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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 March 31, 2013
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
--------------------------------------------------------------------------------
Annual Report | March 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIGFX
Class B FUNBX
Class C FUNCX
Class K PFGKX**
Class R PFGRX*
Class Y FUNYX
Class Z PFGZX*
* Share class was first publicly offered on April 2, 2012.
** Share class was first publicly offered on December 20, 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 19
Schedule of Investments 21
Financial Statements 26
Notes to Financial Statements 37
Report of Independent Registered Public Accounting Firm 45
Approval of Investment Advisory Agreement 47
Trustees, Officers and Service Providers 51
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so in
2013, barring a negative shock to the system. The housing and auto sectors
continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better
shape than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 3
Portfolio Management Discussion | 3/31/13
The equity market delivered healthy returns over the 12 months ended March 31,
2013, as rising investor confidence in the prospects for a continuing global
economic recovery spurred a rally in financial assets. The rally in stock prices
strengthened during most of the period, especially after investors overcame
concerns about another flare-up in the European sovereign-debt crisis in the
early summer of 2012. In the following interview, Andrew Acheson and Paul
Cloonan* discuss the factors that affected the performance of Pioneer
Fundamental Growth Fund during the 12 months ended March 31, 2013. Mr. Acheson,
a senior vice president and portfolio manager at Pioneer, and Mr. Cloonan, a
senior vice president and portfolio manager, and Co-Head of Equity Research,
U.S., at Pioneer, are responsible for day-to-day management of the Fund.
Q How did the Fund perform during the 12 months ended March 31, 2013?
A Pioneer Fundamental Growth Fund's Class A shares returned 9.64% at net asset
value during the 12 months ended March 31, 2013, while the Fund's benchmark,
the Russell 1000 Growth Index (the Russell Index), returned 10.09%. During
the same 12-month period, the average return of the 702 mutual funds in
Lipper's Large Cap Growth category was 7.36%.
Q How would you describe the investment environment for equities during the 12
months ended March 31, 2013?
A Equity values generally rose during the full 12-month period, as investors
eventually brushed aside concerns about the sovereign-debt problems in
Europe, weakening growth trends in China and sluggish economic growth as
well as stubbornly high unemployment in the United States. Very early in the
period, in the spring of 2012, stocks sold off amid growing fears that the
global economic recovery could be undermined by the ripple effects of
sovereign-debt problems in some European nations, most notably Greece, Spain
and Italy. Market sentiment began to change, however, in August 2012, when
the new leader of the European Central Bank (ECB) declared the ECB would do
"whatever it takes" to protect the European Union and the euro currency. Not
long after that announcement, the U.S. Federal Reserve Board announced its
third round of quantitative easing, and some signs of improving growth in
China and the United States followed. In response to the series of positive
developments, equities began a rally that continued almost uninterrupted for
the remainder of the Fund's fiscal year
* Effective November 1, 2012, Paul Cloonan joined Andrew Acheson as a
portfolio manager of the Fund, replacing Tim Mulrenan.
4 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
ended March 31, 2013. Almost all market sectors, with the notable exception
of the information technology group, recorded double-digit percentage gains
for the 12-month period. The more defensive sectors such as consumer staples
and health care fared especially well, but the stock market showed broad
strength across almost all industries as rising confidence about the
durability of the global economic recovery drove investors into equities and
other so-called "risk" assets.
Q Which investment decisions or individual securities had the greatest effect
on the Fund's returns relative to the benchmark Russell Index during the 12
months ended March 31, 2013?
A The Fund's performance during the period tracked closely to that of the
Russell Index. Stock selection results in two sectors, energy (negative) and
information technology (positive), had by far the biggest effect on the
Fund's relative performance during the 12-month period. Sector allocation
decisions, which tend to be a byproduct of our stock-selection process,
contributed to the Fund's benchmark-relative performance during the period.
Stock selection in the energy sector was a large drag on benchmark-relative
results during the period. One particular disappointment for the Fund in the
sector was a position in National Oilwell Varco (NOV), a provider of
equipment and services for oil and natural gas drilling operations. NOV's
share price weakened during the period as the company's backlog of new
orders began to slow and investors began worrying that the positive cycle in
energy development may have peaked. We became concerned that NOV would start
to experience a significant decline in returns on reinvested capital, and so
we decided to sell the Fund's position. While we sold the position in NOV,
we retained a Fund investment in another underperforming energy company,
Occidental Petroleum, a diversified firm involved in both oil and natural
gas operations. The company appeared to struggle with managing its cost
structure during the 12-month period, but it has implemented operational
reforms that we believe have the potential to improve future results.
Stock selection in the information technology sector was the Fund's most
significant positive performance driver during the 12-month period, with a
holding in MasterCard the top individual contributor to returns within the
sector. A leading global financial transaction-processing company,
MasterCard enjoyed solid, double-digit gains from both its credit and debit
card businesses during the period, including gains from international
cross-border transactions. Another outstanding performer within the Fund's
information technology portfolio during the period was a position
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 5
in ASML, a semiconductor firm based in the Netherlands whose share price
received a boost when three major customers - Samsung, Taiwan Semiconductor,
and Intel - all became equity investors in the company. Following the
announcements by those three companies, we took advantage of the price
appreciation in ASML's stock and took profits by selling the Fund's
position. To be sure, the Fund did own some disappointing positions in the
information technology sector during the period, including Juniper Networks,
a communications network equipment company whose performance was hurt due to
slowing infrastructure investing by telecommunication providers. Another
poor-performing Fund position in the sector during the period was software
giant Microsoft, which underperformed as a result of the overall slump in
the personal computers market as well as disappointing early sales of the
company's new Windows 8 software.
Elsewhere, the Fund's overweight position in health care as well as good
stock selection results in the sector helped to support relative returns
during the period. In health care, Fund positions in Thermo Fisher
Scientific, Celgene and DaVita performed especially well during the 12-month
period. Thermo Fisher Scientific, which produces scientific and laboratory
equipment, performed well as investors appreciated the company's ability to
generate stable growth in an uncertain environment. Celgene is a
biotechnology company that specializes in developing therapies to treat
cancer and immune-inflammatory diseases. Celgene's stock value rose as
investors saw strong potential for some of the company's drugs under
development. DaVita, the nation's largest operator of kidney dialysis
centers, generated solid growth in its business during the period, while
announcing plans to acquire Health Care Partners, the largest physician
network in the United States. The market viewed the acquisition as an
opportunity for DaVita to add to its earnings potential.
Other noteworthy contributors to the Fund's performance during the period
included positions in Disney, in the consumer discretionary sector, and
pharmacy chain CVS, in the consumer staples sector. Disney's performance
benefited from improving prospects for both its theme park operations and
the company's investments in entertainment media. Meanwhile, CVS began
showing progress in resolving operational problems associated with its
acquisition of a major pharmacy benefits manager, a move that had affected
the company's shorter-term earnings.
6 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Q What were some of the changes you made to the Fund's portfolio during the 12
months ended March 31, 2013?
A We have recently increased the portfolio's exposure to the energy sector by
adding several holdings, including Schlumberger and Cabot Oil and Gas.
Schlumberger is one of the world's leading oil services firms and we think
the company is well positioned to benefit from industry expansion in the
international markets. We believe that Cabot, one of the lowest-cost natural
gas producers, has the potential to grow earnings rapidly as natural gas
production increases. Meanwhile, we eliminated the Fund's investments in the
aforementioned NOV, and integrated oil company ExxonMobil, which we believe
has diminished growth prospects.
In other sectors, we established a new Fund position in Colgate-Palmolive,
the global consumer products company. Colgate-Palmolive has strong brand
strength and has been enjoying solid gains in the emerging markets.
Q What is your investment outlook?
A At the start of a new fiscal year for the Fund, we continue to emphasize
portfolio investments in companies that we believe have sustainable business
models and good competitive positions in their markets. We particularly
favor companies that are able to generate solid cash flows, which can then
be reinvested to improve their businesses through internal growth.
Although the stock market has posted good gains in the past year, stock
prices still appear inexpensive, especially relative to the low rate of
inflation and the low level of interest rates. Many major corporations have
been reporting solid earnings and we believe should be able to register
impressive gains with any improvement in economic growth.
We remain somewhat cautious, however, as the economic backdrop remains mixed
and uncertain, and external events could exert significant influences on the
capital markets. While the markets apparently have navigated past
politically-created hurdles at home, such as the "fiscal cliff," a
debt-ceiling deadline and budget "sequestration" cuts, we should not become
complacent, as we still have not seen the full tangible effects of the
spending cuts required under the sequestration scenario. The economy in
Europe continues to appear weak, with problems in the peripheral markets
beginning to affect the core economies of France and Germany, where
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 7
industrial production has fallen off. Economic conditions no longer appear
to be deteriorating in China, however, as domestic consumer consumption is
increasing; but we believe it is important to remember that China's most
important export customer is Europe, and economic troubles there could have
a ripple effect on the country's economy.
Overall, we think there is reason for optimism about the equity markets, but
investors must remain mindful of the possibility of unexpected pressures
arising from anywhere around the globe.
8 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Please refer to the Schedule of Investments on pages 21-25 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 | Annual Report | 3/31/13 9
Portfolio Summary | 3/31/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 95.2%
International Common Stocks 2.8%
Temporary Cash Investments 1.0%
Depositary Receipts for International Stocks 1.0%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 31.2%
Health Care 17.1%
Consumer Staples 15.7%
Consumer Discretionary 12.5%
Industrials 12.0%
Materials 4.7%
Energy 4.1%
Financials 2.7%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 6.25%
--------------------------------------------------------------------------------
2. Mastercard, Inc. 5.01
--------------------------------------------------------------------------------
3. Google, Inc. 4.88
--------------------------------------------------------------------------------
4. Microsoft Corp. 4.72
--------------------------------------------------------------------------------
5. Philip Morris International, Inc. 4.18
--------------------------------------------------------------------------------
6. The Coca-Cola Co. 3.88
--------------------------------------------------------------------------------
7. Starbucks Corp. 3.67
--------------------------------------------------------------------------------
8. United Technologies Corp. 3.59
--------------------------------------------------------------------------------
9. Ross Stores, Inc. 3.54
--------------------------------------------------------------------------------
10. Oracle Corp. 3.52
--------------------------------------------------------------------------------
* 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 | Annual Report | 3/31/13
Prices and Distributions | 3/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/13 3/31/12
--------------------------------------------------------------------------------
A $14.33 $13.23
--------------------------------------------------------------------------------
B $13.45 $12.50
--------------------------------------------------------------------------------
C $13.55 $12.57
--------------------------------------------------------------------------------
Y $14.41 $13.30
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/13 4/2/12
--------------------------------------------------------------------------------
R* $14.25 $13.34
--------------------------------------------------------------------------------
Z* $14.32 $13.34
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/13 12/20/12
--------------------------------------------------------------------------------
K** $14.30 $13.37
--------------------------------------------------------------------------------
* Class R and Class Z shares were first publicly offered on April 2, 2012.
** Class K shares were first publicly offered on December 20, 2012.
Distributions per Share: 4/1/12-3/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0561 $ -- $0.1050
--------------------------------------------------------------------------------
B $ -- $ -- $0.1050
--------------------------------------------------------------------------------
C $0.0077 $ -- $0.1050
--------------------------------------------------------------------------------
K $0.1006 $ -- $ --
--------------------------------------------------------------------------------
R $0.0907 $ -- $0.1050
--------------------------------------------------------------------------------
Y $0.0960 $ -- $0.1050
--------------------------------------------------------------------------------
Z $0.0980 $ -- $0.1050
--------------------------------------------------------------------------------
The Russell 1000 Growth Index is an unmanaged index that 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 12-18.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 11
Performance Update | 3/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund at public offering price,
compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2013)
-------------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------------------------------
10 Years 9.21% 8.56%
5 Years 7.53 6.26
1 Year 9.64 3.32
-------------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 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
3/31/2003 $ 9,425 $ 10,000
3/31/2004 $ 12,505 $ 13,218
3/31/2005 $ 13,193 $ 13,371
3/31/2006 $ 14,657 $ 15,129
3/31/2007 $ 15,450 $ 16,197
3/31/2008 $ 15,819 $ 16,075
3/31/2009 $ 11,556 $ 10,564
3/31/2010 $ 16,236 $ 15,820
3/31/2011 $ 18,060 $ 18,708
3/31/2012 $ 20,741 $ 20,770
3/31/2013 $ 22,740 $ 22,866
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 | Annual Report | 3/31/13
Performance Update | 3/31/13 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund, compared to that of
the Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 5.52% 5.52%
5 Years 6.51 6.51
1 Year 8.51 4.51
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 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
3/31/2006 $ 10,379 $ 10,309
3/31/2007 $ 10,846 $ 11,037
3/31/2008 $ 11,010 $ 10,954
3/31/2009 $ 7,972 $ 7,199
3/31/2010 $ 11,088 $ 10,780
3/31/2011 $ 12,226 $ 12,748
3/31/2012 $ 13,909 $ 14,154
3/31/2013 $ 15,093 $ 15,581
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 | Annual Report | 3/31/13 13
Performance Update | 3/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 5.63% 5.63%
5 Years 6.67 6.67
1 Year 8.77 8.77
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 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
3/31/2006 $ 10,369 $ 10,309
3/31/2007 $ 10,836 $ 11,037
3/31/2008 $ 11,000 $ 10,954
3/31/2009 $ 7,974 $ 7,199
3/31/2010 $ 11,108 $ 10,780
3/31/2011 $ 12,255 $ 12,748
3/31/2012 $ 13,968 $ 14,154
3/31/2013 $ 15,193 $ 15,581
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 | Annual Report | 3/31/13
Performance Update | 3/31/13 Class K 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.22% 9.22%
5 Years 7.56 7.56
1 Year 9.78 9.78
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.71%
--------------------------------------------------------------------------------
[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
3/31/2003 $ 10,000 $ 10,000
3/31/2004 $ 13,270 $ 13,218
3/31/2005 $ 14,000 $ 13,371
3/31/2006 $ 15,554 $ 15,129
3/31/2007 $ 16,395 $ 16,197
3/31/2008 $ 16,787 $ 16,075
3/31/2009 $ 12,264 $ 10,564
3/31/2010 $ 17,230 $ 15,820
3/31/2011 $ 19,165 $ 18,708
3/31/2012 $ 22,010 $ 20,770
3/31/2013 $ 24,162 $ 22,866
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 K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. Class K shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 15
Performance Update | 3/31/13 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.18% 9.18%
5 Years 7.46 7.46
1 Year 9.32 9.32
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 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
3/31/2003 $ 10,000 $ 10,000
3/31/2004 $ 13,270 $ 13,218
3/31/2005 $ 14,000 $ 13,371
3/31/2006 $ 15,554 $ 15,129
3/31/2007 $ 16,395 $ 16,197
3/31/2008 $ 16,787 $ 16,075
3/31/2009 $ 12,264 $ 10,564
3/31/2010 $ 17,230 $ 15,820
3/31/2011 $ 19,165 $ 18,708
3/31/2012 $ 22,010 $ 20,770
3/31/2013 $ 24,060 $ 22,866
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.
16 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Performance Update | 3/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Fundamental Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.38% 9.38%
5 Years 7.87 7.87
1 Year 9.99 9.99
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 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
3/31/2003 $ 5,000,000 $ 5,000,000
3/31/2004 $ 6,635,150 $ 6,608,934
3/31/2005 $ 6,999,956 $ 6,685,721
3/31/2006 $ 7,776,986 $ 7,564,426
3/31/2007 $ 8,197,651 $ 8,098,300
3/31/2008 $ 8,393,437 $ 8,037,704
3/31/2009 $ 6,131,749 $ 5,282,054
3/31/2010 $ 8,645,314 $ 7,909,950
3/31/2011 $ 9,668,574 $ 9,353,949
3/31/2012 $ 11,146,698 $ 10,385,167
3/31/2013 $ 12,260,390 $ 11,432,757
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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 17
Performance Update | 3/31/13 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 9.24% 9.24%
5 Years 7.58 7.58
1 Year 9.91 9.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 12, 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
3/31/2003 $ 10,000 $ 10,000
3/31/2004 $ 13,270 $ 13,218
3/31/2005 $ 14,000 $ 13,371
3/31/2006 $ 15,554 $ 15,129
3/31/2007 $ 16,395 $ 16,197
3/31/2008 $ 16,787 $ 16,075
3/31/2009 $ 12,264 $ 10,564
3/31/2010 $ 17,230 $ 15,820
3/31/2011 $ 19,165 $ 18,708
3/31/2012 $ 22,010 $ 20,770
3/31/2013 $ 24,191 $ 22,866
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.
18 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an invest-
ment 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 October 1, 2012 through March 31, 2013.
--------------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/12**
--------------------------------------------------------------------------------------------------------
Ending Account $1,064.26 $1,059.67 $1,059.93 $1,077.70 $1,071.55 $1,066.21 $1,074.91
Value (after expenses)
on 3/31/13
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.61 $ 11.04 $ 9.81 $ 2.24 $ 7.18 $ 4.17 $ 4.66
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
2.15%, 1.91%, 0.77%, 1.39%, 0.81% and 0.90% for Class A, Class B, Class C,
Class K, Class R, Class Y and Class Z shares, respectively, multiplied by
the average account value over the period, multiplied by 182/365 (102/365
for Class K shares) (to reflect the one-half year period).
** 12/20/12 for Class K shares.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 19
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 October 1, 2012 through March 31, 2013.
--------------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 10/1/12**
--------------------------------------------------------------------------------------------------------
Ending Account $1,019.50 $1,014.21 $1,015.41 $1,011.82 $1,018.00 $1,020.89 $1,020.44
Value (after expenses)
on 3/31/13
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.49 $ 10.80 $ 9.60 $ 2.16 $ 6.99 $ 4.08 $ 4.53
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.09%,
2.15%, 1.91%, 0.77%, 1.39%, 0.81% and 0.90% for Class A, Class B, Class C,
Class K, Class R, Class Y and Class Z shares, respectively, multiplied by
the average account value over the period, multiplied by 182/365 (102/365
for Class K shares) (to reflect the one-half year period).
** 12/20/12 for Class K shares.
20 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Schedule of Investments | 3/31/13
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
COMMON STOCKS -- 98.2%
ENERGY -- 4.1%
Oil & Gas Equipment & Services -- 2.0%
284,950 Schlumberger, Ltd. $ 21,339,906
---------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.1%
150,120 Occidental Petroleum Corp. $ 11,764,904
---------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.0%
167,700 Cabot Oil & Gas Corp. $ 11,338,197
--------------
Total Energy $ 44,443,007
---------------------------------------------------------------------------------------
MATERIALS -- 4.7%
Fertilizers & Agricultural Chemicals -- 1.3%
139,305 Monsanto Co. $ 14,714,787
---------------------------------------------------------------------------------------
Industrial Gases -- 1.5%
144,310 Praxair, Inc. $ 16,096,337
---------------------------------------------------------------------------------------
Specialty Chemicals -- 1.9%
256,060 Ecolab, Inc. $ 20,530,891
--------------
Total Materials $ 51,342,015
---------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.3%
Aerospace & Defense -- 3.5%
410,915 United Technologies Corp. $ 38,391,788
---------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.4%
345,565 3M Co. $ 36,737,015
---------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.3%
123,650 Cummins, Inc. $ 14,319,906
---------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.1%
51,350 WW Grainger, Inc. $ 11,552,723
--------------
Total Capital Goods $ 101,001,432
---------------------------------------------------------------------------------------
TRANSPORTATION -- 2.5%
Air Freight & Logistics -- 2.5%
320,470 United Parcel Service, Inc. (Class B) $ 27,528,373
--------------
Total Transportation $ 27,528,373
---------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.6%
Restaurants -- 3.6%
689,200 Starbucks Corp. $ 39,256,832
--------------
Total Consumer Services $ 39,256,832
---------------------------------------------------------------------------------------
MEDIA -- 2.8%
Movies & Entertainment -- 2.8%
536,550 The Walt Disney Co. $ 30,476,040
--------------
Total Media $ 30,476,040
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 21
Schedule of Investments | 3/31/13 (continued)
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
RETAILING -- 5.9%
Apparel Retail -- 3.5%
624,700 Ross Stores, Inc. $ 37,869,314
---------------------------------------------------------------------------------------
Home Improvement Retail -- 2.4%
384,750 The Home Depot, Inc. $ 26,847,855
--------------
Total Retailing $ 64,717,169
---------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.4%
Drug Retail -- 3.4%
672,130 CVS Caremark Corp. $ 36,960,429
--------------
Total Food & Staples Retailing $ 36,960,429
---------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 9.0%
Soft Drinks -- 4.9%
100,580 Fomento Economico Mexicano SAB de CV (A.D.R.) $ 11,415,830
1,025,800 The Coca-Cola Co. 41,483,352
--------------
$ 52,899,182
---------------------------------------------------------------------------------------
Tobacco -- 4.1%
483,080 Philip Morris International, Inc. $ 44,786,347
--------------
Total Food, Beverage & Tobacco $ 97,685,529
---------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.1%
Household Products -- 3.1%
162,900 Colgate-Palmolive Co. $ 19,227,087
192,620 The Procter & Gamble Co. 14,843,297
--------------
$ 34,070,384
--------------
Total Household & Personal Products $ 34,070,384
---------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 7.1%
Health Care Equipment -- 2.8%
447,190 Covidien Plc $ 30,337,370
---------------------------------------------------------------------------------------
Health Care Services -- 4.3%
290,220 DaVita HealthCare Partners, Inc.* $ 34,417,190
227,210 Express Scripts Holding Co.* 13,098,656
--------------
$ 47,515,846
--------------
Total Health Care Equipment & Services $ 77,853,216
---------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 9.7%
Biotechnology -- 3.3%
237,156 Celgene Corp.* $ 27,488,752
150,400 Vertex Pharmaceuticals, Inc.* 8,268,992
--------------
$ 35,757,744
---------------------------------------------------------------------------------------
Pharmaceuticals -- 3.2%
315,930 Allergan, Inc. $ 35,267,266
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.2%
453,880 Thermo Fisher Scientific, Inc. $ 34,717,281
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 105,742,291
---------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.6%
Specialized Finance -- 1.6%
104,845 IntercontinentalExchange, Inc.* $ 17,097,074
--------------
Total Diversified Financials $ 17,097,074
---------------------------------------------------------------------------------------
INSURANCE -- 0.8%
Property & Casualty Insurance -- 0.8%
325,680 The Progressive Corp. $ 8,229,934
--------------
Total Insurance $ 8,229,934
---------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 17.8%
Internet Software & Services -- 4.8%
65,800 Google, Inc.* $ 52,247,174
---------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 4.9%
99,120 Mastercard, Inc. $ 53,636,806
---------------------------------------------------------------------------------------
Systems Software -- 8.1%
1,766,670 Microsoft Corp. $ 50,544,429
1,166,520 Oracle Corp. 37,725,257
--------------
$ 88,269,686
--------------
Total Software & Services $ 194,153,666
---------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 9.1%
Communications Equipment -- 3.0%
482,070 Qualcomm, Inc. $ 32,274,586
---------------------------------------------------------------------------------------
Computer Hardware -- 6.1%
151,265 Apple, Inc. $ 66,954,427
--------------
Total Technology Hardware & Equipment $ 99,229,013
---------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.7%
Semiconductors -- 3.7%
236,000 Analog Devices, Inc. $ 10,971,640
370,250 Maxim Integrated Products, Inc. 12,088,662
462,480 Xilinx, Inc. 17,652,862
--------------
$ 40,713,164
--------------
Total Semiconductors & Semiconductor Equipment $ 40,713,164
---------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $822,473,878) $1,070,499,568
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 23
Schedule of Investments | 3/31/13 (continued)
---------------------------------------------------------------------------------------
Principal
Amount ($) Value
---------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.9%
Repurchase Agreement -- 0.9%
10,000,000 Bank of Nova Scotia, Inc., 0.19%, dated 3/28/13,
repurchase price of $10,000,000 plus accrued
interest on 4/1/13 collateralized by $10,200,054
Federal National Mortgage Association,
3.0-3.5%, 8/1/42-12-1-42 $ 10,000,000
---------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $10,000,000) $ 10,000,000
---------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.1%
(Cost $832,473,878) (a) $1,080,499,568
---------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.9% $ 9,525,253
---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,090,024,821
=======================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(a) At March 31, 2013, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $834,563,689 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 249,960,008
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (4,024,129)
-------------
Net unrealized appreciation $ 245,935,879
=============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2013 aggregated $466,626,045 and $257,226,695,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
The following is a summary of the inputs used as of March 31, 2013, in valuing
the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $1,070,499,568 $ -- $ -- $1,070,499,568
Repurchase Agreement -- 10,000,000 -- 10,000,000
--------------------------------------------------------------------------------
Total $1,070,499,568 $10,000,000 $ -- $1,080,499,568
================================================================================
During the year ended March 31, 2013, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 25
Statement of Assets and Liabilities | 3/31/13
ASSETS:
Investment in securities (cost $832,473,878) $1,080,499,568
Cash 26,825,696
Receivables --
Investment securities sold 10,400,362
Fund shares sold 5,383,672
Dividends and interest 1,016,051
Due from Pioneer Investment Management, Inc. 306,791
Other 54,498
--------------------------------------------------------------------------------
Total assets $1,124,486,638
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 27,199,150
Fund shares repurchased 6,912,756
Due to affiliates 201,897
Accrued expenses 148,014
--------------------------------------------------------------------------------
Total liabilities $ 34,461,817
================================================================================
NET ASSETS:
Paid-in capital $ 816,411,684
Undistributed net investment income 1,210,759
Accumulated net realized gain on investments 24,376,688
Net unrealized appreciation on investments 248,025,690
--------------------------------------------------------------------------------
Total net assets $1,090,024,821
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $436,681,995/30,474,061 shares) $ 14.33
Class B (based on $3,128,471/232,682 shares) $ 13.45
Class C (based on $89,298,600/6,589,394 shares) $ 13.55
Class K (based on $10,693/748 shares) $ 14.30
Class R (based on $2,436,748/171,008 shares) $ 14.25
Class Y (based on $558,383,049/38,759,051 shares) $ 14.41
Class Z (based on $85,265/5,955 shares) $ 14.32
MAXIMUM OFFERING PRICE:
Class A ($14.33 (divided by) 94.25%) $ 15.20
================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Statement of Operations
For the Year Ended 3/31/13
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $28,822) $ 15,639,310
Interest 31,563
--------------------------------------------------------------------------------------------
Total investment income $ 15,670,873
============================================================================================
EXPENSES:
Management fees $ 6,151,626
Transfer agent fees
Class A 240,472
Class B 11,472
Class C 34,898
Class R 464
Class Y 10,102
Class Z 85
Distribution fees
Class A 941,095
Class B 30,623
Class C 565,651
Class R 2,613
Shareholder communications expense 1,028,000
Administrative reimbursements 281,328
Custodian fees 27,962
Registration fees 225,949
Professional fees 121,261
Printing expense 78,088
Fees and expenses of nonaffiliated Trustees 36,080
Miscellaneous 47,378
--------------------------------------------------------------------------------------------
Total expenses $ 9,835,147
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (411,640)
--------------------------------------------------------------------------------------------
Net expenses $ 9,423,507
--------------------------------------------------------------------------------------------
Net investment income $ 6,247,366
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND CLASS ACTIONS:
Net realized gain on:
Investments $ 25,554,635
Class actions 20,775 $ 25,575,410
--------------------------------------------------------------------------------------------
Change in net unrealized appreciation on investments $ 70,664,284
--------------------------------------------------------------------------------------------
Net gain on investments $ 96,239,694
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $102,487,060
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 27
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
3/31/13 3/31/12
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,247,366 $ 2,075,948
Net realized gain on investments and class actions 25,575,410 13,832,845
Change in net unrealized appreciation on investments 70,664,284 69,418,797
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 102,487,060 $ 85,327,590
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.06 and $0.03 per share, respectively) $ (1,650,780) $ (487,169)
Class C ($0.01 and $0.00 per share, respectively) (41,357) --
Class K ($0.10 and $0.00 per share, respectively) (75) --
Class R ($0.09 and $0.00 per share, respectively) (5,884) --
Class Y ($0.10 and $0.07 per share, respectively) (3,985,154) (1,318,638)
Class Z ($0.10 and $0.00 per share, respectively) (556) --
Net realized gain:
Class A ($0.11 and $0.30 per share, respectively) (2,968,572) (4,746,151)
Class B ($0.11 and $0.30 per share, respectively) (24,208) (87,881)
Class C ($0.11 and $0.30 per share, respectively) (532,125) (539,842)
Class R ($0.11 and $0.00 per share, respectively) (1,919) --
Class Y ($0.11 and $0.30 per share, respectively) (4,331,818) (5,958,549)
Class Z ($0.11 and $0.00 per share, respectively) (154) --
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (13,542,602) $ (13,138,230)
==================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 598,340,916 $ 432,147,397
Reinvestment of distributions 12,336,661 8,177,366
Cost of shares repurchased (397,360,188) (93,643,390)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from Fund share transactions $ 213,317,389 $ 346,681,373
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 302,261,847 $ 418,870,733
NET ASSETS:
Beginning of year 787,762,974 368,892,241
--------------------------------------------------------------------------------------------------
End of year $1,090,024,821 $ 787,762,974
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,210,759 $ 647,199
==================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 17,626,103 $ 234,747,570 19,396,234 $ 234,741,946
Reinvestment of distributions 336,370 4,440,108 418,234 4,691,030
Less shares repurchased (13,717,812) (181,951,822) (3,982,787) (47,524,046)
------------------------------------------------------------------------------------------------
Net increase 4,244,661 $ 57,235,856 15,831,681 $ 191,908,930
================================================================================================
Class B
Shares sold or exchanged 76,913 $ 971,467 100,515 $ 1,125,814
Reinvestment of distributions 1,784 22,092 7,205 76,090
Less shares repurchased (118,631) (1,480,233) (191,777) (2,156,277)
------------------------------------------------------------------------------------------------
Net decrease (39,934) $ (486,674) (84,057) $ (954,373)
================================================================================================
Class C
Shares sold 4,626,989 $ 58,688,461 1,692,846 $ 19,363,891
Reinvestment of distributions 37,216 464,180 39,795 422,711
Less shares repurchased (769,831) (9,743,291) (373,086) (4,218,195)
------------------------------------------------------------------------------------------------
Net increase 3,894,374 $ 49,409,350 1,359,555 $ 15,568,407
================================================================================================
Class K*
Shares sold 748 $ 10,000 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
------------------------------------------------------------------------------------------------
Net increase 748 $ 10,000 -- $ --
================================================================================================
Class R**
Shares sold 181,346 $ 2,466,995 -- $ --
Reinvestment of distributions 473 6,220 -- --
Less shares repurchased (10,811) (151,184) -- --
------------------------------------------------------------------------------------------------
Net increase 171,008 $ 2,322,031 -- $ --
================================================================================================
Class Y
Shares sold 22,663,768 $ 301,376,832 14,339,090 $ 176,915,746
Reinvestment of distributions 557,257 7,403,503 263,491 2,987,535
Less shares repurchased (14,798,807) (204,032,532) (3,283,465) (39,744,872)
------------------------------------------------------------------------------------------------
Net increase 8,422,218 $ 104,747,803 11,319,116 $ 140,158,409
================================================================================================
Class Z**
Shares sold 5,992 $ 79,591 -- $ --
Reinvestment of distributions 42 558 -- --
Less shares repurchased (79) (1,126) -- --
------------------------------------------------------------------------------------------------
Net increase 5,955 $ 79,023 -- $ --
================================================================================================
* Class K shares were first publicly offered on December 20, 2012.
** 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 | Annual Report | 3/31/13 29
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
-------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.23 $ 11.86 $ 10.96 $ 8.25 $ 11.32
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.07 $ 0.02 $ 0.03 $ 0.02 $ 0.01
Net realized and unrealized gain (loss) on investments 1.20 1.68 1.17 3.29 (3.06)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.27 $ 1.70 $ 1.20 $ 3.31 $ (3.05)
-------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.06) (0.03) (0.02) (0.02) --
Net realized gain (0.11) (0.30) (0.28) (0.58) (0.02)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.10 $ 1.37 $ 0.90 $ 2.71 $ (3.07)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.33 $ 13.23 $ 11.86 $ 10.96 $ 8.25
===============================================================================================================================
Total return* 9.64% 14.84% 11.23% 40.50% (26.95)%
Ratio of net expenses to average net assets+ 1.09% 1.19% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 0.54% 0.28% 0.25% 0.14% 0.24%
Portfolio turnover rate 28% 16% 18% 45% 27%
Net assets, end of period (in thousands) $436,682 $346,987 $123,305 $117,218 $ 6,720
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reductions for fees paid indirectly:
Total expenses 1.20% 1.19% 1.28% 1.47% 3.94%
Net investment income (loss) 0.43% 0.28% 0.22% (0.07)% (2.45)%
Ratios with waiver of fees and assumption of expenses by the Adviser
and reductions for fees paid indirectly:
Net expenses 1.09% 1.19% 1.25% 1.25% 1.25%
Net investment income 0.54% 0.28% 0.25% 0.14% 0.24%
===============================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 12.50 $ 11.30 $ 10.53 $ 8.01 $ 11.09
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.07)(a) $ (0.09) $ (0.07)(a) $ (0.05)(a) $ (0.04)
Net realized and unrealized gain (loss) on investments 1.13 1.59 1.12 3.15 (3.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.06 $ 1.50 $ 1.05 $ 3.10 $ (3.06)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain (0.11) (0.30) (0.28) (0.58) (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.95 $ 1.20 $ 0.77 $ 2.52 $ (3.08)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.45 $ 12.50 $ 11.30 $ 10.53 $ 8.01
====================================================================================================================================
Total return* 8.51%(b) 13.77% 10.26% 39.09% (27.60)%
Ratio of net expenses to average net assets+ 2.15% 2.15% 2.15% 2.15% 2.16%
Ratio of net investment income to average net assets+ (0.53)% (0.71)% (0.65)% (0.71)% (0.67)%
Portfolio turnover rate 28% 16% 18% 45% 27%
Net assets, end of period (in thousands) $ 3,128 $ 3,407 $ 4,029 $ 4,114 $ 1,169
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reductions for fees paid indirectly:
Total expenses 2.26% 2.29% 1.28% 2.53% 4.85%
Net investment loss (0.64)% (0.85)% (0.73)% (1.09)% (3.36)%
Ratios with waiver of fees and assumption of expenses by the Adviser
and reductions for fees paid indirectly:
Net expenses 2.15% 2.15% 2.15% 2.15% 2.15%
Net investment loss (0.53)% (0.71)% (0.65)% (0.71)% (0.66)%
====================================================================================================================================
(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.
(b) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended March 31, 2013, the total return would have
been 8.47%.
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.57 $ 11.34 $ 10.56 $ 8.02 $ 11.09
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.02)(a) $ (0.04) $ (0.05)(a) $ (0.04)(a) $ (0.02)
Net realized and unrealized gain (loss) on investments 1.12 1.57 1.11 3.16 (3.03)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.10 $ 1.53 $ 1.06 $ 3.12 $ (3.05)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.01) -- -- -- --
Net realized gain (0.11) (0.30) (0.28) (0.58) (0.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.98 $ 1.23 $ 0.78 $ 2.54 $ (3.07)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.55 $ 12.57 $ 11.34 $ 10.56 $ 8.02
====================================================================================================================================
Total return* 8.77% 13.98% 10.33% 39.29% (27.51)%
Ratio of net expenses to average net assets+ 1.91% 1.96% 2.03% 2.15% 2.15%
Ratio of net investment loss to average net assets+ (0.23)% (0.50)% (0.52)% (0.72)% (0.65)%
Portfolio turnover rate 28% 16% 18% 45% 27%
Net assets, end of period (in thousands) $89,299 $33,880 $15,149 $11,331 $ 1,187
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reductions for fees paid indirectly:
Total expenses 1.91% 1.96% 2.03% 2.31% 4.95%
Net investment income (loss) (0.23)% (0.50)% (0.52)% (0.88)% (3.45)%
Ratios with waiver of fees and assumption of expenses by the Adviser
and reductions for fees paid indirectly:
Net expenses 1.91% 1.96% 2.03% 2.15% 2.15%
Net investment income (0.23)% (0.50)% (0.52)% (0.72)% (0.65)%
====================================================================================================================================
(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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
--------------------------------------------------------------------------------------
12/20/12 (a)
to 3/31/13
--------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $13.37
--------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.03
Net realized and unrealized gain on investments 1.00
--------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.03
--------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.10)
--------------------------------------------------------------------------------------
Net increase in net asset value $ 0.93
--------------------------------------------------------------------------------------
Net asset value, end of period $14.30
======================================================================================
Total return* 7.77%(b)(c)
Ratio of net expenses to average net assets+ 0.77%**
Ratio of net investment income to average net assets+ 0.77%**
Portfolio turnover rate 28%**
Net assets, end of period (in thousands) $ 11
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.77%**
Net investment income 0.77%**
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.77%**
Net investment income 0.77%**
======================================================================================
(a) Class K shares were first publicly offered on December 20, 2012.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
7.74%.
(c) 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 Fundamental Growth Fund | Annual Report | 3/31/13 33
Financial Highlights (continued)
--------------------------------------------------------------------------------------
4/2/12 (a)
to 3/31/13
--------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $13.34
--------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.06
Net realized and unrealized gain on investments 1.05
--------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.11
--------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.09)
Net realized gain (0.11)
--------------------------------------------------------------------------------------
Net increase in net asset value $ 0.91
--------------------------------------------------------------------------------------
Net asset value, end of period $14.25
======================================================================================
Total return* 8.42%(b)(c)
Ratio of net expenses to average net assets+ 1.40%**
Ratio of net investment income to average net assets+ 0.27%**
Portfolio turnover rate 28%**
Net assets, end of period (in thousands) $2,437
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.45%**
Net investment income 0.21%**
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 0.27%**
======================================================================================
(a) Class R shares were first publicly offered on April 2, 2012.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.41%.
(c) 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.
34 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
-------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 4/8/09 (a)
3/31/13 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 loss $ 0.10 $ 0.07 $ 0.08 $ 0.03
Net realized and unrealized gain on investments 1.22 1.69 1.19 3.17
-------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.32 $ 1.76 $ 1.27 $ 3.20
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.10) (0.07) (0.07) (0.03)
Net realized gain (0.11) (0.30) (0.28) (0.58)
-------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.11 $ 1.39 $ 0.92 $ 2.59
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.41 $ 13.30 $ 11.91 $ 10.99
=========================================================================================================================
Total return* 9.99%(c) 15.29% 11.84% 38.49%(b)
Ratio of net expenses to average net assets+ 0.81% 0.78% 0.78% 0.89%**
Ratio of net investment income to average net assets+ 0.85% 0.67% 0.72% 0.46%**
Portfolio turnover rate 28% 16% 18% 45%(b)
Net assets, end of period (in thousands) $558,383 $403,490 $226,409 $238,017
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reductions for fees paid indirectly:
Total expenses 0.81% 0.78% 0.78% 0.97%**
Net investment income 0.85% 0.67% 0.72% 0.38%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reductions for fees paid indirectly:
Net expenses 0.81% 0.78% 0.78% 0.89%**
Net investment income 0.85% 0.67% 0.72% 0.46%**
=========================================================================================================================
(a) Class Y shares were first publicly offered on April 8, 2009.
(b) Not annualized.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
9.96%.
* 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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 35
Financial Highlights (continued)
--------------------------------------------------------------------------------
4/2/12 (a)
to 3/31/13
--------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $13.34
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05
Net realized and unrealized gain on investments 1.14
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.19
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.10)
Net realized gain (0.11)
--------------------------------------------------------------------------------
Net increase in net asset value $ 0.98
--------------------------------------------------------------------------------
Net asset value, end of period $14.32
================================================================================
Total return* 9.00%(b)(c)
Ratio of net expenses to average net assets+ 0.90%**
Ratio of net investment income to average net assets+ 0.73%**
Portfolio turnover rate 28%**
Net assets, end of period (in thousands) $ 85
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.04%**
Net investment income 0.59%**
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 0.73%**
================================================================================
(a) Class Z shares were first publicly offered on April 2, 2012.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended March 31, 2013, the total return would have been
8.99%.
(c) 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.
36 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Notes to Financial Statements | 3/31/13
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 seven classes of shares designated as Class A, Class B, Class C,
Class K, 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. Class K shares were first publicly offered on December 20,
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 K, 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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 37
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. Shares of money market mutual funds are valued at their 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 independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At March 31, 2013, 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.
38 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of March 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years are subject to examination by Federal and State tax
authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of distributions paid during the years ended March 31,
2013 and March 31, 2012 was as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 5,683,806 $ 1,805,807
Long-term capital gain 7,858,796 11,332,423
----------------------------------------------------------------------------
Total $13,542,602 $13,138,230
============================================================================
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 39
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,210,759
Undistributed long-term gain 26,466,499
Net unrealized appreciation 245,935,879
----------------------------------------------------------------------------
Total $273,613,137
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales.
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 $142,708 in underwriting commissions on the sale of Class A shares
during the year ended March 31, 2013.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. During the year ended March 31, 2013, the Fund recognized gains
of $20,775 in the settlement of class action lawsuits from several different
companies, as reflected on the Statement of Operations.
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.
40 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
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.
F. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
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 year ended March 31, 2013, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.65% 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 1.09%, 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 year ended March 31, 2013 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.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 41
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
$112,783 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended March 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 575,558
Class B 4,582
Class C 60,595
Class R 350
Class Y 386,909
Class Z 6
--------------------------------------------------------------------------------
Total $1,028,000
================================================================================
Included in "Due from affiliates" reflected on the Statement of Assets and
Liabilities is $61,519 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2013.
4. Distribution and Service Plans
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
42 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
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 $27,595 in distribution fees payable to PFD at March 31,
2013.
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 K, 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 K, Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to
PFD. For the year ended March 31, 2013, CDSCs in the amount of $39,947 were paid
to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended March 31, 2013, the Fund's expenses were
not reduced under such arrangements.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 43
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 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 the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended March 31, 2013, the Fund had no
borrowings under the credit facility.
44 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Fundamental Growth Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Fundamental Growth Fund (one of the
portfolios constituting Pioneer Series Trust X (the "Trust")) as of March 31,
2013, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2013, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Fundamental Growth Fund at March 31, 2013, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
May 28, 2013
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 45
ADDITIONAL INFORMATION (unaudited)
For the year ended March 31, 2013, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2011 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100%.
46 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Fundamental Growth Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 47
PIM's senior management to the Pioneer fund complex. In addition, the Trustees
considered PIM's plans to increase resources in its investment management
function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one and five year periods ended June 30, 2012, and in the
second quintile of its Morningstar category for the three year period ended June
30, 2012. (In all quintile rankings referred to throughout this disclosure,
first quintile is most favorable to the Fund's shareowners. Thus, highest
relative performance would be first quintile and lowest relative expenses would
also be first quintile.) The Trustees concluded that the investment performance
of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the
48 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
comparable period. The Trustees also considered the breakpoint in the
management fee schedule and the reduced fee rate on assets over $1 billion.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2012 was in the second quintile relative to its Strategic Insight
peer group for the comparable period.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs additional services for the Fund
that it does not provide to those other clients or services that are broader in
scope, including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees also considered the different entrepreneurial
risks associated with PIM's management of the Fund and Pioneer's management of
the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 49
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a Fund-by-Fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Funds. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Funds. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
50 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 51
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board and Serves until a successor Quadriserv, Inc. (technology products Financial Solutions, Inc.
Trustee trustee is elected or for securities lending industry) (2008 - (investor communications and
earlier retirement or present); private investor (2004 - securities processing
removal. 2008); and Senior Executive Vice provider for financial
President, The Bank of New York services industry) (2009 -
(financial and securities services) present); Director,
(1986 - 2004) Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment, Inc.
trustee is elected or company) (1997 - 2004 and 2008 - (privately-held affordable
earlier retirement or present); Interim Chief Executive housing finance company)
removal. Officer, Oxford Analytica, Inc. (1985 - 2010); Director of
(privately held research and consulting Oxford Analytica, Inc. (2008
company) (2010); Executive Vice - present); Director of The
President and Chief Financial Officer, Swiss Helvetia Fund, Inc.
I-trax, Inc. (publicly traded health (closed-end fund) (2010 -
care services company) (2004 - 2007); present); and Director of
and Executive Vice President and Chief New York Mortgage Trust
Financial Officer, Pedestal Inc. (publicly traded mortgage
(internet-based mortgage trading REIT) (2004 - 2009, 2012 -
company) (2000 - 2002) present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and Mellon
earlier retirement or Institutional Funds Master
removal. Portfolio (oversaw 17
portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2002. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or Inc. (consulting firm) (1982-present);
earlier retirement or Desautels Faculty of Management, McGill
removal. University (1999 - present); and Manager
of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2002. President and Chief Executive Officer, Director of New America High
Trustee Serves until a successor Newbury, Piret & Company, Inc. Income Fund, Inc.
trustee is elected or (investment banking firm) (1981 - (closed-end investment
earlier retirement or present) company) (2004 - present);
removal. and member, Board of
Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2002. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia
Trustee Serves until a successor (law firm) (1998 - present); and Fund, Inc. (closed-end
trustee is elected or Partner, Sullivan & Cromwell LLP (prior investment company); and
earlier retirement or to 1998) Director, Invesco, Ltd.
removal. (formerly AMVESCAP PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 53
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 2002. Non-Executive Chairman and a director of None
Trustee, President and Serves until a successor Pioneer Investment Management USA Inc.
Chief Executive Officer of trustee is elected or ("PIM-USA"); Chairman and a director of
the Fund earlier retirement or Pioneer; Chairman and Director of
removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated funds;
Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Vice Serves until a successor (since February 2007); Director and
President trustee is elected or President of Pioneer and Pioneer
earlier retirement or Institutional Asset Management, Inc.
removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
54 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2003. Serves at the Vice President and Associate General None
Secretary discretion of the Board. Counsel of Pioneer since January 2008
and Secretary of all of the Pioneer
Funds since June 2010; Assistant
Secretary of all of the Pioneer Funds
from September 2003 to May 2010; and
Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2010. Serves at the Fund Governance Director of Pioneer None
Assistant Secretary discretion of the Board. since December 2006 and Assistant
Secretary of all the Pioneer Funds since
June 2010; Manager - Fund Governance of
Pioneer from December 2003 to November
2006; and Senior Paralegal of Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at the Counsel of Pioneer since June 2007 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer
Funds since June 2010; and Vice
President and Counsel at State Street
Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at the Vice President - Fund Treasury of None
Treasurer and Chief discretion of the Board. Pioneer; Treasurer of all of the Pioneer
Financial and Accounting Funds since March 2008; Deputy Treasurer
Officer of the Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2002. Serves at the Assistant Vice President - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at the Fund Accounting Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 55
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November 2008;
Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at the Chief Compliance Officer of Pioneer and None
Chief Compliance Officer discretion of the Board. of all the Pioneer Funds since March
2010; Director of Adviser and Portfolio
Compliance at Pioneer since October
2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at the Director--Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering
Officer Officer of all the Pioneer Funds since
2006
------------------------------------------------------------------------------------------------------------------------------------
56 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 57
This page for your notes.
58 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
This page for your notes.
Pioneer Fundamental Growth Fund | Annual Report | 3/31/13 59
This page for your notes.
60 Pioneer Fundamental Growth Fund | Annual Report | 3/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 19341-07-0513
Pioneer Multi-Asset
Ultrashort Income Fund
(Formerly known as Pioneer Multi-Asset Floating Rate Fund)*
--------------------------------------------------------------------------------
Annual Report | March 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A MAFRX
Class C MCFRX
Class K MAUKX**
Class Y MYFRX
*Effective June 30, 2012, Pioneer Multi-Asset Floating
Rate Fund was renamed Pioneer Multi-Asset Ultrashort
Income Fund.
**Share class was first publicly offered on
December 20, 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 16
Schedule of Investments 18
Financial Statements 87
Notes to Financial Statements 95
Report of Independent Registered Public Accounting Firm 104
Approval of Investment Advisory Agreement 105
Trustees, Officers and Service Providers 109
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so in
2013, barring a negative shock to the system. The housing and auto sectors
continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better shape
than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 3
Portfolio Management Discussion | 3/31/13
In the following interview, portfolio managers Charles Melchreit, Seth Roman and
Jonathan Sharkey discuss the market environment and the factors that influ-
enced the performance of Pioneer Multi-Asset Ultrashort Income Fund during the
12-month period ended March 31, 2013. Mr. Melchreit, a vice president and
portfolio manager at Pioneer, Mr. Roman, a vice president and portfolio manager
at Pioneer, and Mr. Sharkey, a vice president and portfolio manager at Pioneer,
are responsible for the day-to-day management of the Fund.
Q How would describe the market environment for fixed-income investors during
the 12 months ended March 31, 2013?
A For most of the period, credit-sensitive sectors continued to benefit from
the Federal Reserve Board's (the Fed's) policies, which in effect have
forced investors seeking any kind of reasonable return to assume a degree of
risk. Early in the period, during the spring and early summer of 2012, the
flight-to-credit trend was somewhat mitigated by headlines coming out of
Europe that called into question the future of the euro currency.
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 economic
indicators deteriorated and consensus growth estimates were lowered.
As the period progressed, however, markets began to focus more on positive
developments in the United States. U.S. housing data increasingly confirmed
that prices had bottomed out and were even beginning to rise. In addition,
with employment data continuing to disappoint, markets anticipated that the
Fed would announce further bond purchases under a third round of
quantitative easing ("QE3"). In September, the Fed met this expectation by
announcing QE3, which involved purchases of agency mortgage-backed
securities in the open market. At the same time, the Fed extended its
commitment to keeping short-term rates at extraordinarily low levels, likely
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 credit-sensitive sectors.
As November 2012 approached, the impending U.S. Presidential election and
its potential implications for resolving the stalemate over the country's
budgetary dilemma began to unsettle the markets. After the election,
however, with the makeup of the government basically reverting to the
4 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
pre-election status quo, the so-called "fiscal cliff " scenario was,
ultimately, averted, and risk sentiment in the markets resumed a positive
tone in January of 2013. The positive sentiment was supported by continued
improvements in U.S. auto and housing data as well as indications that
economic growth in China would remain at levels sufficient to meaningfully
bolster the overall global outlook.
Interest rates began the 12-month period at extraordinarily low levels, and
finished even lower. For the full 12-month period ended March 31, 2013,
rates fell along the length of the Treasury yield curve. Specifically, the
two-year Treasury yield went from 0.33% to 0.25% between April 1, 2012, and
March 31, 2013; the five-year yield went from 1.04% to 0.77%; the 10-year
yield went from 2.23% to 1.87%; and the 30-year yield went from 3.35% to
3.10%. Most credit spreads narrowed over the period as well, as investors
continued to seek alternatives to the very low yields available among
Treasury investments (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 along with developments in the European debt crisis, it
still remained at very low levels throughout the period.
Q How did the Fund perform in that environment during the 12 months ended
March 31, 2013?
A Pioneer Multi-Asset Ultrashort Income Fund's Class A shares returned 2.14%
at net asset value during the 12 months ended March 31, 2013, while the
Fund's benchmark, the Bank of America Merrill Lynch U.S. Dollar 3-Month
LIBOR Index (the BofA ML Index), returned 0.43%. During the same 12-month
period, the average return of the 92 mutual funds in Lipper's Ultra-Short
Obligations Funds category was 1.18%.
Q Can you review the Fund's principal investment strategies during the 12
months ended March 31, 2013?
A We continued to maintain a portfolio designed to provide investors with a
solid level of income, while providing significant protection of principal
in the event of 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. As of March 31, 2013, well over 80% of the Fund's assets were
held in floating-rate issues with interest rates tied to LIBOR, or
fixed-rate issues with less than one year remaining to maturity.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 5
Unlike many other floating-rate vehicles, the Fund's holdings are focused
primarily on investment-grade asset classes. At the same time, we do seek to
derive some Fund performance from credit spreads - the incremental yield
available from issues that trade at a yield premium to Treasuries. In doing
so, we seek at all times to maintain diversified* portfolio exposure to a
range of spread sectors. The principal spread sectors currently represented
in the Fund include asset-backed securities (ABS), mortgage-backed
securities (MBS), both agency and non-agency, and investment-grade corporate
bonds. In making purchases, we seek to have the Fund benefit from attractive
income opportunities, while minimizing exposure to price volatility by
emphasizing shorter remaining maturities.
As always, we are mindful that many investors view the Fund as a source of
liquidity in their portfolios. As such, we continue to maintain significant
liquidity in the portfolio, which allows the Fund to meet shareholder
redemption requests without forced selling. With Treasury yields at such
unattractive levels, we find that some money market instruments such as
repurchase agreements provide the Fund with the requisite liquidity and
income.
Q Could you discuss how your investment strategies affected the Fund's
performance during the 12 months ended March 31, 2013?
A The Fund's credit exposures worked out well over the 12-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 ABS/MBS holdings was combined with price strengthening as
credit spreads narrowed. Among the Fund's commercial MBS holdings, we
trimmed exposure to fixed-rate assets in favor of floating-rate pools, in
order to help protect the portfolio against a rise in prepayment rates.
Within the ABS portion of the portfolio, we increased the Fund's exposure to
home equity loans, where we have seen reasonable valuations; the home equity
holdings benefited during the period from the firming in housing prices.
Performance relative to the BofA ML Index benchmark also was helped by the
Fund's allocation to investment-grade corporates. While our focus has been
on the investment-grade sectors, we also include representation from
below-investment-grade asset categories in the portfolio, as we believe the
incremental income available in that sector provides an attractive tradeoff
* Diversification does not assure a profit nor protect against loss in a
declining market.
6 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
between risk and reward. In that vein, the Fund has an allocation to
leveraged bank loans, whose prices benefited during the period, not only
from the positive overall market sentiment with respect to credit sectors,
but also from investors who were attracted to the protection the leveraged
loans' floating-rate features can provide against future interest-rate
increases.
Q What is your assessment of the current investment climate for the Fund?
A U.S. Treasury securities, in relation to the spread sectors, continue to be
an unattractive investment for the Fund, given real yields - or yields after
taking inflation into account - that are significantly negative. Despite
slowing economic growth in China and some recent softness in key U.S.
indicators such as retail sales and employment, we continue to expect
economic growth that should be sufficient to support fundamentals in the
credit sectors. Given this backdrop, we expect to maintain a portfolio tilt
in favor of spread sectors.
That said, we have seen significant price appreciation and spread narrowing
across the credit sectors, and the process of identifying high-quality
securities that are trading at attractive valuations is especially labor
intensive given recent price strength. We have a strong focus on individual
security selection, while being careful not to assume risk for which the
Fund is not adequately compensated.
While the threat of calamity appears to have greatly reduced, we continue to
expect that the ever-lingering European sovereign-debt and banking problems
will take some time to resolve. With the bulk of the portfolio invested in
floating-rate securities with yields tied to LIBOR, we believe it likely
that the Fund's income stream will continue to be influenced by developments
in Europe. In all environments, we will continue to seek to provide the
Fund's shareholders with solid levels of income as well as significant
protection against any future rise in market interest rates.
Please refer to the Schedule of Investments on pages 18-86 for a full listing of
Fund securities.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 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 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.
8 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
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.
Pioneer Multi-Asset Ultrashort Income Fund is not a money market fund.
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 | Annual Report | 3/31/13 9
Portfolio Summary | 3/31/13
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 24.5%
U.S. Corporate Bonds 12.5%
U.S. Government Securities 7.6%
Senior Secured Loans 7.0%
International Corporate Bonds 6.8%
Temporary Cash Investments 6.6%
Municipal Bonds 3.7%
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 40.7%
AA 14.5%
A 15.9%
B 3.3%
BB 9.5%
BBB 9.2%
CCC 0.2%
Cash and equivalents 4.6%
Not Rated 2.1%
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 National Mortgage Association, Floating Rate Note, 3/4/14 1.33%
-----------------------------------------------------------------------------------------------------
2. Maryland Health & Higher Educational Facilities Authority, Floating Rate Note, 7/1/36 0.89
-----------------------------------------------------------------------------------------------------
3. Loudoun County Industrial Development Authority, Floating Rate Note, 2/15/38 0.57
-----------------------------------------------------------------------------------------------------
4. Federal Home Loan Banks, Floating Rate Note, 8/22/13 0.57
-----------------------------------------------------------------------------------------------------
5. University of Michigan, Floating Rate Note, 12/1/29 0.53
-----------------------------------------------------------------------------------------------------
6. Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/33 0.51
-----------------------------------------------------------------------------------------------------
7. Federal Home Loan Mortgage Corp., Floating Rate Note, 11/18/13 0.51
-----------------------------------------------------------------------------------------------------
8. Federal National Mortgage Association, Floating Rate Note, 8/9/13 0.50
-----------------------------------------------------------------------------------------------------
9. Federal Home Loan Banks, Floating Rate Note, 2/28/14 0.50
-----------------------------------------------------------------------------------------------------
10. BA Credit Card Trust, Floating Rate Note, 12/15/16 0.50
-----------------------------------------------------------------------------------------------------
* 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 | Annual Report | 3/31/13
Prices and Distributions | 3/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/13 3/31/12
--------------------------------------------------------------------------------
A $10.08 $10.02
--------------------------------------------------------------------------------
C $10.07 $10.02
--------------------------------------------------------------------------------
Y $10.09 $10.03
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/13 12/20/12
--------------------------------------------------------------------------------
K $10.08 $10.09
--------------------------------------------------------------------------------
Distributions per Share: 4/1/12-3/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1528 $ -- $ --
--------------------------------------------------------------------------------
C $0.1102 $ -- $ --
--------------------------------------------------------------------------------
K $0.0532 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1736 $ -- $ --
--------------------------------------------------------------------------------
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. 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 12-15.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 11
Performance Update | 3/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset 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 March 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 1.88% 0.53%
1 Year 2.14 -0.45
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.03% 0.85%
--------------------------------------------------------------------------------
[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 $ 9,750 $ 10,000
3/31/2012 $ 9,891 $ 10,032
3/31/2013 $ 10,103 $ 10,075
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 | Annual Report | 3/31/13
Performance Update | 3/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 1.26% 1.26%
1 Year 1.61 1.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
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
3/31/2012 $ 10,082 $ 10,032
3/31/2013 $ 10,243 $ 10,075
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 | Annual Report | 3/31/13 13
Performance Update | 3/31/13 Class K 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 1.92% 1.92%
1 Year 2.20 2.20
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.43%
--------------------------------------------------------------------------------
[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
3/31/2012 $ 10,000 $ 10,000
3/31/2013 $ 10,148 $ 10,032
3/31/2013 $ 10,372 $ 10,075
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 K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. Class K shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains.
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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Performance Update | 3/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Multi-Asset 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 2.15% 2.15%
1 Year 2.35 2.35
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.80% 0.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset BofA Merrill Lynch U.S.
Ultrashort Income Fund Dollar 3-Month LIBOR Index
4/30/201 $ 5,000,000 $ 5,000,000
3/31/201 $ 5,089,498 $ 5,016,143
3/31/201 $ 5,208,889 $ 5,037,507
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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on actual returns from October 1, 2012, through March 31, 2013.
--------------------------------------------------------------------------------
Share Class A C K Y
--------------------------------------------------------------------------------
Beginning Account Value
on 10/1/12** $1,000.00 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 3/31/13 $1,006.60 $1,005.14 $1,004.30 $1,007.58
--------------------------------------------------------------------------------
Expenses Paid During Period* $3.60 $5.15 $1.48 $2.75
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.72%,
1.03%, 0.53% and 0.55% for Class A, Class C, Class K and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (102/365 for Class K shares)(to reflect the one-half
year period).
** 12/20/12 for Class K shares.
16 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Ultrashort Income
Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2012, through March 31, 2013.
--------------------------------------------------------------------------------
Share Class A C K Y
--------------------------------------------------------------------------------
Beginning Account Value
on 10/1/12** $1,000.00 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value
(after expenses)
on 3/31/13 $1,021.34 $1,019.80 $1,012.49 $1,022.19
--------------------------------------------------------------------------------
Expenses Paid During Period* $ 3.63 $ 5.19 $ 1.49 $ 2.77
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.72%,
1.03%, 0.53% and 0.55% for Class A, Class C, Class K and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (102/365 for Class K shares)(to reflect the one-half
year period).
** 12/20/12 for Class K shares.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 17
Schedule of Investments | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 24.5%
MATERIALS -- 6.9%
Diversified Chemicals -- 0.2%
3,000,000 0.60 AAA/NR BMW Floorplan Master Owner Trust,
Floating Rate Note, 9/15/17 (144A) $ 3,008,684
----------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
390,622 6.50 BB+/Baa2 ACE Securities Corp Manufactured
Housing Trust Series 2003-MH1, Floating
Rate Note, 8/15/30 (144A) $ 393,972
880,728 BB+/Baa1 Credit-Based Asset Servicing and
Securitization LLC, 5.082%, 4/25/37
(Step) 898,476
187,423 1.10 BBB+/B2 Salomon Mortgage Loan Trust Series
2001-CB4, Floating Rate Note,
11/25/33 174,427
--------------
$ 1,466,875
----------------------------------------------------------------------------------------------------------
Steel -- 4.6%
202,562 2.98 BB+/Caa3 ABFC 2003-WMC1 Trust, Floating Rate
Note, 3/25/33 $ 180,356
326,832 0.92 BBB+/Baa3 ABFC 2005-HE2 Trust, Floating Rate
Note, 6/25/35 326,528
887,890 0.51 AAA/Aa3 ABFC 2005-WF1 Trust, Floating Rate
Note, 12/25/34 866,009
1,110,000 0.60 CCC/Baa3 Accredited Mortgage Loan Trust
2005-2, Floating Rate Note, 7/25/35 1,068,514
1,604,498 2.00 BBB+/Ba3 ACE Securities Corp Home Equity Loan
Trust Series 2002-HE3, Floating Rate
Note, 10/25/32 1,573,444
462,139 0.67 AA+/A3 ACE Securities Corp Home Equity Loan
Trust Series 2005-HE5, Floating Rate
Note, 8/25/35 461,565
80,316 0.74 BB+/Aa2 Aegis Asset Backed Securities Trust
2004-6, Floating Rate Note, 3/25/35 80,152
1,869,032 1.16 AAA/Aaa Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-2, Floating Rate Note,
6/25/34 1,848,899
1,300,704 0.75 AAA/Aa1 Aegis Asset Backed Securities Trust
Mortgage Pass-Through Certificates
Series 2004-4, Floating Rate Note,
10/25/34 1,275,045
1,242,864 0.40 BB/Ba3 Asset Backed Securities Corp. Home
Equity Loan Trust Series AEG 2006-HE1,
Floating Rate Note, 1/25/36 1,159,547
1,489,793 0.61 AAA/Aa1 Bayview Financial Mortgage Pass-Through
Trust 2005-C, Floating Rate Note,
6/28/44 1,458,260
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Steel -- (continued)
467,351 0.50 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, Floating Rate Note,
2/28/41 $ 461,536
2,345,043 0.50 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 2,254,641
1,163,265 0.47 AA+/A1 Bayview Financial Mortgage Pass-Through
Trust 2006-B, Floating Rate Note,
4/28/36 1,110,313
1,839,351 0.65 AA/Aa2 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate Note,
4/28/39 1,804,199
1,851,978 0.70 A+/Ba3 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate Note,
6/25/35 1,808,686
1,105,389 0.70 AA+/NR Bear Stearns Asset Backed Securities I
Trust 2005-HE8, Floating Rate Note,
8/25/35 1,100,314
300,000 0.61 BBB+/B2 Bear Stearns Asset Backed Securities I
Trust 2006-EC1, Floating Rate Note,
12/25/35 285,994
7,688 0.70 AAA/NR Bear Stearns Asset Backed Securities
Trust 2004-2, Floating Rate Note,
8/25/34 7,425
1,288,630 0.33 CCC/Ba1 Bear Stearns Asset Backed Securities
Trust 2006-4, Floating Rate Note,
10/25/36 1,266,220
448,945 1.20 BBB/A1 Bear Stearns Structured Products Trust
2007-EMX1, Floating Rate Note,
3/25/37 (144A) 440,939
361,265 1.55 A+/Ba1 CDC Mortgage Capital Trust 2003-HE1,
Floating Rate Note, 8/25/33 340,879
76,520 0.47 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 1/25/36 75,287
1,709 D/NR Delta Funding Home Equity Loan Trust
1997-2, 7.04%, 6/25/27 1,795
33,681 A-/WR EquiVantage Home Equity Loan Trust
1997-1, 8.05%, 3/25/28 (Step) 33,250
262,358 0.60 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 255,433
2,248,113 0.98 AA+/Ba1 GSAA Home Equity Trust 2004-6,
Floating Rate Note, 6/25/34 2,151,077
278,324 0.94 AAA/Aa2 GSAA Home Equity Trust 2004-8,
Floating Rate Note, 9/25/34 273,109
1,027,685 0.45 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 1,006,779
3,404,000 0.67 A+/A3 Home Equity Asset Trust 2005-6, Floating
Rate Note, 12/25/35 3,336,237
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 19
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Steel -- (continued)
2,868,166 0.58 A+/Baa2 Home Equity Asset Trust 2005-7, Floating
Rate Note, 1/25/36 $ 2,764,708
361,371 0.38 BBB+/A1 Home Equity Asset Trust 2006-3, Floating
Rate Note, 7/25/36 359,208
263,083 0.31 CCC/Ba1 Home Equity Asset Trust 2006-8, Floating
Rate Note, 3/25/37 254,964
57,618 0.31 BBB/A1 Home Equity Asset Trust 2007-2, Floating
Rate Note, 7/25/37 57,192
349,731 0.47 A/Ba1 Home Equity Mortgage Loan Asset-Backed
Trust Series INABS 2005-C, Floating Rate
Note, 10/25/35 340,545
331,016 0.46 AAA/Aaa HSBC Home Equity Loan Trust 2005-3,
Floating Rate Note, 1/20/35 327,837
515,055 0.39 AA+/Aa1 HSBC Home Equity Loan Trust USA
2007-2, Floating Rate Note, 7/20/36 503,931
100,000 1.35 AA+/Aaa HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 98,541
2,237,431 1.40 A+/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 2,240,089
1,421,842 0.77 AA/A1 Irwin Whole Loan Home Equity Trust
2005-C, Floating Rate Note, 4/25/30 1,417,528
31,722 0.94 AAA/A3 IXIS Real Estate Capital Trust 2005-HE1,
Floating Rate Note, 6/25/35 31,682
76,412 0.54 BB/A2 IXIS Real Estate Capital Trust 2005-HE4,
Floating Rate Note, 2/25/36 74,160
1,797,396 0.42 BB+/Ba1 JP Morgan Mortgage Acquisition Corp
2005-FRE1, Floating Rate Note,
10/25/35 1,738,440
614,872 0.85 AA+/A3 Mastr Asset Backed Securities Trust
2004-HE1, Floating Rate Note, 9/25/34 611,034
194,733 0.45 AAA/Aa2 Mastr Asset Backed Securities Trust
2005-FRE1, Floating Rate Note,
10/25/35 193,816
3,368,586 0.43 BB+/A2 Mastr Asset Backed Securities Trust
2006-AB1, Floating Rate Note, 2/25/36 3,327,193
4,454,951 0.39 B-/B1 Mastr Asset Backed Securities Trust
2006-NC1, Floating Rate Note, 1/25/36 4,353,895
1,017,477 0.94 A/Aa1 Merrill Lynch Mortgage Synthetic,
Floating Rate Note, 6/28/35 (144A) 1,014,781
125,624 0.91 AA-/Ba2 Morgan Stanley ABS Capital I Inc Trust
2005-WMC3, Floating Rate Note,
3/25/35 124,851
115,934 0.52 A+/Ba1 Morgan Stanley Home Equity Loan Trust
2005-4, Floating Rate Note, 9/25/35 111,387
315,682 0.72 A-/Baa3 MSDWCC Heloc Trust 2003-2, Floating
Rate Note, 4/25/16 313,944
7,862 0.30 AA+/A2 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 7,858
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Steel -- (continued)
250,000 0.35 B-/Caa2 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 $ 233,906
1,778,592 1.33 BBB+/Baa3 New Century Home Equity Loan Trust
Series 2003-4, Floating Rate Note,
10/25/33 1,739,434
780,684 0.46 NR/Aaa New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 777,817
30,217 0.50 AAA/Aa1 New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 29,964
262,213 0.60 AA+/NR Option One Mortgage Loan Trust 2005-1,
Floating Rate Note, 2/25/35 258,197
155,823 0.46 AA+/Aa3 Option One Mortgage Loan Trust 2005-4
Asset-Backed Certificates Series 2005-4,
Floating Rate Note, 11/25/35 153,121
88,965 AA-/A2 Option One Mortgage Loan Trust
2007-FXD2, 5.9%, 3/25/37 (Step) 87,566
351,138 0.63 AA/A2 RASC Series 2005-KS3 Trust, Floating
Rate Note, 4/25/35 343,940
881,580 0.59 AA+/A3 Specialty Underwriting & Residential
Finance Trust Series 2005-AB2, Floating
Rate Note, 6/25/36 860,543
882,802 0.40 BBB+/Ba1 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 867,199
2,815,436 0.50 BBB+/B2 Specialty Underwriting & Residential
Finance Trust Series 2006-BC1, Floating
Rate Note, 12/25/36 2,702,951
3,258,611 0.50 AAA/Caa2 Structured Asset Securities Corp
Mortgage Loan Trust 2005-S7, Floating
Rate Note, 12/25/35 (144A) 3,079,717
686,038 0.60 AAA/Aaa Truman Capital Mortgage Loan Trust,
Floating Rate Note, 12/25/32 (144A) 685,826
189,000 0.61 AAA/A3 Wells Fargo Home Equity Asset-Backed
Securities 2005-2 Trust, Floating Rate
Note, 11/25/35 186,200
--------------
$ 60,586,397
----------------------------------------------------------------------------------------------------------
Paper Products -- 2.0%
750,000 0.45 AAA/Aaa Bank One Issuance Trust, Floating Rate
Note, 5/16/16 $ 750,644
1,500,000 0.44 AAA/Aaa Chase Credit Card Owner Trust 2003-4,
Floating Rate Note, 1/15/16 1,501,773
2,700,000 0.35 AAA/NR Chase Issuance Trust, Floating Rate
Note, 10/16/17 2,702,084
4,355,000 0.30 AAA/NR Chase Issuance Trust, Floating Rate
Note, 5/16/16 4,356,119
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 21
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Paper Products -- (continued)
2,650,000 1.50 AAA/Aaa Chase Issuance Trust, Floating Rate
Note, 8/15/15 $ 2,663,390
3,630,000 0.33 AAA/NR Chase Issuance Trust, Floating Rate
Note, 8/15/17 3,631,104
1,000,000 0.35 AAA/Aaa Dryrock Issuance Trust, Floating Rate
Note, 8/15/17 1,000,310
1,000,000 0.75 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 4/15/15 (144A) 1,000,173
1,300,000 1.05 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 5/15/19 (144A) 1,316,952
1,000,000 0.90 AAA/Aaa Gracechurch Card Funding Plc, Floating
Rate Note, 6/15/17 (144A) 1,009,953
800,000 0.95 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 11/18/15 (144A) 800,840
2,465,000 0.77 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 3/18/14 (144A) 2,465,222
3,400,000 0.85 AAA/Aaa Penarth Master Issuer Plc, Floating Rate
Note, 5/18/15 (144A) 3,399,592
--------------
$ 26,598,156
--------------
Total Materials $ 91,660,112
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
91,322 AAA/Aaa CIT Equipment Collateral 2012-VT1,
0.85%, 5/20/14 (144A) $ 91,380
--------------
Total Capital Goods $ 91,380
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.0%+
Research & Consulting Services -- 0.0%+
385,417 0.39 BBB/Baa2 TAL Advantage I LLC, Floating Rate Note,
4/20/21 (144A) $ 378,842
--------------
Total Commercial Services & Supplies $ 378,842
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Automobile Manufacturers -- 0.8%
8,457 AAA/Aaa AmeriCredit Automobile Receivables
Trust 2009-1, 9.79%, 4/15/14 $ 8,525
2,000,000 AAA/NR AmeriCredit Automobile Receivables
Trust 2013-1, 0.49%, 6/8/16 2,000,474
1,000,000 AAA/NR AmeriCredit Automobile Receivables
Trust, 0.51%, 1/8/16 999,871
1,181,240 NR/Aaa BMW Vehicle Owner Trust 2011-A,
0.76%, 8/25/15 1,184,312
3,257,431 1.20 AA-/NR Hyundai Capital Auto Funding VIII, Ltd.,
Floating Rate Note, 9/20/16 (144A) 3,264,272
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
124,866 AA/NR Santander Drive Auto Receivables Trust
2011-S2, 2.06%, 6/15/17 (144A) $ 125,754
118,317 AA-/NR Santander Drive Auto Receivables Trust
2011-S2, 2.86%, 6/15/17 (144A) 119,252
330,396 A+/NR Santander Drive Auto Receivables Trust
2011-S2, 3.35%, 6/15/17 (144A) 332,973
93,661 AAA/Aaa Santander Drive Auto Receivables Trust
2012-1, 1.25%, 4/15/15 93,906
980,182 AAA/Aaa Santander Drive Auto Receivables Trust
2012-2, 0.91%, 5/15/15 982,174
838,418 AAA/Aaa Santander Drive Auto Receivables Trust
2012-5, 0.57%, 12/15/15 838,812
--------------
$ 9,950,325
--------------
Total Automobiles & Components $ 9,950,325
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
809,077 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 815,904
310,337 A/NR Westgate Resorts LLC, 2.5%, 3/20/25
(144A) 310,724
--------------
$ 1,126,628
--------------
Total Consumer Services $ 1,126,628
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
393,141 AAA/Aaa Ford Credit Auto Owner Trust 2009-D,
2.98%, 8/15/14 $ 395,386
1,780,000 AAA/Aaa Hyundai Auto Receivables Trust 2013-A,
0.4%, 12/15/15 1,779,494
--------------
$ 2,174,880
--------------
Total Retailing $ 2,174,880
----------------------------------------------------------------------------------------------------------
BANKS -- 9.6%
Diversified Banks -- 0.0%+
205,331 0.60 AA/Aaa KeyCorp Student Loan Trust 2004-A,
Floating Rate Note, 10/28/41 $ 202,674
190,545 0.29 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating Rate
Note, 4/25/37 187,571
--------------
$ 390,245
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 23
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 9.6%
471,138 0.38 BB+/B3 ACE Securities Corp Home Equity Loan
Trust Series 2006-ASAP2, Floating Rate
Note, 3/25/36 $ 455,127
497,586 AAA/NR Ally Auto Receivables Trust 2010-5,
1.11%, 1/15/15 498,361
100,000 AAA/Aaa Ally Auto Receivables Trust 2012-4,
0.48%, 5/15/15 100,048
659,858 AAA/Aaa Ally Auto Receivables Trust, 0.79%,
9/15/15 661,113
362,000 NR/Aaa AmeriCredit Automobile Receivables
Trust 2011-3, 1.17%, 1/8/16 363,175
881,147 AAA/Aaa AmeriCredit Automobile Receivables
Trust 2012-1, 0.91%, 10/8/15 882,932
620,000 0.53 A+/A3 Ameriquest Mortgage Securities, Inc.
Asset Backed Pass-Through Certificates
Series 2005-R11, Floating Rate Note,
1/25/36 609,518
475,844 0.65 AAA/Aaa Ameriquest Mortgage Securities, Inc.
Asset-Backed Pass-Through Certificates
Series 2004 R3, Floating Rate Note,
5/25/34 461,642
151,739 0.51 AA+/Aa1 Ameriquest Mortgage Securities, Inc.
Asset-Backed Pass-Through Certificates
Series 2004-R11, Floating Rate Note,
11/25/34 150,640
445,939 0.42 AA+/A2 Ameriquest Mortgage Securities, Inc.
Asset-Backed Pass-Through Certificates
Series 2005-R10, Floating Rate Note,
1/25/36 442,104
91,748 0.40 AA+/Aaa Ameriquest Mortgage Securities, Inc.
Asset-Backed Pass-Through Certificates
Series 2005-R6, Floating Rate Note,
8/25/35 89,495
325,573 0.75 AAA/NR ARI Fleet Lease Trust 2012-A, Floating
Rate Note, 3/15/20 (144A) 326,597
723,702 0.50 AAA/NR ARI Fleet Lease Trust 2012-B, Floating
Rate Note, 1/15/21 (144A) 721,927
1,260,000 NR/NR ARI Fleet Lease Trust, 0.7%,
12/15/15 (144A) 1,259,916
1,610,265 1.95 A/NR ARL First LLC, Floating Rate Note,
12/15/42 (144A) 1,643,477
405,625 NR/NR Ascentium Equipment Receivables
LLC, 1.83%, 9/15/19 (144A) 405,584
78,793 AA+/A3 Bayview Financial Acquisition Trust,
6.205%, 5/28/37 (Step) 80,300
2,847,352 0.88 AAA/Aa1 Bayview Financial Acquisition Trust,
Floating Rate Note, 2/28/44 2,795,613
74,100 0.83 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 73,071
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
575,477 0.79 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 8/28/44 $ 564,018
1,060,050 3.47 NR/NR Bayview Opportunity Master Fund IIa
Trust 2012-4NPL, Floating Rate Note,
7/28/32 (144A) 1,088,502
6,857 0.45 AA+/Aa3 Bear Stearns Asset Backed Securities I
Trust 2005-HE11, Floating Rate Note,
11/25/35 6,837
120,056 0.60 AAA/A1 Bear Stearns Asset Backed Securities
Trust 2005-SD1, Floating Rate Note,
8/25/43 117,916
195,807 0.60 AA+/NR Bear Stearns Asset Backed Securities
Trust 2005-SD2, Floating Rate Note,
3/25/35 192,734
103,642 AA/NR CarNow Auto Receivables Trust 2012-1,
2.09%, 1/15/15 (144A) 103,678
1,723,755 0.94 AA/A3 Carrington Mortgage Loan Trust Series
2005-NC1, Floating Rate Note,
2/25/35 1,690,332
107,578 0.60 AA+/Baa1 Carrington Mortgage Loan Trust Series
2005-NC4, Floating Rate Note,
9/25/35 105,474
2,670,495 0.38 BBB-/Ba3 Carrington Mortgage Loan Trust Series
2006-OPT1, Floating Rate Note,
2/25/36 2,608,991
267,031 0.32 A+/Ba1 Carrington Mortgage Loan Trust Series
2007-FRE1, Floating Rate Note,
2/25/37 264,916
752,418 3.65 AA+/Aaa Centex Home Equity Loan Trust 2003-A,
Floating Rate Note, 3/25/33 751,403
1,444,055 0.35 BB/Ba3 Citigroup Mortgage Loan Trust
2007-WFH2, Floating Rate Note,
3/25/37 1,440,650
91,230 0.92 AAA/Aa2 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 10/25/34 91,162
897,755 1.22 BBB-/Caa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 11/25/34 847,031
51,192 0.60 AA+/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 5/25/35 (144A) 50,539
326,153 0.61 AAA/A3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/35 326,032
129,261 NR/NR Conn Funding II LP, 4.0%, 4/15/16
(Step) (144A) 129,342
23,136 NR/Baa3 Conseco Financial Corp., 7.05%,
1/15/19 23,425
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 25
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
50,530 0.57 AA+/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 $ 50,341
3,124,053 1.04 AA/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/34 3,109,532
847,949 0.59 AAA/Aa3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 824,146
2,000,000 0.90 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 1,979,180
393,378 0.69 BBB+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 391,073
2,137,677 0.44 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 4/25/36 2,121,196
1,656,429 1.10 A+/Baa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/35 1,633,072
449,719 0.31 BBB-/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/37 448,433
151,834 0.31 BB+/B1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/47 151,350
205,118 0.88 AAA/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 200,408
50,182 1.10 AAA/A2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/33 (144A) 47,488
841,445 0.71 AA+/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/35 825,189
953,153 0.64 A+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 7/25/35 952,179
466,717 0.55 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/47 463,328
638,465 0.55 BBB-/Ba3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 3/15/29 630,855
595,760 0.46 BBB/B2 Countrywide Home Equity Loan Trust,
Floating Rate Note, 6/15/29 582,519
2,000,000 AA/NR Credit Acceptance Auto Loan Trust,
2.21%, 9/15/20 (144A) 2,019,026
488,445 4.30 BBB/Baa2 Drug Royalty II LP 1 2012-1, Floating
Rate Note, 1/15/25 (144A) 488,445
1,101,939 1.20 BBB/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 1,105,665
109,211 1.00 BBB/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/27/37 (144A) 108,033
2,400,000 1.10 B-/Caa3 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/28/37 (144A) 2,268,276
226,837 AA/NR Exeter Automobile Receivables Trust
2012-1, 2.02%, 8/15/16 (144A) 228,055
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
778,517 AA/NR Exeter Automobile Receivables Trust
2012-2, 1.3%, 6/15/17 (144A) $ 780,568
1,000,000 BBB/NR Exeter Automobile Receivables Trust
2012-2, 3.06%, 7/16/18 (144A) 1,013,775
910,581 0.57 AAA/Aa3 First Frankin Mortgage Loan Trust
2005-FF7, Floating Rate Note,
7/25/35 903,121
1,565,273 0.71 NR/Baa1 First Frankin Mortgage Loan Trust
2005-FFH3, Floating Rate Note,
9/25/35 1,536,982
152,686 0.74 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate Note,
9/25/34 152,004
409,681 0.26 A/Aa1 First Franklin Mortgage Loan Trust
2006-FF14, Floating Rate Note,
10/25/36 409,114
417,167 0.46 BBB+/B1 First Franklin Mortgage Loan Trust
Series 2005-FF12, Floating Rate
Note, 11/25/36 404,989
358,342 0.66 AA+/A3 Fremont Home Loan Trust 2005-2,
Floating Rate Note, 6/25/35 352,658
1,277,820 0.85 A+/A3 Fremont Home Loan Trust 2005-B,
Floating Rate Note, 4/25/35 1,251,007
1,723,107 0.64 AAA/B1 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note,
7/25/30 1,707,566
760,341 0.92 AAA/B1 GreenPoint Mortgage Funding Trust
2005-HE4, Floating Rate Note,
7/25/30 754,797
1,955,443 0.75 AAA/Aaa GSAMP Trust 2004-SEA2, Floating
Rate Note, 3/25/34 1,947,569
3,898,600 0.85 BBB/A3 GSAMP Trust 2004-SEA2, Floating
Rate Note, 3/25/34 3,855,205
3,334,418 0.50 A/NR GSAMP Trust 2006-SEA1, Floating
Rate Note, 5/25/36 (144A) 3,282,922
2,000,000 AAA/NR HLSS Servicer Advance Receivables
Backed Notes, 0.898%, 1/15/44
(144A) 2,002,000
1,586,000 AAA/NR HLSS Servicer Advance Receivables
Backed Notes, 1.34%, 10/15/43
(144A) 1,589,965
750,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 1.644%, 1/15/44
(144A) 751,875
500,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 2.487%, 1/15/44
(144A) 501,400
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 27
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
259,641 AAA/Aaa Honda Auto Receivables 2010-1 Owner
Trust, 1.98%, 5/23/16 $ 259,893
1,375,000 AAA/NR Honda Auto Receivables Owner Trust
2013-1, 0.35%, 6/22/15 1,374,612
82,757 0.46 AAA/Aa2 Lehman XS Trust Series 2005-6,
Floating Rate Note, 11/25/35 82,505
500,000 2.45 A+/Baa1 Madison Avenue Manufactured Housing
Contract, Floating Rate Note, 3/25/32 502,786
2,586,998 0.50 A/NR Mastr Specialized Loan Trust, Floating
Rate Note, 1/25/36 (144A) 2,403,552
139,227 NR/Aaa MMAF Equipment Finance LLC 2011-A,
0.9%, 4/15/14 (144A) 139,252
146,658 0.40 BBB-/Baa1 Morgan Stanley ABS Capital I Inc Trust
2006-WMC1, Floating Rate Note,
12/25/35 145,706
454,183 0.28 CCC/Baa1 Morgan Stanley Structured Trust, Floating
Rate Note, 6/25/37 444,839
2,250,000 AAA/NR Nationstar Agency Advance Funding
Trust 2013-T1A, 0.997%, 2/15/45
(144A) 2,253,060
1,240,000 5.46 AAA/Aa3 Origen Manufactured Housing Contract
Trust 2004-B, Floating Rate Note,
11/15/35 1,303,464
1,829,064 NR/A2 Oxford Finance Funding Trust 2012-1,
3.9%, 3/15/17 (144A) 1,845,068
582,380 1.14 AA+/A1 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-MCW, Floating Rate Note,
10/25/34 569,090
504,889 1.25 AAA/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-MHQ, Floating Rate Note,
12/25/34 504,971
939,517 0.82 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WCW2, Floating Rate Note,
10/25/34 937,986
949,008 0.88 AA+/A3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2004-WWF, Floating Rate Note,
12/25/34 947,680
1,398,699 0.57 BBB+/Ba3 Park Place Securities, Inc. Asset-Backed
Pass-Through Certificates Series
2005-WHQ4, Floating Rate Note,
9/25/35 1,388,441
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,035,723 0.90 AAA/Aaa PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) $ 2,045,448
325,276 1.70 A/NR PFS Financing Corp., Floating Rate Note,
10/17/16 (144A) 327,868
3,546,000 1.40 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/16 (144A) 3,569,162
2,340,000 0.75 AAA/Aaa PFS Financing Corp., Floating Rate Note,
2/15/18 (144A) 2,339,951
2,000,000 1.00 BBB+/Ba3 RAAC Series 2005-RP3 Trust, Floating
Rate Note, 5/25/39 (144A) 1,922,556
1,537,208 0.50 AA+/A1 RAAC Series 2006-RP1 Trust, Floating
Rate Note, 10/25/45 (144A) 1,524,977
3,129,656 0.45 B/Ba3 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 3,007,267
459,822 0.39 A-/A2 RAAC Series 2006-SP1 Trust, Floating
Rate Note, 9/25/45 451,547
363,463 0.82 AA+/Baa1 RAMP Series 2004-RS11 Trust, Floating
Rate Note, 11/25/34 355,197
15,130 AA+/Baa2 RAMP Series 2004-RS8 Trust, 5.06%,
6/25/32 (Step) 15,273
71,768 0.49 A+/Baa2 RAMP Series 2005-RS8 Trust, Floating
Rate Note, 10/25/33 71,139
305,229 0.47 AA+/A1 RAMP Series 2005-RZ3 Trust, Floating
Rate Note, 9/25/35 302,967
112,058 0.40 AA+/A3 RAMP Series 2006-EFC1 Trust, Floating
Rate Note, 2/25/36 109,106
598,851 0.39 B+/B2 RAMP Series 2006-NC1 Trust, Floating
Rate Note, 1/25/36 583,770
402,685 0.42 BBB+/Baa3 RASC Series 2006-KS1 Trust, Floating
Rate Note, 2/25/36 394,165
488,864 0.65 NR/Aa1 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 6/25/33 (144A) 476,600
2,000,000 1.20 NR/Aa2 RFSC Series 2003-RP2 Trust, Floating
Rate Note, 7/25/41 (144A) 1,950,468
170,647 0.68 AAA/NR Salomon Brothers Mortgage Securities
VII, Inc., Floating Rate Note, 3/25/28 166,435
658,653 AAA/NR Santander Drive Auto Receivables Trust
2010-1, 1.84%, 11/17/14 662,338
75,643 A/NR Santander Drive Auto Receivables Trust
2010-1, 1.89%, 5/15/17 (144A) 76,014
1,945,000 0.66 A+/A3 Saxon Asset Securities Trust 2005-3,
Floating Rate Note, 11/25/35 1,872,222
627,383 0.31 BBB-/Ba3 Saxon Asset Securities Trust 2006-3,
Floating Rate Note, 10/25/46 623,149
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 29
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
39,521 0.40 AAA/Aaa SLC Student Loan Trust 2004-1,
Floating Rate Note, 8/15/19 $ 39,524
76,556 0.29 AAA/Aaa SLC Student Loan Trust 2005-3, Floating
Rate Note, 6/15/20 76,506
468,463 0.75 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 3/14/15 (144A) 469,100
1,800,000 0.53 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 6/14/15 1,800,914
1,785,000 0.65 NR/Aaa SMART Trust/Australia, Floating Rate
Note, 9/14/16 1,790,455
836,321 AA/NR SNAAC Auto Receivables Trust, 1.78%,
6/15/16 (144A) 841,101
1,226,629 0.65 AA/A3 Soundview Home Loan Trust 2005-DO1,
Floating Rate Note, 5/25/35 1,221,839
1,295,868 0.46 BB+/NR Soundview Home Loan Trust 2005-OPT4,
Floating Rate Note, 12/25/35 1,282,265
593,744 0.39 AA+/Aaa South Carolina Student Loan Corp.,
Floating Rate Note, 12/3/18 593,750
1,166,729 NR/NR Stanwich Mortgage Loan Co 2012-NPL4
LLC, 2.981%, 9/15/42 (144A) 1,169,645
459,831 0.60 AA+/Aa1 Structured Asset Investment Loan Trust
2005-4, Floating Rate Note, 5/25/35 456,804
1,760,265 0.40 CCC/Ba3 Structured Asset Investment Loan Trust
2006-1, Floating Rate Note, 1/25/36 1,718,263
1,037,208 0.31 BBB+/A3 Structured Asset Securities Corp Mortgage
Loan Trust 2006-BC4, Floating Rate
Note, 12/25/36 1,029,156
4,446,741 0.35 B-/B2 Structured Asset Securities Corp Mortgage
Loan Trust 2006-EQ1, Floating Rate
Note, 7/25/36 (144A) 4,358,486
3,973,505 0.42 B-/Baa3 Structured Asset Securities Corp Mortgage
Loan Trust 2006-GEL4, Floating Rate
Note, 10/25/36 (144A) 3,830,685
477,422 0.26 BB/A3 Structured Asset Securities Corp Mortgage
Loan Trust 2007-BC3, Floating Rate
Note, 5/25/47 468,115
327,090 0.35 BB/Ba3 Structured Asset Securities Corp Mortgage
Loan Trust 2007-GEL2, Floating Rate
Note, 5/25/37 (144A) 321,963
1,230,000 AAA/NR United Auto Credit Securitization Trust,
1.1%, 3/16/15 (144A) 1,230,260
48,447 0.48 NR/Baa1 Wilshire Mortgage Loan Trust, Floating
Rate Note, 5/25/28 47,122
--------------
$ 126,945,405
--------------
Total Banks $ 127,335,650
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.9%
Other Diversified Financial
Services -- 1.6%
1,815,847 0.88 AA/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series 2005-HE2,
Floating Rate Note, 2/25/35 $ 1,799,666
899,000 0.71 AA/A3 Asset Backed Securities Corp Home
Equity Loan Trust Series OOMC
2005-HE6, Floating Rate Note,
7/25/35 889,074
1,495,000 NR/Aaa BMW Vehicle Lease Trust 2013-1,
0.4%, 1/20/15 1,494,007
1,750,000 AAA/Aaa Capital Auto Receivables Asset Trust
2013-1, 0.47%, 3/20/15 1,748,436
85,797 0.47 A+/Baa2 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/25/36 (144A) 84,522
664,018 AA/NR Direct Capital Funding IV LLC, 1.673%,
12/20/17 (144A) 664,018
194,128 A+/NR DT Auto Owner Trust 2011-2, 3.05%,
2/16/16 (144A) 194,579
1,131,387 AAA/NR DT Auto Owner Trust 2012-1, 1.05%,
1/15/15 (144A) 1,132,525
978,664 1.10 BB+/Ba2 Ellington Loan Acquisition Trust 2007-2,
Floating Rate Note, 5/25/37 (144A) 963,814
1,000,000 A+/NR First Investors Auto Owner Trust 2011-1,
7.17%, 2/15/18 (144A) 1,044,795
500,000 0.45 BBB+/Baa3 GE Seaco Finance Srl, Floating Rate
Note, 11/17/20 (144A) 493,824
533,266 0.37 BB+/Baa2 Home Equity Asset Trust 2006-4,
Floating Rate Note, 8/25/36 522,747
274,809 0.35 BB/Ba1 JP Morgan Mortgage Acquisition Trust
2006-ACC1, Floating Rate Note,
5/25/36 266,952
152,105 BBB+/Ba1 JP Morgan Mortgage Acquisition Trust
2007-CH1, 5.453%, 11/25/36 (Step) 151,773
696,383 0.26 BB+/Ba2 JP Morgan Mortgage Acquisition Trust
2007-CH4, Floating Rate Note,
12/25/29 686,310
94,279 0.45 AA+/Aaa Nelnet Student Loan Trust 2004-3,
Floating Rate Note, 1/25/21 94,291
1,075,316 0.37 AA+/Aaa Nelnet Student Loan Trust 2005-1,
Rate Note, 10/26/20 1,072,844
1,239,711 3.96 A/NR Newtek Small Business Loan Trust,
Floating Rate Note, 7/25/38 (144A) 1,239,711
2,570,000 0.30 NR/Aaa Nissan Auto Lease Trust, Floating Rate
Note, 6/15/15 2,570,000
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 31
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
860,015 AAA/NR Prestige Auto Receivables Trust 2012-1,
1.23%, 12/15/15 (144A) $ 863,189
981,424 0.38 CCC/Caa1 RASC Series 2007-KS3 Trust, Floating
Rate Note, 4/25/37 959,476
986,476 0.96 AA/B2 SACO I Trust 2005-8, Floating Rate
Note, 11/25/35 975,443
785,498 0.35 AA-/A3 Sierra Timeshare 2007-1 Receivables
Funding LLC, Floating Rate Note,
3/20/19 (144A) 784,980
468,953 1.20 A+/Baa3 Sierra Timeshare 2007-2 Receivables
Funding LLC, Floating Rate Note,
9/20/19 (144A) 465,321
563,333 0.45 A-/Baa1 Textainer Marine Containers, Ltd., Floating
Rate Note, 5/15/20 (144A) 558,276
--------------
$ 21,720,573
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
608,000 AAA/Aaa Ally Master Owner Trust, 2.88%,
4/15/15 (144A) $ 608,632
2,400,000 1.07 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 1/15/16 2,412,869
250,000 1.00 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 2/15/17 251,908
888,000 0.64 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 889,833
350,000 0.77 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 2/20/17 351,868
2,000,000 0.69 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 2,009,014
500,000 1.10 NR/Aa2 GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 6/20/17 500,000
250,000 0.80 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 7/20/16 251,598
371,389 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 373,014
--------------
$ 7,648,736
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 3.7%
498,359 A+/NR American Credit Acceptance Receivables
Trust 2012-2, 1.89%, 7/15/16 (144A) $ 500,244
1,000,000 A+/NR American Credit Acceptance Receivables
Trust, 1.45%, 4/16/18 (144A) 999,430
1,105,180 A+/NR American Credit Acceptance Receivables
Trust, 1.64%, 11/15/16 (144A) 1,105,110
780,000 0.80 AA+/A2 American Express Credit Account Master
Trust, Floating Rate Note, 11/16/15 780,164
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
550,000 1.50 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 3/15/16 $ 552,736
2,945,000 1.45 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 3/15/17 2,993,433
1,090,000 0.35 AAA/NR American Express Credit Account Master
Trust, Floating Rate Note, 3/15/18 1,090,843
100,000 0.32 AAA/Aaa American Express Credit Account Master
Trust, Floating Rate Note, 6/15/16 100,040
6,150,000 0.27 AAA/Aaa BA Credit Card Trust, Floating Rate Note,
12/15/16 6,156,181
3,443,000 0.26 AAA/Aaa BA Credit Card Trust, Floating Rate Note,
4/15/16 3,443,448
415,000 0.23 AAA/Aaa BA Credit Card Trust, Floating Rate Note,
5/16/16 414,970
945,974 NR/Aa3 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 945,499
2,512,000 0.42 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 3/15/17 2,514,876
1,220,000 0.23 AAA/Aaa Capital One Multi-Asset Execution Trust,
Floating Rate Note, 4/15/16 1,219,972
776,237 AA-/A1 CPS Auto Trust, 1.82%, 12/16/19
(144A) 779,831
540,000 0.40 AAA/Aaa Discover Card Master Trust, Floating
Rate Note, 1/16/18 540,626
500,000 0.41 AAA/Aaa Discover Card Master Trust, Floating
Rate Note, 11/16/15 500,120
4,673,000 0.55 NR/Aaa Discover Card Master Trust, Floating
Rate Note, 8/15/16 4,683,360
3,240,000 1.70 AA-/Aa2 Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 1/15/16 3,261,011
2,657,000 2.30 BBB/A1 Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 1/15/16 2,673,104
1,300,000 0.80 AAA/Aaa Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 9/15/15 1,302,544
2,075,000 0.55 AAA/Aaa Ford Credit Floorplan Master Owner
Trust, Floating Rate Note, 9/15/16 2,079,003
250,000 0.60 AAA/Aaa Golden Credit Card Trust, Floating Rate
Note, 10/15/15 (144A) 250,025
2,000,000 0.26 AAA/Aaa MBNA Credit Card Master Note Trust,
Floating Rate Note, 10/15/15 1,999,806
1,000,000 0.48 NR/Aaa Mercedes-Benz Master Owner Trust,
Floating Rate Note, 11/15/16 (144A) 1,000,000
1,000,000 NR/Aaa Nissan Auto Receivables Owner Trust,
0.37%, 9/15/15 999,716
674,932 0.98 BBB+/Ba3 NovaStar Mortgage Funding Trust Series
2003-1, Floating Rate Note, 5/25/33 664,028
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 33
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
97,673 A+/Baa1 Santander Consumer Acquired
Receivables Trust 2011-S1, 3.15%,
8/15/16 (144A) $ 98,286
100,794 0.70 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 7/27/20 (144A) 100,794
489,490 0.43 AAA/Aaa SLM Student Loan Trust 2004-3,
Floating Rate Note, 4/25/19 489,472
1,820,000 AAA/NR Volvo Financial Equipment LLC, 0.53%,
11/16/15 (144A) 1,818,963
2,000,000 0.33 AAA/Aa2 World Financial Network Credit Card
Master Trust, Floating Rate Note,
2/15/17 (144A) 1,999,940
800,000 0.41 AA/A3 World Financial Network Credit Card
Master Trust, Floating Rate Note,
2/15/17 (144A) 799,624
--------------
$ 48,857,199
----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
1,326,233 0.37 BBB/Baa2 Triton Container Finance LLC, Floating
Rate Note, 11/26/21 (144A) $ 1,301,734
308,344 0.34 BBB/Baa2 Triton Container Finance LLC, Floating
Rate Note, 2/26/19 (144A) 305,685
--------------
$ 1,607,419
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.9%
2,000,000 0.95 AAA/Aaa Chesapeake Funding LLC, Floating
Rate Note, 11/7/23 (144A) $ 2,008,488
250,000 2.20 A/A1 Chesapeake Funding LLC, Floating
Rate Note, 11/7/23 (144A) 252,270
2,050,000 1.45 AAA/Aaa Chesapeake Funding LLC, Floating
Rate Note, 4/7/24 (144A) 2,077,931
2,000,000 0.65 NR/Aaa Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) 1,999,668
200,000 1.35 NR/Aa2 Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) 200,000
353,365 1.95 AAA/Aaa Chesapeake Funding LLC, Floating
Rate Note, 9/15/21 (144A) 354,859
700,000 1.95 AA+/Aaa Chesapeake Funding LLC, Floating
Rate Note, 9/15/21 (144A) 704,386
2,400,000 1.95 AA-/Aa1 Chesapeake Funding LLC, Floating
Rate Note, 9/15/21 (144A) 2,412,984
1,317,905 0.38 BBB/Baa3 CLI Funding LLC, Floating Rate Note,
8/18/21 (144A) 1,298,222
--------------
$ 11,308,808
--------------
Total Diversified Financials $ 91,142,735
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
20,438 0.94 AAA/A1 Chase Funding Trust Series 2002-4,
Floating Rate Note, 10/25/32 $ 18,913
--------------
Total Real Estate $ 18,913
----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $321,996,008) $ 323,879,465
----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 31.3%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
1,000,000 AAA/NR Motel 6 Trust, 1.5%, 10/5/25 (144A) $ 1,004,258
268,785 NR/Baa3 S2 Hospitality LLC, 4.5%,
4/15/25 (144A) 268,852
--------------
$ 1,273,110
--------------
Total Consumer Services $ 1,273,110
----------------------------------------------------------------------------------------------------------
BANKS -- 15.2%
Thrifts & Mortgage Finance -- 15.2%
631,515 2.75 AA+/Baa1 Adjustable Rate Mortgage Trust 2004-1,
Floating Rate Note, 1/25/35 $ 626,153
300,000 0.98 AAA/A1 Adjustable Rate Mortgage Trust 2005-2,
Floating Rate Note, 6/25/35 291,646
1,573,505 0.48 A+/Ba1 Adjustable Rate Mortgage Trust 2005-5,
Floating Rate Note, 9/25/35 1,446,671
33,093 0.60 AA+/Aaa Alternative Loan Trust 2002-18, Floating
Rate Note, 2/25/33 32,617
956,671 0.83 BBB+/NR Alternative Loan Trust 2003-3T1, Floating
Rate Note, 5/25/33 927,145
234,496 0.75 A+/NR Alternative Loan Trust 2003-9T1, Floating
Rate Note, 7/25/33 232,920
104,561 0.65 BBB+/Ba1 Alternative Loan Trust 2004-18CB, Floating
Rate Note, 9/25/34 103,718
650,062 BBB+/Ba3 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 658,221
94,066 0.60 BBB+/Ba3 Alternative Loan Trust 2004-2CB, Floating
Rate Note, 3/25/34 91,812
1,314,531 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 1,322,722
1,198,759 0.49 BBB+/Ba1 Alternative Loan Trust 2004-6CB, Floating
Rate Note, 5/25/34 1,090,239
35,097 0.59 AAA/Aaa Alternative Loan Trust 2004-J9, Floating
Rate Note, 10/25/34 34,741
69,826 5.75 NR/NR American General Mortgage Loan Trust
2009-1, Floating Rate Note,
9/25/48 (144A) 69,794
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 35
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,350,000 1.69 AAA/Aaa Arkle Master Issuer Plc, Floating Rate
Note, 5/17/60 (144A) $ 2,360,138
500,000 1.54 AAA/Aaa Arkle Master Issuer Plc, Floating Rate
Note, 5/17/60 (144A) 501,866
2,275,000 1.35 NR/Aaa BAMLL Commercial Mortgage Securities
Trust 2012-CLRN, Floating Rate Note,
8/15/29 (144A) 2,294,802
3,035,000 2.30 NR/A2 BAMLL Commercial Mortgage Securities
Trust 2012-CLRN, Floating Rate Note,
8/15/29 (144A) 3,084,555
2,314,647 0.41 A/NR Banc of America Funding 2010-R4 Trust,
Floating Rate Note, 6/26/37 (144A) 2,293,882
1,143,841 0.30 AAA/NR Banc of America Funding 2010-R4 Trust,
Floating Rate Note, 9/26/46 (144A) 1,134,328
3,169,028 0.95 AA+/Aa1 Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) 3,121,854
3,000,000 1.30 A-/A3 Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) 2,927,412
144,132 3.16 NR/WR Banc of America Mortgage 2003-A Trust,
Floating Rate Note, 2/25/33 141,230
551,862 3.00 NR/B2 Banc of America Mortgage 2004-I Trust,
Floating Rate Note, 10/25/34 539,650
230,090 0.47 AAA/Aaa Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 (144A) 229,782
996,941 2.98 NR/NR Bayview Opportunity Master Fund Trust IIB
LP, Floating Rate Note, 1/28/33 (144A) 1,004,518
288,369 2.98 NR/NR BCAP LLC 2010-RR11-I Trust, Floating
Rate Note, 6/27/36 (144A) 288,727
93,968 4.78 A+/Baa3 Bear Stearns ALT-A Trust 2003-3, Floating
Rate Note, 10/25/33 93,598
2,862,991 0.80 A+/Ba3 Bear Stearns ALT-A Trust 2004-4, Floating
Rate Note, 6/25/34 2,670,501
655,063 5.36 AA+/Ba2 Bear Stearns ARM Trust 2004-1, Floating
Rate Note, 4/25/34 646,940
827,504 2.24 A+/Ba2 Bear Stearns ARM Trust 2005-5, Floating
Rate Note, 8/25/35 831,164
410,064 1.30 A+/Ba1 Bear Stearns Asset Backed Securities
Trust 2003-AC5, Floating Rate Note,
10/25/33 373,296
1,469,236 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2004-PWR6, 4.705%,
11/11/41 1,497,226
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,329,333 0.40 A+/Baa1 Chevy Chase Funding LLC
Mortgage-Backed Certificates Series
2005-A, Floating Rate Note,
1/25/36 (144A) $ 1,968,286
673,662 0.75 NR/Aa1 CHL Mortgage Pass-Through Trust
2003-11, Floating Rate Note, 5/25/33 652,999
1,344,489 0.70 A-/NR CHL Mortgage Pass-Through Trust
2003-15, Floating Rate Note, 6/25/18 1,319,509
141,201 0.60 A+/NR CHL Mortgage Pass-Through Trust
2003-J7, Floating Rate Note, 8/25/18 135,749
2,411,836 0.74 AA+/Baa1 CHL Mortgage Pass-Through Trust
2004-29, Floating Rate Note, 2/25/35 2,297,269
867,746 NR/Baa3 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 895,565
83,648 A+/NR CHL Mortgage Pass-Through Trust
2004-J9, 5.25%, 1/25/35 83,550
898,415 NR/Caa1 CHL Mortgage Pass-Through Trust
2005-19, 5.5%, 8/25/35 918,731
2,500,000 5.36 AAA/Aaa Citigroup Commercial Mortgage Trust
2004-C1, Floating Rate Note, 4/15/40 2,593,228
13,329 0.34 AAA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) 13,188
1,238,868 0.37 AA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) 1,204,772
1,772,180 0.41 A/Aa2 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) 1,705,684
301,158 0.45 BBB/A2 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) 287,690
881,059 0.50 BB/A3 Citigroup Commercial Mortgage Trust
2007-FL3A, Floating Rate Note,
4/15/22 (144A) 824,564
26,738 AAA/NR Citigroup Mortgage Loan Trust, Inc.,
6.5%, 6/25/16 27,338
950,000 4.65 AA-/A1 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 955,310
640,643 0.64 BBB+/A2 CNL Commercial Mortgage Loan Trust
2003-2, Floating Rate Note,
10/25/30 (144A) 570,172
80,314 0.54 AAA/Aaa COMM 2005-FL11 Mortgage Trust,
Floating Rate Note, 11/15/17 (144A) 74,593
143,761 0.59 AA-/Aa1 COMM 2005-FL11 Mortgage Trust,
Floating Rate Note, 11/15/17 (144A) 132,083
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 37
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
69,135 NR/Aaa COMM 2006-C8 Mortgage Trust,
5.248%, 12/10/46 $ 69,674
740,006 0.30 AAA/Aaa COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 730,072
3,365,000 0.33 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 3,224,528
1,448,347 0.37 BBB/A3 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 1,382,672
2,436,426 0.38 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 2,400,605
290,956 3.64 NR/A2 COMM 2011-FL1 Mortgage Trust,
Floating Rate Note, 7/17/28 (144A) 295,284
2,237,263 2.14 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 2,268,594
900,000 0.90 AAA/Aaa Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 900,765
800,000 1.30 AA-/NR Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 800,000
1,009,206 2.62 A+/NR First Horizon Mortgage Pass-Through
Trust 2003-AR3, Floating Rate
Note, 9/25/33 1,012,887
106,214 0.63 AA+/Aa2 GE Business Loan Trust 2003-1,
Floating Rate Note, 4/15/31 (144A) 101,001
1,361,938 0.42 AA-/Aa1 GE Business Loan Trust 2004-2,
Floating Rate Note, 12/15/32 (144A) 1,298,626
2,394,111 0.37 A/Aa3 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) 2,198,254
1,169,674 NR/Aaa GE Capital Commercial Mortgage
Corp., 5.145%, 7/10/37 1,175,674
2,400,000 5.36 NR/Baa2 GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/37 (144A) 2,417,117
217,589 0.52 A+/Baa2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 11/25/32 (144A) 202,701
2,133,028 AAA/Aaa GMAC Commercial Mortgage Securities
Inc Series 2003-C3 Trust, 5.023%,
4/10/40 2,169,053
99,040 6.02 NR/NR GMAC Commercial Mortgage Securities,
Inc., Floating Rate Note, 5/15/33
(144A) 100,257
2,380,232 1.84 AAA/Aaa Gracechurch Mortgage Financing Plc,
Floating Rate Note, 11/20/56 (144A) 2,428,133
404,267 1.10 AAA/Aaa GS Mortgage Securities Corp II Trust
2007-EOP, Floating Rate Note,
3/6/20 (144A) 404,384
2,300,000 1.05 NR/Aaa GS Mortgage Securities Corp II, Floating
Rate Note, 11/8/29 (144A) 2,305,226
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
900,000 NR/NR GS Mortgage Securities Corp Trust
2011-ALF, 3.563%, 2/10/21 (144A) $ 911,610
3,540,000 1.26 AAA/Aaa GS Mortgage Securities Corp. II, Floating
Rate Note, 3/6/20 (144A) 3,545,508
500,000 2.20 AA/NR GS Mortgage Securities Corp. II, Floating
Rate Note, 3/6/20 (144A) 502,205
140,765 2.54 B+/NR GSR Mortgage Loan Trust 2003-9, Floating
Rate Note, 8/25/33 141,815
252,256 BB+/Ba1 GSR Mortgage Loan Trust 2005-6F,
5.0%, 7/25/35 253,122
341,810 1.33 AA+/Baa3 HarborView Mortgage Loan Trust 2004-4,
Floating Rate Note, 6/19/34 337,462
1,435,333 1.70 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 1,445,445
1,426,000 1.95 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/15/54 (144A) 1,454,377
2,500,000 1.85 AAA/Aaa Holmes Master Issuer Plc, Floating Rate
Note, 10/21/54 (144A) 2,539,613
1,939,867 0.62 NR/Baa1 HomeBanc Mortgage Trust 2005-2,
Floating Rate Note, 5/25/25 1,797,557
1,533,779 0.55 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 1,519,153
1,388,503 0.65 AAA/Aa2 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 7/25/34 1,372,685
370,260 1.10 NR/Aaa Impac CMB Trust Series 2003-8, Floating
Rate Note, 10/25/33 363,678
2,128,480 0.84 BBB/Ba3 Impac CMB Trust Series 2004-4, Floating
Rate Note, 9/25/34 2,029,061
332,138 0.92 BBB/Baa2 Impac CMB Trust Series 2004-5, Floating
Rate Note, 10/25/34 317,240
668,917 1.04 NR/Aaa Impac CMB Trust Series 2004-5, Floating
Rate Note, 8/25/34 667,264
1,443,248 0.94 BBB+/A3 Impac CMB Trust Series 2004-7, Floating
Rate Note, 11/25/34 1,385,247
686,915 0.61 AAA/Aaa Impac CMB Trust Series 2004-8, Floating
Rate Note, 8/25/34 676,568
1,266,004 0.96 B/Ba2 Impac CMB Trust Series 2004-9, Floating
Rate Note, 1/25/35 1,180,175
903,237 1.00 AAA/Aaa Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 11/25/34 880,640
698,229 0.55 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 689,171
200,292 0.55 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 194,074
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 39
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
257,000 6.45 NR/Caa1 JP Morgan Chase Commercial Mortgage
Securities Corp. Pass-Through Certificates
Series 2002 CIBC4, Floating Rate
Note, 5/12/34 $ 261,181
1,723,644 4.92 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp. Pass-Through Certificates
Series 2003-LN1, Floating Rate Note,
10/15/37 1,734,291
2,350,000 2.07 AA/Aa2 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
10/15/25 (144A) 2,380,127
53,250 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC15,
5.819%, 6/12/43 53,637
30,105 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-CIBC17,
5.45%, 12/12/43 30,101
3,778,166 0.33 NR/Aa2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 3,721,017
801,351 0.41 NR/A2 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 774,605
308,212 0.43 NR/A3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 291,761
192,633 0.56 NR/Ba1 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-FL2, Floating
Rate Note, 11/15/18 (144A) 163,076
3,726,852 0.32 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating
Rate Note, 5/15/47 3,714,896
200,000 0.36 AA/Aa3 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP9, Floating
Rate Note, 5/15/47 198,958
475,000 5.71 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-CIBC19, Floating
Rate Note, 2/12/49 485,493
49,960 0.58 NR/Aa1 JP Morgan Chase Commercial Mortgage
Securities Trust 2007-FL1, Floating
Rate Note, 7/15/19 (144A) 48,823
34,790 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP10, 5.305%,
1/15/49 35,119
64,581 5.79 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP11, Floating
Rate Note, 6/15/49 66,553
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
481,744 2.10 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Trust 2011-FL1, Floating
Rate Note, 11/15/28 (144A) $ 485,229
750,174 2.20 BBB/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 762,685
265,662 2.96 A+/NR JP Morgan Mortgage Trust 2005-A3,
Floating Rate Note, 6/25/35 264,499
324,960 2.58 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 326,516
2,000,000 1.69 AAA/Aaa Lanark Master Issuer Plc, Floating Rate
Note, 12/22/54 (144A) 2,040,799
244,375 5.12 AAA/Aaa LB-UBS Commercial Mortgage Trust
2003-C8, Floating Rate Note, 11/15/32 246,926
887,089 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 909,409
641,236 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C2, 3.973%, 3/15/29 646,366
2,080,000 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C2, 4.367%, 3/15/36 2,135,051
327,306 AAA/Aaa LB-UBS Commercial Mortgage Trust
2005-C3, 4.664%, 7/15/30 332,685
38,257 AAA/Aaa LB-UBS Commercial Mortgage Trust
2007-C6, 5.845%, 7/15/40 38,382
336,472 6.15 AAA/Aaa LB-UBS Commercial Mortgage Trust
2008-C1, Floating Rate Note, 4/15/41 357,049
2,081,398 0.32 AAA/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust 2006-LLF
C5, Floating Rate Note, 9/15/21 (144A) 2,078,238
1,281,412 0.90 BB/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF
C5, Floating Rate Note, 6/15/22 (144A) 1,275,677
725,000 1.10 B+/A1 Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF C5,
Floating Rate Note, 6/15/22 (144A) 703,630
66,661 1.05 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3 Class
1A2, Floating Rate Note, 10/25/37
(144A) 66,422
152,887 1.15 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 152,114
1,165,480 0.43 A+/Aa2 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
4/25/31 (144A) 1,004,832
2,366,886 0.45 A+/Aa3 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 2,065,437
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 41
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
973,582 2.29 A+/Baa2 MASTR Adjustable Rate Mortgages Trust
2003-3, Floating Rate Note, 9/25/33 $ 958,046
1,000,000 1.30 A+/B1 MASTR Adjustable Rate Mortgages
Trust 2004-11, Floating Rate Note,
11/25/34 886,915
1,666,789 0.36 AA-/A2 MASTR Adjustable Rate Mortgages
Trust 2007-1, Floating Rate Note,
1/25/47 1,660,901
14,697 AAA/NR MASTR Asset Securitization Trust
2003-6, 4.5%, 7/25/13 14,675
475,105 0.60 AA+/NR MASTR Asset Securitization Trust
2003-6, Floating Rate Note, 7/25/18 469,696
1,592 AAA/NR MASTR Asset Securitization Trust
2004-3, 4.75%, 1/25/14 1,599
2,705,495 1.28 BBB+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-A, Floating Rate
Note, 3/25/28 2,665,692
473,479 0.86 AA+/Aa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-C, Floating Rate
Note, 6/25/28 468,963
959,523 2.40 A+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2003-G, Floating Rate
Note, 1/25/29 948,554
279,167 0.66 A+/A3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate
Note, 4/25/29 272,652
686,062 1.07 AA+/Baa3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-B, Floating Rate
Note, 5/25/29 652,247
241,000 1.51 AA+/A3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-C, Floating Rate
Note, 7/25/29 238,933
875,249 2.27 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-D, Floating Rate
Note, 9/25/29 864,630
3,997,024 0.53 A+/Ba2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-E, Floating Rate
Note, 11/25/29 3,822,730
1,298,936 1.11 A+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-G, Floating Rate
Note, 1/25/30 1,257,562
663,756 2.44 BBB/B3 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-2, Floating Rate
Note, 10/25/35 656,694
439,579 0.66 AA+/Baa2 Merrill Lynch Mortgage Investors Trust
Series MLCC 2005-A, Floating Rate
Note, 3/25/30 438,275
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
400,649 5.24 AAA/NR Merrill Lynch Mortgage Trust Class A4,
Floating Rate Note, 11/12/35 $ 406,544
497,614 5.29 NR/Aaa ML-CFC Commercial Mortgage Trust
2006-3, Floating Rate Note, 7/12/46 503,484
3,319,686 0.47 AA+/Baa3 Morgan Stanley Mortgage Loan Trust
2005-5AR, Floating Rate Note, 9/25/35 3,188,874
1,345,821 0.48 A+/Ba2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 1,265,353
1,174,277 0.50 A/NR Morgan Stanley Re-REMIC Trust
2010-R4, Floating Rate Note,
7/26/36 (144A) 1,166,114
1,727,275 0.98 AA+/Baa1 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 1,667,989
1,747,312 0.46 A+/Baa2 MortgageIT Trust 2005-2, Floating
Rate Note, 5/25/35 1,642,581
1,262,244 0.65 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R1,
Floating Rate Note, 10/7/20 1,266,194
3,703,819 0.57 AA+/Aaa NCUA Guaranteed Notes Trust 2010-R2,
Floating Rate Note, 11/6/17 3,718,857
1,092,216 0.76 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3,
Floating Rate Note, 12/8/20 1,098,704
334,075 0.76 NR/Aaa NCUA Guaranteed Notes Trust 2010-R3,
Floating Rate Note, 12/8/20 335,411
1,822,104 0.73 NR/Aaa NCUA Guaranteed Notes Trust 2011-C1,
Floating Rate Note, 3/9/21 1,826,971
1,411,382 0.60 AA+/Aaa NCUA Guaranteed Notes Trust 2011-R3,
Floating Rate Note, 3/11/20 1,415,792
557,725 0.58 AA+/NR NCUA Guaranteed Notes Trust 2011-R5,
Floating Rate Note, 4/6/20 558,946
2,835,988 1.40 AAA/Aaa NorthStar 2012-1 Mortgage Trust, Floating
Rate Note, 8/25/29 (144A) 2,835,988
1,000,000 4.45 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating
Rate Note, 8/25/29 (144A) 1,016,717
650,535 0.45 BB+/B2 Opteum Mortgage Acceptance Corp Asset
Backed Pass-Through Certificates 2005-5,
Floating Rate Note, 12/25/35 635,643
771,073 0.46 AA+/A3 Opteum Mortgage Acceptance Corp Asset
Backed Pass-Through Certificates
Series 20, Floating Rate Note, 7/25/35 766,817
1,500,762 1.60 B-/Ba1 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 1,321,481
162,989 0.60 BBB+/NR Residential Asset Securitization Trust
2003-A2, Floating Rate Note, 5/25/33 147,379
47,767 0.70 AA+/NR Residential Asset Securitization Trust
2003-A6, Floating Rate Note, 7/25/33 47,681
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 43
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,100,000 0.00 NR/NR Resimac MBS Trust, Floating Rate
Note, 3/7/14 $ 2,100,000
1,377,547 2.68 BBB+/B2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 1,400,594
246,108 0.96 AA+/A3 Sequoia Mortgage Trust 10, Floating
Rate Note, 10/20/27 242,579
718,254 1.25 AA+/Baa3 Sequoia Mortgage Trust 2003-2,
Floating Rate Note, 6/20/33 716,742
301,986 0.82 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 298,079
652,771 0.84 A+/Baa1 Sequoia Mortgage Trust 2003-8,
Floating Rate Note, 1/20/34 613,751
496,438 0.52 A+/Baa3 Sequoia Mortgage Trust 2004-10,
Floating Rate Note, 11/20/34 488,075
1,164,116 0.47 A/Baa1 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 1,085,549
162,339 0.80 AA/A3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 153,430
289,286 1.87 AA+/Baa3 Sequoia Mortgage Trust 2004-7,
Floating Rate Note, 8/20/34 289,087
1,219,225 0.43 AA+/B1 Sequoia Mortgage Trust 2005-1,
Floating Rate Note, 2/20/35 1,170,472
497,537 0.42 BBB+/Ba3 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 463,022
292,501 0.92 AA+/A2 Sequoia Mortgage Trust 4, Floating
Rate Note, 11/22/24 289,995
76,203 0.34 AAA/Aaa Series 2007-1G WST Trust, Floating
Rate Note, 5/21/38 (144A) 75,656
421,202 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25 (144A) 423,026
178,367 0.40 AAA/Aaa SMHL Global Fund 2007-1, Floating Rate
Note, 6/12/40 177,266
902,769 1.57 AAA/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 905,590
1,012,294 0.90 AA+/A3 Structured Asset Mortgage Investments II
Trust 2004-AR1, Floating Rate Note,
3/19/34 985,241
716,143 1.14 AA/NR Structured Asset Securities Corp. Mortgage
Pass-Through Certificates Series 1998-8,
Floating Rate Note, 8/25/28 706,403
465,998 2.77 AA+/Baa1 Structured Asset Securities Corp. Mortgage
Pass-Through Certificates Series 2003-22A,
Floating Rate Note, 6/25/33 468,170
1,272,013 2.60 A+/Baa3 Structured Asset Securities Corp. Mortgage
Pass-Through Certificates Series 2003-24A,
Floating Rate Note, 7/25/33 1,247,194
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
377,260 2.77 A+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-31A, Floating Rate
Note, 10/25/33 $ 384,039
267,074 0.70 A+/Baa3 Structured Asset Securities Corp.
Mortgage Pass-Through Certificates
Series 2003-35, Floating Rate Note,
12/25/33 259,286
640,064 0.85 NR/NR Structured Asset Securities Corp. Reverse
Mortgage Loan Trust 2002-RM1, Floating
Rate Note, 10/25/37 (144A) 633,663
458,883 0.50 BB+/Ba3 Structured Asset Securities Corp. Trust
2005-14, Floating Rate Note, 7/25/35 411,172
393,354 1.82 AA+/Ba1 Thornburg Mortgage Securities Trust
Class II2A, Floating Rate Note,
3/25/44 391,588
1,677,561 0.78 BB+/Aaa UBS Commercial Mortgage Trust
2007-FL1, Floating Rate Note,
7/15/24 (144A) 1,661,811
80,815 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C18, 4.79%, 4/15/42 81,047
51,464 5.09 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2005-C20, Floating Rate
Note, 7/15/42 52,036
2,397,855 0.28 A+/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2007-WHALE 8, Floating
Rate Note, 6/15/20 (144A) 2,363,723
255,856 2.49 A+/A3 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 1/25/33 260,497
424,077 2.44 BBB+/NR WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 1/25/35 424,748
1,463,147 2.49 B/NR WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 12/25/35 1,419,305
582,081 2.48 A+/Ba2 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 2/25/33 582,309
187,448 0.60 NR/A2 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 3/25/34 184,942
182,821 BBB+/NR Wells Fargo Mortgage Backed Securities
2003-19 Trust, 4.5%, 1/25/19 182,866
82,068 5.00 NR/Ba2 Wells Fargo Mortgage Backed Securities
2005-AR6 Trust, Floating Rate Note,
4/25/35 83,658
1,818,360 4.94 BBB+/Ba3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 8/25/34 1,871,054
--------------
$ 200,224,858
--------------
Total Banks $ 200,224,858
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 45
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.4%
Other Diversified Financial Services -- 3.4%
63,993 1.49 NR/Aaa Arran Residential Mortgages Funding Plc,
Floating Rate Note, 11/19/47 (144A) $ 64,063
702,312 0.94 AA+/Baa1 Bear Stearns ALT-A Trust 2004-13,
Floating Rate Note, 11/25/34 692,017
1,328,801 0.90 A+/Baa2 Bear Stearns ALT-A Trust 2004-8,
Floating Rate Note, 9/25/34 1,300,419
184,085 0.70 AAA/Baa2 Bear Stearns ALT-A Trust 2005-2,
Floating Rate Note, 3/25/35 177,366
506,783 3.13 BBB+/B3 Bear Stearns ARM Trust 2004-3,
Floating Rate Note, 7/25/34 491,961
157,256 0.53 AA+/Ba1 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-1, Floating
Rate Note, 1/25/35 (144A) 134,214
78,661 0.50 A+/Ba2 Chevy Chase Funding LLC Mortgage-Backed
Certificates Series 2004-3, Floating
Rate Note, 8/25/35 (144A) 67,421
38,558 NR/Ba2 Citicorp Mortgage Securities REMIC
Pass-Through Certificates Trust Series
2005-4, 5.0%, 7/25/20 40,483
186,599 NR/B2 Citicorp Mortgage Securities Trust Series
2006-3, 6.25%, 6/25/36 187,115
105,117 NR/A2 Citicorp Mortgage Securities, Inc.,
4.75%, 1/25/34 106,677
233,086 5.76 AAA/Aaa Commercial Mortgage Pass-Through
Certificates Series 2007-C4, Floating
Rate Note, 9/15/39 237,602
1,186,545 0.32 BBB+/Aaa Commercial Mortgage Pass-Through
Certificates Series 2007-TFL1, Floating
Rate Note, 2/15/22 (144A) 1,174,890
81,881 AAA/Aaa Commercial Mortgage Trust 2003-C1,
4.111%, 7/5/35 81,864
2,956,723 0.37 AAA/Aa2 Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
10/15/21 (144A) 2,899,233
2,295,748 0.35 AAA/Aaa Crusade Global Trust, Floating Rate
Note, 11/15/37 2,240,343
2,524,143 0.36 AAA/Aaa Crusade Global Trust, Floating Rate
Note, 4/19/38 2,465,351
858,902 0.35 AAA/Aaa Crusade Global Trust, Floating Rate
Note, 8/14/37 847,557
1,460,000 1.50 NR/NR Del Coronado Trust, Floating Rate Note,
3/15/26 (144A) 1,460,000
960,016 0.55 NR/NR Fannie Mae Trust 2003-W6, Floating
Rate Note, 9/25/42 945,850
1,841,918 0.38 A/Aa3 GE Business Loan Trust 2006-2, Floating
Rate Note, 11/15/34 (144A) 1,700,682
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
976,677 0.40 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 $ 894,675
51,343 5.95 A+/Caa1 JP Morgan Alternative Loan Trust, Floating
Rate Note, 9/25/36 51,347
1,020,104 0.33 AAA/Aaa Medallion Trust Series 2007-1G, Floating
Rate Note, 2/27/39 1,015,443
238,862 2.53 A+/NR Merrill Lynch Mortgage Investors Trust
Series MLMI 2005-A2, Floating Rate
Note, 2/25/35 240,222
2,050,007 AAA/NR Morgan Stanley Capital I Trust 2004-HQ4,
4.97%, 4/14/40 2,135,359
1,850,187 5.11 AAA/NR Morgan Stanley Capital I Trust 2004-IQ8,
Floating Rate Note, 6/15/40 1,920,690
2,158,285 NR/Aaa Morgan Stanley Capital I Trust 2004-TOP13,
4.66%, 9/13/45 2,191,488
118,820 AAA/NR Morgan Stanley Capital I Trust 2005-HQ6,
4.882%, 8/13/42 118,766
100,000 0.80 A+/A1 Morgan Stanley Capital I, Inc. Class B,
Floating Rate Note, 12/15/20 (144A) 98,158
100,000 0.90 BBB+/A3 Morgan Stanley Capital I, Inc. Class C,
Floating Rate Note, 12/15/20 (144A) 97,568
908,644 0.30 AA+/Aaa Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 900,102
1,750,000 0.33 A+/Aa1 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 1,700,310
2,263,061 0.76 AA+/Aa2 Morgan Stanley Capital I, Inc., Floating
Rate Note, 12/15/20 (144A) 2,210,049
2,292,755 NR/Baa3 ORES NPL LLC, 4.0%, 9/25/44 (144A) 2,294,651
201,594 0.75 NR/Baa3 RALI Series 2002-QS16 Trust, Floating
Rate Note, 10/25/17 190,799
174,799 0.70 BB+/Ba1 RALI Series 2003-QS11 Trust, Floating
Rate Note, 6/25/33 164,252
1,192,537 0.65 BBB/NR RALI Series 2003-QS22 Trust, Floating
Rate Note, 12/26/33 1,088,492
2,098,144 0.65 AA+/NR RALI Series 2003-QS5 Trust, Floating
Rate Note, 3/25/18 2,041,975
252,199 BBB+/Ba1 RALI Series 2004-QS1 Trust, 4.25%,
1/25/34 255,051
252,877 0.75 BBB+/Ba1 RALI Series 2004-QS1 Trust, Floating
Rate Note, 1/25/34 243,715
83,702 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 82,472
509,070 BB+/Ba3 RALI Series 2004-QS5 Trust, 4.75%,
4/25/34 528,754
414,681 0.80 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 397,474
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 47
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
684,478 3.00 BB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust Class 1A1, Floating Rate
Note, 3/25/34 $ 668,585
558,030 2.51 A+/A3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 3/25/34 554,641
106,763 0.60 AAA/A3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 6/25/35 106,323
2,937,319 NR/NR Vericrest Opportunity Loan Transferee,
2.487%, 2/26/52 (144A) 2,945,837
1,343,000 2.73 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 11/25/60 (144A) 1,343,725
--------------
$ 43,796,031
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
1,173,171 1.70 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) $ 1,187,425
1,000,000 1.70 AAA/Aaa Fosse Master Issuer Plc, Floating Rate
Note, 10/18/54 (144A) 1,020,010
251,277 2.66 AAA/Aaa Nomura Asset Acceptance Corp
Alternative Loan Trust Series 2004-AR4,
Floating Rate Note, 12/25/34 253,032
164,317 BBB/B2 Nomura Asset Acceptance Corp
Alternative Loan Trust Series 2005-WF1,
4.786%, 3/25/35 165,862
500,000 1.70 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 504,340
2,500,000 1.80 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 2,511,914
631,000 1.90 AAA/Aaa Permanent Master Issuer Plc, Floating
Rate Note, 7/15/42 (144A) 646,437
--------------
$ 6,289,020
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
1,150,511 0.45 NR/NR Freddie Mac Strips, Floating Rate
Note, 8/15/36 $ 1,148,228
1,748,777 0.50 NR/NR Freddie Mac Strips, Floating Rate Note,
8/15/36 1,747,863
260,482 3.56 BBB+/Baa3 GMACM Mortgage Loan Trust 2005-AR3,
Floating Rate Note, 6/19/35 261,253
--------------
$ 3,157,344
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
443,927 NR/NR Freddie Mac Reference REMIC, 5.5%,
12/15/20 $ 446,145
532,479 0.60 NR/NR Freddie Mac Reference REMIC, Floating
Rate Note, 7/15/23 532,685
--------------
$ 978,830
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
47,258 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., 4.512%,
12/10/42 $ 47,644
2,363,776 5.06 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 3/11/41 2,379,247
558,847 AAA/NR Bear Stearns Commercial Mortgage
Securities Trust 2004-PWR3,
4.715%, 2/11/41 568,693
26,979 7.32 BB-/NR Morgan Stanley Dean Witter Cap I Inc
Dep For Ser 2001-top1, Floating Rate
Note, 2/15/33 (144A) 26,985
--------------
$ 3,022,569
--------------
Total Diversified Financials $ 57,243,794
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Mortgage REITs -- 0.2%
1,393,701 4.90 AAA/NR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/15/36 $ 1,408,038
59,187 1.55 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 57,929
352,836 0.94 AAA/Baa1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
6/25/34 346,649
393,189 5.14 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/15/36 395,042
--------------
$ 2,207,658
----------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.3%
875,824 0.68 BBB/Aaa Mellon Residential Funding Corp. Mortgage
Pass-Through Trust Series 2000 TBC2,
Floating Rate Note, 6/15/30 $ 865,836
985,777 0.64 B+/Aaa Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000-TBC3, Floating Rate Note,
12/15/30 954,340
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 49
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- (continued)
3,000,000 2.83 NR/NR Resource Real Estate Partners LLC,
Floating Rate Note, 12/20/15 (144A) $ 3,000,000
--------------
$ 4,820,176
--------------
Total Real Estate $ 7,027,834
----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 11.1%
Government -- 11.1%
1,503,692 NR/Aaa DBRR 2012- EZ1 Trust, 0.946%,
9/25/45 (144A) $ 1,507,737
1,016,580 0.53 NR/NR Fannie Mae REMIC Trust 2007-W3,
Floating Rate Note, 4/25/37 1,019,203
414,050 NR/NR Fannie Mae REMICs, 3.0%, 4/25/40 430,242
210,239 NR/NR Fannie Mae REMICs, 3.5%, 10/25/39 218,167
17,943 NR/NR Fannie Mae REMICs, 3.5%, 12/25/31 18,125
234,313 NR/NR Fannie Mae REMICs, 3.5%, 9/25/18 234,359
97,442 NR/NR Fannie Mae REMICs, 4.0%, 11/25/35 97,454
2,000,000 NR/NR Fannie Mae REMICs, 4.0%, 5/25/29 2,081,248
1,081,152 NR/NR Fannie Mae REMICs, 4.0%, 6/25/37 1,093,841
223,984 NR/NR Fannie Mae REMICs, 4.0%, 9/25/21 225,187
919,614 NR/NR Fannie Mae REMICs, 4.5%, 1/25/38 935,126
208,812 NR/NR Fannie Mae REMICs, 4.5%, 1/25/39 215,311
25,536 NR/NR Fannie Mae REMICs, 4.5%, 2/25/33 25,698
19,844 NR/NR Fannie Mae REMICs, 5.0%, 8/25/35 19,984
285,625 NR/NR Fannie Mae REMICs, 5.5%, 10/25/32 287,318
95,054 NR/NR Fannie Mae REMICs, 6.0%, 3/25/27 97,749
313,214 NR/NR Fannie Mae REMICs, 6.0%, 3/25/35 329,798
185,819 NR/NR Fannie Mae REMICs, 6.0%, 4/25/39 188,674
15,871 NR/NR Fannie Mae REMICs, 7.0%, 6/25/13 15,931
680,684 0.90 NR/NR Fannie Mae REMICs, Floating Rate
Note, 1/25/32 688,675
688,719 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 1/25/40 695,888
80,461 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 10/25/35 80,439
2,984,721 0.60 NR/NR Fannie Mae REMICs, Floating Rate
Note, 10/25/36 3,006,196
252,708 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 10/25/37 254,871
968,642 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 10/25/37 981,071
2,382,000 0.40 NR/NR Fannie Mae REMICs, Floating Rate
Note, 10/27/37 2,383,553
785,610 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 11/25/31 792,532
The accompanying notes are an integral part of these financial statements.
50 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
691,336 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 11/25/31 $ 693,436
1,429,021 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 11/25/33 1,434,943
152,260 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 11/25/34 152,559
584,995 0.52 NR/NR Fannie Mae REMICs, Floating Rate
Note, 11/25/36 587,185
156,834 0.82 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/23 158,023
548,737 1.22 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/23 558,475
133,585 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/30 134,616
699,008 1.10 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/31 711,624
538,638 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/32 542,693
676,030 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/35 677,797
478,668 0.44 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/36 478,465
349,482 0.60 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/38 349,305
4,727,647 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/42 4,733,604
594,468 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 12/25/49 598,429
35,818 0.67 AAA/NR Fannie Mae REMICs, Floating Rate
Note, 2/25/17 35,889
223,421 0.95 NR/NR Fannie Mae REMICs, Floating Rate
Note, 2/25/33 226,047
538,423 0.51 NR/NR Fannie Mae REMICs, Floating Rate
Note, 2/25/35 539,618
2,256,659 0.45 NR/NR Fannie Mae REMICs, Floating Rate
Note, 2/25/37 2,254,669
1,092,957 0.40 NR/NR Fannie Mae REMICs, Floating Rate
Note, 2/25/37 1,089,291
662,605 0.90 NR/NR Fannie Mae REMICs, Floating Rate
Note, 2/25/38 667,334
302,411 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 3/25/23 303,153
473,408 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 3/25/28 463,028
349,647 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 3/25/35 349,959
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 51
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
167,364 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 3/25/36 $ 167,802
328,771 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 3/25/36 329,823
484,902 1.20 NR/NR Fannie Mae REMICs, Floating Rate
Note, 3/25/37 493,940
185,610 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 4/25/25 186,462
231,458 0.85 NR/NR Fannie Mae REMICs, Floating Rate
Note, 4/25/30 233,294
459,339 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 4/25/33 462,455
344,768 0.43 NR/NR Fannie Mae REMICs, Floating Rate
Note, 4/25/37 344,221
573,826 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 4/25/42 581,077
2,648,112 0.51 NR/NR Fannie Mae REMICs, Floating Rate
Note, 5/25/36 2,648,660
386,580 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 5/25/40 390,523
3,208,184 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 5/25/40 3,226,391
1,923,934 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 5/25/40 1,935,712
188,165 0.60 NR/NR Fannie Mae REMICs, Floating Rate
Note, 6/25/23 188,658
3,341,424 0.40 NR/NR Fannie Mae REMICs, Floating Rate
Note, 6/25/37 3,335,163
1,296,910 0.44 NR/NR Fannie Mae REMICs, Floating Rate
Note, 6/25/37 1,294,635
134,432 0.43 NR/NR Fannie Mae REMICs, Floating Rate
Note, 6/25/37 134,395
203,571 0.65 NR/NR Fannie Mae REMICs, Floating Rate
Note, 6/25/37 204,934
51,836 0.72 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/18/27 52,012
760,326 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/31 767,582
503,852 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/31 509,287
322,789 1.20 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/32 330,261
211,371 0.65 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/34 212,614
2,749,765 0.50 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/35 2,751,304
The accompanying notes are an integral part of these financial statements.
52 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
587,821 0.45 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/35 $ 589,232
451,313 0.49 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/36 451,912
1,049,062 0.68 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/36 1,050,692
460,993 0.60 NR/NR Fannie Mae REMICs, Floating Rate
Note, 7/25/37 464,069
334,105 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 8/25/31 336,794
157,362 0.80 NR/NR Fannie Mae REMICs, Floating Rate
Note, 8/25/32 158,872
44,677 0.60 NR/NR Fannie Mae REMICs, Floating Rate
Note, 8/25/33 44,758
475,250 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 8/25/36 476,403
69,593 1.02 AA+/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/20 70,086
128,329 1.12 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/21 129,887
645,997 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/32 651,154
815,911 0.65 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/32 817,308
961,929 0.45 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/36 961,739
2,150,168 0.70 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/37 2,169,840
470,046 0.75 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/37 474,507
147,728 0.95 NR/NR Fannie Mae REMICs, Floating Rate
Note, 9/25/38 148,113
172,122 2.75 NR/NR Fannie Mae Trust 2005-W3, Floating
Rate Note, 4/25/45 183,782
280,343 2.29 NR/NR Fannie Mae Trust 2005-W4, Floating
Rate Note, 6/25/35 291,465
57,735 NR/NR Freddie Mac REMICs, 3.5%, 11/15/22 59,181
1,889,486 NR/NR Freddie Mac REMICs, 3.5%, 6/15/28 1,953,556
328,385 NR/NR Freddie Mac REMICs, 4.0%, 1/15/24 336,350
82,121 NR/NR Freddie Mac REMICs, 4.0%, 11/15/23 84,534
655,321 NR/NR Freddie Mac REMICs, 4.0%, 12/15/22 668,811
161,023 NR/NR Freddie Mac REMICs, 5.0%, 10/15/31 162,142
177,101 NR/NR Freddie Mac REMICs, 5.0%, 12/15/32 180,915
83,340 NR/NR Freddie Mac REMICs, 5.0%, 6/15/22 83,531
1,016,131 NR/NR Freddie Mac REMICs, 5.0%, 6/15/34 1,050,436
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 53
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
140,083 NR/NR Freddie Mac REMICs, 5.0%, 7/15/32 $ 142,735
317,487 NR/NR Freddie Mac REMICs, 5.0%, 8/15/32 321,644
72,724 NR/NR Freddie Mac REMICs, 5.5%, 10/15/22 72,799
50,363 NR/NR Freddie Mac REMICs, 5.5%, 3/15/32 51,019
307,571 NR/NR Freddie Mac REMICs, 5.5%, 3/15/33 310,964
21,845 NR/NR Freddie Mac REMICs, 5.5%, 5/15/32 21,926
143,693 NR/NR Freddie Mac REMICs, 5.5%, 5/15/33 147,158
160,784 NR/NR Freddie Mac REMICs, 6.0%, 4/15/36 160,791
915,674 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 1/15/33 919,376
594,504 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 1/15/36 596,050
2,335,393 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 1/15/37 2,339,667
276,104 0.35 NR/NR Freddie Mac REMICs, Floating Rate
Note, 10/15/20 275,962
184,936 1.15 AAA/NR Freddie Mac REMICs, Floating Rate
Note, 10/15/31 188,816
1,622,959 0.82 NR/NR Freddie Mac REMICs, Floating Rate
Note, 10/15/37 1,636,350
510,936 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/18 511,764
313,853 0.80 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/31 316,835
481,424 1.20 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/33 490,830
304,068 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/35 305,111
884,999 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/36 887,576
440,277 0.45 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/36 440,297
1,546,861 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/37 1,551,787
955,353 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 11/15/40 961,064
282,917 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/20 284,775
707,864 0.65 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/28 712,017
323,157 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/32 323,600
55,915 0.65 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/32 55,966
59,427 0.70 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/32 59,875
The accompanying notes are an integral part of these financial statements.
54 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
611,025 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/32 $ 613,030
922,729 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 12/15/41 925,391
753,164 0.43 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/19 754,025
943,443 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/25 945,909
401,674 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/29 402,579
823,008 0.75 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/33 827,733
887,908 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/36 889,388
1,588,992 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/37 1,590,710
132,650 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 2/15/39 132,771
2,289,395 1.30 NR/NR Freddie Mac REMICs, Floating Rate
Note, 3/15/24 2,332,014
252,627 0.90 NR/NR Freddie Mac REMICs, Floating Rate
Note, 3/15/32 255,507
1,882,887 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 3/15/36 1,887,848
4,097,487 0.45 NR/NR Freddie Mac REMICs, Floating Rate
Note, 3/15/37 4,093,516
575,874 0.65 NR/NR Freddie Mac REMICs, Floating Rate
Note, 3/15/39 579,515
966,783 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 3/15/41 968,173
613,509 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 4/15/35 614,210
205,194 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/29 205,032
425,324 1.70 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/33 436,674
1,218,823 0.54 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/35 1,222,442
1,758,719 0.50 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/35 1,760,464
875,352 0.54 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/37 877,967
519,671 1.45 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/37 527,583
200,871 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 5/15/41 201,588
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 55
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
334,474 0.65 NR/NR Freddie Mac REMICs, Floating Rate
Note, 6/15/23 $ 336,398
295,411 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 6/15/31 297,336
975,960 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 6/15/33 978,053
5,105,344 0.51 NR/NR Freddie Mac REMICs, Floating Rate
Note, 6/15/36 5,106,370
2,195,004 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 6/15/38 2,200,534
562,771 0.45 NR/NR Freddie Mac REMICs, Floating Rate
Note, 7/15/21 562,987
1,089,093 0.44 NR/NR Freddie Mac REMICs, Floating Rate
Note, 7/15/34 1,087,815
190,252 0.70 NR/NR Freddie Mac REMICs, Floating Rate
Note, 7/15/36 191,881
119,523 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 7/15/36 119,840
2,640,043 0.40 NR/NR Freddie Mac REMICs, Floating Rate
Note, 7/15/36 2,634,645
1,065,517 0.55 NR/NR Freddie Mac REMICs, Floating Rate
Note, 7/15/40 1,064,336
3,114,431 0.65 NR/NR Freddie Mac REMICs, Floating Rate
Note, 8/15/33 3,138,384
1,493,695 0.45 NR/NR Freddie Mac REMICs, Floating Rate
Note, 8/15/35 1,494,798
524,137 0.80 NR/NR Freddie Mac REMICs, Floating Rate
Note, 9/15/32 528,899
632,752 0.62 NR/NR Freddie Mac REMICs, Floating Rate
Note, 9/15/36 636,438
557,629 0.60 NR/NR Freddie Mac REMICs, Floating Rate
Note, 9/15/36 561,079
300,090 NR/NR Government National Mortgage
Association, 4.5%, 11/20/34 306,984
204,468 NR/NR Government National Mortgage
Association, 4.5%, 2/16/34 205,207
821,362 NR/NR Government National Mortgage
Association, 4.5%, 5/20/33 835,717
394,748 NR/NR Government National Mortgage
Association, 5.0%, 6/20/26 401,466
1,585,209 0.40 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/16/33 1,593,278
671,760 0.45 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/20/33 673,469
The accompanying notes are an integral part of these financial statements.
56 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Government -- (continued)
1,032,403 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
1/20/37 $ 1,034,150
714,199 0.88 NR/NR Government National Mortgage
Association, Floating Rate Note,
10/16/39 726,184
1,260,140 0.60 NR/NR Government National Mortgage
Association, Floating Rate Note,
10/20/38 1,263,956
454,188 0.60 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/20/38 455,320
761,660 0.50 NR/NR Government National Mortgage
Association, Floating Rate Note,
4/16/29 768,632
331,272 0.75 NR/NR Government National Mortgage
Association, Floating Rate Note,
4/16/32 335,114
1,749,739 0.60 NR/NR Government National Mortgage
Association, Floating Rate Note,
5/16/38 1,759,621
334,618 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
6/16/31 338,050
136,800 0.85 NR/NR Government National Mortgage
Association, Floating Rate Note,
7/20/40 136,865
2,562,931 0.45 NR/NR Government National Mortgage
Association, Floating Rate Note,
7/20/41 2,570,846
889,496 1.20 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/39 902,557
1,333,616 0.60 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/35 1,335,936
805,840 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/20/38 813,741
1,074,460 0.45 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/31 1,081,661
--------------
$ 146,105,163
--------------
Total Government $ 146,105,163
----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $409,171,701) $ 411,874,759
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 57
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 19.3%
ENERGY -- 0.2%
Integrated Oil & Gas -- 0.2%
2,520,000 0.68 AA-/Aa1 Total Capital Canada, Ltd., Floating
Rate Note, 1/15/16 $ 2,531,166
--------------
Total Energy $ 2,531,166
----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Diversified Chemicals -- 0.1%
990,000 A/A2 EI du Pont de Nemours & Co.,
5.0%, 7/15/13 $ 1,003,118
--------------
Total Materials $ 1,003,118
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Aerospace & Defense -- 0.0%+
570,000 0.56 A/A2 United Technologies Corp., Floating
Rate Note, 12/2/13 $ 571,208
--------------
Total Capital Goods $ 571,208
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.2%
2,342,000 0.71 BBB+/Baa1 Johnson Controls, Inc., Floating Rate
Note, 2/4/14 $ 2,348,593
----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
300,000 1.08 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 4/10/14 (144A) $ 301,142
300,000 1.64 A-/A3 Daimler Finance North America LLC,
Floating Rate Note, 7/11/13 (144A) 300,804
790,000 A-/A3 Volkswagen International Finance NV,
1.625%, 8/12/13 (144A) 793,365
1,000,000 0.89 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 11/20/14 (144A) 1,003,932
300,000 1.03 A-/A3 Volkswagen International Finance NV,
Floating Rate Note, 3/21/14 (144A) 301,010
--------------
$ 2,700,253
--------------
Total Automobiles & Components $ 5,048,846
----------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Broadcasting -- 0.1%
855,000 0.82 A-/A3 NBCUniversal Enterprise, Inc., Floating
Rate Note, 4/15/16 (144A) $ 854,411
--------------
Total Media $ 854,411
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Drug Retail -- 0.1%
1,000,000 BBB/Baa1 Walgreen Co., 4.875%, 8/1/13 $ 1,014,015
--------------
Total Food & Staples Retailing $ 1,014,015
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Soft Drinks -- 0.1%
860,000 0.50 A-/Aa3 PepsiCo, Inc., Floating Rate Note,
2/26/16 $ 860,504
850,000 0.26 AA-/Aa3 The Coca-Cola Co., Floating Rate
Note, 3/5/15 850,322
--------------
$ 1,710,826
----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
1,500,000 0.60 BBB+/A2 Campbell Soup Co., Floating Rate
Note, 8/1/14 $ 1,503,981
----------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
700,000 A/A2 Philip Morris International, Inc.,
4.875%, 5/16/13 $ 703,891
1,500,000 0.34 A/A2 Philip Morris International, Inc.,
Floating Rate Note, 2/26/15 1,501,155
--------------
$ 2,205,046
--------------
Total Food, Beverage & Tobacco $ 5,419,853
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.5%
Health Care Equipment -- 0.5%
5,715,000 A/Baa1 Covidien International Finance SA,
1.875%, 6/15/13 $ 5,731,385
500,000 A/Baa1 St. Jude Medical, Inc., 2.2%, 9/15/13 503,847
--------------
$ 6,235,232
--------------
Total Health Care Equipment
& Services $ 6,235,232
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Life Sciences Tools & Services -- 0.2%
2,950,000 BBB+/Baa2 Agilent Technologies, Inc., 2.5%,
7/15/13 $ 2,966,957
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 2,966,957
----------------------------------------------------------------------------------------------------------
BANKS -- 4.1%
Diversified Banks -- 2.0%
250,000 2.29 A/Aa3 Banco Santander Chile, Floating Rate
Note, 2/14/14 (144A) $ 247,678
250,000 1.34 A+/Aa2 Bank of Nova Scotia, Floating Rate
Note, 1/12/15 253,290
1,575,000 0.76 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, Floating Rate Note,
3/18/16 1,577,794
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 59
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
400,000 0.50 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, Floating Rate Note,
7/25/13 $ 400,244
3,520,000 1.10 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
1/17/14 (144A) 3,540,592
1,400,000 0.94 AA-/Aa3 HSBC Bank Plc, Floating Rate Note,
8/12/13 (144A) 1,402,923
200,000 1.00 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 10/30/14 201,753
2,000,000 0.60 AA-/Aa3 Royal Bank of Canada, Floating Rate
Note, 4/17/14 2,005,786
1,275,000 0.73 AA-/Aa3 Svenska Handelsbanken AB, Floating
Rate Note, 3/21/16 1,274,243
1,500,000 0.75 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 11/1/13 1,504,012
200,000 0.60 AA-/Aa1 The Toronto-Dominion Bank, Floating
Rate Note, 7/14/14 200,523
1,000,000 A+/A1 US Bancorp, 1.375%, 9/13/13 1,003,500
2,529,000 A+/A1 US Bancorp, 2.0%, 6/14/13 2,538,160
628,000 0.64 A/A3 Wachovia Corp., Floating Rate Note,
10/28/15 623,951
1,725,000 2.07 A+/A2 Wachovia Corp., Floating Rate Note,
5/1/13 1,727,417
100,000 0.49 A+/A2 Wachovia Corp., Floating Rate Note,
8/1/13 100,084
2,503,000 0.50 A+/A2 Wells Fargo & Co., Floating Rate Note,
10/28/15 2,493,466
1,500,000 1.20 A+/A2 Wells Fargo & Co., Floating Rate Note,
6/26/15 1,519,606
1,935,000 1.01 AA-/Aa2 Westpac Banking Corp., Floating Rate
Note, 12/9/13 1,944,946
1,000,000 0.52 AA-/Aa2 Westpac Banking Corp., Floating Rate
Note, 3/28/14 999,958
500,000 1.10 NR/Aaa Westpac Banking Corp., Floating Rate
Note, 7/17/15 (144A) 505,376
--------------
$ 26,065,302
----------------------------------------------------------------------------------------------------------
Regional Banks -- 2.0%
1,660,000 A-/A2 American Express Bank FSB, 5.5%,
4/16/13 $ 1,662,314
1,573,000 1.00 A-/A2 BB&T Corp., Floating Rate Note,
4/28/14 1,582,238
1,000,000 0.60 A-/A2 Branch Banking & Trust Co., Floating
Rate Note, 9/13/16 988,869
1,500,000 0.73 BBB+/A3 Capital One NA, Floating Rate Note,
3/22/16 1,499,990
The accompanying notes are an integral part of these financial statements.
60 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
3,775,000 BBB/Baa1 Fifth Third Bancorp, 6.25%, 5/1/13 $ 3,792,101
1,000,000 0.70 BBB-/Baa2 Fifth Third Bancorp, Floating Rate
Note, 12/20/16 984,428
1,900,000 0.40 BBB+/A3 Fifth Third Bank Cincinnati Ohio,
Floating Rate Note, 5/17/13 1,899,970
500,000 BBB-/Baa2 First Tennessee Bank NA, 4.625%,
5/15/13 502,085
5,345,000 BBB+/Baa1 KeyCorp, 6.5%, 5/14/13 5,381,742
1,000,000 0.44 A+/Aa3 Mellon Funding Corp., Floating Rate
Note, 5/15/14 1,000,526
2,100,000 0.63 A-/A3 National City Bank Cleveland Ohio,
Floating Rate Note, 12/15/16 2,084,752
750,000 0.61 NR/A2 PNC Bank NA, Floating Rate Note,
1/28/16 751,269
2,294,000 0.50 A-/A3 PNC Funding Corp., Floating Rate
Note, 1/31/14 2,295,932
350,000 0.48 A+/Aa3 State Street Bank and Trust Co.,
Floating Rate Note, 12/8/15 347,226
1,425,000 0.58 A+/A1 US Bank NA Cincinnati Ohio, Floating
Rate Note, 10/14/14 1,428,055
--------------
$ 26,201,497
----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
1,000,000 AAA/Aaa BRFkredit AS, 2.05%, 4/15/13 (144A) $ 1,000,610
1,220,000 0.73 AAA/Aaa Swedbank Hypotek AB, Floating Rate
Note, 3/28/14 (144A) 1,224,340
--------------
$ 2,224,950
--------------
Total Banks $ 54,491,749
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.3%
Other Diversified Financial Services -- 4.0%
3,000,000 1.10 A-/Baa2 Bank of America Corp., Floating Rate
Note, 3/22/16 $ 2,988,615
2,080,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 2,093,104
2,500,000 0.00 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 2,498,000
800,000 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 800,000
3,410,000 A-/Baa2 Citigroup, Inc., 5.5%, 4/11/13 3,413,976
675,000 0.58 A-/Baa2 Citigroup, Inc., Floating Rate Note,
11/5/14 672,237
1,325,000 1.08 A-/NR Citigroup, Inc., Floating Rate Note,
4/1/16 1,325,771
2,942,000 2.29 A-/Baa2 Citigroup, Inc., Floating Rate Note,
8/13/13 2,961,352
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 61
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
250,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) $ 258,050
1,000,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 1,036,100
250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 254,525
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 270,225
1,320,000 6.60 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 1,342,308
525,000 5.00 BB+/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/7/15 (Cat Bond) (144A) 541,065
822,000 1.16 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/7/14 827,395
1,000,000 0.90 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 1/8/16 1,004,932
200,000 1.00 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/24/14 201,424
1,967,000 0.94 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 4/7/14 1,974,555
365,000 1.19 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 5/22/13 365,562
500,000 1.34 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 7/2/15 506,915
500,000 1.38 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 8/1/17 500,150
1,645,000 1.28 AA+/A1 General Electric Capital Corp., Floating
Rate Note, 9/23/13 1,652,421
300,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 307,140
2,500,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (Cat Bond) (144A) 2,508,000
500,000 9.25 B/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (Cat Bond) (144A) 503,150
1,250,000 1.10 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 1/24/14 1,257,489
2,000,000 0.96 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 10/15/15 2,010,576
1,800,000 0.91 A/A2 JPMorgan Chase & Co., Floating Rate
Note, 2/26/16 1,801,048
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 252,175
2,000,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 2,019,200
800,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 802,880
The accompanying notes are an integral part of these financial statements.
62 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
2,600,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) $ 2,615,080
500,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 505,300
500,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 504,700
250,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 256,525
500,000 13.00 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat
Bond) (144A) 509,750
1,000,000 6.25 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat
Bond) (144A) 1,009,600
250,000 10.75 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat
Bond) (144A) 253,525
2,500,000 6.60 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat
Bond) (144A) 2,526,000
500,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 524,650
2,000,000 7.00 BB/NR Shore Re, Ltd., Floating Rate Note,
7/8/13 (Cat Bond) (144A) 2,019,200
400,000 3.10 BBB-/NR Vita Capital IV, Ltd., Floating Rate
Note, 1/15/16 (Cat Bond) (144A) 405,320
1,500,000 2.90 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 1,533,150
500,000 3.60 BB+/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 506,350
--------------
$ 52,119,490
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
1,000,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) $ 1,034,900
2,790,000 0.38 A/A2 National Rural Utilities Cooperative
Finance Corp., Floating Rate Note,
2/18/14 2,790,031
1,500,000 NR/Aaa Private Export Funding Corp., 4.974%,
8/15/13 1,527,432
--------------
$ 5,352,363
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 63
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.3%
1,370,000 BBB+/A3 American Express Co., 4.875%,
7/15/13 $ 1,387,129
1,475,000 A-/A2 American Express Credit Corp.,
5.875%, 5/2/13 1,481,422
1,100,000 1.90 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/19/13 1,103,785
2,025,000 1.13 A-/A2 American Express Credit Corp., Floating
Rate Note, 6/24/14 2,040,204
1,500,000 0.43 A+/A1 American Honda Finance Corp., Floating
Rate Note, 4/8/14 (144A) 1,499,796
1,275,000 0.74 A+/A1 American Honda Finance Corp., Floating
Rate Note, 5/8/14 (144A) 1,280,695
1,500,000 0.68 A+/A1 American Honda Finance Corp., Floating
Rate Note, 6/18/14 (144A) 1,505,146
550,000 0.90 A+/A1 American Honda Finance Corp., Floating
Rate Note, 8/5/13 (144A) 551,263
3,550,000 BBB/Baa1 Capital One Bank USA NA, 6.5%,
6/13/13 3,591,815
2,242,000 1.45 BBB/Baa1 Capital One Financial Corp., Floating
Rate Note, 7/15/14 2,266,364
1,500,000 0.53 A/A2 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/26/16 1,501,311
2,000,000 0.64 A/A2 Caterpillar Financial Services Corp.,
Floating Rate Note, 2/9/15 2,008,504
897,000 0.45 A/A2 John Deere Capital Corp., Floating
Rate Note, 4/25/14 898,334
2,863,000 0.65 A+/A1 PACCAR Financial Corp., Floating
Rate Note, 4/5/13 2,863,117
250,000 0.53 A+/A1 PACCAR Financial Corp., Floating
Rate Note, 6/5/14 250,672
554,000 AA-/Aa3 Toyota Motor Credit Corp., 1.25%,
11/17/14 560,920
1,000,000 0.70 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 1/17/14 1,003,459
1,290,000 0.47 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 1/23/15 1,290,013
3,290,000 0.76 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 10/11/13 3,297,708
500,000 0.55 AA-/Aa3 Toyota Motor Credit Corp., Floating
Rate Note, 4/23/13 500,139
--------------
$ 30,881,796
----------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.5%
2,600,000 0.63 A+/A1 State Street Corp., Floating Rate Note,
3/7/14 $ 2,606,157
100,000 A+/Aa3 The Bank of New York Mellon Corp.,
4.5%, 4/1/13 100,000
The accompanying notes are an integral part of these financial statements.
64 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- (continued)
1,300,000 0.58 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 1/31/14 $ 1,302,492
485,000 0.53 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 10/23/15 485,378
1,000,000 0.51 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 3/4/16 999,705
1,200,000 0.57 A+/Aa3 The Bank of New York Mellon Corp.,
Floating Rate Note, 7/28/14 1,201,868
--------------
$ 6,695,600
----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.1%
3,502,000 A-/Baa2 Merrill Lynch & Co, Inc., 6.15%,
4/25/13 $ 3,514,285
1,620,000 1.90 A-/Baa1 Morgan Stanley, Floating Rate
Note, 1/24/14 1,633,365
1,700,000 1.54 A-/Baa1 Morgan Stanley, Floating Rate
Note, 2/25/16 1,707,244
1,050,000 1.28 A-/Baa1 Morgan Stanley, Floating Rate
Note, 4/29/13 1,050,563
100,000 2.79 A-/Baa1 Morgan Stanley, Floating Rate
Note, 5/14/13 100,262
400,000 1.02 A/A2 The Bear Stearns Companies LLC,
Floating Rate Note, 10/28/14 401,435
1,000,000 1.29 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 11/21/14 1,004,900
1,514,000 1.30 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 2/7/14 1,521,384
2,000,000 0.73 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 3/22/16 1,977,234
2,000,000 0.88 A-/A3 The Goldman Sachs Group, Inc.,
Floating Rate Note, 9/29/14 2,000,000
--------------
$ 14,910,672
--------------
Total Diversified Financials $ 109,959,921
----------------------------------------------------------------------------------------------------------
INSURANCE -- 3.3%
Life & Health Insurance -- 0.9%
5,392,000 A+/A1 Allstate Life Global Funding Trusts,
5.375%, 4/30/13 $ 5,413,660
1,000,000 0.68 AA-/Aa3 MetLife Institutional Funding II,
Floating Rate Note, 1/6/15 (144A) 1,001,056
600,000 1.55 A-/A3 MetLife, Inc., Floating Rate Note, 8/6/13 602,491
2,800,000 A-/Baa2 Protective Life Corp., 4.3%, 6/1/13 2,816,010
500,000 0.57 BBB/Baa1 Sun Life Financial Global Funding III LP,
Floating Rate Note, 10/6/13 (144A) 499,924
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 65
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
1,000,000 2.75 BBB+/NR Vitality Re IV, Ltd., Floating Rate Note,
1/9/16 (Cat Bond) (144A) $ 1,012,700
1,000,000 4.56 BBB+/NR Vitality Re, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 1,021,100
--------------
$ 12,366,941
----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.4%
520,000 AA-/Aa3 Metropolitan Life Global Funding I,
2.0%, 1/10/14 (144A) $ 525,764
1,130,000 AA-/Aa3 Metropolitan Life Global Funding I,
5.125%, 4/10/13 (144A) 1,131,063
680,000 1.06 AA-/Aa3 Metropolitan Life Global Funding I,
Floating Rate Note, 1/10/14 (144A) 683,567
1,000,000 AA+/Aaa New York Life Global Funding, 0.75%,
7/24/15 (144A) 1,003,524
1,300,000 0.30 AA+/Aaa New York Life Global Funding, Floating
Rate Note, 7/30/14 (144A) 1,300,361
--------------
$ 4,644,279
----------------------------------------------------------------------------------------------------------
Reinsurance -- 2.0%
750,000 8.18 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) $ 758,400
600,000 6.30 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 626,820
945,000 11.05 BB-/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 1,012,756
500,000 9.25 BB/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 504,800
500,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 506,750
500,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 513,250
1,500,000 10.00 NR/Ba2 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,610,850
500,000 0.00 B/NR Everglades Re, Ltd., Floating Rate Note,
3/28/16 (Cat Bond) (144A) 508,550
1,000,000 17.75 B+/NR Everglades Re, Ltd., Floating Rate Note,
4/30/14 (Cat Bond) (144A) 1,092,400
1,550,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 1,616,650
2,000,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 2,025,400
750,000 3.75 BB+/NR Golden State Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 768,750
2,000,000 6.50 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/13 (Cat Bond) (144A) 2,008,400
750,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate
Note, 6/12/15 (Cat Bond) (144A) 781,350
The accompanying notes are an integral part of these financial statements.
66 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,000,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) $ 1,047,600
500,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 529,600
1,500,000 8.71 B+/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat
Bond) (144A) 1,514,250
250,000 11.94 B-/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat
Bond) (144A) 246,425
500,000 8.72 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 533,150
1,000,000 8.22 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 1,066,500
250,000 13.75 NR/NR Pelican Re, Ltd., Floating Rate Note,
4/13/15 (Cat Bond) (144A) 262,725
250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 260,950
800,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 804,560
2,000,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 2,022,800
250,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 273,150
750,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 790,425
1,150,000 9.41 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 1,155,635
250,000 16.75 NR/NR Successor X, Ltd., Floating Rate Note,
4/4/13 (Cat Bond) (144A) 250,550
500,000 9.75 NR/NR Successor X, Ltd., Floating Rate Note,
4/4/13 (Cat Bond) (144A) 500,350
750,000 11.75 NR/NR Successor X, Ltd., Floating Rate Note,
4/4/13 (Cat Bond) (144A) 750,825
--------------
$ 26,344,621
--------------
Total Insurance $ 43,355,841
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.1%
Office Electronics -- 0.1%
1,050,000 1.68 BBB-/Baa2 Xerox Corp., Floating Rate Note,
9/13/13 $ 1,054,051
--------------
Total Technology Hardware
& Equipment $ 1,054,051
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 67
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.3%
1,330,000 1.41 BBB/Baa2 British Telecommunications Plc, Floating
Rate Note, 12/20/13 $ 1,340,414
1,000,000 BBB+/Baa1 Deutsche Telekom International
Finance BV, 5.25%, 7/22/13 1,013,970
1,000,000 NR/Ba2 GTP Towers Issuer LLC, 8.112%,
2/15/15 (144A) 1,066,940
500,000 BBB/Baa3 Telecom Italia Capital SA, 5.25%,
11/15/13 510,422
--------------
$ 3,931,746
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,150,000 0.68 A-/A3 Vodafone Group Plc, Floating Rate
Note, 2/19/16 $ 1,148,871
--------------
Total Telecommunication Services $ 5,080,617
----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 0.5%
1,341,000 BBB/Baa2 Duke Energy Corp., 5.65%, 6/15/13 $ 1,354,752
1,090,000 0.60 A/A3 Georgia Power Co., Floating Rate
Note, 3/15/16 1,090,631
1,175,000 BBB+/Baa2 Northeast Utilities, 5.65%, 6/1/13 1,184,706
3,222,000 1.03 BBB+/Baa2 Northeast Utilities, Floating Rate
Note, 9/20/13 3,232,372
--------------
$ 6,862,461
----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
2,820,000 A-/Baa2 Dominion Resources, Inc. Virginia,
1.8%, 3/15/14 $ 2,851,198
1,495,000 1.04 BBB+/Baa1 Sempra Energy, Floating Rate Note,
3/15/14 1,502,713
--------------
$ 4,353,911
----------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.3%
2,100,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) $ 2,186,310
1,350,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate
Note, 3/14/14 (Cat Bond) (144A) 1,377,405
--------------
$ 3,563,715
--------------
Total Utilities $ 14,780,087
----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $253,406,435) $ 254,367,072
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 7.6%
6,831 AAA/Aaa Fannie Mae, 6.5%, 1/1/15 $ 7,023
14,733 AAA/Aaa Fannie Mae, 7.0%, 10/1/17 15,812
29,039 2.65 AAA/Aaa Fannie Mae, Floating Rate Note,
1/1/48 30,956
29,598 2.54 AAA/Aaa Fannie Mae, Floating Rate Note,
10/1/32 31,685
18,567 2.28 AAA/Aaa Fannie Mae, Floating Rate Note,
11/1/23 19,328
33,017 2.42 AAA/Aaa Fannie Mae, Floating Rate Note, 2/1/34 33,725
7,383 2.70 AAA/Aaa Fannie Mae, Floating Rate Note, 4/1/15 7,417
26,694 2.31 AAA/Aaa Fannie Mae, Floating Rate Note, 9/1/32 28,398
500,000 AA+/Aaa Federal Farm Credit Banks,
0.875%, 6/14/16 500,662
100,000 0.26 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 10/15/13 100,074
5,000,000 0.10 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 2/10/14 5,002,270
6,000,000 0.42 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 3/17/14 6,014,430
2,000,000 0.40 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 3/6/14 2,004,308
1,000,000 0.26 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 4/25/14 1,001,227
1,000,000 0.40 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 5/29/14 1,002,891
1,230,000 0.25 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 7/16/14 1,231,123
5,000,000 0.23 AA+/Aaa Federal Farm Credit Banks, Floating
Rate Note, 7/29/13 5,002,170
3,000,000 0.24 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 1/15/14 3,002,424
3,600,000 0.25 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 1/2/14 3,602,142
1,000,000 0.21 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 11/15/13 1,000,462
4,570,000 0.22 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 12/20/13 4,572,641
6,150,000 0.28 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 2/28/14 6,157,448
1,250,000 0.25 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 3/11/14 1,251,199
3,000,000 0.33 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 4/12/13 3,000,183
670,000 0.18 AA+/NR Federal Home Loan Banks, Floating
Rate Note, 4/12/13 669,996
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 69
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
300,000 0.34 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 4/5/13 $ 300,005
450,000 0.31 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 5/2/13 450,073
2,500,000 0.30 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 6/7/13 2,500,868
5,515,000 0.24 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 7/22/13 5,517,454
3,675,000 0.28 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 8/1/13 3,676,896
7,000,000 0.17 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 8/22/13 7,001,470
485,000 0.36 AA+/Aaa Federal Home Loan Banks, Floating
Rate Note, 9/16/13 485,533
4,759 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 6/1/14 4,863
13,446 2.36 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 10/1/23 14,362
16,352 2.86 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/1/33 17,525
6,240,000 0.43 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 11/18/13 6,251,519
8,839 4.60 AAA/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 6/1/35 9,396
2,020,000 0.34 AA+/Aaa Federal Home Loan Mortgage Corp.,
Floating Rate Note, 8/12/13 2,021,568
2,000,000 0.39 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 10/25/13 2,002,896
16,308,000 0.29 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 3/4/14 16,329,951
2,000,000 0.36 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 6/23/14 2,004,300
6,160,000 0.38 AA+/Aaa Federal National Mortgage Association,
Floating Rate Note, 8/9/13 6,165,113
17,072 1.62 AAA/Aaa Government National Mortgage
Association II, Floating Rate Note,
1/20/22 17,793
544,740 AA+/Aaa U.S. Treasury Inflation Indexed Bonds,
0.625%, 4/15/13 546,825
----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $100,564,904) $ 100,608,404
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
70 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.4%
Municipal Development -- 0.4%
3,005,000 0.13 NR/Aa1 Mississippi Business Finance Corp.,
Floating Rate Note, 12/1/30 $ 3,005,000
1,860,000 0.13 AA/Aa1 Mississippi Business Finance Corp.,
Floating Rate Note, 12/1/30 1,860,000
--------------
$ 4,865,000
----------------------------------------------------------------------------------------------------------
Municipal General -- 0.1%
200,000 1.28 A+/A1 New Jersey Economic Development
Authority, Floating Rate Note, 6/15/13 $ 200,076
1,000,000 NR/NR State of California, 2.5%, 6/20/13 1,005,300
--------------
$ 1,205,376
----------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 1.8%
6,290,000 0.10 AAA/Aaa Connecticut State Health & Educational
Facility Authority, Floating Rate Note,
7/1/33 $ 6,290,000
10,955,000 0.10 AA/Aa2 Maryland Health & Higher Educational
Facilities Authority, Floating Rate
Note, 7/1/36 10,955,000
250,000 0.78 AA/Aa1 University of California, Floating Rate
Note, 7/1/41 250,432
6,470,000 0.11 AAA/Aaa University of Michigan, Floating Rate
Note, 12/1/29 6,470,000
--------------
$ 23,965,432
----------------------------------------------------------------------------------------------------------
Municipal Housing -- 0.1%
500,000 AA-/Aa3 Massachusetts Housing Finance
Agency, 0.467%, 6/1/13 $ 500,065
----------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.9%
4,100,000 0.14 AA/NR Harris County Health Facilities
Development Corp., Floating Rate
Note, 12/1/41 $ 4,100,000
7,000,000 0.10 AAA/Aaa Loudoun County Industrial Development
Authority, Floating Rate Note, 2/15/38 7,000,000
--------------
$ 11,100,000
----------------------------------------------------------------------------------------------------------
Municipal Power -- 0.1%
1,000,000 0.90 NR/Aa3 South Carolina State Public Service
Authority, Floating Rate Note, 6/2/14 $ 1,005,500
250,000 0.70 NR/Aa3 South Carolina State Public Service
Authority, Floating Rate Note, 7/1/13 250,165
--------------
$ 1,255,665
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 71
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Municipal Student Loan -- 0.1%
1,250,000 1.00 AA+/NR Louisiana Public Facilities Authority,
Floating Rate Note, 4/26/27 $ 1,262,675
----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $44,144,763) $ 44,154,213
----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 7.1%**
ENERGY -- 0.2%
Oil & Gas Drilling -- 0.0%+
500,000 0.00 NR/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 $ 503,750
----------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.0%+
57,026 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 6/1/16 $ 57,311
----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
250,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term
Loan, 12/2/17 $ 258,170
300,000 6.00 B/B1 Samson Investment Co., Initial Term
Loan (Second Lien), 9/10/16 304,350
--------------
$ 562,520
----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
99,500 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 100,631
1,000,000 0.00 BBB-/Ba1 Tesoro Corp., Initial Term Loan, 1/11/16 1,013,750
--------------
$ 1,114,381
----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.0%+
222,750 4.75 BB-/Ba3 Gibson Energy, Inc., Tranche B Term
Loan, 6/30/18 $ 226,091
--------------
Total Energy $ 2,464,053
----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.1%
196,217 4.25 BB-/B1 Taminco Global Chemical Corp., T
ranche B-2 Dollar Term Loan, 2/15/19 $ 198,547
703,607 4.50 NR/Ba2 Tronox, Inc., Closing Date Term Loan,
1/24/17 708,151
--------------
$ 906,698
----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
1,045,000 4.75 B+/B1 DuPont Performance Coatings, Inc.,
Initial Term B Loan, 2/1/20 $ 1,060,081
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
750,000 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 $ 761,250
947,625 4.50 NR/NR PQ Corp., 2013 Term Loan, 8/7/17 958,878
--------------
$ 1,720,128
----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
498,750 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 505,296
----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.0%+
49,125 6.50 B/B2 Exopack Holding Corp., Term Loan B,
5/6/17 $ 49,678
360,180 4.00 BB/Ba1 Sealed Air Corp., Term B-1 Facility,
10/3/18 366,145
--------------
$ 415,823
----------------------------------------------------------------------------------------------------------
Aluminum -- 0.0%+
118,800 5.75 B/B1 Noranda Aluminum Holding Corp.,
Term B Loan, 2/17/19 $ 120,805
----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
996,247 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term
Loan, 9/18/17 $ 1,009,234
534,863 0.00 B+/B2 Preferred Sands Holding Co. LLC,
Term B Loan, 12/15/16 500,097
45,501 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B
Term Loan, 7/21/18 45,729
--------------
$ 1,555,060
----------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
438,172 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B
Term Loan, 3/1/17 $ 441,549
----------------------------------------------------------------------------------------------------------
Steel -- 0.0%+
148,487 4.75 BB/B1 JMC Steel Group, Inc., Term Loan,
2/15/17 $ 150,063
--------------
Total Materials $ 6,875,503
----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.1%
489,861 4.75 BBB-/Ba2 AWAS Aviation Capital, Ltd., Term
Loan, 6/25/18 $ 494,760
340,000 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 344,383
423,938 5.25 B/B1 Sequa Corp., Initial Term Loan, 12/19/17 431,180
346,500 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 3/27/19 350,182
--------------
$ 1,620,505
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 73
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
463,954 6.00 B+/B2 Custom Building Products, Inc., Term
Loan, 12/12/19 $ 472,073
997,500 4.25 B+/B1 Unifrax Corp., New Term B Loan,
12/31/19 1,008,722
--------------
$ 1,480,795
----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
895,500 6.00 BB-/Ba2 WireCo WorldGroup, Inc., Term
Loan, 4/13/17 $ 908,932
----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
700,000 0.00 NR/NR Milacron LLC, Term Loan, 3/12/20 $ 707,000
----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
147,758 4.50 NR/Ba2 Terex Corp., New US Term Loan,
4/28/17 $ 150,011
51,124 4.25 BB/Ba2 The Manitowoc Co., Inc., Term B
Loan, 10/11/17 51,795
987,500 5.75 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 1,002,313
--------------
$ 1,204,119
----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
483,943 4.25 NR/NR Schaeffler AG, Facility C (USD),
1/27/17 $ 489,993
498,747 0.00 BB/Ba3 Trimas Corp., Tranche B Term Loan
(2012), 10/11/19 503,111
83,396 6.25 BB-/Ba2 Xerium Technologies, Inc., Initial U.S.
Term Loan, 5/26/17 84,021
--------------
$ 1,077,125
----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
1,271,813 4.50 B+/Ba3 WESCO International, Inc., Tranche
B-1 Loan, 12/4/19 $ 1,285,961
--------------
Total Capital Goods $ 8,284,437
----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.1%
198,000 3.50 BB+/Baa3 Covanta Holding Corp., Term
Loan, 3/1/19 $ 200,351
100,000 0.00 NR/NR ISS AS, New Term B Loan, 3/26/18 100,594
399,000 3.50 BBB-/Ba1 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/31/19 405,110
151,507 4.00 B+/B1 Waste Industries USA, Inc., Term B
Loan, 2/23/17 153,780
--------------
$ 859,835
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
74 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%+
96,491 4.25 BB+/Ba1 ACCO Brands Corp., Term B Loan,
1/4/19 $ 97,878
----------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.0%+
498,640 6.25 B/B1 Language Line Services Holdings, Inc.,
Tranche B Term Loan, 5/30/16 $ 496,355
----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
521,020 5.25 B+/Ba3 Allied Security Holdings LLC, Term
Loan (First Lien), 2/4/17 $ 525,579
748,125 4.50 BB/Ba1 Garda World Security Corp., Term B
Loan, 10/24/19 758,646
--------------
$ 1,284,225
----------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
601,486 5.00 BB-/Ba3 On Assignment, Inc., Initial Term B
Loan, 3/20/19 $ 609,749
--------------
Total Commercial Services & Supplies $ 3,348,042
----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
750,000 5.25 B+/Ba2 Delta Air Lines, Inc., Term B-1
Loan, 9/28/18 $ 762,891
250,000 0.00 BB-/Ba2 United Air Lines, Inc., Class B Term
Loan, 3/12/19 253,021
--------------
$ 1,015,912
----------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
180,952 2.95 NR/NR Swift Transportation Co. LLC, Tranche B-1
Term Loan (2013), 12/21/16 $ 182,762
331,509 4.00 NR/NR Swift Transportation Co. LLC, Tranche B-2
Term Loan (2013), 12/21/17 336,689
--------------
$ 519,451
--------------
Total Transportation $ 1,535,363
----------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.1%
149,250 4.25 BB-/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 $ 151,321
498,750 5.00 B+/B1 Metaldyne Corp., USD Term Loan,
12/19/18 507,478
646,369 0.00 NR/NR TI Group Automotive Systems LLC,
3/27/19 652,832
96,293 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 97,496
--------------
$ 1,409,127
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 75
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
600,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co.,
Loan (Second Lien), 3/27/19 $ 607,495
--------------
Total Automobiles & Components $ 2,016,622
----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Home Furnishings -- 0.0%+
623,438 5.00 BB/Ba3 Tempur-Pedic International, Inc., Term B
Loan, 9/27/19 $ 632,956
----------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
151,705 3.75 BB-/Ba2 Prestige Brands, Inc., Term B-1
Loan, 1/31/19 $ 154,132
797,247 4.75 NR/B1 Reynolds Group Holdings, Ltd., U.S.
Term Loan, 9/21/18 809,775
252,724 5.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 3/2/19 255,646
--------------
$ 1,219,553
----------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.1%
965,000 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 976,685
----------------------------------------------------------------------------------------------------------
Footwear -- 0.1%
812,080 4.00 BB/Ba2 Wolverine World Wide, Inc., Tranche B
Term Loan, 5/1/19 $ 822,231
----------------------------------------------------------------------------------------------------------
Textiles -- 0.1%
902,166 5.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1
Loan, 12/14/16 $ 918,518
--------------
Total Consumer Durables & Apparel $ 4,569,943
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Casinos & Gaming -- 0.2%
98,492 4.00 BB+/Ba2 Ameristar Casinos, Inc., B Term Loan,
3/29/18 $ 99,431
131,250 6.00 BB-/Ba3 Boyd Gaming Corp., Increased Term
Loan, 12/17/15 132,797
1,246,875 4.25 BB/Ba2 MGM Resorts International, Term B
Loan, 12/13/19 1,269,364
905,292 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 7/14/18 913,963
188,100 4.00 BB+/Ba1 Pinnacle Entertainment, Inc., Series A
Term Loan, 3/5/19 189,746
97,796 3.21 BBB-/Ba1 Scientific Games Corp., Tranche B-1
Term Loan, 6/30/15 98,407
--------------
$ 2,703,708
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
76 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
250,000 5.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 7/17/19 $ 252,786
540,216 4.00 BB+/Ba2 Six Flags Entertainment Corp., Tranche B
Term Loan, 11/23/18 545,568
--------------
$ 798,354
----------------------------------------------------------------------------------------------------------
Restaurants -- 0.2%
245,765 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan
(2012), 9/28/19 $ 249,425
128,283 3.75 BB-/Ba2 DineEquity, Inc., Term B-2 Loan,
10/19/17 130,248
496,241 4.75 B+/B1 Landry's, Inc., B Term Loan, 3/22/18 500,790
157,067 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term
Loan, 12/28/18 159,717
871,622 5.25 B+/Ba3 PF Chang's China Bistro, Inc., Term
Borrowing, 7/2/19 883,607
1,049,725 4.75 BB-/B1 Wendy's International, Inc., Term
Loan, 4/3/19 1,062,468
--------------
$ 2,986,255
----------------------------------------------------------------------------------------------------------
Education Services -- 0.0%+
379,050 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 382,525
--------------
Total Consumer Services $ 6,870,842
----------------------------------------------------------------------------------------------------------
MEDIA -- 0.5%
Advertising -- 0.1%
498,750 0.00 B+/Ba3 Advantage Sales & Marketing LLC,
2013 Term Loan (First Lien), 12/17/17 $ 506,439
423,938 4.75 B/B1 Getty Images, Inc., New Initial Term
Loan, 9/17/19 430,864
--------------
$ 937,303
----------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
247,500 4.00 BB-/Ba2 Cequel Communications Holdings I LLC,
Term Loan, 1/31/19 $ 250,149
128,266 5.00 BB-/Ba3 Entercom Communications Corp., Term B
Loan, 11/7/18 130,811
746,250 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term Loan,
2/8/20 755,578
623,438 4.75 B/B1 NEP Broadcasting LLC, Refinanced
New Term Loan (First Lien), 1/3/20 630,451
395,109 0.00 BB+/Ba1 Sinclair Broadcast Group, Inc., New
Tranche B Term Loan, 10/29/16 396,835
372,188 0.00 NR/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 375,675
347,375 5.75 NR/NR Truven Health Analytics, Inc., New
Tranche B Term Loan, 5/23/19 353,454
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 77
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
98,318 3.50 BB-/Ba3 TWCC Holding Corp., Term Loan,
2/11/17 $ 99,813
--------------
$ 2,992,766
----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
371,250 4.00 BB+/Baa3 Charter Communications Operating
LLC, Term D Loan, 3/28/19 $ 375,798
650,000 3.25 NR/NR Kabel Deutschland Vertrieb und
Service GmbH, Facility F1, 2/1/19 654,120
298,496 6.25 B/B1 WideOpenWest LLC, Term Loan,
4/18/18 302,675
--------------
$ 1,332,593
----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
569,301 4.75 BB-/Ba2 AMC Entertainment, Inc., Term B-3
Loan, 2/7/18 $ 574,209
494,908 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B
Loan, 10/20/16 499,440
493,750 5.25 BB-/Ba2 WMG Acquisition Corp., Initial Term
Loan, 10/25/18 503,008
--------------
$ 1,576,657
----------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
142,308 0.00 B+/Ba3 Interactive Data Corp., Refinanced
Term Loan, 2/11/18 $ 144,131
--------------
Total Media $ 6,983,450
----------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Apparel Retail -- 0.0%+
59,511 5.75 BB/Ba3 Lord & Taylor LLC, Term Loan, 12/2/18 $ 60,230
----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.1%
1,250,000 4.50 B/B1 Apex Tool Group LLC, Term Loan,
2/1/20 $ 1,269,531
----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.1%
1,000,000 3.75 BB-/B1 Michaels Stores, Inc., Term B Loan,
1/16/20 $ 1,012,079
----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
548,620 3.75 BB/Ba1 Avis Budget Car Rental LLC, New
Tranche B Term Loan, 3/15/19 $ 555,473
498,750 6.25 B+/B1 Sequa Automotive Group, Term Loan,
11/1/18 504,257
748,125 3.75 BB/NR The Hertz Corp., Tranche B1 Term
Loan, 3/11/18 759,502
--------------
$ 1,819,232
--------------
Total Retailing $ 4,161,072
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
78 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Food Distributors -- 0.0%+
249,375 5.75 B/B1 AdvancePierre Foods, Term Loan (First
Lien), 6/17/17 $ 253,427
----------------------------------------------------------------------------------------------------------
Food Retail -- 0.1%
625,000 5.75 NR/NR Albertsons LLC, Term B Loan, 2/14/16 $ 636,440
--------------
Total Food & Staples Retailing $ 889,867
----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Packaged Foods & Meats -- 0.4%
498,750 5.00 B+/NR Acosta, Inc., Term D Loan, 9/25/17 $ 505,608
74,063 4.00 BB/Ba1 B&G Foods, Inc., Tranche B Term
Loan (2012), 11/30/18 75,220
498,750 4.00 B/B1 Del Monte Foods Co., Initial Term
Loan, 2/3/18 503,686
1,600,000 0.00 BB-/NR HJ Heinz Co., Term B2 Loan, 3/27/20 1,615,664
997,500 3.75 NR/Ba2 JBS USA LLC, Initial Term Loan,
5/25/18 1,006,228
1,042,985 4.75 B+/Ba3 Pinnacle Foods Finance LLC, Tranche E
Term Loan, 9/16/18 1,053,974
--------------
$ 4,760,380
--------------
Total Food, Beverage & Tobacco $ 4,760,380
----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%+
Personal Products -- 0.0%+
173,251 0.00 NR/NR Monotronics International, Inc., Term B
Loan, 3/23/18 $ 171,518
426,136 4.00 B+/Ba2 Revlon Consumer Products Corp.,
Replacement Term Loan, 11/19/17 433,327
--------------
$ 604,845
--------------
Total Household & Personal Products $ 604,845
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Equipment -- 0.1%
1,144,250 4.50 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4/29/19 $ 1,161,533
371,062 5.50 BB-/Ba2 Kinetic Concepts, Inc., Dollar Term C-1
Loan, 5/4/18 378,251
--------------
$ 1,539,784
----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.0%+
221,640 5.00 BB-/Ba3 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 223,684
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 79
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
600,000 5.00 B+/Ba3 BSN Medical GmbH & Co. KG, Facility
B1A, 8/28/19 $ 607,000
748,125 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan,
8/1/19 756,834
1,271,762 4.00 B+/Ba3 Emergency Medical Services Corp.,
Initial Term Loan, 4/5/18 1,279,393
66,656 7.75 B/B2 inVentiv Health, Inc., Term B-3 Loan,
6/24/18 66,239
746,292 6.75 B+/Ba3 MModal, Inc., Term B Loan, 8/17/19 719,705
--------------
$ 3,429,171
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
72,924 0.00 BB-/Ba3 Health Management Associates, Inc.,
Replacement Term B Loan, 11/18/18 $ 73,621
496,225 4.50 NR/NR IASIS Healthcare LLC, Term B-2 Loan,
5/3/18 503,823
723,188 5.25 B+/Ba3 Kindred Healthcare, Inc., Incremental
Term Loan, 6/1/18 730,871
498,750 2.71 BB-/Ba1 LifePoint Hospitals, Inc., Incremental
Term Loan B, 7/24/17 502,802
498,750 7.00 NR/NR RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien 2013), 11/4/18 507,478
992,500 5.50 B+/B1 Select Medical Corp., Series A Tranche B
Term Loan, 6/1/18 998,703
98,250 5.50 B+/B1 Select Medical Holdings Corp., Tranche B
Term Loan, 4/25/18 99,232
--------------
$ 3,416,530
----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
750,000 5.00 B+/Ba3 Convatec, Inc., Dollar Term Loan,
12/1/16 $ 763,360
644,430 5.00 BB-/Ba3 Emdeon, Inc., Term B-1 Loan, 11/2/18 653,896
--------------
$ 1,417,256
--------------
Total Health Care Equipment & Services $ 10,026,425
----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Biotechnology -- 0.2%
945,250 3.50 BB/B1 Alkermes, Inc., 2019 Term Loan,
9/25/19 $ 950,370
97,995 5.50 BB/B2 Axcan Intermediate Holdings, Inc.,
Term B-1 Loan, 2/11/17 98,975
815,191 4.25 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 824,725
154,263 4.25 BBB-/Ba3 Warner Chilcott Corp., Additional
Term B-1 Loan, 3/15/18 156,577
354,376 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-1
Loan, 3/3/18 359,692
The accompanying notes are an integral part of these financial statements.
80 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
125,573 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-2 Loan,
3/17/18 $ 127,457
279,253 4.25 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 283,442
--------------
$ 2,801,238
----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
8,650 4.00 BBB-/Baa3 Endo Health Solutions, Inc., Term Loan B
2011, 6/18/18 $ 8,713
746,255 4.25 B+/B1 Par Pharmaceutical Companies, Inc.,
Additional Term B-1 Loan, 9/28/19 755,502
541,957 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term Loan
(2012), 5/10/18 548,280
643,584 4.00 BBB-/Baa2 RPI Finance Trust, New Term Loan,
11/9/18 648,411
598,500 3.50 NR/NR Valeant Pharmaceuticals International,
Inc., Series C-1 Tranche B Term
Loan, 12/11/19 604,407
249,375 3.50 BBB-/Ba1 Valeant Pharmaceuticals International,
Inc., Series D-1 Tranche B Term Loan,
2/13/19 251,930
--------------
$ 12,817,243
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 5,618,481
----------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
1,225,000 5.00 B/B1 Ocwen Financial Corp., Initial Term Loan,
1/15/18 $ 1,246,438
--------------
Total Banks $ 1,246,438
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.1%
1,226,772 5.75 NR/B1 Fly Funding II Sarl, Term Loan, 8/9/18 $ 1,243,640
98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan, 8/6/17 99,607
--------------
$ 1,343,247
----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
773,063 5.25 B/NR DH Services Luxembourg Sarl, Term
Loan, 12/18/19 $ 780,954
500,000 0.00 BB-/B1 ROC Finance LLC, New Term Loan B,
3/27/19 503,440
--------------
$ 1,284,394
--------------
Total Diversified Financials $ 2,627,641
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 81
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Life & Health Insurance -- 0.0%
477,883 5.00 NR/Ba3 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 485,947
----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.0%+
249,375 5.00 B-/B1 Alliant Insurance Services, Inc., Initial
Term Loan, 12/7/19 $ 252,414
----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
1,107,225 5.25 B-/B1 USI Insurance Services LLC, Initial Term
Loan, 11/29/19 $ 1,118,759
--------------
Total Insurance $ 1,857,120
----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Services -- 0.0%+
498,750 5.75 BB-/B1 Altisource Portfolio Solutions SA, Term B
Loan, 11/1/19 $ 508,102
--------------
Total Real Estate $ 508,102
----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
IT Consulting & Other Services -- 0.1%
995,000 4.50 BB/Ba3 Booz Allen Hamilton Holding Corp.,
Initial Tranche B Term Loan, 7/10/19 $ 1,010,422
----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
995,000 4.25 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 $ 1,010,754
171,586 4.25 BB/Ba3 VeriFone Systems, Inc., Term B Loan,
11/14/18 172,373
--------------
$ 1,183,127
----------------------------------------------------------------------------------------------------------
APPLICATION SOFTWARE -- 0.0%+
247,688 8.50 B/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 3/13/18 $ 250,165
----------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
619,659 4.00 NR/Ba2 Rovi Corp., Tranche B2 Term Loan,
3/30/19 $ 619,659
--------------
Total Software & Services $ 3,063,373
----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
497,500 6.75 B+/B1 Audio Visual Services Corp., Term Loan
(First Lien), 10/11/18 $ 501,231
248,101 3.75 BB/Ba3 CommScope, Inc., Tranche 2 Term Loan,
1/14/18 250,889
1,689,080 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term Loan,
10/29/19 1,710,193
--------------
$ 2,462,313
--------------
Total Technology Hardware & Equipment $ 2,462,313
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
82 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.0%+
131,559 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term Loan,
4/25/18 $ 134,135
98,250 3.75 BBB-/Ba2 Sensata Technologies BV, Term Loan,
4/29/18 99,550
--------------
$ 233,685
----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
295,301 3.75 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 297,959
486,325 4.25 BBB-/Ba2 Semtech Corp., B Term Loan, 2/21/17 492,404
--------------
$ 790,363
--------------
Total Semiconductors &
Semiconductor Equipment $ 1,024,048
----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.6%
Integrated Telecommunication Services -- 0.5%
750,000 0.00 B+/B1 Hargray Communications Group, Inc.,
1st Lien Term Loan, 6/29/14 $ 752,812
748,005 0.00 BB+/Baa3 tw telecom holdings, inc., Term B2 Loan,
12/30/16 753,615
2,205,000 0.00 NR/NR Virgin Media Investment Holdings, Ltd.,
2/6/20 2,196,731
1,158,589 4.25 B+/Ba3 West Corp., Term B-8 Loan, 6/30/18 1,178,864
719,563 4.00 BB+/Baa3 Windstream Corp., Tranche B-3 Term
Loan, 7/23/19 728,557
748,125 3.50 BB+/Baa3 Windstream Corp., Tranche B-4 Term
Loan, 1/8/20 756,541
--------------
$ 6,367,120
----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
123,125 4.50 NR/NR Cellular South, Inc., Term Loan, 7/27/17 $ 124,664
123,438 4.00 B+/Ba2 Crown Castle International Corp.,
Tranche B Term Loan, 1/10/19 125,042
750,000 0.00 BB-/B1 Syniverse Holdings, Inc., Initial Term
Loan (2013), 4/23/19 751,875
--------------
$ 1,001,581
--------------
Total Telecommunication Services $ 7,368,701
----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Independent Power Producers & Energy Traders -- 0.3%
270,628 5.00 BB+/NR AES Corp. Virginia, 2013 Other Term
Loan, 5/27/18 $ 274,814
772,500 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 779,662
891,189 3.25 NR/NR NRG Energy, Inc., 2013 Term
Loan, 7/1/18 904,446
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 83
Schedule of Investments | 3/31/13 (continued)
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- (continued)
1,381,538 4.75 BB+/Ba1 NSG Holdings LLC, New Term
Loan, 11/15/19 $ 1,405,714
900,000 0.00 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 912,375
--------------
$ 4,277,011
--------------
Total Utilities $ 4,277,011
----------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $92,007,372) $ 93,444,072
----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.6%
Certificates of Deposit -- 3.0%
950,000 0.56 NR/NR Bank of Nova Scotia Houston, Floating
Rate Note, 1/3/14 $ 951,647
2,500,000 0.55 NR/NR Bank of Nova Scotia Houston, Floating
Rate Note, 7/19/13 2,502,175
3,000,000 0.63 NR/NR Bank of Nova Scotia Houston, Floating
Rate Note, 9/17/13 3,006,525
2,000,000 1.03 AA-/Aa2 Commonwealth Bank of Australia New
York NY, Floating Rate Note, 6/14/13 2,004,466
6,490,000 NR/NR National Australia Funding Delaware,
Inc., 0.0%, 4/1/13 (c) 6,490,000
6,455,000 BBB+/A3 Nissan Motor Acceptance Corp.,
0.0%, 4/5/13 (c) 6,454,785
1,000,000 0.77 AA-/Aa3 Nordea Bank Finland Plc New York,
Floating Rate Note, 1/27/14 1,003,803
300,000 0.74 AA-/NR Nordea Bank Finland Plc New York,
Floating Rate Note, 4/5/13 300,014
600,000 0.53 NR/NR Royal Bank of Canada New York NY,
Floating Rate Note, 5/29/13 600,352
1,550,000 0.49 AA-/Aa3 Royal Bank of Canada New York NY,
Floating Rate Note, 9/3/13 1,551,993
3,450,000 1.10 NR/NR Svenska Handelsbanken New York NY,
Floating Rate Note, 7/17/14 3,458,880
2,000,000 0.30 NR/NR Toronto-Dominion Bank New York,
Floating Rate Note, 10/21/13 2,000,468
750,000 0.29 NR/NR Toronto-Dominion Bank New York,
Floating Rate Note, 5/15/13 750,000
7,000,000 BBB+/Baa2 Tyco Electronics Group SA, 0.0%,
4/1/13 (c) 7,000,000
1,500,000 0.19 NR/NR Wells Fargo Bank NA, Floating Rate
Note, 9/13/13 1,499,329
250,000 1.06 NR/NR Westpac Banking Corp. New York,
Floating Rate Note, 7/10/13 250,553
--------------
$ 39,824,990
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
84 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Repurchase Agreements -- 3.6%
20,465,000 NR/Aaa Bank of Nova Scotia, Inc., 0.19%, dated
3/28/13, repurchase price of
$20,465,000 plus accrued interest on
4/1/13 collateralized by $20,874,411
Freddie Mac Giant, 3.5%, 6/1/42 $ 20,465,000
27,265,000 NR/Aaa Deutschebank AG, 0.15%, dated
3/28/13, repurchase price of
$20,465,000 plus accrued interest on
4/1/13 collateralized by $27,810,319
U.S. Treasury Strip, 0.0-2.625%,
8/15/13-2/15/35 27,265,000
--------------
$ 47,730,000
----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $87,566,906) $ 87,554,990
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.8%
(Cost $1,308,858,089) (a) $1,315,882,975
----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.2% $ 5,040,961
----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,320,923,936
==========================================================================================================
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
REMIC Real Estate Mortgage Investment Conduits.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
+ 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 March 31, 2013, the value of these securities
amounted to $321,391,005 or 24.3% 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 United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 85
Schedule of Investments | 3/31/13 (continued)
(a) At March 31, 2013, the net unrealized appreciation on investments based
on cost for federal income tax purposes of $1,311,372,172 was as follows:
Aggregate gross unrealized appreciation for all
investments in which there is an excess of value
over tax cost $ 7,577,038
Aggregate gross unrealized depreciation for all
investments in which there is an excess of tax cost
over value (3,066,235)
------------
Net unrealized appreciation $ 4,510,803
============
(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.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2013 aggregated $1,469,230,087 and $638,780,975,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of March 31, 2013, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 323,879,465 $ -- $ 323,879,465
Collateralized Mortgage Obligations -- 411,874,759 -- 411,874,759
Corporate Bonds -- 254,367,072 -- 254,367,072
U.S. Government and Agency Obligations -- 100,608,404 -- 100,608,404
Municipal Bonds -- 44,154,213 -- 44,154,213
Senior Floating Rate Loan Interests -- 93,444,072 -- 93,444,072
Certificates of Deposit -- 39,824,990 -- 39,824,990
Repurchase Agreements -- 47,730,000 -- 47,730,000
-----------------------------------------------------------------------------------------
Total $ -- $1,315,882,975 $ -- $1,315,882,975
=========================================================================================
During the year ended March 31, 2013, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
86 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Statement of Assets and Liabilities | 3/31/13
ASSETS:
Investment in securities (cost $1,308,858,089) $1,315,882,975
Cash 11,080,973
Receivables --
Investment securities sold 257,642
Fund shares sold 39,571,345
Interest 2,478,844
Other 109,287
-------------------------------------------------------------------------------------
Total assets $1,382,136,066
-------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 40,295,471
Fund shares repurchased 7,385,301
Dividends 341,814
Due to affiliates 218,537
Accrued expenses 216,007
-------------------------------------------------------------------------------------
Total liabilities $ 61,212,130
-------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,317,370,172
Distributions in excess of net investment income (2,855,856)
Accumulated net realized loss on investments and futures contracts (615,266)
Net unrealized appreciation on investments 7,024,886
-------------------------------------------------------------------------------------
Total net assets $1,320,923,936
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $381,267,133/37,817,039 shares) $ 10.08
Class C (based on $330,828,383/32,849,981 shares) $ 10.07
Class K (based on $9,993/991 shares) $ 10.08
Class Y (based on $608,818,427/60,345,503 shares) $ 10.09
MAXIMUM OFFERING PRICE:
Class A ($10.08 (divided by) 97.5%) $ 10.34
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 87
Statement of Operations
For the Year Ended 3/31/13
INVESTMENT INCOME:
Interest $11,472,152
------------------------------------------------------------------------------------------------
Total investment income $ 11,472,152
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,380,391
Transfer agent fees and expenses
Class A 18,869
Class C 15,061
Class Y 7,292
Distribution fees
Class A 396,625
Class C 724,251
Shareholder communication expense 354,773
Administrative reimbursement 206,972
Custodian fees 133,643
Registration fees 185,311
Professional fees 110,285
Printing expense 55,075
Fees and expenses of nonaffiliated Trustees 22,515
Miscellaneous 197,088
------------------------------------------------------------------------------------------------
Total expenses $ 4,808,151
------------------------------------------------------------------------------------------------
Net investment income $ 6,664,001
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $ 59,045
Futures contracts (1,251) $ 57,794
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 6,603,867
Futures contracts (688) $ 6,603,179
------------------------------------------------------------------------------------------------
Net gain on investments and futures contracts $ 6,660,973
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 13,324,974
================================================================================================
The accompanying notes are an integral part of these financial statements.
88 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
5/2/11
(Commencement
Year Ended of Operations)
3/31/13 to 3/31/12
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,664,001 $ 846,905
Net realized gain (loss) on investments, futures contracts,
and foreign currency transactions 57,794 (7,898)
Change in net unrealized appreciation on investments, futures
contracts, and foreign currency transactions 6,603,179 421,707
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 13,324,974 $ 1,260,714
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.15 and $0.13 per share, respectively) $ (2,922,161) $ (293,801)
Class C ($0.11 and $0.06 per share, respectively) (1,648,303) (54,609)
Class K ($0.05 and $0.00 per share, respectively) (54) --
Class Y ($0.17 and $0.15 per share, respectively) (5,907,023) (583,991)
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (10,477,541) $ (932,401)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,778,506,536 $202,547,654
Reinvestment of distributions 8,481,507 542,255
Cost of shares repurchased (628,246,664) (44,083,098)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $1,158,741,379 $159,006,811
---------------------------------------------------------------------------------------------------
Net increase in net assets $1,161,588,812 $159,335,124
NET ASSETS:
Beginning of period 159,335,124 --
---------------------------------------------------------------------------------------------------
End of period $1,320,923,936 $159,335,124
---------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (2,855,856) $ (77,816)
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 89
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 51,554,654 $ 519,046,315 5,368,452 $ 52,712,709
Reinvestment of distributions 267,063 2,690,174 23,987 239,674
Less shares repurchased (18,809,955) (189,556,502) (587,162) (5,869,255)
----------------------------------------------------------------------------------------------
Net increase 33,011,762 $ 332,179,987 4,805,277 $ 47,083,128
==============================================================================================
Class C
Shares sold 43,411,358 $ 436,864,772 1,684,145 $ 15,038,604
Reinvestment of distributions 154,379 1,554,742 3,580 35,733
Less shares repurchased (11,878,112) (119,597,629) (525,369) (5,240,717)
----------------------------------------------------------------------------------------------
Net increase 31,687,625 $ 318,821,885 1,162,356 $ 9,833,620
==============================================================================================
Class K*
Shares sold 991 $ 10,000 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase 991 $ 10,000 -- $ --
==============================================================================================
Class Y
Shares sold 81,639,780 $ 822,585,449 13,195,493 $ 134,796,341
Reinvestment of distributions 420,137 4,236,591 26,678 266,848
Less shares repurchased (31,638,154) (319,092,533) (3,298,431) (32,973,126)
----------------------------------------------------------------------------------------------
Net increase 50,421,763 $ 507,729,507 9,923,740 $ 102,090,063
==============================================================================================
* Class K shares were first publicly offered on December 20, 2012.
The accompanying notes are an integral part of these financial statements.
90 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Financial Highlights
-----------------------------------------------------------------------------------------------------------
5/2/11
(Commencement
Year Ended of Operations)
3/31/13 to 3/31/12 (a)
-----------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.02 $ 10.00
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.13 $ 0.12
Net realized and unrealized gain on investments 0.08 0.03
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.21 $ 0.15
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.15) (0.13)
-----------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.06 $ 0.02
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.08 $ 10.02
===========================================================================================================
Total return* 2.14% 1.48%(b)
Ratio of net expenses to average net assets 0.72% 0.90% **
Ratio of net investment income to average net assets 0.94% 1.45%**
Portfolio turnover rate 101% 51%**
Net assets, end of period (in thousands) $381,267 $48,160
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.72% 1.03%**
Net investment income 0.94% 1.32%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.72% 0.90%**
Net investment income 0.94% 1.45%**
===========================================================================================================
(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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 91
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------
5/2/11
(Commencement
Year Ended of Operations)
3/31/13 to 3/31/12 (a)
-----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.02 $ 10.00
-----------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.09 $ 0.05
Net realized and unrealized gain on investments 0.07 0.03
-----------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.16 $ 0.08
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.11) (0.06)
-----------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.05 $ 0.02
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.07 $ 10.02
===========================================================================================================
Total return* 1.61% 0.82%(b)
Ratio of net expenses to average net assets 1.03% 1.75%**
Ratio of net investment income to average net assets 0.63% 0.52%**
Portfolio turnover rate 101% 51%**
Net assets, end of period (in thousands) $330,828 $11,643
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.03% 1.87%**
Net investment income 0.63% 0.40%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 1.03% 1.75%**
Net investment income 0.63% 0.52%**
===========================================================================================================
(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, 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.
92 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------
12/20/12
(Commencement
of Operations)
to 3/31/13 (a)
----------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 10.09
----------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.03
Net realized and unrealized gain on investments 0.01
----------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.04
----------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.05)
----------------------------------------------------------------------------------
Net decrease in net asset value $ (0.01)
----------------------------------------------------------------------------------
Net asset value, end of period $ 10.08
==================================================================================
Total return* 0.43%(b)
Ratio of net expenses to average net assets 0.53%**
Ratio of net investment income to average net assets 1.25%**
Portfolio turnover rate 101%**
Net assets, end of period (in thousands) $ 10
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.53%**
Net investment income 1.25%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 0.53%**
Net investment income 1.25%**
==================================================================================
(a) Class K shares were first publicly offered on December 20, 2012.
(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 Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 93
Financial Highlights (continued)
----------------------------------------------------------------------------------------
5/2/11
(Commencement
Year Ended of Operations)
3/31/13 to 3/31/12 (a)
----------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.03 $ 10.00
----------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.14 $ 0.14
Net realized and unrealized gain on investments 0.09 0.04
----------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.23 $ 0.18
----------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.17) (0.15)
----------------------------------------------------------------------------------------
Net increase in net asset value $ 0.06 $ 0.03
----------------------------------------------------------------------------------------
Net asset value, end of period $ 10.09 $ 10.03
========================================================================================
Total return* 2.35% 1.79%(b)
Ratio of net expenses to average net assets 0.55% 0.67%**
Ratio of net investment income to average net assets 1.11% 1.72%**
Portfolio turnover rate 101% 51%**
Net assets, end of period (in thousands) $608,818 $99,533
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.55% 0.80%**
Net investment income 1.11% 1.59%**
Ratios with waiver of fees and assumption of expenses
by the Adviser and reduction for fees paid indirectly:
Net expenses 0.55% 0.67%**
Net investment income 1.11% 1.72%**
========================================================================================
(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.
94 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Notes to Financial Statements | 3/31/13
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Ultrashort Income Fund (formerly known as 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 five classes of shares designated as Class A, Class C, Class K,
Class Y and Class Z shares. Class A, Class C and Class Y shares were first
publicly offered on May 2, 2011. Class K shares were first publicly offered on
December 20, 2012. Class Z shares are offered effective April 1, 2013. 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 K or
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 | Annual Report | 3/31/13 95
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. Shares of money market mutual funds are
valued at their 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 by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At March 31, 2013, 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.
96 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
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.
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 appreciation or depreciation 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 appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gain and loss 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 provision for federal income taxes is required.
As of March 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years are subject to examination by Federal and State
tax authorities.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 97
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
March 31, 2013, the Fund reclassified $363,156 to decrease paid-in capital,
$1,035,500 to decrease distributions in excess of net investment income,
and $672,344 to increase accumulated net realized loss on investments to
reflect permanent book/tax differences. These adjustments have no impact on
net assets or the results of operations.
The Fund has elected to defer $615,225 of capital losses recognized between
November 1, 2012 and March 31, 2013 to its fiscal year ending March 31,
2014.
The tax character of distributions paid during the years ended March 31,
2013 and March 31, 2012 was as follows:
-------------------------------------------------------------------------
2013 2012
-------------------------------------------------------------------------
Distributions paid from:
Ordinary income $10,477,541 $ 932,401
-------------------------------------------------------------------------
Total $10,477,541 $ 932,401
=========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2013:
-------------------------------------------------------------------------
2013
-------------------------------------------------------------------------
Distributable earnings:
Post-October loss deferred $ (615,225)
Dividends payable (341,814)
Net unrealized appreciation 4,510,803
-------------------------------------------------------------------------
Total $3,553,764
=========================================================================
98 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds 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 $22,668 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2013.
F. Class Allocations
Income, common expenses, and realized and unrealized appreciation and
depreciation 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 K and 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, Class K 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.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 99
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 appreciation or depreciation.
When the contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract 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 during the year ended March 31, 2013 was 3. There
were no open futures contracts at March 31, 2013.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
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 year ended March 31, 2013, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.34% of the Fund's average daily net assets.
100 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
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 year ended March 31, 2013 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
$76,393 in management fees, administrative costs and certain other
reimbursements payable to PIM at March 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended March 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 70,201
Class C 35,617
Class Y 248,955
--------------------------------------------------------------------------------
Total $354,773
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $109,578 in transfer agent fees and out-of-pocket reimbursements
payable from PIMSS at March 31, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.20% 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
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 101
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 $32,566 in distribution fees payable to PFD at March 31, 2013.
In addition, redemptions of each class of shares (except Class K and 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 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 K or Class Y shares. Proceeds from the CDSCs
are paid to PFD. For the year ended March 31, 2013, CDSCs of $89,438 were paid
to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended March 31, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
The effect of derivative instruments on the Statement of Operations for the year
ended March 31, 2013 was as follows:
---------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Unrealized
Hedging Instruments Loss on Depreciation
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
---------------------------------------------------------------------------------------------
Futures Contracts Net realized loss on futures contracts $(1,251)
Futures Contracts Change in net unrealized depreciation $(688)
on futures contracts
102 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect as of February 15, 2012 is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended March 31, 2013, the Fund had no
borrowings under the credit facility.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 103
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Multi-Asset Ultrashort Income Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Multi-Asset Ultrashort Income Fund
(formerly, Pioneer Multi-Asset Floating Rate Fund) (one of the portfolios
constituting Pioneer Series Trust X (the "Trust")) as of March 31, 2013, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended and the
financial highlights for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2013, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Multi-Asset Ultrashort Income Fund (formerly, Pioneer Multi-Asset
Floating Rate Fund) at March 31, 2013, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
Ernst & Young LLP
Boston, Massachusetts
May 28, 2013
104 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Ultrashort Income Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 105
by PIM's senior management to the Pioneer fund complex. In addition, the
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2012. (In all quintile rankings
referred to throughout this disclosure, first quintile is most favorable to the
Fund's shareowners. Thus, highest relative performance would be first quintile
and lowest relative expenses would also be first quintile.) The Trustees
concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund for the twelve months ended June 30, 2012
106 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
was in the fifth quintile relative to its Strategic Insight peer group for the
comparable period. The Trustees noted the Fund's relatively small asset size
compared to most of the other funds in the Fund's peer group and considered the
impact of the Fund's non-management fee expenses on the Fund's expense ratio.
The Trustees noted that PIM had recently lowered the Fund's expense caps. The
Trustees also noted the recent increase in the Fund's total net assets.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs additional services for the Fund
that it does not provide to those other clients or services that are broader in
scope, including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees also considered the different entrepreneurial
risks associated with PIM's management of the Fund and Pioneer's management of
the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 107
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a Fund-by-Fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Funds. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Funds. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
108 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 109
Independent Trustees
----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2011. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board Serves until a Quadriserv, Inc. (technology products for Financial Solutions, Inc.
and Trustee successor trustee is securities lending industry) (2008 - (investor communications and
elected or earlier present); private investor (2004 - 2008); securities processing
retirement or removal. and Senior Executive Vice President, The provider for financial
Bank of New York (financial and securities services industry) (2009 -
services) (1986 - 2004) present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2011. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a Advisors (corporate advisory services Community Investment, Inc.
successor trustee is company) (1997 - 2004 and 2008 - present); (privately-held affordable
elected or earlier Interim Chief Executive Officer, Oxford housing finance company) (1985
retirement or removal. Analytica, Inc. (privately held research and - 2010); Director of Oxford
consulting company) (2010); Executive Vice Analytica, Inc. (2008 -
President and Chief Financial Officer, present); Director of The
I-trax, Inc. (publicly traded health care Swiss Helvetia Fund, Inc.
services company) (2004 - 2007); and (closed-end fund) (2010 -
Executive Vice President and Chief Financial present); and Director of New
Officer, Pedestal Inc. (internet-based York Mortgage Trust (publicly
mortgage trading company) (2000 - 2002) traded mortgage REIT) (2004 -
2009, 2012 - present)
----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2011. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
----------------------------------------------------------------------------------------------------------------------------------
110 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee is Inc. (consulting firm) (1982-present);
elected or earlier Desautels Faculty of Management, McGill
retirement or removal. University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2011. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury, Piret & Company, Inc. (investment Income Fund, Inc. (closed-end
successor trustee is banking firm) (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board
retirement or removal. of Governors, Investment
Company Institute (2000 -
2006)
----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2011. Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee Serves until a firm) (1998 - present); and Partner, Sullivan Fund, Inc. (closed-end
successor trustee is & Cromwell LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or removal. (formerly AMVESCAP, PLC)
(investment manager)
(1997-2005)
----------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 111
Interested Trustees
----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
----------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 2011. Non-Executive Chairman and a director of None
Trustee, President and Serves until a Pioneer Investment Management USA Inc.
Chief Executive Officer successor trustee is ("PIM-USA"); Chairman and a director of
of the Fund elected or earlier Pioneer; Chairman and Director of Pioneer
retirement or removal. Institutional Asset Management, Inc. (since
2006); Director of Pioneer Alternative
Investment Management Limited (Dublin)
(until October 2011); President and a
director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated
funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of Cole
Management Inc. (2004 - 2011); Director of
Fiduciary Counseling, Inc. (until December
2011); President of all of the Pioneer
Funds; and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
----------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2011. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee is President of Pioneer and Pioneer
elected or earlier Institutional Asset Management, Inc. (since
retirement or removal. February 2007); Executive Vice President of
all of the Pioneer Funds (since March 2007);
Director of PGAM (2007 - 2010); Head of New
Europe Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
----------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
112 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
Fund Officers
----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Principal Occupation Other Directorships
Position Held with the Fund Length of Service Held by Officer
----------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2011. Serves at Vice President and Associate General Counsel None
Secretary the discretion of the of Pioneer since January 2008 and Secretary
Board. of all of the Pioneer Funds since June 2010;
Assistant Secretary of all of the Pioneer
Funds from September 2003 to May 2010; and
Vice President and Senior Counsel of Pioneer
from July 2002 to December 2007
----------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2011. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all
Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
----------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2011. Serves at Counsel of Pioneer since June 2007 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds
Board. since June 2010; and Vice President and
Counsel at State Street Bank from October
2004 to June 2007
----------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2011. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since
Financial and Accounting Board. March 2008; Deputy Treasurer of Pioneer from
Officer of the Fund March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
----------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2011. Serves at Assistant Vice President - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
----------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2011. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
----------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 113
Fund Officers (continued)
----------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
----------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2011. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer since November 2008; Assistant
Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
----------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2011. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior
Compliance Officer for Columbia Management
Advisers, Inc. from October 2003 to October
2005
----------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2011. Serves at Director--Transfer Agency Compliance of None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of
Officer Board. all the Pioneer Funds since 2006
----------------------------------------------------------------------------------------------------------------------------------
114 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
This page for your notes.
Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13 115
This page for your notes.
116 Pioneer Multi-Asset Ultrashort Income Fund | Annual Report | 3/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 25671-01-0513
Pioneer Absolute
Return Credit Fund
--------------------------------------------------------------------------------
Annual Report | March 31, 2013
--------------------------------------------------------------------------------
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 63
Notes to Financial Statements 70
Report of Independent Registered Public Accounting Firm 82
Approval of Investment Advisory Agreement 84
Trustees, Officers and Service Providers 88
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 1
President's Letter
Dear Shareowner,
Pioneer continues to see only modest economic growth in the U.S. Employment
continues to rise, albeit slowly, and we believe it will continue to do so in
2013, barring a negative shock to the system. The housing and auto sectors
continue to recover, benefiting from record-low interest rates. Banks'
willingness to lend to consumers and businesses also continues to rise, broad
measures of inflation remain subdued, and, if the weather cooperates in 2013,
food prices should come back down. And, while corporate profit growth has
slowed, profits remain high and many U.S. companies continue to both pay and
increase dividends*. Offsetting some of these positives are the continued
contraction of fiscal policy in Washington and a recessionary Europe.
The Federal Reserve's aggressive monetary policy has driven Treasury yields to
generational lows and supported investments in all financial assets, including
equities and high-yield corporate bonds. For example, the Standard & Poor's 500
Index (the S&P 500), a broad measure of the U.S. stock market, returned 15.99%
for the full calendar year ended December 31, 2012, and the Bank of America
Merrill Lynch High Yield Master II Index (the High Yield Index), which measures
the performance of high-yield corporate bonds, returned 15.59% for the same
12-month period. On the other hand, the Barclays Aggregate Bond Index (the
Aggregate Index), which tracks the performance of a higher-quality bond
universe, gained 4.22% for the 12 months ended December 31, 2012; the
safer-still Barclays Government Credit Index (the Government/Credit Index)
returned 4.82%; and 3-month Treasury bills, generally regarded as essentially
"risk free" by the markets, returned just 0.09% in 2012. "Risky" assets
outperformed again in the first quarter of 2013, as the S&P 500 returned 10.60%
and the High Yield Index returned 2.89%. In contrast, the Aggregate Index
returned -0.12% in the first quarter, the Government Credit Index returned
-0.16%, and Treasury bills returned 0.02%.
Despite generally improving economic conditions and a rising stock market,
global economies and investors still face daunting challenges as 2013 moves
forward, although we remain cautiously optimistic. U.S. fiscal policy remains
unsettled, and we feel the U.S. government could be at risk of credit rating
downgrades from one or more of the major ratings agencies if the uncertainties
persist. The Federal Reserve continues to provide extraordinary support to the
U.S. economy and the bond market, but will not do so indefinitely. Europe has
made progress, but has not yet resolved its sovereign-debt/banking problem, nor
has the region been able to exit recession. Japan recently has unveiled
aggressive and unconventional monetary and fiscal policies, but the country
* Dividends are not guaranteed.
2 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
continues to face issues such as high levels of debt as well as an aging
population. China and other emerging economies, while generally in better shape
than most "developed" markets, also face a range of challenges.
While most of the risks outlined here are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 3
Portfolio Management Discussion | 3/31/13
Credit-sensitive bonds, led by high-yield corporates, delivered solid investment
results during the 12 months ended March 31, 2013, after recovering from the
effects of investor concerns about economic growth trends in Europe, China and
the United States early in the period. In the following interview, Michael
Temple, Andrew Feltus and Chin Liu discuss the factors that influenced the
performance of Pioneer Absolute Return Credit Fund during the 12-month period
ended March 31, 2013. Mr. Temple, a senior vice president and portfolio manager
and Director of Fixed-Income Credit Research at Pioneer, and Mr. Feltus, a
senior vice president and portfolio manager at Pioneer, are responsible for the
day-to-day implementation of the Fund's investment strategies. Mr. Liu, a
quantitative research analyst at Pioneer, provides investment management
support to Mr. Feltus and Mr. Temple in implementing the portfolio's hedging
strategies.
Q How did the Fund perform during the 12 months ended March 31, 2013?
A Pioneer Absolute Return Credit Fund's Class A shares returned 10.24% at net
asset value during the 12 months ended March 31, 2013, while the Fund's
benchmark, the Bank of America Merrill Lynch (BofA ML) U.S. Dollar 3-Month
LIBOR Index, returned 0.43%. During the same 12-month period, the average
return of the 298 mutual funds in Lipper's Absolute Return Funds category
was 3.52%.
Q How would you describe the investment environment for the credit markets
during the 12 months ended March 31, 2013?
A The past 12 months turned out to be a very good period for investing in
credit-sensitive securities, especially high-yield corporates, after the
market recovered from an early slump caused by a number of investor worries
about global economic growth trends. The worries included concerns about
the strength of the economy in the United States, slowing economic growth
in China, and the lingering sovereign-debt problems in Europe. As a result
of the concerns, high-yield and other perceived "riskier" asset classes
fell out of favor and performed poorly during May of 2012.
Market sentiment began to change as the summer wore on, however, and began
to accelerate significantly in August 2012 when the new leader of the
European Central Bank (ECB) declared that the ECB would do "whatever it
takes" to protect the European Union and the euro currency. Shortly after
that, the U.S. Federal Reserve Board (the Fed) announced its third round of
quantitative easing in an effort to encourage lower long-term interest
rates through the purchasing of agency mortgage-backed securities in the
open market. Additionally, monetary authorities in China announced that
they, too, were lowering short-term interest rates and easing credit
conditions.
4 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
The news of these measures buoyed the credit markets, and then the
resurgence picked up even more momentum in the fourth quarter of 2012 when
signs of economic strengthening appeared in China, where a new government
took office and announced pro-growth policies. Strong economic growth
trends in select emerging markets further encouraged investor confidence.
Global economic data was somewhat mixed during the first quarter of 2013,
the final three months of the 12-month period, but the markets reacted
favorably when elections in Japan brought a new national government that
favored more-stimulative economic policies. The government's reforms
included a more accommodative monetary policy put forth by the Bank of
Japan, to which a new president was appointed.
In the United States, meanwhile, progress in the manufacturing and housing
sectors strengthened the market's confidence. While investors did worry
about how political disagreements in Washington over fiscal policy could
affect the nation's economy, temporary measures agreed upon by Congress and
the President calmed fears enough to allow the rally in credit-sensitive
securities to continue through the end of the period. Investors appeared to
take comfort from signs of increased austerity by the U.S. government at a
time when the private sector seemed to be strengthening.
Q Which of your investment strategies were most beneficial for the Fund's
performance during the 12 months ended March 31, 2013?
A The principal driver of the Fund's solid results during the period was our
focus on the credit sectors within the fixed-income markets. Performance
benefited the most from the portfolio's allocations to high-yield corporate
bonds, floating-rate bank loans, emerging market securities, international
high-yield bonds and convertible securities. As one might expect in an
environment where credit-sensitive bonds performed quite well, the Fund's
use of hedging techniques to manage downside risks in the portfolio ended
up being a slight drag on overall returns during the 12-month period, even
though the hedging positions did help to cushion the effects of periodic
market downturns. For instance, during the market's downturn in May of
2012, the general high-yield debt market was down by -1.21%, but the hedge
positions helped to limit the Fund's losses for that month to -0.08% (Class
A shares at net asset value).
As of March 31, 2013, the Fund had more than 30% of its net assets invested
in domestic high-yield corporate bonds--the largest sector allocation in
the portfolio. Other notable Fund allocations as of the end of the period
included those to floating-rate bank loans (roughly 15% of net assets),
emerging market debt (roughly 8%), international high-yield bonds (roughly
7%),
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 5
convertible bonds (roughly 7%), U.S. investment-grade corporate bonds
(roughly 6%), and event-linked (catastrophe) bonds issued by insurance
companies (roughly 5%).
Q Could you describe how hedges are used in managing the Fund?
A The Fund's overall strategy is directed at seeking a positive return over
an entire market cycle by investing in a broad portfolio of fixed-income
securities. In addition to the Fund's investments in bonds and other
securities, we also employ hedging techniques to help protect the
portfolio's assets against the risks that come with investing in the fixed
income markets. Such risks include portfolio exposure to credit sectors as
well as from exposure to rising interest rates, which can undermine bond
values.
In managing the Fund, we use three layers of derivatives as part of our
hedging tactics. Two of the hedges are used all the time, and the third is
put into action during times of market stress. The first of the hedges uses
futures contracts that "short" the equity market. This hedge layer is
designed to profit during periods when the equity market, as represented by
the Standard & Poor's 500 Index, declines. The second hedge layer uses
volatility contracts, which are based on investors' attitudes about the
direction and intensity of stock market trends. While the first two hedge
layers were employed throughout the 12 months ended March 31, 2013, we also
used the third hedge layer two different times during the period. The third
hedge layer consists of investments in U.S. Treasury futures, and is
designed to reduce the effects of extreme market stress on the portfolio.
We used the third hedge layer early in the period when investors were
fretting about the health of the global economy, and then used it again
late in 2012 when the financial headlines were dominated by worries about
how political infighting over U.S. budgetary policies might affect the
domestic economy.
Overall, the hedging techniques used during the period accomplished their
main goal of reducing overall risk in the portfolio, despite their slightly
negative effect on the Fund's otherwise very strong investment returns.
Q What were some of the individual investments that affected the Fund's
results during the 12 months ended March 31, 2013, either from a positive
or negative standpoint?
A The Fund received very good performance from many of its corporate bond
holdings during the period, especially those in the financials sector, as
investors recognized that many financial institutions have shored up their
capital bases and now possess much stronger balance sheets than during the
period leading up the market slump of 2008 and 2009. In particular, the
portfolio's holding of a bond issued by Bank of America Merrill Lynch
registered solid price appreciation during the period, in recognition that
the company had a smaller debt load and greater
6 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
protections as a result of new financial industry regulations. Another
corporate investment in the portfolio that performed very well during the
period was a bond issued by Fage, a producer of Greek yogurt with
operations in both the United States and Greece. Part of the bond's strong
performance derived from the market's recognition that the company was not
as vulnerable to problems in Greece as had been originally feared. Fund
investments in the homebuilding industry also fared well during the period;
most noteworthy in the homebuilding group was the performance of the debt
of KB Home, which appreciated in value as the housing sector appeared to
embark on a recovery.
Despite the overall solid returns produced by credit-sensitive holdings,
the Fund did own some disappointing investments during the period,
including the convertible debt of James River Coal, which was hurt by
weakening demand for coal. Fund positions in securities issued by
information technology companies also underperformed during the period, as
the entire sector fell out of favor with the market. Individual performance
detractors in the portfolio from the information technology sector included
bonds issued by Novellus Systems, a semiconductor equipment manufacturer,
and by Nuance Communications, which specializes in the development of voice
and language software.
Q What is your investment outlook?
A We are taking a cautious look at the market, as we are very cognizant that
downside risks can increase following periods of strong rallies in the
credit sectors. With that said, we also believe that securities with some
credit risk are likely to continue to outperform Treasuries. We think
overall economic growth is likely to continue to be modest, which should
allow the Fed as well as other major central banks to continue their
accommodative, low-interest-rate policies. In the U.S., we anticipate that
the Fed will continue its policy of quantitative easing. To be sure, values
in the fixed-income market are not overly attractive at present, as yields
have fallen and prices have risen in virtually all sectors. Yields on U.S.
Treasury securities, in particular, currently are in negative territory
after taking inflation into consideration (known as "real" yields), In
addition, Treasury prices appear high.
Going forward, we expect to continue to emphasize the credit sectors in the
Fund's portfolio, but expect to proceed carefully, while watching for any
signs of changes in the economic backdrop, or in investors' expectations
for future market trends.
Please refer to the Schedule of Investments on pages 17-62 for a full listing of
Fund securities.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 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 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.
8 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
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 fluc-
tuating 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 | Annual Report | 3/31/13 9
Portfolio Summary | 3/31/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 35.2%
International Corporate Bonds 21.2%
Senior Secured Loans 13.9%
Temporary Cash Investment 13.4%
Convertible Corporate Bonds 7.0%
Collateralized Mortgage Obligations 4.4%
Asset Backed Securities 1.8%
U.S. Preferred Stocks 1.4%
Municipal Bonds 1.0%
Convertible Preferred Stocks 0.5%
Foreign Government Bonds 0.2%
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 0.1%
AA 0.7%
A 2.9%
BBB 10.8%
BB 26.9%
B 36.4%
Not Rated 9.3%
Cash Equivalents 8.3%
CCC 4.6%
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. City of Charlotte North Carolina, 5.6%, 7/1/27 0.68%
--------------------------------------------------------------------------------
2. Lam Research Corp., 1.25%, 5/15/18 0.65
--------------------------------------------------------------------------------
3. Everglades Re, Ltd., Floating Rate Note, 4/30/14 (Cat Bond) (144A) 0.59
--------------------------------------------------------------------------------
4. Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 0.52
--------------------------------------------------------------------------------
5. Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A) 0.51
--------------------------------------------------------------------------------
6. PetroBakken Energy, Ltd., 8.625%, 2/1/20 (144A) 0.48
--------------------------------------------------------------------------------
7. j2 Global, Inc., 8.0%, 8/1/20 0.47
--------------------------------------------------------------------------------
8. Cobalt International Energy, Inc., 2.625%, 12/1/19 0.47
--------------------------------------------------------------------------------
9. Drill Rigs Holdings, Inc., 6.5%, 10/1/17 (144A) 0.46
--------------------------------------------------------------------------------
10. SanDisk Corp., 1.5%, 8/15/17 0.46
--------------------------------------------------------------------------------
* 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 | Annual Report | 3/31/13
Prices and Distributions | 3/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 3/31/13 3/31/12
--------------------------------------------------------------------------------
A $10.04 $9.63
--------------------------------------------------------------------------------
C $10.02 $9.61
--------------------------------------------------------------------------------
Y $10.08 $9.66
--------------------------------------------------------------------------------
Distributions per Share: 4/1/12-3/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.5494 $ -- $ --
--------------------------------------------------------------------------------
C $0.4762 $ -- $ --
--------------------------------------------------------------------------------
Y $0.5833 $ -- $ --
--------------------------------------------------------------------------------
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. 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 12-14.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 11
Performance Update | 3/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer 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 March 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 5.40% 2.92%
1 Year 10.24 5.32
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.66% 1.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Absolute BofA Merrill Lynch U.S.
Return Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $ 9,550 $10,000
3/31/2012 $ 9,587 $10,032
3/31/2013 $10,569 $10,075
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 | Annual Report | 3/31/13
Performance Update | 3/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 4.55% 4.55%
1 Year 9.44% 9.44%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.46% 2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Absolute BofA Merrill Lynch U.S.
Return Credit Fund Dollar 3-Month LIBOR Index
4/30/2011 $10,000 $10,000
3/31/2012 $ 9,953 $10,032
3/31/2013 $10,893 $10,075
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 | Annual Report | 3/31/13 13
Performance Update | 3/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer 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 March 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/2/11) 5.94% 5.94%
1 Year 10.69 10.69
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.30% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Absolute BofA Merrill Lynch U.S.
Return Credit Fund Dollar 3-Month LIBOR Index
5/31/2011 $5,000,000 $5,000,000
3/31/2012 $5,047,246 $5,016,143
3/31/2013 $5,586,945 $5,037,507
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 | Annual Report | 3/31/13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Absolute Return Credit Fund
Based on actual returns from October 1, 2012, through March 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,047.81 $1,043.98 $1,050.49
(after expenses) on 3/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 6.13 $ 9.94 $ 4.35
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.20%,
1.95%, and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period).
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Absolute Return Credit Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from October 1, 2012, through March 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 10/1/12
--------------------------------------------------------------------------------
Ending Account Value $1,018.95 $1,015.21 $1,020.69
(after expenses) on 3/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 6.04 $ 9.80 $ 4.28
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.20%,
1.95%, and 0.85% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period).
16 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
Schedule of Investments | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 7.2%
ENERGY -- 1.0%
Oil & Gas Exploration & Production -- 0.6%
200,000 BB-/Ba3 Chesapeake Energy Corp., 2.25%,
12/15/38 $ 177,500
150,000 BB-/Ba3 Chesapeake Energy Corp., 2.5%,
5/15/37 143,719
765,000 NR/NR Cobalt International Energy, Inc.,
2.625%, 12/1/19 854,409
100,000 B-/NR Stone Energy Corp., 1.75%,
3/1/17 (144A) 91,875
---------------
$ 1,267,503
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.4%
700,000 NR/NR Golar LNG, Ltd., 3.75%, 3/7/17 $ 706,720
-----------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
223,000 CC/B2 James River Coal Co., 3.125%, 3/15/18 $ 44,600
---------------
Total Energy $ 2,018,823
-----------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.1%
Steel -- 0.1%
250,000 BB/B1 United States Steel Corp., 2.75%, 4/1/19 $ 252,812
---------------
Total Materials $ 252,812
-----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Electrical Components & Equipment -- 0.1%
100,000 B/B2 General Cable Corp., 4.5%,
11/15/29 (Step) $ 124,750
-----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.4%
305,000 NR/NR Greenbrier Companies, Inc., 3.5%, 4/1/18 $ 305,191
550,000 B-/NR Meritor, Inc., 7.875%, 3/1/26 (144A) 557,906
---------------
$ 863,097
---------------
Total Capital Goods $ 987,847
-----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Homebuilding -- 0.2%
400,000 B/B2 KB Home, 1.375%, 2/1/19 $ 439,750
---------------
Total Consumer Durables & Apparel $ 439,750
-----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
250,000 B+/B3 MGM Resorts International,
4.25%, 4/15/15 $ 271,406
---------------
Total Consumer Services $ 271,406
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 17
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Tobacco -- 0.1%
200,000 CCC+/Caa2 Alliance One International, Inc.,
5.5%, 7/15/14 $ 204,250
---------------
Total Food, Beverage & Tobacco $ 204,250
-----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 1.0%
Health Care Equipment -- 0.6%
550,000 B+/NR Hologic, Inc., 2.0%, 3/1/42 (Step) $ 576,125
700,000 NR/NR NuVasive, Inc., 2.75%, 7/1/17 680,750
---------------
$ 1,256,875
-----------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
550,000 NR/NR Molina Healthcare, Inc., 1.125%,
1/15/20 (144A) $ 550,000
300,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42
(144A) 327,750
---------------
$ 877,750
---------------
Total Health Care Equipment & Services $ 2,134,625
-----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 1.2%
Biotechnology -- 0.7%
50,000 NR/NR Corsicanto, Ltd., 3.5%, 1/15/32 $ 61,781
130,000 NR/NR PDL BioPharma, Inc., 3.75%, 5/1/15 155,675
500,000 NR/NR Theravance, Inc., 2.125%, 1/15/23 547,812
500,000 NR/NR Vertex Pharmaceuticals, Inc.,
3.35%, 10/1/15 599,062
---------------
$ 1,364,330
-----------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
300,000 NR/NR Auxilium Pharmaceuticals, Inc.,
1.5%, 7/15/18 $ 303,750
195,000 NR/NR Pacira Pharmaceuticals, Inc. Delaware,
3.25%, 2/1/19 (144A) 265,688
500,000 NR/NR Salix Pharmaceuticals, Ltd., 1.5%,
3/15/19 (144A) 530,312
---------------
$ 1,099,750
---------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 2,464,080
-----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Consumer Finance -- 0.1%
115,000 B+/NR DFC Global Corp., 3.25%, 4/15/17
(144A) $ 119,744
---------------
Total Diversified Financials $ 119,744
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Internet Software & Services -- 0.2%
355,000 NR/NR Blucora, Inc., 4.25%, 4/1/19 (144A) $ 366,759
100,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 92,000
---------------
$ 458,759
-----------------------------------------------------------------------------------------------------------------
Application Software -- 0.4%
175,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 $ 205,516
500,000 BB-/NR Nuance Communications, Inc.,
2.75%, 11/1/31 516,562
---------------
$ 722,078
---------------
Total Software & Services $ 1,180,837
-----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Computer Storage & Peripherals -- 0.4%
650,000 BB/NR SanDisk Corp., 1.5%, 8/15/17 $ 837,688
-----------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
680,000 BB+/NR Vishay Intertechnology, Inc., 2.25%,
5/15/41 (144A) $ 623,900
---------------
Total Technology Hardware & Equipment $ 1,461,588
-----------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.6%
Semiconductor Equipment -- 0.7%
1,125,000 BBB-/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 1,200,234
100,000 BBB-/NR Novellus Systems, Inc., 2.625%, 5/15/41 136,062
---------------
$ 1,336,296
-----------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.9%
300,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 318,375
30,000 A-/A2 Intel Corp., 3.25%, 8/1/39 36,112
55,000 NR/NR JA Solar Holdings Co., Ltd., 4.5%,
5/15/13 52,938
50,000 NR/NR JinkoSolar Holding Co., Ltd., 4.0%,
5/15/16 (144A) 30,000
700,000 BB+/NR ON Semiconductor Corp., 2.625%,
12/15/26 793,188
150,000 NR/NR ReneSola, Ltd., 4.125%, 3/15/18 (144A) 76,500
650,000 NR/NR SunPower Corp., 4.75%, 4/15/14 650,000
---------------
$ 1,957,113
---------------
Total Semiconductors &
Semiconductor Equipment $ 3,293,409
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 19
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.0%+
Integrated Telecommunication Services -- 0.0%+
100,000 B/NR Ciena Corp., 0.875%, 6/15/17 $ 90,438
---------------
Total Telecommunication Services $ 90,438
-----------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $14,623,511) $ 14,919,609
-----------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.4%
BANKS -- 0.5%
Diversified Banks -- 0.2%
12,250 6.50 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) $ 365,785
6,000 6.00 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) 167,040
---------------
$ 532,825
-----------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.3%
5,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) $ 533,906
---------------
Total Banks $ 1,066,731
-----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Other Diversified Financial Services -- 0.4%
17,200 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate
Note, 10/30/40 $ 491,748
7,750 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 210,800
2,500 Lorenz Re* $ 250,000
---------------
$ 952,548
-----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
100 CCC+/B3 Ally Financial, Inc., 7.0%, 12/31/99
(Perpetual) (144A) $ 98,900
---------------
Total Diversified Financials $ 1,051,448
-----------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Property & Casualty Insurance -- 0.1%
9,000 5.10 BBB/Baa1 The Allstate Corp., Floating Rate Note,
1/15/53 $ 235,620
---------------
Total Insurance $ 235,620
-----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
4,400 BBB-/Baa3 Qwest Corp., 7.375%, 6/1/51 $ 116,864
---------------
Total Telecommunication Services $ 116,864
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.3%
25,000 BB+/NR PPL Capital Funding, Inc., 5.9%,
4/30/73 $ 630,500
---------------
Total Utilities $ 630,500
-----------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $2,974,700) $ 3,101,163
-----------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.1%
BANKS -- 0.1%
Diversified Banks -- 0.1%
100 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 128,875
---------------
Total Banks $ 128,875
-----------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $100,637) $ 128,875
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
-----------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.9%
MATERIALS -- 1.0%
Aluminum -- 0.4%
174,110 B+/B1 Bayview Financial Mortgage Pass-Through
Trust 2007-B, 6.407%, 8/28/47 (Step) $ 178,870
347,195 7.78 NR/B3 GE Mortgage Services LLC, Floating Rate
Note, 3/25/27 343,874
250,000 6.55 B-/B3 Security National Mortgage Loan Trust
2007-1, Floating Rate Note, 4/25/37
(144A) 244,958
---------------
$ 767,702
-----------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%+
21,785 BBB/NR Mid-State Capital Trust 2010-1, 7.0%,
12/15/45 (144A) $ 22,699
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 21
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Steel -- 0.6%
672,498 B+/B3 Accredited Mortgage Loan Trust 2003-3,
5.21%, 1/25/34 (Step) $ 642,442
85,000 1.25 AA+/A3 Bear Stearns Asset Backed Securities I
Trust 2004-BO1, Floating Rate Note,
10/25/34 80,473
356,309 0.30 CCC/Caa3 Morgan Stanley Home Equity Loan Trust
2007-2, Floating Rate Note, 4/25/37 283,593
234,629 CC/Caa2 RASC Series 2003-KS5 Trust, 4.46%,
7/25/33 (Step) 223,496
---------------
$ 1,230,004
---------------
Total Materials $ 2,020,405
-----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
202,269 BB/NR Westgate Resorts 2012-2 LLC, 9.0%,
1/20/25 (144A) $ 205,999
---------------
Total Consumer Services $ 205,999
-----------------------------------------------------------------------------------------------------------------
BANKS -- 0.5%
Thrifts & Mortgage Finance -- 0.5%
100,000 BB/NR CarNow Auto Receivables Trust 2012-1,
6.9%, 11/15/16 (144A) $ 100,218
69,859 BB/B2 Citicorp Residential Mortgage Trust
Series 2006-1, 5.836%, 7/25/36 (Step) 69,609
114,347 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%, 7/25/36 (Step) 114,053
125,000 B-/B2 Citicorp Residential Mortgage Trust
Series 2007-1, 5.892%, 3/25/37 (Step) 123,476
34,501 4.46 BB+/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 34,636
79,169 0.37 NR/Caa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/36 (144A) 69,280
100,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 4.458%, 1/15/48 (144A) 102,460
145,527 NR/Ba1 Leaf Receivables Funding 8 LLC, 5.5%,
9/15/20 (144A) 129,563
144,527 0.36 BB+/Ba1 RAMP Series 2006-RZ3 Trust, Floating
Rate Note, 8/25/36 135,785
200,000 A/NR STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 201,226
---------------
$ 1,080,306
---------------
Total Banks $ 1,080,306
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.3%
55,067 BB/NR Sierra Timeshare 2011-3 Receivables
Funding LLC, 9.31%, 7/20/28 (144A) $ 57,053
500,000 BB/NR Springleaf Funding Trust 2013-A, 5.0%,
9/15/21 (144A) 493,388
---------------
$ 550,441
---------------
Total Diversified Financials $ 550,441
-----------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $3,829,893) $ 3,857,151
-----------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 4.6%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
227,000 BB+/NR Motel 6 Trust, 4.274%, 10/5/25 (144A) $ 228,499
---------------
Total Consumer Services $ 228,499
-----------------------------------------------------------------------------------------------------------------
BANKS -- 3.5%
Thrifts & Mortgage Finance -- 3.5%
126,904 BBB-/B3 Alternative Loan Trust 2004-2CB, 5.75%,
3/25/34 $ 125,054
368,418 0.59 NR/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 1/25/36 (144A) 296,042
317,345 0.51 AA+/Baa3 Bayview Commercial Asset Trust, Floating
Rate Note, 8/25/35 (144A) 253,634
139,741 2.49 A+/Ba1 Bear Stearns ALT-A Trust 2003-3, Floating
Rate Note, 10/25/33 127,770
100,000 5.21 NR/Baa2 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating Rate
Note, 2/11/41 102,584
46,735 5.61 B+/NR CHL Mortgage Pass-Through Trust 2002-32,
Floating Rate Note, 1/25/33 47,090
200,000 5.03 NR/Aaa Citigroup Commercial Mortgage Trust
2005-EMG, Floating Rate Note,
9/20/51 (144A) 203,114
300,000 5.74 NR/Baa3 Citigroup Commercial Mortgage Trust
2006-C4, Floating Rate Note, 3/15/49 312,052
73,209 NR/Baa1 Citigroup Mortgage Loan Trust, Inc., 6.75%,
8/25/34 78,012
88,501 0.38 A+/A1 COMM 2007-FL14 Mortgage Trust, Floating
Rate Note, 6/15/22 (144A) 87,200
100,000 5.77 NR/A2 COMM 2010-C1 Mortgage Trust, Floating
Rate Note, 7/10/46 (144A) 117,499
100,000 NR/Baa3 COMM 2011-THL Mortgage Trust, 5.949%,
6/9/28 (144A) 102,644
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 23
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000 4.86 NR/Baa3 COMM 2012-CCRE2 Mortgage Trust,
Floating Rate Note, 8/15/45 (144A) $ 97,685
303,000 4.58 BBB-/Baa3 COMM 2012-CCRE4 Mortgage Trust,
Floating Rate Note, 10/15/45 (144A) 286,343
200,000 NR/NR Extended Stay America Trust 2013-ESH MZ,
7.625%, 12/5/19 (144A) 211,442
350,000 5.15 BBB-/NR GE Capital Commercial Mortgage Corp.,
Floating Rate Note, 7/10/45 (144A) 351,141
200,000 3.80 NR/Ba2 GS Mortgage Securities Corp. II, Floating
Rate Note, 11/8/29 (144A) 200,849
100,000 NR/NR GS Mortgage Securities Corp. II, 4.209%,
2/10/21 (144A) 100,890
110,000 5.64 NR/Baa3 GS Mortgage Securities Trust 2012-GC6,
Floating Rate Note, 1/10/45 (144A) 113,991
99,528 5.25 BB-/NR GSR Mortgage Loan Trust 2005-AR4,
Floating Rate Note, 7/25/35 97,891
200,000 6.00 B-/NR JP Morgan Chase Commercial Mortgage
Securities Trust 2007-LDP12, Floating
Rate Note, 2/15/51 175,349
257,107 2.98 NR/Caa1 JP Morgan Mortgage Trust 2005-A7,
Floating Rate Note, 10/25/35 245,533
463,990 5.28 BB/NR LB-UBS Commercial Mortgage Trust
2006-C1, Floating Rate Note, 2/15/41 465,936
624,134 2.64 BB+/Ba1 MASTR Adjustable Rate Mortgages Trust
2003-6, Floating Rate Note, 12/25/33 610,807
196,136 5.29 B-/B3 MASTR Adjustable Rate Mortgages Trust,
Floating Rate Note, 1/25/35 188,700
123,748 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 125,859
301,184 D/Caa3 Merrill Lynch Mortgage Investors Trust
Series 2006-AF1, 5.75%, 8/25/36 247,851
77,846 0.98 AA+/Baa1 MortgageIT Trust 2004-1, Floating Rate
Note, 11/25/34 75,174
300,000 6.70 NR/NR New York Securitization Trust 2012-1,
Floating Rate Note, 12/27/47 (144A) 300,000
300,000 4.45 BBB/Baa3 NorthStar 2012-1 Mortgage Trust, Floating
Rate Note, 8/25/29 (144A) 305,015
232,343 NR/Baa3 RCMC LLC, 5.623%, 11/15/44 (144A) 232,312
203,245 1.60 B-/Ba1 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 178,965
200,000 5.30 BBB/NR Springleaf Mortgage Loan Trust 2012-3,
Floating Rate Note, 12/25/59 (144A) 204,001
137,493 1.70 A+/Ba3 Structured Asset Mortgage Investments
Trust 2003-AR1, Floating Rate Note,
10/19/33 120,393
The accompanying notes are an integral part of these financial statements.
24 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
19,548 CC/Caa2 Structured Asset Securities Corp Trust
2005-15, 6.0%, 8/25/35 $ 19,032
30,000 BB/B1 Timberstar Trust, 7.53%, 10/15/36 (144A) 31,006
100,000 NR/Ba2 Wells Fargo Commercial Mortgage Trust,
4.0%, 11/15/43 (144A) 78,620
50,000 AA-/NR WFDB Commercial Mortgage Trust, 5.914%,
7/5/24 (144A) 51,304
100,000 5.47 NR/Baa3 WFRBS Commercial Mortgage Trust 2011-C2,
Floating Rate Note, 2/15/44 (144A) 104,307
50,000 5.25 NR/Baa1 WFRBS Commercial Mortgage Trust 2011-C4,
Floating Rate Note, 6/15/44 (144A) 52,962
200,000 4.50 BBB-/NR WF-RBS Commercial Mortgage Trust, Floating
Rate Note, 3/15/48 181,985
---------------
$ 7,308,038
---------------
Total Banks $ 7,308,038
-----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial Services -- 0.3%
113,538 5.45 NR/A2 DBUBS 2011-LC2 Mortgage Trust, Floating
Rate Note, 7/10/44 (144A) $ 129,724
100,000 0.90 BBB+/A3 Morgan Stanley Capital I, Inc. Class C,
Floating Rate Note, 12/15/20 (144A) 97,568
76,178 7.35 B+/Ba3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 7/15/32 (144A) 79,229
84,552 2.64 A+/NR Structured Adjustable Rate Mortgage Loan
Trust, Floating Rate Note, 7/25/34 83,849
250,000 NR/NR Vericrest Opportunity Loan Transferee,
6.414%, 2/26/52 (144A) 253,125
---------------
$ 643,495
-----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
125,000 5.81 BB-/NR COBALT CMBS Commercial Mortgage Trust
2007-C3, Floating Rate Note, 5/15/46 $ 140,036
456,990 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) 469,771
---------------
$ 609,807
-----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.0%+
63,179 5.10 CCC/NR GMACM Mortgage Loan Trust 2005-AR2,
Floating Rate Note, 5/25/35 $ 62,042
-----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
145,520 5.72 BBB/NR Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate Note,
9/10/47 (144A) $ 151,651
---------------
Total Diversified Financials $ 1,466,995
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 25
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Mortgage REITs -- 0.3%
58,679 2.45 BBB-/B2 American Home Mortgage Investment
Trust 2005-1, Floating Rate Note,
6/25/45 $ 55,022
100,000 5.14 CCC/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
10/15/39 (144A) 92,773
200,000 3.76 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 2/25/45 (144A) 203,349
175,000 4.04 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 5/25/45 (144A) 169,888
---------------
$ 521,032
---------------
Total Real Estate $ 521,032
-----------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.0%+
Government -- 0.0%+
345,549 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note, 3/16/53 $ 29,418
---------------
Total Government $ 29,418
-----------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $9,216,320) $ 9,553,982
-----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 57.9%
ENERGY -- 11.6%
Oil & Gas Drilling -- 1.7%
845,000 B/B3 Drill Rigs Holdings, Inc., 6.5%,
10/1/17 (144A) $ 853,450
400,000 CCC+/Caa3 Ocean Rig UDW, Inc., 9.5%, 4/27/16
(144A) 420,000
600,000 B-/B3 Offshore Group Investment, Ltd., 7.5%,
11/1/19 (144A) 636,000
905,000 B/B1 Shelf Drilling Holdings, Ltd., 8.625%,
11/1/18 (144A) 959,300
650,000 BB-/B2 Unit Corp., 6.625%, 5/15/21 680,875
---------------
$ 3,549,625
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.9%
280,000 B+/B2 Basic Energy Services, Inc., 7.75%,
10/15/22 $ 288,400
300,000 B+/B2 Basic Energy Services, Inc., 7.75%,
2/15/19 306,750
150,000 BB/Ba3 Bristow Group, Inc., 6.25%, 10/15/22 162,000
100,000 B+/B1 Calfrac Holdings LP, 7.5%, 12/1/20
(144A) 100,375
The accompanying notes are an integral part of these financial statements.
26 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- (continued)
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) 131,100
400,000 BB-/B1 Key Energy Services, Inc., 6.75%, 3/1/21 417,000
245,000 B/B3 Seitel, Inc., 9.5%, 4/15/19 (144A) 245,919
---------------
$ 1,748,544
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 6.6%
185,000 B+/B2 Antero Resources Finance Corp.,
6.0%, 12/1/20 (144A) $ 193,325
235,000 CCC+/Caa1 Aurora USA Oil & Gas, Inc., 7.5%,
4/1/20 (144A) 237,350
650,000 B-/B3 Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 693,875
100,000 B-/B3 Chaparral Energy, Inc., 8.25%, 9/1/21 113,250
700,000 B-/B3 Comstock Resources, Inc., 7.75%, 4/1/19 738,500
205,000 B-/B3 Comstock Resources, Inc., 9.5%, 6/15/20 224,475
100,000 BB+/B1 Concho Resources, Inc., 6.5%, 1/15/22 109,000
285,000 BB/B1 Denbury Resources, Inc., 4.625%,
7/15/23 275,025
225,000 B/B2 EP Energy LLC, 7.75%, 9/1/22 248,625
100,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 115,500
590,000 B-/Caa1 EPL Oil & Gas, Inc., 8.25%, 2/15/18
(144A) 625,400
250,000 B-/B3 EV Energy Partners LP, 8.0%, 4/15/19 263,750
685,000 B-/B2 Forest Oil Corp., 7.5%, 9/15/20 (144A) 722,671
200,000 B/NR GeoPark Latin America, Ltd. Agencia
en Chile, 7.5%, 2/11/20 (144A) 208,000
600,000 CCC/Caa1 Goodrich Petroleum Corp., 8.875%,
3/15/19 621,000
690,000 CCC+/B3 Gulfport Energy Corp., 7.75%,
11/1/20 (144A) 727,950
120,000 CCC+/B3 Halcon Resources Corp., 8.875%,
5/15/21 (144A) 129,300
400,000 CCC+/B3 Halcon Resources Corp., 9.75%,
7/15/20 (144A) 442,000
250,000 B-/B3 Kodiak Oil & Gas Corp., 5.5%,
1/15/21 (144A) 261,875
100,000 B-/B3 Kodiak Oil & Gas Corp., 8.125%, 12/1/19 113,000
150,000 B-/Caa1 Midstates Petroleum Co, Inc., 10.75%,
10/1/20 (144A) 166,500
100,000 B+/NR MIE Holdings Corp., 9.75%, 5/12/16
(144A) 107,750
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 27
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
400,000 NR/NR National JSC Naftogaz of Ukraine,
9.5%, 9/30/14 $ 410,480
150,000 BBB-/Ba1 Newfield Exploration Co., 5.625%, 7/1/24 154,875
800,000 B-/Caa1 Northern Oil and Gas, Inc., 8.0%, 6/1/20 834,000
200,000 B/B3 Oasis Petroleum, Inc., 6.875%, 1/15/23 220,000
175,000 B-/B3 PDC Energy, Inc., 7.75%, 10/15/22
(144A) 185,500
100,000 B-/B3 Penn Virginia Corp., 7.25%, 4/15/19 99,750
860,000 CCC+/Caa1 PetroBakken Energy, Ltd., 8.625%,
2/1/20 (144A) 877,200
300,000 BB+/Ba1 QEP Resources, Inc., 5.25%, 5/1/23 307,500
140,000 B-/Caa1 QR Energy LP, 9.25%, 8/1/20 148,400
50,000 CCC+/B3 Quicksilver Resources, Inc., 8.25%,
8/1/15 49,188
400,000 BB/Ba3 Range Resources Corp., 5.0%,
3/15/23 (144A) 409,000
290,000 B-/B3 Samson Investment Co., 9.75%,
2/15/20 (144A) 308,125
700,000 B-/B2 SandRidge Energy, Inc., 7.5%, 2/15/23 726,250
150,000 B-/B3 Stone Energy Corp., 7.5%, 11/15/22 163,875
100,000 B-/B3 Stone Energy Corp., 8.625%, 2/1/17 108,000
200,000 B+/B3 Swift Energy Co., 7.875%, 3/1/22 209,000
420,000 CCC+/Caa1 Talos Production LLC, 9.75%,
2/15/18 (144A) 415,800
CAD 620,000 B/NR Trilogy Energy Corp., 7.25%,
12/13/19 (144A) 634,302
100,000 B/B3 W&T Offshore, Inc., 8.5%, 6/15/19 108,750
---------------
$ 13,708,116
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
215,000 BB+/Ba1 Tesoro Corp., 5.375%, 10/1/22 $ 224,138
90,000 BB-/B2 Western Refining, Inc., 6.25%,
4/1/21 (144A) 92,025
---------------
$ 316,163
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.2%
575,000 B/B1 Copano Energy LLC, 7.125%, 4/1/21 $ 664,125
200,000 BBB-/Baa3 DCP Midstream Operating LP,
4.95%, 4/1/22 218,355
100,000 7.00 BBB-/Baa2 Enterprise Products Operating LLC,
Floating Rate Note, 6/1/67 108,000
105,000 B/B1 Genesis Energy LP, 5.75%, 2/15/21
(144A) 108,412
The accompanying notes are an integral part of these financial statements.
28 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- (continued)
NOK 2,000,000 7.07 NR/NR Golar LNG Partners LP, Floating Rate
Note, 10/12/17 $ 348,544
200,000 BB/B1 Inergy Midstream LP, 6.0%,
12/15/20 (144A) 208,000
61,000 BB/Ba3 MarkWest Energy Partners LP, 6.25%,
6/15/22 65,728
585,000 BB+/Ba3 Sabine Pass Liquefaction LLC, 5.625%,
2/1/21 (144A) 606,938
100,000 BBB-/Baa3 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 113,531
100,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 124,593
---------------
$ 2,566,226
-----------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 1.0%
325,000 B/B2 Bumi Investment Pte, Ltd., 10.75%,
10/6/17 (144A) $ 274,625
250,000 NR/B1 Indo Energy Finance II BV, 6.375%,
1/24/23 (144A) 256,875
250,000 CCC+/B3 James River Coal Co., 7.875%, 4/1/19 120,000
700,000 B/B3 Murray Energy Corp., 10.25%,
10/15/15 (144A) 702,625
EURO 400,000 B-/NR New World Resources NV, 7.875%,
1/15/21 (144A) 461,574
300,000 BB-/B1 SunCoke Energy Partners LP, 7.375%,
2/1/20 (144A) 315,750
---------------
$ 2,131,449
---------------
Total Energy $ 24,020,123
-----------------------------------------------------------------------------------------------------------------
MATERIALS -- 6.1%
Commodity Chemicals -- 0.9%
500,000 BB/Ba3 Axiall Corp., 4.875%, 5/15/23 (144A) $ 508,750
110,000 B-/NR Hexion US Finance Corp., 6.625%,
4/15/20 (144A) 110,275
700,000 CCC+/B3 Hexion US Finance Corp., 8.875%,
2/1/18 724,500
550,000 BB-/B1 Rain CII Carbon LLC, 8.25%,
1/15/21 (144A) 594,000
---------------
$ 1,937,525
-----------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.2%
125,000 BB/Ba2 Celanese US Holdings LLC, 5.875%,
6/15/21 $ 136,250
175,000 CCC+/Caa1 INEOS Group Holdings SA, 8.5%,
2/15/16 (144A) 177,625
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 29
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- (continued)
90,000 B/B2 Orion Engineered Carbons Bondco
GmbH, 9.625%, 6/15/18 (144A) $ 100,125
---------------
$ 414,000
-----------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.1%
200,000 NR/Baa3 Phosagro OAO via Phosagro Bond
Funding, Ltd., 4.204%, 2/13/18 (144A) $ 199,250
-----------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
570,000 BB-/B2 Tronox Finance LLC, 6.375%,
8/15/20 (144A) $ 552,900
-----------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
550,000 B/NR Cemex SAB de CV, 5.875%,
3/25/19 (144A) $ 555,500
-----------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.6%
485,000 B-/B3 AEP Industries, Inc., 8.25%, 4/15/19 $ 527,438
118,080 CCC+/Caa1 ARD Finance SA, 11.125%, 6/1/18
(144A) (PIK) 128,707
EURO 100,000 CCC+/B3 Ardagh Glass Finance Plc, 8.75%,
2/1/20 (144A) 133,985
200,000 B+/Ba3 Ardagh Packaging Finance Plc, 4.875%,
11/15/22 (144A) 197,500
EURO 150,000 B+/Ba3 Ardagh Packaging Finance Plc, 7.375%,
10/15/17 (144A) 207,708
---------------
$ 1,195,338
-----------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
200,000 B+/Ba3 Cascades, Inc., 7.875%, 1/15/20 $ 215,000
100,000 CCC+/Caa2 Exopack Holding Corp., 10.0%, 6/1/18 99,500
340,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) 355,725
235,000 BB-/B1 Sealed Air Corp., 5.25%, 4/1/23 (144A) 235,881
115,000 BB-/B1 Sealed Air Corp., 6.875%, 7/15/33
(144A) 109,250
---------------
$ 1,015,356
-----------------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
150,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 163,314
-----------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.0%
500,000 B/B3 Global Brass & Copper, Inc., 9.5%,
6/1/19 (144A) $ 553,750
400,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) 393,000
75,000 BB-/B1 KGHM International, Ltd., 7.75%,
6/15/19 (144A) 78,750
The accompanying notes are an integral part of these financial statements.
30 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
100,000 CCC/Caa2 Midwest Vanadium Pty, Ltd., 11.5%,
2/15/18 (144A) $ 63,000
400,000 B-/Caa1 Mirabela Nickel, Ltd., 8.75%,
4/15/18 (144A) 365,000
100,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 98,500
265,000 B/Caa1 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 296,138
200,000 BB/Ba3 Vedanta Resources Plc, 8.25%,
6/7/21 (144A) 228,000
---------------
$ 2,076,138
-----------------------------------------------------------------------------------------------------------------
Gold -- 0.3%
200,000 BB/Ba3 Eldorado Gold Corp., 6.125%,
12/15/20 (144A) $ 207,500
380,000 BB-/B1 IAMGOLD Corp., 6.75%, 10/1/20 (144A) 365,750
---------------
$ 573,250
-----------------------------------------------------------------------------------------------------------------
Steel -- 1.0%
100,000 B/B3 Essar Steel Algoma, Inc., 9.375%,
3/15/15 (144A) $ 96,000
500,000 B/Caa1 Ferrexpo Finance Plc, 7.875%,
4/7/16 (144A) 498,750
320,000 B/B3 JMC Steel Group, Inc., 8.25%,
3/15/18 (144A) 339,200
100,000 NR/B3 Metinvest BV, 10.25%, 5/20/15 (144A) 105,720
500,000 NR/B3 Metinvest BV, 8.75%, 2/14/18 (144A) 511,500
150,000 B-/B3 Permian Holdings, Inc., 10.5%,
1/15/18 (144A) 154,500
95,000 BB+/Ba2 Steel Dynamics, Inc., 5.25%,
4/15/23 (144A) 96,306
120,000 BB+/Ba2 Steel Dynamics, Inc., 6.125%,
8/15/19 (144A) 129,600
120,000 BB+/Ba2 Steel Dynamics, Inc., 6.375%,
8/15/22 (144A) 129,600
---------------
$ 2,061,176
-----------------------------------------------------------------------------------------------------------------
Paper Products -- 0.9%
250,000 BB/Ba2 Clearwater Paper Corp., 4.5%,
2/1/23 (144A) $ 245,000
500,000 B+/B1 Grupo Papelero Scribe SA de CV,
8.875%, 4/7/20 (144A) 486,250
120,000 BB+/Ba1 PH Glatfelter Co., 5.375%, 10/15/20 125,700
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 31
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Paper Products -- (continued)
400,000 BB/Ba2 Sappi Papier Holding GmbH, 6.625%,
4/15/21 (144A) $ 413,000
630,000 B-/Caa1 Unifrax I LLC, 7.5%, 2/15/19 (144A) 648,900
---------------
$ 1,918,850
---------------
Total Materials $ 12,662,597
-----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.9%
Aerospace & Defense -- 0.4%
150,000 BB/Ba2 Bombardier, Inc., 6.125%, 1/15/23
(144A) $ 155,625
465,000 BB/B1 DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 462,094
150,000 CCC+/Caa1 Silver II Borrower, 7.75%, 12/15/20
(144A) 159,750
---------------
$ 777,469
-----------------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
250,000 BB-/B2 Gibraltar Industries, Inc., 6.25%,
2/1/21 (144A) $ 265,000
50,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 56,242
135,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 157,601
---------------
$ 478,843
-----------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.6%
600,000 B+/B2 Abengoa Finance SAU, 8.875%,
11/1/17 (144A) $ 585,000
150,000 B+/B1 Empresas ICA SAB de CV, 8.375%,
7/24/17 (144A) 160,500
200,000 B+/B1 Empresas ICA SAB de CV, 8.9%,
2/4/21 (144A) 214,760
200,000 BB-/NR OAS Investments GmbH, 8.25%,
10/19/19 (144A) 215,000
---------------
$ 1,175,260
-----------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.3%
EURO 300,000 B+/Ba2 Belden, Inc., 5.5%, 4/15/23 (144A) $ 383,683
200,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 216,500
100,000 B/B3 WireCo WorldGroup, Inc., 9.5%, 5/15/17 104,500
---------------
$ 704,683
-----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
200,000 BB-/Ba2 Boart Longyear Management Pty, Ltd.,
7.0%, 4/1/21 (144A) $ 206,500
100,000 B-/NR Cia Latinoamericana de Infraestructura
& Servicios SA, 9.5%, 12/15/16 66,750
The accompanying notes are an integral part of these financial statements.
32 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- (continued)
500,000 B+/B2 JB Poindexter & Co., Inc., 9.0%,
4/1/22 (144A) $ 522,500
150,000 CCC+/B3 Park-Ohio Industries, Inc., 8.125%,
4/1/21 163,125
---------------
$ 958,875
-----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.7%
200,000 B/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 203,000
350,000 A/Baa1 Cummins, Inc., 5.65%, 3/1/98 356,226
400,000 CCC+/B3 Navistar International Corp., 8.25%,
11/1/21 407,500
450,000 B+/B3 Terex Corp., 6.0%, 5/15/21 473,625
---------------
$ 1,440,351
-----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.2%
400,000 B-/B3 BC Mountain LLC, 7.0%, 2/1/21 (144A) $ 424,000
275,000 B/B2 Cleaver-Brooks, Inc., 8.75%,
12/15/19 (144A) 296,656
475,000 B/B2 Constellation Enterprises LLC, 10.625%,
2/1/16 (144A) 498,750
100,000 B/Caa2 Liberty Tire Recycling, 11.0%,
10/1/16 (144A) 99,000
400,000 CCC+/Caa2 Mueller Water Products, Inc., 7.375%,
6/1/17 411,500
200,000 B+/NR WPE International Cooperatief UA,
10.375%, 9/30/20 (144A) 186,000
598,000 B/B3 Xerium Technologies, Inc., 8.875%,
6/15/18 572,585
---------------
$ 2,488,491
-----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.0%
200,000 BB+/Ba3 Aircastle, Ltd., 6.25%, 12/1/19 $ 218,500
200,000 BB+/NR Aviation Capital Group Corp., 4.625%,
1/31/18 (144A) 206,336
200,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) 222,411
100,000 BB+/NR Aviation Capital Group Corp., 7.125%,
10/15/20 (144A) 113,559
220,000 B/B2 Avis Budget Car Rental LLC, 5.5%,
4/1/23 (144A) 219,450
EURO 150,000 B/B2 Avis Budget Finance Plc, 6.0%,
3/1/21 (144A) 196,207
175,000 B+/B3 H&E Equipment Services, Inc., 7.0%,
9/1/22 (144A) 192,500
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 33
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- (continued)
97,000 B-/B3 INTCOMEX, Inc., 13.25%, 12/15/14 $ 99,910
600,000 BB/Ba3 Rexel SA, 5.25%, 6/15/20 (144A) 607,500
---------------
$ 2,076,373
---------------
Total Capital Goods $ 10,100,345
-----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%
Diversified Support Services -- 0.6%
100,000 B/Caa1 ADS Tactical, Inc., 11.0%, 4/1/18 (144A) $ 99,250
415,000 B+/B1 Iron Mountain, Inc., 5.75%, 8/15/24 414,481
725,000 B+/B3 NANA Development Corp., 9.5%,
3/15/19 (144A) 734,062
---------------
$ 1,247,793
-----------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.1%
150,000 B+/B1 The Geo Group, Inc., 5.125%,
4/1/23 (144A) $ 151,500
---------------
Total Commercial Services & Supplies $ 1,399,293
-----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.4%
Air Freight & Logistics -- 0.1%
200,000 B-/B1 CEVA Group Plc, 8.375%, 12/1/17
(144A) $ 206,000
-----------------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
33,609 BB+/Ba2 Continental Airlines 1997-4 Class B
Pass Through Trust, 6.9%, 1/2/17 $ 34,732
49,861 BB-/Ba1 Continental Airlines 2001-1 Class B
Pass Through Trust, 7.373%, 12/15/15 52,419
400,000 BB+/Ba3 Delta Air Lines 2010-1 Class B Pass
Through Trust, 6.375%, 1/2/16 417,000
---------------
$ 504,151
-----------------------------------------------------------------------------------------------------------------
Marine -- 0.3%
560,000 B+/B3 Navios South American Logistics, Inc.,
9.25%, 4/15/19 $ 602,000
-----------------------------------------------------------------------------------------------------------------
Trucking -- 0.7%
650,000 BB-/Ba3 Aeropuertos Dominicanos Siglo XXI SA,
9.25%, 11/13/19 $ 706,875
150,000 BBB-/Baa2 Asciano Finance, Ltd., 5.0%, 4/7/18
(144A) 164,556
150,000 B/B3 Syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) 159,375
100,000 B/B3 Syncreon Global Ireland, Ltd., 9.5%,
5/1/18 (144A) 106,250
The accompanying notes are an integral part of these financial statements.
34 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Trucking -- (continued)
325,000 BBB/A3 Transnet SOC, Ltd., 4.0%, 7/26/22
(144A) $ 311,188
---------------
$ 1,448,244
-----------------------------------------------------------------------------------------------------------------
Airport Services -- 0.1%
91,000 B-/B3 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 (144A) $ 84,175
100,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 (144A) 107,250
---------------
$ 191,425
---------------
Total Transportation $ 2,951,820
-----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.2%
400,000 B/Caa1 International Automotive Components
Group SA, 9.125%, 6/1/18 (144A) $ 396,000
100,000 B+/B2 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) 101,750
---------------
$ 497,750
-----------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
200,000 BB-/B2 Cooper Tire & Rubber Co., 8.0%,
12/15/19 $ 230,500
210,000 B+/B1 The Goodyear Tire & Rubber Co.,
7.0%, 5/15/22 221,288
---------------
$ 451,788
-----------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
100,000 B/B1 Chrysler Group LLC, 8.25%, 6/15/21 $ 111,625
---------------
Total Automobiles & Components $ 1,061,163
-----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.4%
Home Furnishings -- 0.1%
205,000 B+/B3 Tempur-Pedic International, Inc., 6.875%,
12/15/20 (144A) $ 218,838
-----------------------------------------------------------------------------------------------------------------
Homebuilding -- 0.7%
500,000 BB-/B2 Brookfield Residential Properties, Inc.,
6.5%, 12/15/20 (144A) $ 535,000
100,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.5%,
12/11/19 (144A) 85,500
55,000 NR/Ba3 Desarrolladora Homex SAB de CV, 9.75%,
3/25/20 (144A) 47,025
200,000 B/B2 KB Home, 8.0%, 3/15/20 230,500
245,000 BB-/Ba3 Lennar Corp., 4.75%, 11/15/22 (144A) 240,100
95,000 BB-/B1 The Ryland Group, Inc., 5.375%,
10/1/22 97,138
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 35
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Homebuilding -- (continued)
200,000 NR/B2 Urbi Desarrollos Urbanos SAB de CV,
9.5%, 1/21/20 (144A) $ 122,000
---------------
$ 1,357,263
-----------------------------------------------------------------------------------------------------------------
Household Appliances -- 0.2%
400,000 BB+/NR Arcelik AS, 5.0%, 4/3/23 (144A) $ 398,811
-----------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.4%
425,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 8.25%,
2/15/21 $ 437,750
330,000 CCC+/Caa2 Reynolds Group Issuer, Inc., 9.875%,
8/15/19 361,762
---------------
$ 799,512
-----------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.0%+
EURO 100,000 CCC/Caa2 Heckler & Koch GmbH, 9.5%,
5/15/18 (144A) $ 113,150
---------------
Total Consumer Durables & Apparel $ 2,887,574
-----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.3%
Casinos & Gaming -- 0.5%
395,000 CCC/Caa3 Codere Finance Luxembourg SA, 9.25%,
2/15/19 (144A) $ 284,400
EURO 200,000 8.25 BB/Ba2 Lottomatica Group S.p.A., Floating Rate
Note, 3/31/66 (144A) 268,687
250,000 B+/B3 MGM Resorts International, 6.75%,
10/1/20 (144A) 265,000
100,000 BB-/B1 Scientific Games International, Inc.,
9.25%, 6/15/19 110,125
---------------
$ 928,212
-----------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
200,000 CCC+/B2 Seven Seas Cruises S de RL LLC,
9.125%, 5/15/19 $ 216,500
210,000 B+/B3 Viking Cruises, Ltd., 8.5%, 10/15/22
(144A) 231,000
---------------
$ 447,500
-----------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.3%
EURO 550,000 B+/B3 Cirsa Funding Luxembourg SA, 8.75%,
5/15/18 (144A) $ 689,316
-----------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.3%
250,000 BB-/Ba3 Coinstar, Inc., 6.0%, 3/15/19 (144A) $ 255,625
260,000 BB/Ba3 Sotheby's, 5.25%, 10/1/22 (144A) 262,600
---------------
$ 518,225
---------------
Total Consumer Services $ 2,583,253
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
MEDIA -- 1.7%
Advertising -- 0.2%
90,000 B/B3 MDC Partners, Inc., 11.0%,
11/1/16 (144A) $ 99,900
295,000 B-/B3 MDC Partners, Inc., 6.75%,
4/1/20 (144A) 297,950
---------------
$ 397,850
-----------------------------------------------------------------------------------------------------------------
Broadcasting -- 1.2%
475,000 BB-/B1 CCO Holdings LLC, 5.75%,
9/1/23 (144A) $ 476,188
100,000 BB-/B1 CCO Holdings LLC, 6.5%, 4/30/21 105,750
450,000 CCC+/B3 Cumulus Media Holdings, Inc., 7.75%,
5/1/19 462,375
67,213 CCC+/Caa3 Intelsat Luxembourg SA, 11.5%, 2/4/17 71,380
350,000 CCC+/Caa3 Intelsat Luxembourg SA, 7.75%,
6/1/21 (144A) 356,125
EURO 200,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%,
3/1/20 (144A) 268,610
EURO 100,000 B+/B1 Nara Cable Funding, Ltd., 8.875%,
12/1/18 (144A) 134,305
325,000 B+/B2 Quebecor Media, Inc., 5.75%, 1/15/23
(144A) 331,500
150,000 B+/B2 Univision Communications, Inc.,
6.875%, 5/15/19 (144A) 160,500
100,000 CCC+/Caa2 Univision Communications, Inc., 8.5%,
5/15/21 (144A) 108,000
---------------
$ 2,474,733
-----------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
200,000 BB/B1 Sirius XM Radio, Inc., 5.25%,
8/15/22 (144A) $ 204,500
-----------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
100,000 CCC+/Caa1 Production Resource Group, Inc.,
8.875%, 5/1/19 $ 75,750
75,000 B-/B3 Regal Entertainment Group, 5.75%,
2/1/25 73,688
190,000 BB-/Ba2 WMG Acquisition Corp., 6.0%, 1
/15/21 (144A) 199,025
---------------
$ 348,463
-----------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
100,000 B-/B3 MPL 2 Acquisition Canco, Inc., 9.875%,
8/15/18 (144A) $ 100,750
---------------
Total Media $ 3,526,296
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 37
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.1%
100,000 B/NR Grupo Famsa SAB de CV, 11.0%,
7/20/15 (144A) $ 107,000
-----------------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
250,000 B/B3 Brown Shoe Co., Inc., 7.125%, 5/15/19 $ 263,750
-----------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
600,000 B-/B3 Radio Systems Corp., 8.375%,
11/1/19 (144A) $ 634,500
---------------
Total Retailing $ 1,005,250
-----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.3%
Soft Drinks -- 0.1%
195,000 BB/Ba2 Central American Bottling Corp.,
6.75%, 2/9/22 (144A) $ 212,306
-----------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.5%
240,000 BB/Ba2 Cosan Luxembourg SA, 5.0%,
3/14/23 (144A) $ 241,440
750,000 B/NR Tonon Bioenergia SA, 9.25%, 1/24/20
(144A) 765,000
---------------
$ 1,006,440
-----------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.5%
75,000 B/NR Agrokor DD, 8.875%, 2/1/20 (144A) $ 82,312
550,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 (144A) 576,812
300,000 B/B3 FAGE Dairy Industry SA, 9.875%,
2/1/20 (144A) 329,250
200,000 B+/B2 Marfrig Holding Europe BV, 8.375%,
5/9/18 (144A) 180,500
200,000 B+/B2 Marfrig Holding Europe BV, 9.875%,
7/24/17 (144A) 195,000
100,000 B+/B2 Marfrig Overseas, Ltd., 9.5%, 5/4/20
(144A) 94,500
500,000 B/NR MHP SA, 8.25%, 4/2/20 (144A) 495,445
400,000 B+/B1 Minerva Luxembourg SA, 7.75%,
1/31/23 (144A) 429,000
360,000 B/Caa1 Pilgrim's Pride Corp., 7.875%, 12/15/18 389,250
200,000 B+/B1 Post Holdings, Inc., 7.375%, 2/15/22 218,750
70,000 B+/B2 Wells Enterprises, Inc., 6.75%, 2/1/20
(144A) 73,850
---------------
$ 3,064,669
-----------------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
500,000 B-/B3 Alliance One International, Inc.,
10.0%, 7/15/16 $ 528,125
---------------
Total Food, Beverage & Tobacco $ 4,811,540
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Personal Products -- 0.5%
255,000 B+/B2 Albea Beauty Holdings SA, 8.375%,
11/1/19 (144A) $ 271,575
750,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 769,552
---------------
$ 1,041,127
---------------
Total Household & Personal Products $ 1,041,127
-----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.6%
Health Care Equipment -- 0.3%
250,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 $ 265,625
200,000 BB/B2 Hologic, Inc., 6.25%, 8/1/20 212,750
150,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) 169,125
---------------
$ 647,500
-----------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
100,000 B/Caa1 ConvaTec Healthcare E SA, 10.5%,
12/15/18 (144A) $ 111,250
100,000 B-/Caa1 Immucor, Inc., 11.125%, 8/15/19 114,000
---------------
$ 225,250
-----------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
400,000 CCC+/Caa2 Gentiva Health Services, Inc., 11.5%,
9/1/18 $ 411,000
75,000 CCC+/Caa2 Rural Metro Corp., 10.125%, 7/15/19
(144A) 76,312
---------------
$ 487,312
-----------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.7%
350,000 BB/B1 Aviv Healthcare Properties LP, 7.75%,
2/15/19 $ 376,250
200,000 B/B3 Capella Healthcare, Inc., 9.25%, 7/1/17 216,500
215,000 B/B3 CHS, 7.125%, 7/15/20 233,275
400,000 B-/B3 Kindred Healthcare, Inc., 8.25%, 6/1/19 397,000
200,000 B-/B3 Vanguard Health Holding Co. II LLC,
7.75%, 2/1/19 214,000
---------------
$ 1,437,025
-----------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
200,000 CCC+/Caa1 Emdeon, Inc., 11.0%, 12/31/19 $ 230,500
170,000 B/B3 IMS Health, Inc., 6.0%, 11/1/20 (144A) 177,225
175,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 191,188
---------------
$ 598,913
---------------
Total Health Care Equipment & Services $ 3,396,000
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 39
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.8%
Biotechnology -- 0.4%
600,000 B+/Caa2 Lantheus Medical Imaging, Inc., 9.75%,
5/15/17 $ 595,500
130,000 BB/B3 Warner Chilcott Co. LLC, 7.75%, 9/15/18 138,938
---------------
$ 734,438
-----------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.4%
610,000 B-/Caa1 Sky Growth Acquisition Corp., 7.375%,
10/15/20 (144A) $ 645,075
55,000 BB-/B1 Valeant Pharmaceuticals International,
6.375%, 10/15/20 (144A) 57,991
155,000 BB-/B1 VPI Escrow Corp., 6.375%, 10/15/20
(144A) 163,331
---------------
$ 866,397
---------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 1,600,835
-----------------------------------------------------------------------------------------------------------------
BANKS -- 2.4%
Diversified Banks -- 1.7%
500,000 NR/Baa3 Banco de Bogota SA, 5.375%,
2/19/23 (144A) $ 515,000
400,000 6.25 BB/NR Banco do Brasil SA, Floating Rate
Note, 12/29/49 (Perpetual) (144A) 394,000
200,000 NR/B1 Banco GNB Sudameris SA, 7.5%,
7/30/22 (144A) 220,965
300,000 BBB-/Baa3 Bank of India London, 3.625%,
9/21/18 (144A) 301,123
250,000 BBB/NR BBVA Banco Continental SA, 5.0%,
8/26/22 (144A) 263,125
400,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 454,000
350,000 NR/Ba3 CorpGroup Banking SA, 6.75%,
3/15/23 (144A) 366,188
300,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 309,123
100,000 BBB/A3 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 111,744
250,000 A/Baa1 Nordea Bank AB, 4.25%, 9/21/22 (144A) 255,694
300,000 BBB-/Baa2 VTB Bank OJSC Via VTB Capital SA,
6.95%, 10/17/22 (144A) 316,050
---------------
$ 3,507,012
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.7%
250,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 $ 292,993
400,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49 (Perpetual) 402,439
150,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49 (Perpetual) 171,561
500,000 BBB-/NR UBS AG, 7.625%, 8/17/22 558,730
---------------
$ 1,425,723
-----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.0%+
100,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 107,086
---------------
Total Banks $ 5,039,821
-----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.7%
Other Diversified Financial Services -- 3.9%
500,000 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) $ 500,000
500,000 0.00 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 499,600
500,000 5.95 BB/B1 Citigroup, Inc., Floating Rate Note,
12/29/49 (Perpetual) 518,750
250,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 259,025
250,000 11.25 B+/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 254,525
500,000 NR/NR DTEK Finance Plc, 7.875%, 4/4/18
(144A) 491,849
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 270,225
250,000 6.60 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 254,225
1,000,000 BBB/NR Fixed Income Trust Series 2013-A, 0.0%,
10/15/97 (Step) (144A) (c) 590,748
200,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note, 12/29/49 (Perpetual) 232,613
200,000 A/A2 JPMorgan Chase & Co., 4.35%, 8/15/21 220,635
100,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 114,883
500,000 A-/NR KKR Group Finance Co. II LLC, 5.5%,
2/1/43 (144A) 481,535
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 252,175
250,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 252,400
500,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 501,800
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 41
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
450,000 BB/NR Magnesita Finance, Ltd., 8.625%,
4/29/49 (Perpetual) (144A) $ 476,995
250,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 252,350
250,000 8.50 B+/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 256,525
300,000 6.25 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat
Bond) (144A) 302,880
250,000 10.75 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat
Bond) (144A) 253,525
250,000 NR/NR Sector Re V, Ltd., 3/1/18 (Cat Bond)
(144A) 250,000
100,000 7.70 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) 65,626
300,000 NR/NR Unison Ground Lease Funding LLC,
5.78%, 3/16/20 (144A) 300,000
250,000 2.90 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 255,525
---------------
$ 8,108,414
-----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.1%
400,000 BB/Ba3 Ausdrill Finance Pty, Ltd., 6.875%,
11/1/19 (144A) $ 409,000
500,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 519,826
200,000 CCC+/Caa1 Igloo Holdings Corp., 8.25%, 12/15/17
(144A) (PIK) 206,500
250,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note, 2/16/15
(Cat Bond) (144A) 258,725
400,000 B+/B2 Nationstar Mortgage LLC, 6.5%,
7/1/21 (144A) 417,000
400,000 B/B1 Oxford Finance LLC, 7.25%, 1/15/18
(144A) 415,000
---------------
$ 2,226,051
-----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
150,000 CCC/Caa1 Springleaf Finance Corp., 6.9%,
12/15/17 $ 150,750
100,000 NR/NR Tarjeta Naranja SA, 9.0%, 1/28/17
(144A) 90,000
---------------
$ 240,750
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
250,000 A/NR Blackstone Holdings Finance Co. LLC,
4.75%, 2/15/23 (144A) $ 275,896
250,000 A/NR Blackstone Holdings Finance Co. LLC,
6.25%, 8/15/42 (144A) 283,925
100,000 BB+/Ba1 Neuberger Berman Group LLC, 5.625%,
3/15/20 (144A) 104,750
250,000 BBB/NR Prospect Capital Corp., 5.875%, 3/15/23 250,474
---------------
$ 915,045
-----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.2%
100,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating Rate
Note, 6/1/43 $ 84,125
500,000 BBB/Baa3 Jefferies Group LLC, 5.125%, 1/20/23 529,388
150,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 155,199
200,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 266,556
250,000 BBB+/Baa2 Morgan Stanley, 4.875%, 11/1/22 265,028
900,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 936,346
150,000 A-/A3 The Goldman Sachs Group, Inc.,
5.25%, 7/27/21 169,960
---------------
$ 2,406,602
---------------
Total Diversified Financials $ 13,896,862
-----------------------------------------------------------------------------------------------------------------
INSURANCE -- 6.8%
Insurance Brokers -- 1.0%
600,000 CCC+/Caa2 Hub International, Ltd., 8.125%,
10/15/18 (144A) $ 631,500
700,000 BBB-/Baa3 Ironshore Holdings US, Inc., 8.5%,
5/15/20 (144A) 801,391
500,000 CCC/Caa2 Onex USI Acquisition Corp., 7.75%,
1/15/21 (144A) 501,250
GBP 100,000 NR/Ba3 Towergate Finance Plc, 8.5%, 2/15/18
(144A) 158,720
---------------
$ 2,092,861
-----------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.9%
650,000 B+/Ba3 CNO Financial Group, Inc., 6.375%,
10/1/20 (144A) $ 691,438
500,000 B+/B1 Fidelity & Guaranty Life Holdings, Inc.,
6.375%, 4/1/21 (144A) 510,000
125,000 5.20 BBB+/Baa3 Prudential Financial, Inc., Floating Rate
Note, 3/15/44 125,312
400,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating Rate
Note, 9/15/42 426,000
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 43
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
165,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate
Note, 3/30/33 (144A) $ 166,664
---------------
$ 1,919,414
-----------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.6%
250,000 BBB/A3 AXA SA, 8.6%, 12/15/30 $ 320,570
500,000 6.46 BBB-/Baa1 AXA SA, Floating Rate Note
(Perpetual) (144A) 496,250
300,000 BBB-/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 349,500
---------------
$ 1,166,320
-----------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.9%
250,000 BBB-/Baa3 Fidelity National Financial, Inc., 5.5%,
9/1/22 $ 283,799
200,000 NR/Baa3 First American Financial Corp., 4.3%,
2/1/23 208,145
200,000 BBB-/Baa2 OneBeacon US Holdings, Inc., 4.6%,
11/9/22 209,335
110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note (Perpetual) (144A) 116,425
400,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 467,148
550,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note (Perpetual) 537,625
---------------
$ 1,822,477
-----------------------------------------------------------------------------------------------------------------
Reinsurance -- 3.4%
250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) $ 253,375
250,000 10.00 NR/Ba2 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 268,475
250,000 0.00 B/NR Everglades Re, Ltd., Floating Rate Note,
3/28/16 (Cat Bond) (144A) 254,275
1,000,000 17.75 B+/NR Everglades Re, Ltd., Floating Rate Note,
4/30/14 (Cat Bond) (144A) 1,092,400
350,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate Note,
2/25/15 (Cat Bond) 365,050
250,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate Note,
2/3/14 (Cat Bond) (144A) 253,175
250,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 260,450
250,000 12.18 B/NR Montana Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 246,000
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 261,900
250,000 12.00 B/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 264,800
The accompanying notes are an integral part of these financial statements.
44 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 8.71 B+/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat
Bond) (144A) $ 252,375
250,000 11.94 B-/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 11/10/16 (Cat
Bond) (144A) 246,425
250,000 11.22 NR/B2 Mythen, Ltd., Floating Rate Note, 5/7/15
(Cat Bond) (144A) 265,275
250,000 13.75 NR/NR Pelican Re, Ltd., Floating Rate Note,
4/13/15 (Cat Bond) (144A) 262,725
250,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 252,500
250,000 12.75 NR/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 253,500
250,000 8.00 BB/NR Residential Reinsurance 2012, Ltd., Floating
Rate Note, 6/6/16 (Cat Bond) (144A) 263,475
250,000 12.93 B-/NR Successor X, Ltd. Class III-R3, Floating
Rate Note, 1/7/14 (Cat Bond) (144A) 251,100
250,000 13.00 NR/NR Successor X, Ltd. Class IV-AL3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 251,150
500,000 9.41 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 502,450
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 251,925
250,000 16.75 NR/NR Successor X, Ltd., Floating Rate Note,
4/4/13 (Cat Bond) (144A) 250,550
200,000 BBB+/Baa2 Validus Holdings, Ltd., 8.875%, 1/26/40 266,866
---------------
$ 7,090,216
---------------
Total Insurance $ 14,091,288
-----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Diversified REITs -- 0.3%
300,000 B+/Ba3 CNL Lifestyle Properties, Inc., 7.25%,
4/15/19 $ 300,000
250,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%,
4/15/21 (144A) 289,349
---------------
$ 589,349
-----------------------------------------------------------------------------------------------------------------
Specialized REITs -- 0.3%
250,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 $ 266,401
100,000 BB-/B1 Sabra Health Care LP, 8.125%, 11/1/18 108,625
150,000 BBB/Baa2 Ventas Realty LP, 4.75%, 6/1/21 166,701
---------------
$ 541,727
---------------
Total Real Estate $ 1,131,076
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 45
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Internet Software & Services -- 0.5%
100,000 BB/Ba3 Equinix, Inc., 7.0%, 7/15/21 $ 111,000
805,000 BB/B1 j2 Global, Inc., 8.0%, 8/1/20 857,325
---------------
$ 968,325
-----------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.2%
100,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (144A) $ 104,000
400,000 BB/Ba3 WEX, Inc., 4.75%, 2/1/23 (144A) 387,000
---------------
$ 491,000
---------------
Total Software & Services $ 1,459,325
-----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.9%
Communications Equipment -- 0.3%
250,000 BB+/B1 Brocade Communications Systems,
Inc., 4.625%, 1/15/23 (144A) $ 241,875
260,000 B/B3 CommScope, Inc., 8.25%, 1/15/19
(144A) 282,100
100,000 B+/B1 ViaSat, Inc., 6.875%, 6/15/20 107,250
---------------
$ 631,225
-----------------------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
185,000 BB/Ba3 NCR Corp., 5.0%, 7/15/22 (144A) $ 185,462
-----------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.1%
200,000 BB+/Ba1 Seagate HDD Cayman, 7.0%, 11/1/21 $ 217,000
-----------------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.3%
550,000 BB-/B1 Viasystems, Inc., 7.875%, 5/1/19 (144A) $ 574,750
-----------------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
85,000 BB+/Ba1 Flextronics International, Ltd., 4.625%,
2/15/20 (144A) $ 85,850
145,000 BB+/Ba1 Flextronics International, Ltd., 5.0%,
2/15/23 (144A) 144,638
---------------
$ 230,488
---------------
Total Technology Hardware & Equipment $ 1,838,925
-----------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductor Equipment -- 0.3%
650,000 B+/Caa1 MEMC Electronic Materials, Inc., 7.75%,
4/1/19 $ 601,250
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
445,000 B/B2 Advanced Micro Devices, Inc., 7.5%,
8/15/22 (144A) $ 403,838
---------------
Total Semiconductors &
Semiconductor Equipment $ 1,005,088
-----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.4%
Integrated Telecommunication Services -- 2.2%
500,000 BB/Ba2 CenturyLink, Inc., 6.45%, 6/15/21 $ 530,000
150,000 BB/Ba2 CenturyLink, Inc., 7.6%, 9/15/39 145,500
300,000 BB/Ba2 CenturyLink, Inc., 7.65%, 3/15/42 289,875
578,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 601,120
250,000 BB-/Ba2 Frontier Communications Corp., 7.625%,
4/15/24 257,188
500,000 BB-/Ba2 Frontier Communications Corp., 8.75%,
4/15/22 556,250
200,000 BB-/Ba2 Frontier Communications Corp., 9.0%,
8/15/31 206,500
155,000 NR/Ba3 GTP Acquisition Partners I LLC, 7.628%,
6/15/16 (144A) 172,242
500,000 BB-/NR Lynx I Corp., 5.375%, 4/15/21 (144A) 520,000
150,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 148,500
200,000 A/A2 Qtel International Finance, Ltd., 3.875%,
1/31/28 (144A) 196,958
125,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 139,860
EURO 200,000 B+/Ba3 Telenet Finance III Luxembourg SCA,
6.625%, 2/15/21 (144A) 267,328
100,000 BB-/B1 tw telecom holdings inc, 5.375%, 10/1/22 104,250
305,000 B/Ba3 Windstream Corp., 7.5%, 6/1/22 326,350
---------------
$ 4,461,921
-----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
150,000 B/B3 Intelsat Jackson Holdings SA, 7.5%,
4/1/21 $ 166,875
100,000 B/B1 MetroPCS Wireless, Inc., 7.875%, 9/1/18 109,250
200,000 BB/Ba3 VimpelCom Holdings BV, 7.504%,
3/1/22 (144A) 222,560
---------------
$ 498,685
---------------
Total Telecommunication Services $ 4,960,606
-----------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.3%
Electric Utilities -- 0.5%
100,000 CCC/NR Cia de Transporte de Energia Electrica
en Alta Tension Transener SA, 9.75%,
8/15/21 (144A) $ 42,750
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 47
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
500,000 5.25 BBB+/A3 Electricite de France SA, Floating Rate
Note, 1/29/49 (Perpetual) (144A) $ 496,720
150,000 BBB+/Baa2 Enel Finance International NV, 5.125%,
10/7/19 (144A) 159,142
75,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating
Rate Note, 8/1/49 (Perpetual) 82,521
400,000 CCC/Caa3 Texas Competitive Electric Holdings Co.
LLC, 11.5%, 10/1/20 (144A) 299,000
---------------
$ 1,080,133
-----------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.1%
165,000 NR/Ba2 AmeriGas Finance LLC, 7.0%, 5/20/22 $ 179,438
-----------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.7%
250,000 5.75 BB+/NR East Lane Re, Ltd., Floating Rate Note,
3/14/14 (Cat Bond) (144A) $ 255,075
100,000 NR/B1 Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 112,950
400,000 B/B1 InterGen NV, 9.0%, 6/30/17 (144A) 393,000
150,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 162,000
200,000 BB-/B1 NRG Energy, Inc., 8.25%, 9/1/20 225,750
300,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 329,250
---------------
$ 1,478,025
---------------
Total Utilities $ 2,737,596
-----------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.3%
Government -- 0.3%
500,000 NR/NR Brazil Minas SPE via State of Minas
Gerais, 5.333%, 2/15/28 $ 550,000
---------------
Total Government $ 550,000
-----------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $116,909,229) $ 119,757,803
-----------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.2%
100,000 B-/Caa1 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 (144A) $ 69,000
200,000 B/B3 Ukraine Government International Bond,
7.8%, 11/28/22 (144A) 202,500
200,000 B/B3 Ukraine Government International Bond,
9.25%, 7/24/17 (144A) 216,520
-----------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $494,421) $ 488,020
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.1%
Municipal Airport -- 0.6%
1,250,000 NR/NR City of Charlotte North Carolina, 5.6%,
7/1/27 $ 1,251,400
-----------------------------------------------------------------------------------------------------------------
Municipal General -- 0.3%
500,000 AA/A2 JobsOhio Beverage System, 3.985%,
1/1/29 $ 512,780
75,000 AA/A2 JobsOhio Beverage System, 4.532%,
1/1/35 77,841
---------------
$ 590,621
-----------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
100,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 111,908
150,000 A/NR New Hampshire Health & Education
Facilities Authority, 6.5%, 1/1/41 173,598
---------------
$ 285,506
-----------------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.1%
100,000 B+/B1 County of York South Carolina, 5.7%,
1/1/24 $ 99,998
-----------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $2,142,908) $ 2,227,525
-----------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 14.0%**
ENERGY -- 0.9%
Oil & Gas Drilling -- 0.4%
400,000 0.00 NR/B3 Offshore Group Investment, Ltd., Term
Loan, 3/28/19 $ 403,000
299,250 0.00 B+/Ba1 Shelf Drilling Holdings, Ltd., Term Loan,
5/30/18 302,242
---------------
$ 705,242
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
300,000 0.00 BB-/NR American Petroleum Tankers Parent LLC,
Term Loan, 9/15/19 $ 300,750
25,090 8.50 CCC+/B3 FTS International Services LLC, Term Loan,
5/6/16 23,908
---------------
$ 324,658
-----------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.0%+
65,580 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
6/1/16 $ 65,908
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
200,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term Loan,
12/2/17 $ 206,536
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 49
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
265,000 5.00 B+/Ba3 EP Energy LLC, Tranche B-1 Loan,
5/24/18 $ 268,431
200,000 6.00 B/B1 Samson Investment Co., Initial Term
Loan (Second Lien), 9/25/18 202,900
---------------
$ 677,867
---------------
Total Energy $ 1,773,675
-----------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.1%
Commodity Chemicals -- 0.0%+
49,501 4.25 BB-/B1 Taminco Global Chemical Corp., Tranche B-2
Dollar Term Loan, 2/15/19 $ 50,089
-----------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.1%
133,650 6.50 NR/B1 Ineos Group Holdings, Ltd., Cash Dollar
Term Loan, 5/4/18 $ 135,947
98,738 5.00 B+/B2 Univar, Term B Loan, 2/14/17 99,840
---------------
$ 235,787
-----------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
399,000 4.50 NR/NR PQ Corp., 2013 Term Loan, 8/7/17 $ 403,738
-----------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
399,000 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 404,237
219,676 4.25 B/B1 Tank Holdings Corp., Initial Term Loan,
6/8/19 220,363
---------------
$ 624,600
-----------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
98,250 6.50 B/B2 Exopack Holding Corp., Term Loan B,
5/6/17 $ 99,355
-----------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
298,874 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term Loan,
9/18/17 $ 302,770
153,063 0.00 B+/B2 Preferred Sands Holding Co. LLC, Term B
Loan, 12/15/16 143,113
30,410 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term Loan,
7/26/18 30,562
---------------
$ 476,445
-----------------------------------------------------------------------------------------------------------------
Steel -- 0.2%
124,375 8.75 B/B1 Essar Steel Algoma, Inc., Term Loan,
9/12/14 $ 127,484
148,487 4.75 BB/B1 JMC Steel Group, Inc., Term Loan,
2/15/17 150,063
---------------
$ 277,547
---------------
Total Materials $ 2,167,561
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.6%
Aerospace & Defense -- 0.4%
104,000 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 $ 105,341
162,379 3.54 BB-/B2 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 151,825
448,875 5.25 B/B1 Sequa Corp., Initial Term Loan, 12/19/17 456,543
---------------
$ 713,709
-----------------------------------------------------------------------------------------------------------------
Building Products -- 0.2%
109,450 5.75 B/B1 CPG International I, Inc., Term Loan,
9/21/19 $ 110,476
249,438 6.00 B+/B2 Custom Building Products, Inc., Term
Loan, 12/12/19 253,803
124,688 4.25 B+/B1 Unifrax Corp., New Term B Loan, 12/31/19 126,090
---------------
$ 490,369
-----------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.1%
248,125 7.00 NR/NR Pelican Products, Inc., Term Loan (First
Lien), 8/15/18 $ 248,745
49,750 6.00 BB-/Ba2 WireCo WorldGroup, Inc., Term Loan,
4/13/17 50,496
---------------
$ 299,241
-----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
300,000 0.00 NR/NR Milacron LLC, Term Loan, 3/12/20 $ 303,000
347,808 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/16/17 352,155
---------------
$ 655,155
-----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.4%
319,500 7.00 B+/Ba3 Navistar International Corp., Tranche B T
erm Loan, 7/31/17 $ 323,721
147,758 4.50 NR/Ba2 Terex Corp., New US Term Loan, 4/28/17 150,011
332,767 5.75 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 337,759
---------------
$ 811,491
-----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
198,500 8.25 BB-/B3 Wastequip, Inc., Term Loan, 5/17/18 $ 199,492
-----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
234,413 4.50 B+/Ba3 WESCO International, Inc., Tranche B-1
Loan, 12/4/19 $ 237,020
---------------
Total Capital Goods $ 3,406,477
-----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.6%
Commercial Printing -- 0.1%
197,975 7.00 BB-/Ba3 Cenveo Corp., Term B Facility, 12/15/16 $ 199,088
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 51
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.3%
400,000 0.00 NR/NR ISS AS, New Term B Loan, 3/26/18 $ 402,376
158,400 5.50 B+/B1 WCA Waste Corp., Term Loan, 3/23/18 159,885
---------------
$ 562,261
-----------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.1%
185,875 10.00 NR/NR IAP Worldwide Services, Inc., Term Loan
(First Lien), 12/31/15 $ 139,406
-----------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.0%+
124,688 4.50 BB/Ba1 Garda World Security Corp., Term B
Loan, 10/24/19 $ 126,441
-----------------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.1%
210,254 5.00 BB-/Ba3 On Assignment, Inc., Initial Term B Loan,
3/20/19 $ 213,142
---------------
Total Commercial Services & Supplies $ 1,240,338
-----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Air Freight & Logistics -- 0.1%
175,000 0.00 B-/Ba3 Ozburn-Hessey Logistics LLC, Term Loan
(First Lien), 4/7/16 $ 175,875
-----------------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
175,000 5.25 B+/Ba2 Delta Air Lines, Inc., Term B-1 Loan,
9/28/18 $ 178,008
250,000 0.00 BB-/Ba2 United Air Lines, Inc., 3/12/19 253,021
---------------
$ 431,029
-----------------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
72,997 4.00 NR/NR Swift Transportation Co LLC, Tranche B-2
Term Loan (2013), 12/21/17 $ 74,138
---------------
Total Transportation $ 681,042
-----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Auto Parts & Equipment -- 0.3%
64,675 4.25 BB-/Ba3 Allison Transmission, Inc., Term B-3 Loan,
8/23/19 $ 65,572
167,632 5.00 NR/NR HHI Holdings LLC, Additional Term Loan,
10/5/18 170,356
249,375 5.00 B+/B1 Metaldyne Corp., USD Term Loan,
12/18/18 253,739
129,025 0.00 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 130,315
62,590 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 63,373
---------------
$ 683,355
---------------
Total Automobiles & Components $ 683,355
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Home Furnishings -- 0.1%
149,625 5.00 BB/Ba3 Tempur-Pedic International, Inc., Term B
Loan, 9/27/19 $ 151,909
-----------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
84,280 3.75 BB-/Ba2 Prestige Brands, Inc., Term B-1 Loan,
1/31/19 $ 85,629
200,000 5.50 B+/B1 World Kitchen LLC, U.S. Term Loan,
2/13/19 202,750
45,129 5.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 3/2/19 45,651
---------------
$ 334,030
-----------------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.1%
150,000 5.75 B/B2 Renfro Corp., Tranche B Term Loan,
1/23/19 $ 152,250
-----------------------------------------------------------------------------------------------------------------
Textiles -- 0.1%
237,256 5.75 NR/Ba3 Kloeckner Pentaplast SA, Term B-1
Loan, 12/14/16 $ 241,556
---------------
Total Consumer Durables & Apparel $ 879,745
-----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.2%
93,750 6.00 BB-/Ba3 Boyd Gaming Corp., Increased Term
Loan, 12/17/15 $ 94,855
269,325 4.25 BB/Ba2 MGM Resorts International, Term B
Loan, 12/20/19 274,183
---------------
$ 369,038
-----------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
246,875 4.75 NR/Ba2 Seven Seas Cruises S de RL LLC, Term B-1
Loan, 12/21/18 $ 250,578
-----------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
200,000 5.00 B+/B1 Bombardier Recreational Products, Inc.,
Term B Loan, 7/17/19 $ 202,229
-----------------------------------------------------------------------------------------------------------------
Restaurants -- 0.3%
77,610 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 78,766
248,435 4.75 B+/B1 Landry's, Inc., B Term Loan, 3/22/18 250,713
272,708 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term
Loan, 12/28/18 277,310
119,400 4.75 BB-/B1 Wendy's International, Inc., Term Loan,
4/3/19 120,849
---------------
$ 727,638
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 53
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
149,625 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 150,997
---------------
Total Consumer Services $ 1,700,480
-----------------------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Advertising -- 0.3%
199,500 0.00 B+/Ba3 Advantage Sales & Marketing LLC, 2013
Term Loan (First Lien), 12/17/17 $ 202,576
396,446 6.50 B/Ba3 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 388,269
---------------
$ 590,845
-----------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.3%
199,500 4.75 B/B1 NEP Broadcasting LLC, Refinanced New
Term Loan (First Lien), 1/22/20 $ 201,744
267,975 0.00 NR/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 270,486
199,863 4.75 B+/NR Univision Communications, Inc., 2013
Converted Extended First-Lien Term
Loan, 2/22/20 201,288
---------------
$ 673,518
-----------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
448,121 6.25 B/B1 WideOpenWest LLC, Term Loan, 4/18/18 $ 454,394
-----------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
197,963 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B
Loan, 10/20/16 $ 199,776
-----------------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
118,550 0.00 B+/Ba3 Interactive Data Corp., Refinanced Term
Loan, 2/11/18 $ 120,069
---------------
Total Media $ 2,038,602
-----------------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Computer & Electronics Retail -- 0.1%
98,250 11.00 B/B2 Targus Group International, Term Loan,
5/12/16 $ 98,741
-----------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.2%
250,000 4.50 B/B1 Apex Tool Group LLC, Term Loan, 2/1/20 $ 253,906
223,276 4.25 B+/WR The Hillman Group, Inc., Term Loan,
5/31/16 225,601
---------------
$ 479,507
-----------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
199,500 6.25 B+/B1 Sequa Automotive Group, Term Loan,
11/1/18 $ 201,703
---------------
Total Retailing $ 779,951
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Food Distributors -- 0.1%
150,000 4.50 B/B1 Crossmark Holdings, Inc., Term Loan
(First Lien), 1/31/20 $ 150,422
-----------------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
150,000 5.75 NR/NR Albertsons LLC, Term B Loan, 2/14/16 $ 152,746
247,307 5.75 B+/B1 Roundy's Supermarkets, Inc., Tranche B
Term Loan, 1/24/19 247,153
---------------
$ 399,899
---------------
Total Food & Staples Retailing $ 550,321
-----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Packaged Foods & Meats -- 0.8%
199,500 4.00 B/B1 Del Monte Foods Co., Initial Term Loan,
2/3/18 $ 201,474
248,750 6.50 NR/NR Hearthside Food Solutions LLC, Term
Loan A, 5/7/18 251,238
400,000 0.00 BB-/NR HJ Heinz Co., Term B2 Loan, 3/27/20 403,916
680,000 0.00 NR/NR Hostess Brands, Inc., Term B Loan,
2/25/20 695,300
199,496 4.75 B+/Ba3 Pinnacle Foods Finance LLC, Tranche E
Term Loan, 9/16/18 201,598
---------------
$ 1,753,526
---------------
Total Food, Beverage & Tobacco $ 1,753,526
-----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
64,350 0.00 NR/NR Monotronics International, Inc., Term B
Loan, 3/23/18 $ 63,707
250,000 0.00 BB-/NR NBTY, Inc., Term B-2 Loan, 10/1/17 253,406
---------------
$ 317,113
---------------
Total Household & Personal Products $ 317,113
-----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.5%
Health Care Equipment -- 0.2%
174,125 4.50 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4/29/19 $ 176,755
247,375 5.50 BB-/Ba2 Kinetic Concepts, Inc., Dollar Term C-1
Loan, 5/4/18 252,168
---------------
$ 428,923
-----------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
249,375 0.00 BB-/Ba3 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 251,674
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 55
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.5%
99,750 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan,
8/1/19 $ 100,911
299,238 4.00 B+/Ba3 Emergency Medical Services Corp.,
Initial Term Loan, 4/5/18 301,034
71,802 6.50 B+/B1 Gentiva Health Services, Inc., Term B1
Term Loan, 2/22/16 72,430
133,714 7.75 B/B2 inVentiv Health, Inc., Term B-3 Loan,
6/24/18 132,879
248,764 6.75 B+/Ba3 MModal, Inc., Term B Loan, 8/17/19 239,902
98,496 5.75 B+/B1 Rural Metro Corp., Term Loan (First
Lien), 3/28/18 99,247
---------------
$ 946,403
-----------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.6%
58,339 0.00 BB-/Ba3 Health Management Associates, Inc.,
Replacement Term B Loan, 11/18/18 $ 58,896
196,009 4.50 NR/NR IASIS Healthcare LLC, Term B-2 Loan,
5/3/18 199,010
249,375 5.25 B+/Ba3 Kindred Healthcare, Inc., Incremental
Term Loan, 6/1/18 252,025
249,375 7.00 NR/NR RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien 2013), 11/4/18 253,739
98,250 5.50 B+/B1 Select Medical Holdings Corp., Tranche B
Term Loan, 4/25/18 99,232
350,000 3.75 NR/NR Vanguard Health Holding Co II LLC, Term B
Loan, 1/29/16 354,812
---------------
$ 1,217,714
-----------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
70,000 9.75 B+/B2 MMM Holdings, Inc., Term Loan, 10/9/17 $ 70,525
-----------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
100,000 5.00 B+/Ba3 Convatec, Inc., Dollar Term Loan, 12/1/16 $ 101,781
148,500 5.00 BB-/Ba3 Emdeon, Inc., Term B-1 Loan, 11/2/18 150,681
---------------
$ 252,462
---------------
Total Health Care Equipment & Services $ 3,167,701
-----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.4%
Biotechnology -- 0.3%
199,000 3.50 BB/B1 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 200,078
97,995 5.50 BB/B2 Axcan Intermediate Holdings, Inc., Term B-1
Loan, 2/11/17 98,975
122,978 4.25 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term Loan,
6/1/17 124,416
22,077 4.25 BBB-/Ba3 Warner Chilcott Corp., Additional Term B-1
Loan, 3/15/18 22,409
The accompanying notes are an integral part of these financial statements.
56 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
50,717 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-1
Loan, 3/3/18 $ 51,478
17,971 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-2
Loan, 3/17/18 18,241
39,965 4.25 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 40,565
---------------
$ 556,162
-----------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
245,607 11.00 NR/NR K-V Pharmaceutical Co., DIP Facility,
12/28/13 $ 238,239
99,501 4.25 B+/B1 Par Pharmaceutical Companies, Inc.,
Additional Term B-1 Loan, 9/28/19 100,734
---------------
$ 338,973
---------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 895,135
-----------------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
275,000 5.00 B/B1 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 279,812
---------------
Total Banks $ 279,812
-----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial Services -- 0.1%
30,184 5.25 B/B2 BNY ConvergEx Group LLC, Term Loan
First Lien (EZE), 12/17/16 $ 30,134
66,677 5.25 B/B2 BNY ConvergEx Group LLC, Term Loan
First Lien (TOP), 12/17/16 66,566
98,939 5.25 BB/Ba3 WorldPay, Facility B2A Term
Loan, 11/30/17 99,607
---------------
$ 196,307
-----------------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.1%
249,374 5.50 B/B2 Fox Acquisition Sub LLC, Initial Term
Loan, 7/14/17 $ 254,257
-----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
229,425 5.25 B/NR DH Services Luxembourg Sarl, Term
Loan, 12/18/19 $ 231,767
300,000 0.00 BB-/B1 ROC Finance LLC, New Term Loan B,
3/27/19 302,064
---------------
$ 533,831
-----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
250,000 5.50 CCC+/B3 Springleaf Finance Corp., Initial Term
Loan, 5/28/17 $ 252,070
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 57
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
300,000 0.00 NR/B1 Duff & Phelps Corp., 3/14/20 $ 303,562
---------------
Total Diversified Financials $ 1,540,027
-----------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Life & Health Insurance -- 0.1%
95,577 5.00 NR/Ba3 CNO Financial Group, Inc., Tranche B2
Term Loan, 9/4/18 $ 97,189
-----------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
299,250 6.50 B-/B2 Confie seguros Holding II Co., Term B
Loan (First Lien), 10/11/13 $ 302,617
199,500 5.25 B-/B1 USI Insurance Services LLC, Initial Term
Loan, 11/29/19 201,578
---------------
$ 504,195
---------------
Total Insurance $ 601,384
-----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Services -- 0.1%
99,750 5.75 BB-/B1 Altisource Portfolio Solutions SA, Term B
Loan, 11/1/19 $ 101,620
---------------
Total Real Estate $ 101,620
-----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Data Processing & Outsourced Services -- 0.2%
250,000 4.20 B+/B1 First Data Corp., 2018 Dollar Term
Loan, 3/24/18 $ 249,656
174,125 4.25 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 176,882
---------------
$ 426,538
-----------------------------------------------------------------------------------------------------------------
Application Software -- 0.4%
261,236 8.50 B/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 3/13/18 $ 263,849
148,500 7.25 NR/B2 HMH Holdings Delaware, Inc., Term
Loan (Exit Facility), 11/21/13 149,707
248,128 5.25 B+/Ba3 Lawson Software, Inc., Tranche B2 Term
Loan, 4/5/18 252,729
97,996 5.25 B+/B1 Vertafore, Inc., Term Loan (First Lien),
7/31/16 99,037
---------------
$ 765,322
-----------------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
55,388 4.00 NR/Ba2 Rovi Corp., Tranche B2 Term Loan,
3/30/19 $ 55,388
---------------
Total Software & Services $ 1,247,248
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.4%
Communications Equipment -- 0.3%
248,750 6.75 B+/B1 Audio Visual Services Corp., Term
Loan (First Lien), 10/11/18 $ 250,616
388,032 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term Loan,
10/29/19 392,882
---------------
$ 643,498
-----------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
226,528 6.25 B+/B2 Generac Acquisition Corp., Term Loan,
5/22/19 $ 232,474
---------------
Total Technology Hardware & Equipment $ 875,972
-----------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductor Equipment -- 0.0%+
131,559 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term Loan,
5/9/18 $ 134,135
-----------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
134,104 3.75 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 135,311
---------------
Total Semiconductors & Semiconductor
Equipment $ 269,446
-----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.6%
Integrated Telecommunication Services -- 0.5%
99,000 6.50 B/B2 Securus Technologies, Inc., Tranche 2
Term Loan (First Lien), 5/31/17 $ 99,248
490,000 0.00 NR/NR Virgin Media Investment Holdings, Ltd.,
New Term B Loan, 2/6/20 488,162
300,000 0.00 B+/Ba3 West Corp., Term B-8 Loan, 6/30/18 305,250
---------------
$ 892,660
-----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
49,375 4.00 B+/Ba2 Crown Castle International Corp., Tranche B
Term Loan, 1/10/19 $ 50,017
200,000 0.00 BB-/B1 Syniverse Holdings, Inc., Initial Term
Loan (2013), 4/23/19 200,500
---------------
$ 250,517
---------------
Total Telecommunication Services $ 1,143,177
-----------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Independent Power Producers &
Energy Traders -- 0.5%
448,750 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 $ 452,910
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 59
Schedule of Investments | 3/31/13 (continued)
-----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
229,425 4.75 BB+/Ba1 NSG Holdings LLC, New Term Loan,
11/15/19 $ 233,440
300,000 0.00 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 304,125
---------------
$ 990,475
---------------
Total Utilities $ 990,475
-----------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $28,694,014) $ 29,084,183
-----------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 13.9%
Repurchase Agreement -- 13.9%
28,710,000 NR/Aaa Bank of Nova Scotia, Inc., 0.19%, dated
3/28/13, repurchase price of
$20,465,000 plus accrued interest on
4/1/13 collateralized by $29,284,355
Freddie Mac Giant,
3.5-5.5%, 6/1/35-8/1/42 $ 28,710,000
-----------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $28,710,000) $ 28,710,000
-----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 102.4%
(Cost $207,695,632) (a) $ 211,828,311
-----------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (2.4)% $ (4,785,657)
-----------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 207,042,654
=================================================================================================================
-----------------------------------------------------------------------------------------------------------------
Notional Unrealized
Principal ($) Appreciation
-----------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAP AGREEMENTS
250,000 JPMorgan Chase & Co., Goodyear Tire
& Rubber, 5.0%, 9/20/17 $ 12,610
250,000 JPMorgan Chase & Co., American Axle
& Manufacturing Co., 5.0%, 12/20/17 15,993
---------------
$ 28,603
-----------------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT SWAP
AGREEMENTS
(Cost ($16,874)) $ 28,603
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
* Non-income producing security.
+ Rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is
usually insurance linked and meant to raise money in case of a
catastrophe.
(Perpetual) Security with no stated maturity date.
PIK Represents a pay in kind security.
(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 March 28, 2013, the value of these securities
amounted to $88,340,937 or 42.7% 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 United
States banks, (iii) the rate of a 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 March 31, 2013, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $207,898,439 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 5,266,514
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (1,336,642)
-----------
Net unrealized appreciation $ 3,929,872
===========
(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.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
CAD Canadian Dollar.
EURO Euro.
GBP British Pound Sterling.
NOK Norwegian Krone.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2013 aggregated $153,982,595 and $24,758,191, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 61
Schedule of Investments | 3/31/13 (continued)
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 March 31, 2013, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 14,919,609 $ -- $ 14,919,609
Preferred Stock 2,218,357 882,806 -- 3,101,163
Convertible Preferred Stock 128,875 -- -- 128,875
Asset Backed Securities -- 3,857,151 -- 3,857,151
Collateralized Mortgage Obligations -- 9,553,982 -- 9,553,982
Corporate Bonds -- 119,101,429 656,374 119,757,803
Foreign Government Bonds -- 488,020 -- 488,020
Municipal Bonds -- 2,227,525 -- 2,227,525
Senior Floating Rate Loan Interests -- 29,084,183 -- 29,084,183
Repurchase Agreements -- 28,710,000 -- 28,710,000
-------------------------------------------------------------------------------------------------------
Total $ 2,347,232 $ 208,824,705 $ 656,374 $211,828,311
=======================================================================================================
Other Financial Instruments
Unrealized appreciation on
credit default swaps $ -- $ 28,603 $ -- $ 28,603
Net unrealized depreciation
on futures contracts (5,410) -- -- (5,410)
Unrealized depreciation on
forward foreign currency
portfolio hedge contracts -- 110,500 -- 110,500
-------------------------------------------------------------------------------------------------------
Total $ (5,410) $ 139,103 $ -- $ 133,693
=======================================================================================================
During the year ended March 31, 2013, there were no transfers between Levels 1,
2 and 3.
Following is a reconciliation of assets using significant unobservable
inputs (Level 3):
-------------------------------------------------------------------------------------------------------
Corporate
Bonds
-------------------------------------------------------------------------------------------------------
Balance as of 3/31/12 $ --
Realized gain (loss)1 --
Change in unrealized appreciation (depreciation)2 48,414
Purchases 607,960
Sales --
Transfers in and out of Level 3* --
-------------------------------------------------------------------------------------------------------
Balance as of 3/31/13 $ 656,374
=======================================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
Statement of Assets and Liabilities | 3/31/13
ASSETS:
Investment in securities (cost $178,985,632) $183,118,311
Repurchase agreements (cost $28,710,000) 28,710,000
------------------------------------------------------------------------------------------------------------
Total investment in securities (cost $207,695,632) $211,828,311
Cash 3,735,243
Futures Collateral 531,000
Receivables --
Investment securities sold 538,093
Fund shares sold 8,853,221
Interest 2,460,176
Dividends 18,067
Due from Pioneer Investment Management, Inc. 154,154
Unrealized appreciation on forward foreign currency portfolio
hedge contracts 110,500
Unrealized appreciation on credit default swaps 28,603
Other 45,712
-------------------------------------------------------------------------------------------------------------
Total assets $228,303,080
-------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 17,722,559
Fund shares repurchased 610,754
Variation margin 64,650
Dividends 244,644
Due to custodian (cost $2,351,255) 2,307,630
Unrealized depreciation on futures contracts 5,410
Swap premiums received 16,874
Due to affiliates 140,191
Accrued expenses 147,714
-------------------------------------------------------------------------------------------------------------
Total liabilities $ 21,260,426
-------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $203,748,613
Distributions in excess of net investment income (431,839)
Accumulated net realized loss on investments and foreign currency
transactions and futures contracts (582,470)
Net unrealized appreciation on investments 4,132,679
Net unrealized appreciation on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 152,478
Net unrealized appreciation on credit default swaps 28,603
Net unrealized depreciation on futures contracts (5,410)
-------------------------------------------------------------------------------------------------------------
Total net assets $207,042,654
=============================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $47,232,974/4,703,627 shares) $ 10.04
Class C (based on $28,796,479/2,874,381 shares) $ 10.02
Class Y (based on $131,013,201/13,002,660 shares) $ 10.08
MAXIMUM OFFERING PRICE:
Class A ($10.04 (divided by) 95.50) $ 10.51
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 63
Statement of Operations
For the Year Ended 3/31/13
INVESTMENT INCOME:
Interest $5,480,992
Dividends 79,654
-------------------------------------------------------------------------------------------------------------
Total investment income $5,560,646
-------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 614,276
Transfer agent fees and expenses
Class A 3,642
Class C 2,584
Class Y 1,394
Distribution fees
Class A 45,180
Class C 83,952
Shareholder communications expense 55,200
Administrative reimbursement 41,791
Custodian fees 53,934
Registration fees 132,279
Professional fees 58,455
Printing expense 33,006
Fees and expenses of nonaffiliated Trustees 6,586
Miscellaneous 66,005
-------------------------------------------------------------------------------------------------------------
Total expenses $1,198,284
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. $ (297,593)
-------------------------------------------------------------------------------------------------------------
Net expenses $ 900,691
-------------------------------------------------------------------------------------------------------------
Net investment income $4,659,955
-------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CREDIT DEFAULT SWAPS,
FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 775,048
Credit default swaps 11,424
Futures contracts (861,782)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (33,579) $ (108,889)
-------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $3,966,470
Futures contracts 61,654
Credit default swaps 28,603
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 185,901 $4,242,628
-------------------------------------------------------------------------------------------------------------
Net gain on investments and futures contracts/foreign
currency transactions $4,133,739
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $8,793,694
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------------
Year Ended 5/2/11 to
3/31/13 3/31/12(a)
-------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 4,659,955 $ 1,700,309
Net realized loss on investments, futures
contracts and foreign currency transactions (108,889) (492,835)
Change in net unrealized appreciation on investments,
futures contracts and foreign currency transactions 4,242,628 65,722
-------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ 8,793,694 $ 1,273,196
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.55 and $0.40 per share, respectively) $ (1,017,674) $ (328,451)
Class C ($0.48 and $0.33 per share, respectively) (409,985) (139,118)
Class Y ($0.58 and $0.42 per share, respectively) (3,641,812) (1,246,804)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (5,069,471) $ (1,714,373)
-------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $160,436,580 $ 66,798,132
Reinvestment of distributions 3,437,827 981,904
Cost of shares repurchased (14,027,546) (13,867,289)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $149,846,861 $ 53,912,747
-------------------------------------------------------------------------------------------------------------
Net increase in net assets $153,571,084 $ 53,471,570
NET ASSETS:
Beginning of period 53,471,570 --
-------------------------------------------------------------------------------------------------------------
End of period $207,042,654 $ 53,471,570
-------------------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (431,839) $ 101,615
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 65
Statement of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
-------------------------------------------------------------------------------------------------------------
Class A
Shares sold 4,220,656 $41,903,055 1,355,973 $13,092,716
Reinvestment of distributions 72,754 721,812 17,960 170,918
Less shares repurchased (354,800) (3,530,342) (608,916) (5,846,274)
-------------------------------------------------------------------------------------------------------------
Net increase 3,938,610 $39,094,525 765,017 $ 7,417,360
=============================================================================================================
Class C
Shares sold 2,487,554 $24,762,530 481,506 $ 4,750,989
Reinvestment of distributions 22,101 219,048 3,719 35,400
Less shares repurchased (103,731) (1,017,622) (16,768) (158,596)
-------------------------------------------------------------------------------------------------------------
Net increase 2,405,924 $23,963,956 468,457 $ 4,627,793
=============================================================================================================
Class Y
Shares sold 9,398,336 $93,770,995 5,056,591 $48,954,427
Reinvestment of distributions 252,272 2,496,967 81,350 775,586
Less shares repurchased (956,482) (9,479,582) (829,407) (7,862,419)
-------------------------------------------------------------------------------------------------------------
Net increase 8,694,126 $86,788,380 4,308,534 $41,867,594
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
66 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
Financial Highlights
-------------------------------------------------------------------------------------------------------------
5/2/11
Year (Commencement
Ended of Operations)
3/31/13 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 $ 0.51 $ 0.39
Net realized and unrealized gain (loss) on investments 0.45 (0.36)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.96 $ 0.03
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.55) (0.40)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ (0.37)
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 9.63
=============================================================================================================
Total return* 10.24% 0.38%(b)
Ratio of net expenses to average net assets 1.20% 1.20%**
Ratio of net investment income to average net assets 5.05% 4.87%**
Portfolio turnover rate 30% 17%
Net assets, end of period (in thousands) $47,233 $ 7,365
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Total expenses 1.48% 1.66%**
Net investment income 4.77% 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 the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 67
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------
5/2/11
Year (Commencement
Ended of Operations)
3/31/13 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 $ 0.44 $ 0.34
Net realized and unrealized gain (loss) on investments 0.45 (0.40)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.89 $ (0.06)
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.48) (0.33)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ (0.39)
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.02 $ 9.61
=============================================================================================================
Total return* 9.44% (0.47)%(b)
Ratio of net expenses to average net assets 1.95% 1.98%**
Ratio of net investment income to average net assets 4.29% 4.07%**
Portfolio turnover rate 30% 17%
Net assets, end of period (in thousands) $28,796 $ 4,501
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Total expenses 2.23% 2.46%**
Net investment income 4.01% 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 the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
-------------------------------------------------------------------------------------------------------------
5/2/11
Year (Commencement
Ended of Operations)
3/31/13 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 $ 0.55 $ 0.42
Net realized and unrealized gain (loss) on investments 0.45 (0.34)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.00 $ 0.08
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.58) (0.42)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.42 $ (0.34)
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.08 $ 9.66
=============================================================================================================
Total return* 10.69% 0.95%(b)
Ratio of net expenses to average net assets 0.85% 0.85%**
Ratio of net investment income to average net assets 5.52% 5.48%**
Portfolio turnover rate 30% 17%
Net assets, end of period (in thousands) $131,013 $41,606
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Total expenses 1.21% 1.30%**
Net investment income 5.16% 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 the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 69
Notes to Financial Statements | 3/31/13
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 four classes of shares designated as Class A, Class C, Class Y
and Class Z shares. Class A, Class C and Class Y shares were first publicly
offered on May 2, 2011. Class Z shares are offered effective April 1, 2013. 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:
70 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
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. Shares of money market mutual funds are valued at their 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 by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 71
At March 31, 2013, there were two securities that were valued using fair
value methods (in addition to securities valued using prices supplied by
independent pricing services) representing 0.3% 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.
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 appreciation or depreciation 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 appreciation or depreciation
are recorded
72 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
in the Fund's financial statements. The Fund records realized gains and
losses at the time a portfolio hedge is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of March 31, 2013, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years are subject to examination by Federal and State
tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
March 31, 2013, the Fund reclassified $123,938 to increase distributions in
excess of net investment income and $123,938 to decrease accumulated net
realized loss on investments to reflect permanent book/tax differences.
These adjustments have no impact on net assets or the results of
operations.
At March 31, 2013, the Fund was permitted to carry forward indefinitely
$133,222 of short-term losses and $454,548 of long-term losses under the
Regulated Investment Company Modernization Act of 2010 without limitation.
The tax character of distributions paid during the years ended March 31,
2013 and March 31, 2012 was as follows:
---------------------------------------------------------------------------
2013 2012
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $5,069,471 $1,714,373
---------------------------------------------------------------------------
Total $5,069,471 $1,714,373
===========================================================================
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 73
The following shows the components of distributable earnings on a federal
income tax basis at March 31, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 153,772
Capital loss carryforward (587,770)
Dividends payable (244,644)
Net unrealized appreciation 3,972,683
---------------------------------------------------------------------------
Total $3,294,041
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax adjustments relating to catastrophe bonds and
credit default swaps, the mark-to-market of forward currency and futures
contracts, and interest accruals on preferred stock.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $17,115 in underwriting commissions on the sale of
Class A shares during the year ended March 31, 2013.
F. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
74 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
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 exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures
exchange. Upon entering into a futures contract, the Fund is required to
deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange. The
amount of cash deposited with the broker as collateral at March 31, 2013
was $531,000. Subsequent payments for futures contracts ("variation
margin") are paid or received by the Fund, depending on the daily
fluctuation in the value of the contracts, and are recorded by the Fund as
unrealized appreciation or depreciation. When the contract is closed, the
Fund realizes a gain or loss equal to the difference between the opening
and closing value of the contract 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 year ended March
31, 2013 was 260.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 75
At March 31, 2013, open futures contracts were as follows:
---------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
CBOE VIX Future (74) 4/13 $(1,050,800) $ 122,740
CBOE VIX Future 48 5/13 748,800 (101,500)
CBOE VIX Future 110 6/13 1,826,000 (112,125)
CBOE VIX Future (70) 8/13 (1,249,500) 69,750
S&P 500 EMINI Future (30) 6/13 (2,344,050) (15,675)
U.S. 10 Year Note (CBT) (60) 6/13 (7,919,063) 7,500
CBOE VIX Future (60) 9/13 (1,107,000) 21,251
CBOE VIX Future 40 11/13 770,000 1,999
CBOE VIX Future 60 10/13 1,134,000 650
---------------------------------------------------------------------------------
Total $ (5,410)
=================================================================================
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
J. Credit Default 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.
76 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An
upfront payment received by the Fund, as the protection seller, is recorded
as a liability in the Fund's records. An upfront payment made by the Fund,
as the protection buyer, is recorded as an asset in the Fund's records.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized appreciation or depreciation. Payments received
or made as a result of a credit event or upon termination of the contract
are recognized, net of the appropriate amount of the upfront payment, as
realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. During the
year ended March 31, 2013, the Fund opened two credit default swap
contracts, which were open at year end, each 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 year ended March 31, 2013, 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 year ended March 31, 2013 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 | Annual Report | 3/31/13 77
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $114,393 in management fees, administrative costs and certain
other reimbursements payable to PIM at March 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended March 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 9,436
Class C 2,223
Class Y 43,541
--------------------------------------------------------------------------------
Total $55,200
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $20,414 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at March 31, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $5,384 in distribution fees payable to
PFD at March 31, 2013.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. 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
78 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the year ended March 31, 2013, CDSCs in the amount of $3,603
were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended March 31, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At March 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. There were no open settlement hedges at
March 31, 2013. The average value of portfolio hedge contracts open during the
year ended March 31, 2013 was $1,703,773.
Open portfolio hedges at March 31, 2013 were as follows:
------------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
------------------------------------------------------------------------------------------------
GBP (British Pound) (70,000) $ (113,059) 5/15/13 $ (106,294) $ 6,765
CAD (Canadian Dollar) (120,000) (121,066) 6/28/13 (117,814) 3,252
EUR (Euro Dollar) (1,162,000) (1,571,304) 5/6/13 (1,490,196) 81,108
JPY (Japanese Yen) 175,000,000 1,857,213 4/22/13 1,858,874 1,661
JPY (Japanese Yen) 180,000,000 1,896,058 4/22/13 1,911,984 15,926
CAD (Canadian Dollar) (104,000) (104,019) 5/6/13 (102,231) 1,788
------------------------------------------------------------------------------------------------
$ 110,500
================================================================================================
7. Bridge Loan Commitments
As of March 31, 2013, the Fund had no outstanding unfunded loan commitments. The
Fund had the following bridge loan commitment outstanding as of March 31, 2013:
------------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Appreciation
------------------------------------------------------------------------------------------------
Constellation Brands,
Bridge Loan 600,000 $600,000 $600,000 $ --
------------------------------------------------------------------------------------------------
Total $ --
------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 79
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of March 31, 2013 were as follows:
----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013
Under Accounting ---------------------------- ----------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------------
Forward foreign currency Net unrealized $110,500 Net unrealized $ --
porfolio hedges* appreciation on depreciation on
forward foreign forward foreign
currency portfolio currency portfolio
hedges hedges
Futures contracts** Net unrealized -- Net unrealized 5,410
appreciation on depreciation on
futures contracts futures contracts
Credit default swaps Net unrealized 28,603 Net unrealized --
appreciation on depreciation on
credit default credit default
swaps swaps
----------------------------------------------------------------------------------------------
Total $139,103 $ 5,410
==============================================================================================
* Foreign exchange contracts are shown as net unrealized appreciation on
forward foreign currency portfolio hedge contracts 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 year
ended March 31, 2013 was as follows:
-----------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Appreciation or
Hedging Instruments Gain (Loss) (Depreciation)
Under Accounting Location of Gain or (Loss) on Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-----------------------------------------------------------------------------------------------
Forward Foreign Exchange Net realized gain on forward $ (47,993)
Portfolio Hedge Contracts foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Forward Foreign Exchange Change in unrealized appreciation $142,978
Portfolio Hedge Contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies
Futures Contracts Net realized loss on futures $(861,782)
contracts
Futures Contracts Change in unrealized depreciation $ 61,654
on futures contracts
Credit Default Swaps Net realized gain on credit $ 11,424
default swaps
Credit Default Swaps Change in unrealized appreciation $ 28,603
on credit default swaps
80 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
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 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 the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended March 31, 2013, the Fund had no
borrowings under the credit facility.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 81
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareowners of
Pioneer Absolute Return Credit Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Absolute Return Credit Fund (one of the
portfolios constituting Pioneer Series Trust X (the "Trust")) as of March 31,
2013, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2013, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Absolute Return Credit Fund at March 31, 2013, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
May 28, 2013
82 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 62.55%.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 83
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Absolute Return Credit Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex. In addition, the Trustees considered PIM's plans to
increase resources in its investment management function and other enhancements
to PIM's advisory capabilities.
84 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 84
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the second quintile of its Morningstar
category for the one year period ended June 30, 2012. (In all quintile rankings
referred to throughout this disclosure, first quintile is most favorable to the
Fund's shareowners. Thus, highest relative performance would be first quintile
and lowest relative expenses would also be first quintile.) The Trustees
concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that, with respect to Class A shares of the Fund, the
Fund's management fee for the twelve months ended June 30, 2012 was in the
fourth quintile relative to the management fees paid by other funds in its
Morningstar peer group for the comparable period. The Trustees noted that, with
respect to Class A shares, the Fund's management fee was only six basis points
higher than the median management fee paid by other funds in the Fund's
Morningstar category, and less than one basis point higher than the management
fee of the fund at the bottom of the third quintile of management fees paid by
other funds in the Fund's Morningstar category. The Trustees also considered
that Class Y shares of the Fund had significantly more assets than Class A
shares and that, with respect to Class Y shares, the Fund's management fee for
the twelve months ended June 30, 2012 was in the second quintile relative to the
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 85
management fees paid by other funds in its Morningstar category for the
comparable period. The Trustees also considered the breakpoint in the management
fee schedule and the reduced fee rates above certain asset levels.
The Trustees considered that the expense ratio of Class A shares of the Fund for
the twelve months ended June 30, 2012 was in the fourth quintile relative to its
Strategic Insight peer group for the comparable period. The Trustees noted the
relatively small size of the Fund and that the Fund was in its first year of
operations. The Trustees also noted that the expense ratio of Class A shares of
the Fund was only 3.9 basis points higher than the median expense ratio of the
Fund's Strategic Insight peer group. The Trustees noted the small size of the
Fund's peer group. The Trustees also considered that Class Y shares of the Fund
had over five times as many assets as Class A shares, and that the expense ratio
of Class Y shares of the fund for the twelve months ended June 30, 2012 was in
the second quintile relative to its Morningstar category for the comparable
period. The Trustees considered the impact of the Fund's non-management fee
expenses on the Fund's expense ratio.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were lower
than the management fee for the Fund and considered that, under the investment
advisory agreement with the Fund, PIM performs additional services for the Fund
that it does not provide to those other clients or services that are broader in
scope, including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees also considered the different entrepreneurial
risks associated with PIM's management of the Fund and Pioneer's management of
the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
86 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a Fund-by-Fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Funds. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Funds. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 87
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
88 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2011. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board and Serves until a successor Quadriserv, Inc. (technology products Financial Solutions, Inc.
Trustee trustee is elected or for securities lending industry) (2008 - (investor communications and
earlier retirement or present); private investor (2004 - securities processing
removal. 2008); and Senior Executive Vice provider for financial
President, The Bank of New York services industry) (2009 -
(financial and securities services) present); Director,
(1986 - 2004) Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2011. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a successor Advisors (corporate advisory services Community Investment, Inc.
trustee is elected or company) (1997 - 2004 and 2008 - (privately-held affordable
earlier retirement or present); Interim Chief Executive housing finance company)
removal. Officer, Oxford Analytica, Inc. (1985 - 2010); Director of
(privately held research and consulting Oxford Analytica, Inc. (2008
company) (2010); Executive Vice - present); Director of The
President and Chief Financial Officer, Swiss Helvetia Fund, Inc.
I-trax, Inc. (publicly traded health (closed-end fund) (2010 -
care services company) (2004 - 2007); present); and Director of
and Executive Vice President and Chief New York Mortgage Trust
Financial Officer, Pedestal Inc. (publicly traded mortgage
(internet-based mortgage trading REIT) (2004 - 2009, 2012 -
company) (2000 - 2002) present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2011. William Joseph Maier Professor of Trustee, Mellon
Trustee Serves until a successor Political Economy, Harvard University Institutional Funds
trustee is elected or (1972 - present) Investment Trust and Mellon
earlier retirement or Institutional Funds Master
removal. Portfolio (oversaw 17
portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 89
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2011. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or Inc. (consulting firm) (1982-present);
earlier retirement or Desautels Faculty of Management, McGill
removal. University (1999 - present); and Manager
of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2011. President and Chief Executive Officer, Director of New America High
Trustee Serves until a successor Newbury, Piret & Company, Inc. Income Fund, Inc.
trustee is elected or (investment banking firm) (1981 - (closed-end investment
earlier retirement or present) company) (2004 - present);
removal. and member, Board of
Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2011. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia
Trustee Serves until a successor (law firm) (1998 - present); and Fund, Inc. (closed-end
trustee is elected or Partner, Sullivan & Cromwell LLP (prior investment company); and
earlier retirement or to 1998) Director, Invesco, Ltd.
removal. (formerly AMVESCAP, PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
90 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 2011. Non-Executive Chairman and a director of None
Trustee, President and Serves until a successor Pioneer Investment Management USA Inc.
Chief Executive Officer of trustee is elected or ("PIM-USA"); Chairman and a director of
the Fund earlier retirement or Pioneer; Chairman and Director of
removal. Pioneer Institutional Asset Management,
Inc. (since 2006); Director of Pioneer
Alternative Investment Management
Limited (Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated funds;
Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A.
("PGAM") (until April 2010); Director of
Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of all
of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2011. Director, CEO and President of PIM-USA None
Trustee and Executive Vice Serves until a successor (since February 2007); Director and
President trustee is elected or President of Pioneer and Pioneer
earlier retirement or Institutional Asset Management, Inc.
removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 91
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2011. Serves at the Vice President and Associate General None
Secretary discretion of the Board. Counsel of Pioneer since January 2008
and Secretary of all of the Pioneer
Funds since June 2010; Assistant
Secretary of all of the Pioneer Funds
from September 2003 to May 2010; and
Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2011. Serves at the Fund Governance Director of Pioneer None
Assistant Secretary discretion of the Board. since December 2006 and Assistant
Secretary of all the Pioneer Funds since
June 2010; Manager - Fund Governance of
Pioneer from December 2003 to November
2006; and Senior Paralegal of Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2011. Serves at the Counsel of Pioneer since June 2007 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer
Funds since June 2010; and Vice
President and Counsel at State Street
Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2011. Serves at the Vice President - Fund Treasury of None
Treasurer and Chief discretion of the Board. Pioneer; Treasurer of all of the Pioneer
Financial and Accounting Funds since March 2008; Deputy Treasurer
Officer of the Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2011. Serves at the Assistant Vice President - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2011. Serves at the Fund Accounting Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
92 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2011. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November 2008;
Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2011. Serves at the Chief Compliance Officer of Pioneer and None
Chief Compliance Officer discretion of the Board. of all the Pioneer Funds since March
2010; Director of Adviser and Portfolio
Compliance at Pioneer since October
2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2011. Serves at the Director--Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering
Officer Officer of all the Pioneer Funds since
2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 93
This page for your notes.
94 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
This page for your notes.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 95
This page for your notes.
96 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
This page for your notes.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 97
This page for your notes.
98 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
This page for your notes.
Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13 99
This page for your notes.
100 Pioneer Absolute Return Credit Fund | Annual Report | 3/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 25667-01-0513
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.
Pioneer Multi-Asset Ultrashort Income
Fund:
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $34,990 in 2013 and $35,000 in 2012.
Pioneer Fundamental Growth Fund:
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $26,957 in 2013 and approximately
$28,386 in 2012.
Pioneer Absolute Credit Return Fund:
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A, totaled
approximately $34,990 in 2013 and $35,000 in 2012.
(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.
Audit-Related Fees
There were no fees for audit-related services
provided to the Fund during the fiscal year ended March
31, 2013 and 2012.
(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.
Pioneer Multi-Asset Ultrashort Income
Fund:
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 and $8,290 in 2013 and 2012,
respectively.
Pioneer Fundamental Growth Fund:
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 in 2013 and $8,290 in 2012.
Pioneer Absolute Credit Return Fund:
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 and $8,290 in 2013 and 2012,
respectively.
(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.
Other Fees
There were no fees for other services
provided to the Fund during the fiscal year ended March
31, 2013 and 2012.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered into
on or after May 6, 2003, the effective date of the new
SEC pre-approval rules, the Fund's audit committee is
required to pre-approve services to affiliates defined by
SEC rules to the extent that the services are determined
to have a direct impact on the operations or financial
reporting of the Fund. For the year ended March 31,
2013 and 2012, there were no services provided to an
affiliate that required the Fund's audit committee pre-
approval.
(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.
Pioneer Multi-Asset Ultrashort Income
Fund:
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,290 in
2013 and $8,290 in 2012
Pioneer Fundamental Growth Fund:
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,290 in
2013 and $8,290 in 2012.
Pioneer Absolute Credit Return Fund:
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $8,290 in
2013 and $8,290 in 2012.
(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 May 30, 2013
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 May 30, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 30, 2013
* Print the name and title of each signing officer under his or her signature.