%,
5/9/18 (144A) 81,500
100,000 B+/B2 Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 82,650
200,000 B+/B2 Minerva Overseas II, Ltd., 10.875%,
11/15/19 (144A) 221,000
100,000 B-/Caa1 Pilgrim's Pride Corp., 7.875%, 12/15/18 $ 95,250
200,000 B+/B1 Post Holdings, Inc., 7.375%, 2/15/22 (144A) 212,500
--------------
$ 1,182,900
---------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
200,000 B-/B3 Alliance One International, Inc., 10.0%,
7/15/16 $ 207,000
--------------
Total Food, Beverage & Tobacco $ 1,427,700
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.2%
Health Care Equipment -- 0.5%
200,000 BB/B2 Hologic, Inc., 6.25%, 8/1/20 (144A) $ 212,000
150,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) 164,250
--------------
$ 376,250
---------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
100,000 B/Caa1 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 108,500
100,000 B-/Caa1 Immucor, Inc., 11.125%, 8/15/19 113,000
--------------
$ 221,500
---------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
200,000 CCC/Caa2 Gentiva Health Services, Inc., 11.5%, 9/1/18 $ 188,750
75,000 CCC+/Caa1 Rural Metro Corp., 10.125%, 7/15/19 (144A) 74,438
--------------
$ 263,188
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.5%
100,000 B+/B1 Aviv Healthcare Properties LP, 7.75%,
2/15/19 $ 106,000
200,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 213,250
215,000 B/B3 CHS, 7.125%, 7/15/20 229,378
The accompanying notes are an integral part of these financial statements.
30 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
300,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 $ 291,750
100,000 CCC+/NR United Surgical Partners International,
Inc., 9.0%, 4/1/20 (144A) 108,500
200,000 B-/B3 Vanguard Health Holding Co. II LLC,
7.75%, 2/1/19 212,750
3,000 CCC+/Caa1 Vanguard Health Systems, Inc., 0.0%,
2/1/16 (c) 2,100
--------------
$ 1,163,728
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.6%
200,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 (144A) $ 227,000
175,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 190,750
--------------
$ 417,750
--------------
Total Health Care Equipment
& Services $ 2,442,416
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.6%
Biotechnology -- 0.4%
155,000 BB-/B1 VPI Escrow Corp., 6.375%,
10/15/20 (144A) $ 158,100
130,000 BB-/B3 Warner Chilcott Co. LLC, 7.75%, 9/15/18 138,775
--------------
$ 296,875
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
110,000 NR/Caa1 Sky Growth Acquisition Corp., 7.375%,
10/15/20 (144A) $ 110,550
55,000 NR/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) 56,100
--------------
$ 166,650
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 463,525
---------------------------------------------------------------------------------------------------------
BANKS -- 3.1%
Diversified Banks -- 1.3%
200,000 NR/Ba2 Banco GNB Sudameris SA, 7.5%,
7/30/22 (144A) $ 215,263
100,000 NR/Baa2 Bancolombia SA, 5.95%, 6/3/21 112,500
250,000 BBB/NR BBVA Banco Continental SA, 5.0%,
8/26/22 (144A) 256,875
150,000 NR/A3 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 164,325
250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22 (144A) 248,451
--------------
$ 997,414
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 31
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Regional Banks -- 1.6%
125,000 BB+/Baa3 Capital One Capital VI, 8.875%, 5/15/40 $ 127,095
250,000 A/A2 HSBC Bank USA NA New York NY, 6.0%,
8/9/17 291,438
150,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc., Floating
Rate Note, 7/29/49 (Perpetual) 167,630
400,000 5.38 BBB+/Baa1 State Street Capital Trust III, Floating
Rate Note, 1/29/49 (Perpetual) 400,052
250,000 BBB-/NR UBS AG, 7.625%, 8/17/22 $ 261,390
--------------
$ 1,247,605
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
100,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 103,875
--------------
Total Banks $ 2,348,894
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.3%
Other Diversified Financial Services -- 4.7%
150,000 A-/Baa2 Citigroup, Inc., 5.375%, 8/9/20 $ 173,418
250,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 258,775
250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 257,925
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 268,225
200,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note, 12/15/49 (Perpetual) 222,884
200,000 A/A2 JPMorgan Chase & Co., 4.35%, 8/15/21 220,436
100,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 4/29/49 (Perpetual) 113,573
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 250,400
250,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 252,350
250,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 252,775
250,000 9.98 BB-/NR Loma Reinsurance, Ltd., Floating Rate
Note, 12/21/12 (Cat Bond) (144A) 251,200
250,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 245,850
250,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 250,850
300,000 6.25 BB/NR Residential Reinsurance 2010, Ltd., Floating
Rate Note, 6/6/13 (Cat Bond) (144A) 306,420
250,000 8.00 BB-/NR Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 254,225
100,000 7.70 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) (d) 58,770
--------------
$ 3,638,076
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
200,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) $ 206,560
250,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note, 2/16/15
(Cat Bond) (144A) $ 254,400
--------------
$ 460,960
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
150,000 CCC/Caa1 Springleaf Finance Corp., 6.9%, 12/15/17 $ 127,500
100,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 97,000
--------------
$ 224,500
---------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.5%
250,000 A/NR Blackstone Holdings Finance Co. LLC,
6.25%, 8/15/42 (144A) $ 265,269
100,000 BB+/Ba1 Neuberger Berman Group LLC, 5.625%,
3/15/20 (144A) 106,500
--------------
$ 371,769
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.2%
100,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating Rate
Note, 6/1/43 $ 75,316
100,000 BBB/A3 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 107,010
150,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 156,195
200,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 251,171
150,000 NR/Baa3 Scottrade Financial Services, Inc., 6.125%,
7/11/21 (144A) 154,786
150,000 A-/A3 The Goldman Sachs Group, Inc., 5.25%,
7/27/21 165,365
--------------
$ 909,843
--------------
Total Diversified Financials $ 5,605,148
---------------------------------------------------------------------------------------------------------
INSURANCE -- 7.5%
Insurance Brokers -- 1.1%
200,000 CCC/Caa2 Alliant Holdings I, Inc., 11.0%,
5/1/15 (144A) $ 206,000
300,000 CCC+/Caa2 Hub International, Ltd., 8.125%,
10/15/18 (144A) 303,750
GBP 100,000 NR/Ba3 Towergate Finance Plc, 8.5%,
2/15/18 (144A) 157,316
100,000 CCC/Caa2 USI Holdings Corp., 9.75%, 5/15/15 (144A) 101,125
100,000 4.31 CCC/Caa1 USI Holdings Corp., Floating Rate Note,
11/15/14 (144A) 96,750
--------------
$ 864,941
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 33
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.8%
150,000 B+/Ba3 CNO Financial Group, Inc., 6.375%,
10/1/20 (144A) $ 153,000
400,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 410,000
--------------
$ 563,000
---------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.7%
300,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 306,750
225,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 3/15/37 (144A) 213,750
--------------
$ 520,500
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.9%
250,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 $ 268,002
100,000 BBB/Baa2 OneBeacon US Holdings, Inc., 5.875%,
5/15/13 102,367
110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note, 5/29/49 (Perpetual) (144A) 112,108
250,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note,
12/29/49 (Perpetual) 230,000
--------------
$ 712,477
---------------------------------------------------------------------------------------------------------
Reinsurance -- 4.0%
250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) $ 259,500
250,000 10.00 NR/B1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 262,525
250,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 262,575
250,000 10.16 B/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 (Cat Bond) (144A) 251,475
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 259,750
250,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 264,400
250,000 11.41 NR/B2 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 263,025
250,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 243,942
250,000 13.17 B-/NR Successor X, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 254,075
250,000 9.66 B/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 251,725
250,000 13.00 NR/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 255,575
200,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%, 1/26/40 $ 253,678
--------------
$ 3,082,245
--------------
Total Insurance $ 5,743,163
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Diversified REITs -- 0.5%
100,000 B+/Ba3 CNL Lifestyle Properties, Inc., 7.25%,
4/15/19 $ 94,750
250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%,
4/15/21 (144A) 274,419
--------------
$ 369,169
---------------------------------------------------------------------------------------------------------
Specialized REITs -- 0.7%
250,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%, 8/15/22 $ 262,636
100,000 BB-/B1 Sabra Health Care LP, 8.125%, 11/1/18 109,500
150,000 BBB/Baa2 Ventas Realty LP, 4.75%, 6/1/21 164,855
$ 536,991
--------------
Total Real Estate $ 906,160
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.5%
Internet Software & Services -- 0.4%
100,000 BB-/Ba2 Equinix, Inc., 7.0%, 7/15/21 $ 112,000
205,000 BB-/B1 j2 Global, Inc., 8.0%, 8/1/20 (144A) 207,050
--------------
$ 319,050
---------------------------------------------------------------------------------------------------------
Application Software -- 0.1%
90,000 BB-/Ba3 Nuance Communications, Inc., 5.375%,
8/15/20 (144A) $ 92,925
--------------
Total Software & Services $ 411,975
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.3%
Communications Equipment -- 0.5%
260,000 B/B3 CommScope, Inc., 8.25%,
1/15/19 (144A) $ 280,800
100,000 B+/NR ViaSat, Inc., 6.875%, 6/15/20 103,000
--------------
$ 383,800
---------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.2%
185,000 BB/Ba2 NCR Corp., 5.0%, 7/15/22 (144A) $ 186,850
---------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.3%
200,000 BB+/Ba1 Seagate HDD Cayman, 7.0%, 11/1/21 $ 214,000
---------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.3%
200,000 BB-/B2 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 199,500
--------------
Total Technology Hardware & Equipment $ 984,150
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.2%
150,000 B+/Caa1 MEMC Electronic Materials, Inc.,
7.75%, 4/1/19 $ 123,000
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 35
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
195,000 BB-/Ba3 Advanced Micro Devices, Inc., 7.5%,
8/15/22 (144A) $ 188,175
--------------
Total Semiconductors &
Semiconductor Equipment $ 311,175
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Integrated Telecommunication Services -- 2.2%
150,000 BB/Baa3 CenturyLink, Inc., 7.6%, 9/15/39 $ 158,644
220,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 236,500
250,000 BB/Ba2 Frontier Communications Corp., 8.75%,
4/15/22 283,750
155,000 NR/Ba3 GTP Acquisition Partners I LLC, 7.628%,
6/15/16 (144A) 161,081
125,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%, 7/3/17 130,625
EURO 200,000 B+/Ba3 Telenet Finance III Luxembourg SCA,
6.625%, 2/15/21 (144A) 264,420
100,000 BB-/B1 tw telecom holdings inc, 5.375%,
10/1/22 (144A) 102,000
305,000 B/Ba3 Windstream Corp., 7.5%, 6/1/22 323,300
--------------
$ 1,660,320
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.9%
200,000 NR/Caa1 Digicel Group, Ltd., 8.25%, 9/30/20 (144A) $ 210,000
150,000 B/B3 Intelsat Jackson Holdings SA, 7.5%, 4/1/21 162,375
100,000 B/B2 MetroPCS Wireless, Inc., 7.875%, 9/1/18 108,000
200,000 BB/Ba3 VimpelCom Holdings BV, 7.504%,
3/1/22 (144A) 209,750
--------------
$ 690,125
--------------
Total Telecommunication Services $ 2,350,445
---------------------------------------------------------------------------------------------------------
UTILITIES -- 2.2%
Electric Utilities -- 0.9%
100,000 CCC+/NR Cia de Transporte de Energia Electrica
en Alta Tension Transener SA, 9.75%,
8/15/21 (144A) $ 45,000
150,000 BBB+/Baa1 Enel Finance International NV, 5.125%,
10/7/19 (144A) 155,746
200,000 BB+/Baa3 Israel Electric Corp., Ltd., 6.7%, 2/10/17
(144A) 216,000
75,000 6.25 BBB-/Baa2 Southern California Edison Co.,
Floating Rate Note, 8/1/49 (Perpetual) $ 81,448
200,000 CCC/Caa1 Texas Competitive Electric Holdings
Co. LLC, 11.5%, 10/1/20 (144A) 156,500
--------------
$ 654,694
---------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
165,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 177,788
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 1.1%
250,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate Note,
3/14/14 (Cat Bond) (144A) $ 258,100
100,000 NR/B1 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 109,000
150,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 159,000
200,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 218,000
100,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 108,000
--------------
$ 852,100
--------------
Total Utilities $ 1,684,582
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $44,126,732) $ 45,098,199
---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.4%
100,000 B/B3 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) $ 72,500
200,000 B+/B2 Ukraine Government International
Bond, 9.25%, 7/24/17 (144A) 210,092
--------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $294,209) $ 282,592
---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.1%
Municipal Airport -- 0.2%
150,000 NR/NR City of Charlotte North Carolina, 5.6%,
7/1/27 $ 137,228
---------------------------------------------------------------------------------------------------------
Municipal Development -- 0.1%
100,000 8.50 NR/NR California State Enterprise Development
Authority, Floating Rate Note, 4/1/31 $ 115,963
---------------------------------------------------------------------------------------------------------
Municipal General -- 0.3%
100,000 BB+/Ba1 Central Texas Regional Mobility Authority,
6.75%, 1/1/41 $ 115,368
100,000 A+/A1 New Jersey Transportation Trust Fund
Authority, 5.5%, 6/15/41 117,116
--------------
$ 232,484
---------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.4%
100,000 AA-/A1 Massachusetts Development Finance Agency,
5.25%, 4/1/37 $ 113,411
150,000 A/NR New Hampshire Health & Education Facilities
Authority, 6.5%, 1/1/41 176,142
--------------
$ 289,553
---------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.1%
100,000 B+/B1 County of York South Carolina, 5.7%, 1/1/24 $ 100,004
--------------
TOTAL MUNICIPAL BONDS
(Cost $766,622) $ 875,232
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 37
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 20.4%**
ENERGY -- 0.6%
Oil & Gas Equipment & Services -- 0.1%
88,004 6.25 B/B3 FTS International Services LLC, Term Loan,
5/6/16 $ 84,951
---------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
78,426 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
6/1/16 $ 78,818
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.4%
265,000 5.00 NR/NR EP Energy LLC, Tranche B-1 Loan, 5/24/18 $ 267,899
--------------
Total Energy $ 431,668
---------------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Commodity Chemicals -- 0.2%
110,000 0.00 B/B1 CPG International I, Inc., Term Loan, 9/21/19 $ 110,412
49,750 5.25 BB-/B1 Taminco Global Chemical Corp., Tranche B-1
Dollar Term Loan, 2/15/19 50,372
--------------
$ 160,784
---------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.3%
134,325 6.50 NR/B1 Ineos Group Holdings, Ltd., Cash Dollar
Term Loan, 5/4/18 $ 135,884
99,242 5.00 B+/B2 Univar, Term B Loan, 2/14/17 99,018
--------------
$ 234,902
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.5%
148,500 5.75 BB-/Ba2 OM Group, Inc., Term B Dollar Loan, 7/5/17 $ 149,521
188,575 5.00 BB-/Ba1 PolyOne Corp., Term Loan, 9/30/17 190,284
--------------
$ 339,805
---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
221,577 6.75 B/B1 Tank Holdings Corp., Initial Term Loan,
6/8/19 $ 222,131
---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
98,750 6.50 B/B2 Exopack Holding Corp., Term Loan B, 5/6/17 $ 98,421
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
98,998 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term
Loan, 7/21/18 $ 99,493
---------------------------------------------------------------------------------------------------------
Steel -- 0.2%
149,244 4.75 BB/B1 JMC Steel Group, Term Loan, 2/15/17 $ 150,270
--------------
Total Materials $ 1,305,806
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.6%
Aerospace & Defense -- 0.8%
98,749 8.75 B/B3 API Technologies Corp., Term Loan, 6/1/16 $ 99,490
129,025 5.75 BB+/Ba3 DigitalGlobe, Inc., Term Loan, 9/21/18 129,778
164,586 3.47 BB-/B1 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 145,247
196,426 9.25 CCC/WR IAP Worldwide Services, Inc., Term Loan
(First-Lien), 12/20/12 166,471
99,250 6.25 B/NR Sequa Corp., Tranche 1 2011 New Term
Loan, 12/3/14 99,994
--------------
$ 640,980
---------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
249,375 0.00 NR/NR Pelican Products, Inc., Term Loan
(First Lien), 8/15/18 $ 248,596
90,188 5.75 B+/B1 Scotsman Industries, Inc., Term Loan, 4/30/16 90,752
50,000 6.00 BB-/Ba2 WireCo WorldGroup, Inc., Term Loan, 4/13/17 50,562
--------------
$ 389,910
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
97,808 7.00 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 $ 97,074
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.9%
200,000 7.00 B+/Ba2 Navistar International Corp., Tranche B
Term Loan, 7/31/17 $ 203,250
148,500 5.50 BB/Ba2 Terex Corp., U.S. Term Loan, 4/28/17 149,242
100,000 8.50 BB-/B2 ThyssenKrupp Waupaca, Inc., Term
Loan, 6/29/17 101,000
199,500 8.25 BB-/B3 Wastequip, Inc., Term Loan, 5/17/18 198,627
--------------
$ 652,119
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.3%
1,000,000 5.75 BBB-/Ba2 AWAS Aviation Capital, Ltd., Term Loan,
6/25/18 $ 1,007,493
--------------
Total Capital Goods $ 2,787,576
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.0%
Commercial Printing -- 0.2%
198,987 6.62 BB-/Ba3 Cenveo Corp., Term B Facility, 12/15/16 $ 199,485
---------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.5%
198,500 8.75 NR/WR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 199,244
159,200 5.50 B+/B1 WCA Waste Corp., Term Loan, 3/1/18 160,195
--------------
$ 359,439
---------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.3%
239,258 0.00 BB-/Ba3 On Assignment, Inc., Initial Term B Loan,
3/20/19 $ 240,005
--------------
Total Commercial Services & Supplies $ 798,929
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 39
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Trucking -- 0.2%
110,098 5.00 BB/B1 Swift Transportation Co., Tranche B-2 Term
Loan, 12/15/17 $ 110,832
--------------
Total Transportation $ 110,832
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.8%
65,000 0.00 NR/NR Allison Transmission, Inc., Term B3 Loan,
8/23/19 $ 65,285
81,368 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B Term Loan,
3/31/17 81,765
197,495 7.75 B+/B2 HHI Holdings LLC, Term Loan, 3/9/17 197,495
98,500 5.25 B+/NR Metaldyne Corp., Term Loan, 5/2/17 100,101
129,350 6.75 NR/NR TI Group Automotive Systems LLC, Term Loan,
3/1/19 128,299
64,065 4.25 BB/Ba2 Tomkins LLC, Term B-1 Loan, 9/21/16 64,530
$ 637,475
--------------
Total Automobiles & Components $ 637,475
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.5%
Housewares & Specialties -- 0.2%
107,008 5.25 BB-/Ba3 Prestige Brands, Inc., Term B Loan, 12/20/18 $ 108,250
49,750 5.25 B+/B1 Yankee Candle Co., Inc., Initial Term Loan,
3/2/19 50,294
--------------
$ 158,544
---------------------------------------------------------------------------------------------------------
Textiles -- 0.3%
249,375 6.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1 Loan,
12/14/16 $ 251,557
--------------
Total Consumer Durables & Apparel $ 410,101
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Casinos & Gaming -- 0.1%
96,250 6.00 BB-/Ba3 Boyd Gaming Corp., Increased Term
Loan, 12/17/15 $ 97,614
---------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.3%
250,000 6.25 NR/Ba2 Seven Seas Cruises S de RL LLC, Term B
Loan, 12/21/18 $ 251,875
---------------------------------------------------------------------------------------------------------
Restaurants -- 0.5%
124,375 6.50 B+/B1 Landry's, Inc., B Term Loan, 3/22/18 $ 126,272
124,375 5.25 NR/NR NPC International, Inc., Term Loan 2012,
12/28/18 125,930
120,000 0.00 BB-/B1 Wendy's International, Inc., Term Loan,
4/3/19 121,219
--------------
$ 373,421
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
64,675 5.50 B/Ba3 Ascent Capital Group, Inc., Term Loan,
3/6/18 $ 65,524
--------------
Total Consumer Services $ 788,434
---------------------------------------------------------------------------------------------------------
MEDIA -- 1.4%
Advertising -- 0.2%
197,973 5.00 B+/Ba3 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 $ 182,383
---------------------------------------------------------------------------------------------------------
Broadcasting -- 0.6%
269,325 4.25 NR/Ba3 Telesat Canada, U.S. Term B Loan, 3/28/19 $ 270,335
199,863 4.47 B+/B2 Univision Communications, Inc., Extended
First-Lien Term Loan, 3/29/17 198,337
--------------
$ 468,672
---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
99,750 6.25 B/B1 WideOpenWest LLC, Term Loan, 4/18/18 $ 100,810
---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.3%
198,991 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B
Loan, 10/20/16 $ 199,818
---------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
120,419 4.50 BB-/Ba3 Interactive Data Corp., Term B Loan, 1/31/18 $ 121,246
--------------
Total Media $ 1,072,929
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Apparel Retail -- 0.3%
249,375 4.75 BB+/Ba2 Ascena Retail Group, Inc., Tranche B Term
Loan, 5/17/18 $ 251,661
---------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.1%
98,750 11.00 B/B2 Targus Group International, Term Loan,
5/12/16 $ 99,244
---------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.2%
98,989 5.00 B+/Ba3 Hillman Group, Inc., Term Loan, 5/31/16 $ 99,978
---------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
84,589 6.25 BB/Ba1 Avis Budget Car Rental LLC, Tranche B
Term Loan, 6/13/18 $ 85,012
--------------
Total Retailing $ 535,895
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Food Retail -- 0.3%
248,750 5.75 B+/B1 Roundy's Supermarkets, Inc., Tranche B
Term Loan, 1/24/19 $ 244,397
--------------
Total Food & Staples Retailing $ 244,397
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 41
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Packaged Foods & Meats -- 0.6%
250,000 6.50 NR/NR Hearthside Food Solutions LLC, Term
Loan A, 5/7/18 $ 250,625
198,736 7.00 B+/B1 Pierre Foods, Inc., Loan (First Lien),
9/30/16 199,875
--------------
$ 450,500
--------------
Total Food, Beverage & Tobacco $ 450,500
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.0%
Health Care Equipment -- 0.6%
175,000 4.50 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan, 4/29/19 $ 177,275
248,623 7.00 BB-/Ba2 Kinetic Concepts, Inc., Dollar Term B-1 Loan,
1/12/18 252,507
--------------
$ 429,782
---------------------------------------------------------------------------------------------------------
Health Care Services -- 1.0%
100,000 0.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan, 8/1/19 $ 100,375
71,802 6.50 B/B1 Gentiva Health Services, Inc., Term B1 Term
Loan, 2/22/16 71,533
247,621 6.75 B+/B1 inVentiv Health, Inc., Term B-3 Loan, 6/24/18 240,812
250,000 0.00 NR/Ba3 MModal, Inc., Term B Loan, 7/2/19 247,656
98,997 5.75 B+/Ba3 Rural Metro Corp., Term Loan (First Lien),
3/28/18 99,195
--------------
$ 759,571
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.0%
146,843 6.50 B/B1 Ardent Medical Services, Inc., Term
Loan, 9/15/15 $ 147,577
59,550 4.50 BB-/Ba3 Health Management Associates, Inc.,
Term B Loan, 11/1/18 60,079
197,000 5.00 B/Ba3 IASIS Healthcare LLC, Term B Loan, 4/18/18 197,862
250,000 0.00 NR/NR Kindred Healthcare, Inc., Incremental
Term Loan, 6/1/18 246,950
98,750 5.50 BB-/Ba3 Select Medical Holdings Corp., Tranche B
Term Loan, 4/25/18 99,429
--------------
$ 751,897
---------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
45,719 8.50 NR/B1 Aveta, Inc., MMM Term Loan, 3/20/17 $ 46,290
45,719 8.50 B+/B1 Aveta, Inc., NAMM Term Loan, 4/4/17 46,119
--------------
$ 92,409
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
100,000 0.00 NR/NR Convatec, Inc., Dollar Term Loan, 12/22/16 $ 100,450
149,250 5.00 BB-/Ba3 Emdeon, Inc., Term B-1 Loan, 11/2/18 150,556
--------------
$ 251,006
--------------
Total Health Care Equipment & Services $ 2,284,665
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.7%
Biotechnology -- 0.6%
200,000 0.00 BB/B1 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 201,250
98,496 5.50 BB/B2 Axcan Intermediate Holdings, Inc., Term B-1
Loan, 1/25/17 98,496
123,787 4.50 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term Loan,
6/4/17 125,056
--------------
$ 424,802
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
100,000 0.00 NR/B1 Par Pharmaceutical Companies, Inc., Term B
Loan, 8/2/19 $ 99,975
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 524,777
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.6%
30,339 5.25 B+/B2 BNY ConvergEx Group LLC, Term Loan First
Lien (EZE), 12/16/16 $ 29,353
69,246 5.25 B+/B2 BNY ConvergEx Group LLC, Term Loan First
Lien (TOP), 12/16/16 66,995
149,250 7.25 NR/B2 HMH Holdings Delaware, Inc., Term Loan
(Exit Facility), 11/21/13 $ 151,489
153,838 7.50 B+/B2 Preferred Sands Holding Co. LLC, Term B
Loan, 12/15/16 146,530
98,939 5.25 NR/Ba2 WorldPay, Facility B2A Term Loan, 8/6/17 99,620
--------------
$ 493,987
--------------
Total Diversified Financials $ 493,987
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Insurance Brokers -- 0.3%
249,357 0.00 B/B1 USI Holdings Corp., Series C New Term
Loan, 5/5/14 $ 250,812
---------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.1%
99,750 5.75 B+/Ba2 AmWINS Group, Inc., 1st Lien Term Loan,
5/7/19 $ 100,124
---------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
100,000 0.00 NR/Ba3 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 100,479
--------------
Total Insurance $ 451,415
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.8%
Data Processing & Outsourced Services -- 0.6%
250,000 4.22 B+/B1 First Data Corp., 2018 Dollar Term Loan,
3/24/18 $ 239,418
175,000 4.25 NR/NR Genpact, Ltd., Term Loan, 8/17/19 175,766
99,000 5.00 BB+/Ba2 NeuStar, Inc., Term Advance Loan, 10/11/18 99,990
--------------
$ 515,174
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 43
Schedule of Investments | 9/30/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Application Software -- 1.1%
230,552 7.50 CCC+/B1 Allen Systems Group, Inc., Term B Loan,
11/22/15 $ 221,042
263,675 8.00 B/Ba3 Expert Global Solutions, Inc., Term B Advance
(First Lien), 3/13/18 266,092
249,375 0.00 NR/NR Lawson Software, Inc., Tranche B2 Term Loan,
4/5/18 251,137
98,497 5.25 B+/B1 Vertafore, Inc., Term Loan (First Lien),
7/31/16 98,907
--------------
$ 837,178
---------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
59,700 4.00 NR/Ba2 Rovi Corp., Tranche B2 Term Loan, 3/30/19 $ 57,760
--------------
Total Software & Services $ 1,410,112
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Electronic Components -- 0.4%
250,000 6.25 B+/B2 Generac Acquisition Corp., Term Loan,
5/22/19 $ 255,312
---------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.1%
99,500 6.50 B/B2 Securus Technologies, Inc., Tranche 2 Term
Loan (First Lien), 5/31/17 $ 99,811
--------------
Total Technology Hardware
& Equipment $ 355,123
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.4%
Semiconductor Equipment -- 0.2%
133,728 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term Loan, 4/25/18 $ 133,645
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
143,340 4.00 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 144,415
--------------
Total Semiconductors &
Semiconductor Equipment $ 278,060
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
49,625 4.00 B+/Ba3 Crown Castle International Corp., Tranche B
Term Loan, 1/10/19 $ 49,870
--------------
Total Telecommunication Services $ 49,870
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Independent Power Producers & Energy
Traders -- 0.3%
250,000 0.00 NR/B1 Calpine Corp., Term Loan, 9/27/19 $ 248,750
--------------
Total Utilities $ 248,750
---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $15,529,722) $ 15,671,301
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 90.9 %
(Cost $68,378,774) (a) $ 69,785,021
---------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 9.1% $ 6,940,024
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 76,725,045
=========================================================================================================
Notional Unrealized
Principal Gain
---------------------------------------------------------------------------------------------------------
Swap Counterparty/Referenced Obligation
250,000 Goodyear Tire & Rubber Co.,
5.0%, 9/20/17 $ 3,658
---------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $(250,000)) $ 3,658
---------------------------------------------------------------------------------------------------------
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
PIK Represents a pay in kind security.
REIT Real Estate Investment Trust
Step Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
Perpetual Security with no stated maturity date.
Cat Bond Catastrophe Bond.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At September 30, 2012, the value of these securities
amounted to $28,834,834 or 37.6% of total net assets.
(a) At September 30, 2012, the net unrealized gain on investments based
on cost for federal income tax purposes of $68,383,118 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 2,570,365
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (1,168,462)
------------
Net unrealized gain $ 1,401,903
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(d) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A. Principal amounts are denominated in U.S.
Dollars unless otherwise noted:
EURO Euro
GBP British Pound Sterling
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 45
Schedule of Investments | 9/30/12 (unaudited) (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2012 aggregated $29,898,540 and $10,824,841,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2012, in
valuing the Fund's assets:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 2,651,913 $ -- $ 2,651,913
Preferred Stocks 688,960 93,553 -- 782,513
Convertible Preferred Stocks 123,800 -- -- 123,800
Asset Backed Securities -- 991,252 -- 991,252
Collateralized Mortgage Obligations -- 3,308,219 -- 3,308,219
Corporate Bonds -- 45,039,429 58,770 45,098,199
Foreign Government Bonds -- 282,592 -- 282,592
Municipal Bonds -- 875,232 -- 875,232
Senior Floating Rate Loan Interests -- 15,671,301 -- 15,671,301
----------------------------------------------------------------------------------------
Total $ 812,760 $68,913,491 $ 58,770 $69,785,021
========================================================================================
Other Financial Instruments* $ (75,713) $ 5,233 $ -- $ (70,480)
========================================================================================
* Other financial instruments include futures contracts, forward foreign
currency contracts and credit default swaps.
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Corporate
Bonds
--------------------------------------------------------------------------------
Balance as of 3/31/12 $ --
Realized gain (loss)(1) 2,029
Change in unrealized appreciation (depreciation)(2) --
Net purchases (sales) --
Transfers in and out of Level 3** 56,741
--------------------------------------------------------------------------------
Balance as of 9/30/12 $ 58,770
================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in net unrealized gain (loss) on investments in the Statement
of Operations.
** Transfers are calculated on the beginning of period values.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Statement of Assets and Liabilities | 9/30/12 (unaudited)
ASSETS:
Investment in securities (cost $68,378,774) $69,785,021
Cash 8,573,449
Foreign currencies, at value (cost $1,759) 1,765
Futures Collateral 311,150
Receivables --
Investment securities sold 188,670
Fund shares sold 571,600
Dividends and interest 956,958
Due from Pioneer Investment Management, Inc. 12,770
Forward foreign currency portfolio hedge contracts, open-net 1,575
Unrealized appreciation on bridge loan commitments 1,000
Unrealized appreciation on credit default swaps 4,040
Other 16,223
-----------------------------------------------------------------------------------------
Total assets $80,424,221
-----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 3,360,714
Fund shares repurchased 146,694
Variation margin 1,714
Dividends 117,106
Swap premiums received 9,375
Due to affiliates 20,760
Accrued expenses 42,813
-----------------------------------------------------------------------------------------
Total liabilities $ 3,699,176
-----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $75,401,883
Undistributed net investment income 216,905
Accumulated net realized loss on investments and foreign currency
transactions and futures contracts (231,461)
Net unrealized gain on investments 1,407,247
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 2,144
Net unrealized gain on credit default swaps 4,040
Net unrealized loss on futures contracts (75,713)
-----------------------------------------------------------------------------------------
Total net assets $76,725,045
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $14,142,964/1,432,679 shares) $ 9.87
Class C (based on $5,538,033/562,302 shares) $ 9.85
Class Y (based on $57,044,048/5,759,899 shares) $ 9.90
MAXIMUM OFFERING PRICE:
Class A ($9.87 (divided by) 95.50) $ 10.34
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 47
Statement of Operations (unaudited)
For the Six Months Ended 9/30/12
INVESTMENT INCOME:
Interest $2,087,504
Dividends 30,425
-----------------------------------------------------------------------------------------------
Total investment income $2,117,929
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 220,083
Transfer agent fees and expenses
Class A 1,565
Class C 1,081
Class Y 603
Distribution fees
Class A 12,366
Class C 23,644
Shareholder communications expense 7,824
Administrative reimbursement 8,935
Custodian fees 12,963
Registration fees 34,201
Professional fees 31,999
Printing expense 6,751
Fees and expenses of nonaffiliated Trustees 3,684
Miscellaneous 8,988
-----------------------------------------------------------------------------------------------
Total expenses $ 374,687
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. $ (65,480)
-----------------------------------------------------------------------------------------------
Net expenses $ 309,207
-----------------------------------------------------------------------------------------------
Net investment income $1,808,722
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CREDIT DEFAULT SWAPS, FUTURES CONTRACTS, AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 470,980
Credit default swaps 521
Futures contracts (113,821)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 8,378 $ 366,058
-----------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $1,240,038
Futures contracts (8,649)
Credit default swaps 4,040
Bridge loan commitments 1,000
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 35,567 $1,271,996
-----------------------------------------------------------------------------------------------
Net gain on investments, futures contracts, credit default swaps,
bridge loan commitments and foreign currency transactions $1,638,054
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $3,446,776
===============================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Statement of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,808,722 $ 1,700,309
Net realized gain (loss) on investments, credit default swaps,
futures contracts and foreign currency transactions 366,058 (492,835)
Change in net unrealized gain on investments, futures
contracts, credit default swaps, bridge loan
commitments and foreign currency transactions 1,271,996 65,722
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,446,776 $ 1,273,196
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.25 and $0.40 per share, respectively) $ (256,270) $ (328,451)
Class C ($0.22 and $0.33 per share, respectively) (105,751) (139,118)
Class Y ($0.27 and $0.42 per share, respectively) (1,331,411) (1,246,804)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,693,432) $ (1,714,373)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 24,406,086 $ 66,798,132
Reinvestment of distributions 1,046,815 981,904
Cost of shares repurchased (3,952,770) (13,867,289)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 21,500,131 $ 53,912,747
---------------------------------------------------------------------------------------------
Net increase in net assets $ 23,253,475 $ 53,471,570
NET ASSETS:
Beginning of period 53,471,570 --
---------------------------------------------------------------------------------------------
End of period $ 76,725,045 $ 53,471,570
---------------------------------------------------------------------------------------------
Undistributed net investment income $ 216,905 $ (101,615)
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 49
Statement of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------
9/30/12 9/30/12
Shares Amount 3/31/12 3/31/12
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 695,043 $ 6,732,541 1,355,973 $13,092,716
Reinvestment of distributions 14,372 139,788 17,960 170,918
Less shares repurchased (41,753) (406,499) (608,916) (5,846,274)
-----------------------------------------------------------------------------------------
Net increase 667,662 $ 6,465,830 765,017 $ 7,417,360
-========================================================================================
Class C
Shares sold 124,242 $ 1,207,363 481,506 $ 4,750,989
Reinvestment of distributions 3,270 31,643 3,719 35,400
Less shares repurchased (33,667) (320,432) (16,768) (158,596)
-----------------------------------------------------------------------------------------
Net increase 93,845 $ 918,574 468,457 $ 4,627,793
=========================================================================================
Class Y
Shares sold 1,691,956 $16,466,182 5,056,591 $48,954,427
Reinvestment of distributions 89,989 875,384 81,350 775,586
Less shares repurchased (330,580) (3,225,839) (829,407) (7,862,419)
-----------------------------------------------------------------------------------------
Net increase 1,451,365 $14,115,727 4,308,534 $41,867,594
=========================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
Financial Highlights
---------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12 (a)
---------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.63 $ 10.00
---------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.26 $ 0.39
Net realized and unrealized gain (loss) on investments 0.23 (0.36)
---------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.49 $ 0.03
---------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.25) (0.40)
---------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.24 $ (0.37)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 9.87 $ 9.63
=======================================================================================
Total return* 5.21% 0.38%(b)
Ratio of net expenses to average net assets 1.18%** 1.20%**
Ratio of net investment income to average net assets 5.54%** 4.87%**
Portfolio turnover rate 42%** 19%**
Net assets, end of period (in thousands) $14,143 $ 7,365
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 1.37%** 1.66%**
Net investment income 5.35%** 4.41%**
=======================================================================================
(a) Class A shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 51
Financial Highlights (continued)
---------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12 (a)
---------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.61 $ 10.00
---------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.34
Net realized and unrealized gain (loss) on investments 0.23 (0.40)
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.46 $ (0.06)
---------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.22) (0.33)
---------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.24 $ (0.39)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 9.85 $ 9.61
=======================================================================================
Total return* 4.83% (0.47)%(b)
Ratio of net expenses to average net assets 1.92%** 1.98%**
Ratio of net investment income to average net assets 4.86%** 4.07%**
Portfolio turnover rate 42%** 19%**
Net assets, end of period (in thousands) $5,538 $ 4,501
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 2.11%** 2.46%**
Net investment income 4.67%** 3.59%**
=======================================================================================
(a) Class C shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12 (a)
---------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.66 $ 10.00
---------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.28 $ 0.42
Net realized and unrealized gain (loss) on investments 0.23 (0.34)
---------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.51 $ 0.08
---------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.27) (0.42)
---------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.24 $ (0.34)
---------------------------------------------------------------------------------------
Net asset value, end of period $ 9.90 $ 9.66
=======================================================================================
Total return* 5.37% 0.95%(b)
Ratio of net expenses to average net assets 0.85%** 0.85%**
Ratio of net investment income to average net assets 5.88%** 5.48%**
Portfolio turnover rate 42%** 19%**
Net assets, end of period (in thousands) $57,044 $41,606
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 1.07%** 1.30%**
Net investment income 5.66%** 5.03%**
=======================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 53
Notes to Financial Statements | 9/30/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Absolute Return Credit Fund (the Fund) is a series of Pioneer Series
Trust X, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The investment objective of the Fund is to seek a high level of current income.
Capital appreciation is a secondary objective.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on May 2, 2011. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses, such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
54 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such factors
as market prices, market events, quotations from one or more brokers,
Treasury spreads, yields, maturities and ratings. Valuations may be
supplemented by dealers and other sources, as required. Credit default swaps
are valued by an independent pricing service based upon valuation models
incorporating default probabilities, estimated recovery rates, actual
reported transactions, and other available market data. Equity securities
that have traded on an exchange are valued at the last sale price on the
principal exchange where they are traded. Equity securities that have not
traded on the date of valuation, or securities for which sale prices are not
available, generally are valued using the mean between the last bid and
asked prices. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost. Money market
mutual funds are valued at net asset value.
Securities or loans for which independent pricing services are unable to
supply prices for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund
may use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from exchange
prices.
At September 30, 2012, there was one security that was valued using fair
value methods (in addition to securities valued using prices supplied by
independent pricing services) representing 0.1% of net assets. Inputs used
when applying fair value methods to value a security may include credit
ratings, the financial condition of the company, current market conditions
and comparable securities.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 55
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income. Dividend income
is recorded on the ex-dividend date, except that certain dividends from
foreign securities where the ex-dividend date may have passed are recorded
as soon as the Fund becomes aware of the ex-dividend data in the exercise of
reasonable diligence. Interest income, including interest on income bearing
cash accounts, is recorded on the accrual basis, net of unrecoverable
foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
56 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
September 30, 2012, the Fund did not have any interest and penalties related
to unrecognized tax positions, which, if applicable, would be recorded as an
income tax expense in the Statement of Operations. Tax years for the prior
three fiscal years remain subject to examination by federal and state tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The tax character of current year distributions payable will be determined
at the end of the Fund's taxable year. The tax character of distributions
paid during the period ended March 31, 2012 was as follows:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $1,714,373
--------------------------------------------------------------------------------
Total $1,714,373
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2012:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 172,513
Dividends payable (664,583)
Late year loss deferred (99,032)
Net unrealized gain 160,920
--------------------------------------------------------------------------------
Total $ (430,182)
================================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax adjustments relating to catastrophe bonds, the
mark-to-market of forward currency and futures contracts, and interest
accruals on preferred stock.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 57
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $666 in underwriting commissions on the sale of Class A shares during
the six months ended September 30, 2012.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers of
underlying securities and the issuers' inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
58 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with
a broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. Subsequent payments
for futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss. With futures, there is minimal counterparty credit risk to the Fund
since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. The average number of contracts open during the six months ended
September 30, 2012 was 204.
At September 30, 2012, open futures contracts were as follows:
--------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Gain (Loss)
--------------------------------------------------------------------------------------
CBOE VIX Future (51) 10/12 $ (836,400) $ 182,100
CBOE VIX Future (25) 11/12 (451,250) 18,157
CBOE VIX Future 36 12/12 691,200 (81,650)
CBOE VIX Future (3) 1/13 (62,700) 2,550
CBOE VIX Future 33 2/13 730,950 (133,750)
S&P 500 EMINI Future (21) 12/12 (1,505,963) 20,277
U.S. 5 Year Note (CBT) (7) 12/12 (872,430) (4,047)
CBOE VIX Future 35 3/13 817,250 (62,950)
CBOE VIX Future 17 4/13 416,500 (16,400)
--------------------------------------------------------------------------------------
Total $ (75,713)
======================================================================================
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 59
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
J. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to increase the Fund's income, to add
leverage to the Fund or to hedge the risk of default on portfolio
securities. When the Fund is a seller of protection, the Fund would be
required to pay the notional (or other agreed-upon) value of the referenced
debt obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result in
a loss to the Fund. In return, the Fund would receive from the counterparty
a periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the Fund as
seller of protection would be the notional value of the credit default swaps
outstanding. If no default occurs, the Fund would keep the stream of
payments and would have no payment obligation. The Fund may also buy credit
default swap contracts in order to hedge against the risk of default of debt
securities, in which case the Fund would function as the counterparty
described above.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An upfront
payment received by the Fund, as the protection seller, is recorded as a
liability in the Fund's records. An upfront payment made by the Fund, as the
protection buyer, is recorded as an asset in the Fund's records. Periodic
payments received or paid by the Fund are recorded as realized gains or
losses.
60 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. Payments received or made as a
result of a credit event or upon termination of the contract are recognized,
net of the appropriate amount of the upfront payment, as realized gains or
losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. During the
six months ended September 30, 2012, the Fund opened one credit default swap
contract, which was open at the end of the period, with a notional amount of
$250,000.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.70% of
the Fund's average daily net assets up to $1 billion and 0.65% on assets over $1
billion. For the six months ended September 30, 2012, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.70% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.20%, 2.10%, and 0.85% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
Fees waived and expenses reimbursed during the six months ended September 30,
2012 are reflected on the Statement of Operations. These expense limitations are
in effect through August 1, 2014. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 61
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $17,785 in management fees, administrative costs and certain
other reimbursements payable to PIM at September 30, 2012.
Effective March 5, 2012 PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $2,436
Class C 316
Class Y 5,072
--------------------------------------------------------------------------------
Total $7,824
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,990 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at September 30, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or
62 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $985 in
distribution fees payable to PFD at September 30, 2012.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
period ended September 30, 2012, CDSCs in the amount of $518 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2012, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At September 30, 2012, the Fund had entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. There were no open
settlement hedges at September 30, 2012. The average number of contracts open
during the six months ended September 30, 2012 was 986,143.
Open portfolio hedges at September 30, 2012 were as follows:
------------------------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to Deliver For Date Value Gain (Loss)
------------------------------------------------------------------------------------------------
EUR (Euro Dollar) (806,000) $(1,039,881) 10/15/12 $(1,035,963) $ 3,918
GBP (British Pound) (70,000) (110,578) 12/14/12 (112,921) (2,343)
------------------------------------------------------------------------------------------------
$ 1,575
================================================================================================
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 63
7. Bridge Loan Commitments
As of September 30, 2012, the Fund had no outstanding unfunded loan commitments.
The Fund had the following bridge loan commitments outstanding as of September
30, 2012:
----------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
----------------------------------------------------------------------------------------------
Hamilton Sundstrand,
Bridge Loan 200,000 $200,000 $201,000 $1,000
----------------------------------------------------------------------------------------------
Total $1,000
==============================================================================================
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of September 30, 2012 were as follows:
----------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2012 Liabilities Derivatives 2012
Under Accounting --------------------------- ----------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts* Receivables $1,575 Payables $ --
Futures Contracts** Receivables -- Payables 75,713
----------------------------------------------------------------------------------------------------------
Total $1,575 $ 75,713
==========================================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities.
** Reflects the unrealized depreciation on futures contracts (see Note 1H). The
current day's variation margin is separately disclosed on the Statement of
Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the six
months ended September 30, 2012 was as follows:
64 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain on forward foreign $ 9,414
currency contracts and other assets and
liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on forward $ 34,053
foreign currency contracts and other assets
and liabilities denominated in foreign
currencies
Futures Contracts Net realized loss on futures contracts $(113,831)
Futures Contracts Change in unrealized loss on futures $ (8,649)
contracts
Credit Default Swaps Net realized gain on credit default swaps $ 521
9. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on
an annualized basis or the Federal Funds Rate on the borrowing date plus 1.25%
on an annualized basis. The credit facility in effect as of February 15, 2012 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee
to participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2012, the Fund had no
borrowings under a credit facility.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 65
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Fund
** Chief Financial and Accounting Officer of the Fund
66 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
This page for your notes.
Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12 67
This page for your notes.
68 Pioneer Absolute Return Credit Fund | Semiannual Report | 9/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 25266-01-1112
Pioneer Multi-Asset
Ultrashort Income Fund
(Formerly known as Pioneer Multi-Asset Floating Rate Fund)*
--------------------------------------------------------------------------------
Semiannual Report | September 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class Y MYFRX
*Effective June 30, 2012, Pioneer Multi-Asset
Floating Rate Fund was renamed
Pioneer Multi-Asset Ultrashort Income Fund.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 66
Notes to Financial Statements 73
Trustees, Officers and Service Providers 82
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through September 30, 2012, the Standard & Poor's 500 Index returned 16.35%. In
fixed income, the Bank of America Merrill Lynch High Yield Master II Index was
up by 12.02% during the same period, while the Barclays Capital Aggregate Bond
Index gained 3.99%. Treasury bonds, by contrast, generated a comparatively
sluggish return of 1.70%, as measured by the Barclays Capital Intermediate
Treasuries Index.
Despite this generally positive picture during the first nine months of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 3
Portfolio Management Discussion | 9/30/12
In the following interview, portfolio managers Charles Melchreit, Seth Roman and
Jonathan Sharkey discuss the market environment and the factors that influenced
the performance of Pioneer Multi-Asset Ultrashort Income Fund during the
six-month period ended September 30, 2012. Mr. Melchreit, vice president and
portfolio manager at Pioneer, Mr. Roman, vice president and portfolio manager at
Pioneer, and Mr. Sharkey, vice president and portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund*.
Q How would you describe the market environment for fixed-income investors
during the six-month period ended September 30, 2012?
A For most of the period, credit-sensitive sectors continued to benefit from
the policies of the Federal Reserve (the Fed), which in effect forced
investors seeking any kind of reasonable return to assume a degree of risk.
Early in the period, this flight-to-credit trend was somewhat mitigated by
headlines coming out of Europe that called into question the future of the
euro. Negotiations over a rescue of Greece vacillated between stalemate and
grudging progress, while borrowing costs for the governments of larger
economies such as Spain and Italy rose alarmingly. Elsewhere, economic
growth in China continued to slow, while in the United States most
indicators deteriorated and consensus growth estimates were lowered.
As the period progressed, however, markets began to focus more on some
encouraging developments in the United States. U.S. housing data
increasingly confirmed that prices had bottomed out and even were beginning
to rise. In addition, with employment data continuing to disappoint,
markets anticipated that the Fed would announce further bond purchases
through a third round of quantitative easing ("QE3"). In September 2012,
the Fed met this expectation and at the same time extended its commitment
to keeping short-term interest rates at extraordinarily low levels through
2015. The prospect of a new round of Fed support for the economy, along
with a prolonged environment of low returns on risk-free assets, further
strengthened investors' interest in the credit-sensitive sectors.
Interest rates began the period at extraordinarily low levels and finished
even lower. For the full period between April 1, 2012, and September 30,
2012, interest rates fell along the length of the Treasury yield curve.
Specifically, the two-year Treasury yield declined from 0.33% to 0.23%, the
* Effective June 30, 2012, Pioneer Multi-Asset Floating Rate Fund was renamed
Pioneer Multi-Asset Ultrashort Income Fund.
4 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
five-year yield declined from 1.04% to 0.62%, the 10-year yield declined
from 2.23% to 1.65%, and the 30-year yield declined from 3.35% to 2.82%.
Most credit spreads narrowed during the period as investors continued to
seek alternatives to the very low yields available in Treasuries. (Credit
spreads are commonly defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.) While
the three-month London Interbank Offered Rate (LIBOR) fluctuated with
developments in the European debt crisis, it remained at very low levels
throughout the period.
Q How did the Fund perform in that environment?
A Pioneer Multi-Asset Ultrashort Income Fund Class A shares returned 1.47% at
net asset value during the six-month period ended September 30, 2012, while
the Fund's benchmark, the Bank of America Merrill Lynch (BofA ML) U.S.
Dollar 3-Month LIBOR Index, returned 0.25%. During the same period, the
average return of the 90 mutual funds in Lipper's Ultra-Short Obligations
Funds category was 0.82%.
Q How did you manage the Fund in the prevailing environment during the
six-month period ended September 30, 2012?
A During the six-month period, we continued to maintain a portfolio that
was designed to provide higher levels of income than cash or money market
accounts by taking on more risk, while providing protection of investors'
principal against any rise in market interest rates. The strategy entailed
investing the Fund in a wide range of mostly high-quality, floating-rate
securities, as well as fixed-rate instruments with very short remaining
maturities. During the period, well over 80% of the Fund's portfolio was
held in floating-rate issues with interest rates tied to LIBOR, or
fixed-rate issues with less than one year remaining to maturity.
Unlike many other floating-rate vehicles, the Fund's strategy is primarily
focused on the investment-grade asset classes. At the same time, we do seek
to have the Fund benefit from credit spreads. In doing so, we seek at all
times to maintain diversified* portfolio exposure to a range of spread
sectors. The principal spread sectors represented in the Fund during the
period included asset-backed securities (ABS), mortgage-backed securities
(MBS) -- both agency and non-agency -- and investment-grade corporate
bonds. In making purchases for the Fund, we seek to benefit from what we
believe to be attractive income opportunities, while minimizing portfolio
exposure to price volatility by emphasizing securities with shorter
remaining maturities.
* Diversification does not assure a profit or protect against loss in a
declining market.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 5
Q How did the Fund's positioning affect its benchmark-relative performance
during the six-month period ended September 30, 2012?
A The Fund's credit exposures worked out well during the six-month period.
About half of the Fund's assets were held in securitized sectors,
principally high-quality MBS and ABS, and that exposure added the most to
the Fund's benchmark-relative performance during the period. The strong
income component of the MBS/ABS holdings combined with price strengthening
as credit spreads narrowed during the six-month period. In commercial MBS,
we trimmed the portfolio's exposure to fixed-rate securities in favor of
floating-rate pools, in order to protect against a rise in prepayment
rates. Within ABS, we increased the Fund's exposure to home equity loans,
where we have seen reasonable values and the potential to benefit from a
firming in the U.S. housing market.
Benchmark-relative performance during the period also was helped by the
portfolio's significant holdings of investment-grade corporates. While we
do focus on the investment-grade sectors, we also will include
representation in the portfolio from below-investment-grade asset
categories, where we believe the incremental income provides an attractive
trade off between risk and reward. In that vein, the Fund held a modest
position in leveraged bank loans, which also benefited from the positive
investor sentiment about the credit sectors during the period. In addition,
the Fund's more than 4% exposure to event-linked, or "catastrophe" bonds,
provided a boost to performance during the six-month period.
As always, we are mindful that many investors view the Fund as a source of
liquidity in their portfolios. As such, we have maintained significant
liquidity in the portfolio to allow us to meet any shareholder redemption
requests without forced selling. With Treasury yields at such unattractive
levels, we find that some money market instruments, such as municipal
variable rate demand notes and repurchase agreements, provide the Fund with
the requisite liquidity as well as income. As the period progressed, we
shifted the liquid portion of the portfolio toward repurchase agreements.
Q What is your assessment of the current investment climate for the Fund?
A U.S. Treasury securities continue to appear unattractive to us in relation
to the spread sectors, given real yields, or yields after accounting for
inflation, that are significantly in negative territory. At the same time,
we continue to expect modest economic growth that should be sufficient to
support credit-sector fundamentals, especially given the strength of
corporate balance sheets. Given this backdrop, we expect to maintain a
portfolio tilt toward the spread sectors. Given recent price appreciation
and spread narrowing across the credit sectors, however, we have been
focusing strongly on individual security selection. The process of
identifying what
6 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
we believe to be high-quality securities that are trading at attractive
valuations is especially labor intensive in light of recent price strength.
We constantly strive to not assume any risk for which the Fund is not
adequately compensated.
We continue to expect that the European sovereign-debt and banking issues
will take some time to resolve.
In all investment environments, we will continue to seek to provide the
Fund's shareholders with higher levels of income than cash vehicles as well
as protection against any future rise in market interest rates. Of course,
while we always strive to achieve these goals, investing in the Fund is
associated with certain risks, and positive outcomes are never a certainty.
Please refer to the Schedule of Investments on pages 17-65 for a full listing of
Fund securities.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 7
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Ultrashort Income ("MAUI") Fund has the ability to invest in
a wide variety of debt securities.
The Fund may invest in underlying funds (ETFs and unit investment trusts). In
addition to the Fund's operating expenses, you will indirectly bear the
operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the Fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
The Fund may invest in floating-rate loans. The value of collateral, if any,
securing a floating-rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in commodities. The value of commodity-linked derivatives
may be affected by changes in overall market movements, commodity index
volatility, changes in interest rates, factors affecting a particular industry
or commodity, international economic, political and regulatory developments,
supply and demand, and governmental regulatory policies.
8 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
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 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 mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default.
There may be insufficient or illiquid collateral securing the floating rate
loans held within the Fund. This may reduce the future redemption or recovery
value of such loans.
The Fund may have disadvantaged access to confidential information that could be
used to assess a loan issuer, as Pioneer normally seeks to avoid receiving
material, non-public information.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 9
Portfolio Summary | 9/30/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Collateralized Mortgage Obligations 31.3%
Asset Backed Securities 29.1%
U.S. Corporate Bonds 12.9%
U.S. Government Securities 8.2%
Senior Secured Loans 7.5%
International Corporate Bonds 7.3%
Municipal Bonds 2.0%
Temporary Cash Investments 1.7%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 39.7%
AA 16.8%
A 11.9%
BBB 8.5%
BB 9.8%
B 2.4%
Not Rated 2.1%
Cash and equivalents 8.8%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Federal Home Loan Banks, Floating Rate Note, 7/22/13 0.89%
---------------------------------------------------------------------------------------------------
2. Federal National Mortgage Association, Floating Rate Note, 11/23/12 0.85
---------------------------------------------------------------------------------------------------
3. Structured Asset Securities Corp., Floating Rate Note, 7/25/36 (144A) 0.73
---------------------------------------------------------------------------------------------------
4. Federal National Mortgage Association, Floating Rate Note, 12/3/12 0.72
---------------------------------------------------------------------------------------------------
5. Mississippi Business Finance Corp., Floating Rate Note, 12/1/30 0.70
---------------------------------------------------------------------------------------------------
6. Federal Home Loan Mortgage Corp., Floating Rate Note, 11/18/13 0.69
---------------------------------------------------------------------------------------------------
7. Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41 0.64
---------------------------------------------------------------------------------------------------
8. Banc of America Large Loan Trust 2007-BMB1, Floating Rate Note, 8/15/29 (144A) 0.64
---------------------------------------------------------------------------------------------------
9. Fannie Mae REMICS, Floating Rate Note, 5/25/40 0.64
---------------------------------------------------------------------------------------------------
10. Mastr Asset Backed Securities Trust, Floating Rate Note, 2/25/36 0.63
---------------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Prices and Distributions | 9/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 9/30/12 3/31/12
--------------------------------------------------------------------------------
A $10.09 $10.02
--------------------------------------------------------------------------------
C $10.08 $10.02
--------------------------------------------------------------------------------
Y $10.10 $10.03
--------------------------------------------------------------------------------
Distributions per Share: 4/1/12-9/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0767 $ -- $ --
--------------------------------------------------------------------------------
C $0.0488 $ -- $ --
--------------------------------------------------------------------------------
Y $0.0873 $ -- $ --
--------------------------------------------------------------------------------
The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Index is an
unmanaged index that tracks the performance of a synthetic asset paying the
London interbank Offered rate (LIBOR), with a constant 3-month average maturity.
The index is based on the assumed purchase at par value of a synthetic
instrument having exactly its stated maturity and with a coupon equal to that
day's 3-month LIBOR rate. 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 12-14.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 11
Performance Update | 9/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Ultrashort Income Fund at public offering
price, compared to that of the Bank of America (BofA) Merrill Lynch U.S. Dollar
3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
--------------------------------------------------------------------------------
(5/2/11) 2.08% 0.26%
--------------------------------------------------------------------------------
1 Year 2.88 0.26
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated June 30, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.03% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
BofA Merrill Lynch U.S. Pioneer Multi-Asset
Dollar 3-Month LIBOR Index Ultrashort Income Fund
4/30/2011 $ 9,750 $ 10,000
9/30/2011 $ 9,756 $ 10,009
9/30/2012 $ 10,037 $ 10,058
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 2.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through August 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Performance Update | 9/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Ultrashort Income Fund, compared to that
of the Bank of America (BofA) Merrill Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
--------------------------------------------------------------------------------
(5/2/11) 1.34% 1.34%
--------------------------------------------------------------------------------
1 Year 2.17 2.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated June 30, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.37% 1.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 10,000 $ 10,000
9/30/2011 $ 9,975 $ 10,009
9/30/2012 $ 10,191 $ 10,058
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares purchased prior to July 1, 2012, and held for less than one year
are subject to a 1% contingent deferred sales charge (CDSC). "If Held" results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through August 1, 2014, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 13
Performance Update | 9/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Multi-Asset Ultrashort Income Fund, compared to that
of the Bank of America (BofA) Merrill Lynch U.S. Dollar 3-Month LIBOR Index.
Average Annual Total Returns
(As of September 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
--------------------------------------------------------------------------------
(5/2/11) 2.38% 2.38%
--------------------------------------------------------------------------------
1 Year 3.21 3.21
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated June 30, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.80% 0.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 5,000,000 $ 5,000,000
9/30/2011 $ 5,008,825 $ 5,004,742
9/30/2012 $ 5,169,696 $ 5,028,849
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through August 1, 2014, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on actual returns from April 1, 2012, through September 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 4/1/12 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 9/30/12 $1,014.70 $1,010.90 $1,015.80
--------------------------------------------------------------------------------
Expenses Paid During Period* $3.28 $5.24 $2.27
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.65%, 1.04%
and 0.45% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from April 1, 2012, through September 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 4/1/12 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 9/30/12 $1,021.81 $1,019.85 $1,022.81
--------------------------------------------------------------------------------
Expenses Paid During Period* $3.29 $5.27 $2.28
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.65%, 1.04%
and 0.45% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
16 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Schedule of Investments | 9/30/12 (unaudited)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 26.3%
MATERIALS -- 3.6%
Diversified Chemicals -- 0.4%
3,000,000 0.62 AAA/NR BMW Floorplan Master Owner Trust,
Floating Rate Note, 9/15/17 (144A) $ 3,000,725
------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
117,805 1.12 AA-/B2 Credit-Based Asset Servicing and
Securitization LLC, Floating Rate Note,
11/25/33 $ 103,774
------------------------------------------------------------------------------------------------------
Steel -- 1.8%
667,784 0.70 BBB+/Aa2 ABFC 2005-HE2 Trust, Floating Rate
Note, 6/25/35 $ 662,201
1,043,822 0.53 AAA/Aa3 ABFC 2005-WF1 Trust, Floating Rate
Note, 12/25/34 990,642
72,911 1.57 AA/Ba3 CDC Mortgage Capital Trust, Floating
Rate Note, 8/25/33 63,480
113,091 0.49 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 1/25/36 110,226
300,000 0.62 AAA/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 286,833
358,721 0.48 AAA/Aaa HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 346,156
100,000 1.37 AAA/Aaa HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 95,190
2,462,866 1.42 AAA/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 2,422,310
335,431 0.95 AA/Aa1 IXIS Real Estate Capital Trust 2005-HE1,
Floating Rate Note, 6/25/35 333,438
90,397 0.56 BB/A2 IXIS Real Estate Capital Trust 2005-HE4,
Floating Rate Note, 2/25/36 84,025
1,159,415 0.95 AA-/Aa1 Merrill Lynch Mortgage Synthetic,
Floating Rate Note, 6/28/35 (144A) 1,140,679
142,482 0.74 A-/Baa3 MSDWCC Heloc Trust, Floating Rate
Note, 4/25/16 137,147
167,278 0.32 BBB-/A2 Nationstar Home Equity Loan Trust,
Floating Rate Note, 3/25/37 166,931
961,723 0.48 NR/Aaa New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 956,366
53,291 0.52 AAA/Aa1 New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 52,607
13,422 0.33 BB/A2 Soundview Home Loan Trust 2006-EQ1,
Floating Rate Note, 10/25/36 13,399
941,153 0.34 BB-/A1 Soundview Home Loan Trust 2007-NS1,
Floating Rate Note, 1/25/37 937,915
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 17
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Steel -- (continued)
1,138,089 0.42 A/Ba1 Specialty Underwriting & Residential
Finance, Floating Rate Note, 12/25/36 $ 1,104,121
970,822 0.61 AAA/A3 Specialty Underwriting & Residential
Finance, Floating Rate Note, 6/25/36 945,803
30,619 0.47 A/Baa3 Specialty Underwriting & Residential
Finance, Floating Rate Note, 9/25/36 30,486
1,392,182 0.62 AAA/Aaa Truman Capital Mortgage Loan Trust,
Floating Rate Note, 12/25/32 (144A) 1,394,319
-------------
$ 12,274,274
------------------------------------------------------------------------------------------------------
Paper Products -- 1.4%
2,000,000 1.52 AAA/Aaa Chase Issuance Trust, Floating Rate
Note, 8/15/15 $ 2,023,158
600,000 0.82 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 11/15/14 (144A) 600,024
1,000,000 0.77 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 4/15/15 (144A) 1,000,040
1,000,000 1.07 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) 996,740
1,000,000 0.92 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 6/15/17 (144A) 1,007,076
600,000 0.97 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 11/18/15 (144A) 599,838
2,700,000 0.97 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 12/18/14 (144A) 2,702,126
700,000 0.87 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 5/18/15 (144A) 699,459
73,750 AAA/NR World Financial Network Credit Card
Master Trust II, 4.16%, 9/15/17 (144A) 73,869
-------------
$ 9,702,330
-------------
Total Materials $ 25,081,103
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Construction & Farm Machinery
& Heavy Trucks -- 0.0%+
9,559 NR/Aaa John Deere Owner Trust, 1.32%,
5/15/14 $ 9,575
-------------
Total Capital Goods $ 9,575
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Research & Consulting Services -- 0.1%
447,917 0.41 BBB/Baa2 TAL Advantage LLC, Floating Rate Note,
4/20/21 (144A) $ 438,565
-------------
Total Commercial Services & Supplies $ 438,565
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Automobile Manufacturers -- 0.8%
38,925 AA+/Aaa AmeriCredit Automobile Receivables
Trust 2009-1, 9.79%, 4/15/14 $ 40,108
60,880 AAA/Aaa AmeriCredit Automobile Receivables
Trust 2011-1, 0.84%, 6/9/14 60,889
2,779,000 1.22 AA/NR Hyundai Capital Auto Funding, Ltd.,
Floating Rate Note, 9/20/16 (144A) 2,764,549
104,125 A/NR Santander Drive Auto Receivables Trust
2011-S1, 1.89%, 5/15/17 (144A) 104,546
170,337 AA/NR Santander Drive Auto Receivables Trust
2011-S2, 2.06%, 6/15/17 (144A) 171,106
161,403 A/NR Santander Drive Auto Receivables Trust
2011-S2, 2.86%, 6/15/17 (144A) 162,405
47,694 BBB/NR Santander Drive Auto Receivables Trust
2011-S2, 3.35%, 6/15/17 (144A) 47,962
168,059 AAA/Aaa Santander Drive Auto Receivables Trust
2012-1, 1.25%, 4/15/15 168,835
803,929 NR/NR Santander Drive Auto Receivables Trust
2012-5, 0.336%, 8/15/13 803,982
1,000,000 AAA/Aaa Santander Drive Auto Receivables Trust
2012-5, 0.57%, 12/15/15 1,001,544
-------------
$ 5,325,926
-------------
Total Automobiles & Components $ 5,325,926
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
164,449 BBB+/Baa2 Marriott Vacation Club Owner Trust
2005-2, 6.205%, 10/20/27 (144A) $ 163,954
207,474 AAA/Aaa Marriott Vacation Club Owner Trust
2006-2, 5.362%, 10/20/28 (144A) 208,700
60,493 AA/Aa2 Marriott Vacation Club Owner Trust
2006-2, 5.442%, 10/20/28 (144A) 60,701
161,018 A/A2 Marriott Vacation Club Owner Trust
2006-2, 5.691%, 10/20/28 (144A) 161,294
1,000,000 A/NR Westgate Resorts LLC, 3.0%, 1/20/25
(144A) 1,001,250
-------------
$ 1,595,899
-------------
Total Consumer Services $ 1,595,899
------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
58,861 AAA/NR CarMax Auto Owner Trust, 1.74%,
4/15/14 $ 58,953
155,854 AAA/Aaa CarMax Auto Owner Trust, 5.81%,
12/16/13 157,034
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 19
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Automotive Retail -- (continued)
1,004,071 AAA/Aaa Ford Credit Auto Owner Trust, 2.98%,
8/15/14 $ 1,013,672
-------------
$ 1,229,659
-------------
Total Retailing $ 1,229,659
------------------------------------------------------------------------------------------------------
BANKS -- 12.3%
Diversified Banks -- 0.1%
235,548 0.75 AA/Aaa Keycorp Student Loan Trust, Floating
Rate Note, 10/28/41 $ 221,885
298,922 0.31 NR/Aa1 Wells Fargo Home Equity Trust, Floating
Rate Note, 4/25/37 292,149
-------------
$ 514,034
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 12.2%
1,685,763 2.02 BBB+/Ba3 ACE Securities Corp., Floating Rate
Note, 10/25/32 $ 1,631,737
581,001 0.40 BB+/B3 ACE Securities Corp., Floating Rate
Note, 3/25/36 549,613
468,350 6.50 BB+/Baa2 ACE Securities Corp., Floating Rate
Note, 8/15/30 (144A) 473,307
705,000 AAA/NR AH Mortgage Advance Co., Ltd., 2.98%,
3/13/43 (144A) 709,616
500,000 AAA/NR AH Mortgage Servicer Advance
Revolving Trust 1, 2.23%, 5/10/43
(144A) 501,900
1,169,884 AAA/NR Ally Auto Receivables Trust 2010-5,
1.11%, 1/15/15 1,174,349
173,157 0.52 AAA/Aa1 Ameriquest Mortgage Securities, Inc.,
Floating Rate Note, 11/25/34 165,232
342,807 0.44 AAA/A2 Ameriquest Mortgage Securities, Inc.,
Floating Rate Note, 12/25/35 333,201
126,510 0.42 AAA/Aaa Ameriquest Mortgage Securities, Inc.,
Floating Rate Note, 8/25/35 122,565
416,728 0.77 AAA/NR ARI Fleet Lease Trust 2010-A, Floating
Rate Note, 3/15/20 (144A) 416,728
86,912 AAA/A3 Bayview Financial Acquisition Trust,
6.205%, 5/28/37 (Step) 87,988
2,834,219 0.89 AAA/Aa1 Bayview Financial Acquisition Trust,
Floating Rate Note, 2/28/44 2,765,523
917,482 0.49 AAA/A1 Bayview Financial Acquisition Trust,
Floating Rate Note, 4/28/36 870,665
89,751 0.85 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 87,547
1,284,967 0.63 AAA/Aa1 Bayview Financial Acquisition Trust,
Floating Rate Note, 6/28/44 1,241,514
607,587 0.80 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 590,168
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,325,878 3.47 NR/NR Bayview Opportunity Master Fund
Trust IIB LP, Floating Rate Note,
7/28/32 (144A) $ 1,325,878
1,598,252 0.35 CCC/Ba1 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 10/25/36 1,565,472
45,945 0.47 AAA/Aa3 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 11/25/35 45,442
218,894 0.62 AAA/NR Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 3/25/35 207,030
8,885 0.72 AAA/NR Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 8/25/34 8,246
305,801 AA/NR CarNow Auto Receivables Trust 2012-1,
2.09%, 1/15/15 (144A) 305,943
1,723,755 0.95 AA/Aa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 1,680,010
2,950,614 0.40 AA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/36 2,854,917
533,670 0.34 A+/Ba1 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/37 527,110
125,837 0.62 AAA/Baa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 9/25/35 121,518
1,008,329 3.65 AAA/Aaa Centex Home Equity, Floating Rate Note,
3/25/33 1,008,550
2,142,400 0.37 BB/Ba3 Citigroup Mortgage Loan Trust
2007-WFH2, Floating Rate Note, 3/25/37 2,134,231
1,036,315 0.32 BBB/A3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 1/25/37 1,033,607
186,910 0.58 AAA/Aa2 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 10/25/34 185,842
69,244 0.62 AAA/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 5/25/35 (144A) 68,096
504,909 1.12 A-/Baa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/37 499,482
595,000 1.02 NR/Aaa CNH Wholesale Master Note Trust,
Floating Rate Note, 12/15/15 (144A) 595,925
2,405,000 1.87 NR/A2 CNH Wholesale Master Note Trust,
Floating Rate Note, 12/15/15 (144A) 2,408,466
293,030 4.27 NR/NR Conn Funding II LP, Floating Rate Note,
4/15/16 (144A) 292,667
33,376 NR/Baa3 Conseco Financial Corp., 7.05%,
1/15/19 33,773
437,304 0.84 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/35 436,501
67,738 0.59 AAA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 64,982
3,808,766 1.06 AA/Baa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/34 3,789,227
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 21
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,000,000 0.92 AA+/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 $ 1,915,576
329,764 0.33 BBB-/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/37 327,488
661,986 0.33 BBB/B1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/47 655,716
238,261 0.56 AAA/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 229,758
1,017,575 0.73 AA+/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/35 980,291
1,221,415 0.66 AA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 1,220,127
28,378 0.27 A/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/37 28,320
890,367 0.57 A/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/47 880,157
124,233 0.57 BBB/Baa3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 11/15/28 121,672
842,067 0.57 BBB-/Ba3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 3/15/29 818,691
365,821 0.48 BBB/B2 Countrywide Home Equity Loan Trust,
Floating Rate Note, 6/15/29 338,688
2,000,000 AA/NR Credit Acceptance Auto Loan Trust,
2.21%, 9/15/20 (144A) 1,999,543
2,338 D/NR Delta Funding Home Equity Loan Trust,
7.04%, 6/25/27 2,497
35,853 A-/WR Equivantage Home Equity Loan Trust,
8.05%, 3/25/28 (Step) 35,370
1,000,000 AA/NR Exeter Automobile Receivables Trust,
1.3%, 6/15/17 (144A) 999,899
205,612 AA/NR Exeter Automobile Receivables Trust,
2.02%, 8/15/16 (144A) 205,994
1,000,000 BBB/NR Exeter Automobile Receivables Trust,
3.06%, 7/16/18 (144A) 999,743
711,034 0.73 NR/Baa1 First Franklin Mortgage Loan Trust
2005-FFH3, Floating Rate Note,
9/25/35 690,099
197,890 0.76 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate Note,
9/25/34 192,718
1,341,332 0.28 A/Aa1 First Franklin Mortgage Loan Trust
2006-FF14, Floating Rate Note,
10/25/36 1,335,264
1,167,633 NR/NR First Investors Auto Owner Trust 2012-2,
0.451%, 8/15/13 (144A) 1,167,775
1,443,422 0.65 AA/A3 Fremont Home Loan Trust, Floating Rate
Note, 4/25/35 1,411,673
490,283 0.68 AA+/Aa1 Fremont Home Loan Trust, Floating Rate
Note, 6/25/35 481,168
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,051 NR/Aa2 Greenpoint Manufactured Housing,
7.59%, 11/15/28 $ 3,048
1,318,789 0.44 AAA/B1 Greenpoint Mortgage Funding Trust,
Floating Rate Note, 7/25/30 1,300,774
130,273 0.43 AAA/A1 GSAA Trust, Floating Rate Note, 6/25/35 130,217
290,641 0.59 AAA/Aa2 GSAA Trust, Floating Rate Note, 9/25/34 285,175
423,111 0.77 AAA/Aaa GSAMP Trust 2004-SEA2, Floating Rate
Note, 3/25/34 416,897
3,506,052 0.52 A/NR GSAMP Trust 2006-SEA1, Floating Rate
Note, 5/25/36 (144A) 3,446,786
230,000 AAA/Aaa Honda Auto Receivables Owner Trust,
1.98%, 5/23/16 231,818
114,587 0.27 BB+/Ba3 HSI Asset Securitization Corp Trust
2007-OPT1, Floating Rate Note,
12/25/36 113,529
462,520 0.49 A/Ba1 Indymac Residential Asset Backed Trust,
Floating Rate Note, 10/25/35 443,199
93,693 0.56 AAA/Aaa Indymac Residential Asset Backed Trust,
Floating Rate Note, 8/25/35 92,654
178,316 0.48 AAA/Aa2 Lehman XS Trust, Floating Rate Note,
11/25/35 179,952
500,000 2.47 BBB+/Baa3 Madison Avenue Manufactured Housing
Contract, Floating Rate Note, 3/25/32 464,160
321,703 0.42 BBB-/Baa1 Morgan Stanley ABS Capital I, Floating
Rate Note, 12/25/35 315,921
123,347 0.54 AAA/Ba1 Morgan Stanley Home Equity Loan Trust,
Floating Rate Note, 9/25/35 111,294
113,564 AA-/Aa3 Option One Mortgage Loan Trust, 5.9%,
3/25/37 (Step) 111,985
176,400 0.48 AA+/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 173,322
282,675 0.62 AAA/NR Option One Mortgage Loan Trust, Floating
Rate Note, 2/25/35 263,851
582,380 0.84 AA+/A1 Park Place Securities, Inc., Floating Rate
Note, 10/25/34 569,160
684,264 0.92 AA+/Aa1 Park Place Securities, Inc., Floating Rate
Note, 12/25/34 681,786
1,139,936 0.90 AA/Aa2 Park Place Securities, Inc., Floating Rate
Note, 12/25/34 1,134,153
126,331 0.81 AA+/Aa1 Park Place Securities, Inc., Floating Rate
Note, 2/25/35 126,009
220,723 0.92 AAA/Aaa PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 220,773
325,276 1.72 A/NR PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 325,413
578,000 1.42 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/16 (144A) 579,973
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 23
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,779,023 0.52 AAA/A1 RAAC Series, Floating Rate Note,
10/25/45 (144A) $ 1,748,707
26,642 AAA/Baa2 RAMP Trust, 5.06%, 6/25/32 (Step) 27,131
480,328 0.41 B+/B2 RAMP Trust, Floating Rate Note, 1/25/36 457,527
120,351 0.51 AAA/Baa2 RAMP Trust, Floating Rate Note,
10/25/33 118,686
411,985 0.84 AA/Baa1 RAMP Trust, Floating Rate Note,
11/25/34 402,496
145,619 0.42 AAA/A3 RAMP Trust, Floating Rate Note, 2/25/36 140,942
432,732 0.49 AAA/A1 RAMP Trust, Floating Rate Note, 9/25/35 428,410
518,827 0.44 AAA/Baa3 RASC Trust, Floating Rate Note, 2/25/36 505,576
421,140 0.65 AA/Baa2 RASC Trust, Floating Rate Note, 4/25/35 411,415
881,819 0.67 NR/Aa1 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 6/25/33 (144A) 846,546
229,098 0.70 AAA/NR Salomon Brothers Mortgage Securities VII,
Inc., Floating Rate Note, 3/25/28 219,452
849,625 0.33 BBB-/Ba3 Saxon Asset Securities Trust, Floating
Rate Note, 10/25/46 834,494
220,731 0.40 AAA/Aaa SLC Student Loan Trust, Floating Rate
Note, 6/15/20 220,396
215,007 0.54 AAA/Aaa SLC Student Loan Trust, Floating Rate
Note, 8/15/19 215,014
668,354 NR/Aaa SMART Trust/Australia, 1.22%, 11/14/13
(144A) 669,225
500,000 0.77 NR/Aaa SMART Trust/Australia, Floating Rate Note,
3/14/15 (144A) 499,370
1,267,230 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 1,269,579
1,511,208 0.67 AA/Aa2 Soundview Home Loan Trust 2005-DO1,
Floating Rate Note, 5/25/35 1,504,285
1,500,000 NR/NR Stanwich Mortgage Loan Trust, 2.981%,
9/15/42 (144A) 1,500,000
1,062,763 0.42 CCC/Ba3 Structured Asset Investment Loan Trust
2006-1, Floating Rate Note, 1/25/36 1,004,381
12,882 B+/A2 Structured Asset Securities Corp.,
4.51%, 2/25/35 (Step) 12,893
4,049,370 0.44 B-/Baa3 Structured Asset Securities Corp.,
Floating Rate Note, 10/25/36 (144A) 3,831,339
485,066 0.37 BB/Ba3 Structured Asset Securities Corp.,
Floating Rate Note, 5/25/37 (144A) 474,936
598,239 0.28 BB+/A3 Structured Asset Securities Corp.,
Floating Rate Note, 5/25/47 585,155
4,956,986 0.37 B-/B2 Structured Asset Securities Corp.,
Floating Rate Note, 7/25/36 (144A) 4,514,788
1,230,000 AAA/NR United Auto Credit Securitization Trust,
1.1%, 3/16/15 (144A) 1,229,895
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
83,489 0.50 NR/Baa1 Wilshire Mortgage Loan Trust, Floating Rate
Note, 5/25/28 $ 75,807
-------------
$ 85,423,089
-------------
Total Banks $ 85,937,123
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.1%
Other Diversified Financial Services -- 2.6%
1,815,847 0.89 AA/Aaa Asset Backed Securities Corp Home
Equity, Floating Rate Note, 2/25/35 $ 1,794,832
13,039 AAA/Aaa Capital Auto Receivables Asset Trust,
5.42%, 12/15/14 13,070
151,754 AAA/Aaa CNH Equipment Trust, 5.17%, 10/15/14 152,092
94,665 0.49 AAA/Baa2 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/25/36 (144A) 87,502
46,751 AA+/NR DT Auto Owner Trust 2011-1, 1.94%,
12/16/13 (144A) 46,768
662,368 AAA/NR DT Auto Owner Trust 2012-1, 1.05%,
1/15/15 (144A) 662,777
1,745,824 1.22 B/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 1,727,527
173,025 1.02 B/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/27/37 (144A) 170,480
1,169,560 1.12 B+/Ba2 Ellington Loan Acquisition Trust 2007-2,
Floating Rate Note, 5/25/37 (144A) 1,148,726
1,015,653 0.60 A+/Baa2 Home Equity Asset Trust, Floating Rate
Note, 1/25/36 977,970
3,404,000 0.69 AA+/A3 Home Equity Asset Trust, Floating Rate
Note, 12/25/35 3,327,036
308,238 0.33 CCC/Ba1 Home Equity Asset Trust, Floating Rate
Note, 3/25/37 294,042
463,990 0.40 AAA/A1 Home Equity Asset Trust, Floating Rate
Note, 7/25/36 460,234
109,063 0.33 BBB/A1 Home Equity Asset Trust, Floating Rate
Note, 7/25/37 107,633
646,890 B/Ba1 JP Morgan Mortgage Acquisition Corp.,
5.453%, 11/25/36 (Step) 645,333
1,836,262 0.44 BB+/Ba1 JP Morgan Mortgage Acquisition Corp.,
Floating Rate Note, 10/25/35 1,757,905
983,226 0.28 BB/Ba2 JP Morgan Mortgage Acquisition Corp.,
Floating Rate Note, 5/25/37 954,723
123,258 1.19 A/Ba3 Merrill Lynch Mortgage Investors, Inc.,
Floating Rate Note, 2/25/36 121,478
1,303,178 0.52 AA+/Aaa Nelnet Student Loan Trust, Floating Rate
Note, 10/26/20 1,295,142
1,012,182 0.37 AA-/A3 Sierra Receivables Funding Co., LLC,
Floating Rate Note, 3/20/19 (144A) 1,000,697
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 25
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services --
(continued)
593,432 1.22 A+/Baa3 Sierra Receivables Funding Co., LLC,
Floating Rate Note, 9/20/19 (144A) $ 585,785
122,479 AAA/Aaa SVO VOI Mortgage Corp., 5.25%,
2/20/21 (144A) 123,340
693,333 0.47 A-/Baa1 Textainer Marine Containers, Ltd.,
Floating Rate Note, 5/15/20 (144A) 683,136
-------------
$ 18,138,228
------------------------------------------------------------------------------------------------------
Specialized Finance -- 2.3%
1,869,032 0.70 AAA/Aaa Aegis Asset Backed Securities Trust,
Floating Rate Note, 6/25/34 $ 1,841,152
2,000,000 1.97 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 1/15/15 (144A) 2,009,258
2,000,000 1.09 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 1/15/16 2,013,902
250,000 1.02 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 2/15/17 251,079
500,000 1.77 AAA/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/14 (144A) 500,480
250,000 0.79 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 2/20/17 251,961
2,000,000 0.71 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 2,009,896
500,000 1.12 NR/Aa2 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 500,000
250,000 0.82 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 7/20/16 250,938
1,580,000 1.47 AAA/Aaa Hyundai Floorplan Master Owner Trust,
Floating Rate Note, 11/17/14 (144A) 1,582,233
236,456 0.47 AAA/Aa2 Mastr Asset Backed Securities Trust,
Floating Rate Note, 10/25/35 227,588
3,988,490 0.45 CCC/A2 Mastr Asset Backed Securities Trust,
Floating Rate Note, 2/25/36 3,900,751
1,000,000 1.37 AAA/Aaa Nissan Master Owner Trust Receivables,
Floating Rate Note, 1/15/15 (144A) 1,003,086
-------------
$ 16,342,324
------------------------------------------------------------------------------------------------------
Consumer Finance -- 3.0%
727,944 A+/NR American Credit Acceptance Receivables
Trust 2012-2, 1.89%, 7/15/16 (144A) $ 728,425
875,000 1.47 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 3/15/17 895,511
150,000 0.92 AA+/A2 American Express Credit Account Master
Trust, Floating Rate Note, 5/15/15 150,035
1,220,000 0.25 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 4/15/16 1,220,009
1,200,000 0.29 AAA/Aaa Citibank Credit Card Issuance Trust,
Floating Rate Note, 10/20/14 1,200,048
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
500,000 0.85 AA/A2 Citibank Credit Card Issuance Trust,
Floating Rate Note, 11/7/14 $ 500,196
1,000,000 AA-/A2 CPS Auto Trust, 1.82%, 12/16/19
(144A) 1,000,457
400,000 0.43 AAA/Aaa Discover Card Master Trust, Floating
Rate Note, 11/16/15 400,585
3,240,000 1.72 AA-/Aa3 Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 1/15/16 3,252,672
325,000 1.87 AAA/Aaa Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 12/15/14
(144A) 326,123
250,000 0.82 AAA/Aaa Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 9/15/15 251,150
2,075,000 0.57 AAA/Aaa Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 9/15/16 2,075,021
250,000 0.62 AAA/Aaa Golden Credit Card Trust, Floating Rate
Note, 10/15/15 (144A) 250,566
2,000,000 0.28 AAA/Aaa MBNA Credit Card Master Note Trust,
Floating Rate Note, 10/15/15 2,000,382
1,900,000 0.28 AAA/Aaa MBNA Credit Card Master Note Trust,
Floating Rate Note, 6/15/15 1,900,091
300,000 0.44 A+/Aa2 MBNA Credit Card Master Note Trust,
Floating Rate Note, 7/15/15 299,849
1,000,000 0.64 BBB/A3 MBNA Credit Card Master Note Trust,
Floating Rate Note, 7/15/15 1,000,008
2,250,000 1.37 NR/Aaa Navistar Financial Dealer Note Master
Trust, Floating Rate Note, 10/25/16
(144A) 2,266,348
250,000 1.67 AAA/Aaa Navistar Financial Dealer Note Master
Trust, Floating Rate Note, 10/26/15
(144A) 250,225
475,000 4.47 AA/Aa2 Navistar Financial Dealer Note Master
Trust, Floating Rate Note, 10/26/15
(144A) 476,282
76,215 0.58 AAA/Aaa SLM Student Loan Trust, Floating Rate
Note, 4/25/19 76,172
216,091 0.85 AAA/Aaa SLM Student Loan Trust, Floating Rate
Note, 7/27/20 (144A) 216,090
177,383 0.42 AA/Aaa SLM Student Loan Trust, Floating Rate
Note, 9/15/22 177,119
300,000 0.43 AA/A3 World Financial Network Credit Card
Master Trust, Floating Rate Note,
2/15/17 (144A) 298,448
-------------
$ 21,211,812
------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
1,507,083 0.39 BBB/Baa2 Triton Container Finance LLC, Floating
Rate Note, 11/26/21 (144A) $ 1,465,084
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 27
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.0%
1,000,000 0.98 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) $ 1,002,474
250,000 2.23 A/A2 Chesapeake Funding LLC, Floating Rate
Note, 11/7/23 (144A) 250,642
650,000 1.48 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 4/7/24 (144A) 655,283
664,791 1.97 AAA/Aaa Chesapeake Funding LLC, Floating Rate
Note, 9/15/21 (144A) 670,110
200,000 1.97 AA+/Aaa Chesapeake Funding LLC, Floating Rate
Note, 9/15/21 (144A) 201,000
2,400,000 1.97 AA-/Aa3 Chesapeake Funding LLC, Floating Rate
Note, 9/15/21 (144A) 2,414,400
1,510,769 0.40 BBB/Baa3 CLI Funding LLC, Floating Rate Note,
8/18/21 (144A) 1,476,179
-------------
$ 6,670,088
-------------
Total Diversified Financials $ 63,827,536
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
21,295 0.96 AAA/A1 Chase Funding Mortgage Loan
Asset-Backed Certificates, Floating
Rate Note, 10/25/32 $ 18,852
-------------
Total Real Estate $ 18,852
------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $182,484,377) $ 183,464,238
------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 28.2%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
423,868 NR/Baa3 S2 Hospitality LLC, 4.5%, 4/15/25
(144A) $ 426,271
-------------
Total Consumer Services $ 426,271
------------------------------------------------------------------------------------------------------
BANKS -- 14.2%
Thrifts & Mortgage Finance -- 14.2%
720,957 2.85 AAA/Baa1 Adjustable Rate Mortgage Trust 2004-1,
Floating Rate Note, 1/25/35 $ 714,913
37,526 0.96 AAA/Aaa Adjustable Rate Mortgage Trust 2004-4,
Floating Rate Note, 3/25/35 37,553
5,122 0.78 AAA/Aaa Adjustable Rate Mortgage Trust 2005-2,
Floating Rate Note, 6/25/35 5,126
764,543 5.75 NR/NR American General Mortgage Loan Trust,
Floating Rate Note, 9/25/48 (144A) 766,397
200,000 1.58 AAA/Aaa Arkle Master Issuer Plc, Floating Rate
Note, 5/17/60 (144A) 200,634
350,000 1.83 AAA/Aaa Arkle Master Issuer Plc, Floating Rate
Note, 5/17/60 (144A) 352,988
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
500,000 1.68 AAA/Aaa Arkle Master Issuer Plc, Floating Rate
Note, 5/17/60 (144A) $ 503,603
2,275,000 1.39 NR/NR Banc of America Re-Remic Trust, Floating
Rate Note, 8/15/29 (144A) 2,275,000
3,035,000 2.34 NR/NR Banc of America Re-Remic Trust, Floating
Rate Note, 8/15/29 (144A) 3,035,000
445,506 0.49 AAA/Aaa Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 (144A) 441,508
584,826 3.02 NR/NR BCAP LLC Trust, Floating Rate Note,
6/27/36 (144A) 587,423
439,050 1.32 AAA/Baa2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 10/25/33 404,939
13,329 0.36 A+/Aaa Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 13,094
1,238,868 0.39 BBB+/Aaa Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 1,192,287
1,772,180 0.43 BBB-/Aa2 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 1,687,824
301,158 0.47 BB+/A2 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 283,811
881,059 0.52 BB/A3 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 821,499
61,424 AAA/NR Citigroup Mortgage Loan Trust, Inc., 6.5%,
6/25/16 62,361
80,314 0.56 AAA/Aaa COMM 2005-FL11 Mortgage Trust,
Floating Rate Note, 11/15/17 (144A) 74,630
143,761 0.61 AA-/Aa1 COMM 2005-FL11 Mortgage Trust,
Floating Rate Note, 11/15/17 (144A) 132,151
115,735 NR/Aaa COMM 2006-C8 Mortgage Trust, 5.248%,
12/10/46 116,384
290,577 0.32 AAA/Aaa COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 284,909
2,890,000 0.35 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 2,652,994
2,571,773 0.40 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 2,450,858
445,168 5.11 NR/A2 COMM 2011-FL1 Mortgage Trust,
Floating Rate Note, 7/17/28 (144A) 452,402
83,552 0.61 AAA/Aaa Countrywide Alternative Loan Trust,
Floating Rate Note, 10/25/34 84,787
45,750 0.62 AAA/Aaa Countrywide Alternative Loan Trust,
Floating Rate Note, 2/25/33 44,916
129,369 0.62 AAA/Baa3 Countrywide Alternative Loan Trust,
Floating Rate Note, 3/25/34 124,698
433,296 0.77 AAA/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 7/25/33 428,752
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 29
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
66,557 0.67 AAA/Ba1 Countrywide Alternative Loan Trust,
Floating Rate Note, 9/25/34 $ 64,373
411,562 BB-/NR Countrywide Home Loan Mortgage Pass
Through Trust, 5.25%, 1/25/35 413,334
1,705,949 0.76 AAA/Baa1 Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note,
2/25/35 1,538,817
887,171 0.77 NR/Aa1 Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note,
5/25/33 870,337
1,780,116 0.72 A-/NR Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note,
6/25/18 1,744,316
184,843 0.62 AAA/NR Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note,
8/25/18 177,259
1,794,343 AAA/Aaa Extended Stay America Trust 2010-ESH,
2.951%, 11/5/27 (144A) 1,800,284
103,953 AAA/Aaa First Union Lehman Brothers Bank of
America Communities Mortgage Pass
Through Certificates Series 1998-c2,
6.778%, 11/18/35 104,365
136,102 0.65 AA+/Aa2 GE Business Loan Trust 2003-1, Floating
Rate Note, 4/15/31 (144A) 128,144
1,537,818 0.44 AA-/Aa1 GE Business Loan Trust 2004-2, Floating
Rate Note, 12/15/32 (144A) 1,431,003
419,697 0.39 A/Aa3 GE Business Loan Trust 2007-1, Floating
Rate Note, 4/16/35 (144A) 358,841
252,233 0.54 AAA/Baa2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 11/25/32 (144A) 232,918
25,895 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc., Series 2002-C3 Trust, 4.93%,
7/10/39 25,909
131,776 6.02 NR/NR GMAC Commercial Mortgage Securities,
Inc., Floating Rate Note, 5/15/33
(144A) 135,216
900,000 NR/NR GS Mortgage Securities Corp., II, 3.563%,
2/10/21 (144A) 917,730
532,855 1.10 AAA/Aaa GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 532,655
2,520,000 1.26 AAA/Aaa GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 2,518,513
500,000 2.20 AA/NR GS Mortgage Securities Corp., II, Floating
Rate Note, 3/6/20 (144A) 499,997
679,982 CCC/B1 GSR Mortgage Loan Trust, 5.0%,
7/25/35 688,634
152,197 2.81 AAA/NR GSR Mortgage Loan Trust, Floating Rate
Note, 8/25/33 153,386
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
301,377 2.65 AAA/NR GSR Mortgage Loan Trust, Floating Rate
Note, 9/25/35 $ 302,424
349,861 1.36 AAA/Baa3 Harborview Mortgage Loan Trust, Floating
Rate Note, 6/19/34 324,720
1,950,000 1.86 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 1,978,246
2,070,900 0.64 NR/Baa1 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 1,905,477
649,809 0.57 AAA/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 643,419
1,548,228 0.67 AAA/Aa2 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 7/25/34 1,529,191
475,835 1.12 AAA/Aaa Impac CMB Trust Series 2003-8, Floating
Rate Note, 10/25/33 468,998
833,014 0.86 AAA/Ba3 Impac CMB Trust Series 2004-4, Floating
Rate Note, 9/25/34 762,680
363,539 0.94 AAA/Baa2 Impac CMB Trust Series 2004-5, Floating
Rate Note, 10/25/34 340,816
353,970 1.06 AAA/Aaa Impac CMB Trust Series 2004-5, Floating
Rate Note, 8/25/34 351,667
812,417 0.96 AAA/A3 Impac CMB Trust Series 2004-7, Floating
Rate Note, 11/25/34 768,163
684,929 0.63 AAA/Aaa Impac CMB Trust Series 2004-8, Floating
Rate Note, 8/25/34 682,057
258,598 0.98 AAA/Ba2 Impac CMB Trust Series 2004-9, Floating
Rate Note, 1/25/35 224,106
44,734 1.02 AAA/Aaa Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 11/25/34 44,573
757,081 0.57 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 748,105
218,230 0.57 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 219,520
330,519 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 4.767%, 3/12/39 332,753
51,626 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 5.305%, 1/15/49 52,025
38,580 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 5.45%, 12/12/43 38,744
187,936 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 5.819%, 6/12/43 192,496
3,907,542 0.35 NR/Aa2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/18 (144A) 3,847,323
809,178 0.43 NR/A2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/18 (144A) 780,250
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 31
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
311,222 0.45 NR/A3 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/18 (144A) $ 293,872
194,514 0.58 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/18 (144A) 164,218
498,336 2.12 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/28 (144A) 503,319
475,000 5.92 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
2/12/49 497,293
257,000 6.45 NR/B3 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
5/12/34 254,685
3,857,507 0.34 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
5/15/47 3,834,944
200,000 0.38 A-/Aa3 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
5/15/47 189,726
93,747 5.99 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
6/15/49 96,833
87,654 0.60 NR/Aa1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/15/19 (144A) 84,981
350,000 4.65 AA-/A1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/15/28 (144A) 354,276
276,231 5.17 AAA/NR JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
8/12/40 276,274
90,990 2.37 AAA/Baa1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/33 94,262
81,900 4.43 AAA/A3 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/35 82,620
453,458 3.04 BB+/NR JP Morgan Mortgage Trust, Floating Rate
Note, 6/25/35 451,273
2,000,000 1.83 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) 2,049,333
748,652 AAA/Aaa LB-UBS Commercial Mortgage Trust,
3.973%, 3/15/29 764,641
432,147 AAA/Aaa LB-UBS Commercial Mortgage Trust,
4.664%, 7/15/30 435,335
229,148 AAA/Aaa LB-UBS Commercial Mortgage Trust,
4.83%, 11/15/27 231,504
605 AAA/Aaa LB-UBS Commercial Mortgage Trust,
5.532%, 3/15/32 605
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
38,481 AAA/Aaa LB-UBS Commercial Mortgage Trust,
5.845%, 7/15/40 $ 39,620
383,323 6.33 AAA/Aaa LB-UBS Commercial Mortgage Trust,
Floating Rate Note, 4/15/41 401,822
2,233,177 0.34 AAA/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust 2006-LLF C5,
Floating Rate Note, 9/15/21 (144A) 2,188,513
1,500,000 0.72 BB+/Aa3 Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF C5,
Floating Rate Note, 6/15/22 (144A) 1,471,802
725,000 1.12 B+/Baa3 Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF C5,
Floating Rate Note, 6/15/22 (144A) 680,558
129,865 1.07 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3,
Floating Rate Note, 10/25/37 (144A) 126,095
173,218 1.17 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3,
Floating Rate Note, 10/25/37 (144A) 172,157
178,323 0.47 A+/Aa3 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 146,330
1,009,966 2.41 AAA/Baa2 MASTR Adjustable Rate Mortgages Trust
2003-3, Floating Rate Note, 9/25/33 1,002,106
601,629 2.62 AAA/Aa2 MASTR Adjustable Rate Mortgages Trust
2004-13, Floating Rate Note, 11/21/34 605,184
95,324 AAA/NR MASTR Asset Securitization Trust 2003-6,
4.5%, 7/25/13 95,511
625,450 0.62 AAA/NR MASTR Asset Securitization Trust 2003-6,
Floating Rate Note, 7/25/18 617,760
3,540 AAA/NR MASTR Asset Securitization Trust 2004-3,
4.75%, 1/25/14 3,572
499,189 0.88 AA+/Aa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate Note,
6/25/28 493,816
227,120 0.68 AAA/A3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate Note,
4/25/29 220,569
921,234 2.49 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-D, Floating Rate Note,
9/25/29 914,145
2,538,456 0.55 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-E, Floating Rate Note,
11/25/29 2,388,469
368,087 0.68 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate Note,
3/25/30 360,892
260,000 5.24 AAA/NR Merrill Lynch Mortgage Trust, Floating
Rate Note, 11/12/35 270,527
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 33
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,595,589 0.49 A/NR Morgan Stanley Re-REMIC Trust 2010-R4,
Floating Rate Note, 7/26/36 (144A) $ 1,568,491
699,170 1.00 AAA/Baa1 Mortgage IT Trust 2004-1, Floating Rate
Note, 11/25/34 664,536
265,347 0.59 AAA/A2 Mortgage IT Trust 2004-2, Floating Rate
Note, 12/25/34 253,192
1,250,154 0.60 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R2,
Floating Rate Note, 11/6/17 1,253,280
1,153,052 0.79 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3,
Floating Rate Note, 12/8/20 1,159,971
350,686 0.79 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3,
Floating Rate Note, 12/8/20 353,317
1,885,853 0.76 NR/Aaa NCUA Guaranteed Notes Trust 2011-C1,
Floating Rate Note, 3/9/21 1,887,179
837,522 0.63 AA+/Aaa NCUA Guaranteed Notes Trust 2011-R3,
Floating Rate Note, 3/11/20 842,234
605,118 0.61 AA+/NR NCUA Guaranteed Notes Trust 2011-R5,
Floating Rate Note, 4/6/20 607,726
1,088,761 0.48 AAA/A3 Opteum Mortgage Acceptance Corp.,
Floating Rate Note, 7/25/35 1,073,079
175,001 0.62 AAA/NR Residential Asset Securitization Trust,
Floating Rate Note, 5/25/33 157,871
171,256 0.72 AAA/NR Residential Asset Securitization Trust,
Floating Rate Note, 7/25/33 170,385
15,183 2.00 NR/Aaa SAECURE 11 BV, Floating Rate Note,
7/30/92 15,495
365,197 7.37 NR/Aaa Salomon Brothers Mortgage Securities VII,
Inc., Floating Rate Note, 5/18/32
(144A) 372,514
764,712 1.07 AA+/Baa3 Sequoia Mortgage Trust 2003-2, Floating
Rate Note, 6/20/33 735,194
309,153 0.84 AA+/Baa3 Sequoia Mortgage Trust 2003-5, Floating
Rate Note, 9/20/33 296,066
680,616 0.86 AAA/Baa1 Sequoia Mortgage Trust 2003-8, Floating
Rate Note, 1/20/34 660,411
511,073 0.54 A+/Baa3 Sequoia Mortgage Trust 2004-10, Floating
Rate Note, 11/20/34 504,428
1,179,543 0.49 AAA/Baa1 Sequoia Mortgage Trust 2004-12, Floating
Rate Note, 1/20/35 1,060,737
174,145 1.02 AAA/A3 Sequoia Mortgage Trust 2004-12, Floating
Rate Note, 1/20/35 153,387
315,943 2.10 AA+/Baa3 Sequoia Mortgage Trust 2004-7, Floating
Rate Note, 8/20/34 318,752
284,405 0.45 AA+/B1 Sequoia Mortgage Trust 2005-1, Floating
Rate Note, 2/20/35 274,372
181,250 0.44 AA+/Ba3 Sequoia Mortgage Trust 2005-2, Floating
Rate Note, 3/20/35 176,722
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
318,664 0.94 A-/A2 Sequoia Mortgage Trust 4, Floating Rate
Note, 11/22/24 $ 316,183
88,579 0.48 AAA/Aaa Series 2007-1G WST Trust, Floating Rate
Note, 5/21/38 (144A) 87,156
1,068,951 0.92 AAA/A3 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 3/19/34 1,030,688
379,673 2.90 AAA/Baa3 Structured Asset Securities Corp.,
Floating Rate Note, 10/25/33 381,524
762,101 0.87 NR/NR Structured Asset Securities Corp.,
Floating Rate Note, 10/25/37 (144A) 749,717
346,001 0.72 AAA/Baa3 Structured Asset Securities Corp.,
Floating Rate Note, 12/25/33 334,518
351,706 2.78 AAA/Baa3 Structured Asset Securities Corp.,
Floating Rate Note, 7/25/33 345,041
532,081 0.52 A/Ba3 Structured Asset Securities Corp.,
Floating Rate Note, 7/25/35 474,961
796,542 1.16 AA/NR Structured Asset Securities Corp.,
Floating Rate Note, 8/25/28 753,063
214,422 0.46 AAA/Aaa Superannuation Members Home
Loans Global Fund, Floating Rate
Note, 6/12/40 207,714
406,114 1.91 AAA/Ba1 Thornburg Mortgage Securities Trust,
Floating Rate Note, 3/25/44 398,706
82,280 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.79%, 4/15/42 84,780
2,534,077 0.30 A+/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/20
(144A) 2,427,988
65,502 5.09 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 7/15/42 66,327
433,166 0.31 AA+/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 9/15/21
(144A) 419,167
278,163 2.40 AAA/A3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 1/25/33 279,948
208,482 2.45 AA/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 1/25/35 211,073
648,404 2.46 AA+/Ba2 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 2/25/33 647,476
313,780 0.62 NR/A2 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 3/25/34 308,307
774,651 B+/NR Wells Fargo Mortgage Backed Securities
Trust, 4.5%, 1/25/19 779,713
98,461 5.02 NR/Ba2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 4/25/35 100,522
-------------
$ 98,930,578
-------------
Total Banks $ 98,930,578
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 35
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.4%
Other Diversified Financial Services -- 3.5%
204,831 1.63 NR/Aaa Arran Residential Mortgages Funding
Plc, Floating Rate Note, 11/19/47
(144A) $ 205,572
206,026 1.64 NR/Aaa Arran Residential Mortgages Funding
Plc, Floating Rate Note, 5/16/47
(144A) 206,241
106,304 4.78 AAA/Baa3 Bear Stearns ALT-A Trust 2003-3,
Floating Rate Note, 10/25/33 104,673
751,599 0.96 A+/Baa1 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 733,661
1,437,646 0.92 AAA/Baa2 Bear Stearns ALT-A Trust 2004-8,
Floating Rate Note, 9/25/34 1,395,366
201,794 0.72 AAA/Baa2 Bear Stearns ALT-A Trust 2005-2,
Floating Rate Note, 3/25/35 194,242
164,664 0.55 AAA/Ba1 CC Funding Corp., DE, Floating Rate
Note, 1/25/35 (144A) 134,219
82,037 0.52 AAA/Ba2 CC Funding Corp., DE, Floating Rate
Note, 8/25/35 (144A) 62,927
132,234 NR/A2 Citicorp Mortgage Securities, Inc.,
4.75%, 1/25/34 134,282
43,487 NR/Baa3 Citicorp Mortgage Securities, Inc.,
5.0%, 7/25/20 45,764
250,000 NR/B2 Citicorp Mortgage Securities, Inc.,
6.25%, 6/25/36 251,831
262,161 5.95 AAA/Aaa Commercial Mortgage Pass-Through
Certificates Series 2007-C4, Floating
Rate Note, 9/15/39 262,880
900,585 0.34 BBB+/Aaa Commercial Mortgage Pass-Through
Certificates Series 2007-TFL1, Floating
Rate Note, 2/15/22 (144A) 875,640
2,969,286 0.39 AAA/Aa2 Credit Suisse Mortgage Capital Certificates,
Floating Rate Note, 10/15/21 (144A) 2,885,020
100,156 0.52 AAA/Aaa Crusade Global Trust, Floating Rate Note,
4/19/38 96,968
100,662 AAA/Aaa Greenwich Capital Commercial Funding
Corp., 4.111%, 7/5/35 101,844
5,523 AAA/Aaa Greenwich Capital Commercial Funding
Corp., 5.117%, 4/10/37 5,518
817,262 5.95 B-/Caa1 JP Morgan Alternative Loan Trust, Floating
Rate Note, 9/25/36 827,425
151,914 2.53 B-/NR Merrill Lynch Mortgage Investors, Inc.,
Floating Rate Note, 2/25/35 153,757
119,016 AAA/NR Morgan Stanley Capital I Trust 2005-HQ6,
4.882%, 8/13/42 120,044
1,330,207 0.32 AA+/Aaa Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 1,323,706
1,750,000 0.35 A+/Aa3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 1,645,000
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services --
(continued)
100,000 0.82 A+/A1 Morgan Stanley Capital I, Inc., Floating
Rate Note, 12/15/20 (144A) $ 92,956
100,000 0.92 BBB+/A3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 12/15/20 (144A) 91,956
2,000,000 6.34 AA-/NR Morgan Stanley Capital I, Inc., Floating
Rate Note, 7/15/30 (144A) 2,042,736
3,000,000 NR/NR ORES NPL LLC, 4.0%, 9/25/44 (144A) 3,015,000
592,608 AAA/Ba3 RALI Trust, 4.75%, 4/25/34 594,338
94,450 NR/B3 RALI Trust, 5.5%, 12/25/34 93,495
84,632 0.77 AAA/Ba1 RALI Trust, Floating Rate Note, 1/25/34 80,832
90,048 0.77 NR/Baa1 RALI Trust, Floating Rate Note, 10/25/17 84,802
1,307,210 0.67 AAA/NR RALI Trust, Floating Rate Note, 12/26/33 1,188,541
2,532,633 0.67 AAA/NR RALI Trust, Floating Rate Note, 3/25/18 2,459,075
36,737 0.82 AAA/Ba3 RALI Trust, Floating Rate Note, 4/25/34 34,085
191,304 0.72 AAA/Ba1 RALI Trust, Floating Rate Note, 6/25/33 179,241
100,769 3.22 AAA/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 3/25/34 99,254
574,039 2.75 AAA/A3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 3/25/34 566,654
123,820 0.62 AAA/A3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 6/25/35 123,239
2,000,000 NR/NR Vericrest Opportunity Loan Transferee,
2.487%, 2/26/52 (144A) 2,004,060
145,191 4.21 NR/NR Vericrest Opportunity Loan Trust
2012-NPL1, Floating Rate Note,
3/25/49 (144A) 145,823
-------------
$ 24,662,667
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
1,308,743 1.86 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) $ 1,324,491
1,000,000 1.86 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) 1,020,423
183,387 BB/B2 Nomura Asset Acceptance Corp.,
4.786%, 3/25/35 182,518
262,583 2.62 AAA/Aaa Nomura Asset Acceptance Corp., Floating
Rate Note, 12/25/34 265,578
100,000 1.61 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 100,268
500,000 1.86 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 506,712
-------------
$ 3,399,990
------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
572,467 3.56 BB+/Baa3 GMAC Mortgage Corp., Loan Trust,
Floating Rate Note, 6/19/35 $ 580,646
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 37
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
50,733 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., 4.512%,
12/10/42 $ 51,455
26,947 BBB+/Aaa Banc of America Merrill Lynch
Commercial Mortgage, Inc., 6.309%,
6/11/35 26,976
125,000 B+/Aa1 Banc of America Merrill Lynch
Commercial Mortgage, Inc., 6.349%,
6/11/35 122,438
877,652 4.87 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 3/11/41 886,435
1,250,000 5.06 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 3/11/41 1,288,168
18,048 AAA/Aaa Bear Stearns Commercial Mortgage
Securities, 4.8%, 1/12/41 18,124
45,000 7.61 BB-/NR Morgan Stanley Dean Witter Capital I,
Floating Rate Note, 2/15/33 (144A) 44,043
-------------
$ 2,437,639
-------------
Total Diversified Financials $ 31,080,942
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Mortgage REIT's -- 0.1%
83,518 A-/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 7/25/35 $ 83,825
73,248 1.57 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 69,863
352,836 0.96 AAA/Baa1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
6/25/34 342,198
202,262 5.07 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/15/38 203,125
-------------
$ 699,011
------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.2%
1,105,943 0.66 AAA/Aaa Mellon Residential Funding Corp.,
Floating Rate Note, 12/15/30 $ 1,100,693
636,802 0.70 AAA/Aaa Mellon Residential Funding Corp.,
Floating Rate Note, 6/15/30 638,594
-------------
$ 1,739,287
------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.6%
4,074,290 0.97 AA+/Aa1 Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) $ 3,964,679
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Real Estate Services -- (continued)
108,565 0.43 AAA/NR Banc of America Large Loan, Inc.,
Floating Rate Note, 10/15/19 (144A) $ 105,308
-------------
$ 4,069,987
-------------
Total Real Estate $ 6,508,285
------------------------------------------------------------------------------------------------------
GOVERNMENT -- 8.6%
1,537,145 NR/NR DBRR Trust, 0.946%, 9/25/45 (144A) $ 1,538,917
1,220,359 0.55 NR/NR Fannie Mae REMIC Trust 2007-W3,
Floating Rate Note, 4/25/37 1,223,572
255,000 NR/NR Fannie Mae REMICS, 3.5%, 10/25/39 268,176
46,266 NR/NR Fannie Mae REMICS, 3.5%, 12/25/31 47,021
218,080 NR/NR Fannie Mae REMICS, 4.5%, 1/25/32 219,967
378,516 NR/NR Fannie Mae REMICS, 4.5%, 1/25/38 388,575
212,719 NR/NR Fannie Mae REMICS, 4.5%, 11/25/31 214,467
88,838 NR/NR Fannie Mae REMICS, 4.5%, 2/25/33 89,904
61,300 NR/NR Fannie Mae REMICS, 5.0%, 8/25/35 61,932
120,000 NR/NR Fannie Mae REMICS, 6.0%, 3/25/27 126,300
435,841 NR/NR Fannie Mae REMICS, 6.0%, 3/25/35 461,594
76,651 NR/NR Fannie Mae REMICS, 7.0%, 6/25/13 77,875
852,620 0.92 NR/NR Fannie Mae REMICS, Floating Rate
Note, 1/25/32 863,331
842,730 0.77 NR/NR Fannie Mae REMICS, Floating Rate
Note, 1/25/40 851,876
1,173,597 0.62 NR/NR Fannie Mae REMICS, Floating Rate
Note, 10/25/36 1,180,212
307,810 0.77 NR/NR Fannie Mae REMICS, Floating Rate
Note, 10/25/37 310,118
973,366 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/31 984,349
856,562 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/31 860,937
1,864,005 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 11/25/33 1,877,814
185,875 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/23 187,822
622,864 1.22 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/23 634,133
155,091 0.77 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/30 156,658
893,112 1.12 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/31 909,190
646,961 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/32 652,396
813,247 0.52 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/35 815,881
370,571 0.62 NR/NR Fannie Mae REMICS, Floating Rate
Note, 12/25/38 370,379
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 39
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Government -- (continued)
57,941 0.67 AAA/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/17 $ 58,149
75,045 0.92 NR/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/32 75,095
282,793 0.97 NR/NR Fannie Mae REMICS, Floating Rate
Note, 2/25/33 285,892
342,718 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/23 344,304
512,968 0.52 NR/NR Fannie Mae REMICS, Floating Rate
Note, 3/25/28 492,154
274,174 0.87 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/30 277,051
644,562 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/33 649,221
621,004 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 4/25/42 624,683
376,699 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/19 376,931
413,656 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/40 417,970
3,940,681 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 5/25/40 3,952,890
234,513 0.62 NR/NR Fannie Mae REMICS, Floating Rate
Note, 6/25/23 235,251
56,465 0.75 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/18/27 56,840
942,040 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/31 952,672
623,941 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/31 632,307
238,664 0.67 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/34 240,356
3,022,164 0.52 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/35 3,029,804
709,013 0.47 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/35 709,016
525,704 0.51 NR/NR Fannie Mae REMICS, Floating Rate
Note, 7/25/36 527,912
193,900 0.82 NR/NR Fannie Mae REMICS, Floating Rate
Note, 8/25/32 196,087
56,646 0.62 NR/NR Fannie Mae REMICS, Floating Rate
Note, 8/25/33 56,805
635,745 0.77 NR/NR Fannie Mae REMICS, Floating Rate
Note, 8/25/36 640,773
776,071 0.72 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/32 782,823
252,887 0.97 NR/NR Fannie Mae REMICS, Floating Rate
Note, 9/25/38 253,991
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Government -- (continued)
183,880 2.72 NR/NR Fannie Mae Trust 2005-W3, Floating Rate
Note, 4/25/45 $ 186,912
314,278 2.26 NR/NR Fannie Mae Trust 2005-W4, Floating Rate
Note, 6/25/35 337,863
88,436 NR/NR Freddie Mac REMICS, 3.5%, 11/15/22 90,405
532,863 NR/NR Freddie Mac REMICS, 4.0%, 1/15/24 546,450
85,193 NR/NR Freddie Mac REMICS, 4.0%, 11/15/23 89,781
545,338 NR/NR Freddie Mac REMICS, 5.0%, 10/15/31 553,616
17,347 AA+/NR Freddie Mac REMICS, 5.0%, 10/15/31 17,394
1,792,801 NR/NR Freddie Mac REMICS, 5.0%, 10/15/33 1,808,985
377,000 NR/NR Freddie Mac REMICS, 5.0%, 6/15/22 382,112
232,425 NR/NR Freddie Mac REMICS, 5.0%, 9/15/31 234,125
738,321 NR/NR Freddie Mac REMICS, 5.5%, 10/15/22 747,677
33,167 NR/NR Freddie Mac REMICS, 5.5%, 2/15/33 33,219
117,516 NR/NR Freddie Mac REMICS, 5.5%, 3/15/32 120,019
107,208 NR/NR Freddie Mac REMICS, 5.5%, 5/15/32 108,695
268,293 NR/NR Freddie Mac REMICS, 5.5%, 5/15/33 277,049
1,062,714 0.62 NR/NR Freddie Mac REMICS, Floating Rate
Note, 1/15/33 1,069,296
268,963 1.17 AAA/NR Freddie Mac REMICS, Floating Rate
Note, 10/15/31 274,814
712,431 0.52 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/18 713,732
107,303 0.62 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/30 107,328
397,495 0.82 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/31 401,997
23,777 1.12 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/33 23,794
366,641 0.57 NR/NR Freddie Mac REMICS, Floating Rate
Note, 11/15/35 367,861
354,822 0.62 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/20 357,068
806,670 0.67 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/28 812,967
106,430 0.67 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/32 106,708
78,370 0.72 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/32 78,987
972,448 0.57 NR/NR Freddie Mac REMICS, Floating Rate
Note, 12/15/41 975,063
546,289 0.45 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/19 547,573
193,819 0.57 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/29 194,798
1,034,468 0.77 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/33 1,042,504
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 41
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Government -- (continued)
147,435 0.52 NR/NR Freddie Mac REMICS, Floating Rate
Note, 2/15/39 $ 147,631
303,392 0.92 NR/NR Freddie Mac REMICS, Floating Rate
Note, 3/15/32 307,508
993,485 0.52 NR/NR Freddie Mac REMICS, Floating Rate
Note, 3/15/41 995,681
232,073 0.57 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/29 232,453
491,470 1.73 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/33 504,158
1,139,787 0.56 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/37 1,142,841
258,769 0.57 NR/NR Freddie Mac REMICS, Floating Rate
Note, 5/15/41 259,625
559,295 0.67 NR/NR Freddie Mac REMICS, Floating Rate
Note, 6/15/23 562,331
1,239,303 0.62 NR/NR Freddie Mac REMICS, Floating Rate
Note, 6/15/33 1,243,428
778,694 0.53 NR/NR Freddie Mac REMICS, Floating Rate
Note, 6/15/36 780,521
653,485 0.47 NR/NR Freddie Mac REMICS, Floating Rate
Note, 7/15/21 654,340
243,957 0.72 NR/NR Freddie Mac REMICS, Floating Rate
Note, 7/15/36 245,397
162,302 0.62 NR/NR Freddie Mac REMICS, Floating Rate
Note, 7/15/36 162,945
1,625,516 0.42 NR/NR Freddie Mac REMICS, Floating Rate
Note, 7/15/36 1,624,519
644,754 0.82 NR/NR Freddie Mac REMICS, Floating Rate
Note, 9/15/32 650,702
120,888 0.64 NR/NR Freddie Mac REMICS, Floating Rate
Note, 9/15/36 121,481
660,889 0.62 NR/NR Freddie Mac REMICS, Floating Rate
Note, 9/15/36 664,098
408,854 NR/NR Government National Mortgage
Association, 4.5%, 6/20/27 408,617
56,836 NR/NR Government National Mortgage
Association, 4.75%, 6/20/38 56,982
952,136 0.47 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/20/33 954,716
2,485,400 0.62 NR/NR Government National Mortgage
Association, Floating Rate Note,
5/16/38 2,500,767
361,632 0.72 NR/NR Government National Mortgage
Association, Floating Rate Note,
6/16/31 365,299
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Government -- (continued)
161,285 0.87 NR/NR Government National Mortgage
Association, Floating Rate Note,
7/20/40 $ 161,417
203,148 0.72 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/38 205,151
1,230,910 0.47 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/31 1,239,274
-------------
$ 60,043,047
-------------
Total Government $ 60,043,047
------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $194,827,350) $196,989,123
------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 18.2%
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
150,000 A/Aa3 Ras Laffan Liquefied Natural Gas Co.,
Ltd., III, 4.5%, 9/30/12 (144A) $ 150,000
-------------
Total Energy $ 150,000
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Aerospace & Defense -- 0.1%
570,000 0.69 A/A2 United Technologies Corp., Floating
Rate Note, 12/2/13 $ 572,295
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
625,000 BBB/Baa2 Tyco Electronics Group SA, 6.0%,
10/1/12 $ 625,000
-------------
Total Capital Goods $ 1,197,295
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Railroads -- 0.3%
2,357,000 BBB/Baa3 CSX Corp., 5.75%, 3/15/13 $ 2,412,653
-------------
Total Transportation $ 2,412,653
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.2%
1,205,000 0.85 BBB+/Baa1 Johnson Controls, Inc., Floating Rate
Note, 2/4/14 $ 1,209,667
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
200,000 0.83 A/A2 BMW US Capital LLC, Floating Rate
Note, 12/21/12 $ 200,200
1,250,000 0.97 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 3/28/14 (144A) 1,252,361
300,000 1.24 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 4/10/14 (144A) 301,046
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 43
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
300,000 1.79 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 7/11/13 (144A) $ 302,227
250,000 BBB+/A3 Nissan Motor Acceptance Corp., 3.25%,
1/30/13 (144A) 251,780
790,000 A-/A3 Volkswagen International Finance NV,
1.625%, 8/12/13 (144A) 797,750
300,000 1.13 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 3/21/14 (144A) 301,605
-------------
$ 3,406,969
-------------
Total Automobiles & Components $ 4,616,636
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Brewers -- 0.4%
600,000 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
2.5%, 3/26/13 $ 605,927
1,318,000 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
3.0%, 10/15/12 1,319,127
620,000 1.10 A/A3 Anheuser-Busch InBev Worldwide, Inc.,
Floating Rate Note, 3/26/13 622,349
-------------
$ 2,547,403
------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.6%
1,500,000 0.74 BBB+/A2 Campbell Soup Co., Floating Rate
Note, 8/1/14 $ 1,506,926
3,025,000 BBB-/Baa2 Kraft Foods, Inc., 6.0%, 2/11/13 3,082,127
-------------
$ 4,589,053
-------------
Total Food, Beverage & Tobacco $ 7,136,456
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment -- 0.3%
1,780,000 A/Baa1 Covidien International Finance SA,
1.875%, 6/15/13 $ 1,797,403
500,000 A/Baa1 St Jude Medical, Inc., 2.2%, 9/15/13 507,171
-------------
$ 2,304,574
-------------
Total Health Care Equipment & Services $ 2,304,574
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.0%+
150,000 AA/A1 Abbott Laboratories, Inc., 5.15%,
11/30/12 $ 151,152
------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,450,000 BBB+/Baa2 Agilent Technologies, Inc., 2.5%,
7/15/13 $ 1,469,476
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 1,620,628
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
BANKS -- 3.3%
Diversified Banks -- 1.9%
250,000 2.44 A/Aa3 Banco Santander Chile SA, Floating Rate
Note, 2/14/14 (144A) $ 246,322
250,000 AA-/Aa1 Bank of Nova Scotia, Inc., 2.25%,
1/22/13 251,508
250,000 1.50 AA-/Aa1 Bank of Nova Scotia, Inc., Floating
Rate Note, 1/12/15 253,619
400,000 0.65 AA/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, Floating Rate Note, 7/25/13 400,303
1,745,000 1.26 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
1/17/14 (144A) 1,754,016
300,000 0.86 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
1/18/13 (144A) 300,362
305,000 A-/A3 HSBC Holdings Plc, 5.25%, 12/12/12 307,679
200,000 1.15 AA-/Aa3 Royal Bank of Canada, Inc., Floating
Rate Note, 10/30/14 201,907
560,000 0.56 AA-/Aa3 Royal Bank of Canada, Inc., Floating
Rate Note, 3/8/13 560,367
1,000,000 0.76 AA-/Aa3 Royal Bank of Canada, Inc., Floating
Rate Note, 4/17/14 1,003,112
250,000 A/Aa3 The Korea Development Bank, Ltd., 5.5%,
11/13/12 251,174
1,500,000 0.89 AA-/Aaa The Toronto-Dominion Bank, Inc.,
Floating Rate Note, 11/1/13 1,507,496
200,000 0.76 AA-/Aaa The Toronto-Dominion Bank, Inc.,
Floating Rate Note, 7/14/14 200,963
128,000 0.79 A/A3 Wachovia Corp., Floating Rate Note,
10/28/15 125,477
1,725,000 2.21 A+/A2 Wachovia Corp., Floating Rate Note,
5/1/13 1,742,471
100,000 0.63 A+/A2 Wachovia Corp., Floating Rate Note,
8/1/13 100,074
820,000 A+/A2 Wells Fargo & Co., 5.25%, 10/23/12 822,354
1,500,000 1.29 A+/A2 Wells Fargo & Co., Floating Rate Note,
6/26/15 1,511,277
365,000 1.14 AA-/Aa2 Westpac Banking Corp., Floating Rate
Note, 12/9/13 367,136
500,000 1.26 NR/Aaa Westpac Banking Corp., Floating Rate
Note, 7/17/15 (144A) 504,144
1,000,000 0.67 AA-/Aa2 Westpac Banking Corp., Floating Rate
Note, 9/27/13 999,906
-------------
$ 13,411,667
------------------------------------------------------------------------------------------------------
Regional Banks -- 1.2%
1,660,000 A-/A2 American Express Bank FSB, 5.5%,
4/16/13 $ 1,705,230
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 45
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
250,000 A-/A2 American Express Bank FSB, 5.55%,
10/17/12 $ 250,509
400,000 A-/A2 American Express Centurion Bank, Inc.,
5.55%, 10/17/12 400,797
200,000 BBB+/A3 BB&T Corp., 4.75%, 10/1/12 200,000
400,000 1.15 A-/A2 BB&T Corp., Floating Rate Note,
4/28/14 402,472
2,450,000 BBB/Baa1 Fifth Third Bancorp, 6.25%, 5/1/13 2,529,289
500,000 BBB-/Baa2 First Tennessee Bank NA, 4.625%,
5/15/13 509,529
1,541,000 BBB+/Baa1 KeyCorp, 6.5%, 5/14/13 1,595,639
100,000 0.65 A-/A3 PNC Funding Corp., Floating Rate
Note, 1/31/14 99,838
350,000 0.61 A+/Aa3 State Street Bank and Trust Co.,
Floating Rate Note, 12/8/15 342,875
450,000 5.38 BBB+/Baa1 State Street Capital Trust III, Floating
Rate Note, 1/29/49 (Perpetual) 450,058
125,000 0.74 A+/Aa3 US Bank NA Cincinnati Ohio, Floating
Rate Note, 10/14/14 124,710
-------------
$ 8,610,946
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
1,220,000 0.81 AAA/Aaa Swedbank Hypotek AB, Floating Rate
Note, 3/28/14 (144A) $ 1,218,165
-------------
Total Banks $ 23,240,778
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.1%
Other Diversified Financial Services -- 4.1%
300,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) $ 306,900
1,495,000 A-/Baa2 Citigroup, Inc., 5.5%, 4/11/13 1,531,578
1,000,000 1.28 A-/Baa2 Citigroup, Inc., Floating Rate Note,
2/15/13 1,001,955
2,942,000 2.44 A-/Baa2 Citigroup, Inc., Floating Rate Note,
8/13/13 2,981,323
250,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 256,750
1,000,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 1,035,100
250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 257,925
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 268,225
520,000 6.71 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 522,392
525,000 0.00 BB+/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/7/15 (Cat Bond) (144A) 528,622
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services --
(continued)
300,000 1.31 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/7/14 $ 300,937
200,000 1.15 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 201,285
372,000 1.09 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 373,617
365,000 1.33 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 5/22/13 367,036
500,000 1.49 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 7/2/15 503,783
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 498,054
1,645,000 1.37 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 9/23/13 1,658,278
300,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 308,640
1,000,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note, 5/3/13
(Cat Bond) (144A) 1,021,900
1,250,000 1.25 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 1/24/14 1,258,175
1,875,000 1.08 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 2/26/13 1,880,696
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 250,400
1,000,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 1,009,400
500,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 505,550
1,600,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 1,629,920
600,000 9.98 BB-/NR Loma Reinsurance, Ltd., Floating Rate
Note, 12/21/12 (Cat Bond) (144A) 602,880
500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 502,050
500,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 491,700
250,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 250,850
1,000,000 6.25 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat Bond)
(144A) 1,021,400
1,000,000 0.00 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat Bond)
(144A) 1,023,800
500,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat Bond)
(144A) 512,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 47
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Other Diversified Financial Services --
(continued)
250,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat Bond)
(144A) $ 262,525
750,000 8.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat Bond)
(144A) 762,675
400,000 3.33 BBB-/NR Vita Capital IV, Ltd., Floating Rate Note,
1/15/16 (Cat Bond) (144A) 401,560
1,500,000 3.12 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 1,499,700
500,000 3.82 BB+/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 500,050
-------------
$ 28,289,631
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
750,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) $ 763,200
1,500,000 NR/Aaa Private Export Funding Corp.,
4.974%, 8/15/13 1,562,370
-------------
$ 2,325,570
------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.7%
1,370,000 BBB+/A3 American Express Co., 4.875%,
7/15/13 $ 1,416,531
265,000 A-/A2 American Express Credit Corp.,
5.875%, 5/2/13 273,319
100,000 1.92 A-/A2 American Express Credit Corp.,
Floating Rate Note, 6/19/13 100,995
775,000 1.22 A-/A2 American Express Credit Corp.,
Floating Rate Note, 6/24/14 783,182
200,000 0.68 A+/A1 American Honda Finance Corp.,
Floating Rate Note, 11/20/12 (144A) 200,017
300,000 0.81 A+/A1 American Honda Finance Corp.,
Floating Rate Note, 11/7/12 (144A) 300,106
1,500,000 0.79 A+/A1 American Honda Finance Corp.,
Floating Rate Note, 6/18/14 (144A) 1,502,636
550,000 1.04 A+/A1 American Honda Finance Corp.,
Floating Rate Note, 8/5/13 (144A) 552,313
1,050,000 BBB/Baa1 Capital One Bank USA NA, 6.5%,
6/13/13 1,091,756
242,000 1.61 BBB/Baa1 Capital One Financial Corp., Floating
Rate Note, 7/15/14 243,695
897,000 0.70 A/A2 John Deere Capital Corp., Floating
Rate Note, 4/25/14 898,814
1,000,000 0.68 A+/A1 PACCAR Financial Corp., Floating
Rate Note, 4/5/13 1,002,277
250,000 0.66 A+/A1 PACCAR Financial Corp., Floating
Rate Note, 6/5/14 250,632
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
554,000 AA-/Aa3 Toyota Motor Credit Corp., 1.25%,
11/17/14 $ 562,288
1,015,000 0.91 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 10/11/13 1,019,150
1,200,000 0.66 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 10/12/12 1,200,115
500,000 0.70 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 4/23/13 500,610
-------------
$ 11,898,436
------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
100,000 A+/Aa3 The Bank of New York Mellon Corp.,
4.5%, 4/1/13 $ 102,049
200,000 A+/Aa3 The Bank of New York Mellon Corp.,
4.95%, 11/1/12 200,781
1,300,000 0.72 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 1/31/14 1,303,892
200,000 0.72 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 7/28/14 200,419
-------------
$ 1,807,141
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
1,295,000 A-/Baa2 Merrill Lynch & Co, Inc., 6.15%,
4/25/13 $ 1,333,315
900,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.45%,
2/5/13 913,752
250,000 2.05 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 1/24/14 250,837
50,000 1.43 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 4/29/13 50,056
100,000 2.94 A-/Baa1 Morgan Stanley Co., Floating Rate
Note, 5/14/13 100,985
500,000 4.75 B+/NR Queen Street III Capital, Ltd., Floating
Rate Note, 7/28/14 (Cat Bond) (144A) 495,800
410,000 A/Baa1 TD Ameritrade Holding Corp., 2.95%,
12/1/12 411,687
400,000 1.17 A/A2 The Bear Stearns Companies LLC,
Floating Rate Note, 10/28/14 400,037
100,000 A-/A3 The Goldman Sachs Group, Inc., 5.45%,
11/1/12 100,392
200,000 1.44 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 2/7/14 199,898
1,000,000 0.82 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 961,112
-------------
$ 5,217,871
-------------
Total Diversified Financials $ 49,538,649
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 49
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
INSURANCE -- 3.2%
Life & Health Insurance -- 1.1%
3,180,000 A+/A1 Allstate Life Global Funding Trusts,
5.375%, 4/30/13 $ 3,272,312
135,000 A-/A3 MetLife, Inc., 5.375%, 12/15/12 136,364
600,000 1.69 A-/A3 MetLife, Inc., Floating Rate Note, 8/6/13 605,743
1,800,000 A-/Baa2 Protective Life Corp., 4.3%, 6/1/13 1,841,852
305,000 A/Baa2 Prudential Financial, Inc., 2.75%,
1/14/13 306,975
500,000 0.71 BBB+/Baa1 Sun Life Financial Global Funding III
LP, Floating Rate Note, 10/6/13 (144A) 496,450
1,000,000 4.71 BBB+/NR Vitality Re, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 1,021,400
-------------
$ 7,681,096
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
1,725,000 AA-/Aa3 Metropolitan Life Global Funding, Inc.,
2.5%, 1/11/13 (144A) $ 1,734,465
330,000 AA-/Aa3 Metropolitan Life Global Funding, Inc.,
5.125%, 4/10/13 (144A) 337,951
680,000 1.21 AA-/Aa3 Metropolitan Life Global Funding, Inc.,
Floating Rate Note, 1/10/14 (144A) 683,684
-------------
$ 2,756,100
------------------------------------------------------------------------------------------------------
Reinsurance -- 1.7%
600,000 6.41 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) $ 623,580
625,000 11.16 BB-/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 670,062
500,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 519,000
500,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 512,800
900,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 912,510
250,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 252,800
750,000 3.75 BB+/NR Golden State Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 757,500
500,000 7.75 BB-/NR Lakeside Re II, Ltd., Floating Rate
Note, 1/8/13 (Cat Bond) (144A) 501,650
1,000,000 5.40 BB+/NR Longpoint Re, Ltd., Floating Rate
Note, 12/24/12 (Cat Bond) (144A) 1,004,800
750,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 787,725
500,000 3.21 BB+/NR Midori, Ltd., Floating Rate Note,
10/24/12 (Cat Bond) (144A) 500,000
500,000 10.16 B/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 (Cat Bond) (144A) 502,950
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000 11.50 B/NR MultiCat Mexico 2009, Ltd., Floating
Rate Note, 10/19/12 (Cat Bond)
(144A) $ 1,000,300
465,000 10.25 B/NR MultiCat Mexico 2009, Ltd., Floating
Rate Note, 10/19/12 (Cat Bond)
(144A) 462,536
500,000 10.25 B/NR MultiCat Mexico 2009, Ltd., Floating
Rate Note, 10/19/12 (Cat Bond)
(144A) 497,350
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 259,750
1,000,000 8.41 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 1,070,700
500,000 13.75 NR/NR Pelican Re, Ltd., Floating Rate Note,
4/13/15 (Cat Bond) (144A) 500,600
250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 253,500
500,000 9.66 B/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 503,450
-------------
$ 12,093,563
-------------
Total Insurance $ 22,530,759
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Office Electronics -- 0.1%
550,000 1.80 BBB-/Baa2 Xerox Corp., Floating Rate Note,
9/13/13 $ 553,632
-------------
Total Technology Hardware
& Equipment $ 553,632
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.4%
1,376,000 BBB/Baa2 British Telecommunications Plc, 5.15%,
1/15/13 $ 1,393,902
600,000 1.50 BBB/Baa2 British Telecommunications Plc,
Floating Rate Note, 12/20/13 603,948
500,000 BBB/Baa2 Telecom Italia Capital SA, 5.25%,
11/15/13 515,625
200,000 0.77 BBB/Baa2 Telefonica Emisiones SAU, Floating
Rate Note, 2/4/13 199,303
-------------
$ 2,712,778
-------------
Total Telecommunication Services $ 2,712,778
------------------------------------------------------------------------------------------------------
UTILITIES -- 1.4%
Electric Utilities -- 0.8%
1,341,000 BBB/Baa2 Duke Energy Corp., 5.65%, 6/15/13 $ 1,388,887
1,175,000 BBB+/Baa2 Northeast Utilities Co., 5.65%,
6/1/13 1,214,153
1,505,000 1.13 BBB+/Baa2 Northeast Utilities Co., Floating
Rate Note, 9/20/13 1,513,908
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 51
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
250,000 A-/A2 NSTAR Electric Co., 4.875%,
10/15/12 $ 250,372
385,000 A-/A1 Peco Energy Co., 4.75%, 10/1/12 385,000
300,000 A/A2 Public Service Co., of Colorado, 4.875%,
3/1/13 305,538
125,000 A/A2 Public Service Co., of Colorado, 7.875%,
10/1/12 125,000
-------------
$ 5,182,858
------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.5%
1,900,000 A-/Baa2 Dominion Resources, Inc., Virginia,
5.0%, 3/15/13 $ 1,938,587
1,495,000 1.15 BBB+/Baa1 Sempra Energy Co., Floating Rate
Note, 3/15/14 1,501,596
-------------
$ 3,440,183
------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders
-- 0.1%
500,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) $ 527,250
250,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate
Note, 3/14/14 (Cat Bond) (144A) 258,100
-------------
$ 785,350
-------------
Total Utilities $ 9,408,391
------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $126,799,724) $127,423,229
------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 7.5%
8,894 AAA/Aaa Fannie Mae, 6.5%, 1/1/15 $ 9,353
16,286 AAA/Aaa Fannie Mae, 7.0%, 10/1/17 17,476
34,396 3.36 AAA/Aaa Fannie Mae, Floating Rate Note,
1/1/48 37,075
30,523 2.54 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/32 32,752
21,325 2.27 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/23 22,193
33,632 2.30 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/34 34,372
12,094 2.52 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/15 12,233
27,252 2.31 AAA/Aaa Fannie Mae, Floating Rate Note, 9/1/32 29,025
500,000 AA+/Aaa Federal Farm Credit Banks, 0.875%,
6/14/16 501,620
100,000 0.28 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 10/15/13 100,069
3,000,000 0.20 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 1/15/14 3,001,044
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations --
(continued)
500,000 0.24 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 1/25/13 $ 500,229
1,000,000 0.17 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 11/15/13 1,000,024
300,000 0.29 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 2/25/13 300,224
1,250,000 0.21 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 3/11/14 1,250,415
440,000 0.27 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 3/13/13 440,322
670,000 0.14 AA+/NR Federal Home Loan Banks, Floating
Rate Note, 4/12/13 669,929
300,000 0.34 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 4/5/13 300,255
450,000 0.27 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 5/2/13 450,394
2,500,000 0.32 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 6/7/13 2,502,388
5,515,000 0.27 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 7/22/13 5,518,451
3,675,000 0.24 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 8/1/13 3,677,914
485,000 0.38 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 9/16/13 485,800
7,873 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 6/1/14 8,261
3,450,000 0.28 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/10/13 3,451,780
3,865,000 0.31 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 1/24/13 3,867,006
15,222 2.34 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/23 16,216
3,000,000 0.28 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/12/12 3,000,126
16,906 2.86 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/33 18,057
4,240,000 0.39 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/18/13 4,250,558
9,220 4.60 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 6/1/35 9,854
2,020,000 0.30 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/12/13 2,022,648
2,000,000 0.35 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 10/25/13 2,003,934
5,270,000 0.29 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 11/23/12 5,271,570
4,480,000 0.29 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 12/3/12 4,481,581
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 53
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations --
(continued)
1,240,000 0.27 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 3/14/13 $ 1,240,629
18,501 1.62 AAA/Aaa Government National Mortgage
Association II, Floating Rate Note,
1/20/22 19,264
541,960 AA+/Aaa U.S. Treasury Inflation Indexed Bonds,
0.625%, 4/15/13 547,125
250,000 AA+/Aaa U.S. Treasury Notes, 0.5%, 11/30/12 250,156
750,000 AA+/Aaa U.S. Treasury Notes, 0.625%, 12/31/12 750,879
-------------
$ 52,103,201
------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $52,086,293) $ 52,103,201
------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.8%
Municipal Development -- 0.6%
4,365,000 0.19 NR/Aa1 Mississippi Business Finance Corp.,
Floating Rate Note, 12/1/30 $ 4,365,000
------------------------------------------------------------------------------------------------------
Municipal General -- 0.2%
200,000 1.39 A+/A1 New Jersey Economic Development
Authority, Floating Rate Note, 6/15/13 $ 200,566
1,000,000 NR/NR State of California, 2.5%, 6/20/13 1,014,806
-------------
$ 1,215,372
------------------------------------------------------------------------------------------------------
Municipal Housing -- 0.0%+
500,000 AA-/Aa3 Massachusetts Housing Finance
Agency, 0.467%, 6/1/13 $ 500,000
------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.6%
4,000,000 0.20 AA/NR Harris County Health Facilities
Development Corp., Floating Rate
Note, 12/1/41 $ 4,000,000
------------------------------------------------------------------------------------------------------
Municipal Power -- 0.2%
1,000,000 0.93 NR/Aa3 South Carolina State Public Service
Authority, Floating Rate Note, 6/2/14 $ 1,001,600
250,000 0.73 NR/Aa3 South Carolina State Public Service
Authority, Floating Rate Note, 7/1/13 250,340
-------------
$ 1,251,940
------------------------------------------------------------------------------------------------------
Municipal Student Loan -- 0.2%
1,250,000 1.00 AA+/NR Louisiana Public Facilities Authority,
Floating Rate Note, 4/26/27 $ 1,262,200
------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $12,592,011) $ 12,594,512
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 6.8%**
ENERGY -- 0.1%
Integrated Oil & Gas -- 0.0%+
68,197 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 6/1/16 $ 68,538
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.0%+
100,000 4.25 BB/Ba2 Pilot Travel Centers LLC, Initial
Tranche B Term Loan, 3/7/18 $ 100,500
------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
223,875 4.75 BB-/Ba3 Gibson Energy, Inc., Tranche B Term
Loan, 6/30/18 $ 225,974
-------------
Total Energy $ 395,012
------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.2%
197,205 5.25 BB-/B1 Taminco Global Chemical Corp.,
Tranche B-1 Dollar Term Loan,
2/15/19 $ 199,670
705,375 4.25 NR/Ba2 Tronox, Inc., Closing Date Term
Loan, 1/24/17 712,429
192,375 4.25 NR/Ba2 Tronox, Inc., Delayed Draw Term
Loan, 1/24/17 194,299
-------------
$ 1,106,398
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
92,500 3.75 BB+/Baa3 Ashland, Inc., Term B Loan, 5/31/18 $ 93,299
750,000 0.00 BB+/NR Chemtura Corp., Term Loan, 8/27/16 750,000
198,000 5.75 BB-/Ba2 OM Group, Inc., Term B Dollar
Loan, 7/5/17 199,361
124,063 5.00 BB-/Ba1 PolyOne Corp., Term Loan, 9/30/17 125,187
-------------
$ 1,167,847
------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
49,375 6.50 B/B2 Exopack Holding Corp., Term
Loan B, 5/6/17 $ 49,210
147,000 4.75 BB/Ba1 Sealed Air Corp., Term B Advance,
5/31/18 148,168
-------------
$ 197,378
------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
119,400 5.75 BB-/Ba2 Noranda Aluminum Holding Corp.,
Term B Loan, 2/17/19 $ 120,930
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.0%+
148,125 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B
Term Loan, 7/21/18 $ 148,866
------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
459,677 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B
Term Loan, 3/1/17 $ 459,333
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 55
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
149,244 4.75 BB/B1 JMC Steel Group, Term Loan, 2/15/17 $ 150,270
-------------
Total Materials $ 3,351,022
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.1%
173,688 5.75 BB+/Ba3 DigitalGlobe, Inc., Term Loan, 9/21/18 $ 174,701
348,250 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 3/27/19 350,499
-------------
$ 525,200
------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
900,000 6.00 BB-/Ba2 WireCo WorldGroup, Inc., Term
Loan, 4/13/17 $ 910,125
------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.0%+
148,500 5.50 BB/Ba2 Terex Corp., U.S. Term Loan, 4/28/17 $ 149,242
225,000 4.25 BB/Ba2 The Manitowoc Co., Inc., Term B
Loan, 10/11/17 226,744
-------------
$ 375,986
------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
482,581 6.00 NR/NR Schaeffler AG, Facility C2 Term
Loan, 1/27/17 $ 487,406
84,416 6.25 BB-/Ba2 Xerium Technologies, Inc., Initial U.S.
Term Loan, 5/4/17 83,502
-------------
$ 570,908
------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
500,000 5.75 BBB-/Ba2 AWAS Aviation Capital, Ltd., Term
Loan, 6/25/18 $ 503,750
600,000 6.75 BBB-/B1 Fly Leasing, Ltd., Loan, 7/17/18 600,250
-------------
$ 1,104,000
-------------
Total Capital Goods $ 3,486,219
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.0%+
199,000 4.00 BB+/Ba1 Covanta Holding Corp., Term Loan,
3/1/19 $ 199,995
196,257 4.75 B+/B1 Waste Industries USA, Inc., Term B
Loan, 2/23/17 197,484
-------------
$ 397,479
------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
139,300 4.25 BB+/Ba1 ACCO Brands Corp., Term B Loan,
1/4/19 $ 140,475
------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.1%
523,671 5.25 B+/Ba3 Allied Security Holdings LLC, Term
Loan (First Lien), 1/21/17 $ 525,635
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
684,460 5.00 BB-/Ba3 On Assignment, Inc., Initial Term B
Loan, 3/20/19 $ 686,599
-------------
Total Commercial Services & Supplies $ 1,750,188
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.0%+
248,750 4.00 BB+/B1 RailAmerica, Inc., Initial Loan, 2/15/19 $ 248,905
------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
211,607 3.98 BB/B1 Swift Transportation Co., Tranche B-1
Term Loan, 12/21/16 $ 212,665
500,000 5.00 BB/B1 Swift Transportation Co., Tranche B-2
Term Loan, 12/15/17 503,334
-------------
$ 715,999
-------------
Total Transportation $ 964,904
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.3%
1,006,368 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B Term
Loan, 3/31/17 $ 1,011,269
647,997 6.75 NR/NR TI Group Automotive Systems LLC,
Term Loan, 3/1/19 642,732
98,562 4.25 BB/Ba2 Tomkins LLC, Term B-1 Loan,
9/21/16 99,277
-------------
$ 1,753,278
------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%+
250,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co.,
Loan (Second Lien), 3/27/19 $ 252,604
-------------
Total Automobiles & Components $ 2,005,882
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Housewares & Specialties -- 0.0%+
192,614 5.25 BB-/Ba3 Prestige Brands, Inc., Term B Loan,
12/20/18 $ 194,849
278,600 5.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 3/2/19 281,647
-------------
$ 476,496
------------------------------------------------------------------------------------------------------
Footwear -- 0.1%
475,000 0.00 NR/Ba2 Wolverine World Wide, Inc., Term Loan,
5/1/19 $ 481,234
------------------------------------------------------------------------------------------------------
Textiles -- 0.1%
698,250 6.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1
Loan, 12/14/16 $ 704,360
-------------
Total Consumer Durables & Apparel $ 1,662,090
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 57
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.1%
98,536 4.00 BB+/Ba2 Ameristar Casinos, Inc., B Term Loan,
3/29/18 $ 99,187
134,750 6.00 BB-/Ba3 Boyd Gaming Corp., Increased Term
Loan, 12/17/15 136,659
409,875 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility, 6/29/18 412,149
189,050 4.00 BB+/Ba1 Pinnacle Entertainment, Inc., Series A
Term Loan, 3/5/19 190,350
98,346 2.98 BBB-/Ba1 Scientific Games Corp., Tranche B-1 Term
Loan, 6/30/15 98,346
-------------
$ 936,691
------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
800,000 4.25 BB+/B1 Six Flags Entertainment Corp.,
Tranche B Term Loan, 11/23/18 $ 805,997
------------------------------------------------------------------------------------------------------
Restaurants -- 0.4%
137,275 4.30 BB-/Ba2 DineEquity, Inc., Term B-1 Loan,
10/31/17 $ 138,442
498,747 6.50 B+/B1 Landry's, Inc., B Term Loan, 3/22/18 506,353
159,200 5.25 NR/NR NPC International, Inc., Term Loan
2012, 12/28/18 161,190
475,000 6.25 B+/Ba3 PF Chang's China Bistro, Inc., Term
Borrowing, 5/15/19 480,344
1,055,000 0.00 BB-/B1 Wendy's International, Inc., Term
Loan, 4/3/19 1,065,715
-------------
$ 2,352,044
------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
298,500 5.25 BB-/Ba2 Bright Horizons Family Solutions, Inc.,
Tranche C Term Loan, 5/1/17 $ 299,246
------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
174,125 5.50 B/Ba3 Ascent Capital Group, Inc., Term
Loan, 3/6/18 $ 176,410
-------------
Total Consumer Services $ 4,570,388
------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Broadcasting -- 0.3%
248,750 4.00 BB-/Ba2 Cequel Communications Holdings I
LLC and Cequel Capital Corp., Term
Loan, 1/31/19 $ 250,072
136,687 6.25 BB-/Ba3 Entercom Communications Corp.,
Term B Loan, 11/7/18 137,729
750,000 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term,
2/8/20 746,250
397,478 4.00 BB+/Ba1 Sinclair Broadcast Group, Inc., New
Tranche B Term Loan, 10/29/16 400,293
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
374,063 4.25 NR/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 $ 375,465
98,318 4.25 BB-/Ba3 TWCC Holding Corp., Term Loan,
1/24/17 99,075
349,125 6.75 B+/Ba3 Wolverine Healthcare Analytics, Inc.,
Tranche B Term Loan, 5/25/19 352,180
-------------
$ 2,361,064
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
373,125 4.00 BB+/Ba1 Charter Communications Operating
LLC, Term D Loan, 3/28/19 $ 375,597
650,000 4.25 NR/NR Kabel Deutschland Vertrieb und
Service GmbH, Facility F, 2/1/19 651,915
-------------
$ 1,027,512
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
572,184 4.75 BB-/Ba2 AMC Entertainment, Inc., Term B-3
Loan, 2/7/18 $ 576,532
497,478 4.50 BB-/Ba2 Live Nation Entertainment, Inc.,
Term B Loan, 10/20/16 499,546
-------------
$ 1,076,078
------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
144,552 4.50 BB-/Ba3 Interactive Data Corp., Term B
Loan, 1/31/18 $ 145,545
-------------
Total Media $ 4,610,199
------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Apparel Retail -- 0.1%
399,000 4.75 BB+/Ba2 Ascena Retail Group, Inc., Tranche B
Term Loan, 5/17/18 $ 402,658
59,511 5.75 BB/Ba3 Lord & Taylor LLC, Term Loan, 12/2/18 60,032
-------------
$ 462,690
------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
548,622 0.00 BB/Ba1 Avis Budget Car Rental LLC, 8/7/19 $ 555,479
84,589 6.25 BB/Ba1 Avis Budget Car Rental LLC, Tranche B
Term Loan, 6/13/18 85,012
-------------
$ 640,491
-------------
Total Retailing $ 1,103,181
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
498,750 0.00 NR/NR Acosta, Inc., Term D Loan, 9/25/17 $ 501,867
74,438 4.50 BB/Ba2 B&G Foods, Inc., Tranche B Term
Loan, 10/28/18 75,228
-------------
$ 577,095
-------------
Total Food, Beverage & Tobacco $ 577,095
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 59
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
498,737 4.75 BB-/Ba3 Revlon, Inc., Term Loan B, 11/19/17 $ 501,621
-------------
Total Household & Personal Products $ 501,621
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Equipment -- 0.2%
1,150,000 0.00 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4/29/19 $ 1,164,950
74,438 7.00 BB-/Ba2 Kinetic Concepts, Inc., Dollar Term B-1
Loan, 1/12/18 75,601
-------------
$ 1,240,551
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
222,754 5.75 BB-/NR Immucor, Inc., Term B-1 Loan, 8/19/18 $ 225,910
------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
600,000 6.00 B+/Ba3 BSN Medical GmbH & Co KG,
Facility B1, 6/11/19 $ 604,750
750,000 0.00 BB-/Ba2 DaVita, Inc., Tranche B-2 Term
Loan, 8/1/19 752,812
123,438 6.75 B+/B1 inVentiv Health, Inc., Term B-3
Loan, 6/24/18 120,043
750,000 6.75 NR/Ba3 MModal, Inc., Term B Loan, 7/2/19 742,969
-------------
$ 2,220,574
------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
146,843 6.50 B/B1 Ardent Medical Services, Inc., Term
Loan, 9/15/15 $ 147,577
74,438 4.50 BB-/Ba3 Health Management Associates, Inc.,
Term B Loan, 11/1/18 75,099
498,734 5.00 B/Ba3 IASIS Healthcare LLC, Term B Loan,
4/18/18 500,916
997,500 5.50 BB/Ba3 Select Medical Corp., Series A
Tranche B Term Loan, 6/1/18 1,006,228
98,750 5.50 BB-/Ba3 Select Medical Holdings Corp.,
Tranche B Term Loan, 4/25/18 99,429
-------------
$ 1,829,249
------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
750,000 0.00 NR/NR Convatec, Inc., Dollar Term Loan,
12/22/16 $ 753,371
647,685 5.00 BB-/Ba3 Emdeon, Inc., Term B-1 Loan,
11/2/18 653,352
79,533 5.25 BB-/Ba3 MedAssets, Inc., Term Loan,
11/15/16 80,262
-------------
$ 1,486,985
-------------
Total Health Care Equipment & Services $ 7,003,269
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.6%
Biotechnology -- 0.3%
750,000 0.00 BB/B1 Alkermes, Inc., 2019 Term Loan,
9/25/19 $ 754,688
98,496 5.50 BB/B2 Axcan Intermediate Holdings, Inc.,
Term B-1 Loan, 1/25/17 98,496
820,552 4.50 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 828,963
110,663 0.00 BBB-/Ba3 Warner Chilcott Corp., Additional Term
B-1 Loan, 3/15/18 110,967
291,402 0.00 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan,
3/3/18 292,204
145,701 0.00 BBB-/Ba3 Warner Chilcott Corp., Term B-2 Loan,
3/17/18 146,102
200,339 0.00 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 200,890
-------------
$ 2,432,310
------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.3%
22,936 4.00 BBB-/Ba1 Endo Health Solutions, Inc., Term
Loan B 2011, 4/14/18 $ 23,039
750,000 0.00 NR/B1 Par Pharmaceutical Companies, Inc.,
Term Loan, 8/2/19 749,812
600,000 0.00 BBB-/Ba1 Valeant Pharmaceuticals International,
Inc., Term Loan, 9/12/19 601,650
497,500 4.75 BBB-/Ba1 Valeant Pharmaceuticals International,
Inc., Tranche B Term Loan, 2/13/19 501,439
-------------
$ 1,875,940
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 4,308,250
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.3%
537,571 7.50 B+/B2 Preferred Sands Holding Co., LLC,
Term B Loan, 12/15/16 $ 512,036
545,721 4.00 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term
Loan, 4/13/18 547,767
648,049 4.00 BBB-/Baa2 RPI Finance Trust, New Term Loan,
11/9/18 653,180
98,939 5.25 NR/Ba2 WorldPay, Facility B2A Term Loan,
8/6/17 99,620
-------------
$ 1,812,603
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
747,497 4.75 B+/Ba3 Pinnacle Foods Finance LLC, Tranche E
Term Loan, 9/16/18 $ 749,988
-------------
Total Diversified Financials $ 2,562,591
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 61
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Life & Health Insurance -- 0.1%
124,688 5.75 B+/Ba2 AmWINS Group, Inc., Term Loan, 5/7/19 $ 125,155
500,000 0.00 NR/Ba3 CNO Financial Group, Inc.,
Term Loan, 9/4/18 502,395
-------------
$ 627,550
-------------
Total Insurance $ 627,550
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
IT Consulting & Other Services -- 0.1%
1,000,000 4.50 BB/Ba3 Booz Allen Hamilton Holding Corp.,
Initial Tranche B Term Loan, 7/10/19 $ 1,006,979
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.2%
1,000,000 4.25 NR/NR Genpact, Ltd., Term Loan, 8/17/19 $ 1,004,375
99,000 5.00 BB+/Ba2 NeuStar, Inc., Term Advance Loan,
10/11/18 99,990
225,059 4.25 BB/Ba3 VeriFone Systems, Inc., Term B Loan,
11/14/18 225,762
-------------
$ 1,330,127
------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
92,221 7.50 CCC+/B1 Allen Systems Group, Inc., Term B
Loan, 11/22/15 $ 88,417
------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
667,897 4.00 NR/Ba2 Rovi Corp., Tranche B2 Term Loan,
3/30/19 $ 646,190
-------------
Total Software & Services $ 3,071,713
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
249,367 4.25 NR/NR CommScope, Inc., Tranche 1 Term
Loan, 1/14/18 $ 251,004
-------------
Total Technology Hardware & Equipment $ 251,004
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.0%+
133,728 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term Loan,
4/25/18 $ 133,645
98,750 4.00 BB+/Ba2 Sensata Technologies BV, Term Loan,
4/29/18 99,422
-------------
$ 233,067
------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
315,639 4.00 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 318,006
488,775 4.25 BBB-/Ba2 Semtech Corp., B Term Loan, 2/21/17 492,746
-------------
$ 810,752
-------------
Total Semiconductors &
Semiconductor Equipment $ 1,043,819
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
1,172,063 5.75 B+/Ba3 West Corp., Term B-6 Loan, 8/1/18 $ 1,184,516
723,188 4.00 BB+/Baa3 Windstream Corp., Tranche B-3 Term
Loan, 7/23/19 727,400
-------------
$ 1,911,916
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.0%+
123,750 4.50 NR/NR Cellular South, Inc., Term Loan, 6/16/17 $ 124,833
124,063 4.00 B+/Ba3 Crown Castle International Corp.,
Tranche B Term Loan, 1/10/19 124,675
-------------
$ 249,508
-------------
Total Telecommunication Services $ 2,161,424
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Independent Power Producers & Energy Traders
-- 0.2%
500,000 0.00 NR/B1 Calpine Corp., Term Loan 2012,
9/27/19 $ 497,500
895,725 4.00 BB+/Baa3 NRG Energy, Inc., Term Loan, 5/5/18 901,659
347,867 4.25 BB+/Ba1 The AES Corp., Initial Term Loan,
5/17/18 350,228
-------------
$ 1,749,387
-------------
Total Utilities $ 1,749,387
------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $47,163,441) $ 47,756,808
------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.2%
Certificates of Deposit -- 1.2%
140,000 0.76 AA-/Aa1 Bank of Nova Scotia Houston, Floating
Rate Note, 10/18/12 $ 140,040
100,000 0.75 AA-/NR Bank of Nova Scotia Houston, Floating
Rate Note, 2/15/13 100,192
2,500,000 0.71 NR/NR Bank of Nova Scotia Houston, Floating
Rate Note, 7/19/13 2,504,660
1,000,000 0.74 NR/NR Bank of Nova Scotia Houston, Floating
Rate Note, 9/17/13 1,003,754
2,000,000 1.14 AA-/Aa2 Commonwealth Bank of Australia
New York NY, Floating Rate Note,
6/14/13 2,010,708
250,000 0.86 AA-/Aa3 Nordea Bank Finland Plc New York,
Floating Rate Note, 3/8/13 250,299
300,000 0.90 AA-/NR Nordea Bank Finland Plc New York,
Floating Rate Note, 4/5/13 300,438
1,000,000 0.56 AA-/Aa3 Royal Bank of Canada New York NY,
Floating Rate Note, 10/5/12 1,000,039
250,000 0.48 AA-/Aaa Toronto-Dominion Bank New York,
Floating Rate Note, 10/19/12 250,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 63
Schedule of Investments | 9/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Certificates of Deposit -- (continued)
750,000 0.31 NR/NR Toronto-Dominion Bank New York,
Floating Rate Note, 5/15/13 $ 750,000
250,000 1.21 NR/NR Westpac Banking Corp., New York,
Floating Rate Note, 7/10/13 251,354
-------------
$ 8,561,484
------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $8,556,510) $ 8,561,484
------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 90.0%
(Cost $624,509,705) (a) $ 628,892,595
------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 10.0% $ 69,771,951
------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 698,664,546
======================================================================================================
NR Not rated by either S&P or Moody's.
WR Security rating withdrawn by either S&P or Moody's.
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
REIT's Real Estate Investment Trust.
+ Amount rounds to less than 0.1%.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At September 28, 2012, the value of these securities
amounted to $191,798,127 or 27.5% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(a) At September 30, 2012, the net unrealized gain on investments based
on cost for federal income tax purposes of $624,736,950 was as
follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 4,997,346
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (841,701)
-------------
Net unrealized gain $ 4,155,645
=============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended September 30, 2012 aggregated $681,880,496 and $128,522,334,
respectively.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities using fair value methods are
categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of September 30, 2012, in
valuing the Fund's assets:
--------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 183,464,238 $ -- $ 183,464,238
Collateralized Mortgage Obligations -- 196,989,123 -- 196,989,123
Corporate Bonds -- 127,423,229 -- 127,423,229
U.S. Government and Agency Obligations -- 52,103,201 -- 52,103,201
Municipal Bonds -- 12,594,512 -- 12,594,512
Senior Floating Rate Loan Interests -- 47,756,808 -- 47,756,808
Temporary Cash Investments -- 8,561,484 -- 8,561,484
--------------------------------------------------------------------------------------------------------------
Total $ -- $ 628,892,595 $ -- $ 628,892,595
--------------------------------------------------------------------------------------------------------------
Other Financial Instruments* $ (450) $ -- $ -- $ (450)
==============================================================================================================
* Other financial instruments include futures contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 65
Statement of Assets and Liabilities | 9/30/12 (unaudited)
ASSETS:
Investment in securities (cost $624,509,705) $628,892,595
Cash 52,953,252
Futures collateral 1,100
Receivables --
Investment securities sold 2,333,897
Fund shares sold 32,153,258
Interest 1,435,309
Other 88,668
--------------------------------------------------------------------------------------------------------------
Total assets $717,858,079
--------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 15,202,973
Fund shares repurchased 3,804,719
Variation margin 250
Dividends 128,024
Due to affiliates 19,703
Accrued expenses 37,864
--------------------------------------------------------------------------------------------------------------
Total liabilities $ 19,193,533
--------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $694,674,115
Distributions in excess of net investment income (930,252)
Accumulated net realized gain on investments and futures contracts 538,243
Net unrealized gain on investments 4,382,890
Net unrealized loss on futures contracts (450)
--------------------------------------------------------------------------------------------------------------
Total net assets $698,664,546
==============================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $206,971,134/20,519,394 shares) $ 10.09
Class C (based on $133,963,960/13,296,209 shares) $ 10.08
Class Y (based on $357,729,452/35,433,119 shares) $ 10.10
MAXIMUM OFFERING PRICE:
Class A ($10.09 (divided by) 97.5%) $ 10.35
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Statement of Operations (unaudited)
For the Six Months Ended 9/30/12
INVESTMENT INCOME:
Interest $2,927,996
--------------------------------------------------------------------------------------------------------------
Total investment income $ 2,927,996
--------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 631,108
Transfer agent fees and expenses
Class A 5,844
Class C 2,242
Class Y 2,736
Distribution fees
Class A 114,476
Class C 132,017
Administrative reimbursement 50,717
Shareholder communication expense 17,307
Custodian fees 12,775
Registration fees 27,005
Professional fees 32,745
Printing expense 12,138
Fees and expenses of nonaffiliated Trustees 3,786
Miscellaneous 9,590
--------------------------------------------------------------------------------------------------------------
Total expenses $ 1,054,486
--------------------------------------------------------------------------------------------------------------
Net expenses $ 1,054,486
--------------------------------------------------------------------------------------------------------------
Net investment income $ 1,873,510
--------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ 539,714
Futures contracts (755) $ 538,959
--------------------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $3,961,871
Futures contracts (1,138) $3,960,733
--------------------------------------------------------------------------------------------------------------
Net gain on investments and futures contracts $ 4,499,692
--------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,373,202
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 67
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12
-----------------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,873,510 $ 846,905
Net realized gain (loss) on investments, futures contracts, and foreign currency transactions 538,959 (7,898)
Change in net unrealized gain on investments, futures contracts, and foreign
currency transactions 3,960,733 421,707
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,373,202 $ 1,260,714
-----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.13 per share, respectively) $ (825,660) $ (293,801)
Class C ($0.05 and $0.06 per share, respectively) (223,292) (54,609)
Class Y ($0.09 and $0.15 per share, respectively) (1,676,994) (583,991)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (2,725,946) $ (932,401)
-----------------------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 657,795,159 $ 202,547,654
Reinvestment of distributions 2,158,861 542,255
Cost of shares repurchased (124,271,854) (44,083,098)
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 535,682,166 $ 159,006,811
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets $ 539,329,422 $ 159,335,124
NET ASSETS:
Beginning of period 159,335,124 --
-----------------------------------------------------------------------------------------------------------------------------
End of period $ 698,664,546 $ 159,335,124
-----------------------------------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (930,252) $ (77,816)
-----------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
-----------------------------------------------------------------------------------------------------------------------------
9/12 Shares 9/12 Amount
(unaudited) (unaudited) '12 Shares '12 Amount
-----------------------------------------------------------------------------------------------------------------------------
Class A
Shares sold 19,447,727 $195,179,188 5,368,452 $ 52,712,709
Reinvestment of distributions 76,392 767,389 23,987 239,674
Less shares repurchased (3,810,002) (38,266,575) (587,162) (5,869,255)
-----------------------------------------------------------------------------------------------------------------------------
Net increase 15,714,117 $157,680,002 4,805,277 $ 47,083,128
=============================================================================================================================
Class C
Shares sold 13,809,205 $138,590,248 1,684,145 $ 15,038,604
Reinvestment of distributions 20,498 206,016 3,580 35,733
Less shares repurchased (1,695,850) (17,005,773) (525,369) (5,240,717)
-----------------------------------------------------------------------------------------------------------------------------
Net increase 12,133,853 $121,790,491 1,162,356 $ 9,833,620
=============================================================================================================================
Class Y
Shares sold 32,256,663 $324,025,723 13,195,493 $134,796,341
Reinvestment of distributions 117,878 1,185,456 26,678 266,848
Less shares repurchased (6,865,162) (68,999,506) (3,298,431) (32,973,126)
-----------------------------------------------------------------------------------------------------------------------------
Net increase 25,509,379 $256,211,673 9,923,740 $102,090,063
=============================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 69
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12 (a)
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.02 $ 10.00
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.07 $ 0.12
Net realized and unrealized gain on investments 0.08 0.03
---------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.15 $ 0.15
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.08) (0.13)
---------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.07 $ 0.02
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.09 $ 10.02
===========================================================================================================================
Total return* 1.47% 1.48%
Ratio of net expenses to average net assets 0.65%** 0.90%**
Ratio of net investment income to average net assets 0.97%** 1.45%**
Portfolio turnover rate 24%** 51%**
Net assets, end of period (in thousands) $206,971 $48,160
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 0.65%** 1.03%**
Net investment income 0.97%** 1.32%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.65%** 0.90%**
Net investment income 0.97%** 1.44%**
===========================================================================================================================
(a) Class A shares were first publicly offered on May 2, 2011.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
---------------------------------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12 (a)
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.02 $ 10.00
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05 $ 0.05
Net realized and unrealized gain on investments 0.06 0.03
---------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.11 $ 0.08
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.05) (0.06)
---------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.06 $ 0.02
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.08 $ 10.02
===========================================================================================================================
Total return* 1.09% 0.82%
Ratio of net expenses to average net assets 1.04%** 1.75%**
Ratio of net investment income to average net assets 0.54%** 0.52%**
Portfolio turnover rate 24%** 51%**
Net assets, end of period (in thousands) $133,964 $11,643
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.04%** 1.87%**
Net investment income 0.54%** 0.40%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.04%** 1.75%**
Net investment income 0.54%** 0.52%**
==========================================================================================================================
(a) Class C shares were first publicly offered on May 2, 2011.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 71
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Six Months 5/2/11
Ended (Commencement
9/30/12 of Operations)
(unaudited) to 3/31/12 (a)
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.03 $ 10.00
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.14
Net realized and unrealized gain on investments 0.08 0.04
---------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.16 $ 0.18
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.09) (0.15)
---------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.07 $ 0.03
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.10 $ 10.03
===========================================================================================================================
Total return* 1.58% 1.79%
Ratio of net expenses to average net assets 0.45%** 0.67%**
Ratio of net investment income to average net assets 1.19%** 1.72%**
Portfolio turnover rate 24%** 51%**
Net assets, end of period (in thousands) $357,729 $99,533
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 0.45%** 0.80%**
Net investment income 1.19%** 1.59%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.45%** 0.67%**
Net investment income 1.19%** 1.72%**
===========================================================================================================================
(a) Class Y shares were first publicly offered on May 2, 2011.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Notes to Financial Statements | 9/30/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Floating Rate Fund (the Fund) is one of three portfolios
comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek a
high level of current income to the extent consistent with a relatively high
level of stability of principal.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C and Class Y shares were first publicly Offered
on May 2, 2011. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses, such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 73
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the
last available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such
factors as market prices, market events, quotations from one or more
brokers, Treasury spreads, yields, maturities and ratings. Valuations may
be supplemented by dealers and other sources, as required. Short-term fixed
income securities with remaining maturities of sixty days or less generally
are valued at amortized cost. Money market mutual funds are valued at net
asset value.
Securities or loans for which independent pricing services are unable to
supply prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund
may use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from
exchange prices.
At September 30, 2012, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services). Inputs used when applying fair value methods to value a security
may include credit ratings, the financial condition of the company, current
market conditions and comparable securities.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities,
and such accretion/amortization is included in interest income. Interest
income, including interest on income bearing cash accounts, is recorded on
the accrual basis, net of unrecoverable foreign taxes withheld at the
applicable country rates.
74 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
September 30, 2012, the Fund did not have any interest and penalties
related to unrecognized tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax years
for the prior three fiscal years remain subject to examination by federal
and state tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 75
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended March 31, 2012 was as follows:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $932,401
--------------------------------------------------------------------------------
Total $932,401
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2012:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $218,725
Dividends payable (69,324)
Net unrealized gain 193,774
--------------------------------------------------------------------------------
Total $345,175
================================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the mark-to-market of futures contracts and
the tax treatment of premium and amortization.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $12,791 in underwriting commissions on the sale of
Class A shares during the six months ended September 30, 2012.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
76 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Risks
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers
of underlying securities and the issuers' inability to meet their debt
obligations. The Fund's prospectus contains unaudited information regarding
the Fund's principal risks. Please refer to that document when considering
the Fund's principal risks.
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency rates or to seek to increase
total return. Futures contracts are types of derivatives. All futures
contracts entered into by the Fund are traded on a futures exchange. Upon
entering into a futures contract, the Fund is required to deposit with a
broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. Subsequent
payments for futures contracts ("variation margin") are paid or received by
the Fund, depending on the daily fluctuation in the value of the contracts,
and are recorded by the Fund as unrealized gains or losses. When the
contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract as well as
any fluctuations in foreign currency exchange rates where applicable. The
use of futures contracts involves, to varying degrees, elements of market
and counterparty risks and interest rate risk and currency exchange rate
risk, which may exceed the amounts recognized by the Fund. Changes in value
of the contracts may not directly correlate to the changes in value of the
underlying securities. These risks may decrease the effectiveness of the
Fund's hedging strategies and potentially result in a loss. The average
number of contracts open for the six months ended September 30, 2012 was 4.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 77
At September 30, 2012, open futures contracts were as follows:
--------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Loss
--------------------------------------------------------------------------------
U.S. 2 Year Note (CBT) (4) 12/12 $882,125 $(450)
--------------------------------------------------------------------------------
Total $(450)
================================================================================
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, Pioneer Investment Management, Inc.
(PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.35% of
the Fund's average daily net assets up to $1 billion and 0.30% on assets over $1
billion. Prior to January 1, 2012, the Fund paid management fees calculated at
the annual rate of 0.40% of the Fund's average daily net assets up to $1 billion
and 0.35% on assets over $1 billion. For the six months ended September 30,
2012, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.35% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.15%, and 0.65% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
Fees waived and expenses reimbursed during the six months ended March 31, 2012
are reflected on the Statement of Operations. These expense limitations are in
effect through August 1, 2014. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$37,300 in management fees, administrative costs and certain other
reimbursements payable to PIM at September 30, 2012.
78 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended September 30, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $5,585
Class C 1,676
Class Y 10,046
--------------------------------------------------------------------------------
Total $17,307
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $29,136 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at September 30, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.20% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 0.50% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.25% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Prior to July 1, 2012, the Fund paid PFD 0.25% of
the average daily net assets attributable to Class A shares and 1.00% of the
average daily net assets attributable to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $11,539 in
distribution fees payable to PFD at September 30, 2012.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. For Class C shares purchased prior to July 1, 2012
redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 79
subject to any CDSC that applied to the original purchase of those shares. For
Class C shares purchased on or after July 1, 2012, no contingent deferred sales
charge is charged. There is no CDSC for Class Y shares. Proceeds from the CDSCs
are paid to PFD. For the six months ended September 30, 2012, CDSCs of $13,982
were paid to PFD.
5. Expense offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended September 30, 2012, the Fund's
expenses were not reduced under such arrangements.
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of September 30, 2012 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2012 Liabilities Derivatives 2012
Under Accounting ------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
Futures Contracts* Receivables $-- Payables $(450)
--------------------------------------------------------------------------------------------
Total $-- $(450)
============================================================================================
* Reflects the unrealized depreciation on futures contracts (see Note 1H).
The current day's variation margin is separately disclosed on the Statement
of Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the six
months ended September 30, 2012 was as follows:
--------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized unrealized
Hedging Instruments Loss on Loss on
Under Accounting Location of Gain or (Loss) Derivatives Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------------------
Futures Contracts Net realized loss on futures contracts $(755)
Futures Contracts Change in net unrealized loss on $(1,138)
futures contracts
80 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on
an annualized basis or the Federal Funds Rate on the borrowing date plus 1.25%
on an annualized basis. The credit facility in effect as of February 15, 2015 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee
to participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended September 30, 2012, the Fund had no
borrowings under a credit facility.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 81
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Fund
** Chief Financial and Accounting Officer of the Fund
82 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12 83
This page for your notes.
84 Pioneer Multi-Asset Ultrashort Income Fund | Semiannual Report | 9/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts, new accounts, prospectuses,
applications and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investment(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 25249-01-1112
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust X
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date November 29, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date November 29, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date November 29, 2012
* Print the name and title of each signing officer under his or her signature.