OMB APPROVAL
OMB Number: 3235-0570
Expires: August 31, 2013
Estimated average burden
hours per response.....18.9
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, 2011 through April 30, 2012
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Floating
Rate Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A FLARX
Class C FLCRX
Class Y FLYRX
Class Z FLZRX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 39
Notes to Financial Statements 47
Approval of Investment Advisory Agreement 56
Trustees, Officers and Service Providers 60
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 1
President's Letter
Dear Shareowner,
The U.S. economy continued its recovery through the first quarter of 2012, even
as broader global concerns weighed on investors. The U.S. unemployment rate
fell to 8.1% in April, and some indicators suggest that it may continue to
trend down. The housing market continued to improve, fueled in part by
record-low mortgage rates. The risk of rising oil prices appeared to recede.
The improved outlook helped U.S. equity markets to perform well in the first
quarter, with the Standard & Poor's 500 Index rising by 12%. For bond
investors, the riskier sectors of the bond market fared the best. The broad
bond market, as measured by the Barclays Capital Aggregate Bond Index, rose by
just 0.3%, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, rose by 5.15%.
We are cautiously optimistic that the U.S. economy will continue to improve.
But we are also closely monitoring macroeconomic concerns that could change the
market's direction, such as the lingering debt woes in Europe, the state of the
Chinese economy, and the U.S. government's fiscal situation. Clouds have
continued to hover over Europe, as the exit of Greece from the Euro-zone
remains a possibility. Meanwhile, China continues to face a potential slowdown
in economic growth. In the U.S., tax increases and spending cuts scheduled to
take effect at year-end should, unless fiscal policy changes, sharply reduce
the budget deficit -- which would be very good for the country in the longer
run -- but also could potentially stall U.S. economic growth in 2013. All of
these considerations may lead to further market volatility.
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. 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.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy is to identify undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
monitor and analyze the relative valuations of different sectors and securities
globally to help build portfolios that we believe can help you achieve your
investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 3
Portfolio Management Discussion | 4/30/12
Investments in floating-rate bank loans generated solid returns over the six
months ended April 30, 2012, as investor confidence strengthened based on
evidence that the domestic economy was in recovery. In the following interview,
Jonathan Sharkey discusses the factors that affected the performance of Pioneer
Floating Rate Fund during the six months. Mr. Sharkey, vice president and a
portfolio manager at Pioneer, is responsible for the daily management of the
Fund.
Q How did the Fund perform during the six months ended April 30, 2012?
A Pioneer Floating Rate Fund Class A shares returned 4.18% at net asset value
during the six months ended April 30, 2012, while the Fund's benchmark, the
Barclays Capital High Yield Loans Performing Index (the Barclays Index),
returned 4.69%. During the same six-month period, the average return of the
165 mutual funds in Lipper's Loan Participating Funds category was 4.63%. On
April 30, 2012, the 30-day standardized SEC yield of the Fund's Class A shares
was 3.51%.
Q Could you describe the investment environment for floating-rate loans during
the six months ended April 30, 2012, and how the Fund was positioned in that
environment?
A Continued signs that the domestic economy was improving, even though the pace
of growth remained relatively slow, encouraged investors to seek out
credit-sensitive, fixed-income investments in general -- including
floating-rate bank loans -- during the six months ended April 30, 2012. As
evidence accumulated about the creditworthiness of most floating-rate loans in
a "risk-on" environment, high-yield fund managers and other types of
institutional investors were attracted to the discounted prices at which many
floating-rate loans were selling. While the Fund benefited from the favorable
investment backdrop, the portfolio's emphasis on higher-quality loans resulted
in a total return that somewhat lagged the performance of the benchmark
Barclays Index during the full six-month period, as the benchmark had greater
exposure to lower-rated loans.
On the heels of what had been a very strong market for floating-rate loans in
October 2011 (a month in which the asset class saw its largest monthly return
since 2009), November 2011 saw the market dip to the negative side due to
European sovereign-debt concerns. The market then regained positive momentum
in December 2011. Despite the loan market having its worst monthly decline in
August 2011 (-4.4%), loans finished with overall positive returns for the 2011
calendar year, meaning that loans have shown positive performance in 13 of the
last 14 years. Although loan mutual fund growth was anemic in January 2012 and
throughout the first quarter of 2012,
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
loan returns were still strong, as demand for loans outside of retail mutual
funds grew along with stability in the fixed-income markets, healthy repayment
activity for loans and the entry into the loan market of more investors, such
as high-yield funds, pension funds, and institutions. Collateralized loan
obligations (CLO's), which make up 50% of the investor base in loans, saw new
demand and outpaced 2011's demand. The first quarter of 2012 proved to be
strong for floating-rate loans and for credit-sensitive securities in general.
The markets were aided by improving employment reports within the United
States, supportive central bank policies throughout the world, and the
completion of a Greek debt exchange. Defaults on floating-rate loans remained
at very low levels, lending further support to investors' confidence in the
asset class. The 12-month default rate for floating-rate loans stood at just
0.60%, significantly lower than the 3.5% long-term average.
Throughout the six months ended April 30, 2012, we kept our focus on investing
the Fund in higher-rated floating-rate loans. Even as almost 15% of the
Barclays Index was refinanced under new terms during the six-month period, an
increasing share of the new issues were covenant-light loans, which have more
relaxed protections for investors. As part of our higher- quality strategy, we
continue to be selective with regard to the Fund's covenant-light allocation,
as the portfolio's covenant-light exposure is at levels below those within the
Barclays Index. The credit rating profile of the Fund's investments increased
slightly during the six-month period. At the end of the period on April 30,
2012, just 0.80% of Fund assets were rated CCC or lower, with another 3.30%
not rated. BB-rated securities accounted for 54.4% of net assets compared with
49.2% at the beginning of the period six months prior. The Fund maintained a
more up-in-quality bias in comparison with the Barclays Index, which had an
average credit rating of B+ as of April 30, 2012.
Q What types of investments most affected the Fund's performance during the six
months ended April 30, 2012?
A Due to the recession-resistant nature of the health care industry, we have
maintained an overweight to the sector in the Fund, but due to uncertainty
about how the Bipartisan Special Commission on Deficit Reductions would affect
health care, that positioning held back relative performance very early in the
six-month period. The Commission's ultimate decision to adopt Health Care
Sequestration was seen a having less of an impact, and thus helped the Fund to
partially recover performance in the sector later in the period.
Several loan investments in health care were among the more notable
contributors to the Fund's performance during the six months ended April 30,
2012. The contributors included Gentiva Health Services, which provides home
health care and hospice services; National Mentor, which provides home health
care for people with disabilities; Carestream, a medical
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 5
technology corporation; and Sun Health Care, which operates long-term care
facilities. The Fund's investment in loans to Chrysler also helped
performance, as the auto maker continued to strengthen its finances.
Uncertainties about future U.S. defense spending related to deficit reduction
talks, coupled with less troop involvement in the field in Iraq, led to
disappointing performance from the Fund's holdings in several loans to defense
companies, including Hunter Defense and IAP Worldwide.
Consistent with the Fund's history, the default rate remained well below that
of the bank-loan industry, but during the six months ended April 30, 2012, the
portfolio nevertheless experienced two defaults by very small positions:
Vertrue, an internet marketing firm, and Sevan Marine, which manufactures
offshore oil-drilling platforms. Neither investment had a significant impact
on the Fund's overall performance.
Q What is your investment outlook?
A We believe that the U.S. economy will continue to grow at a modest rate, with
gross domestic product (GDP) potentially exceeding 2% in 2012. American
corporations generally are in sound financial health, with strong balance
sheets. Industrial output and retail sales have been positive, and initial
jobless claims continue to show modest improvement. Corporations also appear
to be well able to make good on their loan obligations. Loans have continued
to sell at discounts to their par (face) values and appear attractively priced
relative to some other fixed-income investments, like investment-grade
corporate bonds. At the same time, current yield spreads of floating-rate
loans imply a default rate of 10% or more, and that is much higher than the
actual 0.60% default rate of loans over the past 12 months, and most average
default forecasts of 1.75% to 2.00% for 2012.
The global economic situation in Europe and the political backdrop in
Washington, D.C. (the so-called "fiscal cliff") could pose some short-term
volatility over the next few months. However, we believe the Fund, with its
up-in-quality bias, is well positioned to weather such volatility, and
ultimately positioned for an environment of moderate economic growth.
One of the benefits of floating-rate loans, as opposed to other income-
oriented investments, is the potential for yields to rise as interest rates
rise. However, the U.S. Federal Reserve Board has signaled its intention to
keep short-term interest rates low, perhaps into 2014. Even if rates do not
rise soon, floating-rate loan investors are being compensated to wait until
rates rise, as current yields offered by floating-rate loans still are
attractive relative to some other fixed-income investments. Loans are still
trading at discounts, so there is room for capital appreciation, and the
loans' short duration could provide greater price protection and income
potential when rates do eventually start increasing.
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Please refer to the Schedule of Investments on pages 16-38 for a full listing
of Fund securities.
Debt securities rated below investment grade are commonly referred to as "junk
bonds" and are considered speculative. Below investment grade debt 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 may invest in high-yield securities of
any rating, including securities that are in default at the time of purchase.
Securities with floating interest rates generally are less sensitive to
interest rate changes but may decline in value if their interest rates do not
rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate
securities, floating rate securities generally will not increase in value if
interest rates decline. Changes in interest rates also will affect the amount
of interest income the Fund earns on its floating rate investments.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 7
Portfolio Summary | 4/30/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Senior Secured Loans 93.1%
U.S. Corporate Bonds 3.1%
Temporary Cash Investment 0.9%
International Corporate Bonds 0.8%
Asset Backed Securities 0.8%
Collateralized Mortgage Obligations 0.7%
U.S. Common Stocks 0.3%
Convertible Corporate Bonds 0.3%
Convertible Preferred Stocks 0.0%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on Standard & Poor's
ratings)
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
AAA 0.9%
AA 0.1%
A 0.3%
BBB 5.7%
BB 54.4%
B 34.5%
CCC 0.8%
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 0.96%
--------------------------------------------------------------------------------
2. Grifols, Inc., New U.S. Tranche B Term Loan, 6/4/17 0.84
--------------------------------------------------------------------------------
3. Chrysler Group LLC, Tranche B Term Loan, 4/28/17 0.78
--------------------------------------------------------------------------------
4. Freescale Semiconductor, Inc., Tranche B-1 Term Loan, 12/1/16 0.78
--------------------------------------------------------------------------------
5. Fairmount Minerals, Ltd., Tranche B Term Loan, 3/1/17 0.76
--------------------------------------------------------------------------------
6. Interactive Data Corp., Term B Loan, 1/31/18 0.75
--------------------------------------------------------------------------------
7. Telesat Canada, U.S. Term B Loan, 3/28/19 0.74
--------------------------------------------------------------------------------
8. HHI Holdings LLC, Loan, 3/9/17 0.74
--------------------------------------------------------------------------------
9. Tasc, Inc., New Tranche B Term Loan, 4/25/15 0.73
--------------------------------------------------------------------------------
10. Protection One, Inc., Term Loan 2012, 3/20/19 0.73
--------------------------------------------------------------------------------
* 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.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Prices and Distributions | 4/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/12 10/31/11
--------------------------------------------------------------------------------
A $6.89 $6.77
--------------------------------------------------------------------------------
C $6.89 $6.78
--------------------------------------------------------------------------------
Y $6.90 $6.78
--------------------------------------------------------------------------------
Z $6.91 $6.80
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-4/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1595 $ -- $ --
--------------------------------------------------------------------------------
C $0.1337 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1689 $ -- $ --
--------------------------------------------------------------------------------
Z $0.1672 $ -- $ --
--------------------------------------------------------------------------------
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 10-13.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 9
Performance Update | 4/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer 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, 2012)
------------------------------------------------------------------
Net Asset Public Offering
Period Value Price (POP)
------------------------------------------------------------------
Life-of-Class
(2/14/07) 3.73% 2.82%
5 Years 3.65 2.69
1 Year 3.74 -0.96
------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
------------------------------------------------------------------
Gross
------------------------------------------------------------------
1.12%
------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
Pioneer Floating High Yield Loans
Rate Fund Performing Index
2/07 $ 9,550 $10,000
4/08 9,422 10,046
4/09 8,466 8,784
4/10 10,477 11,598
4/11 11,142 12,392
4/12 11,559 12,725
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
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 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 | 4/30/12
Performance Update | 4/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2012)
--------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------
Life-of-Class
(2/14/07) 2.86% 2.86%
5 Years 2.79 2.79
1 Year 2.81 2.81
--------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------
Gross
--------------------------------------------------------------
1.89%
--------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
Pioneer Floating High Yield Loans
Rate Fund Performing Index
2/07 $10,000 $10,000
4/08 9,753 10,046
4/09 8,696 8,784
4/10 10,683 11,598
4/11 11,266 12,392
4/12 11,582 12,725
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 11
Performance Update | 4/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2012)
--------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------
Life-of-Class
(2/14/07) 3.87% 3.87%
5 Years 3.80 3.80
1 Year 3.87 3.87
--------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------
Gross Net
--------------------------------------------------------------
0.88% 0.70%
--------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Barclays Capital
Pioneer Floating High Yield Loans
Rate Fund Performing Index
2/07 $5,000,000 $5,000,000
4/08 4,933,654 5,022,890
4/09 4,433,295 4,391,758
4/10 5,504,693 5,798,806
4/11 5,866,555 6,195,947
4/12 6,093,369 6,362,526
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through March 1, 2013 for Class Y 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.
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Performance Update | 4/30/12 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of April 30, 2012)
--------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------
Life-of-Class
(8/8/11) 2.97% 2.97%
1 Year 3.88 3.88
--------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------
Gross Net
--------------------------------------------------------------
1.22% 0.90%
--------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
Pioneer Floating High Yield Loans
Rate Fund Performing Index
2/07 $10,000 $10,000
4/08 9,736 10,046
4/09 8,652 8,784
4/10 10,592 11,598
4/11 11,215 12,392
4/12 11,650 12,725
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Z shares for periods prior to the inception of
Class Z shares on August 8, 2011, reflects the NAV performance of the Fund's
Class A shares. The performance does not reflect differences in expenses,
including the Rule 12b-1 fees applicable to Class A shares. Since fees for
Class A shares are generally higher than those of Class Z shares, the
performance for Class Z shares prior to their inception on August 8, 2011,
would have been higher than the performance shown. Class Z shares are not
subject to sales charges and are available for limited groups of eligible
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 March 1, 2013, for Class Z 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 | 4/30/12 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 Floating Rate Fund
Based on actual returns from November 1, 2011, through April 30, 2012.
-------------------------------------------------------------------------------------
Share Class A C Y Z
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/11
-------------------------------------------------------------------------------------
Ending Account Value $1,041.80 $1,036.30 $1,043.20 $1,041.30
(after expenses)
on 4/30/12
-------------------------------------------------------------------------------------
Expenses Paid $5.38 $9.27 $3.40 $4.21
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.06%, 1.83%,
0.67% and 0.83% for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the one-half year period).
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2011, through April 30, 2012.
-------------------------------------------------------------------------------------
Share Class A C Y Z
-------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/11
-------------------------------------------------------------------------------------
Ending Account Value $1,019.59 $1,015.76 $1,021.53 $1,020.74
(after expenses)
on 4/30/12
-------------------------------------------------------------------------------------
Expenses Paid $5.32 $9.17 $3.37 $4.17
During Period*
-------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.06%, 1.83%,
0.67% and 0.83% for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the one-half year period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 15
Schedule of Investments | 4/30/12 (unaudited)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.3%
DIVERSIFIED FINANCIALS -- 0.3%
Asset Management & Custody Banks -- 0.3%
1,000,000 BBB/NR Apollo Investment Corp., 5.75%, 1/15/16 $ 978,750
------------
Total Diversified Financials $ 978,750
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $990,371) $ 978,750
------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.0%
CAPITAL GOODS -- 0.0%
Industrial Machinery -- 0.0%
1,000 BBB+/Baa3 Stanley Black & Decker, Inc., 4.75%,
11/17/15 $ 120,000
------------
Total Capital Goods $ 120,000
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $100,000) $ 120,000
------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1%
AUTOMOBILES & COMPONENTS -- 0.0%
Auto Parts & Equipment -- 0.0%
4 Lear Corp. $ 166
------------
Total Automobiles & Components $ 166
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Development -- 0.1%
106,253 Newhall Land Development LLC* $ 138,129
------------
Total Real Estate $ 138,129
------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $88,066) $ 138,295
------------------------------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.8%
BANKS -- 0.6%
Diversified Banks -- 0.0%
151,769 0.62 AAA/NR Wells Fargo Home Equity Trust, Floating Rate
Note, 12/25/35 (144A) $ 145,285
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
718,269 0.87 AAA/Aaa Bayview Financial Acquisition Trust, Floating
Rate Note, 5/28/44 $ 664,221
350,210 0.52 AAA/Aa1 Bear Stearns Asset Backed Securities Trust,
Floating Rate Note, 2/25/36 327,814
405,442 0.64 AAA/Aa3 Citigroup Mortgage Loan Trust, Inc., Floating
Rate Note, 8/25/35 389,417
199,816 0.36 BBB/Aa3 Option One Mortgage Loan Trust, Floating Rate
Note, 2/25/38 197,804
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
123,383 0.71 AAA/Aaa Residential Asset Securities Corp., Floating Rate
Note, 12/25/34 $ 117,763
------------
$ 1,697,019
------------
Total Banks $ 1,842,304
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.0%
107,557 1.04 B/B1 Ellington Loan Acquisition Trust, Floating Rate
Note, 5/27/37 (144A) $ 99,044
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
80,384 0.51 AA/Baa3 Aegis Asset Backed Securities Trust, Floating
Rate Note, 12/25/35 $ 69,368
367,831 0.63 CCC+/Caa2 Lease Investment Flight Trust, Floating Rate
Note, 7/15/31 237,251
367,831 0.67 CCC+/Caa2 Lease Investment Flight Trust, Floating Rate
Note, 7/15/31 237,251
------------
$ 543,870
------------
Total Diversified Financials $ 642,914
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,455,640) $ 2,485,218
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.7%
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
347,557 1.02 AAA/A3 Sequoia Mortgage Trust, Floating Rate Note,
1/20/35 $ 279,879
185,046 2.75 AAA/Ba1 Wells Fargo Mortgage Backed Securities Trust,
Floating Rate Note, 6/25/34 180,445
------------
$ 460,324
------------
Total Banks $ 460,324
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Other Diversified Financial Services -- 0.4%
300,000 0.94 BBB+/Baa2 Morgan Stanley Capital I, Floating Rate Note,
12/15/20 (144A) $ 273,585
249,996 0.84 AAA/Ba3 Residential Accredit Loans, Inc., Floating Rate
Note, 4/25/34 231,492
888,518 4.24 NR/A2 Velocity Commercial Capital Loan Trust, Floating
Rate Note, 8/25/40 (144A) 757,462
------------
$ 1,262,539
------------
Total Diversified Financials $ 1,262,539
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REITs -- 0.1%
128,752 2.73 AAA/Caa1 American Home Mortgage Investment Trust,
Floating Rate Note, 6/25/45 $ 103,283
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 17
Schedule of Investments | 4/30/12 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------------
Mortgage REIT's -- (continued)
345,256 2.73 AAA/B1 American Home Mortgage Investment Trust,
Floating Rate Note, 6/25/45 $ 320,307
------------
$ 423,590
------------
Total Real Estate $ 423,590
----------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $2,191,908) $ 2,146,453
----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 4.0%
ENERGY -- 0.5%
Oil & Gas Drilling -- 0.1%
150,000 B-/B3 Offshore Group Investments, Ltd., 11.5%,
8/1/15 $ 164,062
----------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
NOK 1,500,000 9.67 NR/NR Transocean Drilling Norway AS, Floating Rate
Note, 2/24/16 $ 279,181
----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
498,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 $ 555,270
----------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
400,000 B/B3 Murray Energy Corp., 10.25%,
10/15/15 (144A) $ 380,000
------------
Total Energy $ 1,378,513
----------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Paper Packaging -- 0.2%
515,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) $ 547,188
----------------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
225,000 B+/B1 Appleton Papers, Inc., 10.5%, 6/15/15 (144A) $ 235,125
250,000 CCC+/B3 Appleton Papers, Inc., 11.25%, 12/15/15 235,625
------------
$ 470,750
------------
Total Materials $ 1,017,938
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.2%
Electrical Components & Equipment -- 0.1%
250,000 B/B2 WireCo WorldGroup, Inc., 9.5%, 5/15/17 $ 258,125
----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
400,000 B+/B1 Titan International, Inc., 7.875%, 10/1/17 $ 424,000
------------
Total Capital Goods $ 682,125
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
500,000 BB/Ba3 Delta Air Lines 2010-2 Class B Pass Through
Trust, 6.75%, 11/23/15 $ 502,500
------------
Total Transportation $ 502,500
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Specialized Consumer Services -- 0.2%
430,000 BB-/Ba3 Service Corp International United States,
7.0%, 5/15/19 $ 459,562
------------
Total Consumer Services $ 459,562
----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Equipment -- 0.3%
750,000 B+/B2 Physio-Control International, Inc., 9.875%,
1/15/19 (144A) $ 796,875
----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
500,000 B+/B1 Aviv Healthcare Properties LP, 7.75%, 2/15/19 $ 520,000
500,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 555,000
------------
$ 1,075,000
------------
Total Health Care Equipment & Services $ 1,871,875
----------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Diversified Banks -- 0.1%
235,000 6.52 BB+/Ba3 ABN Amro North American Holding Preferred
Capital Repackage Trust I, Floating Rate Note,
12/29/49 (Perpetual) (144A) $ 207,975
----------------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
200,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating Rate
Note, 3/29/49 (Perpetual) (144A) $ 205,020
450,000 5.46 BBB+/Baa1 State Street Capital Trust III, Floating Rate Note,
1/29/49 (Perpetual) 451,764
------------
$ 656,784
------------
Total Banks $ 864,759
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial Services -- 0.5%
250,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) $ 246,325
250,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 246,225
250,000 0.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 248,050
300,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 296,190
250,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 242,250
300,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 285,480
------------
$ 1,564,520
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 19
Schedule of Investments | 4/30/12 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.2%
500,000 B/B2 Constellation Enterprises LLC, 10.625%,
2/1/16 (144A) $ 502,500
------------
Total Diversified Financials $ 2,067,020
-----------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Reinsurance -- 0.4%
250,000 0.00 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) $ 249,500
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 247,475
250,000 11.00 NR/B2 Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) 240,750
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 239,275
250,000 9.70 B/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 240,000
------------
$ 1,217,000
------------
Total Insurance $ 1,217,000
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Data Processing & Outsourced Services -- 0.1%
250,000 B+/B1 First Data Corp., 8.875%, 8/15/20 (144A) $ 271,875
------------
Total Software & Services $ 271,875
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Alternative Carriers -- 0.1%
350,000 BB-/WR PAETEC Holding Corp., 8.875%, 6/30/17 $ 382,375
-----------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.2%
500,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 $ 500,000
-----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
365,000 B+/Ba2 Cricket Communications, Inc., 7.75%, 5/15/16 $ 384,162
------------
Total Telecommunication Services $ 1,266,537
-----------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Gas Utilities -- 0.1%
250,000 B+/B2 Ferrellgas LP, 6.5%, 5/1/21 $ 228,125
------------
Total Utilities $ 228,125
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $11,527,088) $ 11,827,829
-----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 93.5%**
ENERGY -- 2.8%
Oil & Gas Equipment & Services -- 1.1%
207,916 2.74 B/NR Fenwal, Inc., Delayed Draw First-Lien Term
Loan, 2/28/14 $ 204,017
1,212,397 2.74 B/NR Fenwal, Inc., Initial First-Lien Term Loan,
2/22/14 1,189,664
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- (continued)
1,817,822 6.25 B+/B2 FTS International Services LLC, Term Loan,
4/19/16 $ 1,755,712
128,066 8.50 B-/B2 Hudson Products Holdings,, Inc., Term Loan,
8/24/15 118,461
------------
$ 3,267,854
------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.6%
1,698,232 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan, 6/1/16 $ 1,736,443
------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
1,500,000 0.00 NR/Ba3 EP Energy LLC, 5/1/18 $ 1,518,195
------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
1,622,186 4.25 BBB-/Ba2 Pilot Travel Centers LLC, Initial Tranche B Term
Loan, 3/7/18 $ 1,630,550
------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.1%
250,000 0.00 NR/NR Bumi Resources Tbk PT, Loan, 8/15/13 $ 250,000
------------
Total Energy $ 8,403,042
------------------------------------------------------------------------------------------------------------
MATERIALS -- 11.4%
Commodity Chemicals -- 2.0%
2,964,981 6.00 B/B2 CPG International I, Inc., Term Loan, 1/26/17 $ 2,861,207
1,971,425 6.75 B/B1 Houghton International, Inc., B-1 Term Loan,
1/11/16 1,981,282
475,000 6.25 BB-/B1 Taminco Group NV, Dollar Term Loan,
12/16/18 480,641
392,857 4.25 NR/Ba2 Tronox, Inc., Closing Date Term Loan, 1/24/17 393,664
107,143 1.00 NR/Ba2 Tronox, Inc., Delayed Draw Term Loan,
1/24/17 107,310
------------
$ 5,824,104
------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.7%
600,868 5.00 B/B1 General Chemical Holding Co., New Tranche B
Term Loan, 3/9/18 $ 603,722
725,000 0.00 NR/NR Ineos Group Holdings, Ltd., 5/4/18 729,531
EURO 472,186 8.00 B+/Ba3 Ineos Group Holdings, Ltd., Term C1 Facility
(New), 12/16/14 659,162
31,480 8.00 B+/Ba3 Ineos US Finance LLC, Senior Credit Facility
Term C2, 12/16/14 32,740
EURO 984,416 3.90 B-/Ba3 Momentive Performance Materials, Inc., Tranche
B-2B Term Loan, 5/5/15 1,244,386
195,956 3.50 BB+/Ba1 Solutia, Inc., Term-1 Loan, 8/16/17 196,119
1,654,063 5.00 B+/B2 Univar, Term B Loan, 2/14/17 1,659,084
------------
$ 5,124,744
------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 3.1%
1,864,955 3.75 BB/Baa3 Ashland, Inc., Term B Loan, 5/31/18 $ 1,870,205
1,750,000 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 1,766,406
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 21
Schedule of Investments | 4/30/12 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Specialty Chemicals -- (continued)
877,494 2.85 BB+/Ba1 Huntsman International LLC, Extended Term B
Loan, 4/19/17 $ 873,420
497,500 6.75 NR/B1 Norit NV, USD Term Loan, 6/21/17 503,097
1,990,000 5.75 BB-/Ba2 OM Group, Inc., Term B Dollar Loan, 7/5/17 2,004,925
1,582,475 5.75 B+/Ba2 Omnova Solutions, Inc., Extended Loan,
4/12/17 1,590,387
633,412 5.00 BB-/Ba1 PolyOne Corp., Term Loan, 9/30/17 637,371
------------
$ 9,245,811
-----------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
750,000 6.00 BB-/B1 Summit Materials LLC, Term Loan, 1/12/19 $ 757,031
-----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.4%
1,027,972 4.50 B/Ba3 BWAY Holding Co., Replacement B Term Loan,
2/9/18 $ 1,031,826
97,458 4.50 B/Ba3 ICL Industrial Containers ULC, Replacement C
Term Loan, 2/9/18 97,823
------------
$ 1,129,649
-----------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
1,080,750 4.75 BB+/Ba1 Sealed Air Corp., Term B Advance, 5/31/18 $ 1,094,265
-----------------------------------------------------------------------------------------------------
Aluminum -- 0.6%
275,000 5.75 BB-/Ba2 Noranda Aluminum Holding Corp., Term B Loan,
2/17/19 $ 277,750
1,481,250 4.00 BB-/Ba2 Novelis, Inc. Georgia, Term Loan, 3/11/17 1,484,269
------------
$ 1,762,019
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
600,463 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B Term Loan,
7/21/18 $ 601,964
1,185,563 4.00 BB-/B1 Walter Energy, Inc., B Term Loan, 2/3/18 1,187,050
------------
$ 1,789,041
-----------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.7%
2,243,750 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B Term Loan,
3/1/17 $ 2,251,884
-----------------------------------------------------------------------------------------------------
Steel -- 0.7%
1,980,008 4.75 BB/B1 JMC Steel Group, Term Loan, 2/15/17 $ 1,994,858
-----------------------------------------------------------------------------------------------------
Paper Products -- 1.0%
2,044,550 6.50 B/B1 Exopack Holding Corp., Term Loan B, 5/6/17 $ 2,044,550
884,843 4.75 BB-/Ba3 Ranpak Corp., USD Term Loan (First Lien),
3/28/17 887,055
------------
$ 2,931,605
------------
Total Materials $ 33,904,984
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
-----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.9%
Aerospace & Defense -- 5.6%
2,033,721 8.75 B+/B3 API Technologies Corp., Term Loan, 6/1/16 $ 2,033,721
250,000 4.75 BBB-/Ba3 Delos Aircraft, Inc., Term Loan, 3/17/16 251,538
748,125 5.75 BB+/Ba3 DigitalGlobe, Inc., Term Loan, 9/21/18 739,700
1,026,165 5.47 B/B2 DUBAI AEROSPACE ENTERPRISE (DAE), Tranche
B-1 Loan, 7/31/14 1,026,165
978,296 5.47 B/B2 DUBAI AEROSPACE ENTERPRISE (DAE), Tranche
B-2 Loan, 7/31/14 978,296
1,281,098 6.25 BB-/Ba2 DynCorp International, Inc., Term Loan, 7/7/16 1,284,311
992,500 7.00 B/B3 Global Defense Technology & Systems, Inc.,
Term B Loan, 4/22/17 990,019
1,451,338 6.49 BB/B1 Hunter Defense Technologies, Inc., Series 1
New Term Loan, 8/22/14 1,284,434
381,846 3.49 BB-/B1 Hunter Defense Technologies, Inc., Term Loan,
8/22/14 339,843
1,751,054 9.25 CCC/WR IAP Worldwide Services, Inc., Term Loan (First-
Lien), 12/20/12 1,580,326
1,500,000 3.72 B-/B1 Sequa Corp., Term Loan, 12/3/14 1,487,500
1,975,000 4.50 B+/Ba3 SI Organization, Inc., New Tranche B Term Loan,
11/22/16 1,945,375
500,000 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B Loan, 3/27/19 502,500
2,179,632 4.50 BB-/B1 Tasc, Inc., New Tranche B Term Loan, 4/25/15 2,168,734
------------
$ 16,612,462
-----------------------------------------------------------------------------------------------------------
Building Products -- 1.3%
594,471 4.00 BB-/B1 Armstrong World Industries, Inc., Term Loan
B-1, 3/8/18 $ 595,957
1,557,360 5.75 B+/B1 Custom Building Products, Inc., Term Loan,
3/19/15 1,559,306
1,303,167 5.75 B+/B1 Goodman Global Group, Inc., Initial Term Loan
(First Lien), 10/6/16 1,313,871
498,750 7.00 B+/B2 Unifrax Corp., Term Dollar Loan, 10/27/18 505,296
------------
$ 3,974,430
-----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
1,439,298 5.75 B+/B1 Scotsman Industries, Inc., Term Loan, 4/30/16 $ 1,441,097
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.4%
1,105,227 6.25 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 $ 1,088,649
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.8%
1,139,275 5.50 BB/Ba2 Terex Corp., U.S. Term Loan, 4/28/17 $ 1,150,668
1,232,550 4.25 BB/Ba2 The Manitowoc Co, Inc., Term B Loan,
10/11/17 1,234,091
------------
$ 2,384,759
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
997,500 4.50 BB+/Ba2 Colfax Corp., Term B Facility, 9/12/18 $ 1,001,945
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 23
Schedule of Investments | 4/30/12 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- (continued)
750,000 0.00 NR/NR Schaeffler AG, Facility C2 Term Loan, 1/27/17 $ 754,688
485,139 4.25 BB/Ba2 Trimas Corp., Tranche B Term Loan, 5/27/17 486,352
1,714,948 5.50 BB-/Ba2 Xerium Technologies, Inc., Initial U.S. Term
Loan, 5/4/17 1,706,373
------------
$ 3,949,358
-----------------------------------------------------------------------------------------------------
Total Capital Goods $ 29,450,755
-----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 4.6%
Commercial Printing -- 0.6%
1,639,420 6.25 BB-/Ba3 Cenveo Corp., Term B Facility, 12/15/16 $ 1,645,302
-----------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.5%
526,693 8.75 NR/WR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 522,743
1,362,854 7.25 B+/B1 Brickman Group Holdings, Inc., Tranche B Term
Loan, 9/21/16 1,379,038
700,000 4.00 BB+/Ba1 Covanta Holding Corp., Term Loan, 3/1/19 702,625
214,238 2.25 B-/Caa1 Synagro Technologies, Inc., Term Loan (First
Lien), 4/2/14 194,421
1,298,661 4.50 B+/B1 Waste Industries USA, Inc., Term B Loan,
2/23/17 1,298,661
370,000 5.50 B+/B1 WCA Waste Corp., Term Loan, 3/1/18 371,850
------------
$ 4,469,338
-----------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.3%
1,390,950 5.25 B+/Ba3 Allied Security Holdings LLC, Term Loan (First
Lien), 1/21/17 $ 1,395,586
707,270 5.75 B+/B1 infoGROUP, Inc., Term B Loan, 5/10/18 643,616
818,812 5.00 BB-/Ba3 KAR Auction Services, Inc., Term Loan,
4/26/17 824,100
950,997 6.25 B+/Ba3 Language Line Services Holdings, Inc., Tranche
B Term Loan, 5/30/16 953,375
------------
$ 3,816,677
-----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.7%
2,171,377 5.75 B+/B1 Protection One, Inc., Term Loan 2012,
3/20/19 $ 2,168,608
-----------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.5%
1,581,455 5.75 BB/B1 Wyle Services Corp., Term Loan (First Lien),
3/31/17 $ 1,579,479
------------
Total Commercial Services & Supplies $ 13,679,404
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 3.0%
Air Freight & Logistics -- 0.7%
731,882 5.47 NR/NR CEVA Group Plc, Dollar Tranche B Pre Funded
L/C, 8/31/16 $ 691,628
301,545 5.47 NR/NR CEVA Group Plc, EGL Tranche B Term Loan,
8/31/16 284,206
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Air Freight & Logistics -- (continued)
1,033,502 5.47 NR/Ba3 CEVA Group Plc, US Tranche B Term Loan,
8/31/16 $ 976,659
------------
$ 1,952,493
------------------------------------------------------------------------------------------------------
Airlines -- 1.4%
1,237,500 5.75 BB-/Ba3 Allegiant Travel Co., Term Loan, 2/17/17 $ 1,241,110
321,750 4.25 BB-/Ba2 Delta Air Lines, Inc., 2009 Term Loan, 2/22/16 316,119
1,786,500 5.50 BB-/Ba2 Delta Air Lines, Inc., Term Loan 2011, 3/29/17 1,790,966
978,173 2.25 BB-/Ba3 United Air Lines, Inc., Tranche B Loan, 2/1/14 970,837
------------
$ 4,319,032
------------------------------------------------------------------------------------------------------
Railroads -- 0.3%
750,000 4.00 BB+/B1 RailAmerica, Inc., Initial Loan, 2/15/19 $ 753,281
------------------------------------------------------------------------------------------------------
Trucking -- 0.6%
1,832,584 5.00 BB/B1 Swift Transportation Co., Tranche B-2 Term
Loan, 12/15/17 $ 1,852,033
------------
Total Transportation $ 8,876,839
------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 4.7%
Auto Parts & Equipment -- 3.3%
883,415 2.74 BB-/Ba3 Allison Transmission, Inc., Term B-1 Loan,
8/7/14 $ 882,588
976,421 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B Term Loan,
3/31/17 980,693
909,231 2.18 B+/Ba3 Federal-Mogul Corp., Tranche B Term Loan,
12/29/14 882,006
463,893 2.18 B+/Ba3 Federal-Mogul Corp., Tranche C Term Loan,
12/28/15 450,003
2,199,592 7.00 B+/B2 HHI Holdings LLC, Term Loan, 3/9/17 2,210,590
1,930,499 5.25 B+/NR Metaldyne Corp., Term Loan, 5/2/17 1,942,565
915,890 6.25 B+/B1 Remy International, Inc., Term B Facility,
12/17/16 920,851
715,000 6.75 NR/NR TI Group Automotive Systems LLC, Term Loan,
3/1/19 718,575
636,943 4.25 BB/Ba2 Tomkins LLC, Term B-1 Loan, 9/21/16 639,933
281,438 5.50 B+/Ba2 UCI International, Inc., Term Loan, 7/4/17 282,845
------------
$ 9,910,649
------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.6%
1,925,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Second Lien
(Extended), 3/27/19 $ 1,900,337
------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.8%
2,277,763 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term Loan,
4/28/17 $ 2,323,621
------------
Total Automobiles & Components $ 14,134,607
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 25
Schedule of Investments | 4/30/12 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.6%
Housewares & Specialties -- 1.3%
856,439 5.26 BB-/Ba3 Prestige Brands, Inc., Term B Loan, 12/20/18 $ 863,264
1,958,643 6.50 BB/Ba3 Reynolds Group Holdings, Ltd., Tranche B Term
Loan, 2/9/18 1,989,253
980,000 5.25 B+/B1 Yankee Candle Co, Inc., Initial Term Loan,
3/2/19 988,575
------------
$ 3,841,092
-----------------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
986,544 2.24 B/B1 SABRE INC, Non-Extended Initial Term Loan,
9/30/14 $ 951,604
------------
Total Consumer Durables & Apparel $ 4,792,696
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 6.3%
Casinos & Gaming -- 1.9%
490,218 4.00 BB+/Ba3 Ameristar Casinos, Inc., B Term Loan, 3/29/18 $ 493,129
987,500 6.00 BB-/Ba3 Boyd Gaming Corp., Increased Term Loan,
12/17/15 999,844
122,188 9.50 B/B2 Caesars Entertainment Operating Co, Inc., Term
B-4 Loan, 10/31/16 125,914
930,000 5.49 B/B2 Caesars Entertainment Operating Co, Inc., Term
B-6 Loan, 1/28/18 852,445
984,962 2.85 BBB-/Ba2 Las Vegas Sands Corp., Delayed Draw II Term
Loan (Extending), 11/23/16 973,882
992,500 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B Facility,
6/29/18 997,282
1,384,546 3.00 BBB-/Ba1 Scientific Games Corp., Tranche B-1 Term Loan,
6/30/15 1,377,623
------------
$ 5,820,119
-----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
306,507 4.97 NR/B1 Travelport LLC, Extended Tranche B Dollar Term
Loan, 8/23/15 $ 280,399
64,044 4.97 B/B1 Travelport LLC, Tranche S Term Loan, 8/23/15 58,589
------------
$ 338,988
-----------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.5%
734,809 4.00 BB/Ba2 Cedar Fair LP, U.S. Term-1 Loan, 12/15/17 $ 737,791
700,000 4.25 BB+/B1 Six Flags Entertainment Corp., Tranche B Term
Loan, 11/23/18 701,695
------------
$ 1,439,486
-----------------------------------------------------------------------------------------------------
Restaurants -- 2.5%
1,205,908 4.50 BB-/Ba3 Burger King Holdings, Inc., Tranche B Term
Loan, 10/30/16 $ 1,211,179
1,113,752 4.25 BB-/Ba2 DineEquity, Inc., Term B-1 Loan, 10/31/17 1,117,825
1,925,000 6.50 B+/NR Landry's, Inc., B Term Loan, 3/22/18 1,927,707
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Restaurants -- (continued)
1,100,000 5.25 NR/NR NPC International, Inc., Term Loan 2012,
12/28/18 $ 1,108,250
1,295,000 0.00 BB-/NR Wendy's International, Inc., 4/3/19 1,303,418
700,033 5.00 BB/Ba2 Wendy's, Term Loan, 5/19/17 701,674
------------
$ 7,370,053
------------------------------------------------------------------------------------------------------
Education Services -- 0.8%
888,756 7.00 B/B1 Ascend Learning LLC, Term Loan (First Lien),
11/8/16 $ 893,940
1,532,646 4.24 BB-/Ba2 Bright Horizons Family Solutions, Inc., Tranche
B Term Loan, 5/28/15 1,528,815
------------
$ 2,422,755
------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.5%
1,410,000 5.50 B/Ba3 Ascent Capital Group, Inc., Term Loan, 3/6/18 $ 1,423,219
------------
Total Consumer Services $ 18,814,620
------------------------------------------------------------------------------------------------------
MEDIA -- 7.2%
Advertising -- 1.1%
1,481,250 5.25 B+/NR Advantage Sales & Marketing LLC, Term Loan
(First Lien), 11/29/17 $ 1,482,176
1,467,503 5.00 B+/Ba3 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 1,397,796
276,502 4.00 BB+/Baa3 Lamar Advertising Co., Term B Loan, 10/1/16 278,000
------------
$ 3,157,972
------------------------------------------------------------------------------------------------------
Broadcasting -- 2.4%
1,200,000 4.00 BB-/Ba2 Cequel Communications Holdings I LLC and
Cequel Capital Corp., Term Loan, 1/31/19 $ 1,188,900
973,333 6.28 BB-/Ba3 Entercom Communications Corp., Term B Loan,
11/7/18 984,283
948,056 5.25 B+/Ba3 Hubbard Broadcasting, Inc., Term Loan (First
Lien), 3/24/17 955,166
449,310 4.00 BB+/Ba1 Sinclair Broadcast Group, Inc., New Tranche B
Term Loan, 10/29/16 451,276
2,210,000 4.25 NR/NR Telesat Canada, U.S. Term B Loan, 3/28/19 2,211,036
243,950 4.25 BB-/Ba3 TWCC Holding Corp., Term Loan, 1/24/17 245,384
1,207,255 4.49 B+/B2 Univision Communications, Inc., Extended
First-Lien Term Loan, 3/29/17 1,129,161
------------
$ 7,165,206
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.4%
1,500,000 4.00 BB+/Ba1 Charter Communications Operating LLC, Term D
Loan, 3/28/19 $ 1,498,500
725,000 4.25 NR/NR Kabel Deutschland Vertrieb und Service GmbH,
Facility F, 2/1/19 727,719
978,718 4.00 B+/B1 Knology, Inc., Term B Loan, 8/18/17 979,482
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 27
Schedule of Investments | 4/30/12 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- (continued)
491,250 4.50 BB-/Ba3 MCC Georgia LLC, Tranche F Term Loan,
10/20/17 $ 491,864
97,642 6.74 B-/B1 WideOpenWest LLC, Series A New Term Loan,
6/18/14 97,886
484,955 2.74 B-/B1 WideOpenWest LLC, Term Loan (First Lien),
6/30/14 483,137
------------
$ 4,278,588
-----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.0%
287,724 3.49 BB-/Ba2 AMC Entertainment, Inc., Term B-2 Loan
(Extending), 12/15/16 $ 287,436
299,250 4.25 BB-/Ba2 AMC Entertainment, Inc., Term B-3 Loan,
2/7/18 299,203
904,711 5.25 NR/Ba1 Cinedigm Digital Funding I LLC, Term Loan,
3/31/16 903,014
980,000 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B Loan,
10/20/16 981,634
399,219 6.50 B/B3 LodgeNet Interactive Corp., Closing Date Term
Loan, 4/4/14 363,289
------------
$ 2,834,576
-----------------------------------------------------------------------------------------------------
Publishing -- 1.3%
1,768,388 2.49 B/B2 Cengage Learning Acquisitions, Inc., Term Loan
(Non Extending), 7/4/14 $ 1,622,180
2,235,859 4.50 B+/Ba3 Interactive Data Corp., Term B Loan, 1/31/18 2,245,362
0 0.00 D/Caa3 RH Donnelley, Inc., Loan, 10/24/14 0
------------
$ 3,867,542
------------
Total Media $ 21,303,884
-----------------------------------------------------------------------------------------------------
RETAILING -- 2.1%
Apparel Retail -- 1.0%
1,980,000 4.75 B/B1 J Crew Group, Inc., Loan, 11/23/17 $ 1,965,150
997,500 5.75 BB/Ba3 Lord & Taylor LLC, Term Loan, 12/2/18 1,011,839
------------
$ 2,976,989
-----------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.4%
1,305,138 11.00 B/B2 Targus Group International, Term Loan,
5/12/16 $ 1,301,875
-----------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.4%
1,050,824 5.00 B+/Ba3 Hillman Group, Inc., Term Loan, 5/31/16 $ 1,056,078
-----------------------------------------------------------------------------------------------------
Automotive Retail -- 0.3%
845,750 7.50 NR/B1 Stackpole International, Term Loan, 7/8/17 $ 852,093
------------
Total Retailing $ 6,187,035
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.4%
Drug Retail -- 0.6%
1,836,922 4.50 B+/B3 Rite Aid Corp., Tranche 5 Term Loan, 2/17/18 $ 1,827,737
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
Food Distributors -- 0.6%
1,914,000 5.00 BB-/B1 Windsor Quality Food Co., Ltd., Tranche B Term
Loan, 1/11/17 $ 1,847,010
------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
375,000 5.75 BB-/B1 Roundy's Supermarkets, Inc., Tranche B Term
Loan, 1/24/19 $ 378,844
------------
Total Food & Staples Retailing $ 4,053,591
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Distillers & Vintners -- 0.0%
88,949 3.00 BB+/Ba1 Constellation Brands, Inc., Extending Tranche B
Term Loan, 6/5/15 $ 89,134
------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.3%
987,008 5.50 B/B2 American Rock Salt Co. LLC, Term Loan,
4/1/17 $ 955,341
------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.8%
498,750 4.50 BB/Ba2 B&G Foods, Inc., Tranche B Term Loan,
10/28/18 $ 502,491
952,800 4.50 B/WR Del Monte Foods Co., Initial Term Loan, 2/3/18 947,440
869,950 4.25 B+/B1 Michael Foods, Inc., Term B Facility, 2/14/18 873,032
------------
$ 2,322,963
------------
Total Food, Beverage & Tobacco $ 3,367,438
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.2%
Household Products -- 0.4%
592,178 5.00 B/B1 Spectrum Brands Holdings, Inc., New Term
Loan, 6/16/16 $ 595,065
533,703 4.78 B+/Ba3 SRAM Corp., Term Loan (First Lien), 5/12/18 541,375
------------
$ 1,136,440
------------------------------------------------------------------------------------------------------
Personal Products -- 0.8%
1,076,786 4.25 BB-/Ba3 NBTY, Inc., Term B-1 Loan, 10/1/17 $ 1,079,815
1,488,800 4.75 BB-/Ba3 Revlon, Inc., Term Loan B, 11/19/17 1,491,824
------------
$ 2,571,639
------------
Total Household & Personal Products $ 3,708,079
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 11.4%
Health Care Equipment -- 0.9%
1,934,973 5.00 BB-/B1 Carestream Health, Inc., Term Loan, 2/8/17 $ 1,891,477
352,152 3.25 BBB-/Baa2 Fresenius SE & Co. KGaA, Tranche D2 Term
Loan, 9/10/14 353,106
264,338 7.00 BB-/Ba2 Kinetic Concepts, Inc., Dollar Term B-1 Loan,
1/12/18 270,285
------------
$ 2,514,868
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
519,725 4.75 BB-/Ba3 Alere, Inc., B Term Loan, 6/15/17 $ 519,833
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 29
Schedule of Investments | 4/30/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Health Care Supplies -- (continued)
37,729 3.49 B+/B1 Bausch & Lomb, Inc., Delayed Draw Term Loan,
4/24/15 $ 37,749
154,408 3.67 B+/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 154,491
------------
$ 712,073
-------------------------------------------------------------------------------------------------------
Health Care Services -- 5.0%
841,146 6.50 NR/NR AccentCare, Inc., Term Loan, 12/22/16 $ 767,546
1,146,179 7.25 B+/Ba3 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/1/16 1,100,332
435,505 4.50 BB/B1 Butler Animal Health Supply LLC, Tranche B
Term Loan, 12/31/15 436,594
920,556 5.25 B+/B1 Emergency Medical Services Corp., Initial Term
Loan, 4/5/18 924,818
1,696,118 6.50 B/B1 Gentiva Health Services, Inc., Term B1 Term
Loan, 2/22/16 1,617,673
1,671,864 6.50 BB-/Ba3 inVentiv Health, Inc., Consolidated Term Loan,
8/4/16 1,586,181
1,747,350 7.00 B+/B1 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/18/17 1,734,974
1,686,004 8.25 B/B2 National Surgical Hospitals, Inc., Initial Term
Loan, 1/4/17 1,610,134
565,320 7.50 NR/B1 Prime Healthcare Services, Term B Loan,
4/28/15 562,493
1,042,125 5.75 B+/Ba3 Rural Metro Corp., Term Loan (First Lien),
3/28/18 1,043,428
1,574,931 8.75 BB-/Ba1 Sun Healthcare Group, Inc., Term Loan,
10/18/16 1,551,307
983,750 6.50 B/B1 Surgery Center Holdings, Inc., Term Loan,
9/20/16 939,481
1,234,375 7.25 B+/B1 Virtual Radiologic Corp., Term Loan A, 11/3/16 1,147,969
------------
$ 15,022,930
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.6%
828,698 6.50 B/B1 Ardent Medical Services, Inc., Term Loan,
9/15/15 $ 831,805
1,003,404 3.99 BB/Ba3 Community Health Systems, Inc., Extended
Term Loan, 7/25/14 993,281
83,654 3.49 BB/Ba3 HCA Holdings, Inc., Tranche B-3 Term Loan,
5/1/18 82,399
1,450,619 3.72 BB/Ba3 HCA, Inc., Tranche B-2 Term Loan, 3/17/17 1,431,080
1,089,000 5.00 B/Ba3 IASIS Healthcare LLC, Term B Loan, 4/18/18 1,093,425
1,262,944 5.25 B+/Ba3 Kindred Healthcare, Inc., Term Loan, 2/7/18 1,215,583
916,819 5.50 BB-/Ba3 Select Medical Holdings Corp., Tranche B Term
Loan, 4/25/18 894,662
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
330,671 0.00 B/NR United Surgical Partners International, Inc., New
Tranche B Term Loan, 4/3/19 $ 331,704
778,617 3.75 BB+/Ba2 Universal Health Services, Inc., Tranche B Term
Loan 2011, 11/30/16 780,563
------------
$ 7,654,502
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.5%
782,500 8.50 B+/B1 Aveta, Inc., MMM Term Loan, 3/20/17 $ 781,522
782,500 8.50 B+/B1 Aveta, Inc., NAMM Term Loan, 4/4/17 784,456
------------
$ 1,565,978
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 2.2%
1,452,005 5.75 B+/Ba3 Convatec, Inc., Dollar Term Loan, 12/1/16 $ 1,454,727
1,270,000 5.00 BB-/Ba3 Emdeon, Inc., Term B-1 Loan, 11/2/18 1,282,382
987,260 4.50 BB/Ba3 IMS Health, Inc., Tranche B Dollar Term Loan
(2011), 8/31/17 992,615
1,817,520 5.25 BB-/Ba3 MedAssets, Inc., Term Loan, 11/15/16 1,834,181
114,796 6.25 B/NR Physician Oncology Services LP, Delayed Draw
Term Loan, 1/31/17 110,778
944,911 6.25 B/B2 Physician Oncology Services LP, Effective Date
Term Loan, 2/10/17 911,839
------------
$ 6,586,522
------------
Total Health Care Equipment & Services $ 34,056,873
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 3.6%
Biotechnology -- 2.4%
1,886,867 5.50 BB/B2 Axcan Intermediate Holdings, Inc., Term B-1
Loan, 1/25/17 $ 1,870,948
689,203 3.25 BBB-/Baa2 Fresenius Kabi Pharmaceuticals Holding, Inc.,
Tranche D1 Dollar Term Loan, 9/10/14 690,788
374,952 6.50 B+/B1 Generic Drug Holdings, Inc., Closing Date Term
Loan, 4/7/16 374,014
51,555 6.50 B+/B1 Generic Drug Holdings, Inc., Delayed Draw Term
Loan, 4/8/16 51,426
2,504,247 4.50 BB-/Ba3 Grifols, Inc., New U.S. Tranche B Term Loan,
6/4/17 2,513,243
974,291 6.75 BB-/B1 HGI Holdings, Inc., Initial Term Loan, 7/27/16 977,539
226,286 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-1 Loan, 3/3/18 227,205
113,143 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-2 Loan, 3/17/18 113,603
155,571 4.25 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan, 3/3/18 156,204
------------
$ 6,974,970
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.8%
1,573,899 2.49 B+/B1 Key Safety Systems, Inc., Term Loan (First Lien),
3/8/14 $ 1,517,501
843,625 6.50 B+/B2 Medpace, Inc., Term B Loan, 5/20/17 822,534
------------
$ 2,340,035
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 31
Schedule of Investments | 4/30/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.4%
1,271,804 4.24 BB-/Ba3 Catalent Pharma Solutions, Inc., Extended
Dollar Term-1 Loan, 9/15/16 $ 1,274,189
------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 10,589,194
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.5%
Other Diversified Financial Services -- 2.6%
437,825 5.00 B+/B1 BNY ConvergEx Group LLC, Term Loan First Lien
(EZE), 12/16/16 $ 437,552
994,244 5.00 B+/B1 BNY ConvergEx Group LLC, Term Loan First Lien
(TOP), 12/16/16 993,623
221,684 8.75 B-/B2 BNY ConvergEx Group LLC, Term Loan Second
Lien (EZE), 11/29/17 220,160
528,316 8.75 B-/B2 BNY ConvergEx Group LLC, Term Loan Second
Lien (TOP), 12/16/17 524,684
1,237,500 5.00 NR/Baa1 Kasima LLC, Incremental Term Loan, 3/25/17 1,242,141
1,089,000 5.00 B/B1 Nexeo Solutions LLC, Initial Loans, 2/26/17 1,069,942
1,172,063 7.50 B+/B2 Preferred Sands Holding Co. LLC, Term B Loan,
12/15/16 1,160,342
1,295,007 7.25 NR/WR Vertrue, Inc., Term Loan (First Lien), 8/18/14 401,452
1,770,000 5.25 NR/Ba2 WorldPay, Facility B2A Term Loan, 8/6/17 1,769,170
------------
$ 7,819,066
-------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.3%
892,467 4.75 BB/Caa2 Fox Acquisition Sub LLC, Replacement Term
Loan, 7/7/15 $ 896,651
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
748,125 7.75 B/B1 Hoffmaster Group, Inc., Term Loan (First Lien),
11/28/17 $ 744,384
500,000 0.00 B+/Ba3 Pinnacle Foods Finance LLC, 9/16/18 503,021
------------
$ 1,247,405
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
500,000 5.50 CCC+/B2 Springleaf Finance Corp., Initial Loan, 5/28/17 $ 474,625
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%
100,000 4.00 NR/Ba2 LPL Holdings, Inc., Initial Tranche B Term Loan,
3/6/19 $ 100,297
------------
Total Diversified Financials $ 10,538,044
-------------------------------------------------------------------------------------------------------
INSURANCE -- 1.6%
Insurance Brokers -- 0.8%
228,074 3.47 B-/B2 Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 228,612
953,885 6.75 B-/B2 Alliant Holdings I, Inc., Tranche D Incremental
Loan, 8/21/14 965,877
97,500 6.75 B+/B1 HUB International Holdings, Inc., 2014
Additional Term Loan, 6/13/14 98,393
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Insurance Brokers -- (continued)
87,466 2.97 B+/B1 HUB International Holdings, Inc., 2014 Delayed
Draw Term Loan, 6/13/14 $ 87,319
389,093 2.97 B+/B1 HUB International Holdings, Inc., 2014 Initial
Term Loan, 6/13/14 387,753
671,136 2.74 B/B1 USI Holdings Corp., Tranche B Term Loan,
5/5/14 660,510
------------
$ 2,428,464
-----------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.6%
1,739,269 6.25 NR/NR CNO Financial Group, Inc., B-1 Loan, 9/30/16 $ 1,753,401
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
484,981 4.49 B/B1 AmWINS Group, Inc., Initial Term Loan, 6/8/13 $ 484,678
------------
Total Insurance $ 4,666,543
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Real Estate Development -- 0.3%
1,088,636 8.25 B-/B1 Ozburn-Hessey Logistics LLC, Term Loan (First
Lien), 4/7/16 $ 960,722
-----------------------------------------------------------------------------------------------------
Real Estate Services -- 0.7%
992,500 3.49 BB/Ba1 CBRE Group, Inc., Incremental Tranche C Term
Loan, 2/17/18 $ 990,225
992,500 3.74 BB/Ba1 CBRE Group, Inc., Incremental Tranche D Term
Loan, 8/17/19 990,225
------------
$ 1,980,450
------------
Total Real Estate $ 2,941,172
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 5.7%
Data Processing & Outsourced Services -- 1.5%
954,714 5.50 BB-/B1 CCC Information Services Group, Inc., Term
Loan, 11/29/15 $ 962,662
85,714 4.25 BBB/Ba1 Fidelity National Information Services, Inc.,
Term B Loan, 7/18/16 86,250
67,341 5.24 B+/NR First Data Corp., 2017 Dollar Term Loan,
3/24/17 64,421
887,680 4.24 B+/B1 First Data Corp., 2018 Dollar Term Loan,
3/24/18 810,672
676,190 7.00 BB/B1 Global Cash Access Holdings, Inc., Term Loan,
2/1/16 680,417
1,019,875 5.00 BB+/Ba2 NeuStar, Inc., Term Advance Loan, 10/11/18 1,031,349
285,714 3.75 NR/NR Vantiv LLC, Tranche B Term Loan, 2/22/19 285,714
599,000 4.25 BB/Ba3 VeriFone Systems, Inc., Term B Loan,
11/14/18 601,149
------------
$ 4,522,634
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 33
Schedule of Investments | 4/30/12 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Application Software -- 3.5%
1,896,277 6.50 BB-/Ba2 Allen Systems Group, Inc., Term B Loan,
11/22/15 $ 1,867,832
2,060,000 9.00 B/Ba3 Expert Global Solutions, Inc., Term B Advance
(First Lien), 3/13/18 2,041,975
1,000,000 6.25 B+/Ba3 Lawson Software, Inc., Tranche B Term Loan,
3/16/18 1,014,375
1,079,100 4.00 BB-/Ba2 NDS Group, Ltd., Tranche B Loan, 2/14/18 1,080,449
372,642 4.47 B+/B1 Serena Software, Inc., 2016 Term Loan
(Extended), 3/10/16 370,778
1,736,875 4.50 B+/B1 Verint Systems, Inc., Term Loan 2011,
10/6/17 1,737,961
1,703,693 5.25 B+/B1 Vertafore, Inc., Term Loan (First Lien), 7/31/16 1,711,680
475,000 5.50 B/Ba3 Wall Street Systems, Term Loan (First Lien),
5/4/17 472,625
------------
$ 10,297,675
--------------------------------------------------------------------------------------------------------
Systems Software -- 0.7%
1,310,000 4.00 NR/Ba2 Rovi Corp., Tranche B2 Term Loan, 3/30/19 $ 1,312,424
699,600 3.75 BBB-/Ba2 The Reynolds & Reynolds Co., Tranche B Term
Loan, 3/9/18 700,474
------------
$ 2,012,898
------------
Total Software & Services $ 16,833,207
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.3%
Communications Equipment -- 0.8%
1,975,013 4.25 NR/NR CommScope, Inc., Tranche 1 Term Loan,
1/14/18 $ 1,981,161
262,350 4.50 NR/NR TowerCo Finance LLC, New Term Loan, 2/2/17 263,662
------------
$ 2,244,823
--------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.7%
1,980,000 4.75 B+/Ba3 Sensus USA, Inc., Term Loan (First Lien),
4/13/17 $ 1,984,124
--------------------------------------------------------------------------------------------------------
Electronic Components -- 0.6%
493,750 5.00 B+/Ba2 CPI International, Inc., Term B Loan, 11/24/17 $ 493,750
1,429,089 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 1,398,721
------------
$ 1,892,471
--------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.2%
664,875 4.75 BB-/B1 Excelitas Technologies Corp., New Term B Loan,
11/29/16 $ 658,226
------------
Total Technology Hardware & Equipment $ 6,779,644
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.2%
Semiconductor Equipment -- 1.6%
1,176,948 4.25 BB-/B1 Aeroflex, Inc., Tranche B Term Loan, 4/25/18 $ 1,174,742
2,356,459 4.49 B/B1 Freescale Semiconductor, Inc., Tranche B-1
Term Loan, 12/1/16 2,315,914
1,389,500 4.00 BB+/Ba3 Sensata Technologies BV, Term Loan, 4/29/18 1,392,597
------------
$ 4,883,253
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.6%
1,583,096 4.00 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 1,588,044
175,000 4.25 NR/Ba2 Semtech Corp., B Term Loan, 2/21/17 175,438
------------
$ 1,763,482
------------
Total Semiconductors &
Semiconductor Equipment $ 6,646,735
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.5%
Integrated Telecommunication Services -- 0.7%
1,260,152 4.60 BB-/Ba3 West Corp., Term B-4 Loan, 7/15/16 $ 1,267,241
353,953 4.49 BB-/Ba3 West Corp., Term B-5 Loan, 7/15/16 356,110
290,273 3.16 BB+/Baa3 Windstream Corp., Tranche B-2 Term Loan,
12/17/15 290,926
------------
$ 1,914,277
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.8%
1,860,938 4.50 NR/NR Cellular South, Inc., Term Loan, 6/16/17 $ 1,860,938
990,000 5.25 BB-/B1 Intelsat Jackson Holdings SA, Tranche B Term
Loan, 4/3/18 996,600
1,252,615 4.07 BB/Ba1 MetroPCS, Inc., Tranche B-2 Term Loan,
11/3/16 1,249,483
296,997 4.00 BB/Ba1 MetroPCS, Inc., Tranche B-3 Term Loan,
3/17/18 294,770
1,025,000 0.00 BB-/B1 Syniverse Holdings, Inc., 4/10/19 1,028,844
------------
$ 5,430,635
------------
Total Telecommunication Services $ 7,344,912
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.2%
Electric Utilities -- 1.1%
1,421,392 5.75 BB-/Ba3 EquiPower Resources Corp., Term B Facility,
1/4/18 $ 1,339,662
660,055 7.75 BB/Ba2 Race Point Power, Loan, 1/11/18 659,230
2,528,934 4.74 CCC/B2 Texas Competitive Electric Holdings Co LLC,
2017 Term Loan (Extending), 10/10/17 1,391,968
------------
$ 3,390,860
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 35
Schedule of Investments | 4/30/12 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.1%
1,435,500 4.50 BB-/B1 Calpine Corp., Term Loan, 3/1/18 $ 1,438,965
1,668,150 4.25 BB+/Ba1 The AES Corp., Initial Term Loan, 5/17/18 1,675,622
------------
$ 3,114,587
------------
Total Utilities $ 6,505,447
------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING
RATE LOAN INTERESTS
(Cost $278,957,891) $277,578,744
------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.0%
Repurchase Agreement -- 1.0%
2,870,000 NR/Aaa JPMorgan, Inc., 0.20%, dated 4/30/12,
repurchase price of $2,869,996 plus accrued
interest on 5/1/12 collateralized by
$2,927,398 Federal National Mortgage
Association (ARM), 2.191 - 5.904%,
11/1/35 - 8/1/45 $ 2,870,000
------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $2,870,000) $ 2,870,000
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.2%
(Cost $299,180,964) (a) $298,145,289
------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.2)% $ (550,549)
------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $297,594,740
============================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
(Perpetual) Security with no stated maturity date.
(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, 2012, the value of these securities
amounted to $7,203,453 or 2.4% 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.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
(a) At April 30, 2012, the net unrealized loss on investments based on
cost for federal income tax purposes of $299,265,516 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 2,720,379
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (3,840,606)
-----------
Net unrealized loss $(1,120,227)
===========
(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, 2012 aggregated $67,060,018 and $66,827,954,
respectively.
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EURO Euro
NOK Norwegian Krone
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods are
categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of April 30, 2012, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 978,750 $ -- $ 978,750
Convertible Preferred Stocks 120,000 -- -- 120,000
Common Stock 166 138,129 -- 138,295
Asset Backed Securities -- 2,485,218 -- 2,485,218
Collateralized Mortgage Obligations -- 2,146,453 -- 2,146,453
Corporate Bonds -- 11,827,829 -- 11,827,829
Senior Floating Rate Loan Interests -- 277,578,748 -- 277,578,748
Repurchase agreements -- 2,869,996 -- 2,869,996
---------------------------------------------------------------------------------------------
Total $120,166 $298,025,123 $ -- $298,145,289
=============================================================================================
Other Financial Instruments* $ -- $ (31,344) $ -- $ (31,344)
=============================================================================================
* Other financial instruments include foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 37
Schedule of Investments | 4/30/12 (unaudited) (continued)
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
---------------------------------------------------------------
Common
Stocks
---------------------------------------------------------------
Balance as of 10/31/11 $108,223
Realized gain (loss)(1) 53,795
Change in unrealized appreciation (depreciation)(2) (63,999)
Net purchases (sales) (98,019)
Transfers in and out of Level 3 --
---------------------------------------------------------------
Balance as of 4/30/12 $ --
===============================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Change in unrealized appreciation (depreciation) on these securities is
included in the change in unrealized gain (loss) on investments in the
Statement of Operations.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Statement of Assets and Liabilities | 4/30/12 (unaudited)
ASSETS:
Investment in securities (cost $299,180,964) $298,145,289
Cash 1,283,712
Foreign currencies, at value (cost $25,331) 25,602
Receivables --
Investment securities sold 3,975,029
Fund shares sold 1,759,282
Dividends and interest 1,507,782
Due from Pioneer Investment Management, Inc. 26,077
Other 70,474
--------------------------------------------------------------------------------------
Total assets $306,793,247
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 7,446,603
Fund shares repurchased 1,350,956
Dividends 178,037
Forward foreign currency portfolio hedge contracts, open-net 31,344
Due to affiliates 92,662
Unrealized depreciation on unfunded corporate loans 13,366
Accrued expenses 85,539
--------------------------------------------------------------------------------------
Total liabilities $ 9,198,507
--------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $300,330,753
Undistributed net investment income 327,358
Accumulated net realized loss on investments and foreign currency
transactions (1,983,138)
Net unrealized loss on investments (1,049,041)
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (31,192)
--------------------------------------------------------------------------------------
Total net assets $297,594,740
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $166,246,251/24,143,157 shares) $ 6.89
Class C (based on $64,748,101/9,397,420 shares) $ 6.89
Class Y (based on $65,898,148/9,550,968 shares) $ 6.90
Class Z (based on $702,240/101,643 shares) $ 6.91
MAXIMUM OFFERING PRICE:
Class A ($6.89 [divided by] 95.5%) $ 7.21
======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 39
Statement of Operations (unaudited)
For the Six Months Ended 4/30/12
INVESTMENT INCOME:
Dividends $ 2,376
Interest 8,653,692
-------------------------------------------------------------------------------------------------------
Total investment income $ 8,656,068
-------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 886,141
Transfer agent fees
Class A 30,902
Class C 12,119
Class Y 5,818
Class Z 52
Distribution fees
Class A 213,680
Class C 319,125
Shareholder communications expense 99,658
Administrative reimbursement 42,419
Custodian fees 13,440
Registration fees 47,389
Professional fees 38,590
Printing expense 17,961
Fees and expenses of nonaffiliated Trustees 4,289
Miscellaneous 5,349
-------------------------------------------------------------------------------------------------------
Total expenses $ 1,736,932
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (47,479)
-------------------------------------------------------------------------------------------------------
Net expenses $ 1,689,453
-------------------------------------------------------------------------------------------------------
Net investment income $ 6,966,615
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (184,105)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 92,704 $ (91,401)
-------------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $4,831,830
Unfunded corporate loans (13,366)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (7,475) $ 4,810,989
-------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 4,784,505
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $11,686,203
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Statement of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,966,615 $ 12,548,053
Net realized loss on investments and foreign currency
transactions (184,105) (582,274)
Change in net unrealized gain (loss) on investments and foreign
currency transactions 4,810,989 (7,776,011)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 11,686,203 $ 4,189,768
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.16 and $0.30 per share, respectively) $ (4,025,604) $ (7,538,271)
Class C ($0.13 and $0.25 per share, respectively) (1,257,255) (2,120,981)
Class Y ($0.17 and $0.32 per share, respectively) (1,498,681) (2,673,529)
Class Z ($0.17 and $0.05 per share, respectively) (5,185) (79)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,786,725) $(12,332,860)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 81,014,616 $347,829,437
Reinvestment of distributions 5,699,891 10,059,808
Cost of shares repurchased (96,564,004) (181,682,961)
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $ (9,849,497) $176,206,284
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (4,950,019) $168,063,192
NET ASSETS:
Beginning of period 302,544,759 134,481,567
-------------------------------------------------------------------------------------------------
End of period $297,594,740 $302,544,759
-------------------------------------------------------------------------------------------------
Undistributed net investment income $ 327,358 $ 147,468
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 41
Statement of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
------------------------------------------------------------------------------------------------------
Class A
Shares sold 6,763,599 $ 46,031,980 27,533,982 $190,031,675
Reinvestment of distributions 532,963 3,630,142 949,984 6,514,391
Less shares repurchased (9,244,131) (62,923,424) (15,946,532) (108,422,821)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (1,947,569) $(13,261,302) 12,537,434 $ 88,123,245
======================================================================================================
Class C
Shares sold 1,294,779 $ 8,844,274 9,140,903 $ 63,270,142
Reinvestment of distributions 156,443 1,066,596 259,218 1,779,066
Less shares repurchased (1,680,628) (11,454,671) (3,220,120) (21,822,362)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (229,406) $ (1,543,801) 6,180,001 $ 43,226,846
======================================================================================================
Class Y
Shares sold 3,728,686 $ 25,445,514 13,651,680 $ 94,517,620
Reinvestment of distributions 146,206 998,171 256,726 1,766,351
Less shares repurchased (3,257,454) (22,175,563) (7,536,617) (51,437,778)
------------------------------------------------------------------------------------------------------
Net increase 617,438 $ 4,268,122 6,371,789 $ 44,846,193
======================================================================================================
Class Z*
Shares sold 100,953 $ 692,848 1,468 $ 10,000
Reinvestment of distributions 724 4,982 -- --
Less shares repurchased (1,502) (10,346) -- --
------------------------------------------------------------------------------------------------------
Net increase 100,175 $ 692,848 1,468 $ 10,000
======================================================================================================
* Class Z shares were first publicly offered on August 8, 2011.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Financial Highlights
--------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended Year Ended
(unaudited) 10/31/11 10/31/10
--------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.77 $ 6.87 $ 6.58
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.16 $ 0.31 $ 0.31
Net realized and unrealized gain (loss) on investments 0.12 (0.11) 0.30
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.28 $ 0.20 $ 0.61
Distributions to shareowners:
Net investment income (0.16) (0.30) (0.32)
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.89 $ 6.77 $ 6.87
====================================================================================================================
Total return* 4.18% 2.98% 9.44%
Ratio of net expenses to average net assets+ 1.06%** 1.10% 1.10%
Ratio of net investment income to average net assets+ 4.80%** 4.47% 4.48%
Portfolio turnover rate 46%** 57% 37%
Net assets, end of period (in thousands) $166,246 $176,701 $93,183
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 1.06%** 1.12% 1.29%
Net investment income 4.80%** 4.45% 4.30%
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.06%** 1.10% 1.10%
Net investment income 4.80%** 4.47% 4.48%
====================================================================================================================
-----------------------------------------------------------------------------------------------------------------
Year Ended Year Ended 2/14/07 (a)
10/31/09 10/31/08 to 10/31/07
-----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 5.64 $ 7.29 $ 7.50
-----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.40 $ 0.32
Net realized and unrealized gain (loss) on investments 0.95 (1.62) (0.23)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.27 $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income (0.33) (0.43) (0.30)
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.58 $ 5.64 $ 7.29
=================================================================================================================
Total return* 23.50% (17.57)% 1.21%(b)
Ratio of net expenses to average net assets+ 1.10% 1.10% 1.10%**
Ratio of net investment income to average net assets+ 5.26% 5.85% 6.31%**
Portfolio turnover rate 23% 30% 49%(b)
Net assets, end of period (in thousands) $27,333 $ 9,130 $11,216
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 1.58% 1.40% 1.47%**
Net investment income 4.78% 5.55% 5.94%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.10% 1.10% 1.10%**
Net investment income 5.26% 5.85% 6.31%**
=================================================================================================================
(a) Class A shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of 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 | 4/30/12 43
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended Year Ended
(unaudited) 10/31/11 10/31/10
----------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.78 $ 6.87 $ 6.58
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.26 $ 0.25
Net realized and unrealized gain (loss) on investments 0.10 (0.10) 0.30
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.24 $ 0.16 $ 0.55
Distributions to shareowners:
Net investment income (0.13) (0.25) (0.26)
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.89 $ 6.78 $ 6.87
================================================================================================================
Total return* 3.63% 2.33% 8.47%
Ratio of net expenses to average net assets+ 1.83%** 1.89% 2.00%
Ratio of net investment income to average net assets+ 4.04%** 3.68% 3.59%
Portfolio turnover rate 46%** 57% 37%
Net assets, end of period (in thousands) $64,748 $65,238 $23,703
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 1.83%** 1.89% 2.04%
Net investment income 4.04%** 3.68% 3.55%
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.83%** 1.89% 2.00%
Net investment income 4.04%** 3.68% 3.59%
================================================================================================================
-----------------------------------------------------------------------------------------------------------------
Year Ended Year Ended 2/14/07 (a)
10/31/09 10/31/08 to 10/31/07
-----------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 5.63 $ 7.29 $ 7.50
-----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.27 $ 0.34 $ 0.28
Net realized and unrealized gain (loss) on investments 0.96 (1.63) (0.23)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.23 $ (1.29) $ 0.05
Distributions to shareowners:
Net investment income (0.28) (0.37) (0.26)
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.58 $ 5.63 $ 7.29
=================================================================================================================
Total return* 22.63% (18.46)% 0.70%(b)
Ratio of net expenses to average net assets+ 2.00% 2.00% 2.00%**
Ratio of net investment income to average net assets+ 4.60% 4.96% 5.38%**
Portfolio turnover rate 23% 30% 49%(b)
Net assets, end of period (in thousands) $13,219 $ 9,040 $10,959
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 2.29% 2.30% 2.32%**
Net investment income 4.31% 4.66% 5.06%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 2.00% 2.00% 2.00%**
Net investment income 4.60% 4.96% 5.38%**
=================================================================================================================
(a) Class C shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of 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 | 4/30/12
----------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended Year Ended
(unaudited) 10/31/11 10/31/10
----------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.78 $ 6.89 $ 6.59
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.17 $ 0.33 $ 0.32
Net realized and unrealized gain (loss) on investments 0.12 (0.12) 0.31
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.29 $ 0.21 $ 0.63
Distributions to shareowners:
Net investment income (0.17) (0.32) (0.33)
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.90 $ 6.78 $ 6.89
================================================================================================================
Total return* 4.32% 3.11% 9.71%
Ratio of net expenses to average net assets+ 0.67%** 0.88% 0.92%
Ratio of net investment income to average net assets+ 5.20%** 4.70% 4.67%
Portfolio turnover rate 46%** 57% 37%
Net assets, end of period (in thousands) $65,898 $60,596 $17,659
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 0.83%** 0.88% 0.95%
Net investment income 5.05%** 4.70% 4.67%
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 0.67%** 0.88% 0.92%
Net investment income 5.20%** 4.70% 4.67%
================================================================================================================
-----------------------------------------------------------------------------------------------------------------
Year Ended Year Ended 2/14/07 (a)
10/31/09 10/31/08 to 10/31/07
-----------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 5.64 $ 7.29 $ 7.50
-----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.40 $ 0.33
Net realized and unrealized gain (loss) on investments 0.96 (1.62) (0.24)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.28 $ (1.22) $ 0.09
Distributions to shareowners:
Net investment income (0.33) (0.43) (0.30)
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.59 $ 5.64 $ 7.29
=================================================================================================================
Total return* 23.70% (17.53)% 1.24%(b)
Ratio of net expenses to average net assets+ 1.09% 1.08% 1.11%**
Ratio of net investment income to average net assets+ 5.58% 5.82% 6.27%**
Portfolio turnover rate 23% 30% 49%(b)
Net assets, end of period (in thousands) $12,109 $10,491 $9,730
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 1.24% 1.27% 1.32%**
Net investment income 5.43% 5.63% 6.06%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.09% 1.08% 1.11%**
Net investment income 5.58% 5.82% 6.27%**
=================================================================================================================
(a) Class Y shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 45
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 8/8/11 (a) to
(unaudited) 10/31/11
----------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 6.80 $ 6.81
----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.17 $ 0.07
Net realized and unrealized loss on investments 0.11 (0.03)
----------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.28 $ 0.04
Distributions to shareowners:
Net investment income (0.17) (0.05)
----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.91 $ 6.80
====================================================================================================
Total return* 4.13% 2.40%(b)
Ratio of net expenses to average net assets+ 0.83%** 0.90%**
Ratio of net investment income to average net assets+ 4.93%** 4.86%**
Portfolio turnover rate 46%** 57%(b)
Net assets, end of period (in thousands) $ 702 $ 10
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 0.83%** 1.22%**
Net investment income 4.93%** 4.54%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.83%** 0.90%**
Net investment income 4.93%** 4.86%**
====================================================================================================
(a) Class Z shares were first publicly offered on August 8, 2011.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(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 | 4/30/12
Notes to Financial Statements | 4/30/12 (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 diversified, open-end management investment company. The
investment objective of the Fund is to produce a high level of current income.
The Fund offers four classes of shares designated as Class A, Class C, Class Y
and Class Z shares. Class A, Class C and Class Y shares were first publicly
offered on February 14, 2007 and Class Z shares were first publicly offered on
August 8, 2011. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares or Class Z shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 47
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, an independent pricing service.
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, brokers 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. Short-term fixed income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities or senior loans for which independent pricing services are unable
to supply prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund may
use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value. Examples
of a significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts. Thus,
the valuation of the Fund's securities may differ from exchange prices.
At April 30, 2012, there were no securities that 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
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
security may include credit ratings, the financial condition of the company,
current market conditions and comparable securities.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. 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 federal
and state tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
The tax character of current year distributions payable will be determined at
the end of the Fund's taxable year. The tax character of distributions paid
during the year ended October 31, 2011 was as follows:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $12,332,860
--------------------------------------------------------------------------------
Total $12,332,860
================================================================================
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
49
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2011:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 384,255
Capital loss carryforward (1,891,734)
Dividend payable (176,962)
Net unrealized loss (5,951,050)
--------------------------------------------------------------------------------
Total $(7,635,491)
================================================================================
The difference between book-basis and tax-basis net unrealized loss is
attributable to the tax deferral of losses on wash sales, the tax treatment
of premium and amortization, the mark-to-market of forward currency and
futures contracts, interest on defaulted bonds and interest accruals on
preferred stock.
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
$55,174 in underwriting commissions on the sale of Class A shares during the
six months ended April 30, 2012.
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 and Class Z shares do not pay distribution fees. All
expenses
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class Y and Class Z shares
can reflect different transfer agent and distribution expense rates.
F. Risks
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible
to any economic, political, or regulatory developments or other risks
affecting those industries and sectors. The Fund 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.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 51
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% on assets over
$500 million. For the six months ended April 30, 2012, 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 0.70% and 0.90% of the Fund's average daily
net assets attributable to Class Y and Class Z shares, respectively. Fees
waived and expenses reimbursed during the period ended April 30, 2012, are
reflected on the Statement of Operations. These expense limitations are in
effect through March 1, 2013. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the dates
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
$28,236 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2012.
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, 2012, such out-of-pocket expenses by class
of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $50,324
Class C 22,861
Class Y 26,465
Class Z 9
--------------------------------------------------------------------------------
Total $99,659
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $52,867 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2012.
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
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 $11,559 in distribution fees payable to
PFD at April 30, 2012.
In addition, redemptions of each class of shares (except Class Y and Z shares)
may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00%
may be imposed on redemptions of certain net asset value purchases of Class A
shares within 12 months of purchase. 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 or Z shares. Proceeds from the CDSCs are
paid to PFD. For the six months ended April 30, 2012, CDSCs in the amount of
$34,204 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the six months ended April 30, 2012, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2012, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open
during the six months ended April 30, 2012 was $3,400,000. At April 30, 2012,
the Fund had no outstanding settlement contracts. Open portfolio hedges at
April 30, 2012 were as follows:
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 53
---------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
---------------------------------------------------------------------------------------------
EUR
(Euro) (1,460,000) $(1,902,885) 12/15/11 $(1,932,912) $(30,027)
NOK
(Norwegian Krone) (1,470,000) (254,742) 12/15/11 (256,059) (1,317)
---------------------------------------------------------------------------------------------
Total $(31,344)
=============================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25%
on an annualized basis or the Federal Funds Rate on the borrowing date plus
1.25% on an annualized basis. The credit facility in effect as of February 15,
2012 is in the amount of $215 million. Under such facility, depending on the
type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended April 30, 2012, the Fund had
no borrowings under a credit facility.
8. Unfunded Loan Commitments
As of April 30, 2012, the Fund had unfunded loan commitments of approximately
$297,030 (excluding unrealized depreciation on those commitments of $13,366 as
of April 30, 2012), which could be extended at the option of the borrower
pursuant to the following loan agreements:
------------------------------------------------------------------------------------------
Unrealized
Borrower Shares Cost Value Loss
------------------------------------------------------------------------------------------
National Security Hospitals, Delayed
Draw Term Loan 297,030 $297,030 $283,664 $(13,366)
==========================================================================================
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of April 30, 2012 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2012 Liabilities Derivatives 2012
Hedging Instruments -------------------------------------------------------------
Under Accounting
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $ -- Payables $31,344
--------------------------------------------------------------------------------------------
Total $ -- $31,344
============================================================================================
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2012 was as follows:
--------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Unrealized
Hedging Instruments Gain on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain on forward foreign $22,345
currency contracts and other assets
and liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $(34,344)
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 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 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, 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 2011 and
September 2011. 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, 2011 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 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one year period ended June 30, 2011 and in the second quintile
of its Morningstar category for the three year period ended June 30, 2011. (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 also considered that the Fund's twelve month average
gross portfolio yield (using month end 30 day effective yields) exceeded the
twelve month average yield of the Credit Suisse Leveraged Loan Index. The
Trustees discussed the Fund's performance record and PIM's plan for improving
the Fund's performance. The Trustees indicated that they were satisfied with
the information presented with respect to the performance of the Fund.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third 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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/12 57
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, 2011 was in
the third quintile relative to its Strategic Insight peer group for the
comparable period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. 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 also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees noted the breakpoint in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify,
rarely identifiable on a Fund-by-Fund basis, and that, among other factors that
may
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
be relevant, are the following: fee levels, expense subsidization, investment
by PIM in research and analytical capabilities and PIM's commitment and
resource allocation to the Funds. The Trustees noted that profitability also
may be an indicator of the availability of any economies of scale, although
profitability may vary for other reasons particularly, for example during the
recent difficult periods for financial markets, as the level of services was
maintained notwithstanding a significant decline in PIM's fee revenues from the
Funds. Accordingly, the Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
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 | 4/30/12 59
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 Trust are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Multi-Asset
Real Return Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class Y PMYRX
[LOGO] PIONEER
Investments(R)
visit us: 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 30
Notes to Financial Statements 37
Approval of Investment Advisory Agreement 49
Trustees, Officers and Service Providers 53
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 1
President's Letter
Dear Shareowner,
The U.S. economy continued its recovery through the first quarter of 2012, even
as broader global concerns weighed on investors. The U.S. unemployment rate
fell to 8.1% in April, and some indicators suggest that it may continue to
trend down. The housing market continued to improve, fueled in part by
record-low mortgage rates. The risk of rising oil prices appeared to recede.
The improved outlook helped U.S. equity markets to perform well in the first
quarter, with the Standard & Poor's 500 Index rising by 12%. For bond
investors, the riskier sectors of the bond market fared the best. The broad
bond market, as measured by the Barclays Capital Aggregate Bond Index, rose by
just 0.3%, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, rose by 5.15%.
We are cautiously optimistic that the U.S. economy will continue to improve.
But we are also closely monitoring macroeconomic concerns that could change the
market's direction, such as the lingering debt woes in Europe, the state of the
Chinese economy, and the U.S. government's fiscal situation. Clouds have
continued to hover over Europe, as the exit of Greece from the Euro-zone
remains a possibility. Meanwhile, China continues to face a potential slowdown
in economic growth. In the U.S., tax increases and spending cuts scheduled to
take effect at year-end should, unless fiscal policy changes, sharply reduce
the budget deficit -- which would be very good for the country in the longer
run -- but also could potentially stall U.S. economic growth in 2013. All of
these considerations may lead to further market volatility.
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. 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.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy is to identify undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
2 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
monitor and analyze the relative valuations of different sectors and securities
globally to help build portfolios that we believe can help you achieve your
investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 3
Portfolio Management Discussion | 4/30/12
In the following discussion, Michele Garau reviews the factors that affected
the performance of Pioneer Multi-Asset Real Return Fund during the six-month
period ended April 30, 2012. Mr. Garau, vice president and portfolio manager at
Pioneer, is responsible for the day-to-day management of the Fund.
Q Could you review the Fund's overall 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 scenarios. While many
real-return portfolios focus exclusively on hard assets (such as gold,
commodities, oil, and real estate) and/or Treasury Inflation Protected
Securities ("TIPS"), we believe that a diversified*, flexible approach that
allocates between those 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 us with a greater degree of
latitude in our quest to achieve 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, 2012?
A During the six months ended April 30, 2012, Pioneer Multi-Asset Real Return
Fund Class A shares returned 5.74% at net asset value, while the Fund's
benchmark, the Barclays Capital U.S. Treasury TIPS 1-10 Year Index (the
Barclays Index), returned 2.93%. During the same six-month period, the average
return of the 212 mutual funds in Lipper's Flexible Portfolio Funds category
was 4.82%.
Q How were the Fund's assets allocated as of the end of the period on April 30,
2012?
A As of April 30, 2012, approximately 64% of the Fund's portfolio was invested
in equities, 21% of assets were in fixed-income investments, 7% were allocated
to commodities and real estate, and the remainder of the Fund's assets were
held in cash.
Q With 64% of assets held in equities as of the end of the period, how did the
Fund's equity positioning affect performance, and how was the Fund positioned
within the asset class during the six months ended April 30, 2012?
A The Fund's allocation to equities played an important role in its
outperformance of the Barclays Index during the past six months, as stocks
* Diversification does not assure a profit or protect against loss in a
declining market.
4 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
rallied behind robust corporate earnings and positive investor sentiment.
While we are not overwhelmingly bullish on the global economic outlook, we
believe stocks have been more than compensating investors for the risks.
Stocks typically trade at a "risk premium" relative to bonds -- a gap that can
be measured by comparing stocks' earnings yield (or earnings divided by stock
prices) to the yield on the 10-year U.S. Treasury note. As of April 30, 2012,
the gap stood at its highest level in more than 50 years, indicating that
stock prices are historically cheap relative to government bonds. Similarly,
the difference between stocks' free-cash-flow yield (free cash flow divided by
stock prices) and the yields on investment-grade corporate bonds also was at
its largest level in 50 years. In our view, the gaps indicate a growing
potential for stocks to outperform bonds in the years ahead. Accordingly, we
made a modest increase to the Fund's equity allocation during the six months
ended April 30, 2012.
Our approach within the Fund's equity allocation is to have diversified
portfolio exposure to higher-quality, dividend-paying stocks** in the
developed markets and the faster-growing markets in Asia. That line of
thinking forms the basis for the Fund's holdings in stocks such as Merck,
Philip Morris International, Nestle, and Coca-Cola, as well as exposure to
markets such as Hong Kong, Singapore, Indonesia, the Philippines, and Japan.
The Fund's equity allocation is divided among developed-market international
equities (24% of total Fund assets), domestic equities (19%), and the emerging
markets (21%).
Although we have a positive view on equities in general, the continued
presence of important risk factors -- most notably, the debt crisis in Europe
-- has prompted us to "hedge" a portion of the Fund's equity exposure through
positions that have the potential to rise in value when the market declines.
We believe the hedging helps to manage the risk of severe market downturns and
provides a smoother ride in terms of the Fund's day-to-day volatility.
Q Could you discuss the Fund's positioning in the global bond markets during the
six months ended April 30, 2012?
A While we are guarded on the outlook for bonds as an asset class, we believe
that there are opportunities to invest in securities that offer the
combination of attractive yields and favorable underlying credit fundamentals.
We have been finding such opportunities to be most prevalent in corporate
bonds in both the developed and emerging markets, as well as in selected
sovereign-debt issues. The Fund continues to hold no positions in the
government debt of the major developed markets. In the United States and the
United Kingdom, for instance, budget deficits and debt-to-gross domestic
product
** Dividends are not guaranteed.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 5
ratios are extraordinarily high, and rising, and yet nominal bond yields have
remained extremely depressed. We believe that combination makes government
bonds in most western developed markets to be the least attractive asset
class.
Q How was the Fund positioned in commodities as of April 30, 2012?
A The Fund's commodity position has been focused on industrial metals, such as
platinum and palladium, that could benefit from China's strong long-term
growth trajectory. We achieved the Fund's industrial metals exposure through
exchange-traded funds (ETFs).
The Fund continued to hold no direct exposure to oil as of period end. While
the commodity was propped up by political instability in the Middle East early
in the six-month period, we believed it would eventually be pressured by
sluggish global growth once the fears moved into the background. However, the
Fund does hold positions in the stocks and bonds of large, integrated oil
companies, which ensures that the portfolio maintains at least some peripheral
exposure to oil prices.
The portfolio also held no position in gold at the close of the period on
April 30, 2012. We sold the Fund out of gold during the summer of 2011, and we
bought back in, briefly, in early 2012 before once again closing out the
Fund's position. While we continue to think that gold will be supported by the
extremely accommodative policies of the world's central banks, we also believe
that investor sentiment toward gold remains too favorable. That said, we
remain on the lookout for a sell-off in gold that would provide an opportunity
to establish a Fund position in the commodity at a lower price.
Q Do you have any closing thoughts for investors?
A We are cautious on the outlook for the global economy. We believe that U.S.
growth is likely to come in at a tepid rate of about 1.5% to 2%, while Europe
is already experiencing a recession. In addition, the potential risks remain
high as long as the peripheral European nations continue to carry
unsustainably high levels of government debt. Fortunately, we have the ability
to invest the Fund anywhere in the world, and across the full range of asset
classes, in an attempt to find attractive investment opportunities. We believe
this approach could help us to achieve the Fund's mandate of providing
appropriate investors with a positive real (or inflation-adjusted) return --
an important consideration during a time in which the majority of
conservative, fixed-income instruments have been offering yields at levels
below the rate of inflation.
Please refer to the Schedule of Investments on pages 16-29 for a full listing
of Fund securities.
6 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
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,
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
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 7
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, and 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
prepayments.
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 opinion 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 | 4/30/12
Portfolio Summary | 4/30/12
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Financials 39.3%
Industrials 10.8%
Consumer Discretionary 9.6%
Consumer Staples 9.5%
Materials 8.8%
Energy 7.2%
Health Care 5.3%
Information Technology 3.1%
Government 2.8%
Utilities 1.8%
Telecommunication Services 1.8%
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
International Common Stocks 47.4%
U.S. Common Stocks 16.9%
International Corporate Bonds 12.9%
Exchange Traded Funds 7.4%
Temporary Cash Investment 6.7%
U.S. Corporate Bonds 4.6%
Foreign Government Bonds 2.6%
Convertible Corporate Bonds 1.2%
Senior Secured Loans 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. ETFS Physical Palladium Shares 3.36%
--------------------------------------------------------------------------------
2. ETFS Platinum Trust 2.25
--------------------------------------------------------------------------------
3. Bankia SA, 4.375%, 2/14/17 2.00
--------------------------------------------------------------------------------
4. Merck & Co., Inc. 1.64
--------------------------------------------------------------------------------
5. Philip Morris International, Inc. 1.57
--------------------------------------------------------------------------------
6. Swiss Re AG 1.39
--------------------------------------------------------------------------------
7. The Coca-Cola Co. 1.36
--------------------------------------------------------------------------------
8. Standard Chartered Plc 1.36
--------------------------------------------------------------------------------
9. Allianz SE 1.35
--------------------------------------------------------------------------------
10. Industrial & Commercial Bank of China, Ltd. 1.35
--------------------------------------------------------------------------------
* 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 | 4/30/12 9
Prices and Distributions | 4/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/12 10/31/11
--------------------------------------------------------------------------------
A $11.60 $11.25
--------------------------------------------------------------------------------
C $11.52 $11.15
--------------------------------------------------------------------------------
Y $11.62 $11.29
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-4/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2735 $ -- $ --
--------------------------------------------------------------------------------
C $0.2056 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3093 $ -- $ --
--------------------------------------------------------------------------------
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 | 4/30/12
Performance Update | 4/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset 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, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.50% 7.01%
1 Year 4.99 0.30
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012, as
revised April 27, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.37% 1.33%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
Pioneer Multi-Asset U.S. Treasury TIPS
Real Return Fund 1-10 Year Index
5/10 $ 9,550 $10,000
4/11 11,112 10,789
4/12 11,667 11,546
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through March 1, 2013 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 | 4/30/12 11
Performance Update | 4/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 8.66% 8.66%
1 Year 4.19 4.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012, as
revised April 27, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.13%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
Pioneer Multi-Asset U.S. Treasury TIPS
Real Return Fund 1-10 Year Index
5/10 $10,000 $10,000
4/11 11,554 10,789
4/12 12,039 11,546
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The 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 | 4/30/12
Performance Update | 4/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Multi-Asset 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.83% 9.83%
1 Year 5.32 5.32
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012, as
revised April 27, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.11% 1.03%
--------------------------------------------------------------------------------
[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Barclays Capital
Pioneer Multi-Asset U.S. Treasury TIPS
Real Return Fund 1-10 Year Index
5/10 $5,000,000 $5,000,000
4/11 5,832,730 5,394,260
4/12 6,143,064 5,773,026
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through March 1, 2013 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 | 4/30/12 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, 2011, through April 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/11 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 4/30/12 $1,057.40 $1,053.10 $1,058.80
--------------------------------------------------------------------------------
Expenses Paid During Period* $6.24 $10.26 $4.71
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratios plus the expense
ratios of the underlying funds. These combined totals were 1.22%, 2.01% and
0.92% for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, and then multiplied by 182/366
(to reflect the one-half year period) to calculate the Expenses Paid During
Period in the table above.
14 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2011, through April 30, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value on 11/1/11 $1,000.00 $1,000.00 $1,000.00
--------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 4/30/12 $1,018.80 $1,014.87 $1,020.29
--------------------------------------------------------------------------------
Expenses Paid During Period* $6.12 $10.07 $4.62
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratios plus the expense
ratios of the underlying funds. These combined totals were 1.22%, 2.01% and
0.92% for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, and then multiplied by 182/366
(to reflect the one-half year period) to calculate the Expenses Paid During
Period in the table above.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 15
Schedule of Investments | 4/30/12 (Consolidated) (unaudited)
--------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 1.2%
DIVERSIFIED FINANCIALS -- 1.2%
Asset Management & Custody Banks -- 1.2%
3,470,000 BBB/NR Apollo Investment Corp., 5.75%,
1/15/16 $ 3,396,262
1,500,000 BBB/NR Ares Capital Corp., 5.125%, 6/1/16
(144A) 1,507,500
------------
$ 4,903,762
------------
Total Diversified Financials $ 4,903,762
--------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE
BONDS
(Cost $4,503,609) $ 4,903,762
--------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------
COMMON STOCKS -- 62.2%
ENERGY -- 2.5%
Oil & Gas Equipment & Services -- 0.3%
54,483 AMEC Plc $ 1,007,001
--------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 2.2%
40,910 Chevron Corp. $ 4,359,370
98,181 Total SA 4,700,886
------------
$ 9,060,256
------------
Total Energy $ 10,067,257
--------------------------------------------------------------------------------------------------
MATERIALS -- 4.7%
Diversified Chemicals -- 0.5%
19,929 PPG Industries, Inc. $ 2,097,328
--------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.5%
38,943 Yara International ASA $ 1,915,103
--------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.3%
56,966 Ecolab, Inc. $ 3,628,165
30,000 Shin-Etsu Chemical Co, Ltd. 1,730,222
------------
$ 5,358,387
--------------------------------------------------------------------------------------------------
Construction Materials -- 1.7%
8,708,500 Holcim Indonesia Tbk PT $ 2,437,755
1,217,500 Indocement Tunggal Prakarsa Tbk PT 2,383,368
136,600 Siam Cement PCL 1,854,014
------------
$ 6,675,137
--------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
661,577 Nampak, Ltd. $ 1,909,579
--------------------------------------------------------------------------------------------------
Steel -- 0.2%
9,949,000 Krakatau Steel Persero Tbk PT $ 929,723
------------
Total Materials $ 18,885,257
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 6.8%
Aerospace & Defense -- 0.3%
14,017 United Technologies Corp. $ 1,144,348
-------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.6%
3,163,500 Surya Semesta Internusa Tbk PT $ 412,036
46,294 Vinci SA 2,148,763
------------
$ 2,560,799
-------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.8%
12,829 3M Co. $ 1,146,399
10,219,700 Alliance Global Group, Inc. 2,983,134
261,000 Fraser and Neave, Ltd. 1,483,911
30,059 Jardine Matheson Holdings, Ltd. 1,488,968
66,498 Jardine Strategic Holdings, Ltd. 2,137,776
466,000 Keppel Corp., Ltd. 4,148,385
19,930 SM Investments Corp. 329,453
25,477 Tyco International, Ltd. 1,430,024
------------
$ 15,148,050
-------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 1.4%
13,844 Deere & Co. $ 1,140,192
76,600 Komatsu, Ltd. 2,215,863
691,000 United Tractors Tbk PT 2,216,286
------------
$ 5,572,341
-------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
5,200 FANUC Corp. $ 883,483
54,000 Nabtesco Corp. 1,161,295
------------
$ 2,044,778
-------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
64,400 Sumitomo Corp. $ 912,557
------------
Total Capital Goods $ 27,382,873
-------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Environmental & Facilities Services -- 0.4%
3,273,000 China Everbright International, Ltd. $ 1,546,083
------------
Total Commercial Services & Supplies $ 1,546,083
-------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Air Freight & Logistics -- 0.1%
10,745 Oesterreichische Post AG $ 381,143
-------------------------------------------------------------------------------------------------
Railroads -- 1.1%
87,356 CSX Corp. $ 1,948,912
18,604 Norfolk Southern Corp. 1,356,790
9,700 Union Pacific Corp. 1,090,668
------------
$ 4,396,370
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 17
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
Airport Services -- 0.3%
1,836,000 Beijing Capital International Airport
Co., Ltd. $ 1,198,348
------------
Total Transportation $ 5,975,861
---------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.8%
Auto Parts & Equipment -- 0.8%
52,457 Autoliv, Inc. $ 3,291,152
---------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
175,600 Astra International Tbk PT $ 1,352,253
26,870 Bayerische Motoren Werke AG 2,554,435
------------
$ 3,906,688
------------
Total Automobiles & Components $ 7,197,840
---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.1%
Home Furnishings -- 0.4%
23,500 Mohawk Industries, Inc.* $ 1,574,970
---------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.7%
3,621 The Swatch Group AG $ 1,670,918
6,837 VF Corp. 1,039,566
------------
$ 2,710,484
------------
Total Consumer Durables & Apparel $ 4,285,454
---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.4%
Casinos & Gaming -- 0.9%
716,000 Galaxy Entertainment Group, Ltd.* $ 2,226,106
498,750 Wynn Macau, Ltd. 1,591,827
------------
$ 3,817,933
---------------------------------------------------------------------------------------------------
Restaurants -- 0.5%
18,539 McDonald's Corp. $ 1,806,626
------------
Total Consumer Services $ 5,624,559
---------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Movies & Entertainment -- 0.6%
56,145 The Walt Disney Co. $ 2,420,411
---------------------------------------------------------------------------------------------------
Publishing -- 0.4%
557,000 Singapore Press Holdings, Ltd. $ 1,786,346
------------
Total Media $ 4,206,757
---------------------------------------------------------------------------------------------------
RETAILING -- 3.1%
Distributors -- 0.3%
620,154 Li & Fung, Ltd. $ 1,321,245
---------------------------------------------------------------------------------------------------
Internet Retail -- 0.3%
1,028 Rakuten, Inc. $ 1,146,828
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
-------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.3%
1,291,000 Mitra Adiperkasa Tbk PT $ 974,455
-------------------------------------------------------------------------------------------------
Apparel Retail -- 1.1%
888,964 Belle International Holdings, Ltd. $ 1,736,565
8,110,000 Emperor Watch & Jewellery, Ltd. 1,144,154
39,671 Hennes & Mauritz AB* 1,363,337
------------
$ 4,244,056
-------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.4%
3,156,500 Ace Hardware Indonesia Tbk PT $ 1,765,747
-------------------------------------------------------------------------------------------------
Specialty Stores -- 0.7%
1,107,226 L'Occitane International SA $ 2,945,943
------------
Total Retailing $ 12,398,274
-------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Food Retail -- 0.4%
266,407 Pick n Pay Stores, Ltd. $ 1,542,092
------------
Total Food & Staples Retailing $ 1,542,092
-------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.9%
Brewers -- 0.7%
31,119 Carlsberg A/S $ 2,682,943
-------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.3%
13,034 Pernod-Ricard SA $ 1,353,113
-------------------------------------------------------------------------------------------------
Soft Drinks -- 1.2%
65,515 The Coca-Cola Co. $ 5,000,105
-------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 3.2%
44,191 Campbell Soup Co. $ 1,494,982
41,628 Kraft Foods, Inc. 1,659,708
488,000 Mayora Indah Tbk PT 1,061,255
70,991 Nestle SA 4,349,442
5,854,000 Salim Ivomas Pratama Tbk PT* 871,254
2,197,600 Universal Robina Corp. 3,383,602
------------
$ 12,820,243
-------------------------------------------------------------------------------------------------
Tobacco -- 2.5%
92,736 Altria Group, Inc. $ 2,987,027
259 Japan Tobacco, Inc. 1,430,616
64,306 Philip Morris International, Inc. 5,756,030
------------
$ 10,173,673
------------
Total Food, Beverage & Tobacco $ 32,030,077
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 19
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Personal Products -- 0.3%
15,934 The Estee Lauder Companies, Inc. $ 1,041,287
------------
Total Household & Personal Products $ 1,041,287
--------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Equipment -- 0.1%
4,087 Fresenius SE & Co. KGaA $ 407,940
------------
Total Health Care Equipment &
Services $ 407,940
--------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 4.7%
Pharmaceuticals -- 4.7%
53,050 Bristol-Myers Squibb Co. $ 1,770,278
132,585 GlaxoSmithKline Plc 3,067,462
34,343 Johnson & Johnson 2,235,386
151,947 Merck & Co., Inc. 5,962,400
31,966 Novartis AG 1,762,497
22,189 Roche Holding AG 4,054,377
------------
$ 18,852,400
------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 18,852,400
--------------------------------------------------------------------------------------------------
BANKS -- 8.5%
Diversified Banks -- 8.0%
180,600 Bangkok Bank PCL $ 1,119,483
1,215,789 Bank Mandiri Persero Tbk PT 976,956
123,477 Bank of East Asia, Ltd. 459,677
1,319,900 Bank of the Philippine Islands 2,301,475
2,519,200 Bank Rakyat Indonesia Persero Tbk PT 1,820,230
1,995,340 BDO Unibank, Inc. 3,127,293
531,500 BOC Hong Kong Holdings, Ltd. 1,642,227
7,430,280 Industrial & Commercial Bank of
China, Ltd. 4,938,381
2,023,600 Krung Thai Bank PCL 1,181,337
625,662 Metropolitan Bank & Trust 1,352,613
69,489 Nedbank Group, Ltd. 1,513,719
161,694 Oversea-Chinese Banking Corp, Ltd. 1,167,490
569,700 Public Bank Bhd 2,574,602
23,737 Royal Bank of Canada 1,372,518
342,030 Security Bank Corp. 1,158,309
203,354 Standard Chartered Plc 4,984,915
46,146 United Overseas Bank, Ltd. 715,877
------------
$ 32,407,102
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Regional Banks -- 0.5%
57,700 First Republic Bank* $ 1,905,831
------------
Total Banks $ 34,312,933
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.9%
Multi-Sector Holdings -- 1.4%
132,802 Ayala Corp. $ 1,351,831
4,103,308 First Pacific Co., Ltd. 4,453,740
------------
$ 5,805,571
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
38,234 Deutsche Boerse AG $ 2,400,492
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
39,168 Capital One Financial Corp. $ 2,173,041
----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
11,580 Franklin Resources, Inc. $ 1,453,406
------------
Total Diversified Financials $ 11,832,510
----------------------------------------------------------------------------------------------------
INSURANCE -- 4.5%
Multi-line Insurance -- 2.0%
44,343 Allianz SE $ 4,941,273
13,127 Zurich Insurance Group AG 3,212,228
------------
$ 8,153,501
----------------------------------------------------------------------------------------------------
Reinsurance -- 2.5%
33,526 Muenchener Rueckversicherungs AG $ 4,867,500
81,476 Swiss Re AG 5,110,059
------------
$ 9,977,559
------------
Total Insurance $ 18,131,060
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 3.6%
Industrial REITs -- 0.4%
908,511 Ascendas Real Estate Investment Trust $ 1,526,367
----------------------------------------------------------------------------------------------------
Retail REITs -- 0.2%
570,381 CapitaMall Trust $ 829,172
----------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 1.2%
50 Swire Pacific, Ltd. $ 588
1,093,235 Swire Properties, Ltd. 2,988,542
326,000 Wharf Holdings, Ltd. 1,936,145
------------
$ 4,925,275
----------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.4%
52,687 Deutsche Wohnen AG $ 774,641
195,201 IMMOFINANZ AG 686,179
------------
$ 1,460,820
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 21
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Real Estate Development -- 1.4%
13,356,000 Bumi Serpong Damai PT $ 2,074,261
48,891 Conwert Immobilien Invest SE 582,641
37,193,000 Megaworld Corp. 1,908,780
2,028,500 Summarecon Agung Tbk PT 381,115
1,376,300 Supalai PCL 734,027
------------
$ 5,680,824
------------
Total Real Estate $ 14,422,458
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.9%
Internet Software & Services -- 0.5%
65,600 Tencent Holdings, Ltd. $ 2,053,366
----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
4,782 International Business Machines Corp. $ 990,257
----------------------------------------------------------------------------------------------------
Systems Software -- 1.2%
113,200 Microsoft Corp. $ 3,624,664
40,763 Oracle Corp. 1,198,025
------------
$ 4,822,689
------------
Total Software & Services $ 7,866,312
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Components -- 0.3%
12,400 Kyocera Corp. $ 1,209,510
------------
Total Technology Hardware &
Equipment $ 1,209,510
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductor Equipment -- 0.5%
24,200 Cymer, Inc.* $ 1,254,528
17,750 Lam Research Corp.* 739,288
------------
$ 1,993,816
------------
Total Semiconductors &
Semiconductor Equipment $ 1,993,816
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.6%
Integrated Telecommunication Services -- 0.7%
1,194,000 Singapore Telecommunications, Ltd. $ 3,006,765
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.9%
55,300 Softbank Corp. $ 1,650,218
657,056 Vodafone Group Plc 1,823,086
------------
$ 3,473,304
------------
Total Telecommunication Services $ 6,480,069
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
UTILITIES -- 0.8%
Electric Utilities -- 0.3%
347,125 Terna Rete Elettrica Nazionale S.p.A. $ 1,290,559
---------------------------------------------------------------------------------------------------
Gas Utilities -- 0.3%
244,917 Snam S.p.A. $ 1,164,781
---------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.2%
26,200 Electric Power Development Co., Ltd. $ 724,497
------------
Total Utilities $ 3,179,837
---------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $227,060,830) $250,872,516
---------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 16.9%
ENERGY -- 4.0%
Oil & Gas Drilling -- 0.5%
2,000,000 BB+/Ba1 Precision Drilling Corp.,
6.625%, 11/15/20 $ 2,085,000
---------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.2%
4,323,000 BBB-/Baa2 Lukoil International Finance BV,
7.25%, 11/5/19 (144A) $ 4,874,182
---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.5%
3,000,000 BBB/Baa1 Gazprom OAO Via Gaz Capital SA,
6.212%, 11/22/16 (144A) $ 3,272,070
2,153,000 BBB/Baa1 Gazprom OAO Via Gaz Capital SA,
6.51%, 3/7/22 (144A) 2,363,348
350,000 BB+/Ba3 Whiting Petroleum Corp.,
6.5%, 10/1/18 372,750
------------
$ 6,008,168
---------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.8%
1,400,000 NR/Ba1 Adaro Indonesia PT,
7.625%, 10/22/19 (144A) $ 1,524,320
1,500,000 BB/Ba3 Bumi Investment Pte, Ltd.,
10.75%, 10/6/17 (144A) 1,612,500
------------
$ 3,136,820
------------
Total Energy $ 16,104,170
---------------------------------------------------------------------------------------------------
MATERIALS -- 3.2%
Diversified Chemicals -- 0.5%
2,000,000 BB-/Ba3 Celanese US Holdings LLC,
5.875%, 6/15/21 $ 2,145,000
---------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
1,000,000 BB-/B1 Crown Cork & Seal Co., Inc.,
7.375%, 12/15/26 $ 1,045,000
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 23
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.1%
1,100,000 BB/B1 Sealed Air Corp., 6.875%, 7/15/33
(144A) $ 1,067,000
2,900,000 BBB+/Baa2 Sonoco Products Co., 5.75%,
11/1/40 3,200,695
------------
$ 4,267,695
-------------------------------------------------------------------------------------------------------------
Steel -- 0.6%
2,500,000 BBB-/Baa3 ArcelorMittal, 5.25%, 8/5/20 $ 2,467,708
-------------------------------------------------------------------------------------------------------------
Forest Products -- 0.7%
EURO 2,000,000 BB+/Ba1 Smurfit Kappa Acquisitions, 7.75%,
11/15/19 (144A) $ 2,832,611
------------
Total Materials $ 12,758,014
-------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Building Products -- 0.4%
1,500,000 BBB-/Ba2 Masco Corp., 5.85%, 3/15/17 $ 1,550,384
-------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.6%
2,700,000 BB/Ba3 Lonking Holdings, Ltd., 8.5%, 6/3/16
(144A) $ 2,538,000
------------
Total Capital Goods $ 4,088,384
-------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Housewares & Specialties -- 0.3%
1,000,000 BB-/Ba3 Reynolds Group Issuer, Inc., 7.875%,
8/15/19 (144A) $ 1,080,000
------------
Total Consumer Durables & Apparel $ 1,080,000
-------------------------------------------------------------------------------------------------------------
BANKS -- 6.7%
Diversified Banks -- 5.2%
1,000,000 BBB+/A3 Bangkok Bank PCL Hong Kong, 4.8%,
10/18/20 (144A) $ 1,019,833
3,975,000 A-/A3 Bank of East Asia, Ltd., 6.125%,
7/16/20 4,236,642
EURO 6,500,000 NR/Baa3 Bankia SA, 4.375%, 2/14/17 7,335,045
2,000,000 NR/A3 Industrial & Commercial Bank of China
Asia, Ltd., 5.125%, 11/30/20 2,066,758
5,254,000 BBB+/A2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 4,773,564
1,600,000 A/A1 Societe Generale SA, 5.2%, 4/15/21
(144A) 1,506,022
------------
$ 20,937,864
-------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Regional Banks -- 1.5%
2,000,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49
(Perpetual) $ 2,096,340
1,750,000 BB+/Ba3 Regions Financial Corp., 5.75%,
6/15/15 1,846,250
2,000,000 5.46 BBB+/Baa1 State Street Capital Trust III, Floating
Rate Note, 1/29/49 (Perpetual) 2,007,840
------------
$ 5,950,430
------------
Total Banks $ 26,888,294
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Other Diversified Financial Services -- 0.1%
300,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) $ 291,300
250,000 0.00 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (Cat Bond)
(144A) 245,100
------------
$ 536,400
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
2,500,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) $ 2,494,865
------------
Total Diversified Financials $ 3,031,265
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Reinsurance -- 0.2%
500,000 12.37 B/NR Montana Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) $ 489,250
250,000 14.99 B-/NR Successor X, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 246,525
------------
$ 735,775
------------
Total Insurance $ 735,775
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.8%
Independent Power Producers & Energy
Traders -- 0.8%
400,000 0.00 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) $ 399,000
1,400,000 BBB+/Baa1 Southern Power Co., 5.15%, 9/15/41 1,514,026
1,400,000 NR/B2 Star Energy Geothermal Wayang
Windu, Ltd., 11.5%, 2/12/15 (144A) 1,538,320
------------
$ 3,451,346
------------
Total Utilities $ 3,451,346
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $66,282,889) $ 68,137,248
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 25
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 2.5%
CLP 2,290,000,000 NR/NR Bonos del Banco Central de Chile en
Pesos, 6.0%, 9/1/13 $ 4,803,996
MXN 43,800,000 A-/Baa1 Mexican Bonos, 6.0%, 6/18/15 3,461,573
PEN 4,100,000 BBB+/Baa3 Peru Government Bond, 9.91%,
5/5/15 1,804,056
--------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT
BONDS
(Cost $10,060,401) $ 10,069,625
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 0.3%**
MATERIALS -- 0.1%
Aluminum -- 0.1%
246,875 4.00 BB-/Ba2 Novelis, Inc. Georgia, Term Loan,
3/11/17 $ 247,378
------------
Total Materials $ 247,378
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Building Products -- 0.1%
247,696 4.00 BB-/B1 Armstrong World Industries, Inc., Term
Loan B-1, 3/8/18 $ 248,316
------------
Total Capital Goods $ 248,316
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%
Health Care Services -- 0.0%
212,015 6.50 B/B1 Gentiva Health Services, Inc., Term B1
Term Loan, 2/22/16 $ 202,209
------------
Total Health Care Equipment &
Services $ 202,209
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
17,143 4.25 BBB/Ba1 Fidelity National Information Services,
Inc., Term B Loan, 7/18/16 $ 17,250
------------
Total Software & Services $ 17,250
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
344,131 4.25 NR/NR CommScope, Inc., Tranche 1 Term
Loan, 1/14/18 $ 345,202
------------
Total Technology Hardware &
Equipment $ 345,202
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $1,062,493) $ 1,060,355
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 7.1%
181,300 ETFS Physical Palladium Shares* $ 12,221,435
53,000 ETFS Platinum Trust* 8,191,150
9,100 iShares MSCI Mexico Investable Market
Index Fund 562,562
41,700 iShares MSCI Russia Capped Index
Fund 999,674
17,800 iShares MSCI South Korea Index Fund 1,054,472
37,300 iShares MSCI Sweden Index Fund 1,056,709
154,900 PowerShares Buyback Achievers
Portfolio 4,557,158
------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $27,845,603) $ 28,643,160
----------------------------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.0%+
5,000 Financial Select Sector SPDR Fund,
May 19 at $15 $ 70,000
2,200 iShares Barclays 20+ Year Treasury
Bond Fund, May 19 at $114 81,400
------------
$ 151,400
----------------------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS
(Cost $555,822) $ 151,400
----------------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.4%
Repurchase Agreements -- 6.4%
26,070,000 NR/Aaa Deutschebank AG, 0.19%, dated
4/30/12, repurchase price of
$26,070,000 plus accrued interest on
5/1/12 collateralized by the following:
$1,628,895 U.S. Treasury Bond,
4.375 - 7.125%, 2/15/23 -
11/15/39 $1,639,558 U.S. Treasury
Note, 2.75 - 3.875%, 12/31/17 -
5/15/18 $23,283,171 U.S. Treasury
Strip, 0.0 - 9.0%, 8/15/12 -
11/15/41 $ 26,070,000
------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $26,070,000) $ 26,070,000
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.6%
(Cost $363,441,647) (a) $389,908,066
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 27
Schedule of Investments | 4/30/12 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
WRITTEN OPTIONS -- 0.0%+
(5,000) Financial Select Sector SPDR Fund,
May 19 at $14 $ (15,000)
(2,200) iShares Barclays 20+ Year Treasury
Bond Fund, May 19 at $108 (12,100)
------------
$ (27,100)
----------------------------------------------------------------------------------------------------
TOTAL WRITTEN OPTIONS
(Premiums received $167,932) $ (27,100)
----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.4% $ 13,516,371
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $403,397,337
====================================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
REIT Real Estate Investment Trust
NR Not rated by either S&P or Moody's.
(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, 2012, the value of these securities amounted to $35,675,311 or 8.8%
of total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
(a) At April 30, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $365,481,910 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $28,432,470
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (4,006,314)
-----------
Net unrealized gain $24,426,156
===========
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
CLP Chilean Peso
EURO Euro
MXN Mexican Peso
PEN Peruvian Nuevo
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2012 aggregated $362,639,090 and $279,518,945,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (other than prices supplied by independent pricing services) are
categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of April 30, 2012, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 4,903,762 $ -- $ 4,903,762
Common Stocks 72,093,679 178,778,837 -- 250,872,516
Corporate Bonds -- 68,137,248 -- 68,137,248
Foreign Government Bonds -- 10,069,625 -- 10,069,625
Senior Floating Rate Loan Interests -- 1,060,355 -- 1,060,355
Exchange Traded Funds 28,643,160 -- -- 28,643,160
Purchased Options 151,400 -- -- 151,400
Repurchase Agreements -- 26,070,000 -- 26,070,000
-------------------------------------------------------------------------------------------------------
Total $100,888,239 $289,019,827 $ -- $389,908,066
=======================================================================================================
Other Financial Instruments* $ (645,301) $ (301,093) $ -- $ (946,395)
=======================================================================================================
* Other financial instruments include futures, forwards and written options
contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 29
Statement of Assets and Liabilities | 4/30/12 (Consolidated) (unaudited)
ASSETS:
Investment in securities, at value (cost $363,441,647) $389,908,066
Cash 14,327,369
Foreign currencies, at value (cost $2,864,784) 2,865,146
Receivables --
Investment securities sold 3,446,219
Fund shares sold 4,966,142
Dividends and interest 2,361,303
Due from Pioneer Investment Management, Inc. 84,117
Other 253,248
--------------------------------------------------------------------------------------
Total assets $418,211,610
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 7,256,425
Fund shares repurchased 6,335,375
Forward foreign currency portfolio hedge contracts, open-net 301,093
Open options contracts written (premiums received $167,932) 27,100
Unrealized loss on futures contracts 709,551
Due to affiliates 94,106
Accrued expenses 90,623
--------------------------------------------------------------------------------------
Total liabilities $ 14,814,273
--------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $379,959,958
Undistributed net investment income 1,888,162
Accumulated net realized loss on investments and foreign currency
transactions (4,037,946)
Net unrealized gain on investments 26,466,419
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (319,537)
Net unrealized gain on written options 149,832
Net unrealized loss on futures contracts (709,551)
--------------------------------------------------------------------------------------
Total net assets $403,397,337
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $133,506,247/11,514,105 shares) $ 11.60
Class C (based on $90,557,880/7,862,791 shares) $ 11.52
Class Y (based on $179,333,210/15,436,259 shares) $ 11.62
MAXIMUM OFFERING PRICE:
Class A ($11.60 [divided by] 95.5%) $ 12.15
======================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $171,885) $ 3,419,199
Interest (net of foreign taxes withheld of $101,318) 2,309,945
Income from securities loaned, net 17,556
---------------------------------------------------------------------------------------------
Total investment income $ 5,746,700
---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,083,594
Transfer agent fees
Class A 30,247
Class C 11,975
Class Y 1,750
Distribution fees
Class A 131,559
Class C 364,852
Shareholder communications expense 137,767
Administrative reimbursement 44,480
Custodian fees 96,257
Registration fees 45,698
Professional fees 26,969
Printing expense 28,438
Fees and expenses of nonaffiliated Trustees 4,065
Miscellaneous 30,590
---------------------------------------------------------------------------------------------
Total expenses $ 2,038,241
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (135,589)
---------------------------------------------------------------------------------------------
Net expenses $ 1,902,652
---------------------------------------------------------------------------------------------
Net investment income $ 3,844,048
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (252,623)
Futures contracts (91,491)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (1,163,949) $(1,508,063)
---------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $16,868,861
Futures contracts (709,551)
Written options 149,832
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (104,963) $16,204,179
---------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $14,696,116
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $18,540,164
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 31
Statement of Changes in Net Assets (Consolidated)
--------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/12 Year Ended
(unaudited) 10/31/11
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,844,048 $ 3,197,834
Net realized loss on investments, futures contracts and foreign
currency transactions (1,508,063) 88,205
Change in net unrealized gain on investments and foreign
currency transactions 16,204,179 6,605,054
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 18,540,164 $ 9,891,093
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.27 and $0.08 per share, respectively) $ (2,439,674) $ (413,621)
Class C ($0.21 and $0.05 per share, respectively) (1,235,595) (137,785)
Class Y ($0.31 and $0.09 per share, respectively) (3,869,953) (274,466)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (7,545,222) $ (825,872)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $178,882,857 $276,104,863
Reinvestment of distributions 6,364,485 555,232
Cost of shares repurchased (58,376,102) (102,595,276)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $126,871,240 $174,064,819
--------------------------------------------------------------------------------------------------
Net increase in net assets $137,866,182 $183,130,040
NET ASSETS:
Beginning of period 265,531,155 82,401,115
--------------------------------------------------------------------------------------------------
End of period $403,397,337 $265,531,155
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,888,162 $ 5,589,336
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
-----------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
-----------------------------------------------------------------------------------------------------
Class A
Shares sold 5,457,426 $62,100,103 8,959,305 $ 97,639,364
Reinvestment of distributions 201,928 2,176,787 30,367 321938
Less shares repurchased (1,906,580) (21,548,126) (5,138,815) (56,124,284)
-----------------------------------------------------------------------------------------------------
Net increase 3,752,774 $42,728,764 3,850,856 $ 41,837,018
=====================================================================================================
Class C
Shares sold 3,388,613 $37,983,081 4,748,584 $ 51,465,394
Reinvestment of distributions 91,753 978,868 6,749 71420
Less shares repurchased (861,019) (9,602,972) (1,489,322) (15,887,460)
-----------------------------------------------------------------------------------------------------
Net increase 2,619,347 $29,358,977 3,266,012 $ 35,649,354
=====================================================================================================
Class Y
Shares sold 6,951,962 $78,799,477 11,548,481 $127,000,105
Reinvestment of distributions 296,884 3,208,830 15,257 161873
Less shares repurchased (2,417,653) (27,225,004) (2,824,439) (30,583,531)
-----------------------------------------------------------------------------------------------------
Net increase 4,831,193 $54,783,303 8,739,298 $ 96,578,447
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 33
Financial Highlights (Consolidated)
--------------------------------------------------------------------------------------------------------
Six Months 5/3/10
Ended Year (Commencement
4/30/12 Ended of Operations) to
(unaudited) 10/31/11 10/31/10 (a)
--------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.25 $ 10.63 $10.00(b)
--------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.09 $ 0.19 $ 0.03
Net realized and unrealized gain on
investments, futures contracts and foreign
currency transactions 0.53 0.51 0.60
--------------------------------------------------------------------------------------------------------
Net increase in net assets from investment
operations $ 0.62 $ 0.70 $ 0.63
Distributions to shareowners:
Net investment income (0.27) (0.08) --
--------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.35 $ 0.62 $ 0.63
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.60 $ 11.25 $10.63
========================================================================================================
Total return* 5.74%*** 6.60% 6.30%***
Ratio of net expenses to average net assets+ 1.20%** 1.20% 1.20%**
Ratio of net investment income to average
net assets+ 2.34%** 2.05% 1.44%**
Portfolio turnover rate 190%*** 191% 8%***
Net assets, end of period (in thousands) $133,506 $87,316 $41,574
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Net expenses 1.31%** 1.24% 1.94%**
Net investment income 2.23%** 2.01% 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% 1.20%**
Net investment income 2.34%** 2.05% 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.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
--------------------------------------------------------------------------------------------------------
Six Months 5/3/10
Ended Year (Commencement
4/30/12 Ended of Operations) to
(unaudited) 10/31/11 10/31/10 (a)
--------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.15 $ 10.60 $ 10.00(b)
--------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.04 $ 0.08 $ 0.02
Net realized and unrealized gain on
investments, futures contracts and foreign
currency transactions 0.54 0.52 0.58
--------------------------------------------------------------------------------------------------------
Net increase in net assets from investment
operations $ 0.58 $ 0.60 $ 0.60
Distributions to shareowners:
Net investment income (0.21) (0.05) --
--------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.37 $ 0.55 $ 0.60
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.52 $ 11.15 $ 10.60
========================================================================================================
Total return* 5.31%*** 5.69% 6.00%***
Ratio of net expenses to average net assets+ 1.99%** 2.00% 2.00%**
Ratio of net investment income to average
net assets+ 1.53%** 1.25% 0.67%**
Portfolio turnover rate 190%*** 191% 8%***
Net assets, end of period (in thousands) $90,558 $58,471 $20,953
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Net expenses 2.03%** 2.00% 2.50%**
Net investment income 1.49%** 1.25% 0.17%**
Ratios with waiver of fees and assumption of
expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.99%** 2.00% 2.00%**
Net investment income 1.53%** 1.25% 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 35
Financial Highlights (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------
Six Months 5/3/10
Ended Year (Commencement
4/30/12 Ended of Operations) to
(unaudited) 10/31/11 10/31/10 (a)
--------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.29 $ 10.65 $ 10.00(b)
--------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.11 $ 0.15 $ 0.05
Net realized and unrealized gain on
investments, futures contracts and foreign
currency transactions 0.53 0.58 0.60
--------------------------------------------------------------------------------------------------------
Net increase in net assets from investment
operations $ 0.64 $ 0.73 $ 0.65
Distributions to shareowners:
Net investment income (0.31) (0.09) --
--------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.33 $ 0.64 $ 0.65
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.62 $ 11.29 $ 10.65
========================================================================================================
Total return* 5.88%*** 6.89% 6.50%***
Ratio of net expenses to average net assets+ 0.90%** 0.90% 0.90%**
Ratio of net investment income to average
net assets+ 2.62%** 2.35% 1.78%**
Portfolio turnover rate 190%*** 191% 8%***
Net assets, end of period (in thousands) $179,333 $119,744 $19,875
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Net expenses 0.99%** 0.98% 1.41%**
Net investment income 2.53%** 2.67% 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% 0.90%**
Net investment income 2.62%** 2.35% 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.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
Notes to Financial Statements | 4/30/12 (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.
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
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 37
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation through
the use of pricing matrices to determine valuations. Fixed income securities
with remaining maturity of more than sixty days are valued at prices supplied
by independent pricing services, which consider such factors as market
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers and
other sources, as required. Equity securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Equity securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued
using the mean between the last bid and asked prices. Short-term fixed income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost. Money market mutual funds are valued at net asset
value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities or loans for which independent pricing services are unable to
supply prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund may
use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value. Examples
of a significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts. Thus,
the valuation of the Fund's securities may differ from exchange prices.
At April 30, 2012, no securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing
services). Inputs used when applying fair value methods to value a security
may include credit ratings, the financial condition of the company, current
market conditions and comparable securities.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/
38 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
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.
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.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 39
With futures, there is minimal counterparty credit risk to the Fund since
futures are exchange-traded and the exchange's clearinghouse, as counterparty
to all exchange-traded futures, guarantees the futures against default. The
average number of contracts open during the six months ended April 30, 2012
was 433.
At April 30, 2012, open futures contracts were as follows:
--------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------------------
CBOE VIX Future 702 5/12 $ 12,951,900 $(1,035,080)
CBOE VIX Future (537) 10/12 (13,639,800) 546,995
U.S. Ultra Bond Future 47 6/12 7,417,188 46,459
CAC40 10 Euro Future (169) 5/12 (7,069,939) 73,458
Stoxx 600 Bank Future (860) 6/12 (7,735,014) (250,033)
--------------------------------------------------------------------------------------------
$ (8,075,665) $ (618,201)
============================================================================================
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 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. Tax
years remain subject to examination by federal and state tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
40 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
The tax character of current year distributions payable will be determined at
the end of the Fund's taxable year. The tax character of distributions paid
during the year ended October 31, 2011 was as follows:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $825,872
Long-term capital gain --
--------------------------------------------------------------------------------
Total $825,872
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2011:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 5,472,632
Capital loss carryforward (541,921)
Unrealized appreciation 7,511,726
--------------------------------------------------------------------------------
Total $12,442,437
================================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash-sales, the tax treatment
on passive foreign investment company (PFIC) holdings, adjustments relating
to catastrophe bonds and the mark-to-market of forward currency and future
contracts.
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 $38,998 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2012.
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
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 41
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. Risks
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 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
42 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
J. Securities Lending
The Fund may lend securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the borrower
and the lending agent in payment of any rebate due to the borrower with
respect to the securities loan, and in compensation for the lending agent's
services to the Fund. The Fund also continues to receive payments in lieu of
dividends or interest on the securities loaned. Gain or loss on the value of
the loaned securities that may occur during the term of the loan will be for
the account of the Fund. The amount of the collateral is required to be
adjusted daily to reflect any price fluctuation in the value of the loaned
securities. If the required market value of the collateral is less than the
value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of
business on that day. The Fund has the right, under the lending agreement, to
terminate the loan and recover the securities from the borrower with prior
notice. The Fund is required to return the cash collateral to the borrower
and could suffer a loss if the value of the collateral, as invested, has
declined. At April 30, 2012, there were no securities on loan.
K. Option Writing
The Fund may buy and sell put and call options, or write put and covered call
options on portfolio securities in order to produce incremental earning or
protect against changes in the value of portfolio securities. The Fund
generally purchases put options or writes covered call options to hedge
against adverse movements in the value of portfolio holdings. When an option
is written, the Fund receives a premium and becomes obligated
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 43
to sell or purchase the underlying security at a fixed price, upon the
exercise of the option. When the Fund writes an option, an amount equal to
the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the Fund
on the expiration date as realized gains from investments. The difference
between the premium and the amount paid on effecting a closing purchase
transaction, including brokerage commissions, is also treated as a realized
gain, or, if the premium is less than the amount paid for the closing
purchase transaction, as a realized loss. If a call option is exercised, the
premium is added to the proceeds from the sale of the underlying security in
determining whether the Fund has realized a gain or loss. The Fund as writer
of an option bears the market risk of an unfavorable change in the price of
the security underlying the written option.
Transactions in written call options for the six months ended April 30, 2012
are summarized as follows:
------------------------------------------------------------------------------------------
Number of contracts Premiums received
------------------------------------------------------------------------------------------
Options outstanding at beginning of year -- $ --
Options opened 3,011,533 4,173,829
Options exercised (1,538) (28,175)
Options closed (3,000,000) (3,944,061)
Options expired (2,795) (33,661)
------------------------------------------------------------------------------------------
Options outstanding at end of year 7,200 $167,932
==========================================================================================
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, 2013. Fees waived and
expenses reimbursed during the six months ended April 30, 2012 are reflected on
the Statement of Operations. 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
44 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
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
$42,640 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2012.
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, 2012, such out-of-pocket expenses by class
of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $47,975
Class C 33,317
Class Y 56,475
--------------------------------------------------------------------------------
Total: $137,767
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $37,923 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $13,543 in distribution fees payable to
PFD at April 30, 2012.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 45
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, 2012, CDSCs in the amount of $16,549
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 of the
Fund. As of April 30, 2012, the Subsidiary represented approximately
$20,412,585 or approximately 5.1% of the net assets of the Fund.
6. Forward Foreign Currency Contracts
At April 30, 2012, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average number of contracts open
during the six months ended April 30, 2012 was 861,449,422. Open portfolio
hedges at April 30, 2012 were as follows:
---------------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency Deliver For USD Date Value Gain (Loss)
---------------------------------------------------------------------------------------------------------
EUR (Euro) 15,000,000 $ 19,763,670 5/2/12 $ 19,854,743 $ 91,073
EUR (Euro) (27,000,000) (35,972,181) 5/2/12 (35,738,537) 233,644
GBP (British Pound) (5,000,000) (7,941,335) 5/1/12 (8,116,501) (175,166)
JPY (Japanese Yen) 96,519,476 1,200,192 5/7/12 1,209,333 9,141
JPY (Japanese Yen) (1,250,000,000) (15,111,383) 5/1/12 (15,661,217) (549,834)
JPY (Japanese Yen) 625,000,000 7,741,827 5/1/12 7,830,608 88,781
ZAR (South African Rand) 1,879,088 240,072 5/2/12 241,519 1,447
ZAR (South African Rand) 2,747,388 353,248 5/3/12 353,069 (179)
---------------------------------------------------------------------------------------------------------
Total $(301,093)
=========================================================================================================
At April 30, 2012, the Fund had no outstanding settlement hedges.
46 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
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, 2012, 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 committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25%
on an annualized basis or the Federal Funds Rate on the borrowing date plus
1.25% on an annualized basis. The credit facility in effect as of February 15,
2012 is in the amount of $215 million. Under such facility, depending on the
type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement. For the six months ended April 30, 2012, the Fund had
no borrowings under a credit facility.
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2012 were as follows:
----------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2012 Liabilities Derivatives 2012
Under Accounting --------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------------
Foreign Exchange Contracts* Receivables $ -- Payables $ 301,093
Index Futures Receivables -- Payables 709,551
Written options Receivables -- Payables 27,100
----------------------------------------------------------------------------------------------
Total $ -- $1,037,744
==============================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 47
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2012 was as follows:
-----------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Unrealized
Hedging Instruments Loss on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-----------------------------------------------------------------------------------------------------------
Index Futures Net realized loss on futures contracts $ (91,491)
Index Futures Change in unrealized gain (loss) on (709,551)
futures contracts
Foreign Exchange Contracts Net realized gain (loss) on forward (1,163,949)
foreign currency contracts and other
assets and liabilities denominated in
foreign currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on (132,088)
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
48 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Real Return 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 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, 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 2011 and
September 2011. 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, 2011 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 29, 2011, 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.
PIM also serves as the investment adviser to Pioneer Cayman Commodity Fund,
Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under
the laws of the Cayman Islands. The Trustees, including the independent
Trustees voting separately, unanimously approved the renewal of the investment
advisory agreement for the Subsidiary (the Subsidiary Management Agreement) for
another year. The factors considered by the Trustees in approving the renewal
of the Subsidiary Management Agreement were substantially the same as the
factors described below with respect to the investment advisory agreement for
the Fund.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 49
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the Trustees
considered PIM's plans to increase resources in its investment management
function and other enhancements to PIM's advisory capabilities.
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 fifth quintile of its Morningstar
category for the one year period ended June 30, 2011. (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
discussed the Fund's underperformance, and considered that the Fund only
commenced operations on May 30, 2010. The Trustees indicated that they were
satisfied with the information presented 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 and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios
50 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
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, 2011 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 noted that although assets invested by the Fund in the Subsidiary
are excluded from the calculation of the Fund's management fee, the Fund
indirectly pays a management fee with respect to assets invested in the
Subsidiary because the Subsidiary pays a management fee pursuant to the
Subsidiary Management Agreement. The Trustees noted that the Subsidiary pays
PIM a management fee at the same rate that the Fund pays PIM. The Trustees
considered that the Fund's expense ratio for the twelve months ended June 30,
2011 was in the first quintile relative to its Strategic Insight peer group for
the comparable period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. 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 also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 51
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, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons particularly, for
example during the recent difficult periods for financial markets, as the level
of services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
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.
52 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
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 us.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 | 4/30/12 53
This page for your notes.
54 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 55
This page for your notes.
56 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 57
This page for your notes.
58 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12 59
This page for your notes.
60 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 29, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 29, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 29, 2012
* Print the name and title of each signing officer under his or her signature.