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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21978
Pioneer Series Trust VI
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2011 through October 31, 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 Multi-Asset
Real Return Fund
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Annual Report | October 31, 2012
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Ticker Symbols:
Class A PMARX
Class C PRRCX
Class Y PMYRX
[LOGO] PIONEER
Invesments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 31
Notes to Financial Statements 38
Report of Independent Registered Public Accounting Firm 53
Trustees, Officers and Service Providers 54
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff" in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. 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.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Pioneer's investment professionals focus on finding good opportunities 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 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 | Annual Report | 10/31/12 3
Portfolio Management Discussion | 10/31/12
In the following discussion, Michele Garau reviews the factors that affected the
performance of Pioneer Multi-Asset Real Return Fund during the 12-month period
ended October 31, 2012. Mr. Garau, vice president and portfolio manager at
Pioneer, is responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended October 31, 2012?
A Pioneer Multi-Asset Real Return Fund's Class A shares returned 8.01% at net
asset value during the 12-month period ended October 31, 2012, while the
Fund's benchmark, the Barclays Capital U.S. Treasury TIPS 1-10 Year Index
(the Barclays Index), returned 5.17%. During the same period, the average
return of the 196 mutual funds in Lipper's Flexible Portfolio Funds
category was 6.31%.
Q Could you review the Fund's general investment approach and its positioning
as of October 31, 2012?
A The Fund seeks to generate real return--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 a diversified*, flexible approach that
allocates among real assets and traditional financial assets, such as
stocks and bonds, may yield better long-term results. We believe the Fund's
opportunistic, "go anywhere" investment philosophy provides a greater
degree of latitude to achieve positive real returns over time, no matter
what the level of inflation.
As of October 31, 2012, approximately 65% of the portfolio's assets were
invested in equities, 30% of assets were held in fixed-income investments,
2% of assets were held in commodities and real estate, with the remainder
allocated to cash.
Q How did the Fund's equity positioning affect performance during the
12-month period ended October 31, 2012, and how is the Fund positioned
within the asset class?
A The Fund's stock allocation performed well and aided performance during the
12-month period, reflecting the strength of the broader global markets as
well as our emphasis in the portfolio on stocks with earnings visibility,
robust free cash flows and safe, attractive dividend** yields. We have
found
* Diversification does not assure a profit or protect against loss in a
declining market.
** Dividends are not guaranteed.
4 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
many such opportunities in the consumer staples, health care and European
insurance sectors, all of which are well-suited to our buy-and-hold
approach for the portfolio's stock positions.
As the Fund's broader asset allocation would suggest, we continue to favor
stocks over bonds. One reason for this view is the fact that dividend
yields on stocks remain at very attractive historical levels relative to
the yields available on bonds. We also have been seeing a sort of
disconnect in investor attitudes: although bond prices have surged in
recent years, investors continue to use the asset class as a "safe haven."
When the vast majority of investors conclude that an asset class is "safe,"
however, that often serves as a cue to begin looking for opportunities
elsewhere. And right now, we have been seeing better values in global
equities--an asset class where returns have been dampened by macroeconomic
concerns-- than in bonds that continue to offer historically low yields.
Not all areas of the stock market are equally attractive, however, and as a
result, we made a notable adjustment to the geographical weightings of the
Fund's equity allocation during the past 12 months. Since the Fund was
launched in 2010, we have managed the equity portion of the portfolio with
an approximate target of having one-third of assets in domestic stocks,
one-third in developed-market international stocks, and one-third in the
emerging markets. Currently, however, we have been seeing a less-
compelling risk/reward picture in U.S. equities due to the risks associated
with the country's rising debt and the looming combination of tax increases
and spending cuts known as the "fiscal cliff," which is due to hit in
January 2013 unless a deal can be struck in Washington. We decided,
therefore, to decrease the Fund's equity weighting in the United States and
increase its weighting in the other two regions.
Investors may wonder why we would boost the Fund's weighting in
developed-market international equities given the continued debt problems
and sluggish economic growth in Europe and Japan. The short answer is that
the Fund's holdings are of global companies, such as Michelin or Nestle,
that just happen to be domiciled in those regions. The performance of such
stocks is more dependent on their own company-specific fundamentals than on
the economic trends in their home countries.
In the emerging markets, we continue to focus the Fund's investments in
Asian countries, with an emphasis on the Philippines, Indonesia, Singapore,
Malaysia and Thailand. We also have established a position in Latin
America. While the Fund had not previously held Latin American assets since
its inception, we believe the region offers some compelling investment
ideas. Mexico, for instance, features limited government debt, a healthy
banking sector, and a strong employment market stemming from the
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 5
country's improving wage competitiveness relative to China. Brazil, too,
offers opportunities due to the growing wealth of the middle class. Latin
American stocks remain a relatively small allocation within the Fund, but
we believe they help to augment the overall diversification of the
portfolio.
Q Did the use of options and other derivative investments have a material
effect on the Fund's performance during the 12 months ended October 31,
2012?
A The Fund uses options, derivatives and other strategies as hedge positions,
with the goal of seeking to mitigate risk and volatility within the
portfolio. Examples of these include VIX options (Chicago Board Options
Exchange Volatility Index), "short" equity positions, exchange-traded fund
call options, and currency hedges, such as swaps and futures. During the
12-month period, the Fund's hedge positions succeeded in limiting the
portfolio's volatility compared with the broader market and its
competitors.
Q Could you discuss the Fund's performance and positioning in the global bond
markets during the 12-month period ended October 31, 2012.
A The Fund's fixed-income weighting produced a healthy gain during the
12-month period and helped to mitigate some of the volatility found in the
global equity markets. Although we favor stocks over fixed income in
assembling the portfolio, we have continued to find pockets of opportunity
in the bond market. In addition, we believe it's essential to maintain a
position in the asset class in order to augment the Fund's diversification
and to help smooth out overall performance.
The Fund's fixed-income allocation is largely focused on corporate bonds
issued by companies both in the United States and the emerging markets as
well as the sovereign debt of smaller economies such as the Philippines,
Mexico, Chile and Ireland. The portfolio also holds a modest position in
U.S. Treasury Inflation Protected Securities, or TIPS. While TIPS currently
do not offer exceptional value, they do provide the portfolio with a
measure of inflation protection. In addition, they offer a "hedge" against
potential disruptions in the global economy, and they do so at a better
value than plain-vanilla U.S. Treasury securities. Overall, however, we
have not been finding an abundance of fixed-income opportunities given that
the yields on government bonds have been at such low levels.
Q Could you discuss the Fund's commodity positioning as of October 31, 2012?
A The Fund's 1% of the total investment portfolio allocation to commodities
as of the end of the fiscal year was lower than it had been earlier in the
reporting period, and far below where it stood two years ago. While the
supply-and-demand fundamentals for most commodities remain relatively
sound, we do not foresee the kind of aggressive stimulus from China that
6 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
fueled strong gains for commodities during the period between 2009 and
2011. In addition, we don't expect the type of U.S. dollar weakness that
would help support meaningful outperformance for commodities. We are,
therefore, maintaining only a small allocation to the asset class in the
portfolio at the present time, with 0.8% of the Fund's assets in gold and
0.2% in palladium.
Q Do you have any closing thoughts for investors?
A While the term "real return" is associated with funds whose primary goal is
to outpace the rate of inflation, we view Pioneer Multi-Asset Real Return
Fund as being more "opportunistic" in nature. In other words, our objective
isn't merely to have the Fund's return outpace inflation; we also seek to
take advantage of the most compelling opportunities across the financial
markets, no matter what the rate of inflation. In that vein, we seek to
provide positive Fund returns not just during periods of inflation, but
also if deflation and/or disinflation conditions were to develop. We
believe the Fund's ability to invest anywhere in the world, and across the
full range of asset classes, can help it to achieve these objectives over
time.
Please refer to the Schedule of Investments on pages 17-30 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Real Return ("MARR") Fund has the ability to invest in a
wide variety of securities and asset classes.
In addition, the Fund is non-diversified, which means it can invest a higher
percentage of its assets in the securities of any one or more issuers. This will
increase the Fund's potential risk exposure.
The Fund may invest in underlying funds (ETFs and unit investment trusts). In
addition to the Fund's operating expenses, you will indirectly bear the
operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if an
underlying fund's investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund and some of the underlying funds may employ short selling, a
speculative strategy. Unlike the possible loss on a security that is purchased,
there is no limit on the amount of loss on an appreciating security that is sold
short.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 7
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
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.
8 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
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.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 9
Portfolio Summary | 10/31/12
Sector Distribution
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(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 38.2%
Government 10.5%
Consumer Discretionary 8.5%
Consumer Staples 8.5%
Materials 7.8%
Industrials 7.4%
Energy 7.0%
Health Care 5.8%
Information Technology 2.9%
Utilities 2.4%
Telecommunication Services 1.0%
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
International Common Stocks 48.1%
U.S. Common Stocks 16.8%
International Corporate Bonds 11.3%
Foreign Government Bonds 6.0%
U.S. Corporate Bonds 5.6%
U.S. Government Securities 4.5%
Exchange Traded Funds 4.4%
Convertible Corporate Bonds 2.1%
Depositary Receipts for International Stocks 0.9%
Senior Secured Loans 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Inflation Indexed Bonds, 0.125%, 4/15/17 4.50%
--------------------------------------------------------------------------------
2. Ireland Government Bond, 4.5%, 4/18/20 2.21
--------------------------------------------------------------------------------
3. Allianz SE 1.84
--------------------------------------------------------------------------------
4. Merck & Co., Inc. 1.66
--------------------------------------------------------------------------------
5. Swiss Re AG 1.62
--------------------------------------------------------------------------------
6. PowerShares Buyback Achievers Portfolio 1.48
--------------------------------------------------------------------------------
7. Muenchener Rueckversicherungs AG 1.35
--------------------------------------------------------------------------------
8. Standard Chartered Plc 1.34
--------------------------------------------------------------------------------
9. Philippine Government International Bond, 4.95%, 1/15/21 1.34
--------------------------------------------------------------------------------
10. Hannover Rueckversicherung AG 1.32
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Prices and Distributions | 10/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/12 10/31/11
--------------------------------------------------------------------------------
A $11.76 $11.25
--------------------------------------------------------------------------------
C $11.66 $11.15
--------------------------------------------------------------------------------
Y $11.79 $11.29
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-10/31/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3565 $ -- $ --
--------------------------------------------------------------------------------
C $0.2656 $ -- $ --
--------------------------------------------------------------------------------
Y $0.4003 $ -- $ --
--------------------------------------------------------------------------------
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 12-14.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 11
Performance Update | 10/31/12 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Real Return Fund at public offering
price, compared to that of the Barclays Capital U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of October 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 8.43% 6.46%
1 Year 8.01 3.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012, as
revised April 27, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.37% 1.33%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Capital U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $ 9,550 $ 10,000
10/31/2010 $ 10,351 $ 10,481
10/31/2011 $ 11,034 $ 11,217
10/31/2012 $ 11,918 $ 11,797
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, 2014, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 7.60% 7.60%
1 Year 7.18 7.18
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012, as
revised April 27, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.13%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Capital U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $ 10,000 $ 10,000
10/31/2010 $ 10,816 $ 10,481
10/31/2011 $ 11,431 $ 11,217
10/31/2012 $ 12,252 $ 11,797
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.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 13
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 8.76% 8.76%
1 Year 8.33 8.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012, as
revised April 27, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.11% 1.03%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset Barclays Capital U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $ 5,000,000 $ 5,000,000
10/31/2010 $ 5,428,135 $ 5,200,705
10/31/2011 $ 5,801,896 $ 5,608,553
10/31/2012 $ 6,284,926 $ 5,898,408
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, 2014, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
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 May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 5/1/12
--------------------------------------------------------------------------------
Ending Account $1,021.47 $1,017.76 $1,023.14
Value (after expenses)
On 10/31/12
--------------------------------------------------------------------------------
Expenses Paid $6.20 $9.99 $4.68
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.22%, 1.97%,
and 0.92% for Class A, Class C, and Class Y shares, respectively. These
combined ratios were multiplied by the average account value over the
period, and then multiplied by 184/366 (to reflect the one-half year
period) to calculate the "Expenses Paid During Period" in the table above.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 5/1/12
--------------------------------------------------------------------------------
Ending Account $1,019.00 $1,015.23 $1,020.51
Value (after expenses)
On 10/31/12
--------------------------------------------------------------------------------
Expenses Paid $6.19 $9.98 $4.67
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.22%, 1.97%,
and 0.92% for Class A, Class C, and Class Y shares, respectively. These
combined ratios were multiplied by the average account value over the
period, and then multiplied by 184/366 (to reflect the one-half year
period) to calculate the "Expenses Paid During Period" in the table above.
16 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Schedule of Investments | 10/31/12 (Consolidated)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 2.0%
DIVERSIFIED FINANCIALS -- 2.0%
Asset Management & Custody Banks -- 2.0%
3,470,000 BBB/NR Apollo Investment Corp., 5.75%,
1/15/16 $ 3,561,088
1,500,000 BBB/NR Ares Capital Corp., 5.125%, 6/1/16
(144A) 1,579,688
1,850,000 BBB-/NR Fifth Street Finance Corp., 5.375%,
4/1/16 1,860,406
1,850,000 BBB/NR Prospect Capital Corp., 5.5%, 8/15/16 1,890,469
--------------
$ 8,891,651
--------------
Total Diversified Financials $ 8,891,651
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $8,280,730) $ 8,891,651
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 62.7%
ENERGY -- 2.4%
Oil & Gas Equipment & Services -- 0.8%
207,233 AMEC Plc $ 3,549,932
--------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.6%
27,202 Chevron Corp. $ 2,997,932
81,417 Total SA 4,099,114
--------------
$ 7,097,046
--------------
Total Energy $ 10,646,978
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 4.0%
Diversified Chemicals -- 0.5%
19,929 PPG Industries, Inc. $ 2,333,287
--------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.8%
56,966 Ecolab, Inc. $ 3,964,834
24,700 Shin-Etsu Chemical Co, Ltd. 1,394,280
488 Sika AG 1,019,299
28,802 Valspar Corp. 1,613,776
--------------
$ 7,992,189
--------------------------------------------------------------------------------------------------------------
Construction Materials -- 1.1%
1,744,500 Indocement Tunggal Prakarsa Tbk PT $ 3,877,740
33,000 Siam Cement PCL 446,208
278,000 Taiheiyo Cement Corp. 591,809
--------------
$ 4,915,757
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 17
Schedule of Investments | 10/31/12 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.6%
699,957 Nampak, Ltd. $ 2,334,508
--------------
Total Materials $ 17,575,741
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 4.4%
Construction & Engineering -- 0.3%
11,146,618 Surya Semesta Internusa Tbk PT $ 1,362,828
--------------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.2%
44,072 ABB, Ltd. $ 796,316
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.6%
14,845,600 Alliance Global Group, Inc. $ 5,363,643
55,659 Jardine Matheson Holdings, Ltd. 3,426,829
1,618,000 JG Summit Holdings, Inc. 1,298,647
536,000 Keppel Corp., Ltd. 4,661,452
691,606 NWS Holdings, Ltd. 1,043,263
--------------
$ 15,793,834
--------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.2%
410,500 United Tractors Tbk PT $ 901,775
--------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
9,745 Pentair, Ltd. $ 411,629
--------------
Total Capital Goods $ 19,266,382
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.2%
Environmental & Facilities Services -- 0.5%
4,183,726 China Everbright International, Ltd. $ 2,154,112
--------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.7%
20,919 Secom Co, Ltd. $ 1,066,509
26,144 The ADT Corp.* 1,085,237
40,617 Tyco International, Ltd. 1,091,379
--------------
$ 3,243,125
--------------
Total Commercial Services & Supplies $ 5,397,237
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Railroads -- 0.6%
81,682 CSX Corp. $ 1,672,031
8,608 Union Pacific Corp. 1,059,042
--------------
$ 2,731,073
--------------------------------------------------------------------------------------------------------------
Airport Services -- 0.3%
1,984,584 Beijing Capital International
Airport Co., Ltd. $ 1,273,865
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.1%
346,500 Jasa Marga Persero Tbk PT $ 208,520
--------------
Total Transportation $ 4,213,458
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.2%
Tires & Rubber -- 0.9%
47,884 Cie Generale des Etablissements
Michelin $ 4,125,654
--------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
14,201 Bayerische Motoren Werke AG $ 1,131,231
--------------
Total Automobiles & Components $ 5,256,885
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.0%
Apparel, Accessories & Luxury Goods -- 1.0%
21,290 Cie Financiere Richemont SA $ 1,385,510
4,151 LVMH Moet Hennessy Louis Vuitton SA 674,825
14,441 VF Corp. 2,259,728
--------------
$ 4,320,063
--------------
Total Consumer Durables & Apparel $ 4,320,063
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.9%
Casinos & Gaming -- 1.9%
1,167,413 Galaxy Entertainment Group, Ltd.* $ 3,989,863
1,800,600 Genting Malaysia BHD 2,120,883
1,887,000 NagaCorp, Ltd. 1,046,743
479,700 Wynn Macau, Ltd. 1,356,164
--------------
$ 8,513,653
--------------
Total Consumer Services $ 8,513,653
--------------------------------------------------------------------------------------------------------------
MEDIA -- 2.0%
Broadcasting -- 0.5%
66,548 CBS Corp. (Class B) $ 2,156,155
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.2%
107,204 The Walt Disney Co. $ 5,260,500
--------------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
334,000 Singapore Press Holdings, Ltd. $ 1,104,675
--------------
Total Media $ 8,521,330
--------------------------------------------------------------------------------------------------------------
RETAILING -- 1.8%
Department Stores -- 0.4%
953,831 Mitra Adiperkasa Tbk PT $ 649,713
643,543 Robinson Department Store PCL 1,274,706
--------------
$ 1,924,419
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 19
Schedule of Investments | 10/31/12 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.3%
174,403 Lojas Americanas SA $ 1,323,057
--------------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.5%
2,687,218 Ace Hardware Indonesia Tbk PT $ 1,958,425
--------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.6%
792,281 L'Occitane International SA $ 2,460,318
--------------
Total Retailing $ 7,666,219
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 8.1%
Brewers -- 0.9%
44,100 Asahi Group Holdings, Ltd. $ 1,005,988
36,614 Carlsberg A/S 3,162,931
--------------
$ 4,168,919
--------------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.8%
31,316 Pernod-Ricard SA $ 3,378,082
--------------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.9%
103,007 The Coca-Cola Co. $ 3,829,800
--------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.3%
4,205,500 Charoen Pokphand Indonesia Tbk PT $ 1,368,287
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 3.3%
44,191 Campbell Soup Co. $ 1,558,617
488,000 Mayora Indah Tbk PT 1,201,593
20,955 Mondelez International, Inc. 556,146
79,857 Nestle SA 5,069,959
7,114,057 Salim Ivomas Pratama Tbk PT* 866,581
40,491 Unilever Plc 1,509,360
2,197,600 Universal Robina Corp. 3,840,980
--------------
$ 14,603,236
--------------------------------------------------------------------------------------------------------------
Tobacco -- 1.9%
128,539 Altria Group, Inc. $ 4,087,540
47,203 Philip Morris International, Inc. 4,180,298
--------------
$ 8,267,838
--------------
Total Food, Beverage & Tobacco $ 35,616,162
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Managed Health Care -- 0.1%
11,208 UnitedHealth Group, Inc. $ 627,648
--------------
Total Health Care Equipment
& Services $ 627,648
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 5.3%
Pharmaceuticals -- 5.0%
44,531 Johnson & Johnson $ 3,153,685
151,947 Merck & Co., Inc. 6,933,342
41,877 Novartis AG 2,524,109
50,991 Pfizer, Inc. 1,268,146
27,969 Roche Holding AG 5,383,921
30,077 Sanofi 2,649,760
--------------
$ 21,912,963
--------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
22,303 Thermo Fisher Scientific, Inc. $ 1,361,821
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 23,274,784
--------------------------------------------------------------------------------------------------------------
BANKS -- 9.0%
Diversified Banks -- 8.2%
5,165,500 Bank Mandiri Persero Tbk PT $ 4,424,217
800,400 Bank of the Philippine Islands 1,576,933
1,415,318 BDO Unibank, Inc.* 2,200,889
1,332,021 BOC Hong Kong Holdings, Ltd. 4,084,681
4,616,241 Industrial & Commercial Bank of
China, Ltd. 3,038,319
1,274,637 Intesa Sanpaolo S.p.A. 2,060,149
4,004,250 Krung Thai Bank PCL 2,363,121
423,200 Metropolitan Bank & Trust 977,821
360,700 Public Bank Bhd 1,880,545
91,673 Sberbank of Russia (A.D.R.) 1,082,950
733,374 Security Bank Corp. 2,887,312
752,000 Siam Commercial Bank PCL 3,947,571
234,833 Standard Chartered Plc 5,596,645
146 United Overseas Bank, Ltd. 2,178
--------------
$ 36,123,331
--------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.8%
97,916 First Republic Bank $ 3,363,415
--------------
Total Banks $ 39,486,746
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.1%
Multi-Sector Holdings -- 1.1%
71,552 Ayala Corp. $ 771,418
2,926,311 First Pacific Co., Ltd. 3,255,223
8,587,844 Metro Pacific Investments Corp. 863,913
--------------
$ 4,890,554
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 21
Schedule of Investments | 10/31/12 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
44,045 Capital One Financial Corp. $ 2,650,188
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.4%
496,945 Aberdeen Asset Management Plc $ 2,605,831
122,504 The Carlyle Group LP 3,183,879
--------------
$ 5,789,710
--------------
Total Diversified Financials $ 13,330,452
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 7.4%
Life & Health Insurance -- 0.8%
306,961 AIA Group, Ltd. $ 1,214,302
265,000 Ping An Insurance Group Co of
China, Ltd. 2,096,835
--------------
$ 3,311,137
--------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 2.5%
61,881 Allianz SE $ 7,673,576
55,188 American International Group, Inc.* 1,927,717
5,703 Zurich Insurance Group AG 1,408,619
--------------
$ 11,009,912
--------------------------------------------------------------------------------------------------------------
Reinsurance -- 4.1%
78,089 Hannover Rueckversicherung AG $ 5,493,690
35,015 Muenchener Rueckversicherungs AG 5,628,531
97,572 Swiss Re AG 6,754,655
--------------
$ 17,876,876
--------------
Total Insurance $ 32,197,925
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 4.1%
Industrial REITs -- 0.4%
908,511 Ascendas Real Estate Investment
Trust $ 1,759,809
--------------------------------------------------------------------------------------------------------------
Residential REITs -- 0.2%
14,942 American Campus Communities, Inc. $ 677,022
--------------------------------------------------------------------------------------------------------------
Retail REITs -- 0.3%
741,381 CapitaMall Trust $ 1,278,236
--------------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 1.0 %
50 Swire Pacific, Ltd. $ 591
819,718 Swire Properties, Ltd. 2,530,338
293,063 Wharf Holdings, Ltd. 1,997,026
--------------
$ 4,527,955
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.3%
101,326 Iguatemi Empresa de Shopping
Centers SA $ 1,287,789
--------------------------------------------------------------------------------------------------------------
Real Estate Development -- 1.9%
2,251,300 Asian Property Development PCL $ 638,615
16,154,814 Bumi Serpong Damai PT 2,085,625
35,359,711 Megaworld Corp. 2,104,599
9,172,000 Quality Houses PCL 639,977
6,516,900 Sansiri PCL 654,452
5,561,500 Summarecon Agung Tbk PT 1,013,338
524,490 Supalai PCL 328,341
1,376,300 Supalai PCL 861,590
--------------
$ 8,326,537
--------------
Total Real Estate $ 17,857,348
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.5%
Internet Software & Services -- 0.6%
73,300 Tencent Holdings, Ltd. $ 2,588,535
--------------------------------------------------------------------------------------------------------------
Systems Software -- 0.9%
88,040 Microsoft Corp. $ 2,512,221
40,763 Oracle Corp. 1,265,691
--------------
$ 3,777,912
--------------
Total Software & Services $ 6,366,447
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Communications Equipment -- 0.6%
43,403 Qualcomm, Inc. $ 2,542,331
--------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.1%
5,200 Kyocera Corp. $ 457,356
--------------
Total Technology Hardware
& Equipment $ 2,999,687
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Semiconductor Equipment -- 0.5%
41,000 ASML Holding NV (A.D.R.) $ 2,253,770
--------------
Total Semiconductors &
Semiconductor Equipment $ 2,253,770
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.9%
Alternative Carriers -- 0.4%
217,355 Inmarsat Plc $ 1,990,683
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 23
Schedule of Investments | 10/31/12 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.3%
476,385 Singapore Telecommunications, Ltd. $ 1,253,023
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.2%
287,244 Vodafone Group Plc $ 779,943
--------------
Total Telecommunication Services $ 4,023,649
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 0.2%
286,343 Terna Rete Elettrica Nazionale S.p.A. $ 1,077,982
--------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.9%
855,594 Snam S.p.A. $ 3,786,727
--------------
Total Utilities $ 4,864,709
--------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $240,396,081) $ 274,277,273
--------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 16.1%
ENERGY -- 4.3%
Oil & Gas Drilling -- 0.5%
2,000,000 BB/Ba1 Precision Drilling Corp., 6.625%,
11/15/20 $ 2,140,000
--------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 1.2%
4,323,000 BBB-/Baa2 Lukoil International Finance BV, 7.25%,
11/5/19 (144A) $ 5,211,031
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.9%
2,000,000 BB+/Ba1 Cimarex Energy Co., 5.875%, 5/1/22 $ 2,135,000
2,800,000 BB+/B1 Concho Resources, Inc., 7.0%,
1/15/21 3,108,000
2,153,000 BBB/Baa1 Gazprom OAO Via Gaz Capital SA,
6.51%, 3/7/22 (144A) 2,535,158
350,000 BB+/Ba3 Whiting Petroleum Corp., 6.5%,
10/1/18 377,562
--------------
$ 8,155,720
--------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.7%
2,900,000 NR/Ba1 Adaro Indonesia PT, 7.625%,
10/22/19 (144A) $ 3,204,500
--------------
Total Energy $ 18,711,251
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 3.3%
Diversified Chemicals -- 0.6%
2,500,000 BB-/Ba3 Celanese US Holdings LLC, 5.875%,
6/15/21 $ 2,784,375
--------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
1,000,000 BB-/Ba3 Crown Cork & Seal Co., Inc., 7.375%,
12/15/26 $ 1,092,500
--------------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.0%
1,100,000 BB-/B1 Sealed Air Corp., 6.875%, 7/15/33
(144A) $ 1,034,000
2,900,000 BBB+/Baa2 Sonoco Products Co., 5.75%,
11/1/40 3,404,629
--------------
$ 4,438,629
--------------------------------------------------------------------------------------------------------------
Steel -- 0.8%
2,500,000 BB+/Baa3 ArcelorMittal, 5.5%, 8/5/20 $ 2,411,150
1,000,000 BB+/Baa3 ArcelorMittal, 6.125%, 6/1/18 996,686
--------------
$ 3,407,836
--------------------------------------------------------------------------------------------------------------
Forest Products -- 0.7%
EURO 2,000,000 BB/Ba2 Smurfit Kappa Acquisitions, 7.75%,
11/15/19 (144A) $ 2,851,970
--------------
Total Materials $ 14,575,310
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Building Products -- 0.4%
1,500,000 BBB-/Ba2 Masco Corp., 5.85%, 3/15/17 $ 1,637,232
--------------
Total Capital Goods $ 1,637,232
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Housewares & Specialties -- 0.2%
1,000,000 B+/B1 Reynolds Group Issuer, Inc.,
7.875%, 8/15/19 $ 1,085,000
--------------
Total Consumer Durables & Apparel $ 1,085,000
--------------------------------------------------------------------------------------------------------------
BANKS -- 4.4%
Diversified Banks -- 3.9%
1,990,000 BBB+/A3 Bangkok Bank PCL Hong Kong, 4.8%,
10/18/20 (144A) $ 2,184,716
1,800,000 A/A1 Bank of China Hong Kong, Ltd., 5.55%,
2/11/20 (144A) 2,051,446
4,375,000 A-/A3 Bank of East Asia, Ltd., 6.125%,
7/16/20 4,996,329
3,800,000 NR/A3 Industrial & Commercial Bank of China
Asia, Ltd., 5.125%, 11/30/20 4,232,885
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 25
Schedule of Investments | 10/31/12 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
1,500,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) $ 1,539,836
1,600,000 A/A2 Societe Generale SA, 5.2%, 4/15/21
(144A) 1,759,680
300,000 NR/Ba2 Turkiye Is Bankasi, 6.0%, 10/24/22
(144A) 306,000
--------------
$ 17,070,892
--------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.5%
2,000,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49
(Perpetual) $ 2,306,380
--------------
Total Banks $ 19,377,272
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Other Diversified Financial Services -- 0.2%
300,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond)
(144A) $ 302,670
250,000 10.75 NR/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) 261,425
--------------
$ 564,095
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
2,900,000 BBB/Baa2 China Merchants Finance Co, Ltd.,
5.0%, 5/4/22 $ 3,153,918
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.6%
1,556,000 A/NR Blackstone Holdings Finance Co LLC,
4.75%, 2/15/23 (144A) $ 1,668,941
950,000 BBB/NR Prospect Capital Corp., 5.75%,
3/15/18 (144A) 969,594
--------------
$ 2,638,535
--------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
2,500,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) $ 2,727,250
--------------
Total Diversified Financials $ 9,083,798
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Reinsurance -- 0.2%
500,000 12.31 B/NR Montana Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) $ 510,900
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 14.92 B-/NR Successor X, Ltd. Class III-S3, Floating
Rate Note, 1/7/14 (Cat Bond) (144A) $ 256,750
--------------
$ 767,650
--------------
Total Insurance $ 767,650
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Independent Power Producers &
Energy Traders -- 1.2%
400,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) $ 414,280
1,400,000 BBB+/Baa1 Southern Power Co., 5.15%, 9/15/41 1,638,374
2,900,000 NR/B2 Star Energy Geothermal Wayang Windu,
Ltd., 11.5%, 2/12/15 (144A) 3,135,770
--------------
$ 5,188,424
--------------
Total Utilities $ 5,188,424
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $65,372,626) $ 70,425,937
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 4.3%
17,474,969 AA+/Aaa U.S. Treasury Inflation Indexed Bonds,
0.125%, 4/15/17 $ 18,741,901
--------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $18,425,543) $ 18,741,901
--------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 5.7%
CLP 2,290,000,000 NR/NR Bonos del Banco Central de Chile
en Pesos, 6.0%, 9/1/13 $ 4,840,041
EURO 7,179,000 BBB+/Ba1 Ireland Government Bond, 4.5%,
4/18/20 9,209,709
MXN 36,000,000 A-/Baa1 Mexican Bonos, 6.5%, 6/9/22 2,945,996
PHP 209,000,000 BB/Ba1 Philippine Government International
Bond, 4.95%, 1/15/21 5,591,464
EURO 2,000,000 BB/Ba3 Portugal Obrigacoes do Tesouro OT,
4.2%, 10/15/16 2,450,646
--------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $23,228,685) $ 25,037,856
--------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 0.3%**
MATERIALS -- 0.1%
Aluminum -- 0.1%
245,625 4.00 BB-/Ba2 Novelis, Inc. Georgia, Term Loan,
3/10/17 $ 245,880
--------------
Total Materials $ 245,880
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 27
Schedule of Investments | 10/31/12 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Building Products -- 0.1%
246,445 4.00 BB-/B1 Armstrong World Industries, Inc., Term
Loan B-1, 3/10/18 $ 247,626
--------------
Total Capital Goods $ 247,626
--------------------------------------------------------------------------------------------------------------
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 $ 209,453
--------------
Total Health Care Equipment
& Services $ 209,453
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
342,393 4.25 BB/Ba3 CommScope, Inc., Tranche 1 Term
Loan, 1/14/18 $ 345,389
--------------
Total Technology Hardware
& Equipment $ 345,389
--------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $1,041,749) $ 1,048,348
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 4.1%
15,500 ETFS Physical Palladium Shares* $ 924,575
67,500 Global X FTSE Colombia 20 ETF 1,491,750
189,047 iShares Gold Trust* 3,168,428
29,100 iShares MSCI All Peru Capped
Index Fund 1,289,421
23,600 iShares MSCI Brazil Index Fund 1,258,352
12,800 iShares MSCI Chile Investable Market
Index Fund 787,840
38,700 iShares MSCI Mexico Investable Market
Index Fund 2,536,011
15,400 iShares MSCI Sweden Index Fund 426,272
208,900 PowerShares Buyback Achievers
Portfolio 6,181,351
--------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $17,983,447) $ 18,064,000
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.0%+
450 SPDR S&P 500 ETF Trust, 11/17/12
at $144 $ 37,350
815 SPDR S&P 500 ETF Trust, 11/17/12
at $146 24,858
815 SPDR S&P 500 ETF Trust, 11/17/12
at $147 16,708
--------------------------------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS
(Cost $261,336) $ 78,916
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 95.2%
(Cost $374,990,197) (a) $ 416,565,882
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 4.8% $ 20,953,981
--------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 437,519,863
==============================================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
(A.D.R.) American Depositary Receipts.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At October 31, 2012, the value of these securities
amounted to $34,505,602 or 7.9% of total net assets.
(a) At October 31, 2012, the net unrealized gain on investments based on
cost for federal income tax purposes of $376,453,082 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $41,685,410
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (1,572,610)
------------
Net unrealized gain $40,112,800
============
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 29
Schedule of Investments | 10/31/12 (Consolidated) (continued)
(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
PHP Philippine Peso
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2012 aggregated $760,035,968 and $873,279,314,
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 October 31, 2012, in valuing
the Fund's assets:
------------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 8,891,651 $ -- $ 8,891,651
Common Stocks* 77,679,768 196,597,505 -- 274,277,273
Corporate Bonds -- 70,425,937 -- 70,425,937
U.S. Government Agency Obligations -- 18,741,901 -- 18,741,901
Foreign Government Bonds -- 25,037,856 -- 25,037,856
Senior Floating Rate Loan Interests -- 1,048,348 -- 1,048,348
Exchange Traded Funds 18,064,000 -- -- 18,064,000
Purchased Options 78,916 -- -- 78,916
------------------------------------------------------------------------------------------------------------
Total $ 95,822,684 $320,743,199 $ -- $416,565,882
============================================================================================================
Other Financial Instruments
Forward Foreign Currency
Portfolio Hedge Contracts $ -- $ (56,211) $ -- $ (56,211)
Forward Foreign Currency
Settlement Contracts -- 6,814 -- 6,814
Futures Contracts 1,041,257 -- -- 1,041,257
------------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 1,041,257 $ (49,397) $ -- $ 991,860
============================================================================================================
* Level 2 securities are valued by independent pricing services using fair
value factors.
During the year ended October 31, 2012, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Statement of Assets and Liabilities | 10/31/12 (Consolidated)
ASSETS:
Investment in securities, at value (cost $374,990,197) $416,565,882
Cash 14,210,897
Foreign currencies, at value (cost $1,175,893) 1,184,517
Futures collateral 2,523,950
Receivables --
Investment securities sold 5,475,512
Fund shares sold 2,931,615
Interest 1,767,169
Dividends 442,976
Variation margin 1,174,803
Unrealized appreciation on forward foreign currency settlement contracts 6,814
Other 18,664
-------------------------------------------------------------------------------------------------------------
Total assets $446,302,799
-------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 7,469,568
Fund shares repurchased 993,777
Unrealized depreciation on forward foreign currency portfolio contracts hedge contracts 56,211
Due to affiliates 104,774
Due to Pioneer Investment Management, Inc. 17,251
Accrued expenses 141,355
-------------------------------------------------------------------------------------------------------------
Total liabilities $ 8,782,936
-------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $402,323,202
Distributions in excess of net investment income (587,842)
Accumulated net realized loss on investments and foreign currency transactions (6,773,122)
Net unrealized gain on investments 41,575,685
Net unrealized loss on forward foreign currency contracts and
assets and liabilities denominated in foreign currencies (59,317)
Net unrealized gain on futures contracts 1,041,257
-------------------------------------------------------------------------------------------------------------
Total net assets $437,519,863
=============================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $147,163,308/12,516,852 shares) $ 11.76
Class C (based on $104,708,780/8,979,694 shares) $ 11.66
Class Y (based on $185,647,775/15,747,215 shares) $ 11.79
MAXIMUM OFFERING PRICE:
Class A ($11.76 (divided by) 95.5%) $ 12.31
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 31
Statement of Operations (Consolidated)
For the Year Ended 10/31/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $509,830) $ 7,258,193
Interest (net of foreign taxes withheld of $62,119) 5,270,107
Income from securities loaned, net 17,556
-------------------------------------------------------------------------------------------------------------
Total investment income $ 12,545,856
-------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,590,662
Transfer agent fees
Class A 67,469
Class C 27,635
Class Y 4,944
Distribution fees
Class A 308,981
Class C 844,798
Shareholder communications expense 249,273
Administrative reimbursement 106,297
Custodian fees 147,324
Registration fees 91,581
Professional fees 82,063
Printing expense 58,246
Fees and expenses of nonaffiliated Trustees 12,765
Miscellaneous 46,035
-------------------------------------------------------------------------------------------------------------
Total expenses $ 4,638,073
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (38,816)
-------------------------------------------------------------------------------------------------------------
Net expenses $ 4,599,257
-------------------------------------------------------------------------------------------------------------
Net investment income $ 7,946,599
=============================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (5,683,629)
Futures contracts (4,287,483)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (2,701,284) $ (12,672,396)
-------------------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 31,978,127
Futures contracts 1,041,257
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 155,257 $ 33,174,641
-------------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 20,502,245
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 28,448,844
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Statements of Changes in Net Assets (Consolidated)
-------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/12 10/31/11
-------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 7,946,599 $ 3,197,834
Net realized gain (loss) on investments, futures
contracts and foreign currency transactions (12,672,396) 88,205
Change in net unrealized gain on investments. futures
contracts and foreign currency transactions 33,174,641 6,605,054
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 28,448,844 $ 9,891,093
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.36 and $0.08 per share, respectively) $ (3,473,555) $ (413,621)
Class C ($0.27 and $0.05 per share, respectively) (1,735,629) (137,785)
Class Y ($0.40 and $0.09 per share, respectively) (5,267,764) (274,466)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (10,476,948) $ (825,872)
-------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 276,521,098 $ 276,104,863
Reinvestment of distributions 8,836,593 555,232
Cost of shares repurchased (131,340,879) (102,595,276)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 154,016,812 $ 174,064,819
-------------------------------------------------------------------------------------------------------------
Net increase in net assets $ 171,988,708 $ 183,130,040
NET ASSETS:
Beginning of year 265,531,155 82,401,115
-------------------------------------------------------------------------------------------------------------
End of year $ 437,519,863 $ 265,531,155
-------------------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (587,842) $ 5,589,336
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 33
Statements of Changes in Net Assets (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
-------------------------------------------------------------------------------------------------------------
Class A
Shares sold 8,396,929 $ 94,918,190 8,959,304 $ 97,639,364
Reinvestment of distributions 284,393 3,074,842 30,367 321,938
Less shares repurchased (3,925,801) (44,400,628) (5,138,815) (56,124,284)
-------------------------------------------------------------------------------------------------------------
Net increase 4,755,521 $ 53,593,404 3,850,856 $ 41,837,018
=============================================================================================================
Class C
Shares sold 5,134,641 $ 57,617,446 4,748,585 $ 51,465,394
Reinvestment of distributions 128,211 1,373,715 6,749 71,421
Less shares repurchased (1,526,602) (17,066,961) (1,489,322) (15,887,461)
-------------------------------------------------------------------------------------------------------------
Net increase 3,736,250 $ 41,924,200 3,266,012 $ 35,649,354
=============================================================================================================
Class Y
Shares sold 10,928,148 $123,985,462 11,548,480 $127,000,105
Reinvestment of distributions 404,969 4,388,036 15,257 161,873
Less shares repurchased (6,190,968) (69,873,290) (2,824,439) (30,583,531)
-------------------------------------------------------------------------------------------------------------
Net increase 5,142,149 $ 58,500,208 8,739,298 $ 96,578,447
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Financial Highlights (Consolidated)
-----------------------------------------------------------------------------------------------------------------
5/3/10
Year Year (Commencement
Ended Ended of Operations)
10/31/12 10/31/11 to 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 $ 0.20 $ 0.19 $ 0.03
Net realized and unrealized gain on
investments, futures contracts
and foreign currency transactions 0.67 0.51 0.60
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.87 $ 0.70 $ 0.63
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.36) (0.08) --
-----------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.51 $ 0.62 $ 0.63
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.76 $ 11.25 $ 10.63
=================================================================================================================
Total return* 8.01% 6.60% 6.30%***
Ratio of net expenses to average net assets+(c) 1.20% 1.20% 1.20%**
Ratio of net investment income to
average net assets+ 2.19% 2.05% 1.44%**
Portfolio turnover rate 175% 191% 8%***
Net assets, end of period (in thousands) $147,163 $87,317 $ 41,574
Ratios with no waiver of fees and assumption
of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses (c) 1.22% 1.24% 1.94%**
Net investment income 2.17% 2.01% 0.69%**
Ratios with waiver of fees and assumption
of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses (c) 1.20% 1.20% 1.20%**
Net investment income 2.19% 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.
(c) In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests.
* 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 | Annual Report | 10/31/12 35
Financial Highlights (Consolidated) (continued)
-----------------------------------------------------------------------------------------------------------------
5/3/10
Year Year (Commencement
Ended Ended of Operations)
10/31/12 10/31/11 to 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 $ 0.11 $ 0.08 $ 0.02
Net realized and unrealized gain on
investments, futures contracts
and foreign currency transactions 0.67 0.52 0.58
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.78 $ 0.60 $ 0.60
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.27) (0.05) --
-----------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.51 $ 0.55 $ 0.60
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.66 $ 11.15 $ 10.60
=================================================================================================================
Total return* 7.18% 5.69% 6.00%***
Ratio of net expenses to average net assets+(c) 1.95% 2.00% 2.00%**
Ratio of net investment income to
average net assets+ 1.43% 1.25% 0.67%**
Portfolio turnover rate 175% 191% 8%***
Net assets, end of period (in thousands) $104,709 $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 (c) 1.95% 2.00% 2.50%**
Net investment income 1.43% 1.25% 0.17%**
Ratios with waiver of fees and assumption
of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses (c) 1.95% 2.00% 2.00%**
Net investment income 1.43% 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.
(c) In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests.
* 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.
36 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
-----------------------------------------------------------------------------------------------------------------
5/3/10
Year Year (Commencement
Ended Ended of Operations)
10/31/12 10/31/11 to 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 $ 0.24 $ 0.15 $ 0.05
Net realized and unrealized gain on
investments, futures contracts
and foreign currency transactions 0.66 0.58 0.60
-----------------------------------------------------------------------------------------------------------------
Net increase in net assets from
investment operations $ 0.90 $ 0.73 $ 0.65
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.40) (0.09) --
-----------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.50 $ 0.64 $ 0.65
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.79 $ 11.29 $ 10.65
=================================================================================================================
Total return* 8.33% 6.89% 6.50%***
Ratio of net expenses to average net assets+(c) 0.90% 0.90% 0.90%**
Ratio of net investment income to
average net assets+ 2.49% 2.35% 1.78%**
Portfolio turnover rate 175% 205% 8%***
Net assets, end of period (in thousands) $185,648 $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 (c) 0.91% 0.98% 1.41%**
Net investment income 2.48% 2.27% 1.26%**
Ratios with waiver of fees and assumption
of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses (c) 0.90% 0.90% 0.90%**
Net investment income 2.49% 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.
(c) In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests.
* 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.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 37
Notes to Financial Statements | 10/31/12 (Consolidated)
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:
38 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the
last available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such
factors as market prices, market events, quotations from one or more
brokers, Treasury spreads, yields, maturities and ratings. Valuations may
be supplemented by dealers and other sources, as required. Equity
securities that have traded on an exchange are valued at the last sale
price on the principal exchange where they are traded. Equity securities
that have not traded on the date of valuation, or securities for which sale
prices are not available, generally are valued using the mean between the
last bid and asked prices. Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at their net
asset value.
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 loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by or
at the direction or with the approval of the Valuation Committee using fair
value methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. PIM is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 39
At October 31, 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/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.
40 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
C. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures
exchange. Upon entering into a futures contract, the Fund is required to
deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange.
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized gains or losses.
When the contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract as well as
any fluctuation in foreign currency exchange rates where applicable.
Futures contracts are subject to market risk, interest rate risk and
currency exchange rate risk. Changes in value of the contracts may not
directly correlate to the changes in value of the underlying securities.
These risks may decrease the effectiveness of the Fund's hedging strategies
and potentially result in a loss. With futures, there is minimal
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default. The average number of
contracts open during the year ended October 31, 2012 was 702.
At October 31, 2012, open futures contracts were as follows:
-----------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
-----------------------------------------------------------------------------------
CBOE VIX Future 434 11/12 $ 8,224,300 $ 390,773
CBOE VIX Future (345) 2/13 (7,314,000) 503,251
U.S. Ultra Bond CBT 77 12/12 12,712,219 197,547
S&P500 EMINI Future (330) 12/12 (23,211,375) (32,218)
Dollar Index Future 314 12/12 25,115,918 (18,096)
-----------------------------------------------------------------------------------
$ 15,527,062 $ 1,041,257
===================================================================================
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).
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 41
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. As of
October 31, 2012, the Fund did not have any interest and penalties related
to unrecognized tax positions, which, if applicable, would be recorded as
an income tax expense in the Statement of Operations. 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.
At October 31, 2012, the Fund reclassified $4,782,328 to decrease paid-in
capital, $3,646,829 to increase distributions in excess of net investment
income, and $8,429,157 to decrease accumulated net realized loss on
investments to reflect permanent book/tax differences. The reclassification
has no impact on the net asset value of the Fund and is designed to present
the Fund's capital accounts on a tax basis.
At October 31, 2012, the Fund was permitted to carry forward indefinitely
$4,216,831 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation. Additionally, at October 31,
2012, the Fund had a net capital loss carryforward of $541,921 of which the
following amounts will expire in 2018 and 2019 if not utilized: $53,013 in
2018 and $488,908 in 2019. Since new losses are required to be utilized
prior to losses incurred in pre-enactment tax years, pre-enactment capital
loss carryforwards may be more likely to expire unused.
The tax character of distributions paid during the years ended October 31,
2012 and October 31, 2011 was as follows:
-----------------------------------------------------------------------------------
2012 2011
-----------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $10,476,948 $825,872
-----------------------------------------------------------------------------------
Total $10,476,948 $825,872
===================================================================================
42 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2012:
-----------------------------------------------------------------------------------
2012
-----------------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $ (4,758,752)
Net unrealized gain 39,955,413
-----------------------------------------------------------------------------------
Total $ 35,196,661
===================================================================================
The difference between book-basis and tax-basis net unrealized gain 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, tax basis adjustments on partnerships 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 $59,802 in underwriting commissions on the sale of
Class A shares during the year ended October 31, 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
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.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 43
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 gains
exposure to commodity-related investments by investing in the Pioneer
Cayman Commodity Fund, Ltd. (the Subsidiary), a foreign entity that is
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, is limited by
tax considerations.
The Fund may invest in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured
damage, increased competition, or changes in real estate tax laws.
44 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
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. As of May 8, 2012, the Pioneer funds
ended their involvement in the securities lending program.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 45
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 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. At October 31, 2012, there were no open written options.
46 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
L. Purchased Options
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time.
Upon the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized gains or losses are
recorded in the Fund's financial statements. As the purchaser of an index
option, the Fund has the right to receive a cash payment equal to any
depreciation in the value of the index below the strike price of the option
(in the case of a put) or equal to any appreciation in the value of the
index over the strike price of the option (in the case of a call) as of the
valuation date of the option. Premiums paid for purchased calls and put
options which have expired are treated as realized losses on investments in
the Statement of Operations. Upon the exercise or closing of a purchased
put option, the premium is offset against the proceeds on the sale of the
underlying security or financial instrument in order to determine the
realized gain or loss on investments. Upon the exercise or closing of a
purchased call option, the premium is added to the cost of the security or
financial instrument. The risk associated with purchasing options is
limited to the premium originally paid. The average number of contracts
open during the year ended October 31, 2012 was 3,455. Purchased option
contracts outstanding at year end are listed at the end of the Fund's
schedule of investments.
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, 2014. Fees waived and
expenses reimbursed during the year ended October 31, 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
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 47
expense limitations noted above. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$38,626 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2012.
Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended October 31, 2012, such out-of-pocket expenses by class of shares
were as follows:
-----------------------------------------------------------------------------------
Shareholder Communications:
-----------------------------------------------------------------------------------
Class A $ 84,864
Class C 59,524
Class Y 104,885
-----------------------------------------------------------------------------------
Total $249,273
===================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $58,426 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 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
48 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $7,722 in
distribution fees payable to PFD at October 31, 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 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
year ended October 31, 2012, CDSCs in the amount of $37,288 were paid to PFD.
5. Basis for Consolidation of the Financial Statements
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
October 31, 2012, the Subsidiary represented $6,904,628 or approximately 1.58%
of the net assets of the Fund.
6. Forward Foreign Currency Contracts
At October 31, 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 notional value of contracts
open during the year ended October 31, 2012 was 181,588,667. At October 31,
2012, the Fund's gross forward currency settlement contracts receivable and
payable were $6,429,654 and $6,422,840, respectively, resulting in a net
receivable of $6,814. Open portfolio hedges at October 31, 2012 were as follows:
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 49
---------------------------------------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to Deliver For USD Date Value Gain (Loss)
---------------------------------------------------------------------------------------------------------------
JPY (Japanese Yen) (275,000,000) $ (3,443,298) 11/2/12 $ (3,447,411) $ (4,113)
ZAR (South African Rand) (36,000,000) (4,256,829) 11/2/12 (4,154,645) 102,184
PHP (Philippine Peso) 520,000,000 12,617,378 11/5/12 12,647,870 30,492
PHP (Philippine Peso) (520,000,000) (12,474,810) 11/5/12 (12,647,870) (173,060)
IDR (Indonesian Rupiah) (70,000,000,000) (7,268,951) 11/5/12 (7,285,270) (16,319)
IDR (Indonesian Rupiah) 70,000,000,000 7,276,507 11/5/12 7,285,270 8,763
IDR (Indonesian Rupiah) (70,000,000,000) (7,257,646) 11/30/12 (7,261,804) (4,158)
---------------------------------------------------------------------------------------------------------------
Total $ (56,211)
===============================================================================================================
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 year ended October 31, 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 year ended October 31, 2012, the Fund had no borrowings under
a credit facility.
50 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of October 31, 2012 were as follows:
-----------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2012 Liabilities Derivatives 2012
Hedging Instruments ----------------------------------------------------------
Under Accounting Statement of Statement of
Standards Codification Assets and Liabilities Assets and Liabilities
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------
Unrealized Appreciation on Receivables $ 6,814 Payables $ --
Forward Foreign Currency
Settlement Contracts*
Unrealized Depreciation on Receivables -- Payables $ 56,211
Forward Foreign Currency
Portfolio Hedge Contracts*
Futures Contracts** Net Assets - 1,041,257 Net Assets - --
Unrealized Unrealized
Appreciation Depreciation
-----------------------------------------------------------------------------------------
Total $1,048,071 $ 56,211
-----------------------------------------------------------------------------------------
* Forward foreign currency settlement and portfolio hedge contracts are shown
as a net receivable and payable, respectively, on the Statement of Assets
and Liabilities.
** Reflects unrealized appreciation of futures contracts (see Note 1C). The
current day's variation margin is separately disclosed on the Statement of
Assets and Liabilities.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 51
The effect of derivative instruments on the Statement of Operations for the year
ended October 31, 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
-----------------------------------------------------------------------------------------
Futures Contracts Net realized loss on $(4,287,483)
futures contracts
Futures Contracts Change in unrealized gain
on futures contracts $1,041,257
Forward Foreign Net realized gain (loss) on $(200,839)
Currency Settlement forward foreign currency
Contracts contracts and other assets
and liabilities denominated in
foreign currencies
Forward Foreign Change in unrealized gain (loss) $ 6,814
Currency Settlement on forward foreign currency
Contracts contracts and other assets
and liabilities denominated
in foreign currencies
Forward Foreign Net realized gain (loss) on $(359,007)
Currency Portfolio forward foreign currency
Hedge Contracts contracts and other assets
and liabilities denominated in
foreign currencies
Forward Foreign Change in unrealized gain (loss) $ 112,794
Currency Portfolio on forward foreign currency
Hedge Contracts contracts and other assets and
liabilities denominated in
foreign currencies
52 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of the Series VI Trust and the Shareowners of
Pioneer Multi-Asset Real Return Fund:
--------------------------------------------------------------------------------
We have audited the accompanying consolidated statement of assets and
liabilities, including the consolidated schedule of investments, of Pioneer
Multi- Asset Real Return Fund (the "Fund") (one of the portfolios constituting
the Series VI Trust) as of October 31, 2012, and the related consolidated
statement of operations for the year then ended, the consolidated statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2012, by correspondence with the custodian,
brokers and agent banks. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Pioneer Multi-Asset Real Return Fund at October 31, 2012, the
consolidated results of its operations for the year then ended, the changes in
its net assets for the two years in the period then ended, and the financial
highlights for each of the periods indicated therein, in conformity with U.S.
generally accepted accounting principles.
Ernst & Young LLP
Boston, Massachusetts
December 27, 2012
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 53
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
54 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Independent Trustees
-------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
-------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee since 2010. Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board and Serves until a Quadriserv, Inc. (technology products for Solutions, Inc. (investor
Trustee successor trustee is securities lending industry) (2008 - communications and securities
elected or earlier present); private investor (2004 - 2008); processing provider for
retirement or and Senior Executive Vice President, The financial services industry)
removal. Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 -
present); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
-------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2010. Managing Partner, Federal City Capital Director of Enterprise
Trustee Serves until a Advisors (corporate advisory services Community Investment, Inc.
successor trustee is company) (1997 - 2004 and 2008 - (privately-held affordable
elected or earlier present); Interim Chief Executive Officer, housing finance company) (1985 -
retirement or Oxford Analytica, Inc. (privately held 2010); Director of Oxford
removal. research and consulting company) (2010); Analytica, Inc. (2008 -
Executive Vice President and Chief present); Director of The Swiss
Financial Officer, I-trax, Inc. (publicly Helvetia Fund, Inc. (closed-end
traded health care services company) fund) (2010 - present); and
(2004 - 2007); and Executive Vice Director of New York Mortgage
President and Chief Financial Officer, Trust (publicly traded mortgage
Pedestal Inc. (internet-based mortgage REIT) (2004 - 2009, 2012 -
trading company) (2000 - 2002) present)
-------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 55
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee since 2010. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a Political Economy, Harvard University Funds Investment Trust and
successor trustee (1972 - present) Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 2010. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee Inc. (consulting firm) (1982-present);
is elected or Desautels Faculty of Management, McGill
earlier retirement University (1999 - present); and Manager
or removal. of Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 2010. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury, Piret & Company, Inc. Income Fund, Inc. (closed-end
successor trustee (investment banking firm) (1981 - present) investment company) (2004 -
is elected or present); and member, Board of
earlier retirement Governors, Investment Company
or removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee since 2010. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss Helvetia
Trustee Serves until a (law firm) (1998 - present); and Partner, Fund, Inc. (closed-end
successor trustee Sullivan & Cromwell LLP (prior to 1998) investment company); and
is elected or Director, Invesco, Ltd.
earlier retirement (formerly AMVESCAP, PLC)
or removal. (investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------
56 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 2010. Non-Executive Chairman and a director of None
Trustee, President and Serves until a Pioneer Investment Management USA Inc.
Chief Executive Officer of successor trustee ("PIM-USA"); Chairman and a director of
the Fund is elected or Pioneer; Chairman and Director of Pioneer
earlier retirement Institutional Asset Management, Inc.
or removal. (since 2006); Director of Pioneer
Alternative Investment Management Limited
(Dublin) (until October 2011); President
and a director of Pioneer Alternative
Investment Management (Bermuda) Limited
and affiliated funds; Deputy Chairman and
a director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until April
2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc.
(2004 - 2011); Director of Fiduciary
Counseling, Inc. (until December 2011);
President of all of the Pioneer Funds;
and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee since 2010. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a (since February 2007); Director and
Vice President successor trustee President of Pioneer and Pioneer
is elected or Institutional Asset Management, Inc.
earlier retirement (since February 2007); Executive Vice
or removal. President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of New
Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 57
Fund Officers
------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley Since 2010. Serves Vice President and Associate General None
(47) Secretary at the discretion Counsel of Pioneer since January 2008
of the Board. and Secretary of all of the Pioneer
Funds since June 2010; Assistant
Secretary of all of the Pioneer Funds
from September 2003 to May 2010; and
Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves Fund Governance Director of Pioneer None
Assistant Secretary at the discretion since December 2006 and Assistant
of the Board. Secretary of all the Pioneer Funds since
June 2010; Manager - Fund Governance of
Pioneer from December 2003 to November
2006; and Senior Paralegal of Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49) Since 2010. Serves Counsel of Pioneer since June 2007 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer
of the Board. Funds since June 2010; and Vice
President and Counsel at State Street
Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Since 2010. Serves Vice President - Fund Treasury of None
Treasurer and Chief at the discretion Pioneer; Treasurer of all of the Pioneer
Financial and Accounting of the Board. Funds since March 2008; Deputy Treasurer
Officer of the Fund of Pioneer from March 2004 to February
2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2010. Serves Assistant Vice President - Fund Treasury None
Assistant Treasurer at the discretion of of Pioneer; and Assistant Treasurer
the Board. of all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------
58 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2010. Serves Fund Accounting Manager - Fund Treasury None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of
of the Board. all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Since 2010. Serves Fund Administration Manager - Fund None
Assistant Treasurer at the discretion Treasury of Pioneer since November 2008;
of the Board. Assistant Treasurer of all of the
Pioneer Funds since January 2009; and
Client Service Manager - Institutional
Investor Services at State Street Bank
from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Since 2010. Serves Chief Compliance Officer of Pioneer and None
Chief Compliance Officer at the discretion of all the Pioneer Funds since March
of the Board. 2010; Director of Adviser and Portfolio
Compliance at Pioneer since October
2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2010. Serves Director--Transfer Agency Compliance of None
Anti-Money Laundering at the discretion Pioneer and Anti-Money Laundering Officer
Officer of the Board. of all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12 59
This page for your notes.
60 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/12
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 www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Invesments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 24440-02-1212
Pioneer Floating
Rate Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 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 44
Notes to Financial Statements 52
Report of Independent Registered Public Accounting Firm 63
Trustees, Officers and Service Providers 64
Pioneer Floating Rate Fund | Annual Report | 10/31/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff " in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. 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.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Floating Rate Fund | Annual Report | 10/31/12
Pioneer's investment professionals focus on finding good opportunities 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 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 | Annual Report | 10/31/12 3
Portfolio Management Discussion | 10/31/12
The market remained strong for floating-rate bank loans during most of the
12-month period ended October 31, 2012, as investors sought out opportunities to
gain yield in a low-interest-rate environment. During a period in which
investors appeared more tolerant of taking on credit risk, lower-rated bank
loans tended to outperform higher-rated securities. In the following interview,
Jonathan Sharkey discusses the factors that affected the performance of Pioneer
Floating Rate Fund during the 12-month period. 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 12 months ended October 31, 2012?
A Pioneer Floating Rate Fund's Class A shares returned 7.43% at net asset
value during the 12 months ended October 31, 2012, while the Fund's
benchmark, the Barclays Capital High Yield Loans Performing Index (the
Barclays index), returned 8.73%. During the same 12-month period, the
average return of the 156 mutual funds in Lipper's Loan Participating Funds
category was 8.15%.
Q Could you describe the investment environment for bank loans during the 12
months ended October 31, 2012?
A Despite interim periods of worries about potential economic weakening that
temporarily softened investor demand, the market for bank loans was positive
during the 12 months ended October 31, 2012. The "risk-on" trade
predominated during the period, with floating-rate bank loans producing
solid returns. Lower-rated securities, including loans rated CCC and B,
generated especially impressive results during the period, outperforming
BB-rated loans.
The reasons for the outperformance of lower-rated loans were many. One
reason was that central banks throughout the world kept short-term interest
rates very low. In the United States, for example, the Federal Reserve Board
(the Fed) announced a third round of quantitative easing and said it
intended to keep short-term interest rates at current low levels (between 0%
and 0.25%). Overseas, the European Central Bank (ECB) moved to encourage
lending activity, increase financial liquidity and reduce pressures on
nations with sovereign-debt problems. In China, the central government cut
interest rates and committed to expanding the nation's money supply.
Meanwhile, investors' fears that some major economies might slip back into
4 Pioneer Floating Rate Fund | Annual Report | 10/31/12
recession abated during the period as more encouraging reports about job
creation, the housing market, consumer sentiment and gross domestic product
(GDP) trends began to emerge.
As the myriad of positive factors emerged, investors' demand for floating-
rate loans expanded during the 12-month period. High-yield bond mutual
funds, for example, continued to add to their holdings in floating-rate
loans because of the attractive values offered by loans compared with fixed-
income corporate bonds--the latter often were selling at premiums to their
par (face) values, while floating-rate loans were selling at discounts.
A large portion of lower-quality loans were refinanced by high-yield bond
issuance, and higher-quality loans were diverted to traditional bank
lending. Additionally, CLOs (collateralized loan obligations), which
represent nearly half of the loan investment universe, saw an unexpectedly
large resurgence in new issuance and are on track to have 2012 become the
third-largest year for new CLO issuance.
Q How did you position the Fund in that environment and how did the
positioning affect the Fund's performance during the 12 months ended October
31, 2012?
A While the Fund produced solid returns during the full 12-month period, the
return still trailed that of the benchmark Barclays Index, primarily due to
the Fund's investment bias in favor of higher-quality bank loans. The tilt
towards higher quality helped the Fund outperform during those months when
the floating-rate loan market went down, but held back benchmark-relative
results when the market rallied.
During the 12-month period, we became more confident that the U.S. economy's
underpinnings were holding up and thus became somewhat more aggressive and
less defensive in the Fund's positioning. For example, we increased the
portfolio's positions in more economically-sensitive sectors such as
information technology and consumer loans, while reducing portfolio exposure
to telecom services. At the same time, we maintained the Fund's
higher-quality orientation. Accomplishing this became somewhat more
challenging as the period progressed as the strong demand for loans
encouraged some companies to issue more "covenant-light" loans, which offer
less-strict covenant protection for investors than traditional loans. While
we have not avoided having the Fund own such loans entirely, we have
maintained the higher-quality bias and have worked to limit the percentage
of Fund assets invested in covenant-light loans.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 5
Q What types of individual investments most affected the Fund's performance,
either positively or negatively, during the 12 months ended October 31,
2012?
A The Fund's better-performing loan investments during the period came from a
variety of sectors and industries. One of the stronger individual performers
in the portfolio during the period was Sun Health Care, an operator of
long-term care facilities that was taken over by another company. Other
solid performers held in the portfolio included loans to Aquilex, which
provides maintenance and repair services to heavy industries; Ozburn-Hessey
Logistics, which offers warehousing and distribution services to other
companies; and credit card transaction processor First Data. The Fund also
received good results from a small position in high-yield corporate bonds,
which performed very well in an up-market. We have maintained the Fund's
bond positions primarily for liquidity purposes.
Notable among the more disappointing investments during the period was the
only defaulted loan in the portfolio--a loan to Vertrue, which provides
advertising and marketing services. Other poor-performing investments held
in the portfolio during the period included loans to IAP Worldwide, a
defense contractor that was hurt by redeployment of U.S. forces; and to Bumi
Resources, a coal mining company whose debt was affected both by weakening
demand for coal and by an internal corporate-governance issue.
Q What is your investment outlook?
A We continue to be optimistic about the prospects for bank-loan investments.
Even after achieving strong performance over the past 12 months, bank loans
still were selling at a discount to par value as of October 31, 2012. In
contrast, fixed-income corporate bonds generally were selling at premiums to
their par values. Moreover, we believe floating-rate bank loans still are
priced attractively relative to their risk, especially when comparing loans'
yield advantages over no-credit-risk alternatives such as U.S. Treasuries.
Bank loans were selling at an implied default rate of about 5% as of October
31, 2012, while the actual forecasted default rate for bank loans for the
next 12 months is at around 2%. (The long-term average default rate is about
3.5%.)
6 Pioneer Floating Rate Fund | Annual Report | 10/31/12
Given the Fed's announcement about not raising short-term rates until at
least mid-2015, we believe that investors in floating-rate loans continue to
be well compensated. In addition, whenever interest rates do rise,
floating-rate loans typically offer more price protection than conventional,
fixed-rate bonds.
We think the financial health of corporate borrowers in the United States
also makes a compelling argument for investing in bank loans, given that
U.S. corporations, in general, are in solid financial shape and highly
credit-worthy. Many U.S. corporations have continued to demonstrate healthy
profit margins and strong balance sheets, and those factors should enable
them to meet their credit obligations.
Please refer to the Schedule of Investments on pages 16-43 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 | Annual Report | 10/31/12 7
Portfolio Summary | 10/31/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Loans 86.8%
Temporary Cash Investments 8.1%
U.S. Corporate Bonds 2.4%
International Corporate Bonds 1.1%
Collateralized Mortgage Obligations 0.5%
Asset Backed Securities 0.5%
U.S. Common Stocks 0.4%
Convertible Corporate Bonds 0.2%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on Standard & Poor's
ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
BB 49.7%
B 34.5%
BBB 7.6%
Not Rated 5.0%
Cash Equivalent 1.3%
CCC 1.0%
AAA 0.5%
A 0.3%
AA 0.1%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. CPG International I, Inc., Term Loan, 9/21/19 0.86%
--------------------------------------------------------------------------------
2. Grifols, Inc., New U.S. Tranche B Term Loan, 6/4/17 0.72
--------------------------------------------------------------------------------
3. HHI Holdings LLC, 10/3/18 0.71
--------------------------------------------------------------------------------
4. Chrysler Group LLC, Tranche B Term Loan, 4/28/17 0.66
--------------------------------------------------------------------------------
5. Freescale Semiconductor, Inc., Tranche B-1 Term Loan, 12/1/16 0.66
--------------------------------------------------------------------------------
6. Interactive Data Corp., Term B Loan, 1/31/18 0.64
--------------------------------------------------------------------------------
7. Telesat Canada, U.S. Term B Loan, 3/28/19 0.63
--------------------------------------------------------------------------------
8. Protection One, Inc., Term Loan 2012, 3/20/19 0.62
--------------------------------------------------------------------------------
9. WireCo WorldGroup, Inc., Term Loan, 4/13/17 0.61
--------------------------------------------------------------------------------
10. Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18 0.59
--------------------------------------------------------------------------------
* 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 | Annual Report | 10/31/12
Prices and Distributions | 10/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/12 10/31/11
--------------------------------------------------------------------------------
A $6.95 $6.77
--------------------------------------------------------------------------------
C $6.95 $6.78
--------------------------------------------------------------------------------
Y $6.96 $6.78
--------------------------------------------------------------------------------
Z $6.97 $6.80
--------------------------------------------------------------------------------
Distributions per Share: 11/1/11-10/31/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3115 $ -- $ --
--------------------------------------------------------------------------------
C $0.2594 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3349 $ -- $ --
--------------------------------------------------------------------------------
Z $0.3292 $ -- $ --
--------------------------------------------------------------------------------
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 | Annual Report | 10/31/12 9
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 3.95% 3.12%
5 Years 4.27 3.32
1 Year 7.43 2.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.12%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield Loans
Rate Fund Performing Index
2/28/2007 $ 9,550 $ 10,000
10/31/2007 $ 9,670 $ 10,242
10/31/2008 $ 7,972 $ 8,030
10/31/2009 $ 9,845 $ 10,588
10/31/2010 $ 10,774 $ 11,728
10/31/2011 $ 11,095 $ 12,045
10/31/2012 $ 11,919 $ 13,097
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 | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 3.09% 3.09%
5 Years 3.39 3.39
1 Year 6.46 6.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.89%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield Loans
Rate Fund Performing Index
2/28/2007 $ 10,000 $ 10,000
10/31/2007 $ 10,070 $ 10,242
10/31/2008 $ 8,211 $ 8,030
10/31/2009 $ 10,069 $ 10,588
10/31/2010 $ 10,921 $ 11,728
10/31/2011 $ 11,176 $ 12,045
10/31/2012 $ 11,898 $ 13,097
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 | Annual Report | 10/31/12 11
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 4.12% 4.12%
5 Years 4.46 4.46
1 Year 7.78 7.78
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.88% 0.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Floating Barclays Capital High Yield Loans
Rate Fund Performing Index
2/28/2007 $ 5,000,000 $ 5,000,000
10/31/2007 $ 5,061,980 $ 5,120,822
10/31/2008 $ 4,174,504 $ 4,014,905
10/31/2009 $ 5,163,652 $ 5,293,953
10/31/2010 $ 5,665,295 $ 5,863,948
10/31/2011 $ 5,841,313 $ 6,022,520
10/31/2012 $ 6,295,679 $ 6,548,326
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, 2014, 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 | Annual Report | 10/31/12
Performance Update | 10/31/12 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 October 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 4.01% 4.01%
5 Years 4.34 4.34
1 Year 7.52 7.52
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.22% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays Capital High Yield Loans
Rate Fund Performing Index
2/28/2007 $ 10,000 $ 10,000
10/31/2007 $ 10,121 $ 10,242
10/31/2008 $ 8,344 $ 8,030
10/31/2009 $ 10,304 $ 10,588
10/31/2010 $ 11,277 $ 11,728
10/31/2011 $ 11,640 $ 12,045
10/31/2012 $ 12,515 $ 13,097
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, 2014, 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 | Annual Report | 10/31/12 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 May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/12
--------------------------------------------------------------------------------
Ending Account $1,031.20 $1,027.31 $1,033.17 $1,032.56
Value (after expenses)
on 10/31/12
--------------------------------------------------------------------------------
Expenses Paid $5.67 $9.48 $3.58 $4.24
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.11%, 1.86%,
0.70% 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 184/366 (to reflect the one-half year period).
14 Pioneer Floating Rate Fund | Annual Report | 10/31/12
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 May 1, 2012, through October 31, 2012.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/12
--------------------------------------------------------------------------------
Ending Account $1,019.56 $1,015.79 $1,021.62 $1,020.96
Value (after expenses)
on 10/31/12
--------------------------------------------------------------------------------
Expenses Paid $5.63 $9.42 $3.56 $4.22
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.11%, 1.86%,
0.70% and 0.83% for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/366 (to reflect the one-half year period).
Pioneer Floating Rate Fund | Annual Report | 10/31/12 15
Schedule of Investments | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) 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 $ 1,026,250
-----------------
Total Diversified Financials $ 1,026,250
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $991,579) $ 1,026,250
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
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 $ 121,070
-----------------
Total Capital Goods $ 121,070
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $100,000) $ 121,070
--------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 0.1%
AUTOMOBILES & COMPONENTS - 0.0%+
Auto Parts & Equipment - 0.0%+
4 Lear Corp. $ 170
-----------------
Total Automobiles & Components $ 170
--------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0.1%
Real Estate Development - 0.1%
106,253 Newhall Land Development LLC * $ 164,692
-----------------
Total Real Estate $ 164,692
--------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $88,066) $ 164,862
--------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES - 0.6%
CONSUMER SERVICES - 0.0%+
Hotels, Resorts & Cruise Lines - 0.0%+
234,373 BB/NR Westgate Resorts LLC, 9.0%,
1/20/25 (144A) $ 236,717
-----------------
Total Consumer Services $ 236,717
--------------------------------------------------------------------------------------------------------------
BANKS - 0.4%
Diversified Banks - 0.0%+
132,501 0.59 AAA/NR Wells Fargo Home Equity Trust,
Floating Rate Note, 12/25/35 (144A) $ 128,067
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance - 0.4%
617,734 0.84 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 $ 601,930
305,713 0.49 AA+/Aa1 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 2/25/36 301,515
209,911 1.01 AAA/Aa3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 8/25/35 210,128
84,997 0.33 BBB/Aa3 Option One Mortgage Loan Trust,
Floating Rate Note, 2/25/38 84,559
83,931 1.15 AAA/Aaa RASC Trust, Floating Rate Note,
12/25/34 81,854
-----------------
$ 1,279,986
-----------------
Total Banks $ 1,408,053
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS - 0.2%
Other Diversified Financial Services - 0.0%+
77,842 1.01 BBB/Ba1 Ellington Loan Acquisition Trust
2007-1, Floating Rate Note,
5/27/37 (144A) $ 76,760
--------------------------------------------------------------------------------------------------------------
Specialized Finance - 0.2%
73,475 0.48 AA/Baa3 Aegis Asset Backed Securities Trust,
Floating Rate Note, 12/25/35 $ 66,441
338,406 0.60 CCC+/Caa2 Lease Investment Flight Trust,
Class A1 Floating Rate Note, 7/15/31 235,192
338,406 0.64 CCC+/Caa2 Lease Investment Flight Trust,
Class A2 Floating Rate Note, 7/15/31 234,346
-----------------
$ 535,979
-----------------
Total Diversified Financials $ 612,739
--------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,140,690) $ 2,257,509
--------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 0.6%
BANKS - 0.1%
Thrifts & Mortgage Finance - 0.1%
330,642 1.02 AAA/A3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 $ 292,267
165,503 2.62 A+/Ba1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 6/25/34 167,105
-----------------
$ 459,372
-----------------
Total Banks $ 459,372
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS - 0.4%
Other Diversified Financial Services - 0.4%
300,000 0.91 BBB+/A3 Morgan Stanley Capital I, Inc. Class C,
Floating Rate Note, 12/15/20 (144A) $ 278,667
214,272 0.81 AAA/Ba3 RALI Trust, Floating Rate Note, 4/25/34 199,053
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 17
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services - (continued)
857,187 4.21 NR/A2 Velocity Commercial Capital Loan Trust,
Floating Rate Note, 8/25/40 (144A) $ 737,181
-------------
$ 1,214,901
-------------
Total Diversified Financials $ 1,214,901
--------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0.1%
Mortgage REITs - 0.1%
121,040 2.55 AAA/B2 American Home Mortgage Investment
Trust, Floating Rate Note, 6/25/45 $ 108,724
307,522 2.55 AAA/Ba1 American Home Mortgage Investment
Trust, Floating Rate Note, 6/25/45 305,801
-------------
$ 414,525
-------------
Total Real Estate $ 414,525
--------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,063,307) $ 2,088,798
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS - 3.8%
ENERGY - 0.4%
Oil & Gas Drilling - 0.0%+
68,000 B-/B3 Offshore Group Investment, Ltd.,
11.5%, 8/1/15 $ 74,715
100,000 B-/B3 Offshore Group Investment, Ltd.,
7.5%, 11/1/19 (144A) 98,500
-------------
$ 173,215
--------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services - 0.1%
NOK 1,500,000 9.05 NR/NR Transocean Norway Drilling AS,
Floating Rate Note, 2/24/16 $ 278,918
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production - 0.2%
498,000 BB/B1 Denbury Resources, Inc., 8.25%,
2/15/20 $ 563,985
--------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels - 0.1%
400,000 B/B3 Murray Energy Corp., 10.25%,
10/15/15 (144A) $ 392,000
-------------
Total Energy $ 1,408,118
--------------------------------------------------------------------------------------------------------------
MATERIALS - 0.5%
Paper Packaging - 0.2%
515,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) $ 542,038
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining - 0.2%
600,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 (144A) $ 577,500
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Paper Products - 0.1%
225,000 B+/B1 Appleton Papers, Inc., 10.5%,
6/15/15 (144A) $ 238,500
250,000 CCC+/B3 Appleton Papers, Inc., 11.25%,
12/15/15 259,375
-----------------
$ 497,875
-----------------
Total Materials $ 1,617,413
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS - 0.3%
Electrical Components & Equipment - 0.1%
250,000 B/B3 WireCo WorldGroup, Inc., 9.5%,
5/15/17 $ 265,000
--------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks - 0.1%
400,000 B+/B1 Titan International, Inc., 7.875%,
10/1/17 $ 423,000
--------------------------------------------------------------------------------------------------------------
Industrial Machinery - 0.1%
500,000 B/B2 Constellation Enterprises LLC,
10.625%, 2/1/16 (144A) $ 528,750
-----------------
Total Capital Goods $ 1,216,750
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
Health Care Equipment - 0.2%
750,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) $ 821,250
--------------------------------------------------------------------------------------------------------------
Health Care Facilities - 0.3%
500,000 B+/B1 Aviv Healthcare Properties LP,
7.75%, 2/15/19 $ 526,875
500,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 558,750
-----------------
$ 1,085,625
-----------------
Total Health Care Equipment &
Services $ 1,906,875
--------------------------------------------------------------------------------------------------------------
BANKS - 0.1%
Diversified Banks - 0.1%
235,000 6.52 BB+/B1 ABN Amro North American Holding
Preferred Capital Repackage Trust I,
Floating Rate Note (Perpetual) (144A) $ 235,000
--------------------------------------------------------------------------------------------------------------
Regional Banks - 0.0%+
200,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating
Rate Note (Perpetual) (144A) $ 202,480
-----------------
Total Banks $ 437,480
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS - 0.7%
Other Diversified Financial Services - 0.7%
250,000 9.00 BB-/NR Compass Re, Ltd., Class 1 Floating Rate
Note, 1/8/15 (Cat Bond) (144A) $ 256,950
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 19
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services - (continued)
250,000 10.25 BB-/NR Compass Re, Ltd., Class 2 Floating
Rate Note, 1/8/15 (Cat Bond) (144A) $ 259,125
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 269,625
300,000 8.35 BB-/NR Ibis Re II, Ltd., Floating Rate
Note, 2/5/15 (Cat Bond) (144A) 311,580
250,000 6.00 BB/NR Lodestone Re, Ltd., Class A1 Floating
Rate Note, 1/8/14 (Cat Bond) (144A) 250,850
500,000 7.25 BB/NR Lodestone Re, Ltd., Class A2 Floating
Rate Note, 1/8/14 (Cat Bond) (144A) 506,800
500,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate
Note, 5/17/13 (Cat Bond) (144A) 510,700
300,000 7.50 BB-/NR Queen Street IV Capital, Ltd.,
Floating Rate Note, 4/9/15
(Cat Bond) (144A) 296,250
---------------
$ 2,661,880
---------------
Total Diversified Financials $ 2,661,880
--------------------------------------------------------------------------------------------------------------
INSURANCE - 0.7%
Property & Casualty Insurance - 0.1%
250,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 $ 275,581
--------------------------------------------------------------------------------------------------------------
Reinsurance - 0.6%
250,000 8.26 NR/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (144A) $ 250,000
250,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 256,350
250,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 260,075
250,000 8.75 NR/NR Mythen Re, Ltd. Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 250,000
250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 256,275
250,000 8.60 NR/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 250,000
250,000 9.66 B/NR Successor X, Ltd. Class IV-E3,
Floating Rate Note, 2/25/14
(Cat Bond) (144A) 254,550
250,000 11.00 NR/B2 Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) 261,425
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 246,875
---------------
$ 2,285,550
---------------
Total Insurance $ 2,561,131
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES - 0.1%
Data Processing & Outsourced Services - 0.1%
250,000 B+/B1 First Data Corp., 8.875%,
8/15/20 (144A) $ 272,500
-----------------
Total Software & Services $ 272,500
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 0.4%
Alternative Carriers - 0.1%
350,000 BB-/WR PAETEC Holding Corp., 8.875%,
6/30/17 $ 377,125
--------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services - 0.2%
500,000 B/B1 Cincinnati Bell, Inc., 8.375%,
10/15/20 $ 537,500
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services - 0.1%
365,000 B+/Ba2 Cricket Communications, Inc.,
7.75%, 5/15/16 $ 385,988
-----------------
Total Telecommunication Services $ 1,300,613
--------------------------------------------------------------------------------------------------------------
UTILITIES - 0.1%
Gas Utilities - 0.1%
250,000 B-/B2 Ferrellgas LP, 6.5%, 5/1/21 $ 241,250
-----------------
Total Utilities $ 241,250
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $13,037,030) $ 13,624,010
--------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS - 91.9%**
ENERGY - 3.2%
Oil & Gas Equipment & Services - 0.7%
207,916 2.67 B+/NR Fenwal, Inc., Delayed Draw First-Lien
Term Loan, 2/28/14 $ 207,721
1,212,397 2.67 B+/NR Fenwal, Inc., Initial First-Lien Term
Loan, 2/22/14 1,211,261
1,351,211 8.50 B/B3 FTS International Services LLC, Term
Loan, 5/6/16 1,220,593
83,516 9.00 B-/B2 Hudson Products Holdings, Inc., Term
Loan, 8/24/15 83,308
-----------------
$ 2,722,883
--------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas - 0.4%
1,444,767 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 6/1/16 $ 1,451,991
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production - 1.5%
1,500,000 5.00 NR/NR EP Energy LLC, Tranche B-1 Loan,
5/24/18 $ 1,514,250
2,000,000 0.00 BB/NR Plains Exploration & Production Co.,
Term Loan B, 9/4/19 2,011,608
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 21
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production - (continued)
1,750,000 6.00 B+/B1 Samson Investment Co., Initial Term
Loan (Second Lien), 9/25/18 $ 1,768,321
-----------------
$ 5,294,179
--------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing - 0.4%
1,622,186 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 1,632,662
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation - 0.1%
273,625 4.75 BB-/Ba3 Gibson Energy, Inc., Tranche B Term
Loan, 6/30/18 $ 276,874
--------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels - 0.1%
250,000 0.00 NR/NR Bumi Resources Tbk PT, Term Loan,
8/7/13 $ 218,750
-----------------
Total Energy $ 11,597,339
--------------------------------------------------------------------------------------------------------------
MATERIALS - 10.0%
Commodity Chemicals - 2.0%
3,000,000 5.75 B/B1 CPG International I, Inc., Term Loan,
9/21/19 $ 3,011,250
1,959,109 6.75 B/B1 Houghton International, Inc., B-1 Term
Loan, 1/31/18 1,976,251
771,873 5.25 BB-/B1 Taminco Global Chemical Corp., Tranche
B-1 Dollar Term Loan, 2/15/19 780,879
1,175,625 4.25 NR/Ba2 Tronox, Inc., Closing Date Term Loan,
1/24/17 1,184,862
106,875 4.25 NR/Ba2 Tronox, Inc., Delayed Draw Term Loan,
1/24/17 107,782
-----------------
$ 7,061,024
--------------------------------------------------------------------------------------------------------------
Diversified Chemicals - 1.0%
570,279 5.00 B/B1 General Chemical Holding Co., New
Tranche B Term Loan, 10/6/15 $ 572,703
EURO 979,221 3.61 B-/B1 Momentive Performance Materials, Inc.,
Tranche B-2B Term Loan, 5/5/15 1,259,892
1,645,688 5.00 B+/B2 Univar, Term B Loan, 6/30/17 1,632,430
-----------------
$ 3,465,025
--------------------------------------------------------------------------------------------------------------
Specialty Chemicals - 2.6%
1,387,500 3.75 BB+/Baa3 Ashland, Inc., Term B Loan, 5/31/18 $ 1,399,040
1,000,000 0.00 BB+/NR Chemtura Corp., Add-on Term Loan,
8/27/16 1,000,000
1,750,000 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 1,774,062
868,631 2.79 BB+/Ba1 Huntsman International LLC, Extended
Term B Loan, 4/19/17 867,545
1,980,000 5.75 BB-/Ba2 OM Group, Inc., Term B Dollar Loan,
7/5/17 1,994,232
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Specialty Chemicals - (continued)
1,574,462 5.50 B+/Ba2 OMNOVA Solutions, Inc., Extended
Loan, 5/18/17 $ 1,588,239
630,237 5.00 BB-/Ba1 PolyOne Corp., Term Loan, 9/30/17 635,949
-----------------
$ 9,259,067
--------------------------------------------------------------------------------------------------------------
Metal & Glass Containers - 0.7%
1,250,000 0.00 B/Ba3 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 1,257,812
1,427,944 5.50 B/B1 Tank Holdings Corp., Initial Term Loan,
6/8/19 1,434,791
-----------------
$ 2,692,603
--------------------------------------------------------------------------------------------------------------
Paper Packaging - 0.8%
2,034,250 6.50 B/B2 Exopack Holding Corp., Term Loan B,
5/6/17 $ 2,028,316
1,075,250 4.75 BB/Ba1 Sealed Air Corp., Term B Advance,
5/31/18 1,082,642
-----------------
$ 3,110,958
--------------------------------------------------------------------------------------------------------------
Aluminum - 0.5%
273,625 5.75 B+/Ba2 Noranda Aluminum Holding Corp.,
Term B Loan, 2/17/19 $ 276,532
1,473,750 4.00 BB-/Ba2 Novelis, Inc. Georgia, Term Loan,
3/11/17 1,475,280
-----------------
$ 1,751,812
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining - 1.0%
2,000,000 5.25 BB+/NR Fortescue Metals Group, Ltd.,
Term Loan, 10/18/17 $ 1,995,000
597,439 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B
Term Loan, 7/21/18 600,426
1,132,351 4.75 BB-/B1 Walter Energy, Inc., B Term Loan,
2/3/18 1,119,140
-----------------
$ 3,714,566
--------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals - 0.6%
2,062,802 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B
Term Loan, 3/15/17 $ 2,065,934
--------------------------------------------------------------------------------------------------------------
Steel - 0.6%
700,000 8.75 B/B1 Essar Steel Algoma, Inc., Term Loan,
9/20/14 $ 708,750
1,471,287 4.75 BB/B1 JMC Steel Group, Inc., Term Loan,
2/15/17 1,489,678
-----------------
$ 2,198,428
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 23
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Paper Products - 0.2%
816,717 4.75 BB-/Ba3 Ranpak Corp., USD Term Loan
(First Lien), 3/28/17 $ 818,759
-----------------
Total Materials $ 36,138,176
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS - 11.1%
Aerospace & Defense - 4.4%
2,024,359 8.75 B/B3 API Technologies Corp., Term Loan,
6/1/16 $ 2,014,237
250,000 4.75 BBB-/Ba2 Delos Aircraft, Inc., Term Loan,
3/17/16 254,062
744,375 5.75 BB+/Ba3 DigitalGlobe, Inc., Term Loan, 9/21/18 749,027
1,026,165 7.25 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-1 Loan, 11/2/12 1,026,165
400,085 0.00 B/B2 Dubai Aerospace Enterprises (DAE),
Tranche B-1 Loan, 10/18/18 399.753
973,174 7.25 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-2 Loan, 7/3/14 973,174
1,096,888 6.25 BB-/Ba2 DynCorp International, Inc.,
Term Loan, 7/7/16 1,103,286
987,504 7.00 B/B3 Sotera Defense Solutions,
Term B Loan, 4/21/17 977,629
1,201,624 6.52 BB/B1 Hunter Defense Technologies, Inc.,
Series 1 New Term Loan, 8/22/14 1,045,413
315,999 3.52 BB-/B1 Hunter Defense Technologies, Inc.,
Term Loan, 8/22/14 280,712
1,740,041 9.25 CCC/WR IAP Worldwide Services, Inc.,
Term Loan (First-Lien), 12/20/12 1,413,783
374,063 6.50 NR/NR PRV Aerospace LLC, Term Loan,
5/9/18 374,530
1,500,000 3.62 B/B1 Sequa Corp., Term Loan, 12/3/14 1,499,250
1,965,000 4.50 B+/Ba3 SI Organization, Inc., New Tranche B
Term Loan, 11/22/16 1,960,088
497,500 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 3/27/19 499,158
1,173,690 4.50 BB-/B1 Tasc, Inc., New Tranche B Term
Loan, 12/18/15 1,175,890
-----------------
$ 15,746,157
--------------------------------------------------------------------------------------------------------------
Building Products - 1.3%
591,469 4.00 BB-/B1 Armstrong World Industries, Inc.,
Term Loan B-1, 3/10/18 $ 594,303
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 1,308,778
1,244,997 6.00 BB-/B1 Summit Materials LLC, Term Loan,
1/30/19 1,257,576
-----------------
$ 4,719,963
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment - 1.1%
498,750 7.00 NR/NR Pelican Products, Inc., Term Loan
(First Lien), 7/11/18 $ 497,503
1,309,802 5.75 B+/B1 Scotsman Industries, Inc., Term Loan,
4/30/16 1,317,988
2,100,000 6.00 BB-/Ba2 WireCo WorldGroup, Inc., Term Loan,
2/15/17 2,126,250
-----------------
$ 3,941,741
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates - 0.4%
1,605,227 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 $ 1,609,738
--------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks - 1.4%
975,000 7.00 B+/Ba2 Navistar International Corp., Tranche
B Term Loan, 7/31/17 $ 982,922
1,133,550 4.50 NR/NR Terex Corp., New US Term Loan,
4/28/17 1,142,937
1,098,900 4.25 BB/Ba2 The Manitowoc Co, Inc., Term B Loan,
10/11/17 1,107,142
1,456,563 8.50 BB-/B2 ThyssenKrupp Waupaca, Inc.,
Term Loan, 6/29/17 1,474,770
299,250 8.25 BB-/B3 Wastequip, Inc., Term Loan, 5/17/18 296,258
-----------------
$ 5,004,029
--------------------------------------------------------------------------------------------------------------
Industrial Machinery - 1.6%
992,500 4.50 BB+/Ba2 Colfax Corp., Term B Facility, 1/11/19 $ 1,003,577
701,830 6.00 NR/NR Schaeffler AG, Facility C2 Term Loan,
1/27/17 710,164
2,000,000 5.50 B+/B1 Transtar Holding Co., Term Loan
(First Lien 2012), 9/13/18 2,022,500
482,639 3.75 BB/Ba3 Trimas Corp., Tranche B Term
Loan (2012), 10/11/19 483,845
1,603,905 6.25 BB-/Ba2 Xerium Technologies, Inc., Initial
U.S. Term Loan, 5/4/17 1,601,900
-----------------
$ 5,821,986
--------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors - 0.9%
1,064,844 4.75 BBB-/Ba2 AWAS Aviation Capital, Ltd.,
Term Loan, 6/25/18 $ 1,076,823
400,000 6.75 BBB-/B1 Fly Leasing, Ltd., Term Loan, 7/17/18 401,000
1,750,000 0.00 NR/NR The Hertz Corp., Tranche B1
Term Loan, 3/11/18 1,746,719
-----------------
$ 3,224,542
-----------------
Total Capital Goods $ 40,068,156
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 4.5%
Commercial Printing - 0.5%
1,631,119 6.63 BB-/Ba3 Cenveo Corp., Term B Facility,
12/15/16 $ 1,639,275
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 25
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services - 1.3%
524,053 8.75 NR/WR Aquilex Holdings LLC, Term Loan,
4/1/16 $ 526,018
696,500 4.00 BB+/Ba1 Covanta Holding Corp., Term Loan,
3/1/19 699,112
500,000 0.00 BBB-/Ba1 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/24/19 504,688
213,113 2.40 CCC/Caa2 Synagro Technologies, Inc.,
Term Loan (First Lien), 4/2/14 185,542
1,292,061 4.75 B+/B1 Waste Industries USA, Inc., Term B
Loan, 2/23/17 1,296,906
1,315,146 5.50 B+/B1 WCA Waste Corp., Term Loan,
3/23/18 1,324,461
-----------------
$ 4,536,727
--------------------------------------------------------------------------------------------------------------
Diversified Support Services - 1.0%
1,383,925 5.25 B+/Ba3 Allied Security Holdings LLC,
Term Loan (First Lien), 2/4/17 $ 1,387,385
606,729 5.75 B/B1 infoGROUP, Inc., Term B Loan, 5/26/18 543,023
813,869 5.00 BB-/Ba3 KAR Auction Services, Inc.,
Term Loan, 4/26/17 819,634
933,991 6.25 B/Ba3 Language Line Services Holdings, Inc.,
Tranche B Term Loan, 5/30/16 928,738
-----------------
$ 3,678,780
--------------------------------------------------------------------------------------------------------------
Security & Alarm Services - 1.0%
1,250,000 0.00 BB/Ba1 Garda World Security Corp., Term B
Loan, 10/24/19 $ 1,260,938
2,160,520 5.75 B+/B1 Protection One, Inc., Term Loan 2012,
3/20/19 2,172,223
-----------------
$ 3,433,161
--------------------------------------------------------------------------------------------------------------
Human Resource & Employment Services - 0.3%
1,246,161 5.00 BB-/Ba3 On Assignment, Inc., Initial
Term B Loan, 5/15/19 $ 1,252,392
--------------------------------------------------------------------------------------------------------------
Research & Consulting Services - 0.4%
1,576,631 5.00 BB/Ba3 Wyle Services Corp., Term Loan
(First Lien), 3/26/17 $ 1,586,485
-----------------
Total Commercial Services & Supplies$ 16,126,820
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.4%
Air Freight & Logistics - 0.6%
731,882 5.36 NR/NR CEVA Group Plc, Dollar Tranche B
Pre Funded Term Loan, 8/31/16 $ 702,606
301,545 5.31 NR/NR CEVA Group Plc, EGL Tranche B
Term Loan, 8/31/16 289,483
1,033,502 5.31 B-/Ba3 CEVA Group Plc, US Tranche B
Term Loan, 8/31/16 992,162
-----------------
$ 1,984,251
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Airlines - 1.3%
1,231,250 5.75 BB-/Ba3 Allegiant Travel Co., Term Loan,
2/17/17 $ 1,238,176
750,000 5.25 B+/Ba2 Delta Air Lines, Inc., Term B-1 Loan,
9/28/18 748,125
1,777,500 5.50 BB-/Ba2 Delta Air Lines, Inc., Term Loan 2011,
3/29/17 1,789,942
970,897 2.25 BB-/Ba3 United Air Lines, Inc., Tranche B
Loan, 2/1/14 963,616
-----------------
$ 4,739,859
--------------------------------------------------------------------------------------------------------------
Trucking - 0.5%
1,743,222 5.00 BB/B1 Swift Transportation Co., Tranche
B-2 Term Loan, 12/15/17 $ 1,757,385
-----------------
Total Transportation $ 8,481,495
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS - 4.4%
Auto Parts & Equipment - 3.2%
240,325 2.72 BB-/Ba3 Allison Transmission, Inc., Term
B-1 Loan, 8/7/14 $ 240,959
1,446,875 4.25 BB-/Ba3 Allison Transmission, Inc., Term
B-3 Loan, 8/8/19 1,455,456
1,326,421 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B
Term Loan, 3/31/17 1,333,219
904,483 2.15 B/B1 Federal-Mogul Corp., Tranche B
Term Loan, 12/29/14 852,758
461,471 2.15 B/B1 Federal-Mogul Corp., Tranche C
Term Loan, 12/28/15 435,081
2,500,000 0.00 NR/NR HHI Holdings LLC, 2012 Term
Loan, 10/3/18 2,500,000
1,920,749 5.25 B+/NR Metaldyne Corp., Term Loan, 5/18/17 1,930,353
911,140 6.25 B+/B1 Remy International, Inc., Term B
Facility, 12/17/16 917,974
1,010,673 6.75 NR/NR TI Group Automotive Systems LLC,
Term Loan, 3/1/19 1,027,097
630,964 4.25 BB/Ba2 Tomkins LLC, Term B-1 Loan, 9/21/16 635,223
280,013 5.50 B+/Ba2 UCI International, Inc., Term Loan,
7/26/17 282,813
-----------------
$ 11,610,933
--------------------------------------------------------------------------------------------------------------
Tires & Rubber - 0.5%
1,925,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co.,
Loan (Second Lien), 3/27/19 $ 1,946,656
--------------------------------------------------------------------------------------------------------------
Automobile Manufacturers - 0.7%
2,266,288 6.00 BB/Ba2 Chrysler Group LLC, Tranche B
Term Loan, 4/28/17 $ 2,321,680
-----------------
Total Automobiles & Components $ 15,879,269
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 27
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL - 2.6%
Home Furnishings - 0.4%
1,500,000 5.00 B+/B1 AOT Bedding Super Holdings LLC, Term
Loan, 8/29/19 $ 1,501,563
--------------------------------------------------------------------------------------------------------------
Housewares & Specialties - 1.0%
777,273 5.28 BB-/Ba3 Prestige Brands, Inc., Term B Loan,
12/20/18 $ 787,197
1,955,000 4.75 NR/B1 Reynolds Group Holdings, Ltd.,
U.S. Term Loan, 9/28/18 1,965,870
975,100 5.25 B+/B1 Yankee Candle Co., Inc., Initial Term
Loan, 3/2/19 984,973
-----------------
$ 3,738,040
--------------------------------------------------------------------------------------------------------------
Leisure Products - 0.2%
500,000 5.25 B/B2 Leslie's Poolmart, Term Loan B,
10/16/19 $ 500,078
--------------------------------------------------------------------------------------------------------------
Footwear - 0.5%
1,750,000 5.25 BB/Ba2 Wolverine World Wide, Inc.,
Tranche B Term Loan, 5/1/19 $ 1,770,781
--------------------------------------------------------------------------------------------------------------
Textiles - 0.5%
1,720,688 6.75 NR/Ba3 Kloeckner Pentaplast SA,
Term B-1 Loan, 12/21/16 $ 1,740,045
-----------------
Total Consumer Durables & Apparel $ 9,250,507
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES - 6.5%
Casinos & Gaming - 2.1%
490,218 4.00 BB+/Ba2 Ameristar Casinos, Inc., B Term Loan,
4/14/18 $ 493,818
962,500 6.00 BB-/Ba3 Boyd Gaming Corp., Increased
Term Loan, 12/17/15 973,500
121,563 9.50 B/B2 Caesars Entertainment Operating
Co, Inc., Term B-4 Loan, 10/31/16 124,973
930,000 5.46 B/B2 Caesars Entertainment Operating
Co., Inc., Term B-6 Loan, 1/28/18 837,645
842,070 2.72 BBB-/Ba2 Las Vegas Sands Corp., Delayed Draw II
Term Loan (Extending), 11/23/16 842,070
1,400,000 0.00 BBB-/NR Penn National Gaming, Inc., Term B
Facility Loan, 7/14/18 1,408,750
1,186,995 3.75 BBB-/Ba1 Penn National Gaming, Inc., Term B
Facility Loan, 7/14/18 1,194,043
298,500 4.00 BB+/Ba1 Pinnacle Entertainment, Inc., Series A
Incremental Term Loan, 3/5/19 300,366
1,376,844 2.97 BBB-/Ba1 Scientific Games Corp., Tranche B-1
Term Loan, 6/30/15 1,373,828
-----------------
$ 7,548,993
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines - 0.8%
586,080 5.96 B/B1 Sabre Holdings Corp., New Term
Loan Extended, 12/29/17 $ 583,882
500,000 7.25 B/B1 Sabre, Inc., Incremental Term Loan,
12/29/17 506,042
1,500,000 6.25 NR/Ba2 Seven Seas Cruises S de RL LLC,
Term B Loan, 12/21/18 1,528,125
306,507 4.86 B+/B1 Travelport LLC, Extended Tranche
B Dollar Term Loan, 8/23/15 293,536
64,044 4.86 B+/B1 Travelport LLC, Tranche S Term Loan,
8/23/15 61,334
-----------------
$ 2,972,919
--------------------------------------------------------------------------------------------------------------
Leisure Facilities - 0.4%
718,919 4.00 BB/Ba2 Cedar Fair LP, U.S. Term-1 Loan,
12/15/17 $ 724,757
700,000 4.25 BB+/B1 Six Flags Entertainment Corp.,
Tranche B Term Loan, 12/20/18 705,466
-----------------
$ 1,430,223
--------------------------------------------------------------------------------------------------------------
Restaurants - 2.1%
840,000 3.75 BB/Ba3 Burger King Corp., Tranche B
Term Loan (2012), 9/28/19 $ 844,463
873,167 4.25 BB-/Ba2 DineEquity, Inc., Term B-1 Loan,
10/19/17 880,535
198,919 4.00 B+/B2 Dunkin' Brands, Inc., Term B-2 Loan,
11/23/17 199,824
1,915,375 6.50 B+/B1 Landry's, Inc., B Term Loan, 4/24/18 1,938,919
1,094,500 5.25 NR/NR NPC International, Inc., Term
Loan 2012, 12/28/18 1,113,654
525,000 6.25 B+/Ba3 PF Chang's China Bistro, Inc., Term
Borrowing, 7/2/19 531,781
1,795,000 4.75 BB-/B1 Wendy's International, Inc.,
Term Loan, 4/3/19 1,813,885
-----------------
$ 7,323,061
--------------------------------------------------------------------------------------------------------------
Education Services - 0.7%
884,289 5.75 B-/B1 Ascend Learning LLC, Term Loan
(First Lien 2012), 5/23/17 $ 887,163
1,532,646 4.22 BB-/Ba2 Bright Horizons Family Solutions, Inc.,
Tranche B Term Loan, 5/28/15 1,536,478
199,000 5.25 BB-/Ba2 Bright Horizons Family Solutions, Inc.,
Tranche C Term Loan, 5/1/17 199,498
-----------------
$ 2,623,139
--------------------------------------------------------------------------------------------------------------
Specialized Consumer Services - 0.4%
1,402,950 5.50 B/Ba3 Ascent Capital Group, Inc.,
Term Loan, 3/6/18 $ 1,416,394
-----------------
Total Consumer Services $ 23,314,729
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 29
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
MEDIA - 7.3%
Advertising - 1.4%
1,473,750 5.25 B+/NR Advantage Sales & Marketing
LLC, Term Loan (First Lien),
12/17/17 $ 1,477,066
1,460,028 5.00 B+/Ba3 Affinion Group, Inc., Tranche B
Term Loan, 7/6/15 1,378,814
1,975,000 4.75 B/B1 Getty Images, Inc., Initial Term
Loan (New), 9/17/19 1,985,862
275,795 4.00 BB+/Baa3 Lamar Advertising Co., Term B Loan,
10/1/16 278,093
-----------------
$ 5,119,835
--------------------------------------------------------------------------------------------------------------
Broadcasting - 2.9%
1,194,000 4.00 BB-/Ba2 Cequel Communications Holdings I
LLC and Cequel Capital Corp.,
Term Loan, 2/14/19 $ 1,197,731
926,667 6.25 BB-/Ba3 Entercom Communications Corp.,
Term B Loan, 11/7/18 933,153
1,000,000 0.00 B+/B2 Gray Television, Inc., Initial Term
Loan, 10/11/19 1,006,250
850,918 5.25 B+/Ba3 Hubbard Broadcasting, Inc., Term
Loan (First Lien), 3/24/17 857,300
488,750 4.50 BB-/Ba3 MCC Georgia LLC, Tranche F Term
Loan, 10/20/17 488,445
1,750,000 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term
Loan, 2/8/20 1,750,000
446,648 4.00 BB+/Ba1 Sinclair Broadcast Group, Inc.,
New Tranche B Term Loan,
10/29/16 449,805
2,204,475 4.25 NR/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 2,217,151
243,950 4.25 BB-/Ba3 TWCC Holding Corp., Term Loan,
2/11/17 245,983
1,165,008 4.46 B+/B2 Univision Communications, Inc.,
Extended First-Lien Term Loan,
3/29/17 1,143,159
-----------------
$ 10,288,977
--------------------------------------------------------------------------------------------------------------
Cable & Satellite - 0.8%
1,492,500 4.00 BB+/Ba1 Charter Communications
Operating LLC, Term D Loan,
3/28/19 $ 1,504,253
725,000 4.25 NR/NR Kabel Deutschland Vertrieb und
Service GmbH, Facility F Loan,
2/1/19 727,783
507,728 6.25 B/B1 WideOpenWest LLC, Term Loan,
7/17/18 513,208
-----------------
$ 2,745,244
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment - 1.1%
286,189 4.25 BB-/Ba2 AMC Entertainment, Inc., Term
B-2 Loan (Extending), 12/15/16 $ 288,157
297,750 4.75 BB-/Ba2 AMC Entertainment, Inc., Term B-3
Loan, 2/7/18 300,381
756,844 5.25 NR/Ba1 Cinedigm Digital Funding I LLC,
Term Loan, 3/31/16 761,575
975,006 4.50 BB-/Ba2 Live Nation Entertainment, Inc.,
Term B Loan, 10/20/16 981,498
375,326 8.50 CCC/Caa1 LodgeNet Interactive Corp.,
Closing Date Term Loan, 4/4/14 292,441
1,500,000 0.00 BB-/Ba2 WMG Acquisition Corp., Initial
Term Loan, 10/25/18 1,485,000
-----------------
$ 4,109,052
--------------------------------------------------------------------------------------------------------------
Publishing - 1.1%
1,759,129 2.47 B/B2 Cengage Learning Acquisitions, Inc.,
Original Term Loan, 7/4/14 $ 1,682,168
2,235,859 4.50 BB-/Ba3 Interactive Data Corp., Term B
Loan, 2/11/18 2,252,896
-----------------
$ 3,935,064
-----------------
Total Media $ 26,198,172
--------------------------------------------------------------------------------------------------------------
RETAILING - 1.3%
Apparel Retail - 0.5%
548,625 4.75 BB+/Ba2 Ascena Retail Group, Inc., Tranche B
Term Loan, 5/17/18 $ 552,397
975,051 4.75 B/B1 J Crew Group, Inc., Term Loan,
11/23/17 977,227
330,619 5.75 BB/Ba3 Lord & Taylor LLC, Term Loan,
1/11/19 333,409
-----------------
$ 1,863,033
--------------------------------------------------------------------------------------------------------------
Computer & Electronics Retail - 0.4%
1,298,563 11.00 B/B2 Targus Group International,
Term Loan, 5/12/16 $ 1,305,055
--------------------------------------------------------------------------------------------------------------
Home Improvement Retail - 0.3%
1,045,482 5.00 B+/Ba3 Hillman Group, Inc., Term Loan,
5/28/16 $ 1,055,937
--------------------------------------------------------------------------------------------------------------
Automotive Retail - 0.1%
400,000 4.25 BB/Ba1 Avis Budget Car Rental LLC,
Tranche C Term Loan, 8/7/19 $ 404,625
-----------------
Total Retailing $ 4,628,650
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.1%
Drug Retail - 0.5%
1,827,644 4.50 B+/B2 Rite Aid Corp., Tranche 5 Term
Loan, 2/17/18 $ 1,824,217
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 31
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Food Distributors - 0.5%
1,904,000 5.00 BB-/B1 Windsor Quality Food Co, Ltd.,
Tranche B Term Loan, 1/11/17 $ 1,904,000
--------------------------------------------------------------------------------------------------------------
Food Retail - 0.1%
373,125 5.75 B+/B1 Roundy's Supermarkets, Inc.,
Tranche B Term Loan, 2/13/19 $ 364,170
-----------------
Total Food & Staples Retailing $ 4,092,387
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO - 1.4%
Agricultural Products - 0.2%
584,043 5.50 B/B3 American Rock Salt Co. LLC,
Initial Term Loan, 4/1/17 $ 578,446
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats - 1.2%
573,563 5.00 NR/NR Acosta, Inc., Term D Loan, 3/2/18 $ 577,147
496,250 4.50 BB/Ba1 B&G Foods, Inc., Tranche B Term
Loan, 11/30/18 501,212
1,170,409 4.50 B/Ba3 Del Monte Foods Co., Initial Term
Loan, 2/3/18 1,170,409
698,250 6.50 NR/NR Hearthside Food Solutions LLC,
Term Loan A, 5/7/18 699,123
1,369,950 4.25 B+/B1 Michael Foods, Inc., Term B Facility,
2/25/18 1,377,656
-----------------
$ 4,325,547
-----------------
Total Food, Beverage & Tobacco $ 4,903,993
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS - 1.0%
Household Products - 0.3%
419,532 5.02 B/Ba3 Spectrum Brands Holdings, Inc.,
New Term Loan, 6/17/16 $ 421,068
706,742 4.78 B+/Ba3 SRAM Corp., Term Loan (First Lien),
5/12/18 713,810
-----------------
$ 1,134,878
--------------------------------------------------------------------------------------------------------------
Personal Products - 0.7%
1,076,786 4.25 BB-/Ba3 NBTY, Inc., Term B-1 Loan, 10/1/17 $ 1,083,718
1,481,300 4.75 BB-/Ba3 Revlon, Inc., Term Loan B, 11/19/17 1,486,623
-----------------
$ 2,570,341
-----------------
Total Household & Personal Products $ 3,705,219
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES - 10.3%
Health Care Equipment - 1.0%
1,924,816 5.00 BB-/B1 Carestream Health, Inc., Term Loan,
2/25/17 $ 1,908,175
349,958 3.50 BBB-/Baa2 Fresenius SE & Co KGaA, Tranche
D2 Term Loan, 9/10/14 351,635
1,197,000 4.50 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4/29/19 1,212,087
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Health Care Equipment - (continued)
263,013 7.00 BB-/Ba2 Kinetic Concepts, Inc., Dollar
Term B-1 Loan, 5/4/18 $ 266,958
-----------------
$ 3,738,855
--------------------------------------------------------------------------------------------------------------
Health Care Supplies - 0.0%+
124,688 5.25 B+/B1 Bausch & Lomb, Inc., Parent Term
Loan, 4/17/19 $ 126,246
--------------------------------------------------------------------------------------------------------------
Health Care Services - 5.2%
730,313 6.50 NR/NR AccentCare, Inc., Term Loan,
12/22/16 $ 604,334
1,129,842 7.25 BB-/Ba3 Alliance HealthCare Services,
Inc., Initial Term Loan, 6/1/16 1,112,895
1,525,000 5.00 B+/Ba3 BSN Medical GmbH & Co. KG,
B1A Term Loan Facility, 6/8/19 1,533,388
433,311 4.50 BB/Ba3 Butler Animal Health Supply LLC,
Tranche B Term Loan, 12/31/15 434,394
1,350,000 0.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan,
8/23/19 1,355,625
812,003 5.25 B+/Ba3 Emergency Medical Services Corp.,
Initial Term Loan, 5/25/18 820,326
1,166,118 6.50 B/B1 Gentiva Health Services, Inc., Term
B1 Term Loan, 2/22/16 1,152,028
1,663,420 6.50 B+/Ba3 inVentiv Health, Inc., Consolidated
Term Loan, 8/4/16 1,626,687
1,950,000 6.75 BB-/Ba3 MModal, Inc., Term B Loan, 8/17/19 1,936,594
1,738,525 6.50 NR/NR National Mentor Holdings, Inc.,
Tranche B-1 Term Loan, 2/9/17 1,743,596
1,621,926 8.25 B/B2 National Surgical Hospitals, Inc.,
Initial Term Loan, 1/4/17 1,597,597
1,036,875 5.75 B+/B1 Rural Metro Corp., Term Loan
(First Lien), 6/30/18 1,036,875
1,574,931 8.75 BB-/Ba1 Sun Healthcare Group, Inc.,
Term Loan, 10/18/16 1,572,962
978,750 6.50 B/B2 Surgery Center Holdings, Inc.,
Term Loan, 2/4/17 976,303
1,228,125 7.75 B+/B1 Virtual Radiologic Corp., Term
Loan A, 12/22/16 1,099,172
-----------------
$ 18,602,776
--------------------------------------------------------------------------------------------------------------
Health Care Facilities - 1.7%
824,447 6.50 B/B1 Ardent Medical Services, Inc.,
Term Loan, 9/15/15 $ 826,508
1,003,404 3.92 BB/Ba3 Community Health Systems, Inc.,
Extended Term Loan, 1/25/17 1,009,045
83,654 3.46 BB/Ba3 HCA Holdings, Inc., Tranche B-3
Term Loan, 5/1/18 83,856
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 33
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Health Care Facilities - (continued)
1,083,500 5.00 B/Ba3 IASIS Healthcare LLC, Term B Loan,
4/18/18 $ 1,088,240
1,256,581 5.25 B+/Ba3 Kindred Healthcare, Inc., Term Loan,
2/7/18 1,241,649
912,200 5.50 BB-/Ba3 Select Medical Holdings Corp.,
Tranche B Term Loan, 4/25/18 920,182
329,018 5.25 B/NR United Surgical Partners International,
Inc., Extended Term Loan, 4/3/17 331,348
401,667 3.75 BB+/Ba2 Universal Health Services, Inc.,
Tranche B Term Loan 2011,
11/30/16 403,675
-----------------
$ 5,904,503
--------------------------------------------------------------------------------------------------------------
Managed Health Care - 0.6%
753,156 8.50 NR/B1 Aveta, Inc., MMM Term Loan,
4/4/17 $ 753,627
753,156 8.50 B+/B1 Aveta, Inc., NAMM Term Loan,
4/4/17 759,159
750,000 0.00 B+/B2 MMM Holdings, Inc., Term Loan,
10/23/17 750,000
-----------------
$ 2,262,786
--------------------------------------------------------------------------------------------------------------
Health Care Technology - 1.8%
1,702,005 5.00 B+/Ba3 Convatec, Inc., Dollar Term Loan,
12/1/16 $ 1,715,621
1,263,650 5.00 BB-/Ba3 Emdeon, Inc., Term B-1 Loan,
11/2/18 1,278,459
1,000,000 0.00 BB-/Ba3 IMS Health, Inc., Tranche B Dollar
Term Loan, 8/26/17 1,007,321
1,524,055 5.25 BB-/Ba3 MedAssets, Inc., Term Loan,
11/16/16 1,541,201
114,796 7.75 B/NR Physician Oncology Services LP,
Delayed Draw Term Loan, 1/31/17 111,352
944,911 7.75 B/B2 Physician Oncology Services LP,
Effective Date Term Loan, 1/31/17 916,564
-----------------
$ 6,570,518
-----------------
Total Health Care Equipment &
Services $ 37,205,684
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES - 4.6%
Biotechnology - 2.1%
1,200,000 4.50 BB/B1 Alkermes, Inc., 2019 Term Loan,
9/25/19 $ 1,210,500
1,877,314 5.50 BB/B2 Axcan Intermediate Holdings, Inc.,
Term B-1 Loan, 2/11/17 1,886,700
684,909 3.50 BBB-/Baa2 Fresenius Kabi Pharmaceuticals
Holding, Inc., Tranche D1 Dollar Term
Loan, 9/10/14 687,692
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Biotechnology - (continued)
2,487,990 4.50 BB+/Ba2 Grifols, Inc., New U.S. Tranche B
Term Loan, 6/1/17 $ 2,517,846
176,138 4.25 BBB-/Ba3 Warner Chilcott Corp., Additional
Term B-1 Loan, 3/15/18 177,019
463,815 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-1
Loan, 3/3/18 466,134
231,908 4.25 BBB-/Ba3 Warner Chilcott Corp., Term B-2
Loan, 3/17/18 233,067
318,873 5.25 BBB-/Ba3 WC Luxco Sarl, Term B-3 Loan,
3/3/18 320,467
-----------------
$ 7,499,425
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals - 2.2%
925,000 0.00 B/B1 AssuraMed Holding, Inc., Initial
Term Loan, 10/23/19 $ 915,750
981,739 0.00 NR/B1 Generic Drug Holdings, Inc.,
Term Loan, 10/4/19 987,466
1,565,368 2.46 B+/B1 Key Safety Systems, Inc., Term
Loan (First Lien), 3/8/14 1,556,889
783,976 6.50 B+/B2 Medpace, Inc., Term B Loan,
6/17/17 756,537
2,000,000 5.00 B+/B1 Par Pharmaceutical Companies,
Inc., Term B Loan, 8/2/19 1,999,108
1,500,000 0.00 BBB-/Ba1 Valeant Pharmaceuticals
International, Inc., 9/27/19 1,508,250
-----------------
$ 7,724,000
--------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services - 0.3%
1,265,128 4.21 BB-/Ba3 Catalent Pharma Solutions, Inc.,
Extended Dollar Term-1 Loan,
9/15/16 $ 1,271,454
-----------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 16,494,879
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS - 3.4%
Other Diversified Financial Services - 2.3%
435,609 5.25 B+/B2 BNY ConvergEx Group LLC, Term
Loan First Lien (EZE), 12/17/16 $ 425,263
994,244 5.25 B+/B2 BNY ConvergEx Group LLC, Term
Loan First Lien (TOP), 12/17/16 970,631
221,684 8.75 B-/B3 BNY ConvergEx Group LLC, Term Loan
Second Lien (EZE), 12/17/17 208,106
528,316 8.75 B-/B3 BNY ConvergEx Group LLC, Term Loan
Second Lien (TOP), 12/17/17 495,957
1,231,250 5.00 NR/Baa1 Kasima LLC, Incremental Term Loan,
3/25/17 1,235,867
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 35
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services - (continued)
1,083,500 5.00 B/B1 Nexeo Solutions LLC, Initial Term
Loan, 2/26/17 $ 1,065,893
1,166,188 7.50 B+/B2 Preferred Sands Holding Co. LLC,
Term B Loan, 12/15/16 1,106,420
398,990 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term
Loan (2012), 5/9/18 400,818
373,275 4.00 BBB-/Baa2 RPI Finance Trust, New Term Loan,
11/9/18 375,919
1,020,968 9.25 NR/WR Vertrue, Inc., Term Loan (First Lien),
8/16/14 (c) 347,129
1,751,227 5.25 NR/Ba2 WorldPay, Facility B2A Term Loan,
8/6/17 1,763,815
-----------------
$ 8,395,818
--------------------------------------------------------------------------------------------------------------
Multi-Sector Holdings - 0.4%
1,339,154 5.50 B+/B2 Fox Acquisition Sub LLC, Initial
Term Loan, 7/14/17 $ 1,359,242
--------------------------------------------------------------------------------------------------------------
Specialized Finance - 0.5%
497,500 4.75 B+/Ba3 Pinnacle Foods Finance LLC,
Tranche E Term Loan, 10/17/18 $ 500,609
1,246,875 4.75 B+/Ba3 Pinnacle Foods Finance LLC,
Tranche F Term Loan, 10/17/18 1,252,071
-----------------
$ 1,752,680
--------------------------------------------------------------------------------------------------------------
Consumer Finance - 0.1%
500,000 5.50 CCC+/B3 Springleaf Financial Funding, Initial
Term Loan, 5/10/17 $ 493,750
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks - 0.1%
365,625 6.75 B+/B2 4L Holdings Corp., Term Loan,
4/13/18 $ 361,969
--------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage - 0.0%+
99,500 4.00 NR/Ba2 LPL Holdings, Inc., Initial Tranche B
Term Loan, 3/6/19 $ 100,060
-----------------
Total Diversified Financials $ 12,463,519
--------------------------------------------------------------------------------------------------------------
INSURANCE - 1.7%
Insurance Brokers - 1.0%
228,074 3.36 B/B2 Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 227,789
953,885 6.75 B/B2 Alliant Holdings I, Inc., Tranche D
Incremental Loan, 8/21/14 963,424
97,013 6.75 B+/B1 HUB International Holdings, Inc.,
2017 Additional Term Loan
(Extended), 12/13/17 98,225
474,176 4.72 B+/B1 HUB International Holdings, Inc.,
2017 Initial Term Loan (Extended),
12/13/17 477,436
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Insurance Brokers - (continued)
299,229 7.00 B/B1 USI Holdings Corp., Series C New
Term Loan, 5/5/14 $ 300,725
997,500 5.75 B/B1 USI Holdings Corp., Series D New
Term Loan, 5/4/14 999,994
667,613 2.72 B/B1 USI Holdings Corp., Tranche B Term
Loan, 5/5/14 668,030
-----------------
$ 3,735,623
--------------------------------------------------------------------------------------------------------------
Life & Health Insurance - 0.6%
2,000,000 0.00 NR/Ba3 CNO Financial Group, Inc.,
Tranche B2 Term Loan, 9/20/18 $ 2,012,000
--------------------------------------------------------------------------------------------------------------
Multi-Line Insurance - 0.1%
498,750 5.75 B+/Ba2 AmWINS Group, Inc., 1st Lien
Term Loan, 6/6/19 $ 500,620
-----------------
Total Insurance $ 6,248,243
--------------------------------------------------------------------------------------------------------------
REAL ESTATE - 1.2%
Real Estate Development - 0.2%
968,750 8.25 B-/B1 Ozburn-Hessey Logistics LLC,
Term Loan (First Lien), 4/7/16 $ 954,219
--------------------------------------------------------------------------------------------------------------
Real Estate Services - 1.0%
987,500 3.46 BB/Ba1 CBRE Group, Inc., Incremental
Tranche C Term Loan, 2/17/18 $ 989,969
987,500 3.71 BB/Ba1 CBRE Group, Inc., Incremental
Tranche D Term Loan, 9/4/19 989,969
1,500,000 0.00 NR/B1 GCA Services Group, Inc., Initial
Term Loan, 10/4/19 1,500,472
-----------------
$ 3,480,410
-----------------
Total Real Estate $ 4,434,629
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES - 5.7%
IT Consulting & Other Services - 0.4%
500,000 4.50 BB/Ba3 Booz Allen Hamilton Holding Corp.,
Initial Tranche B Term Loan,
7/10/19 $ 503,698
750,000 0.00 B/Ba3 Kronos, Inc., Initial Term Loan,
10/26/19 755,940
-----------------
$ 1,259,638
--------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services - 1.8%
954,714 5.75 BB-/B1 CCC Information Services Group,
Inc., Term Loan, 11/29/15 $ 959,886
67,341 5.21 B+/NR First Data Corp., 2017 Dollar Term
Loan, 3/24/17 66,656
1,387,680 4.21 B+/B1 First Data Corp., 2018 Dollar Term
Loan, 3/24/18 1,330,873
2,000,000 4.25 NR/NR Genpact, Ltd., Term Loan, 8/17/19 2,007,500
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 37
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services - (continued)
592,857 7.00 BB/B1 Global Cash Access Holdings, Inc.,
Term Loan, 3/1/16 596,563
1,014,750 5.00 BB+/Ba2 NeuStar, Inc., Term Advance Loan,
10/11/18 1,026,166
284,286 3.75 BBB-/Ba2 Vantiv LLC, Tranche B Term Loan,
2/22/19 285,174
258,783 4.25 BB/Ba3 VeriFone Systems, Inc., Term B Loan,
11/14/18 258,945
-----------------
$ 6,531,763
--------------------------------------------------------------------------------------------------------------
Application Software - 3.0%
1,844,415 7.50 CCC+/B1 Allen Systems Group, Inc., Term B
Loan, 11/20/15 $ 1,768,333
248,750 5.50 NR/B1 Applied Systems, Inc., Tranche A
Term Loan, 12/8/16 249,372
1,750,000 6.00 B+/B1 Deltek, Inc., Term Loan (First Lien),
1/1/13 1,766,406
2,049,700 8.00 B/Ba3 Expert Global Solutions, Inc., Term B
Advance (First Lien), 4/3/18 2,070,197
1,296,750 5.25 B+/Ba3 Info US, Inc., Tranche B2
Term Loan, 4/5/18 1,312,351
372,642 4.22 B+/B1 Serena Software, Inc., 2016 Term
Loan (Extended), 3/10/16 369,847
1,728,125 4.50 B+/B1 Verint Systems, Inc., Term Loan
2011, 10/29/17 1,740,365
1,695,072 5.25 B+/B1 Vertafore, Inc., Term Loan (First Lien),
7/29/16 1,702,135
-----------------
$ 10,979,006
--------------------------------------------------------------------------------------------------------------
Systems Software - 0.5%
1,303,450 4.00 NR/Ba2 Rovi Corp., Tranche B2 Term Loan,
3/30/19 $ 1,280,640
564,143 3.75 BBB-/Ba2 The Reynolds & Reynolds Co.,
Tranche B Term Loan, 4/21/18 568,139
-----------------
$ 1,848,779
-----------------
Total Software & Services $ 20,619,186
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT - 2.2%
Communications Equipment - 0.6%
1,965,038 4.25 BB/Ba3 CommScope, Inc., Tranche 1 Term
Loan, 1/14/18 $ 1,982,232
--------------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers - 0.5%
1,970,000 4.75 B+/Ba3 Sensus USA, Inc., Term Loan
(First Lien), 5/9/17 $ 1,977,388
--------------------------------------------------------------------------------------------------------------
Electronic Components - 0.8%
491,250 5.00 B+/Ba2 CPI International, Inc., Term B Loan,
11/24/17 $ 491,250
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Electronic Components - (continued)
847,875 6.25 B+/B2 Generac Acquisition Corp.,
Term Loan, 5/22/19 $ 868,012
1,394,258 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 1,389,029
-----------------
$ 2,748,291
--------------------------------------------------------------------------------------------------------------
Technology Distributors - 0.3%
661,503 5.00 BB-/B1 Excelitas Technologies Corp.,
New Term B Loan, 11/29/16 $ 659,849
99,747 6.50 B/B2 Securus Technologies, Inc.,
Tranche 1 Term Loan (First Lien),
5/2/17 99,872
422,875 6.50 B/B2 Securus Technologies, Inc.,
Tranche 2 Term Loan (First Lien),
5/31/17 423,404
-----------------
$ 1,183,125
-----------------
Total Technology Hardware &
Equipment $ 7,891,036
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 1.9%
Semiconductor Equipment - 1.3%
1,105,224 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term Loan,
4/25/18 $ 1,109,024
2,356,459 4.46 B/B1 Freescale Semiconductor, Inc.,
Tranche B-1 Term Loan, 12/1/16 2,309,330
1,382,500 4.00 BB+/Ba2 Sensata Technologies BV, Term Loan,
4/29/18 1,389,412
-----------------
$ 4,807,766
--------------------------------------------------------------------------------------------------------------
Semiconductors - 0.6%
1,471,369 4.00 BB/Ba2 Microsemi Corp., Term Loan,
2/2/18 $ 1,483,323
472,625 4.25 BBB-/Ba2 Semtech Corp., B Term Loan,
2/21/17 476,760
-----------------
$ 1,960,083
-----------------
Total Semiconductors &
Semiconductor Equipment $ 6,767,849
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 2.5%
Integrated Telecommunication Services - 0.7%
1,253,520 5.50 B+/Ba3 West Corp., Term B-4 Loan,
7/15/16 $ 1,268,144
352,085 5.50 B+/Ba3 West Corp., Term B-5 Loan,
7/15/16 356,193
288,784 3.09 BB+/Baa3 Windstream Corp., Tranche
B-2 Term Loan, 12/17/15 289,010
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 39
Schedule of Investments | 10/31/12 (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services - (continued)
483,788 4.00 BB+/Baa3 Windstream Corp., Tranche B-3
Term Loan, 7/23/19 $ 487,416
-----------------
$ 2,400,763
--------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services - 1.8%
1,851,563 4.50 NR/NR Cellular South, Inc., Term Loan,
6/16/17 $ 1,856,191
919,688 4.00 B+/Ba2 Crown Castle International Corp.,
Tranche B Term Loan, 1/10/19 926,069
987,500 4.50 NR/NR Intelsat Jackson Holdings SA,
Tranche B-1 Term Loan, 4/2/18 995,830
1,245,987 4.07 BB/Ba1 MetroPCS, Inc., Tranche B-2
Term Loan, 11/3/16 1,250,210
295,496 4.00 BB/Ba1 MetroPCS, Inc., Tranche B-3
Term Loan, 3/17/18 296,665
1,221,938 5.00 BB-/B1 Syniverse Holdings, Inc.,
Initial Term Loan, 4/10/19 1,229,575
-----------------
$ 6,554,540
-----------------
Total Telecommunication Services $ 8,955,303
--------------------------------------------------------------------------------------------------------------
UTILITIES - 1.6%
Electric Utilities - 0.4%
411,229 7.75 BB/Ba2 Race Point Power, Term Loan,
1/11/18 $ 409,173
1,528,934 4.75 CCC/Caa1 Texas Competitive Electric
Holdings Co. LLC, 2017 Term Loan
(Extending), 10/10/17 993,807
-----------------
$ 1,402,980
--------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders - 1.2%
1,659,725 4.25 BB+/Ba1 AES Corp. Virginia, Initial Term
Loan, 5/17/18 $ 1,672,173
1,428,250 4.50 BB-/B1 Calpine Corp., Term Loan, 3/1/18 1,433,769
275,000 4.50 BB-/B1 Calpine Corp., 2012 Term Loan,
9/27/19 275,846
896,974 4.00 BB+/Baa3 NRG Energy, Inc., Term Loan, 5/5/18 903,364
-----------------
$ 4,285,152
-----------------
Total Utilities $ 5,688,132
--------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING
RATE LOAN INTERESTS
(Cost $330,274,498) $ 331,153,372
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS - 8.6%
Repurchase Agreements - 8.6%
15,480,000 NR/Aaa Deutsche Bank AG, 0.28%, dated
10/31/12, repurchase price of
$15,480,00 plus accrued interest on
11/1/12 collateralized by the following:
$3,249,123 U.S. Treasury Bond,
6.125-9.0%, 11/15/18-8/15/29
$1,069,048 U.S. Treasury Notes,
2.75-3.125%, 2/15/19-5/15/19
$11,471,429 U.S. Treasury Strip,
0.0-1.375%, 5/15/13-11/15/37 $ 15,480,000
15,480,000 NR/Aaa JPMorgan, Inc., 0.30%, dated
10/31/12, repurchase price of
$15,480,000 plus accrued interest
on 11/1/12 collateralized by
$16,240,494 Federal National
Mortgage Association,
2.5-4.0%, 5/1/22-7/1/30 15,480,000
-----------------
$ 30,960,000
--------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $30,960,000) $ 30,960,000
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT
IN SECURITIES -- 105.9%
(Cost $379.655.170) (a) $381,395,871
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS &
LIABILITIES - (5.9)% $ (21,133,871)
--------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS - 100.0% $ 360,262,000
--------------------------------------------------------------------------------------------------------------
Notional Swap Counterparty/ Unrealized
Principal Referenced Obligation Gain
--------------------------------------------------------------------------------------------------------------
500,000 JPMorgan Chase & Co., Goodyear
Tire & Rubber Co., 5.0%, 9/20/17 $ 3,074
--------------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $(18,593)) $ 3,074
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 41
Schedule of Investments | 10/31/12 (continued)
* Non-income producing security.
+ Amount rounds to less than 0.1%.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate
offered by one or more major European banks, such as LIBOR
(London InterBank Offered Rate), (ii) the prime rate offered by
one or more major United States banks, (iii) the rate of a
certificate of deposit or (iv) other base lending rates used by
commercial lenders. The rate shown is the coupon rate at period
end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At October 31, 2012, the value of these securities
amounted to $10,313,339 or 2.9% of total net assets.
(a) At October 31, 2012, the net unrealized gain on investments
based on cost for federal income tax purposes of $379,874,555
was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 4,348,319
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (2,827,003)
-----------
Net unrealized gain $ 1,521,316
===========
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security is in default and is non-income producing.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
NOK Norwegian Krone
EURO Euro
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2012 aggregated $180,873,028 and $129,376,299,
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 accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Annual Report | 10/31/12
The following is a summary of the inputs used as of October 31, 2012, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 1,026,250 $-- $ 1,026,250
Convertible Preferred Stocks 121,070 -- -- 121,070
Common Stocks 170 164,692 -- 164,862
Asset Backed Securities -- 2,257,509 -- 2,257,509
Collateralized Mortgage Obligations -- 2,088,798 -- 2,088,798
Corporate Bonds -- 13,624,010 -- 13,624,010
Senior Floating Rate Loan Interests -- 331,153,372 -- 331,153,372
Repurchase Agreements -- 30,960,000 -- 30,960,000
-------------------------------------------------------------------------------------------------------
Total $ 121,240 $381,274,631 $-- $381,395,871
=======================================================================================================
Other Financial Instruments
Forward Foreign Currency Portfolio
Hedge Contracts $ -- $ (18,569) $-- $ (18,569)
Credit Default Swaps -- 3,074 -- 3,074
-------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ -- $ (15,495) $-- $ (15,495)
=======================================================================================================
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 10/31/12 $ --
-------------------------------------------------------------------------------------------------------
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) on investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in net unrealized gain (loss) on investments in the Statement of
Operations.
** Transfers are calculated on the beginning of period values.
During the year ended October 31, 2012 there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 43
Statement of Assets and Liabilities | 10/31/12
ASSETS:
Investment in securities (cost $379,655,170) $381,395,871
Cash 1,961,068
Foreign currencies, at value (cost $10,700) 10,842
Receivables --
Investment securities sold 2,109,985
Fund shares sold 5,240,816
Interest 1,381,533
Dividends 1,188
Due from Pioneer Investment Management, Inc. 20,151
Unrealized appreciation on unfunded and bridge loan commitments 14,553
Unrealized appreciation on credit default swaps 3,074
Other 49,347
----------------------------------------------------------------------------------------------
Total assets $392,188,428
----------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 30,692,928
Fund shares repurchased 764,991
Dividends 174,049
Unrealized depreciation on forward foreign currency portfolio hedge contracts 18,569
Credit default swaps, premiums received 18,750
Due to affiliates 88,354
Accrued expenses 168,787
----------------------------------------------------------------------------------------------
Total liabilities $ 31,926,428
----------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $359,965,602
Undistributed net investment income 603,371
Accumulated net realized loss on investments and foreign currency
transactions (2,046,679)
Net unrealized gain on investments 1,740,701
Net unrealized gain on unfunded and bridge loan commitments 14,553
Net unrealized gain on credit default swaps 3,074
Net unrealized loss on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (18,622)
----------------------------------------------------------------------------------------------
Total net assets $360,262,000
----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $179,263,691/25,803,488 shares) $ 6.95
Class C (based on $70,655,374/10,161,969 shares) $ 6.95
Class Y (based on $108,805,330/15,625,528 shares) $ 6.96
Class Z (based on $1,537,605/220,630 shares) $ 6.97
MAXIMUM OFFERING PRICE:
Class A ($6.95 (divided by) 95.5%) $ 7.28
==============================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Annual Report | 10/31/12
Statement of Operations
For the Year Ended 10/31/12
INVESTMENT INCOME:
Interest $17,942,775
Dividends 4,752
---------------------------------------------------------------------------------------
Total investment income $17,947,527
---------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,832,680
Transfer agent fees
Class A 59,144
Class C 24,336
Class Y 11,901
Class Z 159
Distribution fees
Class A 420,648
Class C 653,109
Shareholder communications expense 182,107
Administrative reimbursement 88,234
Custodian fees 59,560
Registration fees 114,724
Professional fees 78,762
Printing expense 28,064
Fees and expenses of nonaffiliated Trustees 9,959
Miscellaneous 132,439
---------------------------------------------------------------------------------------
Total expenses $ 3,695,826
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (109,983)
---------------------------------------------------------------------------------------
Net expenses $ 3,585,843
---------------------------------------------------------------------------------------
Net investment income $14,361,684
---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CREDIT DEFAULT SWAPS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (632,980)
Credit default swaps 1,042
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 158,993 $ (472,945)
---------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 7,594,840
Unfunded and bridge loan commitments 27,919
Credit default swaps 3,074
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 5,095 $ 7,630,928
---------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 7,157,983
---------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $21,519,667
=======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 45
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/12 10/31/11
-------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 14,361,684 $ 12,548,053
Net realized loss on investments, credit default swaps
and foreign currency transactions (472,945) (582,274)
Change in net unrealized gain (loss) on investments, unfunded and bridge loan
commitments, credit default swaps and
foreign currency transactions 7,630,928 (7,776,011)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 21,519,667 $ 4,189,768
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.31 and $0.30 per share, respectively) $ (7,649,742) $ (7,538,271)
Class C ($0.26 and $0.25 per share, respectively) (2,467,582) (2,120,981)
Class Y ($0.33 and $0.32 per share, respectively) (3,441,679) (2,673,529)
Class Z ($0.33 and $0.05 per share, respectively) (28,775) (79)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (13,587,778) $ (12,332,860)
-------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 191,316,553 $ 347,829,437
Reinvestment of distributions 11,413,870 10,059,808
Cost of shares repurchased (152,945,071) (181,682,961)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 49,785,352 $ 176,206,284
-------------------------------------------------------------------------------------------------------------
Net increase in net assets $ 57,717,241 $ 168,063,192
NET ASSETS:
Beginning of year 302,544,759 134,481,567
-------------------------------------------------------------------------------------------------------------
End of year $ 360,262,000 $ 302,544,759
-------------------------------------------------------------------------------------------------------------
Undistributed net investment income $ 603,371 $ 147,468
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Annual Report | 10/31/12
------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 12,474,412 $ 85,881,897 27,533,982 $ 190,031,675
Reinvestment of distributions 1,002,129 6,862,120 949,984 6,514,391
Less shares repurchased (13,763,779) (94,007,955) (15,946,532) (108,422,821)
------------------------------------------------------------------------------------------------
Net increase (decrease) (287,238) $ (1,263,938) 12,537,434 $ 88,123,245
================================================================================================
Class C
Shares sold 3,285,776 $ 23,606,347 9,140,903 $ 63,270,142
Reinvestment of distributions 308,446 2,114,182 259,218 1,779,066
Less shares repurchased (3,059,079) (20,945,188) (3,220,120) (21,822,362)
------------------------------------------------------------------------------------------------
Net increase 535,143 $ 4,775,341 6,180,001 $ 43,226,846
================================================================================================
Class Y
Shares sold 11,630,671 $ 80,238,562 13,651,680 $ 94,517,620
Reinvestment of distributions 350,348 2,408,983 256,726 1,766,351
Less shares repurchased (5,289,021) (36,176,421) (7,536,617) (51,437,778)
------------------------------------------------------------------------------------------------
Net increase 6,691,998 $ 46,471,124 6,371,789 $ 44,846,193
================================================================================================
Class Z*
Shares sold 230,540 $ 1,589,747 1,468 $ 10,000
Reinvestment of distributions 4,135 28,585 -- --
Less shares repurchased (15,513) (1,815,507) -- --
------------------------------------------------------------------------------------------------
Net increase (decrease) 219,162 $ (197,175) 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.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 47
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/12 10/31/11 10/31/10 10/31/09 10/31/08
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.77 $ 6.87 $ 6.58 $ 5.64 $ 7.29
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33 $ 0.31 $ 0.31 $ 0.32 $ 0.40
Net realized and unrealized gain (loss) on investments 0.16 (0.11) 0.30 0.95 (1.62)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.49 $ 0.20 $ 0.61 $ 1.27 $ (1.22)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.30) $ (0.32) $ (0.33) $ (0.43)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.95 $ 6.77 $ 6.87 $ 6.58 $ 5.64
============================================================================================================================
Total return* 7.43% 2.98% 9.44% 23.50% (17.57)%
Ratio of net expenses to average net assets+ 1.11% 1.10% 1.10% 1.10% 1.10%
Ratio of net investment income to average net assets+ 4.77% 4.47% 4.48% 5.26% 5.85%
Portfolio turnover rate 42% 57% 37% 23% 30%
Net assets, end of period (in thousands) $179,264 $176,701 $93,183 $27,333 $ 9,130
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.11% 1.12% 1.29% 1.58% 1.40%
Net investment income 4.77% 4.45% 4.30% 4.78% 5.55%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.11% 1.10% 1.10% 1.10% 1.10%
Net investment income 4.77% 4.47% 4.48% 5.26% 5.85%
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Annual Report | 10/31/12
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/12 10/31/11 10/31/10 10/31/09 10/31/08
----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.78 $ 6.87 $ 6.58 $ 5.63 $ 7.29
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.27 $ 0.26 $ 0.25 $ 0.27 $ 0.34
Net realized and unrealized gain (loss) on investments 0.16 (0.10) 0.30 0.96 (1.63)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.43 $ 0.16 $ 0.55 $ 1.23 $ (1.29)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.26) $ (0.25) $ (0.26) $ (0.28) $ (0.37)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.95 $ 6.78 $ 6.87 $ 6.58 $ 5.63
============================================================================================================================
Total return* 6.46% 2.33% 8.47% 22.63% (18.46)%
Ratio of net expenses to average net assets+ 1.86% 1.89% 2.00% 2.00% 2.00%
Ratio of net investment income to average net assets+ 4.02% 3.68% 3.59% 4.60% 4.96%
Portfolio turnover rate 42% 57% 37% 23% 30%
Net assets, end of period (in thousands) $70,655 $65,238 $23,703 $13,219 $ 9,040
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.86% 1.89% 2.04% 2.29% 2.30%
Net investment income 4.02% 3.68% 3.55% 4.31% 4.66%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.86% 1.89% 2.00% 2.00% 2.00%
Net investment income 4.02% 3.68% 3.59% 4.60% 4.96%
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 49
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/12 10/31/11 10/31/10 10/31/09 10/31/08
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.78 $ 6.89 $ 6.59 $ 5.64 $ 7.29
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.35 $ 0.33 $ 0.32 $ 0.32 $ 0.40
Net realized and unrealized gain (loss) on investments 0.16 (0.12) 0.31 0.96 (1.62)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.51 $ 0.21 $ 0.63 $ 1.28 $ (1.22)
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.33) $ (0.32) $ (0.33) $ (0.33) $ (0.43)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.96 $ 6.78 $ 6.89 $ 6.59 $ 5.64
============================================================================================================================
Total return* 7.78% 3.11% 9.71% 23.70% (17.53)%
Ratio of net expenses to average net assets+ 0.70% 0.88% 0.92% 1.09% 1.08%
Ratio of net investment income to average net assets+ 5.17% 4.70% 4.67% 5.58% 5.82%
Portfolio turnover rate 42% 57% 37% 23% 30%
Net assets, end of period (in thousands) $108,805 $60,596 $17,659 $12,109 $10,491
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.85% 0.88% 0.95% 1.24% 1.27%
Net investment income 5.02% 4.70% 4.67% 5.43% 5.63%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 0.70% 0.88% 0.92% 1.09% 1.08%
Net investment income 5.17% 4.70% 4.67% 5.58% 5.82%
============================================================================================================================
* 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.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Annual Report | 10/31/12
-----------------------------------------------------------------------------------------------
Year 8/8/11(a)
Ended to
10/31/12 10/31/11
-----------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 6.80 $ 6.81
-----------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.30 $ 0.07
Net realized and unrealized gain (loss) on investments 0.20 (0.03)
-----------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.50 $ 0.04
-----------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.33) $ (0.05)
-----------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.97 $ 6.80
===============================================================================================
Total return* 7.52% 0.65%(b)
Ratio of net expenses to average net assets+ 0.83% 0.90%**
Ratio of net investment income to average net assets+ 5.03% 4.86%**
Portfolio turnover rate 42% 57%(b)
Net assets, end of period (in thousands) $ 1,538 $ 10
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.83% 1.22%**
Net investment income 5.03% 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 5.03% 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 51
Notes to Financial Statements | 10/31/12
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 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.
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:
52 Pioneer Floating Rate Fund | Annual Report | 10/31/12
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 dealers and other sources, as required.
Credit default swaps are valued by an independent pricing service based upon
valuation models incorporating default probabilities, estimated recovery
rates, actual reported transactions, and other available market data. Equity
securities that have traded on an exchange are valued at the last sale price
on the principal exchange where they are traded. Equity securities that have
not traded on the date of valuation, or securities for which sale prices are
not available, generally are valued using the mean between the last bid and
asked prices. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost.
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 loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Fund may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Fund's securities may
differ significantly from exchange prices and such differences could be
material. PIM is responsible for
Pioneer Floating Rate Fund | Annual Report | 10/31/12 53
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
At October 31, 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 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. As of
October 31, 2012, the Fund did not have any interest and penalties related
to unrecognized tax positions, which, if applicable, would be recorded as an
income tax expense in the Statement of Operations. Tax years for the prior
three fiscal years are subject to examination by federal and state tax
authorities.
The 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.
54 Pioneer Floating Rate Fund | Annual Report | 10/31/12
At October 31, 2012, the Fund reclassified $318,003 to decrease
undistributed net investment income and $318,003 to decrease accumulated net
realized loss on investments to reflect permanent book/tax differences. The
reclassification has no impact on the net asset value of the Fund and is
designed to present the Fund's capital accounts on a tax basis.
At October 31, 2012, the Fund was permitted to carry forward indefinitely
$154,945 of long-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation. Additionally, at October 31,
2012, the Fund had a net capital loss carryforward of $1,891,734 of which
the following amounts will expire between 2016 and 2019 if not utilized:
$349,923 in 2016, $967,278 in 2017 and $574,533 in 2019. Since new losses
are required to be utilized prior to losses incurred in pre-enactment tax
years, pre-enactment capital loss carryforwards may be more likely to
expire unused.
The tax character of distributions paid during the years ended October 31,
2012 and October 31, 2011 was as follows:
-----------------------------------------------------------------------
2012 2011
-----------------------------------------------------------------------
Distributions paid from:
Ordinary income $13,587,778 $12,332,860
-----------------------------------------------------------------------
Total $13,587,778 $12,332,860
=======================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2012:
-------------------------------------------------------------------------
2012
-------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 981,310
Capital loss carryforward (2,046,679)
Dividend payable (174,049)
Net unrealized gain 1,535,816
-------------------------------------------------------------------------
Total $ 296,398
=========================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the adjustments relating to catastrophe bonds, the tax
treatment of premium and amortization, the mark-to-market of forward
currency and credit default swaps, 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
Pioneer Floating Rate Fund | Annual Report | 10/31/12 55
portfolio hedge and settlement contract 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 $25,558 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 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 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
56 Pioneer Floating Rate Fund | Annual Report | 10/31/12
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.
H. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to increase the Fund's income, to add
leverage to the portfolio or to hedge the risk of default on portfolio
securities. As a seller of protection, the Fund would be required to pay the
notional (or other agreed-upon) value of the referenced debt obligation to
the counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract provided that no event of
default occurred. The maximum exposure of loss to the seller would be the
notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no payment
obligation. The Fund may also buy credit default swap contracts in order to
hedge against the risk of default of debt securities, in which case the Fund
would function as the counterparty referenced above.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 57
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An upfront
payment received by the Fund, as the protection seller, is recorded as a
liability in the Fund's records. An upfront payment made by the Fund, as the
protection buyer, is recorded as an asset in the Fund's records. Periodic
payments received or paid by the Fund are recorded as realized gains or
losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. Payments received or made as a
result of a credit event or upon termination of the contract are recognized,
net of the appropriate amount of the upfront payment, as realized gains or
losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
During the year ended October 31, 2012, the Fund opened one credit default
swap contract, with a notional principal of $500,000, which was still open
at year end. Credit default swap contracts outstanding at year end are
listed at the end of the Fund's schedule of investments.
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 year ended October 31, 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 year ended October 31, 2012, are reflected on
the Statement of Operations. These expense limitations are in effect through
March 1, 2014. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
58 Pioneer Floating Rate Fund | Annual Report | 10/31/12
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
$21,364 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2012.
Effective March 5, 2012, PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended October 31, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $100,490
Class C 34,131
Class Y 47,362
Class Z 124
--------------------------------------------------------------------------------
Total $182,107
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $60,695 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 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
Pioneer Floating Rate Fund | Annual Report | 10/31/12 59
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $6,295 in
distribution fees payable to PFD at October 31, 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 CDSC are paid to PFD. For
the year ended October 31, 2012, CDSCs in the amount of $43,942 were paid to
PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2012, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At October 31, 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 year ended October 31, 2012 was 3,901,730. At October 31, 2012, the
Fund had no outstanding settlement contracts. Open portfolio hedges at October
31, 2012 were as follows:
------------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to Deliver For USD Date Value Gain (Loss)
------------------------------------------------------------------------------------
EUR
(Euro) (915,000) $(1,183,778) 11/14/12 $(1,186,289) $ (2,511)
NOK
(Norwegian Krone) (1,433,000) (234,903) 12/17/12 (250,961) (16,058)
------------------------------------------------------------------------------------
Total $(18,569)
====================================================================================
60 Pioneer Floating Rate Fund | Annual Report | 10/31/12
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 year ended October 31, 2012, the Fund had no borrowings under
a credit facility.
8. Unfunded and Bridge Loan Commitments
As of October 31, 2012, the Fund had unfunded and bridge loan commitments of
$3,458,915 (excluding unrealized appreciation on those commitments of $14,553 as
of October 31, 2012), which could be extended at the option of the borrower
pursuant to the following loan agreements:
--------------------------------------------------------------------------------
Unrealized
Borrower Shares Cost Value Gain
--------------------------------------------------------------------------------
Cequel Communications,
Bridge Loan 900,000 $ 900,000 $ 904,500 $ 4,500
Dupont Performance Coatings,
Bridge Loan 1,100,000 1,100,000 1,100,000 --
Hamilton Sundstrand,
Bridge Loan 1,100,000 1,100,000 1,105,500 5,500
Harvard Drug, Delayed
Draw Term Loan 147,261 145,801 147,905 2,104
Tronox Pigments, Delayed
Draw Term Loan 213,750 213,114 215,563 2,449
--------------------------------------------------------------------------------
Total $3,458,915 $3,473,468 $ 14,553
================================================================================
Pioneer Floating Rate Fund | Annual Report | 10/31/12 61
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of October 31, 2012 were as follows:
-----------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2012 Liabilities Derivatives 2012
Hedging Instruments ---------------------- ----------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------
Unrealized Loss on
Forward Foreign Currency
Portfolio Hedge Contracts Receivables $ -- Payables $ 18,569
Net Assets- Net Assets-
Unrealized Unrealized
Credit Default Swaps Appreciation 3,074 Depreciation --
-----------------------------------------------------------------------------------------
Total $ 3,074 $ 18,569
-----------------------------------------------------------------------------------------
The effect of derivative instruments on the Statement of Operations for the year
ended October 31, 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
--------------------------------------------------------------------------------------------------
Forward Foreign Currency Net realized gain on forward foreign $ 159,109
Portfolio Hedge Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies
Forward Foreign Currency Net realized gain on forward foreign $ 2,244
Settlement Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies
Forward Foreign Currency Change in unrealized gain on $ 6,155
Portfolio Hedge Contracts forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Credit Default Swaps Net realized gain on credit $ 1,042
default swaps
Credit Default Swaps Change in unrealized gain on $ 3,074
credit default swaps
--------------------------------------------------------------------------------------------------
62 Pioneer Floating Rate Fund | Annual Report | 10/31/12
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and the Shareowners of
Pioneer Floating Rate Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Floating Rate Fund (the "Fund") (one of
the portfolios constituting Pioneer Series Trust VI) as of October 31, 2012, and
the related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2012, by correspondence with the custodian,
brokers and agent banks or by other appropriate auditing procedures where
replies from brokers and agent banks were not received. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Floating Rate Fund at October 31, 2012, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2012
Pioneer Floating Rate Fund | Annual Report | 10/31/12 63
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
64 Pioneer Floating Rate Fund | Annual Report | 10/31/12
Independent Trustees
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee since Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board 2007. Serves until Quadriserv, Inc. (technology products for Financial Solutions, Inc.
and Trustee a successor securities lending industry) (2008 - (investor communications and
trustee is elected present); private investor (2004 - 2008); and securities processing
or earlier Senior Executive Vice President, The Bank of provider for financial
retirement or New York (financial and securities services) services industry) (2009 -
removal. (1986 - 2004) present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
--------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since Managing Partner, Federal City Capital Director of Enterprise
Trustee 2007. Serves until Advisors (corporate advisory services Community Investment, Inc.
a successor company) (1997 - 2004 and 2008 - present); (privately-held affordable
trustee is elected Interim Chief Executive Officer, Oxford housing finance company)
or earlier Analytica, Inc. (privately held research and (1985 - 2010); Director of
retirement or consulting company) (2010); Executive Vice Oxford Analytica, Inc. (2008
removal. President and Chief Financial Officer, - present); Director of The
I-trax, Inc. (publicly traded health care Swiss Helvetia Fund, Inc.
services company) (2004 - 2007); and (closed-end fund) (2010 -
Executive Vice President and Chief Financial present); and Director of
Officer, Pedestal Inc. (internet-based New York Mortgage Trust
mortgage trading company) (2000 - 2002) (publicly traded mortgage
REIT) (2004 - 2009, 2012 -
present)
--------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/12 65
Independent Trustees (continued)
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman Trustee since William Joseph Maier Professor of Political Trustee, Mellon
(67) Trustee 2008. Serves until Economy, Harvard University (1972 - present) Institutional Funds
a successor Investment Trust and Mellon
trustee is elected Institutional Funds Master
or earlier Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
--------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham Trustee since Founding Director, Vice President and None
(65) Trustee 2007. Serves until Corporate Secretary, The Winthrop Group, Inc.
a successor (consulting firm) (1982-present); Desautels
trustee is elected Faculty of Management, McGill University
or earlier (1999 - present); and Manager of Research
retirement or Operations and Organizational Learning, Xerox
removal. PARC, Xerox's advance research center
(1990-1994)
--------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret Trustee since President and Chief Executive Officer, Director of New America High
(64) Trustee 2007. Serves until Newbury, Piret & Company, Inc. (investment Income Fund, Inc.
a successor banking firm) (1981 - present) (closed-end investment
trustee is elected company) (2004 - present);
or earlier and member, Board of
retirement or Governors, Investment
removal. Company Institute (2000 -
2006)
--------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee since Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee 2007. Serves until firm) (1998 - present); and Partner, Sullivan Fund, Inc. (closed-end
a successor & Cromwell LLP (prior to 1998) investment company); and
trustee is elected Director, Invesco, Ltd.
or earlier (formerly AMVESCAP, PLC)
retirement or (investment manager)
removal. (1997-2005)
--------------------------------------------------------------------------------------------------------------------------
66 Pioneer Floating Rate Fund | Annual Report | 10/31/12
Interested Trustees
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. Trustee since Non-Executive Chairman and a director of None
(86)* Trustee, 2007. Serves until Pioneer Investment Management USA Inc.
President and Chief a successor ("PIM-USA"); Chairman and a director of
Executive Officer of trustee is elected Pioneer; Chairman and Director of Pioneer
the Fund or earlier Institutional Asset Management, Inc. (since
retirement or 2006); Director of Pioneer Alternative
removal. Investment Management Limited (Dublin) (until
October 2011); President and a director of
Pioneer Alternative Investment Management
(Bermuda) Limited and affiliated funds; Deputy
Chairman and a director of Pioneer Global
Asset Management S.p.A. ("PGAM") (until April
2010); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (2004 -
2011); Director of Fiduciary Counseling, Inc.
(until December 2011); President of all of
the Pioneer Funds; and Retired Partner,
Wilmer Cutler Pickering Hale and Dorr LLP
--------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury Trustee since Director, CEO and President of PIM-USA (since None
(53)* Trustee and 2007. Serves until February 2007); Director and President of
Executive Vice a successor Pioneer and Pioneer Institutional Asset
President trustee is elected Management, Inc. (since February 2007);
or earlier Executive Vice President of all of the
retirement or Pioneer Funds (since March 2007); Director of
removal. PGAM (2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of New
Markets Division, PGAM (2005 - 2007)
--------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
Officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 67
Fund Officers
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley Since 2007. Serves Vice President and Associate General Counsel None
(47) Secretary at the discretion of Pioneer since January 2008 and Secretary
of the Board. of all of the Pioneer Funds since June 2010;
Assistant Secretary of all of the Pioneer
Funds from September 2003 to May 2010; and
Vice President and Senior Counsel of Pioneer
from July 2002 to December 2007
--------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion December 2006 and Assistant Secretary of all
of the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
--------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (49) Since 2010. Serves Counsel of Pioneer since June 2007 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds
of the Board. since June 2010; and Vice President and
Counsel at State Street Bank from October
2004 to June 2007
--------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion Treasurer of all of the Pioneer Funds since
Financial and of the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer of March 2004 to February 2008; and Assistant
the Funds Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
--------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2007. Serves Assistant Vice President - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
--------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2007. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
--------------------------------------------------------------------------------------------------------------------------
68 Pioneer Floating Rate Fund | Annual Report | 10/31/12
--------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
--------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Since 2009. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer since November 2008; Assistant
of the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
--------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Since 2010. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance at the discretion the Pioneer Funds since March 2010; Director
Officer of the Board. of Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance
Officer for Columbia Management Advisers, Inc.
from October 2003 to October 2005
--------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2007. Serves Director--Transfer Agency Compliance of Pioneer None
Anti-Money Laundering at the discretion and Anti-Money Laundering Officer of all the
Officer of the Board. Pioneer Funds since 2006
--------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/12 69
This page for your notes.
70 Pioneer Floating Rate Fund | Annual Report | 10/31/12
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 71
This page for your notes.
72 Pioneer Floating Rate Fund | Annual Report | 10/31/12
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 73
This page for your notes.
74 Pioneer Floating Rate Fund | Annual Report | 10/31/12
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/12 75
This page for your notes.
76 Pioneer Floating Rate Fund | Annual Report | 10/31/12
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 www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investment(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 21401-05-1212
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.
Audit Fees
Fees for audit services provided to the Fund, including fees
associated with the filings to update its Form N-2 and
issuance of comfort letters, totaled approximately $84,466
in 2012 and $84,486 in 2011.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended October
31, 2012 and 2011.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $16,580 for 2012 and $16,580 for
2011.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no other services provided to the Fund during
the fiscal years ended October 31, 2012 and 2011.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Fund's audit committee is required
to pre-approve services to affiliates defined by SEC rules
to the extent that the services are determined to have a
direct impact on the operations or financial reporting of the
Fund. For the years ended October 31, 2012 and 2011,
there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $16,580 in 2012
and $16,580 in 2011.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 28, 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 December 28, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 28, 2012
* Print the name and title of each signing officer under his or her signature.