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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)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2010 through April 30, 2011
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 Multi-Asset
Real Return Fund
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Semiannual Report | April 30, 2011
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Ticker Symbols:
Class A PMARX
Class C PRRCX
Class Y PMYRX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 28
Notes to Financial Statements 35
Trustees, Officers and Service Providers 45
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 1
President's Letter
Dear Shareowner,
The U.S. economy is moving forward on a slow path to recovery. We believe the
theme for the economy in 2011 may be modest but positive growth. The private
sector is showing signs of slow but steady improvement, led by higher capital
investment, solid exports, improved consumption, and gradually rising demand
for consumer auto loans and commercial loans. At the same time, the risks to a
steady recovery remain substantial, including the continued delays in the
housing sector's recovery, rising oil prices, and the fiscal drag of U.S.
federal and state budget cuts. We are concerned about the long-term risk of
inflation in an environment of accommodative Fed policy, continued low nominal
and "real" interest rates and rising commodity prices.
The recovery process may occur more slowly than many would like, and will
almost certainly be accompanied by short-term market swings. But our investment
professionals are finding good opportunities to invest. Through the first
quarter of 2011, although bonds remained popular with investors, we believed
there was value in the equity market. In both equity and bond markets, we are
finding good opportunities to invest using the same disciplined approach we
have used at Pioneer since 1928, which is to focus on identifying undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
monitor and analyze the relative valuations of different sectors and securities
globally to help build portfolios that we believe can help you achieve your
investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. For instance, bond markets certainly rewarded investors for most of
2010, even though equity valuations seemed quite reasonable and were
inexpensive relative to bonds and compared with historic levels -- conditions
which represented potentially good value for long-term investors.
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.
2 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
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
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of 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 Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 3
Portfolio Management Discussion | 4/30/11
In the following discussion, the portfolio management team of Pioneer
Multi-Asset Real Return Fund reviews recent market events and describes the
factors that affected the Fund's performance during the six-month period ended
April 30, 2011. Michele Garau and Robert Urie, both vice presidents at Pioneer
Investments, are primarily responsible for the day-to-day management of Pioneer
Multi-Asset Real Return Fund.
Q How would you describe the Fund's investment approach?
A The Fund seeks to generate real returns -- or, in other words, a return in
excess of inflation -- across a full range of economic environments. While
many real return portfolios focus on just hard assets (such as gold,
commodities, oil, and real estate) and/or Treasury Inflation Protected
Securities ("TIPS"), we believe a diversified, flexible approach that
allocates among real assets and traditional financial assets, such as
stocks and bonds, may yield better long-term results. We believe the Fund's
"go anywhere" investment philosophy provides shareholders with a more
flexible approach to achieving positive real returns over time, no matter
what the level of inflation.
Q How did the Fund perform during the six months ended April 30, 2011?
A The Fund's Class A shares returned 7.36% at net asset value over the six
months ended April 30, 2011, outpacing the 2.93% return of the Fund's
benchmark, the Barclays Capital U.S. Treasury TIPS 1-10 Year Index (the
Barclays Index). Over the same period, the average return of the 198 mutual
funds in Lipper's Flexible Portfolio category was 9.69%.
The Fund's outperformance of the Barclays Index was broad-based, with
several segments of the portfolio, including its positions in equities,
commodities, corporate bonds, and emerging markets debt, delivering strong
returns during a time of steadily improving global growth.
Q What is your broad, top-down view on the world economy, and how is the view
reflected in the current composition of the Fund's portfolio?
A The world's developed markets seem to have remained on a path to recovery,
but the slow pace of improvement has meant that inflation has stayed
relatively tame outside of the emerging markets. In the United States, for
example, inflation pressures have been dampened by falling housing prices
and weakness in the labor market, both of which have prevented consumers
from spending at a rate that would lead to a significant increase in
headline
4 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
inflation measures. As a result, we have opted for a broad-based asset
allocation strategy for the Fund, instead of a focus on TIPS, whose prices
are pegged to the official rate of consumer price inflation (CPI).
A second important consideration is the persistent weakness in the U.S.
dollar. The Federal Reserve (the Fed) has sought to boost economic growth
by increasing the money supply, but banks' reluctance to lend has meant
that only a modest portion of the stimulus has found its way into the real
economy. The result has been poor performance for the dollar against
foreign currencies, a trend that has been hurting the purchasing power of
U.S. citizens. We have sought to mitigate the effects of dollar weakness by
investing a substantial portion of the Fund's assets in commodities and
non-dollar-denominated stocks and bonds.
Q How were the Fund's assets allocated as of April 30, 2011, the end of the
six-month period?
A As of April 30, 2011, nearly 47% of the Fund's assets were invested in
equities, both foreign and domestic; just over 30% was held in fixed-income
investments of all types, both foreign and domestic; nearly 18% was held in
commodities and other real assets, such as real estate investment trusts;
and the remainder (just over 5%) was held in cash. The Fund closed the six-
month reporting period with higher weighting in equities and commodities,
and a lower weighting in fixed income, than at the start of the period on
November 1, 2010.
Q What is your overall view on equities and how is the Fund's portfolio
positioned within the asset class?
A We hold a positive view on equities, as corporate profit growth remains
strong and valuations appear to be attractive. In the U.S. market, for
instance, the earnings yield -- in other words, earnings divided by stock
prices -- is at the highest level relative to government bond yields in
history. While many investors are questioning whether U.S. corporate
earnings may be near their peak, we think strong profit growth is
sustainable, due in part to the high proportion of revenues that U.S.
companies generate from the fast-growing overseas markets. Additionally,
the stocks of many companies offer higher dividends than the rates the same
companies are paying on their corporate bonds, which is a strong indication
of attractive valuations. Therefore, at the end of the six-month period the
Fund had a weighting of just over 22% in U.S. equities, with a tilt toward
dividend-paying stocks. We achieved the weighting through both direct
equity investments and a position in the exchange-traded fund (ETF) iShares
Dow Jones Select Dividend.
The Fund's foreign stock allocation, at roughly 24% of assets as of April
30, 2011, provides the portfolio with both non-dollar exposure and a way to
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 5
participate in the strength of overseas economic growth. The Fund's primary
investments in foreign equities are in Asia (ex-Japan), where we have
focused on industrial and financial companies based in fast-growing areas
such as Hong Kong, Singapore, Indonesia, and the Philippines. The Fund also
has equity allocations to Canada, Switzerland, the Netherlands, Germany,
and Japan, through both ETFs and investments in individual stocks.
The Fund's equity weighting made a strong contribution to benchmark-relative
performance during the six months ended April 30, 2011. An environment of
rising corporate earnings and supportive monetary policy fueled investor
risk appetites and propelled most major equity markets to robust,
double-digit returns.
Q Could you please discuss the Fund's investments in the global fixed-income
markets as of April 30, 2011, and the impact the investments had on
performance during the six-month period?
A During a time of hearty investor risk appetites and outstanding performance
for the world equity markets, the Fund's fixed-income weighting was
somewhat of a drag on performance. That said, the Fund's positions in
corporate bonds, bank loans, and emerging markets debt all benefited from
the low-interest-rate environment and investors' search for higher-yielding
investments during the six months ended April 30, 2011. During the period,
we maintained a smaller Fund position in TIPS and U.S. Treasury securities
to provide ballast against volatility in other segments of the financial
markets.
In the Fund's overseas fixed-income allocation, we emphasized countries
with only the strongest government finances, such as Norway, Brazil,
Indonesia, and Australia. In addition to providing stability to the Fund's
portfolio, we felt that those holdings offered the added benefit of
boosting the Fund's non-dollar exposure.
Q How was the Fund positioned in commodities as of April 30, 2011?
A The Fund's commodity weighting is allocated among ETFs representing oil (6.4%
of Fund assets), agricultural commodities (5.4%), and gold (5.4%). The
commodities segment of the Fund's portfolio performed very well during the
six months ended April 30, 2011, reflecting the surge in commodity prices.
Both energy and agricultural commodities were supported by the combination
of constrained supply and rising demand from the emerging markets, while
gold was boosted by strong investment demand stemming from the Fed's
accommodative policy stance.
While there will undoubtedly be periods of short-term volatility in hard
assets, we believe the fundamental underpinnings of oil, gold, and
agricultural commodities have remained firmly in place. Further, we believe
commodity investments are better long-term vehicles for capitalizing on
higher
6 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
inflation than TIPS, which have less-efficient exposure to the broad-based
CPI and are carrying very low real yields at present.
Q Do you have any closing thoughts for investors?
A Many investors have been fixated on the possibility of inflation. In our
view, however, the necessary underpinnings for inflation are not yet in
place, given that unit labor costs -- a key predictor of higher prices --
have shown few signs of rising. Fortunately, we have the ability to
position the Fund not just for an environment of inflation, but also for
potential disinflation, and even deflation. Accordingly, we have
constructed a portfolio that we believe is best suited to perform well in
the current environment through its exposure to equities, commodities, and
non-dollar assets.
From a longer-term standpoint, we believe the Fund can play an important
role in helping investors hedge against inflation, while at the same time
enhancing the returns and reducing the volatility of their overall
portfolios.
Please refer to the Schedule of Investments on pages 16-27 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Real Return ("MARR") Fund has the ability to invest in a
wide variety of securities and asset classes. In addition, the Fund is
non-diversified which means it can invest a higher percentage of its assets in
the securities of any one or more issuers. This will increase the Fund's
potential risk exposure. The Fund may invest in underlying funds (ETFs and unit
investment trusts). In addition to the Fund's operating expenses, you will
indirectly bear the operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if
an underlying fund's investments decline in value. The Fund and some of the
underlying funds may use derivatives, such as options and futures, which can be
illiquid, may disproportionately increase losses, and have a potentially large
impact on Fund performance. The Fund and some of the underlying funds may
employ short selling, a speculative strategy. Unlike the possible loss on a
security that is purchased, there is no limit on the amount of loss on an
appreciating security that is sold short. The Fund may invest in
inflation-linked securities. As inflationary expectations increase,
inflation-linked securities may become more attractive, because they protect
future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable. The Fund may invest in credit default swaps, which may in some
cases be illiquid, and they increase credit risk since the fund has exposure to
both the issuer of the referenced obligation and the counterparty to the credit
default swap. The Fund may invest in subordinated securities which may be
disproportionately adversely affected by a default or even a perceived decline
in creditworthiness of the issuer. The Fund may invest in floating rate loans.
The value of collateral, if any,
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 7
securing a floating rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate. The Fund may invest in
event-linked bonds. The return of principal and the payment of interest on
event-linked bonds are contingent on the non-occurrence of a pre-defined
"trigger" event, such as a hurricane or an earthquake of a specific magnitude.
The Fund may invest in commodities. The value of commodity-linked derivatives
may be affected by changes in overall market movements, commodity index
volatility, changes in interest rates, factors affecting a particular industry
or commodity, international economic, political and regulatory developments,
supply and demand, and governmental regulatory policies. Investments in equity
securities are subject to price fluctuation. Small-and mid-cap stocks involve
greater risks and volatility than large-cap stocks. International investments
are subject to special risks including currency fluctuations, social, economic
and political uncertainties, which could increase volatility. These risks are
magnified in emerging markets. Investments in fixed income securities involve
interest rate, credit, inflation, and reinvestment risks. As interest rates
rise, the value of fixed income securities falls. The Fund may invest in
mortgage-backed securities, which during times of fluctuating interest rates
may increase or decrease more than other fixed-income securities.
Mortgage-Backed securities are also subject to pre-payments. Prepayment risk is
the chance that mortgage-backed bonds will be paid off early if falling
interest rates prompt homeowners to refinance their mortgages.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default. There is no assurance that these and other strategies used by the
Fund or underlying funds will be successful.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
8 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Portfolio Summary | 4/30/11
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Exchange Traded Index Funds 36.7%
Foreign Equities 17.6%
U.S. Government Bonds 12.2%
Foreign Government Bonds 10.4%
U.S. Common Stocks 8.2%
Temporary Cash Investments 6.2%
U.S. Corporate Bonds 4.3%
Municipal Bonds 1.9%
Depositary Receipts for International Stocks 1.5%
Senior Secured Loans 1.0%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 50.1%
Government 26.1%
Consumer Staples 6.3%
Industrials 3.2%
Telecommunication Services 2.8%
Consumer Discretionary 2.7%
Information Technology 2.3%
Health Care 2.1%
Materials 2.1%
Energy 2.0%
Utilities 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. iShares S&P 500 Index Fund 7.22%
--------------------------------------------------------------------------------
2. iShares Dow Jones Select Dividend Index Fund 6.88
--------------------------------------------------------------------------------
3. PowerShares DB Agriculture Fund 5.72
--------------------------------------------------------------------------------
4. iShares Gold Trust Fund 5.68
--------------------------------------------------------------------------------
5. Federal Republic of Brazil, 12.5%, 1/5/16 4.83
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 4.75%, 2/15/41 4.61
--------------------------------------------------------------------------------
7. iPath Goldman Sachs 4.02
--------------------------------------------------------------------------------
8. U.S. Treasury Notes, 4.25%, 11/15/40 3.23
--------------------------------------------------------------------------------
9. PowerShares DB Crude Fund 2.69
--------------------------------------------------------------------------------
10. Indonesia Treasury Bonds, 11.0%, 11/15/20 2.62
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 9
Prices and Distributions | 4/30/11
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 4/30/11 10/31/10
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A $ 11.33 $ 10.63
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C $ 11.27 $ 10.60
--------------------------------------------------------------------------------
Y $ 11.35 $ 10.65
--------------------------------------------------------------------------------
Distributions per Share: 11/1/10-4/30/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.0771 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.0499 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.0877 $ -- $ --
--------------------------------------------------------------------------------
The Barclays Capital U.S. Treasury TIPS 1-10 Year Index is an unmanaged index
comprised of U.S. Treasury Inflation Protected Securities (TIPS) having a
maturity of at least 1 year and less than 10 years. Index returns assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 million Investment" charts on pages 11-13.
10 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Real Return Fund at public offering
price, compared to that of the Barclays Capital U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of April 30, 2011)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 14.12% 9.00%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 30, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.98% 1.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Multi-Asset U.S. Treasury TIPS
Real Return Fund 1-10 Year Index
---------------- ---------------
5/10 9550 10000
4/11 11112 10789
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.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects 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 for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 11
Performance Update | 4/30/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Real Return Fund, compared to that of
the Barclays Capital U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 13.23% 12.23%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 30, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.54% 2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Multi-Asset U.S. Treasury TIPS
Real Return Fund 1-10 Year Index
---------------- ---------------
5/10 10000 10000
4/11 11454 10789
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 subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 Million
investment made in Pioneer Multi-Asset Real Return Fund, compared to that of
the Barclays Capital U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 14.44% 14.44%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 30, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.45% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Barclays Capital
Multi-Asset U.S. Treasury TIPS
Real Return Fund 1-10 Year Index
---------------- ---------------
5/10 5000000 5000000
4/11 5832730 5394260
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 net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on actual returns from November 1, 2010, through April 30, 2011.
----------------------------------------------------------------------------------------
Share Class A C Y
----------------------------------------------------------------------------------------
Beginning Account Value on 11/1/10 $ 1,000.00 $ 1,000.00 $ 1,000.00
----------------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 4/30/11 $ 1,073.60 $ 1,068.20 $ 1,074.50
----------------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.63 $ 10.56 $ 5.09
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.29%, 2.06% and
0.99% for Class A, Class C, and Class Y shares, respectively. These combined
ratios were multiplied by the average account value over the period, and
then multiplied by 181/365 (to reflect the one-half year period) to
calculate the Expensed Paid During Period in the table above.
14 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2010, through April 30, 2011.
----------------------------------------------------------------------------------------
Share Class A C Y
----------------------------------------------------------------------------------------
Beginning Account Value on 11/1/10 $ 1,000.00 $ 1,000.00 $ 1,000.00
----------------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 4/30/11 $ 1,018.40 $ 1,014.58 $ 1,019.89
----------------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.46 $ 10.29 $ 4.96
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.29%, 2.06% and
0.99% for Class A, Class C, and Class Y shares, respectively. These combined
ratios were multiplied by the average account value over the period, and
then multiplied by 181/365 (to reflect the one-half year period) to
calculate the Expensed Paid During Period in the table above.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 15
Schedule of Investments | 4/30/11 (Consolidated) (unaudited)
-----------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
-----------------------------------------------------------------------------------------
COMMON STOCKS -- 27.6%
ENERGY -- 0.9%
Oil & Gas Exploration & Production -- 0.9%
558,000 CNOOC, Ltd. $ 1,376,660
------------
Total Energy $ 1,376,660
-----------------------------------------------------------------------------------------
MATERIALS -- 1.5%
Construction Materials -- 0.7%
538,000 PT Indocement Tunggal Prakarsa Tbk $ 1,067,959
-----------------------------------------------------------------------------------------
Forest Products -- 0.8%
54,254 Sino-Forest Corp.*(b) $ 1,348,178
------------
Total Materials $ 2,416,137
-----------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.2%
Aerospace & Defense -- 0.8%
2,305 Huntington Ingalls Industries, Inc.* $ 92,200
8,024 Northrop Grumman Corp.* 510,407
7,350 United Technologies Corp. 658,413
------------
$ 1,261,020
-----------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.7%
55,000 Keppel Corp. $ 535,291
43,710 SM Investments Corp.* 591,172
------------
$ 1,126,463
-----------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
4,000 Fanuc, Ltd.* $ 663,379
-----------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
29,100 Mitsui & Co., Ltd.* $ 513,825
------------
Total Capital Goods $ 3,564,687
-----------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Airport Services -- 0.3%
5,550 Fraport AG Frankfurt Airport S* $ 444,928
------------
Total Transportation $ 444,928
-----------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Automobile Manufacturers -- 1.0%
5,800 Daimlerchrysler AG $ 449,135
11,400 Honda Motor Co., Ltd.* 448,409
98,100 PT Astra International 643,194
------------
$ 1,540,738
------------
Total Automobiles & Components $ 1,540,738
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
-----------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.9%
Apparel, Accessories & Luxury Goods -- 0.9%
28,138 Burberry Group Plc* $ 609,144
4,500 LVMH Moet Hennessy Louis Vuitton* 809,572
------------
$ 1,418,716
------------
Total Consumer Durables & Apparel $ 1,418,716
-----------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.3%
286,000 Genting Singapore Plc* $ 507,582
------------
Total Consumer Services $ 507,582
-----------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.2%
Packaged Foods & Meats -- 2.3%
40,220 Nestle SA (A.D.R.)* $ 2,501,684
847,300 Pacific Andes Resources
Development, Ltd.* 228,682
600,000 PT Indofood Sukses Makmur Tbk* 388,837
809,300 Universal Robina Corp.* 705,136
------------
$ 3,824,339
-----------------------------------------------------------------------------------------
Soft Drinks -- 1.1%
20,007 Coca-Cola Co. $ 1,349,672
6,381 PepsiCo, Inc. 439,587
------------
$ 1,789,259
-----------------------------------------------------------------------------------------
Tobacco -- 1.8%
25,689 Altria Group, Inc. $ 689,493
31,435 Philip Morris International 2,182,846
------------
$ 2,872,339
------------
Total Food, Beverage & Tobacco $ 8,485,937
-----------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Household Products -- 0.3%
7,476 Kimberly-Clark Corp. $ 493,865
------------
Total Household & Personal Products $ 493,865
-----------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.9%
Pharmaceuticals -- 1.9%
56,165 Bristol-Myers Squibb Co. $ 1,578,237
40,626 Merck & Co., Inc. 1,460,505
------------
$ 3,038,742
------------
Total Pharmaceuticals &
Biotechnology $ 3,038,742
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 17
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
--------------------------------------------------------------------------------------------
BANKS -- 5.0%
Diversified Banks -- 5.0%
623,890 Banco de Oro Unibank, Inc.* $ 791,339
933,100 Bank Mandiri 779,036
915,000 Bank Rakyat Indonesi Indonesia 689,135
2,133,280 Industrial and Commercial
Bank of China* 1,804,722
458,602 Metropolitan Bank & Trust Co.* 735,413
82,000 Overseas-Chinese Banking Corp., Ltd. 640,468
339,700 Philippine National Bank* 507,844
48,700 Standard Chartered Plc 1,338,198
41,981 United Overseas Bank 673,646
------------
$ 7,959,801
------------
Total Banks $ 7,959,801
--------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Multi-Sector Holding -- 0.8%
1,348,000 First Pacific Co.* $ 1,267,097
------------
Total Diversified Financials $ 1,267,097
--------------------------------------------------------------------------------------------
INSURANCE -- 1.7%
Life & Health Insurance -- 0.5%
74,000 Ping An Insurance (Group) Co. of
China, Ltd.* $ 804,690
--------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.5%
6,100 Allianz AG* $ 962,109
--------------------------------------------------------------------------------------------
Reinsurance -- 0.7%
6,405 Muenchener Rueckversicherungs
Gesellschaft AG $ 1,059,158
------------
Total Insurance $ 2,825,957
--------------------------------------------------------------------------------------------
REAL ESTATE -- 2.1%
Diversified Real Estate Activities -- 0.7%
1,386,900 Ayala Land, Inc. $ 532,601
42,500 Swire Pacific, Ltd.* 649,039
------------
$ 1,181,640
--------------------------------------------------------------------------------------------
Industrial Real Estate Investment Trusts -- 0.4%
356,594 Ascendas Real Estate Investment Trust $ 592,039
--------------------------------------------------------------------------------------------
Real Estate Development -- 0.4%
84,000 China Overseas Land & Investment $ 161,595
8,990,000 Megaworld Corp.* 489,295
------------
$ 650,890
--------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.3%
50,000 GAGFAH SA $ 454,770
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
--------------------------------------------------------------------------------------
Retail Real Estate Investment Trusts -- 0.3%
323,381 CapitaMall Trust $ 499,869
------------
Total Real Estate $ 3,379,208
--------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Internet Software & Services -- 0.4%
23,400 Tencent Holdings, Ltd.* $ 665,894
--------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
2,000 IBM Corp.* $ 341,160
------------
Total Software & Services $ 1,007,054
--------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.7%
Semiconductor Equipment -- 0.7%
38,904 Applied Materials, Inc. $ 610,404
10,544 ASM Lithography Holding N.V. (b) 437,347
------------
$ 1,047,751
------------
Total Semiconductors $ 1,047,751
--------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.2%
Integrated Telecommunication Services -- 2.2%
280,000 Singapore Telecommunications, Ltd. $ 714,484
45,835 Verizon Communications, Inc. 1,731,646
83,702 Windstream Corp. 1,072,223
------------
$ 3,518,353
------------
Total Telecommunication Services $ 3,518,353
--------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $40,385,781) $ 44,293,213
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------
CORPORATE BONDS -- 4.3%
ENERGY -- 1.0%
Integrated Oil & Gas -- 0.7%
600,000 BBB-/Baa2 Lukoil International Finance BV,
7.25%, 11/5/19 $ 662,280
485,000 BBB-/Baa1 Petrobras International Finance,
5.875%, 3/1/18 517,413
------------
$ 1,179,693
--------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.3%
355,000 BBB/Baa1 Gaz Capital SA for Gazprom,
6.212%, 11/22/16 $ 385,637
100,000 BB/Ba3 Whiting Petroleum, 6.5%, 10/1/18 104,500
------------
$ 490,137
------------
Total Energy $ 1,669,830
--------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 19
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Diversified Metals & Mining -- 0.2%
230,000 BBB+/Baa2 Xstrata Canada Corp.,
7.25%, 7/15/12 $ 245,447
---------------------------------------------------------------------------------------------
Paper Products -- 0.2%
250,000 BBB/Baa3 International Paper Co.,
5.25%, 4/1/16 (b) $ 272,153
------------
Total Materials $ 517,600
---------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Railroads -- 0.2%
240,000 BB-/B1 Kansas City Southern Railway,
8.0%, 6/1/15 $ 260,400
------------
Total Transportation $ 260,400
---------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Cable & Satellite -- 0.4%
280,000 BBB+/Baa1 Comcast Corp., 5.3%, 1/15/14 $ 306,807
300,000 BBB/Baa2 Time Warner Cable, Inc.,
8.25%, 2/14/14 350,625
------------
$ 657,432
------------
Total Media $ 657,432
---------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Brewers -- 0.2%
329,000 A-/Baa1 Anheuser-Busch InBev Worldwide, Inc.,
5.375%, 11/15/14 $ 366,078
---------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
266,000 BBB/Baa2 WM Wrigley Jr. Co., 3.7%, 6/30/14 (b) $ 274,354
------------
Total Food, Beverage & Tobacco $ 640,432
---------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Diversified Financial Services -- 0.3%
300,000 0.00 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 $ 295,920
250,000 0.00 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 240,575
------------
$ 536,495
------------
Total Diversified Financials $ 536,495
---------------------------------------------------------------------------------------------
INSURANCE -- 0.5%
Reinsurance -- 0.5%
500,000 B/NR Montana Re, Ltd., 0.0%, 1/8/14 $ 478,250
250,000 14.64 B-/NR Successor X, Ltd., Floating Rate Note,
12/13/13 245,575
------------
$ 723,825
------------
Total Insurance $ 723,825
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Communications Equipment -- 0.2%
375,000 BBB/Baa3 Motorola, Inc., 5.375%, 11/15/12 (b) $ 394,721
--------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
150,000 BBB/Baa2 Amphenol Corp., 4.75%, 11/15/14 $ 162,714
--------------------------------------------------------------------------------------------
Office Electronics -- 0.2%
230,000 BBB-/Baa2 Xerox Corp., 4.25%, 2/15/15 $ 243,957
--------------------------------------------------------------------------------------------
Total Technology Hardware &
Equipment $ 801,392
--------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.4%
350,000 BBB+/Baa1 Bell Canada, 4.85%, 6/30/14 $ 390,253
300,000 3.56 BBB-/Baa3 Qwest Corp., Floating Rate Note,
6/15/13 (b) 311,250
------------
$ 701,503
------------
Total Telecommunication Services $ 701,503
--------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Independent Power Producer & Energy Traders -- 0.2%
400,000 BB/NR East Lane Re, Ltd., 0.0%, 3/1/15 $ 394,600
------------
Total Utilities $ 394,600
--------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $6,811,674) $ 6,903,509
--------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 12.3%
3,094,591 AAA/Aaa U.S. Treasury Inflation Notes,
1.25%, 7/15/20 $ 3,265,035
1,020,000 AAA/Aaa U.S. Treasury Notes,
3.875%, 8/15/40 928,518
5,047,200 AAA/Aaa U.S. Treasury Notes,
4.25%, 11/15/40 4,906,827
3,593,800 AAA/Aaa U.S. Treasury Notes,
4.625%, 2/15/40 3,724,636
6,630,000 AAA/Aaa U.S. Treasury Notes, 4.75%, 2/15/41 7,005,006
------------
$ 19,830,022
--------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $19,817,466) $ 19,830,022
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 21
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 10.4%
AUD 1,450,000 NR/Aaa Australia Government,
4.75%, 11/15/12 $ 1,586,621
BRL 10,053,000 BBB-/Baa3 Federal Republic of Brazil,
12.5%, 1/5/16 7,343,912
IDR 28,011,000,000 BB+/Ba1 Indonesia Treasury Bonds,
11.0%, 11/15/20 3,975,184
IDR 11,000,000,000 NR/Ba1 Indonesia Treasury Bonds,
8.25%, 7/15/21 1,320,719
NOK 13,200,000 AAA/NR Norway Government Bonds,
3.75%, 5/25/21 2,531,557
------------
$ 16,757,993
-----------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT
BONDS
(Cost $15,688,895) $ 16,757,993
-----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.9%
MUNICIPAL HIGHER EDUCATION -- 1.9%
1,000,000 AAA/Aaa California Educational Facilities,
5.25%, 4/01/40 $ 1,131,170
390,000 AAA/Aaa Houston Higher Education Finance
Corp., 5.0%, 5/15/40 397,956
1,000,000 AAA/Aaa Massachusetts Development Finance
Agency, 5.0%, 10/15/40 1,031,940
500,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 516,175
------------
$ 3,077,241
-----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $2,989,376) $ 3,077,241
-----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 1.2%**
MATERIALS -- 0.2%
Aluminum -- 0.2%
249,375 4.00 BB/Ba2 Novelis, Inc., Term Loan, 3/11/17 $ 252,259
------------
Total Materials $ 252,259
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Building Products -- 0.2%
250,000 4.00 BBB-/B1 Armstrong World Industries, Inc., Term
B1 Loan, 3/8/18 $ 252,156
------------
Total Capital Goods $ 252,156
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Trucking -- 0.2%
330,174 6.00 NR/B1 Swift Transportation Co., Term Loan,
11/22/16 $ 334,370
------------
Total Transportation $ 334,370
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Services -- 0.2%
246,875 4.75 BB-/Ba2 Gentiva Health Services, Inc., Term B1
Loan, 2/22/16 $ 249,961
------------
Total Health Care Equipment &
Services $ 249,961
---------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Data Processing & Outsourced Services -- 0.2%
248,750 5.25 BBB-/Ba1 Fidelity National Information, Term B
Loan, 7/18/16 $ 250,927
------------
Total Software & Services $ 250,927
---------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.2%
350,000 5.00 BB/Ba2 CommScope, Inc., Term Loan, 1/3/18 $ 354,010
------------
Total Technology Hardware &
Equipment $ 354,010
---------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $1,666,130) $ 1,693,683
---------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 36.9%
203,450 NR/NR iPath Goldman Sachs $ 6,099,431
900 NR/NR iShares Dow Jones International Select
Dividend Index Fund 34,335
194,800 NR/NR iShares Dow Jones Select Dividend
Index Fund 10,452,962
564,650 NR/NR iShares Gold Trust Fund 8,622,206
98,150 NR/NR iShares MSCI Canada Index Fund (b) 3,307,655
64,450 NR/NR iShares MSCI Malaysia Index Fund (b) 967,395
113,780 NR/NR iShares MSCI Singapore Index Fund (b) 1,644,121
16,300 NR/NR iShares MSCI South Korea Index
Fund (b) 1,124,211
124,889 NR/NR iShares MSCI Taiwan Index Fund (b) 1,998,224
80,100 NR/NR iShares S&P 500 Index Fund 10,965,690
254,950 NR/NR PowerShares DB Agriculture Fund 8,683,597
243,600 NR/NR PowerShares DB Crude Fund 4,082,736
24,375 NR/NR ProShares UltraShort Financial
Exchange Traded Fund (b) 1,374,994
------------
$ 59,357,557
---------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $52,427,479) $ 59,357,557
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 23
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.2%
SECURITIES LENDING COLLATERAL -- 6.2% (c)
Certificates of Deposit:
258,304 Bank of Nova Scotia, 0.27%, 9/29/11 $ 258,304
180,813 BBVA Group NY, 1.11%, 7/26/11 180,813
258,304 BNP Paribas Bank NY, 0.34%, 5/9/11 258,304
258,304 Canadian Imperial Bank of Commerce
NY, 0.22%, 10/3/11 258,304
258,304 DnB NOR Bank ASA NY,
0.24%, 6/7/11 258,304
129,147 National Australia Bank NY,
0.29%, 10/19/11 129,147
284,191 RaboBank Netherland NV NY,
0.34%, 4/2/12 284,191
154,983 Royal Bank of Canada NY,
0.34%, 12/2/11 154,983
258,304 Skandinav Enskilda Bank NY,
0.38%, 6/7/11 258,304
154,983 SOCGEN NY, 0.28%, 7/14/11 154,983
103,322 SOCGEN NY, 0.37%, 6/10/11 103,322
77,491 SOCGEN NY, 0.18%, 5/20/11 77,491
258,304 Svenska NY, 0.28%, 5/12/11 258,304
180,813 Svenska NY, 0.20%, 7/19/11 180,813
258,304 Westpac Banking Corp. NY,
0.34%, 12/6/11 258,304
------------
$ 3,073,871
--------------------------------------------------------------------------------------------
Commercial Paper:
103,322 American Honda Finance,
0.34%, 1/11/12 $ 103,322
103,435 American Honda Finance,
1.06%, 6/20/11 103,435
94,694 Australia & New Zealand Banking
Group, 0.91%, 8/4/11 94,694
103,307 BBVLON, 0.55%, 5/9/11 103,307
154,969 BBVLON, 0.35%, 5/9/11 154,969
258,206 BCSFUN, 0.25%, 6/24/11 258,206
38,724 BCSFUN, 0.22%, 7/29/11 38,724
232,436 CBAPP, 0.26%, 5/23/11 232,436
262,475 Caterpillar Financial Services Corp.,
1.06%, 6/24/11 262,475
258,309 Federal Home Loan Bank,
0.27%, 6/1/11 258,309
25,828 General Electric Capital Corp.,
0.39%, 6/6/11 25,828
206,628 HSBC, 0.25%, 5/11/11 206,629
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
38,782 JPMorgan Chase & Co.,
1.06%, 6/13/11 38,782
232,474 JPMorgan Chase & Co.,
0.30%, 5/18/11 232,474
129,124 NABPP, 0.25%, 6/1/11 129,124
206,521 NORDNA, 0.27%, 7/18/11 206,521
206,540 PARFIN, 0.23%, 7/11/11 206,540
103,322 Royal Bank of Canada NY,
0.30%, 4/30/12 103,322
154,965 SANU, 0.68%, 5/13/11 154,965
154,832 SANU, 0.68%, 6/17/11 154,832
129,074 SANU, 0.68%, 6/1/11 129,074
154,972 SEB, 0.19%, 5/13/11 154,972
129,148 SOCNAM, 0.37%, 5/3/11 129,148
258,304 Toyota Motor Credit Corp., 0.34%,
9/8/11 258,304
77,566 Wachovia, 0.46%, 3/1/12 77,566
103,361 Wachovia, 0.43%, 10/15/11 103,361
51,698 Wells Fargo & Co., 0.39%, 1/24/12 51,698
-----------
$ 3,973,017
--------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
463,408 Barclays Capital Plc, 0.03%, 5/2/11 $ 463,408
516,608 Deutsche Bank AG, 0.03, 5/2/11 516,608
516,608 HSBC Bank USA NA, 0.03%, 5/2/11 516,608
516,608 RBS Securities, Inc., 0.04%, 5/2/11 516,608
------------
$ 2,013,232
--------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------
Money Market Mutual Funds:
464,948 Dreyfus Preferred Money Market Fund $ 464,948
464,948 Fidelity Prime Money Market Fund 464,948
------------
$ 929,896
------------
Total Securities Lending Collateral $ 9,990,016
--------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH
INVESTMENTS
(Cost $9,990,016) $ 9,990,016
--------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.8%
(Cost $149,776,817) (a) $161,903,234
--------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (0.8)% $ (1,262,322)
--------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $160,640,912
============================================================================================
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 25
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
(A.D.R.) American Depositary Receipt
NR Not rated by either S&P or Moody's.
** 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 April 30, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $149,812,554 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $12,567,393
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (476,713)
-----------
Net unrealized gain $12,090,680
===========
(b) At April 30, 2011, the following securities were out on loan:
-------------------------------------------------------------------------------------------
Shares Security Value
-------------------------------------------------------------------------------------------
7,000 ASM Lithography Holding N.V. $ 290,360
59,000 iShares MSCI Malaysia Index Fund 885,590
67,000 iShares MSCI Canada Index Fund 2,257,900
19,000 iShares MSCI Singapore Index Fund 274,550
15,000 iShares MSCI South Korea Index Fund 1,034,550
85,000 iShares MSCI Taiwan Index Fund 1,360,000
24,100 ProShares UltraShort Financial Exchange Traded Fund 1,359,481
48,315 Sino-Forest Corp. * 1,200,628
-------------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------------
97,000 International Paper Co., 5.25%, 4/1/16 105,730
371,000 Motorola, Inc., 5.375%, 11/15/12 389,550
265,000 Qwest Corp., Floating Rate Note, 6/15/13 275,600
263,000 WM Wrigley Jr. Co., 3.7%, 6/30/14 270,890
-------------------------------------------------------------------------------------------
$9,704,829
===========================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
(d) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
AUD Australian Dollar
BRL Brazilian Real
IDR Indonesian Rupiah
NOK Norwegian Krone
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2011 aggregated $144,292,773 and $58,556,098,
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 following is a summary of the inputs used as of April 30, 2011, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Common Stocks $ 44,293,213 $ -- $ -- $44,293,213
Corporate Bonds -- 6,903,509 -- 6,903,509
U.S. Government Agency Obligations -- 19,830,022 -- 19,830,022
Foreign Government Bonds -- 16,757,993 -- 16,757,993
Municipal Bonds -- 3,077,241 -- 3,077,241
Senior Floating Rate Loan Interests -- 1,693,683 -- 1,693,683
Exchange Traded Funds 59,357,557 -- -- 59,357,557
Temporary Cash Investments -- 9,060,120 -- 9,060,120
Money Market Mutual Funds 929,896 -- -- 929,896
---------------------------------------------------------------------------------------------------
Total $104,580,666 $57,322,568 $ -- $161,903,234
---------------------------------------------------------------------------------------------------
Other Financial Instruments* $ -- $ (466,589) $ -- $ (466,589)
---------------------------------------------------------------------------------------------------
* Other financial instruments include foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 27
Statement of Assets and Liabilities | 4/30/11 (Consolidated) (unaudited)
ASSETS:
Investment in securities
(including securities loaned of $9,704,829) (cost $149,776,817) $161,903,234
Cash 7,922,344
Foreign currencies, at value (cost $208,045) 208,699
Receivables --
Investment securities sold 460,007
Fund shares sold 4,214,277
Dividends and interest 1,104,058
Due from Pioneer Investment Management, Inc. 6,966
Other 46,453
--------------------------------------------------------------------------------------
Total assets $175,866,038
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 4,386,719
Fund shares repurchased 311,698
Forward foreign currency portfolio hedge contracts, open-net 466,589
Upon return of securities loaned 9,990,016
Due to affiliates 22,823
Accrued expenses 47,281
--------------------------------------------------------------------------------------
Total liabilities $ 15,225,126
--------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $149,111,471
Undistributed net investment income 612,405
Accumulated net realized loss on investments and foreign currency
transactions (761,293)
Net unrealized gain on investments 12,126,417
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (448,088)
--------------------------------------------------------------------------------------
Total net assets $160,640,912
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $75,218,329/6,641,813 shares) $ 11.33
Class C (based on $35,709,620/3,168,946 shares) $ 11.27
Class Y (based on $49,712,963/4,380,891 shares) $ 11.35
MAXIMUM OFFERING PRICE:
Class A ($11.33 [divided by] 95.5%) $ 11.86
======================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/11
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $14,269) $ 850,474
Interest 1,001,577
Income from securities loaned, net 11,945
-------------------------------------------------------------------------------------------
Total investment income $1,863,996
-------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 417,624
Transfer agent fees and expenses
Class A 15,302
Class C 6,267
Class Y 1,297
Distribution fees
Class A 72,874
Class C 140,359
Shareholder communications expense 10,548
Administrative fees 18,236
Custodian fees 23,635
Registration fees 39,486
Professional fees 27,729
Printing expense 6,852
Fees and expenses of nonaffiliated trustees 3,432
Miscellaneous 7,868
-------------------------------------------------------------------------------------------
Total expenses $ 791,509
Less management fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (15,303)
-------------------------------------------------------------------------------------------
Net expenses $ 776,206
-------------------------------------------------------------------------------------------
Net investment income $1,087,790
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (548,621)
Futures contracts (135,445)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (12,999) $ (697,065)
-------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $9,351,909
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (451,510) $8,900,399
-------------------------------------------------------------------------------------------
Net gain on investments $8,203,334
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $9,291,124
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 29
Statements of Changes in Net Assets (Consolidated)
For the Six Months Ended 4/30/11 and the Year Ended 10/31/10, respectively
--------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/11 Year Ended
(unaudited) 10/31/10
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,087,790 $ 283,967
Net realized loss on investments, futures contracts and foreign
currency transactions (697,065) (59,822)
Change in net unrealized gain on investments and foreign
currency transactions 8,900,399 2,777,930
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,291,124 $ 3,002,075
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.00 per share, respectively) $ (413,621) $ --
Class C ($0.05 and $0.00 per share, respectively) (137,785) --
Class Y ($0.09 and $0.00 per share, respectively) (274,466) --
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (825,872) $ --
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $113,848,808 $81,603,772
Reinvestment of distributions 554,085 --
Cost of shares repurchased (44,628,348) (2,204,732)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 69,774,545 $79,399,040
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 78,239,797 $82,401,115
NET ASSETS:
Beginning of period $ 82,401,115 $ --
--------------------------------------------------------------------------------------------------
End of period $160,640,912 $82,401,115
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 612,405 $ 350,487
==================================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
(unaudited) (unaudited)
--------------------------------------------------------------------------------------------------
Class A
Shares sold 4,452,324 $47,871,898 4,108,781 $42,265,753
Reinvestment of distributions 30,280 320,977 -- --
Less shares repurchased (1,751,266) (18,666,576) (198,306) (2,089,208)
--------------------------------------------------------------------------------------------------
Net increase 2,731,338 $29,526,299 3,910,475 $40,176,545
==================================================================================================
Class C
Shares sold 2,360,349 $25,278,078 1,982,270 $20,193,017
Reinvestment of distributions 6,733 71,235 -- --
Less shares repurchased (1,175,568) (12,465,826) (4,838) (49,193)
--------------------------------------------------------------------------------------------------
Net increase 1,191,514 $12,883,487 1,977,432 $20,143,824
==================================================================================================
Class Y
Shares sold 3,765,597 $40,698,832 1,872,143 $19,145,002
Reinvestment of distributions 15,257 161,873 -- --
Less shares repurchased (1,265,731) (13,495,946) (6,375) 66,331
--------------------------------------------------------------------------------------------------
Net increase 2,515,123 $27,364,759 1,865,768 $19,211,333
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 31
Financial Highlights (Consolidated)
-------------------------------------------------------------------------------------------------------
Six Months 5/3/10
Ended (Commencement
4/30/11 of Operations) to
(unaudited) 10/31/10 (a)
-------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.63 $ 10.00(b)
-------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.03
Net realized and unrealized gain on investments 0.70 0.60
-------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.78 $ 0.63
Distributions to shareowners:
Net investment income (0.08) --
-------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.70 $ 0.63
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.33 $ 10.63
=======================================================================================================
Total return* 7.36% 6.30%***
Ratio of net expenses to average net assets+# 1.20%** 1.20%**
Ratio of net investment income to average net assets+ 1.91%** 1.44%**
Portfolio turnover rate 101%** 8%***
Net assets, end of period (in thousands) $75,218 $41,574
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses# 1.22%** 1.94%**
Net investment income 1.89%** 0.69%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses# 1.20%** 1.20%**
Net investment income 1.91%** 1.44%**
=======================================================================================================
(a) Class A shares were first publicly offered on May 3, 2010.
(b) Class A shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
# In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
-------------------------------------------------------------------------------------------------------
Six Months 5/3/10
Ended (Commencement
4/30/11 of Operations) to
(unaudited) 10/31/10 (a)
-------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.60 $ 10.00(b)
-------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.04 $ 0.02
Net realized and unrealized gain on investments 0.68 0.58
-------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.72 $ 0.60
Distributions to shareowners:
Net investment income (0.05) --
-------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.67 $ 0.60
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.27 $ 10.60
=======================================================================================================
Total return* 6.82% 6.00%***
Ratio of net expenses to average net assets+# 1.97%** 2.00%**
Ratio of net investment income to average net assets+ 1.13%** 0.67%**
Portfolio turnover rate 101%** 8%***
Net assets, end of period (in thousands) $35,710 $20,953
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses# 1.98%** 2.50%**
Net investment income 1.12%** 0.17%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses# 1.97%** 2.00%**
Net investment income 1.13%** 0.67%**
=======================================================================================================
(a) Class C shares were first publicly offered on May 3, 2010.
(b) Class C shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
# In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 33
Financial Highlights (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------
Six Months 5/3/10
Ended (Commencement
4/30/11 of Operations) to
(unaudited) 10/31/10 (a)
-------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.65 $ 10.00(b)
-------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.05
Net realized and unrealized gain (loss) on investments 0.71 0.60
-------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.79 $ 0.65
Distributions to shareowners:
Net investment income (0.09) --
-------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.70 $ 0.65
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.35 $ 10.65
=======================================================================================================
Total return* 7.45% 6.50%***
Ratio of net expenses to average net assets+# 0.90%** 0.90%**
Ratio of net investment income to average net assets+ 2.26%** 1.78%**
Portfolio turnover rate 101%** 8%***
Net assets, end of period (in thousands) $49,713 $19,875
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses# 0.96%** 1.41%**
Net investment income 2.20%** 1.26%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses# 0.90%** 0.90%**
Net investment income 2.26%** 1.78%**
=======================================================================================================
(a) Class Y shares were first publicly offered on May 3, 2010.
(b) Class Y shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
# In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Notes to Financial Statements | 4/30/11 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Real Return Fund (the Fund) is one of two portfolios
comprising 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 Fund's investment objective is to
seek total return.
The Fund offers three classes of shares designated as Class A, Class C and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on May 3, 2010. 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.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making the Fund
more susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
The Fund may gain exposure to commodities (such as oil and precious metals)
through investment in commodity-related investments, including commodity-linked
derivatives, ETFs and leveraged or unleveraged commodity-linked notes
(derivative debt instruments with principal and/or coupon payments linked to
the performance of commodity indices). The Fund also may invest in equity
securities of issuers in commodity-related industries. The Fund's investments
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 35
in commodity-related investments may subject the Fund to greater market price
volatility than investments in traditional securities. The value of
commodity-related investments may be affected by changes in overall market
movements, commodity index volatility, changes in interest rates, or factors
affecting particular industries or commodities, such as weather, disease,
embargoes, acts of war or terrorism, or political and regulatory developments.
Commodity-related investments may be more volatile than the underlying
commodities. In addition, commodity-linked investments are subject to
counterparty risk due to there being a relatively small number of issuers. The
Fund intends to gain exposure to commodity-related investments by investing in
the Pioneer Cayman Commodity Fund, Ltd. (the Subsidiary), a foreign entity that
will be treated as a controlled foreign corporation for U.S. federal income tax
purposes. The Fund may invest up to 25% of its total assets in the Subsidiary.
The Fund's ability to invest in commodity-related investments, and the means
through which any such investments may be made, will be limited by tax
considerations.
The Fund may invest in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
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 gain and losses on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
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
36 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers and
other sources, as required. 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 April 30, 2011, no securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing
services). Inputs used when applying fair value methods to value a security
may include credit ratings, the financial condition of the company, current
market conditions and comparable securities. Short-term fixed income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost. Money market mutual funds are valued at net asset
value.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income is recorded on the accrual
basis. All discounts/premiums on debt securities are accreted/ amortized into
interest income for financial reporting purposes.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 37
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with a
broker an amount of cash or securities equal to the minimum "initial margin"
requirements of the associated futures exchange. Subsequent payments for
futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss. With futures, there is minimal counterparty credit risk to the Fund
since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. At April 30, 2011, there were no open futures contracts.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished
38 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
by delivery of the currency. Risks may arise upon entering into these
contracts from the potential inability of counterparties to meet the terms of
the contract and from unanticipated movements in the value of foreign
currencies relative to the U.S. dollar (see Note 6).
E. 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.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
The tax character of current year distributions payable will be determined at
the end of the Fund's taxable year. There were no distributions paid during
the year ended October 31, 2010.
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2010:
--------------------------------------------------------------------------------
2010
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 375,009
Capital loss carryforward (53,013)
Unrealized appreciation 2,742,193
--------------------------------------------------------------------------------
Total $3,064,189
================================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash-sales, interest accruals
on preferred stocks, the tax basis adjustments on partnerships and the tax
treatment of premium and amortization.
F. 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 $37,713 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2011.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 39
G. 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).
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.
H. 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.
I. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, New York Branch, as the Fund's securities
lending agent, manages the Fund's securities lending collateral. The income
earned on the investment of collateral is shared with the borrower and the
lending agent in payment of any rebate due to the borrower with respect to
the securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. If the
required market
40 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
value of the collateral is less than the value of the loaned securities, the
borrower is required to deliver additional collateral for the account of the
Fund prior to the close of business on that day. The Fund has the right,
under the lending agreement, to terminate the loan and recover the securities
from the borrower with prior notice. The Fund is required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate of 0.70% of
the average daily net assets of the Fund, excluding assets invested in the
Subsidiary and on which the Subsidiary pays a management fee.
The Subsidiary has entered into a separate management contract with PIM,
pursuant to which PIM manages the assets of the Subsidiary. As compensation for
its management services to the Subsidiary and expenses incurred with respect to
the Subsidiary, the Subsidiary pays PIM a fee at the annual rate of 0.70% of
the Subsidiary's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.20%, 2.10% and 0.90% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
These expense limitations are in effect through March 1, 2012. Fees and
expenses of other investment companies in which the Fund may invest are not
included in the expense limitations noted above. There can be no assurance that
PIM will extend the expense limitation agreement for a class of shares beyond
the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$6,754 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2011.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended April 30, 2011, such out-of-pocket expenses by class
of shares were as follows:
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 41
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 229
Class C 3,069
Class Y 7,250
--------------------------------------------------------------------------------
Total: $10,548
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $13,105 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2011.
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 $2,964 in distribution fees payable to
PFD at April 30, 2011.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD.
For the six months ended April 30, 2011, CDSCs in the amount of $15,959 were
paid to PFD.
5. Basis for Consolidation for the Pioneer Multi-Asset Real Return Fund
The consolidated financial statements of the Fund include the accounts of the
Subsidiary. All intercompany accounts and transactions have been eliminated.
The Subsidiary, a Cayman Islands exempted company, was incorporated on February
10, 2010 and is wholly-owned and controlled by the Fund. The Fund is the sole
shareholder of the Subsidiary. It is intended that the Fund will remain the
sole shareholder and will continue to control the Subsidiary. The Fund and the
Subsidiary are both managed by PIM. The Subsidiary acts as an investment
vehicle for the Fund in order to effect certain investments on behalf
42 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
of the Fund. As of April 30, 2011, the Subsidiary represented approximately
$27,576,238 or approximately 17.2% of the net assets of the Fund.
6. Forward Foreign Currency Contracts
At April 30, 2011, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open
during the six months ended April 30, 2011 was $4,800,000. Open portfolio
hedges at April 30, 2011 were as follows:
----------------------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
----------------------------------------------------------------------------------------------------------------
EUR (European Dollar) 4,800,000 $6,680,136 3/31/11 $7,116,883 $436,747
EUR (European Dollar) (9,600,000) $(13,331,842) 1/31/11 $(14,235,178) $(903,336)
----------------------------------------------------------------------------------------------------------------
Total $(466,589)
================================================================================================================
At April 30, 2011, the Fund had no outstanding settlement hedges.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the six months ended April 30, 2011, the Fund's
expenses were not reduced under such arrangements.
8. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. At April 30, 2011, the
Fund had no borrowings under this agreement.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 43
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2011 were as follows:
----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments
Under Accounting Asset Derivatives 2011 Liabilities Derivatives 2011
Standards Codification ----------------------------- ------------------------------
(ASC) 815 (formerly FASB Balance Sheet Balance Sheet
Statement 133) Location Value Location Value
----------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $ -- Payables* $466,589
----------------------------------------------------------------------------------------------
Total $ -- $466,589
==============================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2011 was as follows:
--------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Change in
Hedging Instruments Realized Unrealized
Under Accounting Loss on Gain or (Loss)
Standards Codification Location of Gain or (Loss) Derivatives on Derivatives
(ASC) 815 (formerly FASB on Derivatives Recognized Recognized Recognized
Statement 133) in Income in Income in Income
--------------------------------------------------------------------------------------------------------
Index Futures Net realized loss on futures contracts $(135,445)
Foreign Exchange Contracts Net realized gain (loss) on forward foreign $ --
currency contracts and other assets and
liabilities denominated in foreign currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $(466,589)
forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies
10. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
44 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Christopher J. Kelley, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 45
This page for your notes.
46 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 47
This page for your notes.
48 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 49
This page for your notes.
50 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11 51
This page for your notes.
52 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/11
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: pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Floating
Rate Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2011
--------------------------------------------------------------------------------
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 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 12
Schedule of Investments 14
Financial Statements 40
Notes to Financial Statements 47
Approval of Investment Advisory Agreement 56
Trustees, Officers and Service Providers 60
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 1
President's Letter
Dear Shareowner,
The U.S. economy is moving forward on a slow path to recovery. We believe the
theme for the economy in 2011 may be modest but positive growth. The private
sector is showing signs of slow but steady improvement, led by higher capital
investment, solid exports, improved consumption, and gradually rising demand
for consumer auto loans and commercial loans. At the same time, the risks to a
steady recovery remain substantial, including the continued delays in the
housing sector's recovery, rising oil prices, and the fiscal drag of U.S.
federal and state budget cuts. We are concerned about the long-term risk of
inflation in an environment of accommodative Fed policy, continued low nominal
and "real" interest rates and rising commodity prices.
The recovery process may occur more slowly than many would like, and will
almost certainly be accompanied by short-term market swings. But our investment
professionals are finding good opportunities to invest. Through the first
quarter of 2011, although bonds remained popular with investors, we believed
there was value in the equity market. In both equity and bond markets, we are
finding good opportunities to invest using the same disciplined approach we
have used at Pioneer since 1928, which is to focus on identifying undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
monitor and analyze the relative valuations of different sectors and securities
globally to help build portfolios that we believe can help you achieve your
investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. For instance, bond markets certainly rewarded investors for most of
2010, even though equity valuations seemed quite reasonable and were
inexpensive relative to bonds and compared with historic levels -- conditions
which represented potentially good value for long-term investors.
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.
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
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
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of 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 | Semiannual Report | 4/30/11 3
Portfolio Management Discussion | 4/30/11
Floating-rate bank loans delivered healthy returns during the six months ended
April 30, 2011, as yield-conscious investors poured record amounts of new money
into the market amid growing confidence in the strength of the economic
recovery. In the following interview, Jonathan Sharkey, vice president and
portfolio manager at Pioneer, discusses the factors that affected the
performance of Pioneer Floating Rate Fund during the six-month period. Mr.
Sharkey, a member of Pioneer's Fixed Income Department, is responsible for the
daily management of the Fund.
Q How did the Fund perform during the six months ended April 30, 2011?
A Pioneer Floating Rate Fund Class A shares returned 3.42% at net asset value
over the six months ended April 30, 2011, while the Fund's benchmark, the
Barclays Capital High Yield Loans Performing Index (the Barclays Index),
returned 4.70%. Over the same period, the average return of the 111 mutual
funds in Lipper's Loan Participation Funds category was 4.23%. On April 30,
2011, the 30-day SEC yield of the Fund's Class A shares was 3.90%.
Q What were the principal factors that affected the Fund's performance during
the six months ended April 30, 2011?
A Supported both by an accommodative monetary policy from the U.S. Federal
Reserve Board (the Fed) and reports of a strengthening economy, investors
gained confidence in credit risk in the pursuit of higher yields. As the
six-month period progressed, an increasing amount of evidence pointed in
the direction of a strengthening economy. Corporate profits steadily rose,
consumers grew more confident and the employment market finally began to
show improvement, albeit at a moderate pace. At the same time, the effects
of a second round of quantitative easing, in which the Fed injected
additional liquidity into the financial system through Treasury purchases
on the open market, began to take hold. In December 2010, a record for
money inflows into the bank-loan market was set, as investors put nearly $3
billion worth of new funds into bank-loan investments. The record did not
stand for very long, however, as about $6 billion in new money came into
the market in January 2011, and another $8 billion poured in during the
following month. All the new money fueled demand for bank loans at the same
time that the supply of loans remained relatively stable. In such an
enthusiastic market, lower-quality loans clearly outperformed
higher-quality loans. Eventually, companies that had obtained bank loans to
finance their businesses began to refinance their debt to take advantage of
the frothy market, and to obtain new loans at lower interest rates and more
favorable terms. As that occurred, yields in the market inevitably began to
fall over the final weeks of the six-month period ended April 30, 2011.
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Pioneer Floating Rate Fund benefited from the favorable environment during
the period; however, the Fund's consistent emphasis on higher-quality,
floating-rate bank loans was a major contributor to its underperformance
relative to the benchmark Barclays Index. Despite the Fund's quality
emphasis and the trend for loans to pay lower interest rates as the period
progressed, the Fund was able to maintain its dividend level.
Q Could you discuss some of the investment decisions that had the most impact
on the Fund's performance over the six months ended April 30, 2011?
A The Fund held a number of floating-rate holdings that made notably positive
contributions to performance over the six-month period. The top-performers
during the period included loans to Freescale, a semiconductor company;
Univision, the Spanish-language broadcasting firm; Swift Transportation, a
trucking corporation; Standard Aero/DAE, a company specializing in
providing maintenance services to the aerospace industry; Cengage, an
educational book publishing firm; and Infor Global Solutions, a software
company.
The Fund's overall tilt in favor of quality was the primary factor in its
lagging performance relative to the Barclays Index benchmark. No individual
investments held in the Fund were noteworthy detractors from performance
results, although there were investments in five loans that had been
trading above par (face value) that were called back by their issuing
companies at par. No loans held in the Fund's portfolio defaulted during
the six months ended April 30, 2011.
Q What is your investment outlook?
A We believe the U.S. economy will continue to expand, which should have a
positive influence on floating-rate loans. Default rates remain low by
historical standards. Several factors could, however, affect the market.
The Fed's quantitative easing monetary policy is likely to come to an end,
and its general monetary policy is likely to become more restrictive,
leading to higher short-term interest rates. In such an environment, the
potential for rising interest rates, which would lift the yields offered by
floating-rate loans, should increase. While that could be a positive event,
we also are aware that more "covenant-light" loans are being issued, as
those issuers gained positioning in the market earlier this year. We
historically and currently maintain a significantly lower percentage of
covenant-light loans compared with the Barclays Index. We plan to maintain
our current emphasis on higher-quality loans.
Please refer to the Schedule of Investments on pages 14-39 for a full listing
of Fund securities.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 5
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 fixed-income securities 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 markets securities involves risks relating to interest rates, currency
exchange rates, 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.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Portfolio Summary | 4/30/11
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Loans 77.2%
Temporary Cash Investments 12.7%
U.S. Corporate Bonds 6.6%
Asset Backed Securities 1.3%
Municipal Bonds 1.2%
Convertible Corporate Bonds 0.5%
Collateralized Mortgage Obligations 0.4%
U.S. Common Stocks 0.1%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on Standard & Poor's
ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Commercial Paper 2.7%
A & Higher 1.3%
BBB 3.3%
BB 50.9%
B 38.1%
CCC & Lower 0.4%
Not Rated 3.3%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. CPG International I, Inc., Term Loan, 1/26/17 0.78%
-------------------------------------------------------------------------------------
2. Affinion Group, Inc., Tranche B Term Loan, 10/9/16 0.78
-------------------------------------------------------------------------------------
3. Protection One, Inc., Term Loan, 6/4/16 0.76
-------------------------------------------------------------------------------------
4. Telcordia Technologies, Term Loan, 4/9/16 0.76
-------------------------------------------------------------------------------------
5. Swift Transportation Co. LLC, Term Loan, 11/22/16 0.75
-------------------------------------------------------------------------------------
6. Freescale Semiconductor, Inc., Extended Maturity Term Loan, 12/1/16 0.74
-------------------------------------------------------------------------------------
7. Interactive Data Corp., Term B Loan, 1/31/18 0.74
-------------------------------------------------------------------------------------
8. Universal Health Services, Inc., Tranche B Term Loan, 11/30/16 0.72
-------------------------------------------------------------------------------------
9. Grifols, Inc., U.S. Tranche B Term Loan, 6/4/16 0.72
-------------------------------------------------------------------------------------
10. Univision Communications, Inc., Extended First-Lien Term Loan, 3/29/17 0.68
-------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 7
Prices and Distributions | 4/30/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/11 10/31/10
--------------------------------------------------------------------------------
A $6.95 $6.87
--------------------------------------------------------------------------------
C $6.96 $6.87
--------------------------------------------------------------------------------
Y $6.97 $6.89
--------------------------------------------------------------------------------
Distributions per Share: 11/1/10-4/30/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1530 $ -- $ --
--------------------------------------------------------------------------------
C $0.1254 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1627 $ -- $ --
--------------------------------------------------------------------------------
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. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 9-11.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 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 April 30, 2011)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 3.72% 2.60%
1 Year 6.35 1.59
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.29% 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 $9,550 $10,000
4/07 $9,664 $10,181
4/08 $9,422 $9,955
4/09 $8,466 $8,704
4/10 $10,477 $11,492
4/11 $11,142 $12,279
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 fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 9
Performance Update | 4/30/11 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 April 30, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 2.87% 2.87%
1 Year 5.45 5.45
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.04% 2.00%
--------------------------------------------------------------------------------
[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 $10,000 $10,000
4/07 $10,095 $10,181
4/08 $9,753 $9,955
4/09 $8,696 $8,704
4/10 $10,683 $11,492
4/11 $11,266 $12,279
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. 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 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 fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 Million
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 3.87% 3.87%
1 Year 6.57 6.57
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.95% 0.95%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Floating Barclays Capital High Yield
Rate Fund Loans Performing Index
2/07 $5,000,000 $5,000,000
4/07 $5,057,400 $5,090,732
4/08 $4,933,654 $4,977,316
4/09 $4,433,295 $4,351,911
4/10 $5,504,693 $5,746,192
4/11 $5,866,555 $6,139,730
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 fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 11
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 November 1, 2010, through April 30, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/10
--------------------------------------------------------------------------------
Ending Account Value $1,034.20 $1,031.50 $1,035.50
(after expenses)
on 4/30/11
--------------------------------------------------------------------------------
Expenses Paid $ 5.50 $ 9.37 $ 4.24
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.86%,
and 0.84% for Class A, Class C and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period).
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
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 November 1, 2010, through April 30, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/10
--------------------------------------------------------------------------------
Ending Account Value $1,019.39 $1,015.57 $1,020.63
(after expenses)
on 4/30/11
--------------------------------------------------------------------------------
Expenses Paid $ 5.46 $ 9.30 $ 4.21
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.86%,
and 0.84% for Class A, Class C and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 13
Schedule of Investments | 4/30/11 (unaudited)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.5%
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.2%
Biotechnology -- 0.2%
500,000 NR/NR Cubist Pharmaceuticals, Inc., 2.5%, 11/1/17 $ 667,500
------------
Total Pharmaceuticals & Biotechnology $ 667,500
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Asset Management & Custody Banks -- 0.3%
1,000,000 BBB/NR Apollo Investment Corp., 5.75%, 1/15/16 $ 1,017,500
------------
Total Diversified Financials $ 1,017,500
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,489,531) $ 1,685,000
---------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.0%
CAPITAL GOODS -- 0.0%
Industrial Machinery -- 0.0%
1,000 Stanley Black & Decker, Inc., 4.75%, 11/17/15 $ 117,950
------------
Total Capital Goods $ 117,950
---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $100,000) $ 117,950
---------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1%
MATERIALS -- 0.0%
Steel -- 0.0%
5,699 KNIA Holdings, Inc.* $ 39,836
------------
Total Materials $ 39,836
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Development -- 0.1%
106,253 Newhall Land Development LLC* $ 164,692
------------
Total Real Estate $ 164,692
---------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $132,116) $ 204,528
---------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 1.4%
MATERIALS -- 0.3%
Aluminum -- 0.3%
944,711 0.84 AAA/Aaa Bayview Financial Acquisition, Floating Rate
Note, 5/28/44 $ 888,956
------------
Total Materials $ 888,956
---------------------------------------------------------------------------------------------------------
BANKS -- 0.6%
Diversified Banks -- 0.1%
191,795 AAA/NR Wells Fargo Home Equity Trust, 0.6415%,
12/25/35 $ 178,351
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
456,232 0.49 AAA/Aaa Bear Stearns Asset Backed Securities, Floating
Rate Note, 2/25/36 $ 438,167
720,312 AAA/Aa3 Citigroup Mortgage Loan Trust, Inc., 0.6615%,
8/25/35 675,957
264,141 AAA/Aaa GSAMP Trust, 0.81%, 3/25/34 256,187
356,102 0.33 A/Aa3 Option One Mortgage Loan Trust, Floating Rate
Note, 2/25/38 346,909
184,545 AAA/Aaa Residential Asset Securities Corp., 0.7315%,
12/25/34 171,918
------------
$ 1,889,138
------------
Total Banks $ 2,067,489
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Financial Services -- 0.3%
176,054 B/B1 Ellington Loan Acquisition, 1.0625%, 5/27/37 $ 163,255
1,000,000 4.20 NR/A2 Velocity Commercial Capital, Inc., Floating Rate
Note, 8/25/40 865,000
------------
$ 1,028,255
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
98,657 0.48 AA+/A1 Aegis Asset Backed Securities, Floating Rate
Note, 3/25/12 $ 89,379
200,000 BBB-/Baa3 Dominos Pizza Master Issuer, 5.261%,
4/25/37 203,000
400,000 0.65 CCC+/Caa2 Lease Investment Flight Trust, Floating Rate
Note, 7/15/31 260,000
400,000 0.61 CCC+/Caa2 Lease Investment Flight Trust, Floating Rate
Note, 7/15/31 256,000
95,820 B+/Baa3 Lease Investment Flight Trust, 0.69125%,
7/15/16 93,903
------------
$ 902,282
------------
Total Diversified Financials $ 1,930,537
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $4,831,800) $ 4,886,982
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.5%
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
388,000 AAA/A3 Sequoia Mortgage Trust, 0.74969%, 1/20/35 $ 321,564
321,368 2.75 NR/Ba3 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 1/25/35 298,536
219,192 3.50 AAA/A2 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 6/25/34 214,400
------------
$ 834,500
------------
Total Banks $ 834,500
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 15
Schedule of Investments | 4/30/11 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Financial Services -- 0.1%
311,409 0.81 AAA/Baa2 Residential Accredit Loans, Inc., Floating Rate
Note, 4/25/34 $ 292,732
------------
Total Diversified Financials $ 292,732
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage Real Estate Investment Trusts -- 0.1%
146,228 AAA/B1 American Home Mortgage Investment Trust,
2.45469%, 6/25/45 $ 120,559
402,328 AAA/B1 American Home Mortgage Investment Trust,
2.465%, 6/25/45 376,879
------------
$ 497,438
------------
Total Real Estate $ 497,438
---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,634,390) $ 1,624,670
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 7.1%
ENERGY -- 1.3%
Coal & Consumable Fuels -- 0.1%
400,000 B/B3 Murray Energy Corp., 10.25%, 10/15/15 $ 430,000
---------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.4%
1,500,000 NR/NR Aker Drilling AS, 9.53%, 2/24/16 $ 292,096
769,230 5.21 NR/Ba2 DDI Holding AS, Floating Rate Note, 3/15/12
(144A) 765,384
150,000 B-/B3 Offshore Group Investment, 11.5%, 8/1/15 167,438
------------
$ 1,224,918
---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
820,000 3.44 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 742,100
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.6%
498,000 BB-/B1 Denbury Resources, Inc., 8.25%, 2/15/20 $ 555,270
350,000 B/B2 Linn Energy LLC, 8.625%, 4/15/20 (144A) 386,750
250,000 B-/Caa1 Oasis Petroleum, Inc., 7.25%, 8/1/11 252,500
500,000 3.91 B/B3 SandRidge Energy, Inc., Floating Rate Note,
4/1/14 496,393
250,000 BB/B1 SM Energy Co., 6.625%, 2/15/19 258,125
------------
$ 1,949,038
------------
Total Energy $ 4,346,056
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Aluminum -- 0.1%
280,000 B/B2 Novelis, Inc., 8.375%, 12/15/17 $ 309,400
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
1,000,000 B/B1 Berry Plastics Corp., 5.03906%, 12/15/15 $ 985,000
765,000 B/B3 Packaging Dynamics Corp., 8.75%, 2/1/16 792,731
------------
$ 1,777,731
-----------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
225,000 B+/B1 Appleton Papers, Inc., 10.5%, 6/15/15 (144A) $ 237,375
250,000 CCC+/B3 Appleton Papers, Inc., 11.25%, 12/15/15 250,625
250,000 BB/Ba3 Clearwater Paper Corp., 10.625%, 6/15/16 282,500
140,000 B/B3 Exopack Holding Corp., 11.25%, 2/1/14 144,550
------------
$ 915,050
------------
Total Materials $ 3,002,181
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.0%
45,000 BBB-/Ba3 DigitalGlobe, Inc., 10.5%, 5/1/14 $ 50,625
150,000 BB-/Ba3 Spirit Aerosystems, Inc., 7.5%, 10/1/17 162,750
------------
$ 213,375
-----------------------------------------------------------------------------------------------------
Building Products -- 0.0%
90,000 BB/B2 USG Corp., 9.75%, 8/1/14 (144A) $ 98,100
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
400,000 B+/B1 Titan International, Inc., 7.875%, 10/1/17 $ 430,000
-----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
200,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 211,500
250,000 B/B3 WireCo WorldGroup, 9.5%, 5/15/17 268,750
------------
$ 480,250
------------
Total Capital Goods $ 1,221,725
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
10,207 B-/Ba3 Continental Airlines, Inc., 7.461%, 4/1/13 $ 10,258
500,000 BB/Ba3 Delta Air Lines 2010, 6.75%, 11/23/15 480,000
------------
$ 490,258
------------
Total Transportation $ 490,258
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Tires & Rubber -- 0.1%
225,000 B+/B1 Goodyear Tire & Rubber Co., 8.25%, 8/15/20 $ 250,031
------------
Total Automobiles & Components $ 250,031
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Leisure Products -- 0.1%
200,000 B/Ba3 FGI Operating Co., Inc., 10.25%, 8/1/15 $ 216,250
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 17
Schedule of Investments | 4/30/11 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Textiles -- 0.0%
250,000 B/B1 Polymer Group, Inc., 7.75%, 2/1/19 $ 260,000
------------
Total Consumer Durables & Apparel $ 476,250
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Specialized Consumer Services -- 0.1%
430,000 BB-/Ba3 Service Corp. International, 7.0%, 5/15/19 $ 456,875
------------
Total Consumer Services $ 456,875
------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
200,000 B+/B2 CCO Holdings LLC, 7.25%, 10/30/17 $ 213,000
600,000 B+/B2 CCO Holdings LLC, 7.0%, 1/15/19 627,000
------------
$ 840,000
------------
Total Media $ 840,000
------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Catalog Retail -- 0.1%
175,000 BB+/Ba2 QVC, Inc., 7.5%, 10/1/19 (144A) $ 185,938
------------
Total Retailing $ 185,938
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
325,000 B-/B3 Blue Merger Sub, Inc., 7.625%, 2/15/19 $ 332,719
------------
Total Food, Beverage & Tobacco $ 332,719
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Facilities -- 0.3%
500,000 B+/B1 Aviv Healthcare Properties LP, 7.75%, 2/15/19 $ 527,500
500,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 544,375
------------
$ 1,071,875
------------
Total Health Care Equipment & Services $ 1,071,875
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.1%
Biotechnology -- 0.1%
250,000 B/B3 Grifols, Inc., 8.25%, 2/1/18 $ 259,375
------------
Total Pharmaceuticals & Biotechnology $ 259,375
------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Diversified Banks -- 0.1%
235,000 BB+/Ba3 ABN Amro North American, 6.523%, 12/29/49 $ 223,250
------------------------------------------------------------------------------------------------------
Regional Banks -- 0.0%
200,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating Rate
Note, 3/29/49 $ 213,656
------------
Total Banks $ 436,906
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Diversified Financial Services -- 0.6%
500,000 0.00 BB+/NR Caelus Re II, Ltd., Floating Rate Note, 5/24/13 $ 500,900
500,000 0.00 BB+/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (144A) 493,100
250,000 0.00 BB+/NR Lodestone Re, Ltd., Floating Rate Note, 1/8/14 243,725
500,000 0.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (144A) 498,600
400,000 0.00 BB-/NR Queen Street II Capital, Ltd., Floating Rate
Note, 4/9/14 394,560
------------
$ 2,130,885
--------------------------------------------------------------------------------------------------------
Multi-Sector Holding -- 0.2%
500,000 B/B2 Constellation Enterprises LLC, 10.625%,
2/1/16 $ 520,000
------------
Total Diversified Financials $ 2,650,885
--------------------------------------------------------------------------------------------------------
INSURANCE -- 0.9%
Reinsurance -- 0.9%
250,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note, 4/10/12 $ 246,475
250,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note, 6/7/11 249,575
500,000 BB+/NR Foundation Re III, Ltd., 0.0%, 2/25/15 489,900
250,000 0.00 BB-/NR Mystic Re, Ltd., Floating Rate Note, 6/7/11 250,350
500,000 B-/NR Successor X, Ltd., 0.0%, 1/7/14 486,400
250,000 14.64 B-/NR Successor X, Ltd., Floating Rate Note,
12/13/13 245,575
500,000 9.42 B/NR Successor X, Ltd., Floating Rate Note, 2/25/14 481,300
500,000 13.00 NR/NR Successor X, Ltd., Floating Rate Note, 2/25/14 481,550
------------
$ 2,931,125
------------
Total Insurance $ 2,931,125
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Real Estate Services -- 0.5%
1,000,000 NR/B3 Valais Re, Ltd., 14.79438%, 6/6/11 $ 909,300
1,000,000 8.31 NR/Ba2 Valais Re, Ltd., Floating Rate Note, 6/6/11 891,500
------------
$ 1,800,800
--------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 0.1%
250,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%, 8/15/14 $ 281,103
------------
Total Real Estate $ 2,081,903
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Data Processing & Outsourced Services -- 0.1%
250,000 B+/B1 First Data Corp., 8.875%, 8/15/20 (144A) $ 273,750
------------
Total Software & Services $ 273,750
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 19
Schedule of Investments | 4/30/11 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Alternative Carriers -- 0.1%
350,000 B/Ba3 PAETEC Holdings, 8.875%, 6/30/17 (144A) $ 381,938
------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.3%
500,000 B/B2 Cincinnati Bell, Inc., 8.375%, 10/15/20 $ 501,250
500,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 511,250
------------
$ 1,012,500
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
500,000 B+/B3 Cricket Communications, Inc., 7.75%,
10/15/20 $ 510,625
365,000 B+/Ba2 Cricket Communications, Inc., 7.75%, 5/15/16 389,638
325,000 B/B2 MetroPCS Wireless, Inc., 6.625%, 11/15/20 325,406
------------
$ 1,225,669
------------
Total Telecommunication Services $ 2,620,107
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Gas Utilities -- 0.1%
250,000 B+/Ba3 Ferrellgas LP, 6.5%, 5/1/21 $ 245,000
------------
Total Utilities $ 245,000
------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $23,766,391) $ 24,172,959
------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.3%
Municipal Development -- 0.7%
1,000,000 CCC+/Caa2 Dallas-Fort Worth Texas International Airport,
6.0%, 11/1/14 $ 965,330
1,500,000 BBB-/WR Indiana State Development Finance, 5.75%,
10/1/11 1,506,150
------------
$ 2,471,480
------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.2%
700,000 BB/Ba3 New Jersey Health Care Facilities, 5.125%,
7/1/14 $ 675,066
------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.2%
500,000 BBB+/Baa1 Power County Idaho Pollution Control, 5.625%,
10/1/14 $ 500,210
------------------------------------------------------------------------------------------------------
Municipal Gaming Authority -- 0.2%
750,000 BB/NR Seneca Nation Indians Capital Improvements
Authority, 5.25%, 12/1/16 $ 700,043
------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $4,363,337) $ 4,346,799
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 82.6%**
ENERGY -- 1.8%
Coal & Consumable Fuels -- 0.1%
250,000 11.26 NR/NR Bumi Resources TBK, Term Loan, 8/15/13 $ 250,000
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
1,410,526 7.00 B+/Caa3 Big West Oil LLC, Term Loan, 3/31/16 $ 1,431,684
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.8%
1,190,554 6.00 NR/NR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 1,194,275
217,358 2.54 NR/NR Fenwal, Inc., Delayed Draw Term Loan,
2/28/14 205,132
1,267,830 2.56 NR/NR Fenwal, Inc., Initial 1st Lien Term Loan,
2/22/14 1,196,515
174,098 8.50 B+/NR Hudson Products Holdings, Inc., Term Loan,
8/24/15 168,875
------------
$ 2,764,797
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
1,670,000 4.25 NR/Ba2 Pilot Travel Centers LLC, Initial Tranche B Term
Loan, 3/7/18 $ 1,683,569
------------
Total Energy $ 6,130,050
--------------------------------------------------------------------------------------------------------
MATERIALS -- 8.6%
Aluminum -- 0.5%
71,520 1.96 CC/Ba2 Noranda Aluminum, Inc., Term B Loan,
5/18/14 $ 71,013
1,496,250 4.00 BB/Ba2 Novelis, Inc., Term Loan, 3/11/17 1,513,551
------------
$ 1,584,564
--------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 1.3%
2,493,750 6.00 NR/B2 CPG International I, Inc., Term Loan, 1/26/17 $ 2,506,219
1,991,425 6.75 BB-/B1 Houghton International, Inc., B1 Term Loan,
1/11/16 2,013,829
------------
$ 4,520,048
--------------------------------------------------------------------------------------------------------
Diversified Chemical -- 2.2%
121,959 1.80 BB+/Ba2 Celanese Holdings LLC, Dollar Term B Loan,
4/2/14 $ 122,518
121,959 3.30 BB+/Ba2 Celanese US Holdings LLC, Dollar Term C Loan,
10/31/16 123,051
646,750 5.00 CC/B3 General Chemical Holding Co., New Tranche B
Term Loan, 3/9/18 651,331
325,084 1.74 BB-/Ba2 Huntsman Corp., New Term B Loan, 4/21/14 322,646
646,051 7.50 B/B1 Ineos Group Holdings Plc, Term B1 Facility
Loan, 12/16/13 1,005,850
709,715 8.00 B/B1 Ineos Group Holdings Plc, Term C1 Facility
Loan, 12/16/14 1,104,969
378,004 7.50 NR/NR Ineos U.S. Finance Corp., Senior Credit Term
Loan, 12/16/13 392,061
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 21
Schedule of Investments | 4/30/11 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Diversified Chemical -- (continued)
418,201 8.00 NR/NR Ineos U.S. Finance Corp., Senior Credit Term
Loan, 12/16/14 $ 433,752
994,805 4.65 B-/Ba3 Momentive Performance Materials, Inc., Tranche
B-2B Term Loan, 5/5/15 1,449,599
203,309 3.50 BB+/Ba1 Solutia, Inc., Term 1 Loan, 8/16/17 205,015
1,670,813 5.00 NR/NR Univar, Inc., Term B Loan, 2/14/17 1,685,581
------------
$ 7,496,373
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
1,245,000 4.00 NR/NR Walter Energy, Inc., Term B Loan, 2/3/18 $ 1,257,372
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
227,895 4.50 BB/Ba2 BWAY Holding Co., Replacement Term B Loan,
2/9/18 $ 229,960
152,231 6.75 B+/B2 Graham Packaging Co., Term C Loan, 4/5/14 153,872
20,233 4.50 BB/Ba2 ICL Industrial Containers, Replacement Term C
Loan, 2/9/18 20,398
------------
$ 404,230
------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.9%
2,109,412 6.00 B+/B2 Graham Packaging Co., Term D Loan, 9/9/16 $ 2,130,836
260,949 3.04 BB/Ba2 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 261,746
731,159 6.75 B+/Ba3 Smurfit-Stone Container Corp., Term Loan,
1/2/16 732,645
------------
$ 3,125,227
------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
465,119 2.31 BB+/Ba1 Georgia-Pacific Corp., Term B2 Loan,
12/20/12 $ 465,805
1,020,000 0.00 NR/NR Ranpak Corp., USD Term Loan, 3/28/17 1,018,725
------------
$ 1,484,530
------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.6%
1,875,000 5.25 NR/NR Fairmount Minerals, Ltd., Tranche B Term Loan,
3/1/17 $ 1,887,598
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.5%
1,750,000 5.50 NR/NR Chemtura Corp., Term Facility Loan, 8/11/16 $ 1,769,688
886,358 2.77 BB-/Ba2 Huntsman International LLC, Extended Term B
Loan, 4/19/17 882,388
995,000 4.50 BB+/Ba1 Nalco Co., Tranche B1 Term Loan, 9/21/17 1,005,364
1,598,500 5.75 B+/Ba2 Omnova Solutions, Inc., Extended Term Loan,
4/12/17 1,619,480
------------
$ 5,276,920
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Steel -- 0.7%
2,000,000 4.75 NR/NR JMC Steel Group, Term Loan, 2/15/17 $ 2,009,150
333,977 10.50 NR/NR Niagara Corp., New Term Loan, 6/29/14 332,307
------------
$ 2,341,457
------------
Total Materials $ 29,378,319
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 7.1%
Aerospace & Defense -- 4.5%
1,026,165 5.28 NR/NR DAE Aviation Holdings, Tranche B1 Term Loan,
7/31/14 $ 1,037,710
1,592,116 6.25 BB-/Ba3 DynCorp International, Term Loan, 7/7/16 1,608,536
1,000,000 0.00 NR/B3 Global Defense Technology & Systems, Inc.,
Term B Loan, 4/22/17 1,002,500
393,963 3.56 B-/B1 Hunter Defense Technologies, Inc., Term Loan,
8/22/14 386,084
1,496,212 6.56 BB/B1 Hunter Defense Technologies, Inc., Series 1
New Term Loan, 8/22/14 1,466,288
1,423,079 8.25 B-/Caa2 IAP Worldwide Services, Term Loan, 12/20/12 1,422,190
1,500,000 3.50 B-/Ba3 Sequa Corp., Term Loan, 12/3/14 1,490,156
1,995,000 4.50 NR/NR SI Organization, Inc., New Tranche B Term Loan,
11/22/16 2,002,481
193,949 3.55 NR/NR Spirit Aerosystems, Inc., Term B2 Loan,
10/7/16 195,355
988,540 5.28 NR/NR Standard Aero, Ltd., Tranche B2 Term Loan,
7/31/14 999,661
989,813 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan, 12/18/14 991,668
1,157,944 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan, 12/18/15 1,159,391
1,623,438 4.00 BB-/Ba2 TransDigm Group, Inc., 1st Lien Term Loan,
2/3/17 1,643,346
------------
$ 15,405,366
-------------------------------------------------------------------------------------------------------
Building Products -- 1.1%
600,000 4.00 BBB-/B1 Armstrong World Industries, Inc., Term B1 Loan,
3/8/18 $ 605,175
1,900,895 5.75 NR/NR Custom Building Products, Inc., Term Loan,
3/19/15 1,917,528
1,393,000 5.75 BB/Ba2 Goodman Global Group, Inc., Initial Term Loan,
10/6/16 1,407,361
------------
$ 3,930,064
-------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%
112,493 2.46 NR/NR URS Corp., Tranche B Term Loan, 5/15/13 $ 112,633
-------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
1,237,711 4.25 BB+/Ba2 Bucyrus International, Inc., Tranche C Term
Loan, 12/21/15 $ 1,245,962
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 23
Schedule of Investments | 4/30/11 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- (continued)
393,081 8.00 BBB-/B1 Manitowoc Co., Term B Loan, 8/25/14 $ 394,976
------------
$ 1,640,938
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
698,250 5.00 NR/NR Pelican Products, Inc., Term Loan, 2/24/17 $ 701,523
495,000 5.51 NR/NR Scotsman Industries, Inc., Term Loan, 4/30/16 497,475
------------
$ 1,198,998
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.6%
1,930,072 6.25 BB-/B1 Alliance Laundry Holdings, Term Loan, 9/10/16 $ 1,953,393
------------
Total Capital Goods $ 24,241,392
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 4.0%
Commercial Printing -- 0.6%
1,997,500 6.25 NR/NR Cenveo Corp., Term B Facility Loan, 12/15/16 $ 2,018,724
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.1%
1,405,000 5.00 BB-/Ba3 Allied Security Holding LLC, 1st Lien Term Loan,
1/21/17 $ 1,416,123
794,000 6.25 NR/NR infoGROUP, Inc., Term B Loan, 5/30/16 801,279
345,513 1.81 BB+/Baa3 Iron Mountain, Inc., Initial Term Loan, 4/16/14 345,513
997,500 6.25 BB-/Ba3 Language Line Services Holdings, Inc., Tranche
B Term Loan, 5/30/16 1,007,475
------------
$ 3,570,390
--------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.0%
1,770,563 7.25 BB-/Baa3 Brickman Group Holdings, Inc., Tranche B Term
Loan, 9/21/16 $ 1,809,662
240,625 2.23 D/B2 Synagro Technologies, Inc., 1st Lien Term Loan,
4/2/14 227,992
1,320,000 4.75 NR/NR Waste Industries USA, Term B Loan, 2/23/17 1,330,709
------------
$ 3,368,363
--------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.4%
1,381,614 3.97 B-/B2 CDW LLC, Non-Extended Term Loan, 10/10/14 $ 1,382,586
--------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.2%
780,976 7.75 NR/NR Wyle Services Corp., 2010 Incremental Term
Loan, 3/25/16 $ 783,905
--------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.7%
2,432,740 6.00 BB-/Ba3 Protection One, Inc., Term Loan, 6/4/16 $ 2,443,891
------------
Total Commercial Services & Supplies $ 13,567,859
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.5%
Air Freight & Couriers -- 0.6%
1,033,502 5.27 NR/B1 CEVA Group Plc, U.S. Tranche B Term Loan,
8/31/16 $ 1,016,707
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Air Freight & Couriers -- (continued)
731,882 5.31 NR/NR CEVA Group Plc, Dollar Tranche B Term Loan,
8/31/16 $ 719,988
301,545 5.27 NR/NR CEVA Group Plc, EGL Tranche B Term Loan,
8/31/16 296,645
------------
$ 2,033,340
-------------------------------------------------------------------------------------------------------
Airlines -- 1.1%
750,000 5.75 NR/NR Allegiant Travel Co., Term Loan, 2/17/17 $ 755,625
325,000 4.25 BB-/Ba3 Delta Air Lines, Inc., New Term Loan, 2/22/16 321,263
1,800,000 5.50 BB-/Ba3 Delta Air Lines, Inc., Term Loan, 3/29/17 1,782,282
992,724 2.31 BB-/Ba3 United Air Lines, Inc., Tranche B Term Loan,
2/1/14 970,211
------------
$ 3,829,381
-------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
243,606 2.04 BB+/Ba1 Kansas City Southern Railway, Term B Advance
Loan, 4/28/13 $ 243,758
-------------------------------------------------------------------------------------------------------
Trucking -- 0.7%
2,370,225 6.00 NR/B1 Swift Transportation Co. LLC, Term Loan,
11/22/16 $ 2,400,347
------------
Total Transportation $ 8,506,826
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.7%
Auto Parts & Equipment -- 2.2%
914,517 2.99 B+/B2 Allison Transmission, Term Loan, 8/7/14 $ 914,632
468,738 2.15 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 457,972
918,727 2.17 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 897,624
1,500,000 7.01 NR/B2 HHI Holdings LLC, Term Loan, 3/9/17 1,501,875
1,682,772 7.75 B/Ba3 Metaldyne Corp., Term Loan, 9/26/16 1,724,841
738,116 4.25 NR/NR Pinafore LLC, Term B1 Loan, 9/21/16 746,047
947,625 6.25 B+/B1 Remy International, Inc., Term B Facility Loan,
12/17/16 961,839
248,125 4.81 NR/NR Tenneco, Inc., Tranche B Term Loan, 6/3/16 249,986
284,288 5.50 NR/NR UCI International, Inc., Term Loan, 7/4/17 287,545
------------
$ 7,742,361
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
1,183,276 2.97 B/Baa3 Ford Motor Co., Tranche B1 Term Loan,
12/15/13 $ 1,186,046
207,482 2.97 B/Baa3 Ford Motor Co., Tranche B2 Term Loan,
12/15/13 207,870
------------
$ 1,393,916
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 25
Schedule of Investments | 4/30/11 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
175,000 1.96 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien Term
Loan, 4/30/14 $ 172,856
------------
Total Automobiles & Components $ 9,309,133
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.0%
Housewares & Specialties -- 0.7%
2,000,000 4.25 NR/NR Reynolds Group Holdings, Ltd., U.S. Term Loan,
2/9/18 $ 2,013,750
461,497 2.22 NR/NR Yankee Candle Co., Term Loan, 2/6/14 460,760
------------
$ 2,474,510
-------------------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
989,140 2.23 NR/NR SABRE, Inc., Initial Term Loan, 9/30/14 $ 915,882
------------
Total Consumer Durables & Apparel $ 3,390,392
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 5.2%
Casinos & Gaming -- 0.9%
500,000 4.00 BB+/Ba3 Ameristar Casinos, Inc., Term B Loan, 3/29/18 $ 505,223
1,550,000 3.27 NR/NR Caesars Entertainment Operating Co., Term B1
Loan, 1/28/15 1,456,458
123,438 9.50 B/Baa3 Caesars Entertainment Operating Co., Term B4
Loan, 10/31/16 131,129
994,987 3.00 BB-/Ba3 Las Vegas Sands, Delayed Draw Term II Loan,
11/23/16 980,436
------------
$ 3,073,246
-------------------------------------------------------------------------------------------------------
Education Services -- 1.2%
897,750 7.75 NR/NR Ascend Learning LLC, 1st Lien Term Loan,
11/8/16 $ 899,246
1,554,057 7.50 NR/Ba2 Bright Horizons Family Solutions, Inc., Tranche
B Term Loan, 5/28/15 1,565,712
1,787,551 2.46 NR/NR Cengage Learning Acquistions, Term Loan,
7/4/14 1,723,963
------------
$ 4,188,921
-------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
64,044 4.81 B/Ba3 Travelport LLC, Tranche S Term Loan, 8/23/15 $ 62,858
435,956 4.74 B/Ba3 Travelport LLC, Extended Term Loan, 8/23/15 427,884
------------
$ 490,742
-------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.4%
748,125 4.00 BB-/Ba2 Cedar Fair LP, U.S. Term 1 Loan, 12/15/17 $ 756,138
445,558 5.50 BB/Ba2 Universal City Development, Term Loan,
10/20/14 450,292
------------
$ 1,206,430
-------------------------------------------------------------------------------------------------------
Restaurants -- 1.5%
1,286,775 4.50 BB+/Ba2 Burger King Holdings, Inc., Tranche B Term
Loan, 10/30/16 $ 1,287,689
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Restaurants -- (continued)
1,335,774 4.25 NR/NR DineEquity, Inc., Term B1 Loan, 10/31/17 $ 1,353,426
1,795,500 4.25 NR/NR Dunkin Brands, Inc., Term B1 Loan, 11/23/17 1,811,345
707,158 5.00 BB/B1 Wendy's/Arby's Group, Inc., Term Loan,
5/19/17 713,120
------------
$ 5,165,580
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.1%
191,035 2.97 BB/Ba1 Adesa, Inc., Initial Term Loan, 10/21/13 $ 190,916
1,471,875 7.00 NR/NR Targus Information Corp., Initial Term Loan,
12/8/16 1,490,273
1,933,494 7.00 NR/NR Wash Multifamily Laundry, Term Loan, 8/28/14 1,938,327
------------
$ 3,619,516
------------
Total Consumer Services $ 17,744,435
--------------------------------------------------------------------------------------------------------
MEDIA -- 6.6%
Advertising -- 1.9%
1,496,250 5.25 NR/NR Advantage Sales & Marketing LLC, 1st Lien
Term Loan, 11/29/17 $ 1,505,907
2,484,979 5.00 BB/Ba3 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 2,493,910
1,943,991 5.25 BB-/NR Getty Images, Inc., Initial Term Loan, 10/18/16 1,967,987
403,485 4.00 BB/Baa3 Lamar Media Corp., Term B Loan, 10/1/16 405,855
------------
$ 6,373,659
--------------------------------------------------------------------------------------------------------
Broadcasting -- 1.4%
2,000,000 NR/NR Hubbard Broadcasting, Inc, 1st Lien Term Loan,
3/24/17 $ 2,025,000
275,802 2.02 BB-/Ba3 Insight Media Holdings, Term B Loan, 4/7/14 274,008
249,375 4.25 NR/NR TWCC Holding Corp., 2011 Term Loan,
1/24/17 252,258
2,207,255 4.46 B/Baa2 Univision Communications, Inc., Extended Term
Loan, 3/29/17 2,162,696
------------
$ 4,713,962
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.2%
1,212,093 2.24 NR/NR Cequel Communications LLC, Term Loan,
11/5/13 $ 1,208,210
917,934 2.25 NR/NR Charter Communications, Inc., Term B1 Loan,
3/5/14 918,791
997,500 4.00 B+/B1 Knology, Inc., Term B Loan, 8/18/17 1,003,579
496,250 4.50 BB-/Ba3 Mediacom Broadband LLC, Tranche F Term
Loan, 10/20/17 496,870
485,654 2.72 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 470,326
98,101 6.75 CCC/B2 WideOpenWest LLC, Series A New Term Loan,
6/18/14 98,591
------------
$ 4,196,367
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 27
Schedule of Investments | 4/30/11 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.2%
290,793 3.46 BB-/Ba2 AMC Entertainment, Inc., Term B2 Loan,
12/15/16 $ 291,338
1,350,564 5.50 B-/B1 Carmike Cinemas, Inc., Initial Term Loan,
1/27/16 1,360,834
1,138,430 5.25 NR/NR Christie/AIX, Inc., Term Loan, 4/29/16 1,135,584
990,000 4.50 B+/NR Live Nation Entertainment, Term B Loan,
10/20/16 995,872
426,371 6.50 B/B3 LodgeNet Interactive Corp., Closing Date Term
Loan, 4/4/14 409,671
------------
$ 4,193,299
------------------------------------------------------------------------------------------------------
Publishing -- 0.9%
2,333,750 4.75 NR/NR Interactive Data Corp., Term B Loan, 1/31/18 $ 2,352,523
1,038,781 9.00 BB/Ba2 RH Donnelley, Inc., Term Loan, 10/24/14 820,420
------------
$ 3,172,943
------------
Total Media $ 22,650,230
------------------------------------------------------------------------------------------------------
RETAILING -- 2.6%
Apparel Retail -- 1.0%
1,496,250 5.00 NR/NR Gymboree Corp., Term Loan, 11/23/17 $ 1,502,173
2,000,000 4.75 B/Ba1 J. Crew Group, Inc., Term Loan, 11/23/17 1,998,921
------------
$ 3,501,094
------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.2%
598,500 4.75 NR/NR Autotrader.com, Inc., Tranche B Term Loan,
11/16/16 $ 604,335
------------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.4%
1,213,424 2.99 CCC+/Ba2 Dollar General Corp., Tranche B1 Term Loan,
7/7/14 $ 1,214,558
------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.2%
595,500 5.00 B+/Ba3 Hillman Group, Inc., Term Loan, 5/31/16 $ 598,480
------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.8%
1,593,431 2.46 NR/NR Sally Holdings, Term B Loan, 11/16/13 $ 1,597,415
1,230,000 4.25 NR/NR Savers, Inc., New Term Loan, 2/4/17 1,239,481
------------
$ 2,836,896
------------
Total Retailing $ 8,755,363
------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.4%
Drug Retail -- 0.5%
1,836,922 4.50 NR/NR Rite Aid Corp., Tranche 5 Term Loan, 2/17/18 $ 1,832,711
------------------------------------------------------------------------------------------------------
Food Distributors -- 0.6%
1,944,000 5.00 B+/B1 Windsor Quality Food Co., Ltd., Tranche B Term
Loan, 1/11/17 $ 1,951,120
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Food Retail -- 0.3%
995,886 2.74 BB-/Ba3 Pinnacle Foods Group, Inc., Term Loan, 4/2/14 $ 994,267
------------
Total Food & Drug Retailing $ 4,778,098
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.0%
Agricultural Products -- 0.7%
1,000,000 0.00 BB-/B2 American Rock Salt Co. LLC, Term Loan,
4/1/17 $ 1,010,000
300,000 5.00 NR/Ba2 Darling International, Inc., Term Loan, 11/9/16 302,625
946,542 5.50 B/B1 WM Bolthouse Farms, Inc., 1st Lien Term Loan,
1/25/16 954,627
------------
$ 2,267,252
--------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.1%
202,116 1.75 BB/Ba3 Constellation Brands, Inc., Non-Extending Term
Loan, 6/5/13 $ 202,188
99,710 3.00 BB/Ba3 Constellation Brands, Inc., Extending Term
Loan, 6/5/15 100,406
------------
$ 302,594
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.2%
290,176 1.81 BB+/Ba3 Dean Foods Co., 2014 Tranche B Term Loan,
4/2/14 $ 283,103
960,000 4.50 BB/Baa3 Del Monte Foods Co., Initial Term Loan, 2/3/18 965,322
68,505 5.50 BB-/Ba2 Dole Food Co, Inc., Tranche B1 Term Loan,
2/1/17 69,250
170,150 5.03 BB-/Ba2 Dole Food Co, Inc., Tranche C1 Term Loan,
2/1/17 172,000
997,500 5.50 NR/NR Green Mountain Coffee Roasters, Inc., Term B
Facility Loan, 11/18/16 1,012,151
908,000 4.25 BB-/Ba3 Michael Foods, Inc., Term B Facility Loan,
2/14/18 916,967
845,750 7.00 NR/NR Pierre Foods, Inc., 1st Lien Term Loan,
9/30/16 853,327
------------
$ 4,272,120
------------
Total Food, Beverage & Tobacco $ 6,841,966
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.7%
Household Products -- 0.7%
1,253,711 4.00 BB-/Ba2 JohnsonDiversey Holdings, Tranche B Dollar
Term Loan, 11/24/15 $ 1,259,196
369,740 5.01 B/B3 Spectrum Brands Holdings, Inc., New Term
Loan, 6/16/16 374,494
513,590 5.02 NR/NR SRAM Corp., Term Loan, 4/30/15 514,874
------------
$ 2,148,564
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 29
Schedule of Investments | 4/30/11 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
Personal Products -- 1.0%
750,000 4.25 B+/NR General Nutrition Centers, Inc., Tranche B Term
Loan, 2/3/18 $ 753,511
1,246,875 4.25 BB-/Ba1 NBTY, Inc., Term B1 Loan, 10/1/17 1,257,396
1,490,000 6.00 NR/Ba1 Revlon Consumer Products Corp., Term Loan,
3/11/15 1,500,361
------------
$ 3,511,268
------------
Total Household & Personal Products $ 5,659,832
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 12.4%
Health Care Equipment -- 0.5%
1,955,000 5.50 NR/NR Carestream Health, Inc., Term Loan, 2/8/17 $ 1,835,012
19,752 3.50 NR/NR Fresenius SE, Tranche D2 Term Loan, 9/10/14 19,805
------------
$ 1,854,817
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.2%
50,669 2.56 BB-/Ba3 CHS/Community Health Systems, Non-
Extended Term Loan, 7/25/14 $ 49,529
846,450 6.50 B+/B1 Ardent Medical Services, Term Loan, 9/15/15 851,387
984,825 2.56 BB-/Ba3 CHS/Community Health Systems, Non-
Extended Term Loan, 7/25/14 962,666
2,133,542 4.00 BB-/Ba3 Hanger Orthopedic Group, Inc., Term C Loan,
12/1/16 2,145,988
83,654 2.56 BB+/Ba2 HCA, Inc., Tranche B1 Term Loan, 11/18/13 83,630
1,450,619 3.56 BB+/Ba2 HCA, Inc., Tranche B2 Term Loan, 3/17/17 1,454,447
1,100,000 0.00 B/Ba3 IASIS Healthcare LLC, Term B Loan, 4/18/18 1,106,534
1,775,000 0.00 NR/NR Kindred Healthcare, Inc., Term Loan, 2/7/18 1,772,227
280,311 2.25 B/Ba3 United Surgical Partners International, Tranche
B Term Loan, 4/21/14 276,807
53,830 2.22 B/Ba3 United Surgical Partners International, Delayed
Draw Term Loan, 4/19/14 53,158
2,297,594 4.00 NR/NR Universal Health Services, Inc., Tranche B Term
Loan, 11/30/16 2,313,031
------------
$ 11,069,404
----------------------------------------------------------------------------------------------------------
Health Care Services -- 6.7%
944,063 6.50 NR/NR AccentCare, Inc., Term Loan, 12/22/16 $ 946,423
1,236,850 5.50 NR/NR Alliance HealthCare Services, Initial Term Loan,
6/1/16 1,243,034
428,914 5.50 BB-/Ba3 Butler Schein Animal, Term Loan, 11/30/16 432,131
1,285,156 2.46 NR/NR Catalent Pharma Solutions, Inc., Dollar Term
Loan, 4/10/14 1,254,795
1,296,750 4.50 BB/Ba1 DaVita, Inc., Tranche B Term Loan, 10/20/16 1,310,517
1,000,000 0.00 B+/B1 Emergency Medical Services Corp., Initial Term
Loan, 4/5/18 1,007,145
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
1,975,000 4.75 BB-/Ba2 Gentiva Health Services, Inc., Term B1 Loan,
2/22/16 $ 1,999,688
498,750 4.75 NR/NR inVentiv Health, Inc., Term B1 Loan, 8/4/16 501,556
1,000,000 1.63 NR/NR inVentiv Health, Inc., Term B2 Loan, 8/4/16 1,005,001
1,192,508 4.75 NR/NR inVentiv Health, Inc., Replacement Term Loan,
5/7/16 1,201,451
237,405 8.50 B/B1 NAMM Holdings, Inc., NAMM Term Loan,
4/1/14 239,383
1,765,000 7.00 B+/B1 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/18/17 1,747,350
1,702,970 8.25 NR/NR National Surgical Hospitals, Inc., Initial Term
Loan, 1/4/17 1,700,842
643,500 7.25 NR/NR Prime Healthcare Services, Term B Loan,
4/28/15 632,239
416,434 6.00 BB/Ba3 RehabCare Group, Inc., Term B Loan, 11/1/15 419,210
1,499,375 5.75 NR/NR Renal Advantage Holdings, Inc., Tranche B Term
Loan, 11/12/16 1,517,649
1,496,250 6.00 CCC/B3 Rural/Metro Operating Co. LLC, Term Loan,
10/18/16 1,507,472
2,132,214 7.50 B+/Ba2 Sun HealthCare Group, Term Loan, 10/18/16 2,134,880
1,000,000 0.00 NR/NR Surgery Center Holdings, Inc., Term Loan,
9/20/16 1,008,750
1,246,875 7.75 NR/NR Virtual Radiologic Corp., Term Loan, 11/3/16 1,246,875
------------
$ 23,056,391
-------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
481,250 2.23 BB/Ba2 Alere, Inc., 1st Lien Term Loan, 6/26/14 $ 476,287
156,021 3.54 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 156,352
37,930 3.46 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term Loan,
4/24/15 38,011
456,196 3.21 BB/Ba2 Biomet, Inc., Dollar Term Loan, 3/25/15 456,281
------------
$ 1,126,931
-------------------------------------------------------------------------------------------------------
Health Care Technology -- 1.6%
1,496,250 5.75 B+/Ba3 Convatec, Inc., Dollar Term Loan, 12/1/16 $ 1,504,666
997,328 4.50 NR/NR IMS Health, Inc., Tranche B Dollar Term Loan,
8/31/17 1,004,496
1,916,260 5.25 NR/NR MedAssets, Inc., Term Loan, 11/15/16 1,936,221
1,007,679 6.25 NR/NR Physician Oncology Services, Effective Date
Term Loan, 2/10/17 1,005,159
------------
$ 5,450,542
-------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
237,405 8.50 B/B1 MMM Holdings, Inc., MMM Term Loan,
4/14/15 $ 239,383
------------
Total Health Care Equipment & Services $ 42,797,468
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 31
Schedule of Investments | 4/30/11 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 2.4%
Biotechnology -- 1.9%
1,605,975 5.50 NR/NR Axcan Intermediate Holdings, Inc., Term Loan,
1/25/17 $ 1,605,976
34,579 3.50 NR/NR Fresenius Kabi Pharmaceuticals Holding, Inc.,
Tranche D1 Dollar Term Loan, 9/10/14 34,741
2,275,000 0.00 NR/NR Grifols, Inc., U.S. Tranche B Term Loan, 6/4/16 2,300,225
57,418 6.50 NR/NR Harvard Drug Group, Delayed Draw Term Loan,
4/8/16 57,418
417,582 6.50 NR/NR Harvard Drug Group, Closing Date Term Loan,
4/7/16 417,582
1,035,908 6.75 BB-/B1 HGI Holdings, Inc., Initial Term Loan, 7/27/16 1,046,701
641,250 7.00 NR/NR Ikaria Holdings, Inc., Term Loan, 5/14/16 632,433
228,571 4.25 NR/Ba3 Warner Chilcott Corp., Term B1 Loan, 3/3/18 230,714
114,286 4.25 NR/Ba3 Warner Chilcott Corp., Term B2 Loan, 3/3/18 115,357
157,143 4.25 NR/Ba3 Warner Chilcott Corp., Term B3 Loan, 3/3/18 158,616
------------
$ 6,599,763
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
1,590,960 2.46 BB/Ba1 Key Safety, 1st Lien Term Loan, 3/8/14 $ 1,514,063
48,905 3.56 BBB-/Ba1 Mylan Laboratories, U.S. Tranche B Term Loan,
10/2/14 49,183
------------
$ 1,563,246
------------
Total Pharmaceuticals & Biotechnology $ 8,163,009
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.4%
Consumer Finance -- 0.2%
500,000 7.25 B+/B2 Springleaf Funding Co., Term Loan, 4/8/15 $ 501,632
--------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.1%
528,316 8.75 B-/B1 BNY ConvergEx Group, Term Loan, 12/16/17 $ 542,845
221,684 8.75 B-/B1 BNY ConvergEx Group, Term Loan, 11/29/17 227,780
1,056,633 0.00 B-/B1 BNY ConvergEx Group, 1st Lien Term Loan,
12/16/16 1,066,274
443,368 0.00 B-/B1 BNY ConvergEx Group, 1st Lien Term Loan,
12/16/16 447,413
1,250,000 5.00 NR/NR Kasima LLC, Incremental Term Loan, 3/25/17 1,251,563
1,100,000 5.00 NR/NR Nexeo Solutions LLC, Initial Term Loan,
8/25/17 1,107,334
1,295,007 5.31 B/Ba3 Vertrue, Inc., 1st Lien Term Loan, 8/18/14 1,165,507
1,470,000 6.25 NR/NR WorldPay, Facility B2A Term Loan, 8/6/17 1,476,431
------------
$ 7,285,147
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%
96,137 5.25 B+/Ba3 LPL Holdings, Inc., 2017 Term Loan, 6/28/17 $ 97,219
--------------------------------------------------------------------------------------------------------
Multi-Sector Holding -- 0.3%
1,015,313 4.77 NR/NR Fox Acquisition Sub LLC, Replacement Term
Loan, 7/7/15 $ 1,020,232
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.8%
221,642 3.81 BB+/B1 Asset Acceptance Capital Corp., Tranche B Term
Loan, 6/12/13 $ 220,533
801,262 3.75 BBB-/Ba2 MSCI, Inc., Term B1 Loan, 3/14/17 810,026
1,684,488 8.00 B-/B2 NCO Group, Inc., Term B Advance Loan,
5/15/13 1,671,055
------------
$ 2,701,614
------------
Total Diversified Financials $ 11,605,844
------------------------------------------------------------------------------------------------------
INSURANCE -- 1.2%
Insurance Brokers -- 0.7%
232,993 3.30 NR/NR Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 231,828
974,457 6.75 NR/NR Alliant Holdings I, Inc., Tranche D Term Loan,
8/21/14 986,637
88,381 2.81 B/NR HUB International Holdings, Delayed Draw Term
Loan, 6/13/14 87,795
98,500 6.75 B/NR HUB International Holdings, Additional Term
Loan, 6/13/14 98,808
393,178 2.81 B/NR HUB International Holdings, Initial Term Loan,
6/13/14 390,573
678,182 2.72 B/B2 USI Holdings Corp., Tranche B Term Loan,
5/5/14 671,400
------------
$ 2,467,041
------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.4%
1,300,000 7.50 B/B1 CNO Financial Group, Inc., Term Loan,
8/31/16 $ 1,313,000
------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.1%
489,268 2.82 B-/NR AmWINS Group, Inc., Initial Term Loan, 6/8/13 $ 485,904
------------
Total Insurance $ 4,265,945
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Real Estate Development -- 0.4%
1,237,500 7.50 B/Ba3 Ozburn-Hessey Holdings, 1st Lien Term Loan,
4/7/16 $ 1,259,156
------------
Total Real Estate $ 1,259,156
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.9%
Application Software -- 2.2%
1,496,250 5.50 NR/NR Applied Systems, Inc., 1st Lien Term Loan,
12/8/16 $ 1,506,848
1,090,000 4.00 NR/NR NDS Group Plc, Tranche B Term Loan, 2/14/18 1,094,769
982,925 1.97 B/Ba3 Nuance Communications, Term Loan, 3/29/13 979,700
98,718 1.97 B/Ba3 Nuance Communications, Incremental Term
Loan, 3/29/13 98,394
372,642 4.31 B+/B1 Serena Software, Inc., 2016 Term Loan,
3/11/13 371,477
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 33
Schedule of Investments | 4/30/11 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
Application Software -- (continued)
1,750,000 0.00 B+/NR Verint Systems, Inc., 2011 Term Loan,
10/6/17 $ 1,758,750
1,620,938 5.25 BB-/NR Vertafore, Inc., 1st Lien Term Loan, 7/31/16 1,632,588
------------
$ 7,442,526
----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.8%
1,000,000 5.50 B+/B1 CCC Information Services Group, Inc., Term
Loan, 11/29/15 $ 1,006,869
1,243,750 5.25 BBB-/Ba1 Fidelity National Information, Term B Loan,
7/18/16 1,254,633
847,875 5.50 NR/NR Fifth Third Bank Processing Solutions, Term B
Loan, 10/28/16 856,672
94,467 2.96 BB-/B1 First Data Corp., Non-Extending Term Loan,
9/24/14 89,883
887,680 4.21 B-/Caa1 First Data Corp., 2018 Dollar Term Loan,
3/24/18 843,971
952,381 7.00 BB-/B1 Global Cash Access Holdings, Inc., Term Loan,
2/1/16 965,476
1,292,133 2.71 NR/NR Lender Processing Services, Term B Loan,
7/1/14 1,291,595
------------
$ 6,309,099
----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.4%
1,243,750 6.75 NR/NR SAVVIS, Inc., Term Loan, 8/4/16 $ 1,254,439
----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
365,536 2.31 NR/NR Activant Solutions, Inc., Term B1 Loan, 5/2/13 $ 364,508
470,663 1.98 BB/Ba3 Sungard Data Systems, Inc., Tranche A U.S.
Term Loan, 2/28/14 466,984
------------
$ 831,492
----------------------------------------------------------------------------------------------------------
Systems Software -- 2.3%
633,675 3.97 B+/B2 Infor Global Solutions, Original Delayed Draw
Term Loan, 7/28/12 $ 627,668
1,344,382 3.97 B+/B2 Infor Global Solutions, Original Initial U.S. Term
Loan, 7/28/12 1,331,639
1,643,150 2.32 BB-/Ba3 Inverness Medical Innovations, Term Loan,
2/14/13 1,622,611
880,000 3.75 BB-/Ba3 Reynolds & Reynolds Co., Tranche B Term Loan,
3/9/18 888,609
1,025,000 4.00 NR/NR Rovi Corp., Tranche B Term Loan, 1/19/18 1,034,609
2,421,330 6.75 B+/B1 Telcordia Technologies, Term Loan, 4/9/16 2,429,653
------------
$ 7,934,789
------------
Total Software & Services $ 23,772,345
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.7%
Communications Equipment -- 1.3%
2,000,000 5.00 BB/Ba2 CommScope, Inc., Term Loan, 1/3/18 $ 2,022,912
265,000 5.25 NR/NR TowerCo LLC, Term Loan, 1/20/17 267,098
------------
$ 2,290,010
-------------------------------------------------------------------------------------------------------
Electronic Components -- 0.7%
498,750 5.00 BB/Ba2 CPI International, Inc., Term B Loan, 11/24/17 $ 503,738
71,218 2.46 NR/Ba1 Flextronics Semiconductor, A1A Delayed Draw
Term Loan, 10/1/14 70,950
8,956 2.51 BB-/Ba2 Flextronics Semiconductor, A1B Delayed Draw
Term Loan, 10/1/14 8,900
53,646 2.46 NR/Ba1 Flextronics Semiconductor, A2 Delayed Draw
Term Loan, 10/1/14 53,311
347,556 2.49 NR/Ba1 Flextronics Semiconductor, A3 Delayed Draw
Term Loan, 10/1/14 345,384
346,558 2.49 NR/Ba1 Flextronics Semiconductor, Closing Date Term
Loan, 10/1/14 345,259
432,375 2.80 NR/NR Generac Acquisition Corp., 1st Lien Term Loan,
11/10/13 431,249
498,750 5.00 NR/NR Scitor Corp., Term Loan, 1/21/17 500,620
------------
$ 2,259,411
-------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.1%
257,615 3.72 BB-/Ba1 Itron, Inc., Dollar Term Loan, 4/18/14 $ 259,440
-------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.6%
671,625 6.50 BB-/Ba3 Excelitas Technologies Corp., New Term B Loan,
11/29/16 $ 676,662
466,033 8.00 NR/B1 Securus Technologies, Term Loan, 10/30/14 473,023
------------
$ 1,149,685
------------
Total Technology Hardware & Equipment $ 5,958,546
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 1.5%
Semiconductor Equipment -- 1.0%
1,281,922 4.31 B+/Ba3 Aeroflex, Inc., Tranche B1 Term Loan, 8/15/14 $ 1,281,922
2,371,872 4.49 B-/NR Freescale Semiconductor, Inc., Extended
Maturity Term Loan, 12/1/16 2,375,950
------------
$ 3,657,872
-------------------------------------------------------------------------------------------------------
Semiconductors -- 0.5%
602,756 4.75 BB/Ba2 Intersil Corp., Term Loan, 4/27/16 $ 606,523
997,500 4.00 NR/NR Microsemi Corp., New Term Loan, 11/2/17 1,004,981
------------
$ 1,611,504
------------
Total Semiconductors $ 5,269,376
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 35
Schedule of Investments | 4/30/11 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.3%
Alternative Carriers -- 0.6%
2,000,000 0.00 B/Ba3 PAETEC Holding Corp., Initial Term Loan,
4/11/18 $ 2,017,500
------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 1.4%
929,719 3.22 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 $ 930,300
79,860 3.22 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 79,910
1,739,654 3.50 B+/B1 TW Telecom Holdings, Inc., Term B2 Loan,
12/30/16 1,749,439
337,972 2.73 BB-/Ba3 West Corp., Term B2 Loan, 10/24/13 337,418
1,263,468 4.59 BB-/Ba3 West Corp., Term B4 Loan, 7/15/16 1,276,103
354,887 4.61 BB-/Ba3 West Corp., Term B5 Loan, 7/15/16 358,658
293,250 3.02 NR/NR Windsteam Corp., Tranche B2 Term Loan,
12/17/15 294,768
------------
$ 5,026,596
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.3%
1,000,000 5.25 BB-/B1 Intelsat Jackson Holdings SA, Tranche B Term
Loan, 4/3/18 $ 1,011,172
20,224 4.07 NR/NR MetroPCS Wireless, Inc., Tranche B1 Term Loan,
11/3/13 20,280
1,265,870 4.07 NR/NR MetroPCS Wireless, Inc., Tranche B2 Term Loan,
11/3/16 1,273,668
1,995,000 5.25 BB-/B1 Syniverse Holdings, Inc., Term Loan, 12/22/17 2,017,863
------------
$ 4,322,983
------------
Total Telecommunication Services $ 11,367,079
------------------------------------------------------------------------------------------------------
UTILITIES -- 2.2%
Electric Utilities -- 1.4%
1,375,000 5.75 BB-/Ba3 Equipower Resources Corp., Term B Facility
Loan, 1/4/18 $ 1,388,750
1,488,806 7.75 NR/NR Race Point Power, Term Loan, 1/11/18 1,493,459
2,528,934 3.74 BBB-/Ba1 Texas Competitive Electric Holdings Co., 2017
Term Loan, 10/10/17 2,030,734
------------
$ 4,912,943
------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.8%
1,450,000 4.50 B+/B1 Calpine Corp., Term Loan, 3/1/18 $ 1,465,301
91,980 2.31 B+/B2 Mach Gen LLC, Synthetic LC Term Loan,
2/22/13 86,001
553,696 0.00 NR/Baa3 NRG Energy, Inc., Extended Maturity Term Loan,
8/31/15 558,715
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
446,304 0.00 NR/Baa3 NRG Energy, Inc., Extended Maturity Term Loan,
8/31/15 $ 450,350
------------
$ 2,560,367
------------
Total Utilities $ 7,473,310
---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $279,779,669) $282,885,973
---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 13.6%
Repurchase Agreements -- 13.6%
23,275,000 NR/Aaa BNP Paribas Securities, Inc., 0.05%, dated
4/29/11, repurchase price of $23,275,000
plus accrued interest on 5/2/11 collateralized
by $23,740,500 Government National
Mortgage Association I, 5.5%, 12/15/39 $ 23,275,000
23,275,000 NR/Aaa Deutschebank, 0.04%, dated 4/29/11,
repurchase price of $23,275,000 plus accrued
interest on 5/2/11 collateralized by
$23,740,500 Federal National Mortgage
Association, 5.5-7.0%, 8/1/37-2/1/38 23,275,000
------------
$ 46,550,000
---------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $46,550,000) $ 46,550,000
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 107.1%
(Cost $362,647,234) (a) $366,474,861
---------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (7.1)% $(24,150,474)
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $342,324,387
=========================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
(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 April
30, 2011, the value of these securities amounted to $3,589,747 or 1.0%
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.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 37
Schedule of Investments | 4/30/11 (unaudited) (continued)
(a) At April 30, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $365,703,442 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $4,814,191
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (4,042,772)
----------
Net unrealized gain $ 771,419
==========
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2011 aggregated $264,637,280 and $59,256,806,
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 following is a summary of the inputs used as of April 30, 2011, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
Convertible Corporate Bonds $ -- $ 1,685,000 $ -- $ 1,685,000
Preferred Stocks 117,950 -- -- 117,950
Common Stocks -- 164,692 39,836 204,528
Asset Backed Securities -- 4,886,982 -- 4,886,982
Collateralized Mortgage Obligations -- 1,624,670 -- 1,624,670
Corporate Bonds -- 24,172,959 -- 24,172,959
Municipal Bonds -- 4,346,799 -- 4,346,799
Senior Floating Rate Loan Interests -- 282,885,973 -- 282,885,973
Temporary Cash Investments -- 46,550,000 -- 46,550,000
------------------------------------------------------------------------------------------------
Total $117,950 $366,317,075 $39,836 $366,474,861
=================================================================================================
Other Financial Instruments* $ -- $ (188,061) -- $ (188,061)
------------------------------------------------------------------------------------------------
* Other financial instruments include foreign exchange contracts
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
-----------------------------------------------------------------------------------------------
Senior
Floating
Common Rate Loan
Stocks Interests Total
-----------------------------------------------------------------------------------------------
Balance as of 10/31/10 $39,836 $ 338,403 $ 378,239
Realized gain (loss)(1) -- -- --
Change in unrealized appreciation (depreciation)(2) -- (23,193) (23,193)
Net purchases (sales) -- (9,169) (9,169)
Transfers in and out of Level 3* -- (306,041) (306,041)
-----------------------------------------------------------------------------------------------
Balance as of 4/30/11 $39,836 $ -- $ 39,836
===============================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated at date of transfer
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 39
Statement of Assets and Liabilities | 4/30/11 (unaudited)
ASSETS:
Investment in securities (cost $362,647,234) $366,474,861
Cash 3,017,064
Foreign currencies, at value (cost $582,840) 607,532
Receivables --
Investment securities sold 83,262
Fund shares sold 4,625,610
Dividends and interest 1,367,854
Due from Pioneer Investment Management, Inc. 4,854
Other 59,526
---------------------------------------------------------------------------------------
Total assets $376,240,563
---------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 31,784,912
Fund shares repurchased 1,594,106
Dividends 223,473
Forward foreign currency portfolio hedge contracts, open-net 188,061
Due to affiliates 46,182
Unrealized depreciation on unfunded corporate loans 4,200
Accrued expenses 75,242
---------------------------------------------------------------------------------------
Total liabilities $ 33,916,176
---------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $339,427,201
Distributions in excess of net investment income (18,523)
Accumulated net realized loss on investments and foreign
currency transactions (712,324)
Net unrealized gain on investments 3,831,827
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (203,794)
---------------------------------------------------------------------------------------
Total net assets $342,324,387
=======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $195,531,882/28,113,858 shares) $ 6.95
Class C (based on $70,930,006/10,189,402 shares) $ 6.96
Class Y (based on $75,862,499/10,877,913 shares) $ 6.97
MAXIMUM OFFERING PRICE:
Class A ($6.95 [divided by] 95.5%) $ 7.28
=======================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Statement of Operations (unaudited)
For the Six Months Ended 4/30/11
INVESTMENT INCOME:
Dividends $ 2,533
Interest 6,578,903
---------------------------------------------------------------------------------------------
Total investment income $6,581,436
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 713,348
Transfer agent fees and expenses
Class A 29,854
Class C 10,230
Class Y 5,008
Distribution fees
Class A 182,423
Class C 233,676
Shareholder communications expense 53,616
Administrative fees 36,002
Custodian fees 26,465
Registration fees 39,170
Professional fees 32,730
Printing expense 24,000
Fees and expenses of nonaffiliated trustees 3,582
Miscellaneous 34,144
---------------------------------------------------------------------------------------------
Total expenses $1,424,248
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (4,854)
---------------------------------------------------------------------------------------------
Net expenses $1,419,394
---------------------------------------------------------------------------------------------
Net investment income $5,162,042
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 679,610
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (67,925) $ 611,685
---------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $1,953,459
Unfunded corporate loans (6,421)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (203,794) $1,743,244
---------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $2,354,929
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $7,516,971
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 41
Statements of Changes in Net Assets
For the Six Months Ended 4/30/11 and the Year Ended 10/31/10, respectively
--------------------------------------------------------------------------------------------
Six Months
Ended
4/30/11 Year Ended
(unaudited) 10/31/10
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 5,162,042 $ 3,575,754
Net realized gain on investments and foreign currency
transactions 611,685 666,674
Change in net unrealized gain on investments and foreign
currency transactions 1,743,244 2,601,004
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,516,971 $ 6,843,432
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.15 and $0.32 per share, respectively) $ (3,222,652) $ (2,329,063)
Class C ($0.13 and $0.26 per share, respectively) (847,083) (657,462)
Class Y ($0.16 and $0.33 per share, respectively) (1,057,651) (648,259)
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (5,127,386) $ (3,634,784)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $242,165,402 $132,808,051
Reinvestment of distributions 4,097,769 2,205,306
Cost of shares repurchased (40,809,936) (56,402,730)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $205,453,235 $ 78,610,627
--------------------------------------------------------------------------------------------
Net increase in net assets $207,842,820 $ 81,819,275
NET ASSETS:
Beginning of period 134,481,567 52,662,292
--------------------------------------------------------------------------------------------
End of period $342,324,387 $134,481,567
--------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (18,523) $ (53,179)
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
'11 Shares '11 Amount '10 Shares '10 Amount
(unaudited) (unaudited)
Class A
Shares sold 18,101,918 $125,417,525 13,967,799 $94,637,506
Reinvestment of distributions 388,679 2,695,815 246,024 1,663,322
Less shares repurchased (3,930,031) (27,261,999) (4,815,258) (32,448,645)
----------------------------------------------------------------------------------------------------
Net increase 14,560,566 $100,851,341 9,398,565 $63,852,183
====================================================================================================
Class C
Shares sold 7,079,917 $ 49,106,360 3,236,798 $21,901,053
Reinvestment of distributions 102,104 709,337 49,493 334,915
Less shares repurchased (439,444) (3,044,113) (1,847,449) (12,467,892)
----------------------------------------------------------------------------------------------------
Net increase 6,742,577 $ 46,771,584 1,438,842 $ 9,768,076
====================================================================================================
Class Y
Shares sold 9,727,152 $ 67,641,517 2,392,111 $16,269,492
Reinvestment of distributions 99,510 692,617 30,491 207,069
Less shares repurchased (1,510,490) (10,503,824) (1,697,930) (11,486,193)
----------------------------------------------------------------------------------------------------
Net increase 8,316,172 $ 57,830,310 724,672 $ 4,990,368
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 43
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/11 Year Ended Year Ended Year Ended 2/14/07 (a)
(unaudited) 10/31/10 10/31/09 10/31/08 to 10/31/07
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.87 $ 6.58 $ 5.64 $ 7.29 $ 7.50
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.16 $ 0.31 $ 0.32 $ 0.40 $ 0.32
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.07 0.30 0.95 (1.62) (0.23)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.23 $ 0.61 $ 1.27 $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income $ (0.15) $ (0.32) $ (0.33) $ (0.43) $ (0.30)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.95 $ 6.87 $ 6.58 $ 5.64 $ 7.29
===================================================================================================================================
Total return* 3.42% 9.44% 23.50% (17.57)% 1.21%(b)
Ratio of net expenses to average net assets+ 1.09%** 1.10% 1.10% 1.10% 1.10%**
Ratio of net investment income to average net assets+ 4.45%** 4.48% 5.26% 5.85% 6.31%**
Portfolio turnover rate 52%** 37% 23% 30% 49%(b)
Net assets, end of period (in thousands) $195,532 $93,183 $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 1.10%** 1.29% 1.58% 1.40% 1.47%**
Net investment income 4.44%** 4.30% 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 1.09%** 1.10% 1.10% 1.10% 1.10%**
Net investment income 4.45%** 4.48% 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 each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Six Months
Ended
4/30/11 Year Ended Year Ended Year Ended 2/14/07 (a)
(unaudited) 10/31/10 10/31/09 10/31/08 to 10/31/07
Class C
Net asset value, beginning of period $ 6.87 $ 6.58 $ 5.63 $ 7.29 $ 7.50
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.25 $ 0.27 $ 0.34 $ 0.28
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.08 0.30 0.96 (1.63) (0.23)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.21 $ 0.55 $ 1.23 $ (1.29) $ 0.05
Distributions to shareowners:
Net investment income $ (0.13) $ (0.26) $ (0.28) $ (0.37) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.96 $ 6.87 $ 6.58 $ 5.63 $ 7.29
====================================================================================================================================
Total return* 3.15% 8.47% 22.63% (18.46)% 0.70%(b)
Ratio of net expenses to average net assets+ 1.86%** 2.00% 2.00% 2.00% 2.00%**
Ratio of net investment income to average net assets+ 3.67%** 3.59% 4.60% 4.96% 5.38%**
Portfolio turnover rate 52%** 37% 23% 30% 49%(b)
Net assets, end of period (in thousands) $70,930 $23,703 $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 1.86%** 2.04% 2.29% 2.30% 2.32%**
Net investment income 3.67%** 3.55% 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 1.86%** 2.00% 2.00% 2.00% 2.00%**
Net investment income 3.67%** 3.59% 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 each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(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 | Semiannual Report | 4/30/11 45
Financial Highlights (continued)
Six Months
Ended
4/30/11 Year Ended Year Ended Year Ended 2/14/07 (a)
(unaudited) 10/31/10 10/31/09 10/31/08 to 10/31/07
Class Y
Net asset value, beginning of period $ 6.89 $ 6.59 $ 5.64 $ 7.29 $ 7.50
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.17 $ 0.32 $ 0.32 $ 0.40 $ 0.33
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.07 0.31 0.96 (1.62) (0.24)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.24 $ 0.63 $ 1.28 $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income $ (0.16) $ (0.33) $ (0.33) $ (0.43) $(0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.97 $ 6.89 $ 6.59 $ 5.64 $ 7.29
====================================================================================================================================
Total return* 3.55% 9.71% 23.70% (17.53)% 1.24%(b)
Ratio of net expenses to average net assets+ 0.84%** 0.92% 1.09% 1.08% 1.11%**
Ratio of net investment income to average net assets+ 4.73%** 4.67% 5.58% 5.82% 6.27%**
Portfolio turnover rate 52%** 37% 23% 30% 49%(b)
Net assets, end of period (in thousands) $75,862 $17,659 $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 0.84%** 0.95% 1.24% 1.27% 1.32%**
Net investment income 4.73%** 4.67% 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 0.84%** 0.92% 1.09% 1.08% 1.11%**
Net investment income 4.73%** 4.67% 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 each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Notes to Financial Statements | 4/30/11 (unaudited)
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 the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund invests in below investment grade (high
yield) 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 investments in a
developed market. Risks associated with these markets include disruptive
political or economic conditions and the possible imposition of adverse
governmental laws or currency exchange restrictions. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 47
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
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.
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
At April 30, 2011, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0% of net assets. Inputs used when applying fair
value methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities. 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/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 49
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2010 was as follows:
-----------------------------------------------------------------------------
2010
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $3,634,784
-----------------------------------------------------------------------------
Total $3,634,784
=============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2010:
-----------------------------------------------------------------------------
2010
-----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $75,477
Capital loss carryforward (1,317,201)
Current year dividend payable (79,256)
Unrealized appreciation 1,828,581
-----------------------------------------------------------------------------
Total $507,601
=============================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, tax treatment of
premium and adjustments relating to catastrophe bonds.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
D. 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 $75,333 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2011.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
F. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. 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
over $500 million. For the six months ended April 30, 2011, 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 and Class C shares, respectively. Expenses
waived during the period ended April 30, 2011, are reflected on the Statement
of Operations. These expense limitations are in effect through
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 51
March 1, 2012. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$20,117 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2011.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended April 30, 2011, such out-of-pocket expenses by class
of shares were as follows:
------------------------------------------------------------------------------
Shareholder Communications:
------------------------------------------------------------------------------
Class A $31,023
Class C 11,364
Class Y 11,229
------------------------------------------------------------------------------
Total $53,616
==============================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $19,533 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2011.
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 $6,532 in distribution fees payable to
PFD at April 30, 2011.
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
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
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 six
months ended April 30, 2011, CDSCs in the amount of $29,583 were paid to PFD.
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 six months ended April 30, 2011, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2011, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open
during the six months ended April 30, 2011 was $2,051,429. Open portfolio
hedges at April 30, 2011 were as follows:
----------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
----------------------------------------------------------------------------------------------------
EUR
(Euro) (2,350,000) $(3,311,822) 6/30/11 $(3,480,928) $(169,106)
NOK
(Norwegian Krone) (1,520,000) (269,913) 6/30/11 (288,868) (18,955)
----------------------------------------------------------------------------------------------------
Total $(188,061)
====================================================================================================
At April 30, 2011, the Fund had no outstanding settlement hedges.
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 53
annualized basis. The Funds pay an annual commitment fee for this facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended April 30,
2011, the Fund had no borrowings under this agreement.
8. Unfunded Loan Commitments
As of April 30, 2011, the Fund had unfunded loan commitments of approximately
$3,413,218 (excluding unrealized appreciation on those commitments of $4,200 as
of April 30, 2011), which could be extended at the option of the borrower
pursuant to the following loan agreements:
-------------------------------------------------------------------------------
Unfunded
Borrower Commitment
-------------------------------------------------------------------------------
CB Richard Ellis Services, Incremental Tranche D Term $1,000,000
CB Richard Ellis Services, Incremental Tranche C Term $1,000,000
Excelitas Technologies Corp, Delayed Draw Term Loan $1,000,000
National Security Hospitals, Delayed Draw Term Loan $ 298,422
Physicians Oncology, Delayed Draw Term Loan $ 114,796
-------------------------------------------------------------------------------
Total $3,413,218
===============================================================================
In addition the Fund had the following bridge loan commitments outstanding as
of April 30, 2011:
-------------------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
-------------------------------------------------------------------------------------------------------
Endo Pharmaceuticals Holdings,
Bridge Loan, 4/10/12 1,350,000 $1,350,000 $1,350,000 $ --
Emergency Medical Services Corporation,
Bridge Loan (First Lien), 8/19/11 1,500,000 $1,500,000 $1,500,000 $ --
-------------------------------------------------------------------------------------------------------
Kindred HealthCare Inc., Senior
Unsecured Bridge Loan, 3/4/19 1,000,000 $1,000,000 $1,000,000 $ --
-------------------------------------------------------------------------------------------------------
Silgan Holdings Inc., Senior Subordinated
Bridge Loan, 4/27/12 1,525,000 $1,525,000 $1,525,000 $ --
-------------------------------------------------------------------------------------------------------
EchoStar Satellite Services, LLC, Senior
Secured Bridge Loan, 2/13/12 1,450,000 $1,450,000 $1,450,000 $ --
-------------------------------------------------------------------------------------------------------
EchoStar Satellite Services, LLC, Senior
Secured Bridge Loan, 2/13/12 700,000 $ 700,000 $ 700,000 $ --
-------------------------------------------------------------------------------------------------------
Total $ --
=======================================================================================================
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of April 30, 2011 were as follows:
-----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments
Under Accounting Asset Derivatives 2011 Liabilities Derivatives 2011
Standards Codification ---------------------------------------------------------------
(ASC) 815 (formerly FASB Balance Sheet Balance Sheet
Statement 133) Location Value Location Value
-----------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $ -- Payables* $188,061
-----------------------------------------------------------------------------------------------
Total $ -- $188,061
===============================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2011 was as follows:
-------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Change in
Hedging Instruments Realized Unrealized
Under Accounting Loss on Gain or (Loss)
Standards Codification Location of Gain or (Loss) Derivatives on Derivatives
(ASC) 815 (formerly FASB on Derivatives Recognized Recognized Recognized
Statement 133) in Income in Income in Income
------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized loss on forward foreign $(8,322)
currency contracts and other assets
and liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $(188,061)
forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies
10. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 55
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Floating Rate Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.
The contract review process began in March 2010 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2010, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2010 and
September 2010. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2010 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 16, 2010, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. In
addition, the Trustees considered the arrangements put in place to retain key
investment and other personnel. The Trustees also considered the substantial
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
attention and high priority given by PIM's senior management to the Pioneer
fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one year period ended June 30, 2010, and in the first quintile
of its Morningstar category for the three year period ended June 30, 2010. (In
all quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Fund's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees noted that the yield of the Fund for the twelve months
ended June 30, 2010 compared favorably to the yield of the Fund's benchmark for
the same period. The Trustees discussed the Fund's recent underperformance with
PIM and were satisfied with the information presented by PIM with respect to
the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the Independent Trustees for this purpose using
data provided by Strategic Insight Mutual Trust Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2010 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoint in the management fee schedule and
the reduced fee rate on assets over $500 million. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2010 was in
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 57
the third quintile relative to its Strategic Insight peer group for the
comparable period.
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees concluded that the management fee payable by the
Fund to PIM was reasonable in relation to the nature and quality of the
services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the recent difficult periods for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's fee revenues from the Funds. Accordingly, the Trustees
concluded that economies of scale, if any, were being appropriately shared with
the Fund.
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/11 59
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/11
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 schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
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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
----------------------- ------------------------- -----------------------------------------------
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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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.
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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.
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(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
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.
(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 June 29, 2011
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 June 29, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 29, 2011
* Print the name and title of each signing officer under his or her signature.