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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 811-21978
Pioneer Series Trust VI
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, 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: October 31
Date of reporting period: November 1, 2008 through October 31, 2009
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 Floating
Rate Fund
- --------------------------------------------------------------------------------
Annual Report | October 31, 2009
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A FLARX
Class C FLCRX
Class Y FLYRX
[Logo] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 32
Notes to Financial Statements 39
Report of Independent Registered Public Accounting Firm 46
Trustees, Officers and Service Providers 48
Pioneer Floating Rate Fund | Annual Report | 10/31/09 1
Letter to Shareowners
Dear Shareowner,
Stock and bond markets around the globe have begun to recover this year from
one of their most tumultuous periods in history. This is a welcome relief, and
we are generally optimistic about the prospects for the economy going forward.
Still, challenges remain. Unemployment is high. Consumer demand and loan growth
are weak. And housing has not yet returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover this year as the Dow Jones Industrial Average
climbed back towards the 10,000 level. Many bond investors have similarly seen
a strong rebound, with a broad-based recovery across many different fixed-income
asset classes. The riskiest asset classes, such as high-yield bonds, have
outperformed other fixed-income asset classes for most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. While we see potential opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
2 Pioneer Floating Rate Fund | Annual Report | 10/31/09
www.pioneerinvestments.com. We greatly appreciate you putting 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 shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management 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 Floating Rate Fund | Annual Report | 10/31/09 3
Portfolio Management Discussion | 10/31/09
Investments in floating-rate bank loans generated strong, positive results over
the 12 months ended October 31, 2009, despite struggling in late 2008 amid
fears about a credit crisis that had threatened the survival of major financial
institutions. In the following interview, Jonathan Sharkey discusses the
performance of Pioneer Floating Rate Fund during the 12-month period. Mr.
Sharkey, a member of Pioneer's Fixed Income Department, is responsible for the
daily management of the Fund.
Q What were the principal factors affecting the Fund's performance over the 12
months ended October 31, 2009?
A While the Fund generated a healthy return over the 12 months ended October
31, 2009, its emphasis on relatively high-quality loans tended to detract
from benchmark-relative results during a period dominated by investors'
renewed appetite for credit risk. Floating-rate bank loans suffered steep
price losses in the early stages of the Fund's fiscal year (from November
1, 2008) -- especially the final two months of 2008 -- as the credit market
was undermined by shrinking liquidity, the bankruptcy of investment bank
Lehman Brothers and the financial problems of other major financial
institutions. Aggravating the situation, a number of hedge funds started
selling their investments in bank loans in order to reduce their own debts,
or leverage.
Market conditions improved somewhat in early 2009 when some better-quality
loans, including BB-rated debt, started to recover. That was a good
environment for Pioneer Floating Rate Fund, which had a quality focus and
an average credit rating of BB. However, the Fund's relative advantage
because of its higher-quality focus diminished as 2009 continued and
investors became more willing to invest in lower-quality loans that carried
greater credit risks. Key drivers of returns of the lower-rated names were:
1) bond funds seeking higher yields and investing in lower-rated loans that
had deep discounts; 2) a strong high-yield bonds "new issue" market that
led to the refinancing of bank loans, with prepayments redeployed in the
secondary market; and 3) more stable economic reports suggesting better
footing for some of the more stressed companies. While the Fund
participated in the market's gains, its focus on better-quality loans and
on first-lien loan obligations detracted from performance relative to the
Barclays Index, as BB-rated loans underperformed B-rated and CCC-rated
obligations by healthy margins.
As the 12-month period progressed, we increased the Fund's overall
diversification by adding to the number of portfolio holdings, and we
invested the
4 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Fund in loans of more companies positioned to benefit from an improving
economy. We retained a significant Fund position in loans to the health
care sector, while adding to positions in the information technology and
broadcasting industries, and also reducing the Fund's relative position in
the utilities industry. The largest portfolio concentration was in loans to
consumer companies, which represented 27.7% of the Fund's investments at
the end of the fiscal year on October 31, 2009. This segment is broad in
definition and includes, in order of the Fund's weightings from highest to
lowest: food suppliers, service companies, consumer staples, specialty
retailers, gaming, building products, and auto parts suppliers.
Reflecting the Fund's quality bias, on October 31, 2009, 68.6% of Fund
assets were invested in loans rated BB or higher, while just 4.2% of assets
were invested in lower-quality obligations rated CCC or lower. At the end
of the Fund's fiscal year, the average credit rating of the portfolio's
investments was BB-. At October 31, 2009, the Fund's default rate remained
significantly lower than the Barclays Index.
Q What were some of the investments that most influenced the Fund's results
over the 12 months ended October 31, 2009?
A Several of the Fund's bank loans performed particularly well. Among the
Fund's top-performing positions were loans to Custom Building Products,
which produces tile-related building materials and tools; Central Garden,
which distributes garden and pet care supplies; and LodgeNet Interactive,
which supplies electronic movie rental services to hotels and motels.
Loans that detracted from the Fund's results included obligations of
Fontainebleau, a casino in Las Vegas which defaulted during the period as
banks refused to fund the company's revolving credit line; Hudson Products,
which produces high-powered industrial fans for electric generating
stations and refineries; Scitor, which provides technology services to the
corporate market; and Niagara Steel, a specialty steel company for the auto
and durable good sectors.
Q What is your investment outlook?
A Floating-rate loans, as an asset class, have a distinct advantage over most
other yield-oriented investments in that they have the potential to
increase their income to investors as interest rates increase. Another key
benefit to bank loans is that they are secured with the assets and stock of
the borrowing firm, and generally have stronger recovery ratings than
bonds. Despite the rally to date, bank loans generally still were trading
at discounts to their par values. In a rising interest-rate environment,
demand for bank loans should increase, which would help support loan
prices. The price appreciation potential would only be enhanced if interest
rates start rising, although we are not ready to predict when that may
occur. Given stabilization in the
Pioneer Floating Rate Fund | Annual Report | 10/31/09 5
economy, the major ratings agencies are forecasting a drop in defaults over
the next 12 months. A more stable economy should also enhance borrowers'
ability to refinance or make acquisitions, which could also lead to more
discounted loans getting taken out at par value.
Going forward, we will continue to look for opportunities in bank loans
that may have been previously out of favor with the market, but we do not
intend to increase the Fund's overall risk profile. We believe bank loans
present an interesting opportunity for appropriate investors who may be
interested in the potential for generous income and some possible capital
appreciation.
Please refer to the Schedule of Investments on pages 15-31 for a full listing
of Fund securities.
Investments in high yield or lower-rated securities are subject to
greater-than-average risk. The Fund may invest in securities of issuers that
are in default or that are in bankruptcy. 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. The floating rate feature of the Fund's Senior Floating Rate
Loans means that these investments will not experience capital appreciation in
a declining interest rate environment. Investments in the Fund are subject to
possible loss due to the financial failure of issuers of underlying securities
and their inability to meet their debt obligations. Prepayment risk is the
chance that mortgage-backed bonds will be paid off early if falling interest
rates prompt homeowners to refinance their mortgages. Forced to reinvest the
unanticipated proceeds at lower interest rates, the Fund would experience a
decline in income and lose the opportunity for additional price appreciation
associated with falling interest rates. The value of collateral, if any,
securing a floating rate loan can decline, and may be insufficient to meet the
issuer's obligations or may be difficult to liquidate. In addition, the Fund's
access to collateral may be limited by bankruptcy or other insolvency laws.
Although Pioneer normally will seek to avoid receiving non-publicly available
information about the issuer of a loan, this decision not to receive the
information may place it at a disadvantage, relative to other loan investors,
in assessing the loan. The Fund is not diversified, which means that it can
invest a higher percentage of its assets in the securities of any one issuer
than a diversified fund. Being non-diversified may magnify the Fund's losses
from adverse events affecting a particular issuer. Some of the floating rate
loans and other investments in which the Fund may invest will be considered to
be illiquid. Illiquid securities may be difficult to dispose of at a fair price
at the times when the Fund believes it is desirable to do so, and their market
price is generally more volatile than that of more liquid securities. Illiquid
securities are also more difficult to value, and investment of the Fund's
assets in illiquid securities may restrict the Fund's ability to take advantage
of market opportunities. Investing in foreign and/or emerging securities
involves risks relating to interest rates, currency exchange rates,
6 Pioneer Floating Rate Fund | Annual Report | 10/31/09
economic and political conditions. At times, the Fund's investments may
represent industries or industry sectors that are interrelated or have common
risks, making it more susceptible to any economic, political or regulatory
developments or other risks affecting those industries or sectors.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 7
Portfolio Summary | 10/31/09
Portfolio Diversification
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(As a percentage of total investment portfolio)
[The following data was represented as a pie chart in the printed material]
Senior Floating Rate Loan Interests 88.7%
U.S. Corporate Bonds 10.2%
Collateralized Mortgage Obligations 0.5%
U.S. Common Stock 0.4%
U.S. Preferred Stock 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]
Commercial Paper 5.0%
A & Higher 1.2%
BBB 6.3%
BB 56.1%
B 27.2%
CCC & Lower 4.2%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Custom Building Products, 2nd Lien Term Loan, 10.75%, 4/20/12 1.93%
2. Georgia-Pacific Corp., B2 Term Loan, 2.33%, 12/20/12 1.47
3. Allison Transmission, Inc., Term Loan, 3.01%, 8/7/14 1.36
4. Sally Holdings LLC, Term B Loan, 2.54%, 11/16/13 1.28
5. Manitowoc Co., Term B Loan, 7.5%, 8/25/14 1.19
6. Central Garden and Pet Co., Tranche B Term Loan, 1.75%, 9/30/12 1.12
7. Hanesbrands, Inc., Term B Loan, 5.03%, 9/5/13 1.11
8. Coffeyville Resources LLC, Tranche D Term Loan, 8.5%, 12/30/13 1.07
9. Baldor Electric Co., Term Loan, 5.25%, 1/31/14 1.07
10. Cenveo Corp., Term C Facility Loan, 4.79%, 6/21/13 1.06
* This list excludes temporary cash 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.
8 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Prices and Distributions | 10/31/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 10/31/09 10/31/08
A $ 6.58 $ 5.64
- --------------------------------------------------------------------------------
C $ 6.58 $ 5.63
- --------------------------------------------------------------------------------
Y $ 6.59 $ 5.64
- --------------------------------------------------------------------------------
Distributions per Share: 11/1/08-10/31/09
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ 0.3301 $ -- $ --
- --------------------------------------------------------------------------------
C $ 0.2779 $ -- $ --
- --------------------------------------------------------------------------------
Y $ 0.3307 $ -- $ --
- --------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/09 9
Performance Update | 10/31/09 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund at public offering price,
compared to that of the Barclays Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2009)
- --------------------------------------------------------------------------------
Net Asset Public Offering
Period Value Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 1.11% -0.58%
1 Year 23.50 17.86
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.53% 1.10%
- --------------------------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield
Rate Fund Loans Performing Index
2/07 9550 10000
10/07 9670 10100
10/08 7972 8555
10/09 9845 10039
Call 1-800-225-6292 or visit www.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.
POP returns reflect deduction of maximum 4.50% sales charge. NAV 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 3/1/12 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitations 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.
The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in an index.
10 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Performance Update | 10/31/09 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 0.25% 0.25%
1 Year 22.63 22.63
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.30% 2.00%
- --------------------------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Barclays Capital High Yield
Pioneer Floating Rate Fund Loans Performing Index
2/07 10000 10000
10/07 10070 10100
10/08 8211 8555
10/09 10069 10039
Call 1-800-225-6292 or visit www.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. "If redeemed" returns reflect the deduction of the 1% CDSC. 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 3/1/11 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations 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.
The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in an index.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 11
Performance Update | 10/31/09 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2009)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 1.20% 1.20%
1 Year 23.70 23.70
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.27% 1.27%
- --------------------------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
Barclays Capital High Yield
Pioneer Floating Rate Fund Loans Performing Index
2/07 10000 10000
10/07 10124 10100
10/08 8349 8555
10/09 10327 10039
Call 1-800-225-6292 or visit www.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 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.
The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. You cannot invest directly in an Index.
12 Pioneer Floating Rate Fund | Annual Report | 10/31/09
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 Floating Rate Fund
Based on actual returns from May 1, 2009 through October 31, 2009.
Share Class A C Y
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00
on 5/1/09
- --------------------------------------------------------------------------------
Ending Account Value $ 1,162.90 $ 1,157.87 $ 1,164.78
on 10/31/09
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.00 $ 10.88 $ 5.95
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
1.09%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 184/365 (to reflect
the one-half year period).
Pioneer Floating Rate Fund | Annual Report | 10/31/09 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 Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2009 through October 31, 2009.
Share Class A C Y
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00
on 5/1/09
- --------------------------------------------------------------------------------
Ending Account Value $ 1,019.66 $ 1,015.12 $ 1,019.71
on 10/31/09
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.60 $ 10.16 $ 5.55
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
1.09%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 184/365 (to reflect
the one-half year period).
14 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Schedule of Investments | 10/31/09
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
PREFERRED STOCK - 0.2%
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
100 Bank of America Corp., 7.25%, 12/31/49 $ 84,133
-----------
Total Diversified Financials $ 84,133
---------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $81,468) $ 84,133
---------------------------------------------------------------------------------------------------
COMMON STOCK -- 0.4%
DIVERSIFIED FINANCIALS -- 0.4%
Diversified Financial Services -- 0.4%
106,253 HoldCo, Inc.* $ 196,568
-----------
Total Diversified Financials $ 196,568
---------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $87,892) $ 196,568
---------------------------------------------------------------------------------------------------
Principal
Amount
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.5%
BANKS -- 0.5%
Thrifts & Mortgage Finance -- 0.5%
$ 250,000 NR/Ba1 SBA CMBS Trust, 6.709%, 11/15/36 $ 248,125
-----------
Total Banks $ 248,125
---------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $225,400) $ 248,125
---------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 9.6%
ENERGY -- 1.6%
Oil & Gas Equipment & Services -- 0.8%
500,000 4.43 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 390,000
---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
500,000 3.91 B-/B3 Sandridge Energy, Inc., Floating Rate Note,
4/1/14 $ 442,610
-----------
Total Energy $ 832,610
---------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Diversified Metals & Mining -- 0.4%
100,000 5.88 BBB-/Ba2 Freeport-McMoran Copper & Gold, Inc.,
Floating Rate Note, 4/1/15 $ 101,102
105,000 BBB+/Baa1 Rio Tinto Finance Plc, 8.95%, 5/1/14 124,097
-----------
$ 225,199
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 15
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Paper Products -- 0.2%
$ 100,000 B/B2 Cellu Tissue Holdings, Inc., 11.5%,
6/1/14 $ 109,500
-----------
Total Materials $ 334,699
- -----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.6%
100,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 94,000
45,000 BB/Ba3 DigitalGlobeM, Inc., 10.5%, 5/1/14 48,600
150,000 BB/B2 Spirit Aerosystems, Inc., 7.5%, 10/1/17
(144A) 148,875
-----------
$ 291,475
- -----------------------------------------------------------------------------------------------------
Building Products -- 0.1%
90,000 BB/B1 USG Corp., 9.75%, 8/1/14 (144A) $ 94,500
-----------
Total Capital Goods $ 385,975
- -----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%
Airlines -- 0.0%
12,487 B-/Ba3 Continental Airlines, Inc., 7.461%,
4/1/13 $ 11,551
-----------
Total Transportation $ 11,551
- -----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Leisure Products -- 0.4%
200,000 B/B2 Freedom Group, Inc., 10.25%, 8/1/15 $ 211,000
-----------
Total Consumer Durables & Apparel $ 211,000
- -----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Catalog Retail -- 0.3%
175,000 BBB/Ba2 QVC, Inc., 7.5%, 10/1/19 (144A) $ 173,250
-----------
Total Retailing $ 173,250
- -----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Facilities -- 1.0%
500,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 $ 515,000
-----------
Total Health Care Equipment & Services $ 515,000
- -----------------------------------------------------------------------------------------------------
BANKS -- 0.5%
Regional Banks -- 0.5%
270,000 BBB+/A3 State Street Capital, 8.25%, 3/15/42 $ 272,330
-----------
Total Banks $ 272,330
- -----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Asset Management & Custody Banks -- 0.2%
90,000 BB+/Baa3 Janus Capital Group, Inc., 6.5%, 6/15/12 $ 89,550
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Consumer Finance -- 0.4%
$ 150,000 A+/A1 American Honda Finance Corp., 5.125%,
12/15/10 $ 155,477
50,000 BBB/Baa1 Capital One Financial Corp., 7.375%,
5/23/14 56,749
-----------
$ 212,226
- -------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
150,000 BBB+/Baa3 International Lease Finance Corp.,
6.625%, 11/15/13 $ 115,742
-----------
Total Diversified Financials $ 417,518
- -------------------------------------------------------------------------------------------------------
INSURANCE -- 1.4%
Reinsurance -- 1.4%
250,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note,
4/10/12 $ 222,375
250,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note,
6/7/11 237,800
250,000 10.36 BB-/NR Mystic Re, Ltd., Floating Rate Note,
6/7/11 255,150
-----------
$ 715,325
-----------
Total Insurance $ 715,325
- -------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Diversified Real Estate Activities -- 0.1%
35,000 A-/A2 WEA Finance LLC, 7.5%, 6/2/14 (144A) $ 38,123
- -------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 0.5%
250,000 BBB/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 $ 257,110
-----------
Total Real Estate $ 295,233
- -------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.7%
Integrated Telecommunication Services -- 1.0%
70,000 BB/Ba2 Frontier Communications Corp., 8.25%,
5/1/14 $ 72,100
500,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 470,000
-----------
$ 542,100
- -------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.7%
365,000 B+/Ba2 Cricket Communications, Inc., 7.75%,
5/15/16 (144A) $ 364,088
-----------
Total Telecommunication Services $ 906,188
- -------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $5,078,336) $ 5,070,679
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 17
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
SENIOR FLOATING RATE LOAN
INTERESTS -- 83.2%**
ENERGY -- 2.4%
Oil & Gas Equipment & Services -- 1.4%
$ 529,360 8.50 B+/B1 Coffeyville Resources, Tranche D Term
Loan, 12/30/13 $ 531,677
237,600 8.00 BB-/Ba3 Hudson Products Holdings, Inc., Term
Loan, 8/24/15 196,020
-----------
$ 727,697
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
162,794 4.25 B/B3 Venoco, Inc., 2nd Lien Term Loan, 5/7/14 $ 146,718
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.7%
418,137 6.75 B+/Ba2 Atlas Pipeline Partners LP, Term Loan,
7/27/14 $ 411,343
-----------
Total Energy $ 1,285,758
- ---------------------------------------------------------------------------------------------------------
MATERIALS -- 6.0%
Aluminum -- 0.4%
168,857 2.27 BB-/Ba2 Novelis Corp., U.S. Term Loan, 7/6/14 $ 152,487
76,751 2.25 BB-/Ba2 Novelis, Inc., Canadian Term Loan,
7/6/14 69,310
-----------
$ 221,797
- ---------------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.7%
178,453 7.65 BB+/Ba1 Ashland, Inc., Term B Borrowing Loan,
5/13/14 $ 181,650
247,475 1.99 BB+/Ba1 Huntsman Corp., New Term B Loan,
4/21/14 226,611
70,611 7.50 B/B2 Ineos U.S. Financice Corp., Term B2
Facility Loan, 12/16/13 60,584
70,603 8.00 B/B2 Ineos U.S. Financice Corp., Term C2
Facility Loan, 12/16/14 60,578
371,827 7.25 B/Ba1 Solutia, Inc., Term Loan, 2/28/14 378,268
-----------
$ 907,691
- ---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.9%
17,629 2.55 B+/B1 Graham Packaging Co., Term B Loan,
10/7/11 $ 17,246
176,424 6.75 B+/B1 Graham Packaging Co., Term C Loan,
4/5/14 176,865
295,500 3.03 B-/B3 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 284,419
-----------
$ 478,530
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Paper Products -- 1.4%
$ 751,342 2.33 BB+/Ba2 Georgia-Pacific Corp., B2 Term Loan,
12/20/12 $ 725,251
- -----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.5%
248,750 6.50 BB-/Ba2 Nalco Co., Term Loan, 5/5/16 $ 253,414
- -----------------------------------------------------------------------------------------------------
Steel -- 1.1%
349,832 8.00 BB-/B3 Essar Steel Algoma, Inc., Term Loan,
6/20/13 $ 330,300
488,750 9.25 B/B3 Niagara Corp., Term Loan, 6/30/14 227,269
-----------
$ 557,569
-----------
Total Materials $ 3,144,252
- -----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.2%
Aerospace & Defense -- 2.6%
220,200 3.74 BB-/Ba3 Aeroflex, Inc., Tranche B1 Term Loan,
8/15/14 $ 205,061
518,438 5.75 BBB-/Ba1 Be Aerospace, Inc., Tranche B Term Loan,
7/28/14 519,993
234,388 4.04 BB-/B1 Dae Aviation Holding, Tranche B1 Term
Loan, 7/31/14 220,325
196,954 2.03 BB+/Ba3 Spirit Aerosystems, Inc., Term B1 Loan,
9/30/13 190,800
229,304 4.03 BB-/B1 Standard Aero, Ltd., Tranche B2 Loan,
7/31/14 215,546
-----------
$ 1,351,725
- -----------------------------------------------------------------------------------------------------
Construction & Engineering -- 2.6%
1,000,000 10.75 BB-/B1 Custom Building Products, Inc., 2nd Lien
Term Loan, 4/20/12 $ 953,750
289,500 6.25 BB/Ba3 Goodman Global Holdings, Inc., Term
Loan, 2/13/14 290,441
156,230 2.53 BB+/Ba1 URS Corp., Tranche B Term Loan,
5/15/13 154,733
-----------
$ 1,398,924
- -----------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.1%
250,000 8.00 BB-/Ba3 Accuride Corp., Term Advance Loan,
1/31/12 $ 248,828
596,747 7.50 BB+/Ba2 Manitowoc Co., Term B Loan, 8/25/14 588,542
250,000 6.32 BB-/B2 Oshkosh Corp., Term B Loan, 12/6/13 250,173
-----------
$ 1,087,543
- -----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.4%
247,442 2.05 BB/Ba2 Kansas City Southern Railway, Term B
Advance Loan, 4/28/13 $ 235,070
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 19
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Industrial Machinery -- 0.2%
$ 119,003 5.78 BB-/B1 Mueller Water Products, Inc., Term B Loan,
5/24/14 $ 116,524
- -------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
143,095 2.04 BB+/Ba2 Interline Brands, Inc., Delayed Draw Term
Loan, 6/23/13 $ 132,005
43,182 1.99 BB+/Ba2 Interline Brands, Inc., Initial Term Loan,
6/23/13 39,835
-----------
$ 171,840
-----------
Total Capital Goods $ 4,361,626
- -------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 4.5%
Commercial Printing -- 1.5%
17,258 4.79 BB-/Ba3 Cenveo Corp., Delayed Draw Term Loan,
6/21/13 $ 16,805
538,673 4.79 BB-/Ba2 Cenveo Corp., Term C Facility Loan,
6/21/13 524,533
249,549 9.00 B+/B1 World Color Corp., Term Advance Loan,
7/10/12 250,328
-----------
$ 791,666
- -------------------------------------------------------------------------------------------------------
Diversified Commercial Services -- 0.5%
240,329 3.54 BB+/B1 Asset Acceptance Capital Corp., Tranche B
Term Loan, 6/12/13 $ 233,119
- -------------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.3%
347,455 6.75 BB-/Ba3 Allied Security Holdings, Term Loan,
2/20/15 $ 352,233
250,000 0.00 B+/Ba3 Language Line Holdings LLC, Term B Loan,
10/29/15 250,938
94,480 3.82 BB-/B2 Rental Service Corp., Initial Term Loan,
11/30/13 85,741
-----------
$ 688,912
- -------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.2%
195,057 2.28 B+/Ba3 Brickman Holdings, Ltd., Tranche B Term
Loan, 1/23/14 $ 184,166
249,375 7.00 BB-/Ba2 Casella Waste Systems, Inc., Term B Loan,
4/9/14 251,557
244,375 2.24 BB-/Ba3 Synagro Technologies, Inc., 1st Lien Term
Loan, 4/2/14 198,860
-----------
$ 634,583
-----------
Total Commercial Services & Supplies $ 2,348,280
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
TRANSPORTATION -- 1.5%
Air Freight & Couriers -- 0.9%
$ 89,054 3.25 B-/B1 Ceva Group Plc, EGL Term Loan, 11/4/13 $ 76,809
133,866 3.28 B/Ba2 Ceva Group Plc, Additional Pre-Funded
Term Loan, 11/4/14 111,332
366,915 3.24 NR/Ba2 Ceva Group Plc, U.S. Term Loan, 11/4/15 309,737
-----------
$ 497,878
- -------------------------------------------------------------------------------------------------------
Airlines -- 0.6%
100,000 8.75 BB-/B2 Delta Air Lines, Inc., Term Loan, 9/27/13 $ 100,475
249,362 3.53 BB-/Ba3 Delta Air Lines, Inc., 2nd Lien Term Loan,
4/30/14 210,212
-----------
$ 310,687
-----------
Total Transportation $ 808,565
- -------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.6%
Auto Parts & Equipment -- 2.4%
748,073 3.01 BB-/B1 Allison Transmission, Inc., Term Loan,
8/7/14 $ 673,132
15,787 5.10 CC/Ca Cooper-Standard Automotive, Inc.,
Canadian Term Loan, 12/23/10 14,485
17,135 7.00 CC/Ca Cooper-Standard Automotive, Inc., Multi-
Currency Loan, 12/23/10 15,721
13,493 7.00 CC/Ca Cooper-Standard Automotive, Inc.,
Tranche A Term Loan, 12/23/10 12,380
41,142 7.00 CC/Ca Cooper-Standard Automotive, Inc.,
Tranche B Term Loan, 12/23/11 37,748
102,772 7.00 CC/Ca Cooper-Standard Automotive, Inc.,
Tranche C Term Loan, 12/23/11 94,293
114,242 7.00 CC/Ca Cooper-Standard Automotive, Inc.,
Tranche D Term Loan, 12/23/11 104,817
56,696 7.00 CC/Ca Cooper-Standard Automotive, Inc.,
Tranche E Term Loan, 12/23/11 52,019
37,699 7.00 CC/Ca Cooper-Standard Automotive, Inc., U.S.
Revolving Term Loan, 12/23/10 34,589
248,486 5.00 B+/B2 Lear Corp., Term Loan, 4/25/12 239,789
-----------
$ 1,278,973
- -------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.9%
498,087 3.29 CCC-/Caa1 Ford Motor Co., Term Loan, 12/15/13 $ 445,165
- -------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
175,000 2.34 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien
Term Loan, 4/30/14 $ 160,437
-----------
Total Automobiles & Components $ 1,884,575
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 21
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
CONSUMER DURABLES & APPAREL -- 1.4%
Apparel, Accessories & Luxury Goods -- 1.0%
$ 548,400 5.03 BB/Ba3 Hanesbrands, Inc., Term B Loan, 9/5/13 $ 551,631
- ------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.4%
189,351 2.78 BB-/Ba3 Jarden Corp., Term B3 Loan, 1/24/12 $ 185,936
-----------
Total Consumer Durables & Apparel $ 737,567
- ------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 4.9%
Casinos & Gaming -- 2.1%
166,667 6.00 CCC/B3 Fontainebleau Las Vegas, Delayed Draw
Term Loan, 6/6/14 $ 48,333
333,333 6.00 NA/NA Fontainebleau Las Vegas, Initial Term
Loan, 6/6/14 96,667
82,917 2.79 BB-/Ba3 Gateway Casinos & Entertainment,
Delayed Draw Term Loan, 9/30/14 68,717
409,375 2.79 BB-/Ba3 Gateway Casinos & Entertainment, Term
Advance Loan, 9/30/14 339,270
125,000 9.50 B-/Caa1 Harrah's Operating Co., Inc., Term B4
Loan, 10/31/16 122,465
476,723 2.01 BBB-/Ba2 Penn National Gaming, Inc., Term B Loan,
10/3/12 462,049
-----------
$ 1,137,501
- ------------------------------------------------------------------------------------------------------
Education Services -- 0.7%
358,000 7.50 BB-/Ba3 Bright Horizons Family Solutions, Inc.,
Tranche B Term Loan, 5/28/15 $ 358,224
- ------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.3%
165,585 10.50 BB/Ba2 Travelport LLC, Incremental Term Loan,
8/23/13 $ 168,345
- ------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.5%
250,000 0.00 B+/Ba2 Universal City Development, Term Loan,
10/29/14 $ 248,750
- ------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.3%
250,000 2.50 BB/Ba1 Adesa, Inc., Initial Term Loan, 10/21/13 $ 240,000
446,622 7.00 B+/B1 Web Service Center, Term Loan, 8/28/14 444,389
-----------
$ 684,389
-----------
Total Consumer Services $ 2,597,209
- ------------------------------------------------------------------------------------------------------
MEDIA -- 7.7%
Advertising -- 0.3%
180,000 0.00 BB/Ba1 Lamar Media Corp., Series B Loan,
9/28/12 $ 178,650
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Broadcasting -- 1.8%
$ 248,750 5.25 NR/Baa3 Discovery Communications Holding LLC,
Term C Loan, 5/14/14 $ 252,792
134,010 7.25 BB/B1 FoxCo Acquisition Sub LLC, Term Loan,
7/14/15 122,452
300,000 2.29 B+/Ba3 Insight Media Holdings, Term B Loan,
4/7/14 285,911
325,000 2.53 B-/Baa2 Univision Communication, Inc., Initial Term
Loan, 9/29/14 262,786
-----------
$ 923,941
- --------------------------------------------------------------------------------------------------------
Cable & Satellite -- 3.7%
248,724 2.24 B+/B1 Cequel Communications LLC, Term Loan,
11/5/13 $ 238,154
491,250 6.25 B+/B1 Charter Communications, Inc., New Term
Loan, 3/5/14 447,915
481,592 2.49 B/Ba3 Knology, Inc., Term Loan, 6/30/12 468,951
296,250 6.50 BB-/Ba3 MCC Iowa LLC, Tranche E Term Loan,
1/3/16 298,194
497,500 2.76 B-/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 464,333
-----------
$ 1,917,547
- --------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.5%
295,396 1.74 BB-/Ba2 AMC Entertainment, Inc., Term Loan,
1/28/13 $ 279,704
569,485 2.29 B+/B1 LodgeNet Entertainment Corp., Closing
Date Loan, 4/4/14 522,977
-----------
$ 802,681
- --------------------------------------------------------------------------------------------------------
Publishing -- 0.4%
260,905 6.75 BB-/Ba1 RH Donnelley, Inc., Tranche D1 Term Loan,
6/30/11 $ 228,510
-----------
Total Media $ 4,051,329
- --------------------------------------------------------------------------------------------------------
RETAILING -- 3.0%
Catalog Retail -- 0.5%
250,000 3.75 BBB-/Ba2 QVC, Inc., Tranche 2W Term Loan,
10/4/11 $ 249,844
- --------------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.4%
249,375 3.01 CCC+/B1 Dollar General Corp., Tranche B1 Term
Loan, 7/7/14 $ 238,949
- --------------------------------------------------------------------------------------------------------
Internet Retail -- 0.3%
166,000 3.55 BBB-/Ba1 Ticketmaster Corp., Term B Loan, 7/25/14 $ 163,510
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 23
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Specialty Stores -- 1.8%
$ 661,413 2.54 BB-/B2 Sally Holdings LLC, Term B Loan,
11/16/13 $ 631,546
300,000 4.50 B/B1 Toys R Us, Inc., Tranche B Term Loan,
7/19/12 292,125
-----------
$ 923,671
-----------
Total Retailing $ 1,575,974
- ------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.8%
Drug Retail -- 0.8%
99,000 6.00 B+/Ba3 Rite Aid Corp., Tranche 3 Term Loan,
6/4/14 $ 93,060
300,000 9.50 NR/B3 Rite Aid Corp., Tranche 4 Term Loan,
6/10/15 311,000
-----------
$ 404,060
-----------
Total Food & Drug Retailing $ 404,060
- ------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.8%
Distillers & Vintners -- 0.7%
400,000 1.75 BB-/Ba3 Constellation Brands, Inc., New Tranche B
Term Loan, 6/5/13 $ 385,667
- ------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.1%
294,710 1.66 BB/B1 Dean Foods Co., Tranche B Term Loan,
4/2/14 $ 276,107
55,203 7.78 B+/Ba3 Dole Food Co., Inc., Credit-Linked Loan,
4/12/13 55,859
65,739 8.00 B+/Ba3 Dole Food Co., Inc., Tranche B Term Loan,
4/12/13 66,519
219,331 8.00 B+/Ba3 Solvest, Ltd., Tranche C Term Loan,
4/12/13 221,935
350,000 2.81 B-/B1 Sturm Foods, Inc., Initial Term Loan,
1/31/14 326,083
144,375 6.50 A+/A1 William Wrigley Jr. Co., Tranche B Term
Loan, 9/30/14 146,442
-----------
$ 1,092,945
-----------
Total Food, Beverage & Tobacco $ 1,478,612
- ------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.1%
Household Products -- 3.1%
579,965 1.75 BB/B1 Central Garden and Pet Co., Tranche B
Term Loan, 9/30/12 $ 551,933
474,698 8.00 CCC+/B2 Spectrum Brands, Inc., Dollar Term B
Loan, 3/30/13 465,441
24,414 5.65 CCC+/B2 Spectrum Brands, Inc., Letter of Credit
Loan, 3/30/13 23,938
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Household Products -- (continued)
$ 198,000 7.32 BB-/Ba3 SRAM LLC, Term Loan, 9/30/14 $ 197,010
400,893 2.25 BB-/Ba3 Yankee Candle Co., Term Loan, 2/6/14 375,336
-----------
$ 1,613,658
-----------
Total Household & Personal Products $ 1,613,658
- -----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 8.3%
Health Care Equipment -- 0.1%
34,748 6.75 BBB-/Baa2 Fresenius SE, Tranche B2 Term Loan,
9/10/14 $ 35,132
- -----------------------------------------------------------------------------------------------------
Health Care Facilities -- 5.2%
22,729 2.49 BB/Ba3 CHS/Community Health Systems, Inc.,
Delayed Draw Term Loan, 7/25/14 $ 21,224
493,099 2.61 BB/Ba3 CHS/Community Health Systems, Inc.,
Funded Term Loan, 7/25/14 460,462
244,264 2.25 B+/B3 Hanger Orthopedic Group, Inc., Tranche B
Term Loan, 5/26/13 232,356
335,222 2.53 B+/Ba2 HCA, Inc., Tranche B1 Term Loan,
11/18/13 312,850
166,701 BB-/B3 Healthsouth Corp., Tranche 2 Term Loan,
3/15/14 161,596
488,531 2.02 BB-/Ba3 Psychiatric Solutions, Inc., Term Loan,
7/2/12 467,768
80,460 2.28 B+/B1 Sun Health Care, Synthetic LC Loan,
4/19/14 76,135
383,136 2.52 B+/B1 Sun Health Care, Term Loan, 4/19/14 362,542
348,207 3.24 B/B2 Triumph Healthcare LLC, 1st Lien Term
Loan, 7/28/13 324,703
54,656 2.25 B/Ba3 United Surgical Partners International,
Delayed Draw Term Loan, 4/19/14 51,149
284,691 2.27 B/Ba3 United Surgical Partners International,
Tranche B Term Loan, 4/21/14 266,424
-----------
$ 2,737,209
- -----------------------------------------------------------------------------------------------------
Health Care Services -- 1.0%
294,849 2.49 BB-/Ba3 Catalent Pharma Solutions, Inc., Dollar
Term Loan, 4/10/14 $ 257,108
64,502 6.75 BBB-/Baa2 Fresenius SE, Tranche B1 Term Loan,
9/10/14 65,214
202,542 2.55 BB-/B3 Healthsouth Corp., Tranche 1 Term Loan,
3/10/13 193,427
-----------
$ 515,749
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 25
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Health Care Supplies -- 2.0%
$ 157,230 3.53 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 $ 150,231
38,182 3.52 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term
Loan, 4/24/15 36,482
438,223 3.28 BB-/B1 Biomet, Inc., Dollar Term Loan, 3/25/15 421,926
488,750 2.26 B+/B2 IM US Holdings LLC, 1st Lien Term Loan,
6/26/14 463,091
-----------
$ 1,071,730
-----------
Total Health Care Equipment & Services $ 4,359,820
- ------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.4%
Biotechnology -- 0.7%
132,203 0.00 BB+/B1 Warner Chilcott Corp., Term A Loan,
10/30/14 $ 132,627
66,102 0.00 BB+/B1 Warner Chilcott Corp., Term B1 Loan,
4/30/15 66,313
145,424 0.00 BB+/B1 Warner Chilcott Corp., Term B2 Loan,
4/30/15 146,110
-----------
$ 345,050
- ------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
118,875 5.25 BBB-/Baa3 Life Technologies Corp., Term B Facility
Loan, 11/23/15 $ 119,717
- ------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
242,500 3.55 BB/Ba3 Mylan Laboratories, U.S. Tranche B Term
Loan, 10/2/14 $ 236,438
-----------
Total Pharmaceuticals & Biotechnology $ 701,205
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.0%
Consumer Finance -- 0.5%
169,615 3.04 BB-/B2 Dollar Financial Corp., Canadian Term
Loan, 10/30/12 $ 161,347
103,531 3.04 BB-/B2 Dollar Financial Corp., Delayed Draw Term
Loan, 10/30/12 98,484
-----------
$ 259,831
- ------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.2%
108,832 2.23 BB/Ba1 Metavante Corp., Term Loan, 11/3/14 $ 108,741
- ------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
294,750 2.87 BBB-/Ba2 Morgan Stanley, Term B Loan, 11/20/14 $ 290,697
- ------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.8%
456,021 7.50 B+/Ba3 Collect Acquisition Corp., Term B Advance
Loan, 5/15/13 $ 442,055
-----------
Total Diversified Financials $ 1,101,324
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
INSURANCE -- 3.2%
Insurance Brokers -- 2.4%
$ 245,000 3.28 B-/B3 Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 228,463
89,753 2.74 B/B3 HUB International Holdings, Inc., Delayed
Draw Term Loan, 6/13/14 79,169
100,000 0.00 B/B2 HUB International Holdings, Inc.,
Incremental Term Loan, 6/13/14 99,125
399,306 2.74 B/B3 HUB International Holdings, Inc., Initial
Term Loan, 6/13/14 352,217
588,495 3.04 B/B2 USI Holdings Corp., Tranche B Term Loan,
5/5/14 512,481
-----------
$ 1,271,455
- ------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.8%
488,750 2.84 B-/B2 AmWINS Group, Inc., Initial Term Loan,
6/8/13 $ 399,553
-----------
Total Insurance $ 1,671,008
- ------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 7.2%
Application Software -- 1.6%
495,841 2.25 B/Ba3 Nuance Communications, Inc., Term Loan,
3/29/13 $ 475,542
375,000 2.32 B/B1 Serena Software, Inc., Term Loan,
3/11/13 347,344
-----------
$ 822,886
- ------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.4%
44,628 4.47 BB+/Ba1 Fidelity National Information, Tranche C
Term Loan, 1/18/12 $ 44,573
497,462 3.04 B+/Ba3 First Data Corp., Initial Tranche B2 Term
Loan, 9/24/14 427,783
299,242 2.74 BBB/Baa3 Lender Processing Services, Inc., Term B
Loan, 7/1/14 297,559
-----------
$ 769,915
- ------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 2.2%
380,888 2.31 B+/B1 Activant Solutions, Inc., Term Loan,
5/2/13 $ 355,178
28,436 2.76 BB/B1 Keane International, Inc., Synthetic LC
Loan, 6/4/13 25,664
370,616 2.63 BB/B1 Keane International, Inc., Closing Date
Loan, 6/4/13 334,481
486,250 1.99 BB/Ba3 Sungard Data Systems, Inc., Tranche A
U.S. Term Loan, 2/28/14 457,835
-----------
$ 1,173,158
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 27
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Systems Software -- 2.0%
$ 250,000 8.50 BB-/B1 Allen Systems Group, Inc., 1st Lien Term
Loan, 10/19/13 $ 249,896
482,341 2.65 BB/Ba3 Vangent, Inc., Term Loan, 2/14/13 458,224
332,823 6.00 B+/Ba2 Macrovision Solutions Corp., Term Loan,
5/2/13 334,487
-----------
$ 1,042,607
-----------
Total Software & Services $ 3,808,566
- ------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 4.0%
Communications Equipment -- 0.6%
312,211 2.78 BB/Ba2 Commscope, Inc., Term B Loan,
12/26/14 $ 302,688
- ------------------------------------------------------------------------------------------------------
Electronic Components -- 0.6%
9,094 2.51 BB-/Ba2 Flextronics Semiconductor, Inc., A1B
Delayed Draw Term Loan, 10/1/14 $ 8,438
289,387 2.49 BB-/Ba2 Flextronics Semiconductor, Inc., A3
Delayed Draw Term Loan, 10/1/14 269,130
31,071 2.52 BB-/Ba2 Flextronics Semiconductor, Inc., Closing
Date Loan, 10/1/14 28,829
-----------
$ 306,397
- ------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 1.8%
256,667 3.64 BB/Ba2 Huawei-3Com Co., Ltd., Tranche B Term
Loan, 9/28/12 $ 245,117
383,889 4.00 B+/B1 Itron, Inc., Dollar Term Loan, 4/18/14 382,687
96,009 7.25 BB-/Ba3 L-1 Identity Solutions Operating Co.,
Tranche B2 Term Loan, 8/5/13 96,729
237,269 4.49 B/B3 Scitor Corp., Term Loan, 9/26/14 209,983
-----------
$ 934,516
- ------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 1.0%
531,672 5.25 BB+/B1 Baldor Electric Co., Term Loan, 1/31/14 $ 531,290
-----------
Total Technology Hardware & Equipment $ 2,074,891
- ------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.7%
Semiconductor Equipment -- 0.7%
476,780 2.00 BB/NR Freescale Semiconductor, Inc., Term Loan,
11/29/13 $ 388,708
-----------
Total Semiconductors $ 388,708
- ------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.2%
Alternative Carriers -- 0.5%
300,259 2.74 B-/Ba3 Paetec Holding Corp., Replacement Term
Loan, 2/28/13 $ 285,622
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
Integrated Telecommunication Services -- 2.6%
$ 41,137 3.25 B+/B2 Telesat Canada, Inc., U.S. Term Loan I,
10/31/14 $ 39,575
478,949 3.25 B+/B2 Telesat Canada, Inc., U.S. Term Loan II,
10/31/14 460,763
397,959 2.62 BB-/B1 West Corp., Term B2 Loan, 10/24/13 366,321
125,000 3.93 BB-/Ba1 Wind Telecomunicazioni S.p.A., B2 Term
Loan, 5/27/13 120,052
125,000 4.93 BB-/Ba1 Wind Telecomunicazioni S.p.A., C2 Term
Loan, 5/26/14 120,052
297,716 3.04 BBB/Baa3 Windstream Corp., Tranche B2 Term Loan,
12/17/15 289,064
-----------
$ 1,395,827
- --------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
135,682 2.24 BB-/Ba2 Centennial Cellular, New Term Loan,
2/10/11 $ 135,116
244,333 2.66 B+/Ba3 MetroPCS Wireless, Inc., Tranche B Term
Loan, 11/3/13 230,169
234,848 2.78 BB-/Ba2 Stratos Global Corp., Term B Facility Loan,
2/13/12 231,326
-----------
$ 596,611
-----------
Total Telecommunication Services $ 2,278,060
- --------------------------------------------------------------------------------------------------------
UTILITIES -- 2.3%
Electric Utilities -- 0.7%
494,364 3.74 B+/Ba3 Texas Competitive Electric Holdings Co.
LLC, Initial Tranche B2 Term Loan,
10/10/14 $ 384,291
- --------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.6%
535,116 3.17 B+/B2 Calpine Corp., 1st Priority Term Loan,
3/29/14 $ 493,393
91,980 2.60 B+/B2 Mach Gen LLC, Synthetic LC Loan,
2/22/13 85,848
163,794 2.02 B+/Ba1 NRG Energy, Inc., Term Loan, 2/1/13 154,512
88,122 2.03 B+/Ba1 NRG Energy, Inc., Credit Linked Term Loan,
2/1/13 83,129
-----------
$ 816,882
-----------
Total Utilities $ 1,201,173
- --------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $44,719,321) $43,876,220
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 29
Schedule of Investments | 10/31/09 (continued)
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount (unaudited) (unaudited) Value
TOTAL INVESTMENT IN SECURITIES -- 93.9%
(Cost $50,192,417)(a) $49,475,725
- --------------------------------------------------------------------------------------
OTHER ASSETS
AND LIABILITIES -- 6.1% $ 3,186,567
- --------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $52,662,292
======================================================================================
NR Security not rated by S&P or Moody's.
* Non-income producing 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
October 31, 2009, the value of these securities amounted to $1,208,836 or
2.3% 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 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 October 31, 2009, the net unrealized loss on investments based on cost
for federal income tax purposes of $50,246,331 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 1,480,143
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (2,250,749)
-----------
Net unrealized loss $ (770,606)
===========
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2009 aggregated $23,075,621 and $7,941,152,
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.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Annual Report | 10/31/09
The following is a summary of the inputs used as of October 31, 2009, in
valuing the Fund's assets:
Level 1 Level 2 Level 3 Total
Preferred Stock $84,133 $ -- $-- $ 84,133
Common Stock -- 196,568 -- 196,568
Collateralized Mortgage Obligations -- 248,125 -- 248,125
Corporate Bonds -- 5,070,679 -- 5,070,679
Senior Floating Rate Loan Interests -- 43,876,220 -- 43,876,220
- ------------------------------------------------------------------------------------------------
Total $84,133 $49,391,592 $-- $49,475,725
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 31
Statement of Assets and Liabilities | 10/31/09
ASSETS:
Investment in securities, at value (cost $50,192,417) $49,475,725
Cash 4,505,933
Receivables --
Investment securities sold 86,943
Fund shares sold 285,380
Interest 237,025
Due from Pioneer Investment Management, Inc. 31,886
Unrealized appreciation on unfunded corporate loans 477
Other 19,469
- -----------------------------------------------------------------------
Total assets $54,642,838
- -----------------------------------------------------------------------
IABILITIES:
Payables --
Investment securities purchased $ 1,712.069
Fund shares repurchased 27,211
Dividends 154,251
Due to affiliates 8,413
Accrued expenses 78,602
- -----------------------------------------------------------------------
Total liabilities $ 1,980,546
- -----------------------------------------------------------------------
NET ASSETS:
Paid-in capital $55,363,339
Undistributed net investment income 36,508
Accumulated net realized loss on investments (2,021,340)
Net unrealized loss on investments (716,215)
- -----------------------------------------------------------------------
Total net assets $52,662,292
=======================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $27,333,499/4,154,727 shares) $ 6.58
Class C (based on $13,219,434/2,007,983 shares) $ 6.58
Class Y (based on $12,109,359/1,837,069 shares) $ 6.59
MAXIMUM OFFERING PRICE:
Class A ($6.58 [divided by] 95.5%) $ 6.89
=======================================================================
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Statement of Operations
For the Year Ended 10/31/09
INVESTMENT INCOME:
Dividends $ 7,250
Interest 2,363,854
- -------------------------------------------------------------------------------------------
Total investment income $2,371,104
- -------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 218,293
Transfer agent fees and expenses
Class A 13,247
Class C 3,866
Class Y 524
Distribution fees
Class A 40,092
Class C 98,636
Shareholder communications expense 9,334
Administrative reimbursements 15,246
Custodian fees 23,421
Registration fees 55,670
Professional fees 66,507
Printing expense 41,924
Fees and expenses of nonaffiliated trustees 7,800
Miscellaneous 15,579
- -------------------------------------------------------------------------------------------
Total expenses $ 610,139
Less management fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (122,090)
Less fees paid indirectly (6)
- -------------------------------------------------------------------------------------------
Net expenses $ 488,043
- -------------------------------------------------------------------------------------------
Net investment income $1,883,061
- -------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments: $(929,610)
- -------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $7,218,984
Unfunded corporate loans 104,177 $7,323,161
- -------------------------------------------------------------------------------------------
Net gain on investments $6,393,551
- -------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $8,276,612
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 33
Statements of Changes in Net Assets
For the Years Ended 10/31/09 and 10/31/08
Year Ended Year Ended
10/31/09 10/31/08
FROM OPERATIONS:
Net investment income $ 1,883,061 $ 1,807,479
Net realized loss on investments (929,610) (881,728)
Change in net unrealized gain (loss) on investments 7,323,161 (7,120,952)
- -----------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ 8,276,612 $(6,195,201)
- -----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.33 and $0.43 per share, respectively) $ (863,290) $ (665,476)
Class C ($0.28 and $0.37 per share, respectively) (466,403) (578,010)
Class Y ($0.33 and $0.43 per share, respectively) (596,840) (701,747)
- -----------------------------------------------------------------------------------------
Total distributions to shareowners $(1,926,533) $(1,945,233)
- -----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $28,920,524 $ 5,440,990
Reinvestment of distributions 997,101 1,867,710
Cost of shares repurchased (12,266,283) (2,412,177)
- -----------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $17,651,342 $ 4,896,523
- -----------------------------------------------------------------------------------------
Net increase (decrease) in net assets $24,001,421 $(3,243,911)
NET ASSETS:
Beginning of year 28,660,871 31,904,782
- -----------------------------------------------------------------------------------------
End of year $52,662,292 $28,660,871
- -----------------------------------------------------------------------------------------
Undistributed net investment income $ 36,508 $ 28,128
- -----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Annual Report | 10/31/09
'09 Shares '09 Amount '08 Shares '08 Amount
Class A
Shares sold 3,599,114 $21,686,238 194,199 $1,355,168
Reinvestment of distributions 92,549 542,487 93,806 631,994
Less shares repurchased (1,156,580) (7,123,551) (205,898) (1,421,412)
- ------------------------------------------------------------------------------------------------
Net increase 2,535,083 $15,105,174 82,107 $ 565,750
================================================================================================
Class C
Shares sold 664,751 $ 4,057,324 158,311 $1,096,540
Reinvestment of distributions 39,535 213,648 80,117 540,519
Less shares repurchased (301,385) (1,701,294) (136,741) (907,064)
- ------------------------------------------------------------------------------------------------
Net increase 402,901 $ 2,569,678 101,687 $ 729,995
================================================================================================
Class Y
Shares sold 544,860 $ 3,176,962 437,092 $2,989,282
Reinvestment of distributions 45,813 240,966 103,477 695,197
Less shares repurchased (614,827) (3,441,438) (13,249) (83,701)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) (24,154) $ (23,510) 527,320 $3,600,778
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 35
Financial Highlights
Year Year 2/14/07 (a)
Ended Ended to
10/31/09 10/31/08 10/31/07
Class A
Net asset value, beginning of period $ 5.64 $ 7.29 $ 7.50
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.40 $ 0.32
Net realized and unrealized income (loss) on
investments 0.95 1.62) (0.23)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 1.27 $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income (0.33) ( 0.43) (0.30)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.58 $ 5.64 $ 7.29
===========================================================================================================
Total return* 23.50% (17.57)% 1.21%(b)
Ratio of net expenses to average net assets+ 1.10% 1.10% 1.10%**
Ratio of net investment income to average net assets+ 5.26% 5.85% 6.31%**
Portfolio turnover rate 23% 30% 49%(b)
Net assets, end of period (in thousands) $27,333 $ 9,130 $ 11,216
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.58% 1.40% 1.47%**
Net investment income 4.78% 5.55% 5.94%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.10% 1.10% 1.10%**
Net investment income 5.26% 5.85% 6.31%**
===========================================================================================================
(a) Class A shares were first publicly offered on February 14, 2007.
* 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.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Year Year 2/14/07 (a)
Ended Ended to
10/31/09 10/31/08 10/31/07
Class C
Net asset value, beginning of period $ 5.63 $ 7.29 $ 7.50
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.27 $ 0.34 $ 0.28
Net realized and unrealized income (loss) on
investments 0.96 (.63) (0.23)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 1.23 $ (1.29) $ 0.05
Distributions to shareowners:
Net investment income (0.28) (0.37) (0.26)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.58 $ 5.63 $ 7.29
===========================================================================================================
Total return* 22.63% (18.46)% 0.70%(b)
Ratio of net expenses to average net assets+ 2.00% 2.00% 2.00%**
Ratio of net investment income to average net assets+ 4.60% 4.96% 5.38%**
Portfolio turnover rate 23% 30% 49%(b)
Net assets, end of period (in thousands) $13,219 $ 9,040 $10,959
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 2.29% 2.30% 2.32%**
Net investment income 4.31% 4.66% 5.06%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.00% 2.00% 2.00%**
Net investment income 4.60% 4.96% 5.38%**
===========================================================================================================
(a) Class C shares were first publicly offered on February 14, 2007.
* 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.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 37
Financial Highlights (continued)
Year Year 2/14/07 (a)
Ended Ended to
10/31/09 10/31/08 10/31/07
Class Y
Net asset value, beginning of period $ 5.64 $ 7.29 $ 7.50
- -----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.40 $ 0.33
Net realized and unrealized income (loss) on
investments 0.96 (1.62) (0.24)
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 1.28 $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income (0.33) (0.43) (0.30)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.59 $ 5.64 $ 7.29
===========================================================================================================
Total return* 23.70% (17.53)% 1.24%(b)
Ratio of net expenses to average net assets+ 1.09% 1.08% 1.11%**
Ratio of net investment income to average net assets+ 5.58% 5.82% 6.27%**
Portfolio turnover rate 23% 30% 49%(b)
Net assets, end of period (in thousands) $12,109 $ 10,491 $ 9,730
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.24% 1.27% 1.32%**
Net investment income 5.43% 5.63% 6.06%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.09% 1.08% 1.11%**
Net investment income 5.58% 5.82% 6.27%**
===========================================================================================================
(a) Class Y shares were first publicly offered on February 14, 2007.
* 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.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Notes to Financial Statements | 10/31/09
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Fund (the Fund) is a series of Pioneer Series Trust VI, a
Delaware statutory trust. The Fund is registered under the Investment Company
Act of 1940 as a non-diversified, open-end management investment company. The
investment objective of the Fund is to produce a high level of current income.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on February 14, 2007. 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.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund invests in below investment grade debt
securities. Debt securities rated below investment grade are commonly referred
to as "junk bonds" and are considered speculative. These securities involve
greater risk of loss, are subject to greater price volatility, and are less
liquid, especially during periods of economic uncertainty or change, than
higher rated debt securities. The Fund's investments in foreign markets or
countries with limited developing markets may also subject the Fund to a
greater degree of risk than in a developed market. These risks include
disruptive political or economic conditions and the possible imposition of
adverse governmental laws or currency exchange restrictions. The Fund's
prospectuses contain unaudited information regarding the Fund's principal
risks. Please refer to those documents when considering the Fund's principal
risks.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 39
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 year. 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:
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 values obtained from dealers and other sources, as required.
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. Securities or loans for which
independent pricing services are unable to supply prices or for which market
prices and/or quotations are not readily available or are considered to be
unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees.
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.
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. Thus, the valuation of the Fund's securities may differ from exchange
prices. At October 31, 2009, there were no securities that were valued using
fair
40 Pioneer Floating Rate Fund | Annual Report | 10/31/09
value methods (other than securities valued using prices supplied by
independent pricing services). Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at amortized
cost.
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 and premiums on debt securities are accreted or amortized
daily, respectively, on a yield-to-maturity basis into interest income with
a corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis.
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.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B.Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At October 31, 2009, the Fund has reclassified $51,852 to increase
undistributed net investment income and $51,852 to increase accumulated net
realized loss on investments to reflect permanent book/tax differences. The
reclassification has no impact on the net asset value of the Fund and is
designed to present the Fund's capital accounts on a tax basis.
At October 31, 2009 the Fund had a net capital loss carryforward of
$2,007,156 of which the following amounts will expire between 2015 and 2017
if not utilized: $132,347 in 2015, $907,531 in 2016 and $967,278 in 2017.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 41
The tax character of distributions paid during the years ended October 31,
2009 and October 31, 2008 was as follows:
2009 2008
Distributions paid from:
Ordinary income $1,926,533 $1,945,233
- -----------------------------------------------------------
Total $1,926,533 $1,945,233
===========================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2009:
2009
Distributable earnings:
Undistributed ordinary income $ 230,489
Dividends payable (154,251)
Capital loss carryforward (2,007,156)
Unrealized depreciation (770,129)
- -----------------------------------------------------------
Total $ (2,701,047)
===========================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, tax treatment of
premium, interest on defaulted bonds, and adjustments relating to
catastrophe bonds.
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 approximately $6,510 in underwriting commissions on the sale of Class
A shares during the year ended October 31, 2009.
D.Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A 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).
42 Pioneer Floating Rate Fund | Annual Report | 10/31/09
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.
E.Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2.Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets up to $500 million and 0.55% of the excess
of $500 million. For the year ended October 31, 2009, the effective management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.60%
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 1.10% and 2.00% of the Fund's average daily
net assets attributable to Class A shares and Class C shares, respectively.
These expense limitations are in effect through March 1, 2012 for Class A
shares and through March 1, 2011 for Class C shares. There can be no assurance
that PIM will extend the expense limitation agreement for any 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
$1,816 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2009.
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.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 43
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 October 31, 2009, such out of pocket expenses by class of
shares were as follows:
Shareholder Communications:
Class A $5,760
Class C 2,550
Class Y 1,024
- --------------------------------------------
Total $9,334
============================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $5,501 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2009.
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 $1,096 in distribution fees payable to
PFD at October 31, 2009.
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 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). 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 purchases as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the year
ended October 31, 2009, no CDSCs were paid to PFD.
44 Pioneer Floating Rate Fund | Annual Report | 10/31/09
5.Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2009, the Fund's expenses
were reduced by $6 under such arrangements.
6.Unfunded Loan Commitments
As of October 31, 2009, the Fund had unfunded loan commitments of approximately
$278,813 (excluding unrealized appreciation on those commitments of $477 as of
October 31, 2009), which could be extended at the option of the borrower
pursuant to the following loan agreements:
Unfunded
Borrower Commitment
CHS/Community Health Systems, Inc., Delayed Draw Term Loan $ 2,427
Dollar Financial Corp., Delayed Draw Term Loan $ 21,187
Flextronics International, Ltd., A-1-A Delayed Draw Loan $ 8,928
Lear Corp., Delayed Draw Loan $200,000
Warner Chilcott Co. LLC, Delayed Draw Term Loan $ 46,271
7. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure through
December 21, 2009 and has determined that there were no subsequent events
requiring recognition or disclosure in the financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 45
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and the Shareowners
of Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Floating Rate Fund (the "Fund") (one of the portfolios constituting Pioneer
Series Trust VI), including the schedule of investments, as of October 31,
2009, 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 Fund'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 Fund'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 Fund'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 October 31, 2009, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers and agent banks were not received. We
believe that our audits 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 Floating Rate Fund at October 31, 2009, 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, 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
December 21, 2009
46 Pioneer Floating Rate Fund | Annual Report | 10/31/09
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short term gains were 93.91% and 0%, respectively.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 47
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
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 www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
Trustees and Officers
The Board of Trustees provides broad supervision over the Fund's affairs. The
officers of the Fund are responsible for the Fund's operations. The Trustees
and officers are listed below, together with their principal occupations during
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, except Mr. West, serves as a Trustee of each of the 62
U.S. registered investment portfolios for which Pioneer serves as investment
adviser (the "Pioneer Funds"). Mr. West serves as a Trustee of 47 U.S.
registered investment portfolios for which Pioneer serves as investment
adviser. The address for all Trustees and all officers of the Fund is 60 State
Street, Boston, Massachusetts 02109.
48 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Interested Trustees
Position Held Length of Service
Name and Age with the Fund and Term of Office
John F. Cogan, Jr. (83)* Chairman of the Board, Trustee since 2006.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Daniel K. Kingsbury (51)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
John F. Cogan, Jr. (83)* Deputy Chairman and a Director of Pioneer Global Asset Man- None
agement S.p.A. ("PGAM"); Non-Executive Chairman and a Direc-
tor of Pioneer Investment Management USA Inc. ("PIM-USA");
Chairman and a Director of Pioneer; Chairman and Director of
Pioneer Institutional Asset Management, Inc. (since 2006);
Director of Pioneer Alternative Investment Management Limited
(Dublin); President and a Director of Pioneer Alternative Invest-
ment Management (Bermuda) Limited and affiliated funds;
Director of PIOGLOBAL Real Estate Investment Fund (Russia)
(until June 2006); Director of Nano-C, Inc. (since 2003); Director
of Cole Management Inc. (since 2004); Director of Fiduciary
Counseling, Inc.; President and Director of Pioneer Funds Dis-
tributor, Inc. ("PFD") (until May 2006); President of all of the
Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale and
Dorr LLP
- ----------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (51)* Director, CEO and President of Pioneer Investment Management None
USA Inc. (since February 2007); Director and President of
Pioneer Investment Management, Inc. and Pioneer Institutional
Asset Management, Inc. (since February 2007); Executive Vice
President of all of the Pioneer Funds (since March 2007); Direc-
tor of Pioneer Global Asset Management S.p.A. (since April
2007); Head of New Markets Division, Pioneer Global Asset Man-
agement S.p.A. (2000 - 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.
The outstanding capital stock of PFD, Pioneer and Pioneer Investment Management
Shareholder Services, Inc. ("PIMSS") is indirectly wholly owned by UniCredit
S.p.A. ("UniCredit"), one of the largest banking groups in Italy. Pioneer, the
Fund's investment adviser, provides investment management and financial
services to mutual funds, institutional and other clients.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 49
Independent Trustees
Position Held Length of Service
Name and Age with the Fund and Term of Office
David R. Bock (65) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------
Mary K. Bush (61) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
David R. Bock (65) Managing Partner, Federal City Capital Advisors (boutique mer- Director of Enterprise Com-
chant bank) (1997 to 2004 and 2008 - present); and Executive munity Investment, Inc.
Vice President and Chief Financial Officer, I-trax, Inc. (publicly (privately-held affordable
traded health care services company) (2004 - 2007) housing finance company);
Director of New York Mort-
gage Trust (publicly traded
mortgage REIT); and Direc-
tor of Oxford Analytica, Inc.
(privately-held research and
consulting company)
- ------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (61) President, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) tional, Inc.; Director of Dis-
cover Financial Services
(credit card issuer and elec-
tronic payment services);
Director of Briggs & Stratton
Co. (engine manufacturer);
Director of UAL Corporation
(airline holding company);
Director of Mantech Interna-
tional Corporation (national
security, defense, and intel-
ligence technology firm);
and Member, Board of Gov-
ernors, Investment Com-
pany Institute
- -------------------------------------------------------------------------------------------------------------------------
50 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Position Held Length of Service
Name and Age with the Fund and Term of Office
Benjamin M. Friedman (65) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Margaret B.W. Graham (62) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Thomas J. Perna (59) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Marguerite A. Piret (61) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Stephen K. West (81) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Trustee
Benjamin M. Friedman (65) Professor, Harvard University Trustee, Mellon Institutional
Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversees
17 portfolios in fund
complex)
- ----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (62) Founding Director, Vice-President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm); and Desautels Faculty of
Management, McGill University
- ----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (59) Chief Executive Officer, Quadriserv, Inc. (technology products for None
securities lending industry) (2008 - present); Private investor
(2004 - 2008); and Senior Executive Vice President, The Bank of
New York (financial and securities services) (1986 - 2004)
- ----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (61) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) High Income Fund, Inc.
(closed-end investment
company)
- ----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (81) Senior Counsel, Sullivan & Cromwell LLP (law firm) Director, The Swiss Helvetia
Fund, Inc. (closed-end
investment company)
- ----------------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/09 51
Fund Officers
Position Held Length of Service
Name and Age with the Fund and Term of Office
Dorothy E. Bourassa (61) Secretary Since 2006. Serves at
the discretion of the
Board
- --------------------------------------------------------------------------
Christopher J. Kelley (44) Assistant Secretary Since 2006. Serves at
the discretion of the
Board
- --------------------------------------------------------------------------
Mark E. Bradley (49) Treasurer Since 2008. Serves at
the discretion of the
Board
- --------------------------------------------------------------------------
Luis I. Presutti (44) Assistant Treasurer Since 2006. Serves at
the discretion of the
Board
- --------------------------------------------------------------------------
Gary Sullivan (51) Assistant Treasurer Since 2006. Serves at
the discretion of the
Board
- --------------------------------------------------------------------------
David F. Johnson (29) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board
- --------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Officer
Dorothy E. Bourassa (61) Secretary of PIM-USA; Senior Vice President - Legal of Pioneer; None
Secretary/Clerk of most of PIM-USA's subsidiaries; and Secretary
of all of the Pioneer Funds since September 2003 (Assistant
Secretary from November 2000 to September 2003)
- ----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (44) Associate General Counsel of Pioneer since January 2008 and None
Assistant Secretary of all of the Pioneer Funds since September
2003; Vice President and Senior Counsel of Pioneer from July
2002 to December 2007
- ----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (49) Vice President - Fund Accounting, Administration and Controller- None
ship Services of Pioneer; and Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February 2008; and Treasurer
and Senior Vice President, CDC IXIS Asset Management Services
from 2002 to 2003
- ----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (44) Assistant Vice President - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (51) Fund Accounting Manager - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
David F. Johnson (29) Fund Administration Manager - Fund Accounting, Administration None
and Controllership Services since November 2008 and Assistant
Treasurer of all of the Pioneer Funds since January 2009; Client
Service Manager - Institutional Investor Services at State Street
Bank from March 2003 to March 2007
- ----------------------------------------------------------------------------------------------------------------------
52 Pioneer Floating Rate Fund | Annual Report | 10/31/09
Position Held Length of Service
Name and Age with the Fund and Term of Office
Teri W. Anderholm (50) Chief Compliance Since 2007. Serves at
Officer the discretion of the
Board
- -----------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation During Past Five Years Held by this Officer
Teri W. Anderholm (50) Chief Compliance Officer of Pioneer since December 2006 and of None
all the Pioneer Funds since January 2007; Vice President and
Compliance Officer, MFS Investment Management (August 2005
to December 2006); Consultant, Fidelity Investments (February
2005 to July 2005); Independent Consultant (July 1997 to Feb-
ruary 2005)
- --------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/09 53
This page for your notes.
54 Pioneer Floating Rate Fund | Annual Report | 10/31/09
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 55
This page for your notes.
56 Pioneer Floating Rate Fund | Annual Report | 10/31/09
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 57
This page for your notes.
58 Pioneer Floating Rate Fund | Annual Report | 10/31/09
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/09 59
This page for your notes.
60 Pioneer Floating Rate Fund | Annual Report | 10/31/09
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: www.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete statement 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.
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;
(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.
Audit Fees
Fees for audit services provided to the Fund, including fees
associated with the filings to update its Form N-2 and
issuance of comfort letters, totaled approximately $47,800
in 2009 and $47,500 2008.
(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 or other services
provided to the Fund during the fiscal years ended October
31, 2009 and 2008.
(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.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $8,290 and $8,290 for 2009 and
2008, 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 other services provided to the Fund during
the fiscal years ended October 31, 2009 and 2008.
(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.
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 years ended October 31, 2009 and 2008,
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.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $8,290 in 2009
and $8,290 in 2008.
(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 VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 29, 2009
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 December 29, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date December 29, 2009
* Print the name and title of each signing officer under his or her signature.