Pioneer Multi-Sector Fixed Income CIT
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1 Pioneer Multi-Sector Fixed Income CIT
2 Table Of Contents 09/30/2016 Performance Summary 3 Sector Allocation 4 Quality Distribution 7 Quality Allocation 8 Duration Summary 9 Holdings Summary 10 Important Information 12 Page 2
3 MTD QTD YTD 1Year 3Year Since Inception Annualised Performance Summary 09/30/2016 Performance to 30 Sep 2016 In US Dollar MTD QTD YTD 1 Year 3 Year Since (01 Aug 2011) Pioneer Multi-Sector Fixed Income CIT 0.07% 2.76% 8.06% 7.54% 4.59% 5.84% BBG Barclay U.S. Universal 0.02% 0.96% 6.69% 6.11% 4.27% 3.76% Excess Return 0.05% 1.80% 1.37% 1.43% 0.32% 2.08% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% PIONEER MULTI-SECTOR FIXED INCOME CIT BBG BARCLAY U.S. UNIVERSAL Since Inception (01 Aug 2011) Page 3
4 Sector Allocation 09/30/2016 Sector Allocation Industry Portfolio % Benchmark % Difference % Cash Agency MBS Non Agency MBS ABS Treasury Agency Sovereign Supranational Municipal Utilities Transportation Technology Healthcare Financial x Banks x Insurance Banks Communications Basic Industry Energy Capital Goods Consumer Non Cyclical Consumer Cyclical Insurance Other Industrials Derivatives Page 4
5 BANK LOANS CAT BONDS CONVERTIBLES CORPORATE IG CORPORATE HY MUNICIPAL SECURITIZED TREASURY & GOVT RELATED EQUITY CASH & DERIVATIVES CDX/CDS IG (NOTIONAL VALUE) CDX/CDS HY (NOTIONAL VALUE) Sector Allocation 09/30/ % 40 % 30 % 20 % 10 % Top Industries by % Portfolio % Benchmark % Difference % Non Agency MBS Treasury Banks Energy Communications % Top Industry Overweights Portfolio % Benchmark % Difference % Non Agency MBS Energy Communications Financial x Banks x Insurance Consumer Cyclical Portfolio Benchmark Sector Portfolio % Benchmark % Bank Loans CAT bonds Convertibles Corporate IG Corporate HY Municipal Securitized Treasury & Govt Related Equity Cash & Derivatives CDX/CDS IG (notional value) CDX/CDS HY (notional value) Top Industry Underweights Portfolio % Benchmark % Difference % Treasury Sovereign Utilities Page 5
6 Active Sector Allocation 09/30/ % 90% 80% 70% Treasury Municipals Non-Agency Mortgage- Backed Non-Agency Securities Mortgage- Backed Securities Asset-Backed Commercial Mortgage- Securities Backed Securities Cash Agency Mortgage- Backed Securities --6% --2% --22% --8% 60% 50% Bank Loans US Investment Grade International Investment Grade --2% --4% --7% --10% 40% 30% US High Yield --15% 20% International High Yield --14% 10% 0% Emerging Markets Convertible Securities --3% --9% --2% Data as of September 30, US High Yield includes Event-Linked Bonds (>1%), Common and Preferred Stock (>1%) Emerging Markets consists of Sovereign (5%) and Corporate (3%) Due to rounding, figures may not total 100%. Page 6
7 AAA AA A BBB BB B CCC CC C D NR Quality Distribution 09/30/2016 Portfolio % 50 % AAA AA 3.25 A 6.33 BBB BB B % 30 % 20 % CCC 1.32 CC % C 0.14 D 0.00 NR 1.67 Total % PTFWeight Page 7
8 Quality Allocation 09/30/2016 Portfolio % Benchmark % Portfolio Benchmark AAA AA A BBB Below Investment Grade NR Total % AAA AA OAD OAC Average Life (years) OAS Coupon Par Weighted Moody Rating A2/A3 AA2/AA3 S&P Rating A-/BBB+ AA-/A+ Fitch Rating AA-/A+ AA/AA- Number of Holdings ,398 YTW YTM Average Rating A- AA % 40.06% A BBB Below Investment Grade NR 19.59% 3.25% 6.33% Page 8
9 Duration Summary 09/30/2016 Key Rate Duration Eff Dur 6Mth 2Yr 5Yr 10Yr 20Yr 30Yr Portfolio Benchmark Gap Duration Distribution Duration Portfolio % Benchmark % Less than AOAD AOAD AOAD AOAD AOAD AOAD N/A Total Maturity Distribution Maturity Portfolio % Benchmark % Under 1 Yr 1 Yr - 3 Yrs Yrs - 5 Yrs Yrs - 7 Yrs 7 Yrs - 10 Yrs Yrs - 20 Yrs Yrs - 30 Yrs Above 30 Yrs N/A Total Page 9
10 Holdings Summary 09/30/2016 Top Issuer Overweights Issuer Portfolio % Benchmark % Difference % FEDERAL NATIONAL MORTGAGE ASSN COMM CREDIT AGRICOLE SA FREMF AGRIUM INC KINDER MORGAN INC/DE PLAINS ALL AMERICAN PIPELINE L INTERNATIONAL BANK FOR RECONST INTERNATIONAL FINANCE CORP LIBMUT Top Issuer Underweights Issuer Portfolio % Benchmark % Difference % UNITED STATES TREASURY NOTE/BO GOVERNMENT NATIONAL MORTGAGE A FEDERAL HOME LOAN MTG CORP BAC ANHEUSER-BUSCH INBEV FINANCE I INTER-AMERICAN DEVELOPMENT BAN JPM PETROBRAS GLOBAL FINANCE BV ABBVIE INC ASIAN DEVELOPMENT BANK Page 10
11 Holdings Summary 09/30/2016 Top Holdings Issuer Sector Maturity Portfolio % US TREASURY BILLS TREASURIES 10/13/ FXFwd EUR/USD 1.12 USD FX_DERIVATIVE 10/03/ US TREASURY BONDS I/L TREASURIES 2/15/ EUR_FXSPOT FX_DERIVATIVE 1.65 FHLM Gold Guar Single F. 30yr AGENCY 2/28/ US TREASURY NOTES TREASURIES 4/30/ FXFwd EUR/USD USD FX_DERIVATIVE 11/30/ US TREASURY BONDS I/L TREASURIES 2/15/ FXFwd NZD/USD USD FX_DERIVATIVE 11/21/ FANNIE MAE: AB4525 FNMA Conventional Long T. 30yr AGENCY AGENCY 2/01/2042 5/31/ GNMA I Single Family FANNIE MAE: AV yr AGENCY AGENCY 11/30/ /01/ FNMA Conventional Long T. 30yr AGENCY 2/28/ FXFwd MXN/USD MXN FXFwd MXN/USD MXN FX_DERIVATIVE FX_DERIVATIVE 10/03/ /03/ FXFwd IDR/USD IDR FX_DERIVATIVE 10/21/ FANNIE MAE: AD1593 AGENCY 2/01/ Wachovia Corp. WORLD BANK (IBRD) BANKING SUPRANATIONAL 9/30/2066 1/22/ Page 11
12 Important Information 09/30/2016 Important Information Page 12
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Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06
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Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
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Asset Class Leadership Periodic Table Worst Best 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 2 18.88 16.71 15.51 15.12 15.06 11.15 7.84 7.28 4.98 2.64 2.11 0.39-2.91-5.50-13.71 20.14
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Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69
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