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, Amundi Pioneer Asset 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, 2016 through October 31, 2017
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 STOCKHOLDERS.
Pioneer Floating
Rate Fund
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Annual Report | October 31, 2017
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Ticker Symbols:
Class A FLARX
Class C FLRCX
Class Y FLYRX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 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 53
Notes to Financial Statements 60
Report of Independent Registered Public Accounting Firm 74
Additional Information 75
Trustees, Officers and Service Providers 78
Pioneer Floating Rate Fund | Annual Report | 10/31/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index,
returned 14.23% through the end of the third quarter. Fixed-income markets,
while not generating the same dazzling returns as equities, held their own, led
by high-yield securities, which produced a return of 7.05% in the U.S., as
measured by the Bank of America Merrill Lynch U.S. High Yield Index. Meanwhile,
the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.14% over the first
three quarters of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of more than 3% in
both the second and third quarters. Outside the U.S., economic growth in the
second quarter also surprised to the upside across the Euro zone, China, and
Japan. Meanwhile, despite higher oil and commodities prices, inflation continued
to be moderate, both in the U.S. and globally, enabling major non-U.S. central
banks to maintain their easy monetary policies. As expected, however, the U.S.
Federal Reserve System (the Fed) recently announced that it would commence
tapering its balance sheet this October. The Fed also appears primed to raise
interest rates one more time before the end of this year, which would be the
fourth rate increase since December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite the possibility of some pressure
from wage increases. In addition, it is our view that the economy will continue
to grow and that we may begin to see a modest upturn in inflation. In that
scenario, we anticipate that the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Floating Rate Fund | Annual Report | 10/31/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
October 31, 2017
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. Past performance is no
guarantee of future results.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 3
Portfolio Management Discussion | 10/31/17
Floating-rate bank loans produced positive results during the 12-month period
ended October 31, 2017, a period of continued growth in the domestic and global
economies. In the following interview, Jonathan Sharkey discusses the factors
that influenced the performance of Pioneer Floating Rate Fund during the
12-month period. Mr. Sharkey, a senior vice president and a portfolio manager at
Amundi Pioneer Asset Management, Inc., 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, 2017?
A Pioneer Floating Rate Fund's Class A shares returned 3.71% at net asset
value during the 12-month period ended October 31, 2017, while the Fund's
benchmark, the Standard & Poor's/Loan Syndications & Trading Association
(S&P/LSTA) Leveraged Performing Loan Index (the S&P/LSTA Index), returned
5.25%. During the same period, the average return of the 228 mutual funds
in Lipper's Loan Participation Funds category was 4.55%, and the average
return of the 229 mutual funds in Morningstar's Bank Loan Funds category
was 4.43%.
Q How would you describe the investment environment for investing in bank
loans during the 12-month period ended October 31, 2017?
A The period was marked by generally uninterrupted optimism about the
domestic economy and the prospects for continued corporate earnings gains.
The favorable fundamental backdrop helped sustain a rally in credit-
sensitive debt, including bank loans and corporate bonds, throughout the 12
months, with only a few, brief interruptions.
Economic growth in the United States persisted at a steady, if
unspectacular, pace during the period, although the annual rate of gross
domestic product (GDP) growth did accelerate to better than 3% in both the
second and third calendar quarters of 2017. Meanwhile the nation's
unemployment rate fell from 4.8% to 4.1% between October 2016 and October
2017. The election of Republican Donald Trump as U.S. president in November
2016 only briefly interrupted a rally in the credit market as
4 Pioneer Floating Rate Fund | Annual Report | 10/31/17
investors ultimately came to interpret the results as a victory for pro-
growth economic policies. U.S. monetary policy continued to tighten during
the period, but the Federal Reserve (the Fed) acted cautiously, raising
short-term interest rates three times over the 12 months, while carefully
assessing economic trends. The rate increases were widely expected, and
their gradual implementation showed no evidence of dampening the
improvements in global economic growth. Late in the period, the Fed began
reducing the rather large balance sheet it had accumulated through its
multiple quantitative easing bond-buying programs from 2008 through 2014,
but also at a gradual pace.
In that environment, as noted earlier, the credit-sensitive (as opposed to
interest-rate sensitive) sectors of the fixed-income market performed well,
with high-yield corporate bonds leading the way.
Over the 12-month period, the bank-loan market saw a significant amount of
debt refinancings, which resulted in the issuance of new loans to
companies, usually at lower lending rates than the previous debt
obligations. For most of the period, investors were bidding the prices of
bank loans to above-par (face) value levels, thus encouraging borrowing
companies to refinance their debt at the lower costs. In general, credit
fundamentals of bank loans have remained strong and default rates have
remained low by historical standards. Overall, the lower default rates in
the loan market are attributable to increases in refinancings, which have
pushed out the maturities of company-issued debt.
Q What factors had the biggest effects on the Fund's benchmark-relative
performance during the 12-month period ended October 31, 2017?
A The Fund performed positively during the period, but its return lagged that
of the benchmark S&P/LSTA Index. The Fund's underperformance derived
primarily from a benchmark-relative portfolio underweight, very early in
the period, in oil-and-gas-related loans. Energy-related debt in general
snapped back strongly in the post-election rally, especially in November
and December 2016, and so the Fund's results in the sector lagged. For the
remainder of the 12-month period, the Fund performed largely in line with
the overall bank loan market, although security selection results in health
Pioneer Floating Rate Fund | Annual Report | 10/31/17 5
care and technology industry loans did lag somewhat, primarily because of
portfolio underweights to those areas of the market. In addition to the
underweight to energy loans early in the period, another large factor in
the Fund's benchmark-relative underperformance was our long-term preference
for holding better-quality loans, or debt issued by better-financed
borrowers. The preference led us to underweight the Fund to loans in the
lower-quality tiers, especially loans rated CCC and B-, which performed
well during the period. Additionally, our credit selection tilt to the more
defensive loan baskets was a detractor from the Fund's relative returns in
a continued "risk-on" market environment over the 12-month period.
On the positive side, the Fund's exposures to building and development,
aerospace and defense, and utility industry loans all contributed
positively to benchmark-relative performance. The Fund's exposure to
high-yield corporate bonds also provided a positive boost to relative
performance, as high-yield corporates returned more than 9% over the full
12-month period. Another positive contributor was the portfolio's material
underweight (50% less) to the retail sector compared to the Fund's
benchmark.
Specific holdings that aided the Fund's benchmark-relative returns included
loans to Dixie Electric, an electric services company specializing in
energy projects; Paradigm Precision Holdings, a manufacturer of machine
components for gas turbine engines; Jonah Energy, an oil and gas company;
Quorum Health, which operates a group of hospitals; and Accudyne, a
diversified industrial corporation.
Specific holdings that detracted from the Fund's benchmark-relative results
during the period included loans to retailers Pet Smart and Neiman Marcus
Group; the debt of cosmetics firm Revlon; and loans to pharmaceutical
company Concordia Health. The Fund's small non-benchmark exposure to
event-linked insurance industry debt, especially so-called "catastrophe
bonds," also detracted from relative results in the wake of an unusually
active period for natural disasters, such as hurricanes and earthquakes,
which created numerous insurance claims.
During the 12-month period, none of the Fund's issues were subject to
defaults.
6 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Q Did the Fund have any investments in any derivative securities during the
12-month period ended October 31, 2017? If so, did the derivatives have any
material effect on results?
A We did invest the Fund in some high-yield bond and investment-grade bond
credit-default swaps, principally to maintain liquidity in the portfolio.
The Fund's high-yield derivative exposure had a slight negative effect on
performance.
Q Did the Fund's distributions to shareholders change during the 12-month
period ended October 31, 2017?
A The Fund's distributions initially fell during the first three months of
the period as a lighter new-issue calendar led to a loan-repricing wave in
the markets that drove down interest rates. Distributions subsequently
rebounded, however, because of two factors. The first factor was the effect
of the Fed's interest-rate hikes, which resulted in higher lending rates
for some bank loans. The second factor was the consequence of a reduction
in the amount of cash held in the portfolio, as we redeployed some of the
Fund's cash holdings into assets that provided more income for shareholder
distributions.
Q What is your investment outlook?
A We expect to continue to see a benign credit-market environment, with
favorable economic fundamentals supporting continued growth in corporate
earnings. We anticipate that the domestic economy will continue to perform
well, that corporations should be able to strengthen their finances and
meet their debt obligations, and that loan default rates should remain low.
We believe we may see some loan defaults, however, notably in the retail
industry, and so we continue to hold a significant portfolio underweight in
loans to retailers. We continue to have a bias towards owning BB-rated
loans in the portfolio, given their strong historical recovery rates and
liquidity. We will have B-rated exposure in the Fund, but we continue to be
judicious in our security selections, emphasizing loans to companies with
Pioneer Floating Rate Fund | Annual Report | 10/31/17 7
solid fundamentals. With almost two-thirds of the loan market bid above
par, there is little room for capital appreciation and we believe
outperformance will be driven by coupon-clipping and avoidance of credit
write-downs going forward.
We expect that the Fed will continue its gradual approach to tightening
monetary policy, and that it will raise short-term rates in the coming
months. Should that occur, we believe there will be the potential for
higher yields from bank-loan obligations.
Overall, we have a positive view of the market.
Please refer to the Schedule of Investments on pages 17-52 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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.
8 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
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. Past performance is no
guarantee of future results.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 9
Portfolio Summary | 10/31/17
Portfolio Diversification*
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Floating Rate Loan Interests 80.9%
U.S. Government and Agency Obligations 10.5%
U.S. Corporate Bonds 3.3%
International Corporate Bonds 2.2%
Mutual Funds 1.0%
Temporary Cash Investments 0.8%
Asset Backed Securities 0.7%
Collateralized Mortgage Obligations 0.6%
U.S. Preferred Stock 0.0%+
U.S. Common Stock 0.0%+
* Includes investments in Insurance-Linked Securities totaling 1.4% of total
investment portfolio.
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)**
1. U.S. Treasury Floating Rate Note, 1.323% (3 Month Treasury Yield + 19 bps),
4/30/18 3.68%
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2. U.S. Treasury Bill, 11/16/17 2.57
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3. U.S. Treasury Floating Rate Note, 1.405% (3 Month Treasury Yield + 27 bps),
1/31/18 1.68
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4. U.S. Treasury Bill, 11/9/17 1.20
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5. U.S. Treasury Bill, 11/24/17 0.92
---------------------------------------------------------------------------------------------
6. Charter Communications Operating LLC (aka CCO Safari LLC), Term F-1 Loan,
3.25% (LIBOR + 200 bps), 1/3/21 0.64
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7. Fly Funding II S.a r.l., Term Loan, 3.56% (LIBOR + 225 bps), 2/9/23 0.52
---------------------------------------------------------------------------------------------
8. U.S. Treasury Bill, 11/2/17 0.50
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9. Post Holdings, Inc., Series A, Incremental Term Loan, 3.49% (LIBOR + 225 bps),
5/24/24 0.49
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10. Envision Healthcare Corp. (fka Emergency Medical Services Corp.), Initial Term
Loan, 4.25% (LIBOR + 300 bps), 12/1/23 0.48
---------------------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
securities listed.
10 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Prices and Distributions | 10/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 10/31/17 10/31/16
--------------------------------------------------------------------------------
A $6.80 $6.79
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C $6.80 $6.79
--------------------------------------------------------------------------------
K* $ -- $6.79
--------------------------------------------------------------------------------
Y $6.82 $6.81
--------------------------------------------------------------------------------
* Class K shares were liquidated on October 4, 2017.
Distributions per Share: 11/1/16-10/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2381 $ -- $ --
--------------------------------------------------------------------------------
C $0.1866 $ -- $ --
--------------------------------------------------------------------------------
K** $0.2413 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2608 $ -- $ --
--------------------------------------------------------------------------------
** For the period from November 1, 2016 to October 4, 2017. Class K shares
were liquidated on October 4, 2017.
The S&P/LSTA Leveraged Performing Loan Index provides broad and comprehensive
total return metrics of the U.S. universe of syndicated term loans. 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 12-14.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 11
Performance Update | 10/31/17 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 Class A shares of Pioneer Floating Rate Fund at public
offering price during the periods shown, compared to those of the Bloomberg
Barclays High Yield Loans Performing Index and the S&P/LSTA Leveraged Performing
Loan Index. The Bloomberg Barclays High Yield Loans Performing Index was the
Fund's benchmark through September 30, 2016, when that index ceased to exist.
The S&P/LSTA Leveraged Performing Loan Index became the Fund's benchmark on
October 1, 2016.
Cumulative Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Net Public Pioneer S&P/LSTA
Asset Offering Floating Rate Leveraged
Value Price Fund Linked Performing
Period (NAV) (POP) Benchmark** Loan Index
--------------------------------------------------------------------------------
10 years 3.74% 3.27% 4.69% 4.90%
5 years 3.22 2.27 4.34 4.44
1 year 3.71 -0.95 5.25 5.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.04%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Bloomberg Barclays U.S. High S&P/LSTA Leveraged
Rate Fund Yield Loans Performing Index Performing Loan Index
10/07 $ 9,550 $10,000 $10,000
10/08 $ 7,876 $ 7,840 $ 7,892
10/09 $ 9,727 $10,338 $10,388
10/10 $10,645 $11,451 $11,573
10/11 $10,962 $11,761 $11,945
10/12 $11,777 $12,788 $12,979
10/13 $12,276 $13,481 $13,689
10/14 $12,542 $13,924 $14,158
10/15 $12,735 $14,104 $14,374
10/16 $13,306 $14,911 $15,324
10/17 $13,800 $16,128
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
** The Bloomberg Barclays High Yield Loans Performing Index (the Bloomberg
Barclays Index) was the Fund's benchmark from inception to 9/30/16, when
the Bloomberg Barclays Index ceased. As of 10/1/16, the Fund's benchmark is
the Standard & Poor's (S&P)/Loan Syndications Trading Association (LSTA)
Leveraged Performing Loan Index. Both the Bloomberg Barclays Index and the
S&P/LSTA Leveraged Performing Loan Index provide, or provided broad and
comprehensive total return metrics of the U.S. universe of syndicated term
loans.
12 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Performance Update | 10/31/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Floating Rate Fund during the
periods shown, compared to those of the Bloomberg Barclays High Yield Loans
Performing Index and the S&P/LSTA Leveraged Performing Loan Index. The Bloomberg
Barclays High Yield Loans Performing Index was the Fund's benchmark through
September 30, 2016, when that index ceased to exist. The S&P/LSTA Leveraged
Performing Loan Index became the Fund's benchmark on October 1, 2016.
Cumulative Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Pioneer S&P/LSTA
Floating Rate Leveraged
If If Fund Linked Performing
Period Held Redeemed Benchmark** Loan Index
--------------------------------------------------------------------------------
10 years 2.93% 2.93% 4.69% 4.90%
5 years 2.47 2.47 4.34 4.44
1 year 2.93 2.93 5.25 5.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.81%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Bloomberg Barclays U.S. High S&P/LSTA Leveraged
Rate Fund Yield Loans Performing Index Performing Loan Index
10/07 $10,000 $10,000 $10,000
10/08 $ 8,154 $ 7,840 $ 7,892
10/09 $ 9,999 $10,338 $10,388
10/10 $10,846 $11,451 $11,573
10/11 $11,099 $11,761 $11,945
10/12 $11,815 $12,788 $12,979
10/13 $12,242 $13,481 $13,689
10/14 $12,417 $13,924 $14,158
10/15 $12,518 $14,104 $14,374
10/16 $12,966 $14,911 $15,324
10/17 $13,346 $16,128
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
** The Bloomberg Barclays High Yield Loans Performing Index (the Bloomberg
Barclays Index) was the Fund's benchmark from inception to 9/30/16, when
the Bloomberg Barclays Index ceased. As of 10/1/16, the Fund's benchmark is
the Standard & Poor's (S&P)/Loan Syndications Trading Association (LSTA)
Leveraged Performing Loan Index. Both the Bloomberg Barclays Index and the
S&P/LSTA Leveraged Performing Loan Index provide, or provided broad and
comprehensive total return metrics of the U.S. universe of syndicated term
loans.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 13
Performance Update | 10/31/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Floating Rate Fund during the
periods shown, compared to those of the Bloomberg Barclays High Yield Loans
Performing Index and the S&P/LSTA Leveraged Performing Loan Index. The Bloomberg
Barclays High Yield Loans Performing Index was the Fund's benchmark through
September 30, 2016, when that index ceased to exist. The S&P/LSTA Leveraged
Performing Loan Index became the Fund's benchmark on October 1, 2016.
Cumulative Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Net Pioneer S&P/LSTA
Asset Floating Rate Leveraged
Value Fund Linked Performing
Period (NAV) Benchmark** Loan Index
--------------------------------------------------------------------------------
10 years 4.03% 4.69% 4.90%
5 years 3.61 4.34 4.44
1 year 4.05 5.25 5.25
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.82% 0.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Floating Bloomberg Barclays U.S. High S&P/LSTA Leveraged
Rate Fund Yield Loans Performing Index Performing Loan Index
10/07 $5,000,000 $5,000,000 $5,000,000
10/08 $4,123,390 $3,920,177 $3,946,086
10/09 $5,100,427 $5,169,047 $5,193,894
10/10 $5,595,928 $5,725,593 $5,786,599
10/11 $5,769,791 $5,880,423 $5,972,692
10/12 $6,218,593 $6,393,823 $6,489,669
10/13 $6,514,921 $6,740,455 $6,844,527
10/14 $6,678,075 $6,961,829 $7,079,006
10/15 $6,806,337 $7,051,800 $7,187,181
10/16 $7,136,436 $7,455,611 $7,662,082
10/17 $7,425,291 $8,064,052
Call 1-800-225-6292 or visit www.amundipioneer.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 the contractual expense limitation currently in
effect through March 1, 2018, for Class Y shares. There can be no assurance that
Amundi Pioneer will extend the expense limitation 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.
Please refer to the financial highlights for a more current expense ratio.
** The Bloomberg Barclays High Yield Loans Performing Index (the Bloomberg
Barclays Index) was the Fund's benchmark from inception to 9/30/16, when
the Bloomberg Barclays Index ceased. As of 10/1/16, the Fund's benchmark is
the Standard & Poor's (S&P)/Loan Syndications Trading Association (LSTA)
Leveraged Performing Loan Index. Both the Bloomberg Barclays Index and the
S&P/LSTA Leveraged Performing Loan Index provide, or provided broad and
comprehensive total return metrics of the U.S. universe of syndicated term
loans.
14 Pioneer Floating Rate Fund | Annual Report | 10/31/17
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, 2017, through October 31, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
--------------------------------------------------------------------------------
Ending Account $1,017.06 $1,011.80 $1,018.80
Value (after expenses)
on 10/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.19 $ 8.98 $ 3.56
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.02%,
1.77% and 0.70% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
Pioneer Floating Rate Fund | Annual Report | 10/31/17 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 Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2017, through October 31, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
--------------------------------------------------------------------------------
Ending Account $1,020.06 $1,016.28 $1,021.68
Value (after expenses)
on 10/31/17
--------------------------------------------------------------------------------
Expenses Paid $ 5.19 $ 9.00 $ 3.57
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.02%,
1.77% and 0.70% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
16 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Schedule of Investments | 10/31/17
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 104.0%
PREFERRED STOCK -- 0.0%+ of Net Assets
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
10,902(a) GMAC Capital Trust I, 7.1% (3 Month USD LIBOR +
579 bps), 2/15/40 $ 286,286
-----------------
Total Diversified Financials $ 286,286
-----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $286,177) $ 286,286
-----------------------------------------------------------------------------------------------------------
COMMON STOCK -- 0.0%+ of Net Assets
RETAILING -- 0.0%+
Computer & Electronics Retail -- 0.0%+
54,675(b)(c) Targus Cayman SubCo., Ltd. $ 107,710
-----------------
Total Retailing $ 107,710
-----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $191,363) $ 107,710
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
-----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.7% of Net Assets
BANKS -- 0.7%
Thrifts & Mortgage Finance -- 0.7%
1,000,000(a) Avery Point II CLO, Ltd., Series 2013-2A, Class D, 4.803%
(3 Month USD LIBOR + 345 bps), 7/17/25 (144A) $ 1,005,514
700,000(a) Carlyle US CLO, Ltd., Series 2016-4A, Class C, 5.263%
(3 Month USD LIBOR + 390 bps), 10/20/27 (144A) 710,202
1,000,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
4.735% (1 Month USD LIBOR + 350 bps), 4/10/30 (144A) 1,006,443
1,000,000(a) Home Partners of America Trust, Series 2016-1, Class D,
4.537% (1 Month USD LIBOR + 330 bps), 3/17/33 (144A) 1,017,408
1,500,000(a) Home Partners of America Trust, Series 2016-2, Class E,
5.017% (1 Month USD LIBOR + 378 bps), 10/17/33 (144A) 1,542,551
800,000(a) Octagon Investment Partners XVII, Ltd., Series 2013-1A,
Class CR, 3.517% (3 Month USD LIBOR + 215 bps),
10/25/25 (144A) 800,382
-----------------
Total Banks $ 6,082,500
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $5,945,035) $ 6,082,500
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.6% of
Net Assets
BANKS -- 0.6%
Thrifts & Mortgage Finance -- 0.6%
1,000,000(a) BHMS Mortgage Trust, Series 2014-ATLS, Class BFL,
3.188% (1 Month USD LIBOR + 195 bps), 7/5/33 (144A) $ 1,003,703
1,000,000(a) Citigroup Commercial Mortgage Trust, Series 2015-SHP2,
Class D, 4.539% (1 Month USD LIBOR + 330 bps),
7/15/27 (144A) 1,011,471
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 17
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance (continued)
1,400,000(a) Commercial Mortgage Trust, Series 2014-FL5, Class D, 5.239%
(1 Month USD LIBOR + 400 bps), 10/15/31 (144A) $ 1,330,420
101,301(a) FORT CRE LLC, Series 2016-1A, Class A1, 2.739% (1 Month
USD LIBOR + 150 bps), 5/21/36 (144A) 101,370
1,514,020(a) GS Mortgage Securities Trust, Series 2014-GSFL, Class D,
5.139% (1 Month USD LIBOR + 390 bps), 7/15/31 (144A) 1,517,512
-----------------
Total Banks $ 4,964,476
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
179,916(a) Velocity Commercial Capital Loan Trust, Series 2011-1,
5.234% (1 Month USD LIBOR + 400 bps), 8/25/40 (144A) $ 182,015
-----------------
Total Diversified Financials $ 182,015
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $5,000,998) $ 5,146,491
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 5.8% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
1,000,000 International Automotive Components Group SA, 9.125%,
6/1/18 (144A) $ 1,000,000
-----------------
Total Automobiles & Components $ 1,000,000
-----------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Diversified Banks -- 0.3%
1,000,000(d)(e) Bank of America Corp., 6.3% (3 Month USD LIBOR +
455 bps) $ 1,139,280
1,550,000(d)(e) BNP Paribas SA, 7.625% (5 Year USD Swap Rate +
631 bps) (144A) 1,737,937
-----------------
Total Banks $ 2,877,217
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
750,000 MasTec, Inc., 4.875%, 3/15/23 $ 768,750
-----------------
Total Capital Goods $ 768,750
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Investment Banking & Brokerage -- 0.2%
1,500,000(a) Goldman Sachs Group, Inc., 3.087% (3 Month USD
LIBOR + 177 bps), 2/25/21 $ 1,556,917
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
615,000 Nationstar Mortgage LLC / Nationstar Capital Corp.,
6.5%, 8/1/18 $ 616,537
-----------------
Total Diversified Financials $ 2,173,454
-----------------------------------------------------------------------------------------------------------
ENERGY -- 0.6%
Oil & Gas Exploration & Production -- 0.3%
1,000,000 Gulfport Energy Corp., 6.625%, 5/1/23 $ 1,025,000
1,000,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 1,025,000
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production (continued)
536,000 WPX Energy, Inc., 7.5%, 8/1/20 $ 581,560
-----------------
$ 2,631,560
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.3%
1,400,000(a) Golar LNG Partners LP, 7.565% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) $ 1,382,515
1,405,000 NuStar Logistics LP, 6.75%, 2/1/21 1,524,425
-----------------
$ 2,906,940
-----------------
Total Energy $ 5,538,500
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Distillers & Vintners -- 0.1%
475,000 Pernod Ricard SA, 3.25%, 6/8/26 (144A) $ 476,591
359,000 Pernod Ricard SA, 4.45%, 1/15/22 (144A) 385,640
-----------------
$ 862,231
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
400,000(a) Tyson Foods, Inc., 1.868% (3 Month USD LIBOR +
55 bps), 6/2/20 $ 402,070
-----------------
Total Food, Beverage & Tobacco $ 1,264,301
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Facilities -- 0.5%
300,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 288,750
1,500,000 CHS/Community Health Systems, Inc., 6.875%, 2/1/22 1,085,625
2,000,000 HCA, Inc., 5.375%, 2/1/25 2,062,500
510,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 535,500
-----------------
$ 3,972,375
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
1,000,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 $ 1,012,500
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
1,000,000 Centene Corp., 5.625%, 2/15/21 $ 1,037,500
1,000,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,040,500
-----------------
$ 2,078,000
-----------------
Total Health Care Equipment & Services $ 7,062,875
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 1.4%
Reinsurance -- 1.4%
500,000(a) Alamo Re, Ltd., 5.944% (3 Month Treasury Bill +
481 bps), 6/7/18 (144A) (Cat Bond) $ 506,900
500,000(a) Atlas IX Capital, DAC, 4.525% (3 Month USD LIBOR +
325 bps), 1/17/19 (144A) (Cat Bond) 506,600
600,000+(f)(g) Berwick 2016-1 Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 2/1/18 28,500
600,000+(f)(g) Carnoustie 2016-N Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 11/30/20 64,920
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 19
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance (continued)
600,000+(f)(g) Carnoustie 2016-N Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 11/30/21 $ 540,000
400,000(a) Galilei Re, Ltd., 5.625% (6 Month USD LIBOR +
450 bps), 1/8/20 (144A) (Cat Bond) 401,840
250,000(a) Galilei Re, Ltd., 5.645% (6 Month USD LIBOR +
450 bps), 1/8/21 (144A) (Cat Bond) 250,750
300,000(a) Galilei Re, Ltd., 6.375% (6 Month USD LIBOR +
525 bps), 1/8/20 (144A) (Cat Bond) 292,410
300,000(a) Galilei Re, Ltd., 6.395% (6 Month USD LIBOR +
525 bps), 1/8/21 (144A) (Cat Bond) 288,720
300,000(a) Galilei Re, Ltd., 7.375% (6 Month USD LIBOR +
625 bps), 1/8/20 (144A) (Cat Bond) 282,720
600,000(a) Galilei Re, Ltd., 7.395% (6 Month USD LIBOR +
625 bps), 1/8/21 (144A) (Cat Bond) 552,660
350,000+(f)(g) Gleneagles Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/20 41,020
600,000+(f)(g) Gullane Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/20 13,080
600,000+(f)(g) Gullane Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 11/30/21 588,120
650,000(a) Kilimanjaro Re, Ltd., 5.879% (3 Month Treasury Bill +
475 bps), 4/30/18 (144A) (Cat Bond) 657,345
500,000(a) Kilimanjaro Re, Ltd., Series 2015-1, Class E, 7.879%
(3 Month Treasury Bill + 675 bps), 12/6/19 (144A)
(Cat Bond) 505,450
250,000(a) Kilimanjaro Re, Ltd., Series 2015-1, Class D, 10.379%
(3 Month Treasury Bill + 925 bps), 12/6/19 (144A)
(Cat Bond) 244,550
600,000(a) Kilimanjaro II Re, Ltd., 7.209% (6 Month USD LIBOR +
600 bps), 4/20/21 (144A) (Cat Bond) 578,640
250,000+(f)(g) Limestone Re, Ltd., Series 1, Class A Voting, Variable
Rate Notes, 8/31/21 231,250
250,000+(f)(g) Madison Re, Variable Rate Notes, 3/31/19 15,875
600,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2016-1, Variable Rate Notes, 2/1/20 39,660
600,000+(f)(g) Pangaea Re Segregated Account (Artex SAC, Ltd.),
Series 2017-1, Variable Rate Notes, 2/1/21 503,520
500,000(a) PennUnion Re, Ltd., 5.634% (3 Month Treasury Bill +
450 bps), 12/7/18 (144A) (Cat Bond) 505,550
700,000+(f)(g) Pinehurst Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 1/16/18 693,350
250,000(a) Residential Reinsurance 2015, Ltd., 8.081% (3 Month
Treasury Bill + 695 bps), 12/6/19 (144A) (Cat Bond) 256,225
350,000(a) Residential Reinsurance 2016, Ltd., 5.061% (3 Month
Treasury Bill + 393 bps), 12/6/20 (144A) (Cat Bond) 347,550
500,000+(f)(g) Resilience Re, Ltd., Variable Rate Notes, 1/8/19 (144A) 500,000
300,000+(f)(g) Resilience Re, Ltd., Variable Rate Notes, 4/6/18 260,640
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance (continued)
300,000(a) Sanders Re, Ltd., 4.126% (6 Month USD LIBOR +
300 bps), 12/6/21 (144A) (Cat Bond) $ 303,750
600,000+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 2/1/18 84,360
600,000+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 2/1/19 621,540
695,194+(f)(g) St. Andrews Segregated Account (Artex SAC, Ltd.), Variable
Rate Notes, 6/1/19 714,451
500,000+(f)(g) Sunningdale 2017 Segregated Account (Artex SAC, Ltd.),
Variable Rate Notes, 1/16/18 490,750
250,000(a) Ursa Re, Ltd., 3.5% (ZERO + 350 bps), 5/27/20 (144A)
(Cat Bond) 251,250
-----------------
Total Insurance $ 12,163,946
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Aluminum -- 0.0%+
350,000 Constellium NV, 7.875%, 4/1/21 (144A) $ 371,980
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
376,000 Rain CII Carbon LLC / CII Carbon Corp., 7.25%,
4/1/25 (144A) $ 407,020
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
1,150,000(a) Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu, 4.859% (3 Month USD LIBOR +
350 bps), 7/15/21 (144A) $ 1,173,000
-----------------
Total Materials $ 1,952,000
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.0%+
370,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 377,400
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
1,250,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 $ 1,278,225
1,000,000 Sirius XM Radio, Inc., 3.875%, 8/1/22 (144A) 1,018,750
-----------------
$ 2,296,975
-----------------
Total Media $ 2,674,375
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.1%
Pharmaceuticals -- 0.1%
500,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) $ 437,500
-----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 437,500
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.0%+
391,000 Penske Automotive Group, Inc., 3.75%, 8/15/20 $ 398,820
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 21
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Internet Retail -- 0.4%
1,500,000 Expedia, Inc., 4.5%, 8/15/24 $ 1,594,203
1,500,000 Priceline Group, Inc., 3.6%, 6/1/26 1,533,160
-----------------
$ 3,127,363
-----------------
Total Retailing $ 3,526,183
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
750,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 784,950
-----------------
Total Semiconductors & Semiconductor Equipment $ 784,950
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
1,250,000 CenturyLink, Inc., 6.45%, 6/15/21 $ 1,318,888
828,000 Frontier Communications Corp., 8.5%, 4/15/20 818,685
-----------------
$ 2,137,573
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
500,000 Intelsat Jackson Holdings SA, 8.0%, 2/15/24 (144A) $ 530,000
-----------------
Total Telecommunication Services $ 2,667,573
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Airlines -- 0.4%
1,041,833 Air Canada 2013-1 Class B Pass Through Trust, 5.375%,
5/15/21 (144A) $ 1,096,092
500,000 Air Canada 2013-1 Class C Pass Through Trust, 6.625%,
5/15/18 (144A) 511,875
360,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) 368,100
1,000,000 Intrepid Aviation Group Holdings LLC / Intrepid Finance Co.,
6.875%, 2/15/19 (144A) 987,500
-----------------
Total Transportation $ 2,963,567
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Gas Utilities -- 0.0%+
250,000 Ferrellgas LP / Ferrellgas Finance Corp., 6.5%, 5/1/21 $ 237,500
-----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.2%
1,650,000 NRG Energy, Inc., 6.25%, 7/15/22 $ 1,732,500
-----------------
Total Utilities $ 1,970,000
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $48,685,410) $ 49,825,191
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
10.9% of Net Assets
4,445,000(h) U.S. Treasury Bill, 11/2/17 $ 4,444,887
10,755,000(h) U.S. Treasury Bill, 11/9/17 10,752,762
22,970,000(h) U.S. Treasury Bill, 11/16/17 22,960,812
8,260,000(h) U.S. Treasury Bill, 11/24/17 8,254,868
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued)
32,815,000 U.S. Treasury Floating Rate Note, 1.323% (3 Month Treasury
Yield + 19 bps), 4/30/18 $ 32,850,715
15,000,000 U.S. Treasury Floating Rate Note, 1.405% (3 Month Treasury
Yield + 27 bps), 1/31/18 15,011,767
-----------------
$ 94,275,811
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $94,277,558) $ 94,275,811
-----------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN INTERESTS --
84.1% of Net Assets*(a)
AUTOMOBILES & COMPONENTS -- 2.4%
Auto Parts & Equipment -- 1.9%
1,166,425 Allison Transmission, Inc., Term Loan B-3, 3.25% (LIBOR +
200 bps), 9/23/22 $ 1,174,668
1,343,000 American Axle & Manufacturing, Inc., Tranche B Term Loan,
3.56% (LIBOR + 225 bps), 4/6/24 1,345,378
1,934,645 BBB Industries US Holdings, Inc., First Lien Term B Loan,
5.74% (LIBOR + 450 bps), 11/3/21 1,961,247
2,186,972 Electrical Components International, Inc., Term Loan, 6.09%
(LIBOR + 475 bps), 5/28/21 2,205,426
176,109 Federal-Mogul Corp., Tranche C Term Loan, 4.99% (LIBOR +
375 bps), 4/15/21 177,484
1,444,360 Horizon Global Corp., 2017 Replacement Term Loan, 5.74%
(LIBOR + 450 bps), 6/30/21 1,456,998
1,492,500 Innovative Xcessories & Services LLC, Term Loan, 6.08%
(LIBOR + 475 bps), 11/29/22 1,512,089
1,546,013 Superior Industries International, Inc., Closing Date Term
Loan, 5.74% (LIBOR + 450 bps), 5/22/24 1,559,541
1,538,689 TI Group Automotive Systems LLC, Initial US Term Loan,
3.99% (LIBOR + 275 bps), 6/30/22 1,545,903
2,868,602 Tower Automotive Holdings USA LLC, Initial Term Loan, 4.0%
(LIBOR + 275 bps), 3/7/24 2,886,531
807,917 Visteon Corp., Initial Term Loan, 3.58% (LIBOR + 225 bps),
3/24/24 813,134
-----------------
$ 16,638,399
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
593,636 CH Hold Corp. (aka Caliber Collision), First Lien Initial
Term Loan, 4.24% (LIBOR + 300 bps), 2/1/24 $ 598,831
1,526,286 FCA US LLC (fka Chrysler Group LLC) ,Tranche B Term
Loan, 3.24% (LIBOR + 200 bps), 12/31/18 1,534,553
1,305,500 Octavius Corp. (Winnebago Industries), Tranche B Term
Loan, 5.8% (LIBOR + 450 bps), 11/8/23 1,323,451
-----------------
$ 3,456,835
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 23
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
725,000 Goodyear Tire & Rubber Co., Second Lien Term Loan,
3.24% (LIBOR + 200 bps), 4/30/19 $ 728,776
-----------------
Total Automobiles & Components $ 20,824,010
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 11.2%
Aerospace & Defense -- 3.1%
1,500,000 Accudyne Industries Borrower SCA/Accudyne Industries LLC
(fka Silver II US Holdings LLC), Initial Term Loan, 5.08%
(LIBOR + 375 bps), 8/18/24 $ 1,512,538
1,686,290 Alion Science and Technology Corp., First Lien Term Loan,
5.74% (LIBOR + 450 bps), 8/19/21 1,682,074
2,144,625 Constellis Holdings LLC, First Lien Term B Loan, 6.33%
(LIBOR + 500 bps), 4/21/24 2,141,944
1,911,062 DAE Aviation Holdings, Inc., Initial Term Loan, 4.99%
(LIBOR + 375 bps), 7/7/22 1,930,002
650,000(i) DAE Aviation Holdings, Inc., Term Loan, 7/7/22 656,442
1,801,765 DynCorp International, Inc., Term Loan B2, 7.75% (LIBOR +
600 bps), 7/7/20 1,810,400
326,831 Engility Corp. (fka TASC, Inc.), Term B2 Loan, 4.49% (LIBOR +
325 bps/PRIME + 225 bps), 8/14/23 331,243
1,290,250 Leidos Innovations Corp., Term Loan B, 3.25% (LIBOR +
200 bps), 8/16/23 1,300,599
3,250,000(i) MacDonald, Dettwiler and Associates, Ltd., Initial Term B
Loan, 10/4/24 3,273,215
1,000,000(i) MRO Holdings, Inc., Initial Term Loan, 10/25/23 1,006,250
2,732,595 Transdigm, Inc., Tranche F Term Loan, 4.27% (LIBOR +
300 bps), 6/9/23 2,745,282
1,432,051 Transdigm, Inc., Tranche G Term Loan, 4.26% (LIBOR +
300 bps), 8/22/24 1,441,185
2,021,250 Turbocombustor Technology, Inc., Initial Term Loan, 5.83%
(LIBOR + 450 bps), 12/2/20 1,965,666
2,355,678 Vencore, Inc. (fka SI Organization, Inc.), First Lien Initial Term
Loan, 6.08% (LIBOR + 475 bps), 11/23/19 2,391,381
2,812,181 WP CPP Holdings LLC, First Lien Term B-3 Loan, 4.88%
(LIBOR + 350 bps), 12/28/19 2,752,422
-----------------
$ 26,940,643
-----------------------------------------------------------------------------------------------------------
Building Products -- 2.5%
2,167,000 Armstrong World Industries, Inc., Term Loan B, 4.03%
(LIBOR + 275 bps), 3/31/23 $ 2,179,189
1,719,395 Atkore International, Inc., First Lien Initial Incremental Term
Loan, 4.34% (LIBOR + 300 bps), 12/22/23 1,733,794
1,908,138 Beacon Roofing Supply, Inc., Initial Term Loan, 3.99%
(LIBOR + 275 bps), 10/1/22 1,919,268
2,000,000(i) Beacon Roofing Supply, Inc., Term Loan B, 10/11/24 2,014,166
2,768,173 Builders FirstSource, Inc., Refinancing Term Loan, 4.33%
(LIBOR + 300 bps), 2/29/24 2,782,014
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Building Products (continued)
2,677,605 NCI Building Systems, Inc., Tranche B Term Loan, 4.24%
(LIBOR + 300 bps), 6/24/22 $ 2,691,663
2,720,617 Quikrete Holdings, Inc., First Lien Initial Term Loan, 3.99%
(LIBOR + 275 bps), 11/15/23 2,727,419
320,149 Siteone Landscape Supply LLC, Tranche C Term Loan,
4.75% (LIBOR + 350 bps), 4/29/22 322,451
741,799 SRS Distribution, Inc., First Lien Term B-4 Loan, 4.53%
(LIBOR + 325 bps), 8/25/22 748,638
3,622,414 Summit Materials LLC, Restatement Effective Date Term
Loan, 3.99% (LIBOR + 275 bps), 7/18/22 3,655,620
1,496,250 Unifrax I LLC, Initial Dollar Term Loan, 5.08% (LIBOR +
375 bps), 4/4/24 1,511,212
-----------------
$ 22,285,434
-----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.2%
1,846,250 Installed Building Products, Inc., Initial Term Loan, 4.24%
(LIBOR + 300 bps), 4/15/24 $ 1,861,251
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.6%
2,099,450 Clark Equipment Co. (aka Doosan Bobcat, Inc.), Tranche B
Term Loan, 4.08% (LIBOR + 275 bps), 5/18/24 $ 2,117,384
993,750 Commercial Vehicle Group, Inc., (CVG) Term Loan B, 7.24%
(LIBOR + 600 bps), 3/30/23 1,001,203
1,161,300 Navistar, Inc., Tranche B Term Loan, 5.24% (LIBOR +
400 bps), 8/7/20 1,171,461
359,581 Terex Corp., Incremental US Term Loan, 3.58% (LIBOR +
225 bps), 1/31/24 361,529
-----------------
$ 4,651,577
-----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.4%
2,591,458 Dell International LLC, Refinancing Term B Loan, 3.25%
(LIBOR + 200 bps), 9/7/23 $ 2,601,033
2,649,188 Diebold Nixdorf, Inc. (fka Diebold, Inc.), New Dollar Term B
Loan, 4.0% (LIBOR + 275 bps), 11/6/23 2,659,122
2,090,040 Pelican Products, Inc., First Lien Term Loan, 5.58% (LIBOR +
425 bps), 4/10/20 2,103,103
497,500 Ramundsen Public Sector LLC, Term Loan, 5.58% (LIBOR +
425 bps), 2/1/24 500,759
3,079,793 Southwire Company LLC, Initial Term Loan, 3.74% (LIBOR +
250 bps), 2/10/21 3,102,891
2,387,602 WireCo WorldGroup, Inc., First Lien Initial Term Loan B,
6.82% (LIBOR + 550 bps), 9/29/23 2,401,928
-----------------
$ 13,368,836
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.4%
2,134,392 AVSC Holding Corp., First Lien New Term Loan, 4.83%
(LIBOR + 350 bps), 4/29/24 $ 2,150,400
3,029,715 Filtration Group Corp., First Lien Term Loan, 4.38%
(LIBOR + 300 bps), 11/23/20 3,055,910
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 25
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates (continued)
1,600,802 Gates Global LLC, Initial B-1 Dollar Term Loan, 4.58%
(LIBOR + 325 bps), 4/1/24 $ 1,612,079
888,750 Hyster-Yale Group, Inc., Term Loan, 5.24% (LIBOR +
400 bps), 5/30/23 897,360
1,985,000 Milacron LLC, Term B Loan, 4.24% (LIBOR + 300 bps),
9/28/23 1,998,234
1,538,997 ProAmpac PG Borrower LLC, First Lien Initial Term Loan,
5.3% (LIBOR + 400 bps/PRIME + 300 bps), 11/20/23 1,557,032
500,000(i) Thermon Industries, Inc., Term Loan B, 10/25/24 503,750
-----------------
$ 11,774,765
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
2,024,375(i) Blount International, Inc., Refinancing Term Loan, 4/12/23 $ 2,038,293
1,619,295 Columbus McKinnon Corp., Initial Term Loan, 4.33%
(LIBOR + 300 bps), 1/31/24 1,629,901
2,374,931 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan, 4.08%
(LIBOR + 275 bps), 7/30/24 2,386,316
2,055,189 NN, Inc., Tranche B Term Loan, 5.49% (LIBOR + 425 bps),
10/19/22 2,059,299
1,763,877 Tank Holding Corp., Initial Term Loan, 5.54% (LIBOR +
425 bps/PRIME + 325 bps), 3/16/22 1,778,218
1,699,201 Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B Loan,
3.99% (LIBOR + 275 bps), 3/3/23 1,714,069
-----------------
$ 11,606,096
-----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
1,876,321 Nexeo Solutions LLC, Term B Loan, 5.09% (LIBOR +
375 bps), 6/9/23 $ 1,894,381
1,995,332 Univar USA, Inc., Term B-2 Loan, 3.99% (LIBOR +
275 bps), 7/1/22 2,006,244
652,702 WESCO Distribution, Inc., Tranche B-1 Term Loan, 4.24%
(LIBOR + 300 bps/PRIME + 200 bps), 12/12/19 655,558
-----------------
$ 4,556,183
-----------------
Total Capital Goods $ 97,044,785
-----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 1.0%
Diversified Support Services -- 0.3%
2,087,901 TMS International Corp. (aka Tube City IMS Corp.), Term B-1
Loan, 4.31% (LIBOR + 300 bps), 8/14/24 $ 2,094,401
-----------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.6%
1,750,000 Albany Molecular Research, Inc., First Lien Initial Term
Loan, 4.58% (LIBOR + 325 bps), 8/30/24 $ 1,764,219
1,920,853 Infiltrator Water Technologies LLC, First Lien Term B-2 Loan,
4.33% (LIBOR + 300 bps), 5/27/22 1,935,659
1,264,706(i) Wrangler Buyer Corp. (aka Waste Industries USA, Inc.),
Initial Term Loan, 9/27/24 1,276,675
-----------------
$ 4,976,553
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
1,211,897 On Assignment, Inc., Tranche B-3 Term Loan, 3.24% (LIBOR +
200 bps), 6/3/22 $ 1,221,491
-----------------
Total Commercial & Professional Services $ 8,292,445
-----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.9%
Diversified Support Services -- 0.4%
1,066,938(c) ADS Tactical, Inc., Term Loan, 8.83% (LIBOR + 750 bps),
12/31/22 $ 1,066,938
598,496 Asurion LLC (fka Asurion Corp.), Replacement B-5 Term
Loan, 4.24% (LIBOR + 300 bps), 11/3/23 603,893
246,513 IAP Worldwide Services, Inc., Second Lien Term Loan, 8.0%
(LIBOR + 650 bps), 7/18/19 245,897
1,971,814 KAR Auction Services, Inc., Tranche B-5 Term Loan, 3.88%
(LIBOR + 250 bps), 3/9/23 1,987,425
-----------------
$ 3,904,153
-----------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 1.1%
2,469,339 Advanced Disposal Services, Inc. (fka ADS Waste
Holdings, Inc.), Additional Term Loan, 3.95% (LIBOR +
275 bps), 11/10/23 $ 2,493,003
1,444,088 Casella Waste Systems, Inc., Term B-1 Loan, 3.99%
(LIBOR + 275 bps), 10/17/23 1,454,468
917,700 Clean Harbors, Inc., Initial Term Loan, 3.24% (LIBOR +
200 bps), 6/30/24 922,288
1,049,400 GFL Environmental, Inc., Initial US Term Loan, 4.08%
(LIBOR + 275 bps), 9/29/23 1,055,303
1,748,109 Wastequip LLC, Term Loan, 5.74% (LIBOR + 450 bps), 8/9/19 1,754,664
1,921,881 WCA Waste Systems, Inc., Initial Term Loan, 3.99% (LIBOR +
275 bps), 8/11/23 1,927,587
-----------------
$ 9,607,313
-----------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.1%
500,000 Diamond (BC) B.V. Initial USD Term Loan, 4.32% (LIBOR +
300 bps), 9/6/24 $ 501,803
-----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
2,300,888 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 5.31% (LIBOR + 400 bps), 5/24/24 $ 2,323,897
-----------------
Total Commercial Services & Supplies $ 16,337,166
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.8%
Household Appliances -- 0.3%
1,750,000 Global Appliance, Inc.,Tranche B Term Loan, 5.34%
(LIBOR + 400 bps), 9/29/24 $ 1,753,829
650,000(i) Ring Container Technologies Group LLC, Term Loan, 9/27/24 651,422
-----------------
$ 2,405,251
-----------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.3%
751,703 Prestige Brands, Inc., Term B-4 Loan, 3.99% (LIBOR +
275 bps), 1/26/24 $ 757,282
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 27
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Housewares & Specialties (continued)
2,328,209 Reynolds Group Holdings, Inc., Incremental US Term Loan,
3.99% (LIBOR + 275 bps), 2/5/23 $ 2,343,932
-----------------
$ 3,101,214
-----------------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
1,382,539 Bombardier Recreational Products, Inc., Term B Loan,
3.74% (LIBOR + 250 bps), 6/30/23 $ 1,391,180
500,000 Hayward Industries, Inc., First Lien Initial Term Loan,
4.74% (LIBOR + 350 bps), 8/5/24 505,208
-----------------
$ 1,896,388
-----------------
Total Consumer Durables & Apparel $ 7,402,853
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 6.4%
Casinos & Gaming -- 1.5%
2,992,500 CityCenter Holdings LLC, Term B Loan, 3.74% (LIBOR +
250 bps), 4/18/24 $ 3,008,633
1,354,138 Eldorado Resorts, Inc., Term Loan, 3.5% (LIBOR +
225 bps), 4/17/24 1,358,370
2,280,737 Golden Nugget, Inc. (aka Landry's Inc.), Initial Term Loan B,
4.53% (LIBOR + 325 bps), 10/4/23 2,306,039
4,192,656 Scientific Games International, Inc., Initial Term B-4 Loan,
4.52% (LIBOR + 325 bps), 8/14/24 4,246,376
1,959,072 Station Casinos LLC, Term B Facility Loan, 3.74% (LIBOR +
250 bps), 6/8/23 1,967,643
-----------------
$ 12,887,061
-----------------------------------------------------------------------------------------------------------
Education Services -- 1.5%
2,945,997 Bright Horizons Family Solutions LLC (fka Bright Horizons
Family Solutions, Inc.), Term B Loan, 3.49% (LIBOR +
225 bps/PRIME + 125 bps), 11/7/23 $ 2,969,320
1,713,537 Cengage Learning Acquisitions, Inc., 2016 Refinancing Term
Loan, 5.49% (LIBOR + 425 bps), 6/7/23 1,602,158
1,664,469 Houghton Mifflin Holdings, Inc., Term Loan, 4.24% (LIBOR +
300 bps), 5/28/21 1,593,729
3,489,739 Laureate Education, Inc., Series 2024 Term Loan, 5.74%
(LIBOR + 450 bps), 4/26/24 3,510,824
3,357,500 McGraw-Hill Global Education Holdings LLC, First Lien Term B
Loan, 5.24% (LIBOR + 400 bps), 5/4/22 3,343,862
-----------------
$ 13,019,893
-----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.7%
2,084,250 Four Seasons Holdings, Inc., First Lien Term Loan, 3.74%
(LIBOR + 250 bps), 11/30/23 $ 2,100,859
1,098,189 Hilton Worldwide Finance LLC, Series B-2 Term Loan, 3.24%
(LIBOR + 200 bps), 10/25/23 1,105,945
2,420,013 Sabre GLBL, Inc. (fka Sabre, Inc.), 2017 B-1 Incremental
Term Loan, 3.49% (LIBOR + 225 bps), 2/22/24 2,434,383
-----------------
$ 5,641,187
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.7%
1,568,000 Cedar Fair LP, US Term B Loan, 3.49% (LIBOR + 225 bps),
4/13/24 $ 1,582,308
1,686,619 Fitness International LLC, Term B Loan, 4.74% (LIBOR +
350 bps), 7/1/20 1,704,539
1,508,885 Life Time Fitness, Inc., 2017 Refinancing Term Loan, 4.32%
(LIBOR + 300 bps), 6/10/22 1,515,800
1,457,976 Six Flags Theme Parks, Inc., Tranche B Term Loan, 3.24%
(LIBOR + 200 bps/PRIME + 100 bps), 6/30/22 1,470,050
-----------------
$ 6,272,697
-----------------------------------------------------------------------------------------------------------
Restaurants -- 0.6%
3,397,029 1011778 BC Unlimited Liability Co. (New Red Finance,
Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan,
3.53% (LIBOR + 225 bps), 2/16/24 $ 3,401,982
1,386,035 KFC Holding Co., Term B Loan, 3.24% (LIBOR + 200 bps),
6/16/23 1,395,440
748,125 NPC International, Inc., First Lien Initial Term Loan, 4.74%
(LIBOR + 350 bps), 4/19/24 753,736
-----------------
$ 5,551,158
-----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.4%
1,582,118 Allied Universal Holdco LLC (fka USAGM Holdco LLC), First
Lien Initial Term Loan, 5.08% (LIBOR + 375 bps), 7/28/22 $ 1,579,010
2,580,749 Creative Artists Agency LLC, Refinancing Term Loan, 4.74%
(LIBOR + 350 bps), 2/15/24 2,606,959
1,864,486 Genex Holdings, Inc., First Lien Term B Loan, 5.49%
(LIBOR + 425 bps), 5/28/21 1,853,998
2,653,446 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-2 Loan,
5.08% (LIBOR + 375 bps), 8/12/22 2,665,386
2,824,077 Prime Security Services Borrower LLC, First Lien 2016-2
Refinancing Term B-1 Loan, 3.99% (LIBOR + 275 bps), 5/2/22 2,852,318
902,249 Weight Watchers International, Inc., Initial Tranche B-2 Term
Loan, 4.56% (LIBOR + 325 bps), 4/2/20 895,708
-----------------
$ 12,453,379
-----------------
Total Consumer Services $ 55,825,375
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.2%
Asset Management & Custody Banks -- 0.3%
1,849,613 Baring Private Equity Asia VI Holdings, Ltd., First Lien Initial
Dollar Term Loan, 4.99% (LIBOR + 375 bps), 10/26/22 $ 1,849,613
1,000,000 FinCo I LLC (aka Fortress Investment Group), Initial Term
Loan, 2.75% (LIBOR + 275 bps), 7/14/22 1,014,479
-----------------
$ 2,864,092
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.4%
897,750 Avolon TLB Borrower 1 (US) LLC, Initial Term B-2 Loan,
3.49% (LIBOR + 225 bps), 3/21/22 $ 905,093
1,457,960 Freedom Mortgage Corp., Initial Term Loan, 6.96% (LIBOR +
550 bps), 2/23/22 1,487,119
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 29
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets (continued)
997,500 NAB Holdings LLC, Initial Term Loan, 4.83% (LIBOR +
350 bps), 7/1/24 $ 1,004,981
-----------------
$ 3,397,193
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
762,752 Duff & Phelps Corp., Restatement Term Loan, 4.61%
(LIBOR + 325 bps), 10/12/24 $ 771,428
1,973,798 Guggenheim Partners Investment Management Holdings LLC,
Term B Loan, 3.99% (LIBOR + 275 bps), 7/21/23 1,989,096
1,795,000 LPL Holdings, Inc., Tranche B Term Loan, 3.65% (LIBOR +
225 bps), 9/23/24 1,802,011
-----------------
$ 4,562,535
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.1%
519,032 4L Technologies, Inc. (fka Clover Holdings, Inc.), Term Loan,
5.74% (LIBOR + 450 bps), 5/8/20 $ 373,271
1,000,000 Commonwealth of The Bahamas, First Lien Term Loan,
5.27% (LIBOR + 375 bps), 9/30/19 1,000,000
673,724 Delos Finance S.a.r.l., New Term Loan, 3.33% (LIBOR +
200 bps), 10/6/23 679,619
4,637,610 Fly Funding II S.a r.l., Term Loan, 3.56% (LIBOR + 225 bps),
2/9/23 4,660,798
2,441,625 Livingston International, Inc., First Lien Initial Term B-1 Loan,
5.58% (LIBOR + 425 bps), 4/18/19 2,343,960
-----------------
$ 9,057,648
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
1,477,273 DBRS, Ltd., Initial Term Loan, 6.57% (LIBOR + 525 bps),
3/4/22 $ 1,480,966
1,995,000 Parfums Holding Co., Inc., First Lien Initial Term Loan,
6.08% (LIBOR + 475 bps), 6/30/24 2,018,068
1,745,625 Peraton Corp. (fka MHVC Acquisition Corp.), First Lien Initial
Term Loan, 6.5% (LIBOR + 525 bps), 4/29/24 1,758,717
2,286,182 Trans Union LLC, 2017 Replacement Term B-3 Loan, 3.24%
(LIBOR + 200 bps), 4/10/23 2,295,327
-----------------
$ 7,553,078
-----------------
Total Diversified Financials $ 27,434,546
-----------------------------------------------------------------------------------------------------------
ENERGY -- 1.4%
Oil & Gas Drilling -- 0.3%
1,000,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
7.24% (LIBOR + 600 bps), 3/1/24 $ 975,000
1,650,000(i) Traverse Midstream Partners LLC, Advance Term Loan,
9/27/24 1,677,019
-----------------
$ 2,652,019
-----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
1,636,250 FR Dixie Acquisition Corp., Term Loan, 6.07% (LIBOR +
475 bps), 12/18/20 $ 1,006,294
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.4%
750,000 California Resources Corp., Term Loan, 11.61% (LIBOR +
1,038 bps), 12/31/21 $ 805,000
2,200,000 Chesapeake Energy Corp., Term Loan Class A, 8.81%
(LIBOR + 750 bps), 8/23/21 2,368,850
598,750 MEG Energy Corp., Initial Term Loan, 4.83% (LIBOR +
350 bps), 12/31/23 601,636
-----------------
$ 3,775,486
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.6%
1,857,896 Energy Transfer EquityLP, Refinanced Loan, 3.24%
(LIBOR + 200 bps), 2/2/24 $ 1,856,880
2,198,332 Gulf Finance LLC, Tranche B Term Loan, 6.59% (LIBOR +
525 bps), 8/25/23 2,135,130
698,250 Summit Midstream Partners Holdings LLC, Term Loan
Credit Facility, 7.24% (LIBOR + 600 bps), 5/13/22 712,215
-----------------
$ 4,704,225
-----------------
Total Energy $ 12,138,024
-----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.1%
Drug Retail -- 0.1%
1,173,404 Hearthside Group Holdings LLC, 2017 Replacement Term
Loan, 4.24% (LIBOR + 300 bps), 6/2/21 $ 1,181,105
-----------------------------------------------------------------------------------------------------------
Food Distributors -- 0.2%
1,776,076 CSM Bakery Solutions, Ltd., First Lien Term Loan, 5.34%
(LIBOR + 400 bps), 7/3/20 $ 1,747,955
-----------------------------------------------------------------------------------------------------------
Food Retail -- 0.8%
3,024,198 Albertson's LLC, 2017-1 Term B-6 Loan, 4.32% (LIBOR +
300 bps), 6/22/23 $ 2,936,173
995,006 Albertson's LLC, 2017-1 Term B-6 Loan, 4.33% (LIBOR +
300 bps), 12/21/22 967,022
1,551,090 Packers Holdings LLC, Initial Term Loan, 4.73% (LIBOR +
350 bps), 12/2/21 1,570,479
485,063 Supervalu, Inc., Delayed Draw Term Loan, 4.74% (LIBOR +
350 bps), 6/8/24 471,238
808,438 Supervalu, Inc., Initial Term Loan, 4.74% (LIBOR +
350 bps), 6/8/24 785,397
-----------------
$ 6,730,309
-----------------
Total Food & Staples Retailing $ 9,659,369
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.8%
Agricultural Products -- 0.2%
1,791,667 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B USD Loan, 3.8% (LIBOR + 250 bps/PRIME +
150 bps), 1/6/21 $ 1,815,720
-----------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.1%
496,250 Arterra Wines Canada, Inc. (fka 9941762 Canada, Inc.), First
Lien Dollar Replacement Term Loan, 4.04% (LIBOR +
275 bps), 12/15/23 $ 500,282
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 31
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.4%
742,500 Amplify Snack Brands, Inc., Term Loan, 6.74% (LIBOR +
550 bps), 9/2/23 $ 739,097
2,374,815 Chobani LLC, First Lien New Term Loan, 4.74% (LIBOR +
350 bps), 10/10/23 2,406,478
2,253,639 CTI Foods Holding Co., LLC, First Lien Term Loan, 4.75%
(LIBOR + 350 bps), 6/29/20 2,033,910
1,725,698 Dole Food Co., Inc., Tranche B Term Loan, 4.01% (LIBOR +
275 bps/PRIME + 175 bps), 4/6/24 1,735,524
2,185,000 Give and Go Prepared Foods Corp., First Lien 2017 Term
Loan, 5.56% (LIBOR + 425 bps), 7/29/23 2,214,362
2,231,543 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
3.74% (LIBOR + 250 bps), 10/30/22 2,199,464
3,462,336 Pinnacle Foods Finance LLC, Initial Term Loan, 3.23%
(LIBOR + 200 bps), 2/2/24 3,483,328
4,389,000 Post Holdings, Inc., Series A, Incremental Term Loan,
3.49% (LIBOR + 225 bps), 5/24/24 4,413,416
1,526,070 Shearer's Foods LLC, First Lien Term Loan, 5.27%
(LIBOR + 394 bps), 6/30/21 1,524,163
-----------------
$ 20,749,742
-----------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
1,000,000(i) Refresco Holding BV, Term Loan B, 9/27/24 $ 1,007,500
-----------------
Total Food, Beverage & Tobacco $ 24,073,244
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 8.1%
Health Care Distributors -- 0.1%
1,000,000(i) PharMerica Corp., First Lien Term Loan, 9/26/24 $ 1,006,875
-----------------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.1%
597,000 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B Loan,
3.58% (LIBOR + 225 bps), 10/25/23 $ 599,985
-----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.6%
2,411,511 Acadia Healthcare Co., Inc., Tranche B-2 Term Loan,
3.99% (LIBOR + 275 bps), 2/16/23 $ 2,430,099
2,374,470 ATI Holdings Acquisition, Inc., First Lien Initial Term Loan,
4.85% (LIBOR + 350 bps), 5/10/23 2,406,378
330,131 CHS/Community Health Systems, Inc., Incremental 2019
Term G Loan, 4.07% (LIBOR + 275 bps), 12/31/19 324,973
1,763,544 CHS/Community Health Systems, Inc., Incremental 2021
Term H Loan, 4.32% (LIBOR + 300 bps), 1/27/21 1,710,794
2,773,345 Concentra, Inc., First Lien Tranche B Term Loan, 4.32%
(LIBOR + 300 bps/PRIME + 200 bps), 6/1/22 2,775,861
279,432 HCA, Inc., Tranche B-8 Term Loan, 3.49% (LIBOR +
225 bps), 2/15/24 281,593
3,322,951 Kindred Healthcare, Inc., New Term Loan, 4.88%
(LIBOR + 350 bps), 4/9/21 3,338,875
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Health Care Facilities (continued)
3,403,585 NVA Holdings, Inc., First Lien Term B-2 Loan, 4.83%
(LIBOR + 350 bps), 8/14/21 $ 3,439,218
1,861,979 Quorum Health Corp., Term Loan, 8.07% (LIBOR +
675 bps), 4/29/22 1,879,435
1,718,667 Select Medical Corp., Tranche B Term Loan, 4.85%
(LIBOR + 350 bps/PRIME + 250 bps), 3/1/21 1,739,334
2,071,440 Vizient, Inc., Term B-3 Loan, 4.74% (LIBOR + 350 bps),
2/13/23 2,088,270
-----------------
$ 22,414,830
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 3.4%
866,648 Aegis Toxicology Sciences Corp., First Lien Initial Term
Loan, 5.83% (LIBOR + 450 bps), 2/24/21 $ 863,760
900,000 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 5.88% (LIBOR + 450 bps), 10/24/23 903,375
500,000(i) Alliance HealthCare Services, Inc., Second Lien Initial Term
Loan, 4/19/24 492,500
382,738 Ardent Legacy Acquisitions, Inc. (Ardent Mergeco LLC),
Term Loan, 6.83% (LIBOR + 550 bps), 8/4/21 384,652
2,125,028 DaVita, Inc. (fka DaVita HealthCare Partners, Inc.), Tranche B
Term Loan, 3.99% (LIBOR + 275 bps), 6/24/21 2,145,702
4,263,355 Envision Healthcare Corp. (fka Emergency Medical
Services Corp.), Initial Term Loan, 4.25% (LIBOR +
300 bps), 12/1/23 4,288,223
2,379,772 ExamWorks Group, Inc. (fka Gold Merger Co., Inc.), Term B-1
Loan, 4.49% (LIBOR + 325 bps), 7/27/23 2,399,107
1,584,030 Genoa, a QoL Healthcare Co., LLC, First Lien Amendment
No. 1 Term Loan, 4.49% (LIBOR + 325 bps), 10/30/23 1,598,137
820,959 GHX Ultimate Parent Corp., First Lien Initial Term Loan,
4.58% (LIBOR + 325 bps), 6/28/24 829,169
2,644,966 HC Group Holdings III, Inc., First Lien Initial Term Loan,
6.32% (LIBOR + 500 bps), 4/7/22 2,682,987
1,874,454 Jaguar Holding Co. I LLC (fka Jaguar Holding Co. I), 2017
Term Loan, 4.04% (LIBOR + 275 bps), 8/18/22 1,887,127
979,814 MPH Acquisition Holdings LLC, Initial Term Loan, 4.33%
(LIBOR + 300 bps), 6/7/23 988,510
2,562,075 National Mentor Holdings, Inc., Tranche B Term Loan,
4.33% (LIBOR + 300 bps), 1/31/21 2,588,095
1,681,721 nThrive, Inc. (fka Precyse Acquisition Corp.), Additional
Term B-2 Loan, 5.74% (LIBOR + 450 bps), 10/20/22 1,693,545
2,985,000 Team Health Holdings, Inc., Initial Term Loan, 3.99%
(LIBOR + 275 bps), 2/6/24 2,960,126
2,899,362 US Renal Care, Inc., First Lien Initial Term Loan, 5.58%
(LIBOR + 425 bps), 12/30/22 2,810,570
-----------------
$ 29,515,585
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 33
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 1.0%
1,529,140 Greatbatch, Ltd., New Term B Loan, 4.74% (LIBOR +
350 bps), 10/27/22 $ 1,533,346
2,915,058 Halyard Health, Inc., Term Loan, 3.99% (LIBOR +
275 bps), 11/1/21 2,951,496
1,551,113 Kinetic Concepts, Inc., Dollar Term Loan, 4.58% (LIBOR +
325 bps), 2/2/24 1,551,435
3,064,144 Sterigenics-Nordion Holdings LLC, Incremental Term Loan,
4.24% (LIBOR + 300 bps), 5/15/22 3,075,635
-----------------
$ 9,111,912
-----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.6%
3,076,324 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 3.99% (LIBOR + 275 bps), 3/1/24 $ 3,096,406
1,616,307 Press Ganey Holdings, Inc., Replacement Term Loan,
4.24% (LIBOR + 300 bps), 10/23/23 1,628,430
700,760 Quintiles IMS, Inc., Term B-1 Dollar Loan, 3.33% (LIBOR +
200 bps), 3/7/24 705,870
-----------------
$ 5,430,706
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
201,609(j) MMM Holdings, Inc., MMM Term Loan, 10.25% (LIBOR +
875 bps), 6/30/19 $ 197,577
146,569(j) MSO of Puerto Rico, Inc., MSO Term Loan, 10.25%
(LIBOR + 875 bps), 6/30/19 143,637
1,975,000 Prospect Medical Holdings, Inc., Term Loan, 7.5%
(LIBOR + 600 bps), 6/30/22 2,003,391
-----------------
$ 2,344,605
-----------------
Total Health Care Equipment & Services $ 70,424,498
-----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.6%
Household Products -- 0.8%
2,525,000 Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien
Initial Term Loan, 4.83% (LIBOR + 350 bps), 9/26/24 $ 2,474,106
488,750 Energizer Holdings, Inc., Term Loan, 3.25% (LIBOR +
200 bps), 6/30/22 491,499
2,018,928 Spectrum Brands, Inc., 2017 Refinanced USD Term Loan,
3.29% (LIBOR + 200 bps), 6/23/22 2,034,954
2,294,250 WKI Holding Co., Inc., Initial Term Loan, 5.31% (LIBOR +
400 bps), 5/1/24 2,314,325
-----------------
$ 7,314,884
-----------------------------------------------------------------------------------------------------------
Personal Products -- 0.8%
1,213,165 Atrium Innovations, Inc., First Lien Initial Tranche B-1 Term
Loan, 4.83% (LIBOR + 350 bps), 2/15/21 $ 1,218,220
453,084 Party City Holdings, Inc., 2016 Replacement Term Loan,
4.43% (LIBOR + 300 bps), 8/19/22 454,784
3,310,456 Revlon Consumer Products Corp., Initial Term Loan B,
4.74% (LIBOR + 350 bps), 9/7/23 2,869,751
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Personal Products (continued)
2,493,750 Twist Beauty International Holdings SA, Facility B, 5.16%
(LIBOR + 375 bps), 4/22/24 $ 2,495,309
-----------------
$ 7,038,064
-----------------
Total Household & Personal Products $ 14,352,948
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 1.6%
Insurance Brokers -- 0.2%
1,546,149 NFP Corp., Term B Loan, 4.74% (LIBOR + 350 bps), 1/8/24 $ 1,562,439
-----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
2,076,324 Integro Parent, Inc., First Lien Initial Term Loan, 7.11%
(LIBOR + 575 bps), 10/31/22 $ 2,076,324
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
1,795,934 Alliant Holdings I LLC, Initial Term Loan, 4.49% (LIBOR +
325 bps), 8/12/22 $ 1,810,532
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.0%
3,234,872 Acrisure LLC, First Lien Term B Loan, 6.27% (LIBOR +
500 bps), 11/22/23 $ 3,259,134
794,000 AmWINS Group, Inc., First Lien Term Loan, 3.99% (LIBOR +
275 bps), 1/25/24 797,639
2,309,390 Confie Seguros Holding II Co., Term B Loan, 6.99% (LIBOR +
575 bps), 4/19/22 2,289,760
400,000(i) USI Holdings Corp., Term Loan B, 5/16/24 399,750
1,500,000 USI, Inc. (fka Compass Investors, Inc.), Initial Term Loan,
4.31% (LIBOR + 300 bps), 5/16/24 1,503,562
-----------------
$ 8,249,845
-----------------
Total Insurance $ 13,699,140
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 8.7%
Construction Materials -- 1.4%
1,570,000 84 Lumber Co., Initial Term Loan, 6.99% (LIBOR +
575 bps), 10/25/23 $ 1,589,952
1,958,244 American Bath Group LLC, First Lien Replacement Term
Loan, 6.58% (LIBOR + 525 bps), 9/30/23 1,975,134
2,254,307 American Builders & Contractors Supply Co., Inc., Additional
Term B-1 Loan,, 3.74% (LIBOR + 250 bps), 10/31/23 2,270,274
498,750 Associated Asphalt Partners LLC, Tranche B Term Loan,
6.49% (LIBOR + 525 bps), 4/5/24 490,957
459,879 CeramTec Service GmbH (CeramTec Acquisition Corp.),
Dollar Term B-3 Loan, 4.07% (LIBOR + 275 bps), 8/30/20 460,311
1,516,345 CeramTec Service GmbH (CeramTec Acquisition Corp.), Initial
Dollar Term B-1 Loan, 4.07% (LIBOR + 275 bps), 8/30/20 1,517,767
188,352 CeramTec Service GmbH (CeramTec Acquisition Corp.), Initial
Dollar Term B-2 Loan, 4.07% (LIBOR + 275 bps), 8/30/20 188,528
2,000,000 HD Supply Waterworks, Ltd., Initial Term Loan, 4.46%
(LIBOR + 300 bps), 8/1/24 2,019,584
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 35
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Construction Materials (continued)
1,561,088 Penn Engineering & Manufacturing Corp., Tranche B Term
Loan, 3.99% (LIBOR + 275 bps), 6/27/24 $ 1,570,844
-----------------
$ 12,083,351
-----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.5%
500,000(i) Avantor Performance Materials Holdings, Inc., Cov-Lite Term
Loan, 9/20/24 $ 501,797
1,720,614 Azelis Finance SA (Azelis US Holdings, Inc.), First Lien Dollar
Term Loan, 5.58% (LIBOR + 425 bps), 12/16/22 1,737,821
997,660 Chemours Co., Tranche B-1 US Dollar Term Loan, 3.75%
(LIBOR + 250 bps), 5/12/22 1,008,573
992,500 Ineos US Finance LLC, New 2024 Dollar Term Loan, 3.94%
(LIBOR + 275 bps), 4/1/24 996,842
1,000,000(i) Ineos US Finance LLC, Term Loan B, 3/31/24 1,002,917
837,108 Orion Engineered Carbons GmbH (OEC Finance US LLC),
Initial Dollar Term Loan, 3.83% (LIBOR + 250 bps), 7/25/21 844,432
192,405(i) Orion Engineered Carbons GmbH, Term Loan, 7/25/24 193,608
1,400,965 Plaskolite LLC, First Lien Term Loan, 5.33% (LIBOR +
400 bps), 11/3/22 1,404,468
2,586,312 Tata Chemicals North America, Term Loan, 4.13% (LIBOR +
275 bps), 8/7/20 2,594,329
755,814 Tronox Limited, First Lien Blocked Dollar Term Loan, 4.32%
(LIBOR + 300 bps), 9/23/24 760,892
1,744,186 Tronox Limited, First Lien Initial Dollar Term Loan, 4.32%
(LIBOR + 300 bps), 9/23/24 1,755,905
-----------------
$ 12,801,584
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.9%
2,524,252 Global Brass and Copper, Inc., Initial Term Loan, 4.5%
(LIBOR + 325 bps), 7/18/23 $ 2,558,960
2,007,987 Oxbow Carbon LLC (Oxbow Calcining LLC), Tranche B Term
Loan, 4.74% (LIBOR + 350 bps), 1/17/20 2,035,597
2,908,694 US Silica Co., Term Loan, 4.38% (LIBOR + 300 bps), 7/23/20 2,917,783
-----------------
$ 7,512,340
-----------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.1%
977,500 Methanol Holdings (Trinidad), Ltd. (Methanol Holdings
(Delaware) LLC), Initial Term Loan, 4.74% (LIBOR +
350 bps), 6/30/22 $ 983,304
-----------------------------------------------------------------------------------------------------------
Forest Products -- 0.2%
2,108,750 Expera Specialty Solutions LLC, Term B Loan Commitment,
5.49% (LIBOR + 425 bps), 11/3/23 $ 2,127,202
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.8%
1,277,005 BWay Holding Co., Initial Term Loan, 4.6% (LIBOR +
325 bps), 4/3/24 $ 1,282,364
1,500,000 Consolidated Container Co., LLC, First Lien Initial Term
Loan, 4.74% (LIBOR + 350 bps), 5/22/24 1,512,422
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers (continued)
2,384,936 Coveris Holdings SA (fka Exopack Holdings SA), USD
Term B-1 Loan, 5.58% (LIBOR + 425 bps), 6/29/22 $ 2,385,683
1,950,000(i) Trident TPI Holdings, Inc., Tranche B-1 Term Loan, 10/17/24 1,966,249
-----------------
$ 7,146,718
-----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.7%
1,859,876 Berry Global, Inc. (fka Berry Plastics Corp.), Term M Loan,
3.49% (LIBOR + 225 bps), 10/1/22 $ 1,868,013
497,500 Berry Global, Inc. (fka Berry Plastics Corp.), Term N Loan,
3.49% (LIBOR + 225 bps), 1/19/24 499,366
1,525,685 Caraustar Industries, Inc., Refinancing Term Loan, 6.83%
(LIBOR + 550 bps), 3/14/22 1,540,305
1,500,000(i) Plastipak Holdings, Inc., Tranche B Term Loan, 10/14/24 1,512,813
708,218 Signode Industrial Group Lux SA, Initial Term B Loan,
4.04% (LIBOR + 275 bps), 5/1/21 715,300
-----------------
$ 6,135,797
-----------------------------------------------------------------------------------------------------------
Paper Products -- 0.2%
1,650,682 Ranpak Corp., Tranche B-1 USD Term Loan, 4.49%
(LIBOR + 325 bps), 10/1/21 $ 1,655,841
-----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.4%
2,428,293 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-2 Term Loan, 4.57% (LIBOR + 325 bps), 9/13/23 $ 2,440,435
1,829,452 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-3 Term Loan, 4.57% (LIBOR + 325 bps), 9/13/23 1,838,599
1,820,438 Ashland LLC, Term B Loan, 3.29% (LIBOR + 200 bps),
5/17/24 1,833,332
2,232,727 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems US Holdings, Inc.), Term B-2 Dollar Loan, 3.33%
(LIBOR + 200 bps), 6/1/24 2,247,613
165,897 Ferro Corp., US Dollar Term Loan, 3.74% (LIBOR + 250 bps),
2/14/24 166,960
350,000(i) H.B. Fuller Co., Commitment Term Loan, 10/20/24 352,437
3,393,675 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-6 Term Loan, 4.24% (LIBOR + 300 bps), 6/7/23 3,416,741
2,927,793 Omnova Solutions, Inc., Term B-2 Loan, 5.49% (LIBOR +
425 bps), 8/25/23 2,960,731
1,090,129 Polyone Corp., Term B-3 Loan, 3.24% (LIBOR + 200 bps),
11/11/22 1,098,305
1,875,008 PQ Corp., Second Amendment Tranche B-1 Term Loan,
4.63% (LIBOR + 325 bps), 11/4/22 1,898,612
1,307,261 Versum Materials, Inc. (fka Versum Materials LLC), Term
Loan, 3.33% (LIBOR + 200 bps), 9/29/23 1,315,636
870,937 W.R. Grace & Co.,-CONN, US Term Loan, 3.31% (LIBOR +
200 bps), 2/3/21 875,501
-----------------
$ 20,444,902
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 37
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Steel -- 0.5%
800,000 Big River Steel LLC, Closing Date Term Loan, 6.33%
(LIBOR + 500 bps), 8/23/23 $ 818,000
3,700,797 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term
Loan, 4.07% (LIBOR + 275 bps), 6/14/21 3,725,248
-----------------
$ 4,543,248
-----------------
Total Materials $ 75,434,287
-----------------------------------------------------------------------------------------------------------
MEDIA -- 8.2%
Advertising -- 0.7%
2,331,535 CB Poly Investments LLC, First Lien Closing Date Term Loan,
5.99% (LIBOR + 475 bps), 8/16/23 $ 2,347,564
1,865,702 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 3.49% (LIBOR + 225 bps), 3/18/24 1,881,527
2,000,000(i) Red Ventures LLC, Term Loan, 10/18/24 1,988,750
-----------------
$ 6,217,841
-----------------------------------------------------------------------------------------------------------
Broadcasting -- 3.2%
980,206 A-L Parent LLC (aka Learfield Communications), First Lien
Initial Term Loan, 4.5% (LIBOR + 325 bps), 12/1/23 $ 988,782
1,630,189 Beasley Mezzanine Holdings LLC, Initial Term Loan, 7.24%
(LIBOR + 600 bps), 11/1/23 1,650,905
1,728,959 CBS Radio, Inc., Term B Loan, 4.74% (LIBOR + 350 bps),
10/17/23 1,744,628
930,000(i) CBS Radio, Inc., Term B-1 Loan, 10/17/23 937,673
1,117,350 Checkout Holding Corp., First Lien Term B Loan, 4.74%
(LIBOR + 350 bps), 4/9/21 928,527
1,791,000 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
March 2017 Refinancing Term Loan, 3.49% (LIBOR +
225 bps), 7/17/25 1,788,749
1,000,000(i) E.W. Scripps Co., 2017 Term Loan, 10/2/24 1,008,125
1,854,222 Entercom Radio LLC, Term B Loan, 4.73% (LIBOR +
350 bps), 11/1/23 1,862,334
1,488,750 Gray Television, Inc., Term B-2 Loan, 3.74% (LIBOR +
250 bps), 2/7/24 1,502,043
1,441,000 Hubbard Radio LLC, Term Loan, 4.5% (LIBOR +
325 bps), 5/27/22 1,444,602
140,463 Mission Broadcasting, Inc., Term B-2 Loan, 3.74% (LIBOR +
250 bps), 1/17/24 141,415
1,118,746 Nexstar Broadcasting, Inc., Term B-2 Loan, 3.74% (LIBOR +
250 bps), 1/17/24 1,126,330
1,735,031 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term Loan, 3.24%
(LIBOR + 200 bps), 10/4/23 1,744,890
2,432,248 Quebecor Media, Inc., Facility B-1 Tranche, 3.57% (LIBOR +
225 bps), 8/17/20 2,443,650
1,575,000(i) Raycom TV Broadcasting LLC, Tranche B Term Loan, 8/23/24 1,586,813
698,948 Sinclair Television Group, Inc., Tranche B Term Loan, 3.5%
(LIBOR + 225 bps), 1/3/24 701,569
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Broadcasting (continued)
2,060,090 Townsquare Media, Inc., Additional Term B Loan, 4.27%
(LIBOR + 300 bps), 4/1/22 $ 2,068,781
171,023 Tribune Media Co., Term B Loan, 4.24% (LIBOR +
300 bps), 12/27/20 171,807
2,131,585 Tribune Media Co., Term C Loan, 4.24% (LIBOR +
300 bps), 1/26/24 2,141,354
1,702,114 Univision Communications, Inc., 2017 Replacement Repriced
First Lien Term Loan, 3.99% (LIBOR + 275 bps), 3/15/24 1,696,118
-----------------
$ 27,679,095
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.3%
1,396,500 Cable One, Inc., Incremental Term B-1 Loan, 3.57%
(LIBOR + 225 bps), 5/1/24 $ 1,405,228
5,681,414 Charter Communications Operating LLC (aka CCO Safari LLC),
Term F-1 Loan, 3.25% (LIBOR + 200 bps), 1/3/21 5,712,582
1,773,000 Charter Communications Operating LLC (aka CCO Safari LLC),
Term I-1 Loan, 3.5% (LIBOR + 225 bps), 1/15/24 1,787,528
1,913,109 Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 4.07%
(LIBOR + 275 bps), 6/30/19 1,910,917
953,157 MCC Iowa LLC, Tranche H Term Loan, 3.71% (LIBOR +
250 bps), 1/29/21 958,214
1,469,697 MediArena Acquisition BV (fka AP NMT Acquisition BV), First
Lien Dollar Term B Loan, 7.09% (LIBOR + 575 bps), 8/13/21 1,421,144
500,000 Telenet Financing USD LLC, Term Loan AI Facility, 3.99%
(LIBOR + 275 bps), 6/30/25 502,570
1,200,000 Unitymedia Hessen GmbH & Co. KG, Facility B, 3.49%
(LIBOR + 225 bps), 9/30/25 1,201,166
2,165,000(i) UPC Financing Partnership, Facility AR, 1/15/26 2,174,743
2,600,000 Ziggo Secured Finance Partnership, Term Loan E Facility,
3.74% (LIBOR + 250 bps), 4/15/25 2,611,375
-----------------
$ 19,685,467
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.5%
843,625 AMC Entertainment Holdings, Inc., 2016 Incremental Term
Loan, 3.49% (LIBOR + 225 bps), 12/15/23 $ 842,658
2,088,081 AMC Entertainment, Inc., Initial Term Loan, 3.49% (LIBOR +
225 bps), 12/15/22 2,092,182
792,394 Kasima LLC, Term Loan, 3.83% (LIBOR + 250 bps), 5/17/21 798,997
659,063 Lions Gate Entertainment Corp., Term B Loan, 4.24% (LIBOR +
300 bps), 12/8/23 664,170
1,504,838 Live Nation Entertainment, Inc., Term B-3 Loan, 3.5% (LIBOR +
225 bps), 10/31/23 1,513,303
2,007,675 Regal Cinemas Corp., New Term Loan, 3.24% (LIBOR +
200 bps), 4/1/22 2,009,488
1,227,981 Rovi Solutions Corp., Term B Loan, 3.75% (LIBOR +
250 bps), 7/2/21 1,235,436
1,915,000 Seminole Hard Rock Entertainment, Inc., Term Loan, 4.08%
(LIBOR + 275 bps), 5/14/20 1,926,570
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 39
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- (continued)
2,371,495 WMG Acquisition Corp., Tranche D Term Loan, 3.74%
(LIBOR + 250 bps), 11/1/23 $ 2,385,259
-----------------
$ 13,468,063
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.5%
1,862,239 DH Publishing LP, Term B-5 Loan, 3.74% (LIBOR +
250 bps), 8/21/23 $ 1,872,720
911,329 Quincy Newspapers, Inc., Term Loan B, 4.53% (LIBOR +
325 bps/PRIME + 225 bps), 11/2/22 917,594
1,641,750 Trader Corp., First Lien 2017 Refinancing Term Loan,
4.58% (LIBOR + 325 bps), 9/28/23 1,641,750
-----------------
$ 4,432,064
-----------------
Total Media $ 71,482,530
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 3.0%
Biotechnology -- 0.6%
3,398,633 Alkermes, Inc., 2021 Term Loan, 4.07% (LIBOR +
275 bps), 9/25/21 $ 3,420,939
984,375 INC Research Holdings, Inc., Initial Term B Loan, 3.49%
(LIBOR + 225 bps), 8/1/24 990,630
845,750 Lantheus Medical Imaging, Inc., Initial Term Loan, 5.74%
(LIBOR + 450 bps), 6/30/22 851,829
-----------------
$ 5,263,398
-----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.4%
2,066,717 Catalent Pharma Solutions, Inc. (fka Cardinal Health 409, Inc.),
Dollar Term Loan, 3.49% (LIBOR + 225 bps), 5/20/24 $ 2,083,693
997,475 Explorer Holdings, Inc., Initial Term Loan, 5.13% (LIBOR +
375 bps), 5/2/23 1,007,450
-----------------
$ 3,091,143
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.0%
1,353,391 Akorn, Inc., Term Loan, 5.5% (LIBOR + 425 bps), 4/16/21 $ 1,366,063
3,316,688 Endo Luxembourg Finance Company I S.a.r.l., Initial Term
Loan, 5.5% (LIBOR + 425 bps), 4/29/24 3,363,950
1,194,000 Grifols Worldwide Operations, Ltd., Tranche B Term Loan,
3.45% (LIBOR + 225 bps), 1/31/25 1,199,563
3,016,250 Horizon Pharma, Inc., Term Loan B, 4.5% (LIBOR +
325 bps), 3/29/24 3,030,864
1,502,765 Mallinckrodt International Finance SA, 2017 Term B Loan,
4.08% (LIBOR + 275 bps), 9/24/24 1,507,774
500,000(i) Parexel International Corp., Initial Term Loan, 9/27/24 505,500
2,741,868 RPI Finance Trust, Initial Term Loan B-6, 3.33% (LIBOR +
200 bps), 3/27/23 2,755,388
3,786,737 Valeant Pharmaceuticals International, Inc., Series F
Tranche B Term Loan, 5.99% (LIBOR + 475 bps), 4/1/22 3,864,365
-----------------
$ 17,593,467
-----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 25,948,008
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Diversified REIT -- 0.1%
792,015 ESH Hospitality, Inc., Repriced Term Loan, 3.74% (LIBOR +
250 bps), 8/30/23 $ 798,065
-----------------------------------------------------------------------------------------------------------
Diversified REITs -- 0.2%
1,497,500 iStar, Inc. (fka iStar Financial, Inc.), Term Loan, 4.24%
(LIBOR + 300 bps), 10/1/21 $ 1,516,219
-----------------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.3%
2,693,975 MGM Growth Properties Operating Partnership LP, Term B
Loan, 3.49% (LIBOR + 225 bps), 4/25/23 $ 2,710,812
-----------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.0%+
450,000(i) Hanjin International Corp. (aka Wilshire Grand Center),
Initial Term Loan, 10/19/20 $ 452,250
-----------------------------------------------------------------------------------------------------------
Retail REIT -- 0.3%
2,822,330 DTZ US Borrower LLC, First Lien 2015-1 Additional Term
Loan, 4.59% (LIBOR + 325 bps), 11/4/21 $ 2,840,410
-----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.4%
3,252,130 Communications Sales & Leasing, Inc. (CSL Capital LLC),
Shortfall Term Loan, 4.24% (LIBOR + 300 bps), 10/24/22 $ 3,127,111
-----------------
Total Real Estate $ 11,444,867
-----------------------------------------------------------------------------------------------------------
RETAILING -- 3.1%
Apparel Retail -- 0.2%
656,682 Hudson's Bay Co., Initial Term Loan, 4.52% (LIBOR +
325 bps), 9/30/22 $ 641,702
1,224,283 Men's Wearhouse, Inc., Tranche B Term Loan, 4.77%
(LIBOR + 350 bps), 6/18/21 1,217,780
-----------------
$ 1,859,482
-----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.6%
548,724 Avis Budget Car Rental LLC, Tranche B Term Loan, 3.34%
(LIBOR + 200 bps), 3/15/22 $ 547,610
1,000,000(i) Belron SA, Term Loan B, 10/25/24 1,008,750
1,543,852 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 3.58% (LIBOR + 225 bps), 11/2/23 1,555,154
2,273,796 CWGS Group LLC, Term Loan, 4.24% (LIBOR +
375 bps), 11/8/23 2,297,007
-----------------
$ 5,408,521
-----------------------------------------------------------------------------------------------------------
Department Stores -- 0.3%
900,000 Archroma Finance S.a.r.l., First Lien Facility B2, 5.6%
(LIBOR + 425 bps), 8/12/24 $ 909,000
493,631 J.C. Penney Corp., Inc., Term Loan, 5.57% (LIBOR +
425 bps), 6/23/23 455,477
1,632,159 Neiman Marcus Group, Inc., Other Term Loan, 4.49%
(LIBOR + 325 bps), 10/25/20 1,292,670
-----------------
$ 2,657,147
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 41
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.4%
3,262,208 Apex Tool Group LLC, Term Loan, 4.5% (LIBOR +
325 bps), 1/31/20 $ 3,238,149
-----------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.3%
2,592,320 Serta Simmons Bedding LLC, First Lien Initial Term Loan,
4.83% (LIBOR + 350 bps), 11/8/23 $ 2,564,237
-----------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.2%
1,250,000 Shutterfly, Inc., Delay Draw Term Loan, 3.74% (LIBOR +
250 bps), 8/9/24 $ 1,246,485
-----------------------------------------------------------------------------------------------------------
Specialty Stores -- 1.1%
1,750,000 Bass Pro Group LLC, Initial Term Loan, 6.24% (LIBOR +
500 bps), 9/25/24 $ 1,705,156
1,690,598 Michaels Stores, Inc., 2016 New Replacement Term B-1
Loan, 3.99% (LIBOR + 275 bps), 1/30/23 1,692,975
4,371,070 PetSmart, Inc., Tranche B-2 Term Loan, 4.24% (LIBOR +
300 bps), 3/11/22 3,766,634
2,500,000 Staples, Inc., Closing Date Term Loan, 5.31% (LIBOR +
400 bps), 9/12/24 2,364,487
-----------------
$ 9,529,252
-----------------
Total Retailing $ 26,503,273
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.3%
Semiconductor Equipment -- 0.3%
1,290,831 Entegris, Inc., New Tranche B Term Loan, 3.49% (LIBOR +
225 bps), 4/30/21 $ 1,299,167
1,053,160 MKS Instruments, Inc., Tranche B-3 Term Loan, 3.49%
(LIBOR + 225 bps), 5/1/23 1,063,527
450,115 Sensata Technologies BV, Sixth Amendment Term Loan,
3.49% (LIBOR + 225 bps), 10/14/21 453,266
-----------------
$ 2,815,960
-----------------------------------------------------------------------------------------------------------
Semiconductors -- 1.0%
997,500 Bright Bidco BV (aka Lumileds LLC), First Lien Term B
Loan, 5.82% (LIBOR + 450 bps), 6/30/24 $ 1,009,969
2,219,833 MACOM Technology Solutions Holdings, Inc. (fka M/A-COM
Technology Solutions Holdings, Inc.), Initial Term Loan,
3.49% (LIBOR + 225 bps), 5/17/24 2,225,845
2,918,897 Micron Technology, Inc., Term Loan, 3.39% (LIBOR +
200 bps), 4/26/22 2,940,333
276,043 Microsemi Corp., Closing Date Term B Loan, 3.49%
(LIBOR + 225 bps), 1/15/23 277,574
1,750,206 ON Semiconductor Corp., 2017 New Replacement Term
Loan, 3.49% (LIBOR + 225 bps), 3/31/23 1,759,959
-----------------
$ 8,213,680
-----------------
Total Semiconductors & Semiconductor Equipment $ 11,029,640
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.6%
Application Software -- 1.3%
1,500,000 Applied Systems, Inc., First Lien Initial Term Loan, 4.57%
(LIBOR + 325 bps), 9/19/24 $ 1,520,416
2,425,500 DTI Holdco, Inc., Initial Term Loan, 6.63% (LIBOR +
525 bps), 10/2/23 2,386,086
1,633,833 Infor (US), Inc. (fka Lawson Software, Inc.), Tranche B-6
Term Loan, 4.08% (LIBOR + 275 bps), 2/1/22 1,638,939
799,828 Quest Software US Holdings, Inc., First Lien Initial Term
Loan, 7.38% (LIBOR + 600 bps), 10/31/22 809,992
2,118,115 STG-Fairway Acquisitions, Inc., First Lien Term Loan, 6.58%
(LIBOR + 525 bps), 6/30/22 2,065,162
1,584,188 Synchronoss Technologies, Inc., Initial Term Loan, 5.74%
(LIBOR + 450 bps), 1/19/24 1,584,930
1,629,954 Verint Systems, Inc., Initial Term Loan, 3.56% (LIBOR +
225 bps), 6/28/24 1,636,746
-----------------
$ 11,642,271
-----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.1%
939,045 Black Knight InfoServ LLC, Term B Loan, 3.5% (LIBOR +
225 bps), 5/27/22 $ 947,262
992,500 Conduent, Inc., Term B Loan, 4.24% (LIBOR +
300 bps), 12/7/23 999,944
2,901,211 First Data Corp., 2022D New Dollar Term Loan, 3.49%
(LIBOR + 225 bps), 7/8/22 2,913,187
2,746,078 First Data Corp., 2024 New Dollar Term Loan, 3.74%
(LIBOR + 250 bps), 4/26/24 2,762,961
772,974 Global Payments, Inc., Term B-2 Loan, 3.24% (LIBOR +
200 bps), 4/21/23 776,678
1,362,677 WEX, Inc., Term B-2 Loan, 3.99% (LIBOR + 275 bps), 6/30/23 1,378,540
-----------------
$ 9,778,572
-----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 1.0%
830,667 Blucora, Inc., Initial Term Loan, 5.07% (LIBOR +
375 bps), 5/22/24 $ 836,897
1,488,061 Match Group, Inc. (fka The Match Group, Inc.), Additional
Term B-1 Loan, 3.81% (LIBOR + 250 bps), 11/16/22 1,502,941
3,359,019 Rackspace Hosting, Inc., First Lien 2017 Refinancing
Term B Loan, 4.31% (LIBOR + 300 bps), 11/3/23 3,358,720
726,652 Vantiv LLC, New Term B-3 Loan, 3.24% (LIBOR +
200 bps), 10/14/23 733,010
2,295,129 Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental
Refinancing B-2 Term Loan, 3.49% (LIBOR +
225 bps), 1/19/24 2,304,220
-----------------
$ 8,735,788
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.8%
660,088 Booz Allen Hamilton, Inc., New Refinancing Tranche B Term
Loan, 3.49% (LIBOR + 225 bps), 6/30/23 $ 664,296
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 43
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- (continued)
2,512,342 CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW Corp.),
Term Loan, 3.34% (LIBOR + 200 bps), 8/17/23 $ 2,531,328
1,243,750 Globallogic Holdings, Inc., Closing Date Term Loan, 5.83%
(LIBOR + 450 bps), 6/20/22 1,247,606
1,992,853 Go Daddy Operating Co., LLC (GD Finance Co., Inc.), Initial
Term Loan, 3.74% (LIBOR + 250 bps), 2/15/24 2,003,939
769,197 Kronos, Inc., First Lien Incremental Term Loan, 4.81%
(LIBOR + 350 bps), 11/1/23 775,301
199,000 Oberthur Technologies Holding SAS (fka OT Frenchco 1 SAS),
Facility B1, 5.08% (LIBOR + 375 bps), 1/10/24 198,337
2,576,481 Rocket Software, Inc., First Lien Term Loan, 5.58%
(LIBOR + 425 bps), 10/14/23 2,610,565
615,008 Science Applications International Corp., Incremental
Tranche B Term Loan, 3.81% (LIBOR + 250 bps), 5/4/22 620,197
982,456 Sitel Worldwide Corp., First Lien Term B-1 Loan, 6.88%
(LIBOR + 550 bps), 9/18/21 983,316
1,150,936 SS&C Technologies Holdings, Inc., 2017 Refinancing New
Term B-1 Loan, 3.49% (LIBOR + 225 bps), 7/8/22 1,158,669
2,319,188 Tempo Acquisition LLC, Initial Term Loan, 4.24%
(LIBOR + 300 bps), 5/1/24 2,329,575
-----------------
$ 15,123,129
-----------------------------------------------------------------------------------------------------------
Systems Software -- 1.4%
2,390,147 Avast Holding BV, Initial Refinancing Dollar Term Loan,
4.58% (LIBOR + 325 bps), 9/30/23 $ 2,407,220
3,076,924 EZE Software Group LLC, First Lien Term B-2 Loan, 4.33%
(LIBOR + 300 bps), 4/6/20 3,100,001
1,146,377 Greeneden US Holdings I LLC, Tranche B-2 Dollar Term Loan,
5.08% (LIBOR + 375 bps), 12/1/23 1,153,644
622,049 Ivanti Software, Inc. (fka LANDesk Group, Inc.), First Lien
Term Loan, 5.5% (LIBOR + 425 bps), 1/20/24 609,608
1,553,606 MA FinanceCo., LLC (aka Micro Focus International Plc),
Tranche B-2 Term Loan, 3.74% (LIBOR + 250 bps), 11/19/21 1,555,709
225,913 MA FinanceCo., LLC (aka Micro Focus International Plc),
Tranche B-3 Term Loan, 3.99% (LIBOR + 275 bps), 6/21/24 226,377
1,524,087 Seattle Spinco, Inc. (aka Micro Focus International Plc),
Initial Term Loan, 3.99% (LIBOR + 275 bps), 6/21/24 1,527,218
1,508,621 West Corp., Term B Loan, 5.24% (LIBOR + 400 bps), 10/10/24 1,510,129
-----------------
$ 12,089,906
-----------------
Total Software & Services $ 57,369,666
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.1%
Communications Equipment -- 0.4%
2,311,607 Ciena Corp., Refinancing Term Loan, 3.74% (LIBOR +
250 bps), 1/28/22 $ 2,323,165
1,157,925 Commscope, Inc., Tranche 5 Term Loan, 3.37% (LIBOR +
200 bps), 12/29/22
1,168,028
-----------------
$ 3,491,193
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
328,319 Generac Power Systems, Inc., 2017 New Term Loan, 3.59%
(LIBOR + 225 bps), 5/31/23 $ 329,892
2,269,171 Mirion Technologies (Finance) LLC (Mirion Technologies, Inc.),
First Lien Initial Term Loan, 6.08% (LIBOR +
475 bps), 3/31/22 2,275,316
-----------------
$ 2,605,208
-----------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.2%
1,783,343 Zebra Technologies Corp., Tranche B Term Loan, 3.37%
(LIBOR + 200 bps), 10/27/21 $ 1,793,884
-----------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.0%+
55,427 SS&C Technologies Holdings, Inc., 2017 Refinancing New
Term B-2 Loan, 3.49% (LIBOR + 225 bps), 7/8/22 $ 55,799
-----------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.2%
1,270,529 Western Digital Corp., US Term B-2 Loan, 3.99% (LIBOR +
275 bps), 4/29/23 $ 1,279,661
-----------------
Total Technology Hardware & Equipment $ 9,225,745
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.0%
Integrated Telecommunication Services -- 1.8%
3,500,000 CenturyLink, Inc., Initial Term B Loan, 2.75% (Ticking Fee
(Funded) + 275 bps), 1/31/25 $ 3,458,074
1,637,481 Cincinnati Bell, Inc., Tranche B Term Loan, 4.99%
(LIBOR + 375 bps), 10/2/24 1,663,067
1,147,125 Frontier Communications Corp., Term B-1 Loan, 4.99%
(LIBOR + 375 bps), 6/15/24 1,094,249
592,782 General Communications, Inc., New Term B Loan, 3.49%
(LIBOR + 225 bps), 2/2/22 594,820
2,717,027 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 3.49%
(LIBOR + 225 bps), 2/22/24 2,727,702
1,542,250 Numericable US LLC, USD TLB-11 Term Loan, 4.13%
(LIBOR + 275 bps), 7/31/25 1,542,973
167,662 Securus Technologies Holdings, Inc., First Lien Initial Term
Loan, 4.75% (LIBOR + 350 bps), 4/30/20 169,810
500,000(i) Securus Technologies Holdings, Inc., Initial Term Loan, 11/1/24 506,407
2,000,000(i) SFR Group SA, USD Series B-12 Term Loan, 1/31/26 2,004,792
778,189 Windstream Services LLC (fka Windstream Corp.), Term Loan
Tranche B-6, 5.24% (LIBOR + 400 bps), 3/29/21 731,255
960,499 Windstream Services LLC (fka Windstream Corp.), Term Loan
Tranche B-7, 4.49% (LIBOR + 325 bps), 2/17/24 865,049
-----------------
$ 15,358,198
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.2%
2,000,000(i) Altice Financing SA, Term Loan, 1/6/26 $ 2,002,250
2,361,844 Altice US Finance I Corp., March 2017 Refinancing Term
Loan, 3.49% (LIBOR + 225 bps), 7/28/25 2,363,689
475,000 Digicel International Finance, Ltd., First Lien Initial Term B
Loan, 5.07% (LIBOR + 375 bps), 5/27/24 478,859
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 45
Schedule of Investments | 10/31/17 (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- (continued)
1,483,392 SBA Senior Finance II LLC, Incremental Tranche B-1 Term
Loan, 3.5% (LIBOR + 225 bps), 3/24/21 $ 1,490,707
3,308,375 Sprint Communications, Inc., Initial Term Loan, 3.75%
(LIBOR + 250 bps), 2/2/24 3,321,963
1,045,876 Virgin Media Bristol LLC, Facility I, 3.99% (LIBOR +
275 bps), 1/31/25 1,051,024
-----------------
$ 10,708,492
-----------------
Total Telecommunication Services $ 26,066,690
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Air Freight & Logistics -- 0.4%
541,872 Ceva Group Plc (fka Louis No.1 Plc/TNT Logistics),
Pre-Funded L/C Term Loan, 1.23% (LIBOR + -10 bps/Fee +
650 bps), 3/19/21 $ 526,699
551,429 Ceva Intercompany BV, Dutch BV Term Loan, 6.88%
(LIBOR + 550 bps), 3/19/21 535,989
95,074 Ceva Logistics Canada, ULC, Canadian Term Loan, 6.88%
(LIBOR + 550 bps), 3/19/21 92,412
760,591 Ceva Logistics US Holdings, Inc. (fka Louis U.S. Holdco, Inc.),
US Term Loan, 6.88% (LIBOR + 550 bps), 3/19/21 739,295
1,636,250 Syncreon Global Finance, Inc., Term Loan, 5.49% (LIBOR +
425 bps), 10/28/20 1,438,877
-----------------
$ 3,333,272
-----------------------------------------------------------------------------------------------------------
Airlines -- 1.3%
3,975,000 Air Canada, Refinanced Term Loan, 3.57% (LIBOR +
225 bps), 10/6/23 $ 4,003,986
495,000 American Airlines, Inc. Replacement Class B Term Loan,
3.74% (LIBOR + 250 bps), 4/28/23 496,513
3,879,991 American Airlines, Inc., 2017 Replacement Term Loan,
3.24% (LIBOR + 200 bps), 6/27/20 3,892,775
880,795 American Airlines, Inc., Class B Term Loan, 3.74%
(LIBOR + 250 bps), 12/14/23 883,914
588,000 Delta Air Lines, Inc., Term Loan, 3.74% (LIBOR + 250 bps),
8/24/22 593,773
1,675,953 United Air Lines, Inc., Class B Term Loan, 3.63% (LIBOR +
225 bps), 4/1/24 1,685,799
-----------------
$ 11,556,760
-----------------------------------------------------------------------------------------------------------
Marine -- 0.2%
856,966 Commercial Barge Line Co., Initial Term Loan, 9.99%
(LIBOR + 875 bps), 11/12/20 $ 663,435
987,342 Navios Maritime Partners LP, Initial Term Loan, 6.32%
(LIBOR + 500 bps), 9/14/20 986,313
-----------------
$ 1,649,748
-----------------------------------------------------------------------------------------------------------
Trucking -- 0.2%
109,352 Kenan Advantage Group Holdings Corp., Initial Canadian
Term Loan, 4.24% (LIBOR + 300 bps), 7/29/22 $ 109,591
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Annual Report | 10/31/17
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Trucking (continued)
359,590 Kenan Advantage Group Holdings Corp., Initial US Term
Loan, 4.24% (LIBOR + 300 bps), 7/29/22 $ 360,377
998,445 YRC Worldwide, Inc., Tranche B-1 Term Loan, 9.74%
(LIBOR + 850 bps), 7/26/22 987,629
-----------------
$ 1,457,597
-----------------
Total Transportation $ 17,997,377
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 2.2%
Electric Utilities -- 1.3%
200,000 APLH Holdings, Ltd., Partnership, Term Loan, 4.74%
(LIBOR + 350 bps), 4/13/23 $ 202,084
2,441,259(i) APLP Holdings Limited Partnership, Term Loan B, 4/13/23 2,466,689
2,537,375 Calpine Construction Finance Co., LP, Term B-1 Loan, 3.5%
(LIBOR + 225 bps), 5/3/20 2,545,700
992,500 Dayton Power & Light Co., Term Loan, 4.5% (LIBOR +
325 bps), 8/24/22 1,007,698
713,731 Helix Gen Funding LLC, Term Loan, 5.08% (LIBOR +
375 bps), 6/3/24 722,296
2,376,743 TPF II Power LLC (TPF II Convert Midco LLC), Term Loan,
4.99% (LIBOR + 375 bps), 10/2/23 2,399,215
311,829 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term C Loan, 4.08% (LIBOR + 275 bps), 8/4/23 313,193
1,356,997 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.01% (LIBOR + 275 bps), 8/4/23 1,362,933
-----------------
$ 11,019,808
-----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.7%
1,363,613 Calpine Corp., Term Loan, 4.09% (LIBOR + 275 bps), 1/15/24 $ 1,370,150
1,361,358 Dynegy, Inc., Tranche C-1 Term Loan, 4.49% (LIBOR +
325 bps), 2/7/24 1,370,907
2,002,593 NRG Energy, Inc., Term Loan, 3.58% (LIBOR +
225 bps), 6/30/23 2,008,857
1,529,677 TerraForm AP Acquisition Holdings LLC, Term Loan, 5.58%
(LIBOR + 425 bps), 6/27/22 1,544,973
-----------------
$ 6,294,887
-----------------------------------------------------------------------------------------------------------
Water Utilities -- 0.2%
620,313 Culligan NewCo, Ltd., First Lien Tranche B-1 Term Loan,
4.74% (LIBOR + 350 bps), 12/13/23 $ 624,577
707,769 WTG Holdings III Corp., First Lien Term Loan, 5.08%
(LIBOR + 375 bps), 1/15/21 714,847
-----------------
$ 1,339,424
-----------------
Total Utilities $ 18,654,119
-----------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $726,787,740) $ 728,664,605
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 47
Schedule of Investments | 10/31/17 (continued)
------------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 1% of Net Assets
BANKS -- 0.1%
Diversified Banks -- 0.1%
100,000 Invesco Senior Income Trust $ 443,000
------------------
Total Banks $ 443,000
------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS - 0.9%
Asset Management & Custody Banks -- 0.4%
100,000 BlackRock Floating Rate Income Strategies Fund, Inc. $ 1,431,000
100,000 Eaton Vance Floating-Rate Income Trust 1,449,000
100,000 First Trust Senior Floating Rate Income Fund II 1,314,000
------------------
$ 4,194,000
------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
50,000 PowerShares Senior Loan Portfolio $ 1,156,000
------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
36,000 iShares iBoxx $ High Yield Corporate Bond ETF $ 3,184,920
------------------
Total Diversified Financials $ 8,534,920
------------------------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $8,864,754) $ 8,977,920
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.9% of Net Assets
COMMERCIAL PAPER -- 0.2%
2,100,000 Natixis NY, 1.08%, 11/1/17 $ 2,099,932
------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.7%
1,600,000 $1,600,000 RBC Capital Markets LLC, 1.03%, dated
10/31/17 plus accrued interest on 11/1/17 collateralized
by the following:
$1,632,001 Federal National Mortgage Association,
3.5% - 4.0%, 11/1/31-10/1/47 $ 1,600,000
3,180,000 $3,180,000 ScotiaBank, 1.05%, dated 10/31/17 plus
accrued interest on 11/1/17 collateralized by the following:
$1,856,800 Federal National Mortgage Association,
4.0%, 10/1/47
$1,386,895 Government National Mortgage Association,
3.0% - 4.5%, 2/20/44-7/20/46 3,180,000
------------------
$ 4,780,000
------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,880,000) $ 6,879,932
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 104.0%
(Cost -- $896,919,035) $ 900,246,446
------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (4.0)% $ (34,356,184)
------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 865,890,262
============================================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Annual Report | 10/31/17
BPS Basis Point.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
ZERO Zero Constant Index.
(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, 2017, the value of these securities
amounted to $32,044,251, or 3.7% of total net assets.
(Cat Bond) Catastrophe or event-linked bond. At October 31, 2017, the
value of these securities amounted to $6,732,910, or 0.8% of net
assets. See Notes to Financial Statements -- Note 1H.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (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 interest rate shown is the rate
accruing at October 31, 2017.
+ Securities that used significant unobservable inputs to determine
their value.
(a) Floating rate note. Coupon rate, reference index and spread shown at
October 31, 2017.
(b) Non-income producing.
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services).
(d) The interest rate is subject to change periodically. The interest
rate, reference index and spread shown at October 31, 2017.
(e) Security is perpetual in nature and has no stated maturity date.
(f) Structured reinsurance investment. At October 31, 2017, the value of
these securities amounted to $5,431,036, or 0.6% of total net
assets. See Notes to Financial Statements -- Note 1H.
(g) Rate to be determined.
(h) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(i) This term loan will settle after October 31, 2017, at which time the
interest rate will be determined.
(j) Security is in default.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 49
Schedule of Investments | 10/31/17 (continued)
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
---------------------------------------------------------------------------------------------------------------
Obligation Annual Premiums
Notional Reference/ Pay/ Fixed Expiration Paid/ Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date (Received) Appreciation Value
---------------------------------------------------------------------------------------------------------------
1,320,000 Markit CDX North Pay 5.00% 6/20/20 $ 79,460 $ 24,014 $103,474
America High Yield
Index Series 24
1,484,100 Markit CDX North Pay 5.00% 12/20/20 (14,114) 132,382 118,268
America High Yield
Index Series 25
7,389,200 Markit CDX North Pay 5.00% 12/20/21 460,347 248,001 708,348
America High Yield
Index Series 27
3,000,000 Markit CDX North Pay 1.00% 12/20/20 (6,531) 71,930 65,399
America Investment
Grade Index
Series 25
---------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $519,162 $476,327 $995,489
===============================================================================================================
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Pays Quarterly
Principal amounts are denominated in U.S. dollars unless otherwise noted.
USD -- United States Dollar
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ 8,200,000
Other Long-Term Securities $677,562,477 $558,493,319
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. ("the Adviser"),
serves as the investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are affected at current market
prices. During the year ended October 31, 2017, the Fund engaged in purchases
and sales pursuant to these procedures amounting to $10,111,126 and $14,291,587,
respectively resulting in a net realized gain (loss) of $--.
At October 31, 2017, the net unrealized appreciation/depreciation on investments
based on cost for federal tax purposes of $898,354,315 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 8,350,511
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,462,891)
------------
Net unrealized appreciation/depreciation $ 2,887,620
============
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of October 31, 2017, in valuing
the Fund's investments.
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Preferred Stock $ 286,286 $ -- $ -- $ 286,286
Common Stock
Retailing
Computer &
Electronics Retail -- -- 107,710 107,710
Asset Backed Securities -- 6,082,500 -- 6,082,500
Collateralized Mortgage
Obligations -- 5,146,491 -- 5,146,491
Corporate Bonds
Insurance
Reinsurance -- 6,732,910 5,431,036 12,163,946
All Other Corporate Bonds -- 37,661,245 -- 37,661,245
U.S. Government and
Agency Obligations -- 94,275,811 -- 94,275,811
Senior Secured Floating
Rate Loan Interests
Commercial Services &
Supplies
Diversified Support
Services -- 2,837,215 1,066,938 3,904,153
All Other Senior Secured
Floating Rate
Loan Interests -- 724,760,452 -- 724,760,452
Mutual Funds 8,977,920 -- -- 8,977,920
Commercial Paper -- 2,099,932 -- 2,099,932
Repurchase Agreements -- 4,780,000 -- 4,780,000
-----------------------------------------------------------------------------------------
Total Investments
in Securities $ 9,264,206 $ 884,376,556 $ 6,605,684 $900,246,446
=========================================================================================
Other Financial Instruments
Swap contracts, at value $ -- $ 995,489 $ -- $ 995,489
-----------------------------------------------------------------------------------------
Total Other
Financial Instruments $ -- $ 995,489 $ -- $ 995,489
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 51
Schedule of Investments | 10/31/17 (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------
Common Corporate
Stocks Bonds Loans Total
----------------------------------------------------------------------------------------
Balance as of 10/31/16 $ 53,035 $ 5,041,215 $ -- $ 5,094,250
Realized gain (loss)(1) -- -- 73 73
Changed in unrealized appreciation
(depreciation)(2) 54,675 (128,679) 8,935 (65,069)
Accrued discounts/premiums -- (11,080) 1,742 (9,338)
Purchases -- 5,328,250 1,064,250 6,392,500
Sales -- (4,798,670) (8,062) (4,806,732)
Transfers in to Level 3* -- -- -- --
Transfers out of Level 3* -- -- -- --
----------------------------------------------------------------------------------------
Balance as of 10/31/17 $107,710 $ 5,431,036 $ 1,066,938 $ 6,605,684
========================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) on investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. For year ended
October 31, 2017, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 at October 31, 2017: $ (34,372)
---------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Statement of Assets and Liabilities | 10/31/17
ASSETS:
Investments in unaffiliated issuers, at value (cost $896,919,035) $900,246,446
Cash 4,149,741
Swap contracts, at value (net premiums paid $519,162) 995,489
Variation margin for centrally cleared swap contracts 9,773
Swaps collateral 556,782
Receivables --
Investment securities sold 5,217,185
Fund shares sold 3,084,227
Interest 2,654,439
Due from the Adviser 78,794
Other assets 165,176
---------------------------------------------------------------------------------
Total assets $917,158,052
=================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 46,607,456
Fund shares repurchased 2,926,777
Distributions 217,229
Trustees' fees 4,812
Due to broker for swap contracts 1,001,587
Due to affiliates 124,834
Accrued expenses 385,095
---------------------------------------------------------------------------------
Total liabilities $ 51,267,790
=================================================================================
NET ASSETS:
Paid-in capital $879,146,798
Undistributed net investment income 821,591
Accumulated net realized loss on investments (17,881,865)
Net unrealized appreciation on investments 3,803,738
---------------------------------------------------------------------------------
Net assets $865,890,262
=================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $193,192,833/28,415,104 shares) $ 6.80
Class C (based on $79,057,283/11,620,740 shares) $ 6.80
Class Y (based on $593,640,146/87,101,687 shares) $ 6.82
MAXIMUM OFFERING PRICE:
Class A ($6.80 (divided by) 95.5%) $ 7.12
=================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 53
Statement of Operations
For the Year Ended 10/31/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $37,823,806
Dividends from unaffiliated issuers 420,690
---------------------------------------------------------------------------------------------------
Total investment income $ 38,244,496
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 4,864,089
Administrative expense 263,146
Transfer agent fees
Class A 139,819
Class C 65,686
Class K 25
Class Y 508,850
Distribution fees
Class A 494,792
Class C 851,461
Shareholder communications expense 18,967
Custodian fees 120,357
Registration fees 116,970
Professional fees 91,117
Printing expense 43,883
Trustees fees 37,942
Pricing fees 67,105
Miscellaneous 243,013
---------------------------------------------------------------------------------------------------
Total expenses $ 7,927,222
Less fees waived and expenses reimbursed by the Adviser (510,028)
---------------------------------------------------------------------------------------------------
Net expenses $ 7,417,194
---------------------------------------------------------------------------------------------------
Net investment income $30,827,302
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(1,094,440)
Swap contracts 291,089 $ (803,351)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ 1,314,783
Swap contracts 327,151
Unfunded loan commitments (5,386) $ 1,636,548
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 833,197
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 31,660,499
===================================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/17 10/31/16*
-----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 30,827,302 $ 24,088,948
Net realized gain (loss) on investments (803,351) (9,818,145)
Change in net unrealized appreciation (depreciation) on
investments 1,636,548 15,459,335
-----------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 31,660,499 $ 29,730,138
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.24 and $0.23, per share, respectively) $ (6,923,555) $ (6,293,646)
Class C ($0.19 and $0.19, per share, respectively) (2,336,352) (2,460,086)
Class K** ($0.24 and $0.26, per share, respectively) (12,368) (26,402)
Class Y ($0.26 and $0.26, per share, respectively) (21,158,154) (14,405,607)
-----------------------------------------------------------------------------------------
Total distributions to shareowners $ (30,430,429) $ (23,185,741)
-----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 391,242,498 $ 336,623,165
Reinvestment of distributions 27,914,969 21,171,420
Cost of shares repurchased (288,319,155) (222,924,687)
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 130,838,312 $ 134,869,898
-----------------------------------------------------------------------------------------
Net increase in net assets $ 132,068,382 $ 141,414,295
NET ASSETS:
Beginning of year 733,821,880 592,407,585
-----------------------------------------------------------------------------------------
End of year $ 865,890,262 $ 733,821,880
-----------------------------------------------------------------------------------------
Undistributed net investment income $ 821,591 $ 822,635
=========================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
** Class K shares were liquidated on October 4, 2017.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 55
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
10/31/17 10/31/17 10/31/16 10/31/16
Shares Amount Shares* Amount*
-------------------------------------------------------------------------------------------
Class A
Shares sold 8,672,241 $ 58,946,960 11,226,196 $ 74,906,399
Reinvestment of
distributions 974,592 6,624,723 908,346 6,070,592
Less shares repurchased (9,869,591) (67,079,839) (9,488,844) (63,284,314)
-------------------------------------------------------------------------------------------
Net increase
(decrease) (222,758) $ (1,508,156) 2,645,698 $ 17,692,677
===========================================================================================
Class C
Shares sold 2,570,564 $ 17,480,458 2,784,783 $ 18,576,435
Reinvestment of
distributions 318,001 2,163,592 335,539 2,243,794
Less shares repurchased (3,864,560) (26,287,345) (4,310,334) (28,759,156)
-------------------------------------------------------------------------------------------
Net decrease (975,995) $ (6,643,295) (1,190,012) $ (7,938,927)
===========================================================================================
Class K**
Shares sold -- $ -- -- $ --
Reinvestment of
distributions -- -- -- --
Less shares repurchased (102,850) (699,035) -- --
-------------------------------------------------------------------------------------------
Net decrease (102,850) $ (699,035) -- $ --
===========================================================================================
Class Y
Shares sold 46,208,677 $ 314,815,080 36,294,547 $ 243,140,331
Reinvestment of
distributions 2,806,943 19,126,654 1,916,893 12,857,034
Less shares repurchased (28,499,823) (194,252,936) (19,581,712) (130,881,217)
-------------------------------------------------------------------------------------------
Net increase 20,515,797 $ 139,688,798 18,629,728 $ 125,116,148
===========================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
** Class K shares were liquidated on October 4, 2017.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.79 $ 6.73 $ 6.86 $ 6.95 $ 6.95
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.24(a) $ 0.24(a) $ 0.24(a) $ 0.24 $ 0.28
Net realized and unrealized gain (loss) on investments 0.01 0.05 (0.14) (0.09) 0.01
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.25 $ 0.29 $ 0.10 $ 0.15 $ 0.29
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.24) $ (0.23) $ (0.23) $ (0.24) $ (0.29)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ 0.06 $ (0.13) $ (0.09) $ --
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.80 $ 6.79 $ 6.73 $ 6.86 $ 6.95
==================================================================================================================================
Total return (b) 3.71% 4.49% 1.53% 2.17% 4.24%
Ratio of net expenses to average net assets 1.02% 1.01% 1.08% 1.07% 1.06%
Ratio of net investment income (loss) to average net assets 3.54% 3.66% 3.48% 3.49% 3.88%
Portfolio turnover rate 69% 51% 24% 43% 40%
Net assets, end of period (in thousands) $193,193 $194,408 $174,979 $238,764 $ 266,832
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.02% 1.04% 1.10% 1.07% 1.10%
Net investment income (loss) to average net assets 3.54% 3.63% 3.46% 3.49% 3.85%
==================================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 57
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.79 $ 6.74 $ 6.87 $ 6.96 $ 6.95
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19(a) $ 0.19(a) $ 0.19(a) $ 0.19 $ 0.23
Net realized and unrealized gain (loss) on investments 0.01 0.05 (0.13) (0.09) 0.02
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.24 $ 0.06 $ 0.10 $ 0.25
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $ (0.19) $ (0.19) $ (0.19) $ (0.24)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ 0.05 $ (0.13) $ (0.09) $ 0.01
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.80 $ 6.79 $ 6.74 $ 6.87 $ 6.96
==============================================================================================================================
Total return (b) 2.93% 3.58% 0.81% 1.43% 3.61%
Ratio of net expenses to average net assets 1.77% 1.79% 1.81% 1.78% 1.80%
Ratio of net investment income (loss) to average net assets 2.78% 2.89% 2.74% 2.79% 3.13%
Portfolio turnover rate 69% 51% 24% 43% 40%
Net assets, end of period (in thousands) $79,057 $85,563 $92,924 $112,117 $129,093
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.77% 1.81% 1.84% 1.78% 1.83%
Net investment income (loss) to average net assets 2.78% 2.87% 2.71% 2.79% 3.09%
==============================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Floating Rate Fund | Annual Report | 10/31/17
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.81 $ 6.75 $ 6.88 $ 6.97 $ 6.96
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.26(a) $ 0.27(a) $ 0.26(a) $ 0.27 $ 0.31
Net realized and unrealized gain (loss) on investments 0.01 0.05 (0.13) (0.10) 0.02
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.27 $ 0.32 $ 0.13 $ 0.17 $ 0.33
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.26) $ (0.26) $ (0.26) $ (0.32)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.01 $ 0.06 $ (0.13) $ (0.09) $ 0.01
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.82 $ 6.81 $ 6.75 $ 6.88 $ 6.97
=================================================================================================================================
Total return (b) 4.05% 4.85% 1.92% 2.50% 4.77%
Ratio of net expenses to average net assets 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to average net assets 3.86% 3.97% 3.84% 3.86% 4.16%
Portfolio turnover rate 69% 51% 24% 43% 40%
Net assets, end of period (in thousands) $593,640 $453,152 $323,812 $352,115 $425,245
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.79% 0.82% 0.82% 0.82% 0.83%
Net investment income (loss) to average net assets 3.77% 3.85% 3.72% 3.74% 4.04%
=================================================================================================================================
* The Fund was audited by an independent registered public accounting
firm other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 59
Notes to Financial Statements | 10/31/17
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 three classes of shares designated as Class A, Class C and Class
Y shares. Class K shares were liquidated on October 4, 2017. 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 of Trustees 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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
60 Pioneer Floating Rate Fund | Annual Report | 10/31/17
In October 2016, the Securities and Exchange Commission (SEC) released its Final
Rule on Investment Company Reporting Modernization. In addition to introducing
two new regulatory reporting forms (Form N-PORT and Form N-CEN), the Final Rule
amends Regulation S-X, which impacts financial statement presentation,
particularly related to the presentation of derivative investments. The Fund's
financial statements were prepared in compliance with the amendments to
Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gains and losses on investments during the reporting year. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
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.
Fixed-income securities are valued by using 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, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests 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 third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is
Pioneer Floating Rate Fund | Annual Report | 10/31/17 61
deemed to be unreliable, price information will be obtained from an
alternative loan interest pricing service. If no reliable price quotes are
available from either the primary or alternative pricing service, broker
quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other
insurance-linked securities (including sidecars, collateralized reinsurance
and industry loss warranties) may be valued at the bid price obtained from
an independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using 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 or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Securities or loan interests for which independent pricing services or
brokerdealers 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 a fair valuation team comprised of certain personnel of the
Adviser, pursuant to procedures adopted by the Fund's Board of Trustees.
The Adviser's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. The Adviser's fair valuation
62 Pioneer Floating Rate Fund | Annual Report | 10/31/17
team 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 of the Board of
Trustees.
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. 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.
At October 31, 2017, two securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model) representing 0.14% of net assets. The value of these fair
valued securities is $1,174,648.
B. Investment Income and Transactions
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,
net of unrecoverable foreign taxes withheld at the applicable country rates
and net of income accrued on defaulted securities. Interest and dividend
income payable by delivery of additional shares is reclassified as PIK
(payment-in-kind) income upon receipt and is included in interest and
dividend income, respectively. 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 purchase
prices of 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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 63
C. 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 net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no federal income tax provision is required. As
of October 31, 2017, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
At October 31, 2017, the Fund reclassified $967,278 to decrease paid-in
capital, $397,917 to decrease undistributed net investment income and
$1,365,195 to decrease accumulated net realized loss on investments to
reflect permanent book/tax differences. These adjustments have no impact on
the net assets or results of operations.
At October 31, 2017, the Fund was permitted to carry forward indefinitely
$1,396,716 of short-term losses and $15,894,531 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at October 31, 2017, the Fund had a net capital
loss carry forward of $574,533 which will expire in 2019 if not utilized.
The tax character of distributions paid during the fiscal years ended
October 31, 2017 and October 31, 2016 was as follows:
---------------------------------------------------------------------------
2017 2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $30,430,429 $23,185,741
---------------------------------------------------------------------------
Total $30,430,429 $23,185,741
===========================================================================
64 Pioneer Floating Rate Fund | Annual Report | 10/31/17
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,938,853
Capital loss carryforward (17,865,780)
Current year dividend payable (217,229)
Net unrealized appreciation 2,887,620
---------------------------------------------------------------------------
Total $(13,256,536)
===========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of swap contracts, the tax adjustments
relating to credit default swaps, tax basis adjustments on interest
accruals on preferred stock, interest on defaulted bonds, preferred stocks
and other holdings.
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 appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a 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.
As of October 31, 2017 the Fund did not hold open forward foreign currency
contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor, earned $24,050 in underwriting commissions on the sale of
Class A shares during the year ended October 31, 2017.
F. 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 does not pay distribution fees. All expenses
and fees
Pioneer Floating Rate Fund | Annual Report | 10/31/17 65
paid to the Fund's transfer agent for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund invests in below
investment grade (high yield) debt securities. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt
securities. The Fund's investments in foreign markets or countries with
limited developing markets may also subject the Fund to a greater degree of
risk than investments in a developed market. Risks associated with these
markets include disruptive political or economic conditions and the
possible imposition of adverse governmental laws or currency exchange
restrictions.
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed-income securities
on a large scale, which could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
66 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
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.
H. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles (SPVs)
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties (ILWs). A
traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for the
Adviser to fully evaluate the underlying risk profile of the Fund's
structured reinsurance investments,
Pioneer Floating Rate Fund | Annual Report | 10/31/17 67
and therefore the Fund's assets are placed at greater risk of loss than if
the Adviser had more complete information. Structured reinsurance
instruments generally will be considered illiquid securities by the Fund.
These securities may be difficult to purchase, sell or unwind. Illiquid
securities also may be difficult to value. If the Fund is forced to sell an
illiquid asset, the Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the 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 Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities.
J. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell credit default swap contracts to
seek to increase the Fund's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices. 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
68 Pioneer Floating Rate Fund | Annual Report | 10/31/17
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.
When the Fund enters into a credit default swap contract, 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
made by the Fund, as the protection buyer, is recorded as a component of
unrealized appreciation/depreciation on open swap contracts in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded within "Swap contracts, at value" line item in the Statement of
Assets and Liabilities. 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 in
the Statement of Operations.
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.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared swap contracts is recorded as variation margin
for centrally cleared swap contracts in the Statement of Assets and
Liabilities.
The amount of cash deposited with the broker as collateral at October 31,
2017 is recorded as "Swap collateral" in the Statement of Assets and
Liabilities.
Open credit default swap contracts at October 31, 2017 are listed in the
Schedule of Investments. The average market value of credit default swap
contracts open during the year ended October 31, 2017 was $750,309.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 69
2. Management Agreement
The Adviser 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,
2017, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.58% of the Fund's average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) to the extent required to reduce Fund expenses to 0.70% of
the Fund's average daily net assets attributable to Class Y shares. Fees waived
and expenses reimbursed during the year ended October 31, 2017, are reflected on
the Statement of Operations. These expense limitations are in effect through
March 1, 2019. There can be no assurance that the Adviser 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
$113,461 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at October 31, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown in the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended October 31, 2017, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $ 981
Class K 7
Class Y 17,979
--------------------------------------------------------------------------------
Total $18,967
================================================================================
70 Pioneer Floating Rate Fund | Annual Report | 10/31/17
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares (the Plan). Pursuant to the Plan, the Fund pays the Distributor 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 the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Included in "Due to affiliates" reflected in the Statement of Assets and
Liabilities is $11,373 in distribution fees payable to the Distributor at
October 31, 2017.
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 12 months 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 the
Distributor. For the year ended October 31, 2017, CDSCs in the amount of $14,075
were paid to the Distributor.
5. 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 which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participates in a facility that is in the amount of $195 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.85% 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 or (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is
Pioneer Floating Rate Fund | Annual Report | 10/31/17 71
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended October 31, 2017, the Fund had no
borrowings under the credit facility.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at October 31,
2017, was as follows:
-----------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------
Assets
Swap contracts,
at value $ -- $995,489 $ -- $ -- $ --
-----------------------------------------------------------------------------------
Total Value $ -- $995,489 $ -- $ -- $ --
===================================================================================
72 Pioneer Floating Rate Fund | Annual Report | 10/31/17
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) in the Statement of Operations by risk
exposure at October 31, 2017, was as follows:
------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Swap contracts $ -- $291,089 $ -- $ -- $ --
------------------------------------------------------------------------------------------
Total Value $ -- $291,089 $ -- $ -- $ --
==========================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Swap contracts $ -- $327,151 $ -- $ -- $ --
------------------------------------------------------------------------------------------
Total Value $ -- $327,151 $ -- $ -- $ --
==========================================================================================
7. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obliged to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income in the
Statement of Operations.
As of October 31, 2017, the Fund had the following unfunded loan commitments
outstanding:
---------------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value Depreciation
---------------------------------------------------------------------------------------------
Beacon Roofing Supply, Inc. $1,000,000 $1,000,000 $1,000,000 $
Centene Corp. 3,100,000 3,100,000 3,100,000 --
---------------------------------------------------------------------------------------------
Total Value $4,100,000 $4,100,000 $4,100,000 $ --
=============================================================================================
Pioneer Floating Rate Fund | Annual Report | 10/31/17 73
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and the Shareholders 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 funds constituting Pioneer Series Trust VI (the "Trust"), as of October 31,
2017, and the related statements of operations, changes in net assets and the
financial highlights for the year then ended and the financial highlights for
the year ended October 31, 2013. 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. The statement of changes in net assets for the year ended
October 31, 2016 and the financial highlights for periods ended October 31,
2014, October 31, 2015 and October 31, 2016 were audited by another independent
registered public accounting firm whose report, dated December 23, 2016,
expressed an unqualified opinion on the statement of changes in net assets and
those financial highlights.
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 audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
We were not engaged to perform audits 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, 2017, by correspondence with the
custodian, brokers and others or by other appropriate auditing procedures where
replies from brokers and others 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, 2017, the results of its operations,
the changes in its net assets, and the financial highlights for the year then
ended and the financial highlights for the year ended October 31, 2013, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 26, 2017
74 Pioneer Floating Rate Fund | Annual Report | 10/31/17
ADDITIONAL INFORMATION (unaudited)
Qualified interest income is exempt from nonresident alien (NRA) tax
withholding. The percentage of the Fund's ordinary income distributions derived
from qualified interest income was 94.59%.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the Adviser), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of UniCredit
S.p.A. (UniCredit). On that date, UniCredit completed the sale of its Pioneer
Investments business, which includes the Adviser, to Amundi (the Transaction).
As a result of the Transaction, the Adviser became an indirect, wholly-owned
subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A. Amundi is
headquartered in Paris, France, and, as of September 30, 2016, had more than
$1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP (D&T), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would no
longer be independent with respect to the Funds upon the completion of the
Transaction as a result of certain services being provided to Amundi and Credit
Agricole, and, accordingly, that it intended to resign as the Fund's independent
registered public accounting firm upon the completion of the Transaction. D&T's
resignation was effective on July 3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or modified
as to uncertainty, audit scope or accounting principles. Further, there have
been no disagreements with D&T on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of D&T, would have caused D&T to make
reference to the subject matter of the disagreement in connection with its
report on the financial statements. In addition, there have been no reportable
events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP (EY).
Pioneer Floating Rate Fund | Annual Report | 10/31/17 75
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities and Exchange
Commission (SEC): (a) project management support services to UniCredit in the
Czech Republic, Germany, Italy, Serbia and Slovenia in relation to twenty-two
projects, that were determined to be inconsistent with Rule 2-01(c)(4)(vi) of
Regulation S-X (management functions); (b) two engagements for UniCredit in
Italy where fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c) four
engagements where legal and expert services were provided to UniCredit in the
Czech Republic and Germany, and twenty engagements where the legal advisory
services were provided to UniCredit in Austria, Czech Republic, Italy and
Poland, that were determined to be inconsistent with Rule 2-01(c)(4)(ix) and (x)
of Regulation S-X (legal and expert services); and (d) two engagements for
UniCredit in Italy involving assistance in the sale of certain assets, that were
determined to be inconsistent with Rule 2-01(c)(4)(viii) of Regulation S-X
(broker-dealer, investment advisor or investment banking services). None of the
foregoing services involved the Fund, any of the other funds in the Pioneer
Family of Funds or any other Pioneer entity sold by UniCredit in the
Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Funds under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
76 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Results of Shareholder Meeting
At a special meeting of shareholders held on June 13, 2017, shareholders of the
Fund were asked to consider the proposals described below. A report of the total
votes cast by the Fund's shareholders (or, with respect to Proposal 2, by
shareholders of Pioneer Series Trust VI, as noted below) follows:
----------------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
----------------------------------------------------------------------------------------------------
Proposal 1 - To approve
a New Management
Agreement with
the Adviser 68,919,848.376 743,539.869 665,911.195 17,142,022.900
---------------------------------------------------------------------------------------------------
For Withhold
---------------------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees*
---------------------------------------------------------------------------------------------------
David R. Bock 111,027,599.309 1,673,301.811
---------------------------------------------------------------------------------------------------
Benjamin M. Friedman 110,666,574.309 2,034,326.811
---------------------------------------------------------------------------------------------------
Margaret B.W. Graham 111,048,616.407 1,652,284.713
---------------------------------------------------------------------------------------------------
Lisa M. Jones 111,021,559.407 1,679,341.713
---------------------------------------------------------------------------------------------------
Lorraine H. Monchak 111,039,958.407 1,660,942.713
---------------------------------------------------------------------------------------------------
Thomas J. Perna 111,038,885.309 1,662,015.811
---------------------------------------------------------------------------------------------------
Marguerite A. Piret 111,028,200.407 1,672,700.713
---------------------------------------------------------------------------------------------------
Fred J. Ricciardi 111,025,042.588 1,675,858.532
---------------------------------------------------------------------------------------------------
Kenneth J. Taubes 111,041,509.407 1,659,391.713
---------------------------------------------------------------------------------------------------
* Proposal 2 was voted on and approved by all series of Pioneer Series Trust
VI. Results reported above reflect the combined votes of all series of the
Trust.
Pioneer Floating Rate Fund | Annual Report | 10/31/17 77
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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 July 31 is publicly available to shareowners
at www.amundipioneer.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 below, together with their principal
occupations and other directorships they have held 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 46 U.S. registered investment
portfolios for which Amundi 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.
78 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (67) Trustee since 2007. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities lending processing provider for
retirement or industry); and Senior Executive Vice President, financial services industry)
removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2007. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
retirement or (privately held research and consulting company) Helvetia Fund, Inc. (closed-end
removal. (2010); Executive Vice President and Chief fund) (2010 - present);
Financial Officer, I-trax, Inc. (publicly traded Director of Oxford Analytica,
health care services company) (2004 - 2007); and Inc. (2008 - present); and
Executive Vice President and Chief Financial Director of Enterprise
Officer, Pedestal Inc. (internet-based mortgage Community Investment, Inc.
trading company) (2000 - 2002); Private (privately-held affordable
Consultant (1995 - 1997); Managing Director, housing finance company) (1985 -
Lehman Brothers (1992 - 1995); Executive, The 2010)
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (73) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/17 79
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (70) Trustee since 2007. Founding Director, Vice-President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (61) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee (healthcare workers union pension funds) (2001 -
from 2014 - 2017). present); Vice President - International
Serves until a Investments Group, American International Group,
successor trustee is Inc. (insurance company) (1993 - 2001); Vice
elected or earlier President, Corporate Finance and Treasury Group,
retirement or Citibank, N.A. (1980 - 1986 and 1990 - 1993);
removal. Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); Mortgage Strategies Group, Drexel
Burnham Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (69) Trustee since 2007. President and Chief Executive Officer, Newbury Director of New America High
Trustee Serves until a Piret Company (investment banking firm) (1981 - Income Fund, Inc. (closed-end
successor trustee is present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee is (financial and investment company services) (1969
elected or earlier - 2012); Director, BNY International Financing
retirement or Corp. (financial services) (2002 - 2012);
removal. Director, Mellon Overseas Investment Corp.
(financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Floating Rate Fund | Annual Report | 10/31/17
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55)* Trustee since 2017. Chair, Director, CEO and President of Amundi None
Trustee, President and Serves until a Pioneer Asset Management USA, Inc. (since
Chief Executive Officer successor trustee is September 2014); Chair, Director and CEO of
elected or earlier Amundi Pioneer Asset Management, Inc. (since
retirement or removal September 2014); Chair, Director and CEO of
Amundi Pioneer Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Amundi Pioneer Institutional Asset
Management, Inc. (since September 2014);
Managing Director, Morgan Stanley Investment
Management (2010 - 2013); Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (59)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of Amundi Pioneer Asset Management USA,
elected or earlier Inc.; Executive Vice President and Chief
retirement or removal Investment Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice President of Amundi
Pioneer Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of Amundi
Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes 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 | 10/31/17 81
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2007. Serves at Vice President and Associate General Counsel of None
Secretary and Chief Legal the discretion of the Amundi Pioneer since January 2008; Secretary and
Officer Board Chief Legal Officer of all of the Pioneer Funds
since June 2010; Assistant Secretary of all of
the Pioneer Funds from September 2003 to May
2010; Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Amundi Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all the
Board Pioneer Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from December 2003
to November 2006; and Senior Paralegal of Amundi
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Amundi Pioneer since May 2013 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds
Board since June 2010; Counsel of Amundi Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Amundi None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the Pioneer Funds
Financial Board since March 2008; Deputy Treasurer of Amundi
and Accounting Officer 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 (52) Since 2007. Serves at Director - Fund Treasury of Amundi Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (59) Since 2007. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer; and Assistant Treasurer of all
Board of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer since November 2008; Assistant
Board Treasurer of all of the Pioneer Funds since
January 2009; Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
82 Pioneer Floating Rate Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (65) Since 2010. Serves at Chief Compliance Officer of Amundi Pioneer and None
Chief Compliance Officer the discretion of the of all the Pioneer Funds since March 2010; Chief
Board Compliance Officer of Amundi Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Amundi Pioneer since October 2005;
Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2007. Serves at Director - Transfer Agency Compliance of Amundi None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of all
Officer Board the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/17 83
This page is for your notes.
84 Pioneer Floating Rate Fund | Annual Report | 10/31/17
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 21401-10-1217
Pioneer Flexible
Opportunities Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class R MUARX
Class Y PMYRX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 16
Consolidated Schedule of Investments 18
Consolidated Financial Statements 35
Consolidated Notes to Financial Statements 43
Report of Independent Registered Public Accounting Firm 60
Additional Information 61
Trustees, Officers and Service Providers 64
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits have
continued to drive strong performance in both the credit and equity markets for
most of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index,
returned 14.23% through the end of the third quarter. Fixed-income markets,
while not generating the same dazzling returns as equities, held their own, led
by high-yield securities, which produced a return of 7.05% in the U.S., as
measured by the Bank of America Merrill Lynch U.S. High Yield Index. Meanwhile,
the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.14% over the first
three quarters of the calendar year.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of more than 3% in
both the second and third quarters. Outside the U.S., economic growth in the
second quarter also surprised to the upside across the Euro zone, China, and
Japan. Meanwhile, despite higher oil and commodities prices, inflation continued
to be moderate, both in the U.S. and globally, enabling major non-U.S. central
banks to maintain their easy monetary policies. As expected, however, the U.S.
Federal Reserve System (the Fed) recently announced that it would commence
tapering its balance sheet this October. The Fed also appears primed to raise
interest rates one more time before the end of this year, which would be the
fourth rate increase since December of 2016.
As we move into the final months of 2017, we believe the U.S. economy will
experience modest growth in the short term, depending on the mix of economic
policies enacted as the country moves away from monetary stimulus (driven by the
Fed) and toward fiscal stimulus (potentially including tax reform) as well as
lighter regulatory burdens. Meanwhile, corporate earnings remain solid and we
think they will improve even further, despite the possibility of some pressure
from wage increases. In addition, it is our view that the economy will continue
to grow and that we may begin to see a modest upturn in inflation. In that
scenario, we anticipate that the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
October 31, 2017
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. Past performance is no
guarantee of future results.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 3
Portfolio Management Discussion | 10/31/17
In the following discussion, Michele Garau and Howard Weiss review recent market
events and describe the factors that affected the performance of Pioneer
Flexible Opportunities Fund during the 12-month period ended October 31, 2017.
Mr. Garau, a senior vice president and a portfolio manager at Amundi Pioneer
Asset Management, Inc. ("Amundi Pioneer"), is responsible for the management of
the Fund, along with Mr. Weiss, CFA, a vice president and portfolio manager at
Amundi Pioneer, and Kenneth J. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the 12-month period ended October 31, 2017?
A Pioneer Flexible Opportunities Fund's Class A shares returned 18.96% at
net asset value during the 12-month period ended October 31, 2017, while
the Fund's benchmark, the Bloomberg Barclays U.S. Treasury TIPS 1-10 Year
Index (the Bloomberg Barclays Index), returned 0.15%. During the same
period, the average return of the 298 mutual funds in Lipper's Alternative
Global Macro Funds category was 8.58%, and the average return of the 306
mutual funds in Morningstar's Tactical Allocation Funds category was
12.93%.
Q How would you characterize the investment environment in the financial
markets during the 12-month period ended October 31, 2017?
A The Fund's annual reporting period featured a highly favorable environment
for financial assets. The combination of improving global economic growth,
rising corporate earnings, and the prospects for tax reform and reduced
regulation in the United States boosted investor sentiment and helped
drive gains across all of the major asset categories. In addition,
investors remained confident that global central banks, while shifting
toward tighter monetary policies, would take a gradual approach when
removing monetary stimulus.
Those factors provided the fuel for a significant rally in the global
equity markets over the period. In the United States, the major equity
indices climbed to a series of record highs, led by small-cap stocks and
stocks of faster-growing large-cap technology companies. International
stocks also performed very well, outpacing the return of U.S. equities and
reversing a multi-year trend of underperformance against their U.S.
counterparts. Developed and emerging markets equities each generated
robust gains during the period, spurred by better-than-expected economic
growth and the benefits of U.S. dollar weakness.
4 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
The fixed-income markets also posted solid returns during the 12 months,
albeit far behind the performance of equities. The strongest gains were
concentrated in areas of the market with the highest sensitivity to
economic conditions, including high-yield bonds and emerging markets debt.
Conversely, fixed-income investments with lower yields and a greater
degree of interest-rate sensitivity, such as government issues, generally
finished in negative territory and lagged equity returns by a very wide
margin.
Q Could you discuss some of the investment decisions that factored into the
Fund's benchmark-relative performance during the 12-month period ended
October 31, 2017?
A We employ a flexible, top-down investment approach that seeks to have the
Fund take advantage of long-term trends in the global financial markets.
Therefore, our investment views and the Fund's performance are reflected
primarily in asset class, sector, country, and currency allocations,
rather than in bottom-up security selection.
The Fund's substantial weighting in equities was the primary factor in its
strong results versus the benchmark Bloomberg Barclays Index during the
12-month period, as equities accounted for 73% of the Fund's total
investment portfolio, on average. Within the equity component of the
Fund's portfolio, approximately 35% were North American stocks, and 23%
were stocks of companies in the developed international markets, while
emerging markets stocks accounted for 15% of holdings. Conversely, fixed-
income securities accounted for just 7% of the Fund's total investment
portfolio, with 5% in emerging markets debt and 2% in government-related
issues, investment-grade corporates, and high-yield bonds. Among other
asset classes, real estate investment trusts (REITs) accounted for 7% of
the Fund's investment portfolio, with cash, at 13%, rounding out the rest
of the holdings. Overall, our approach to asset allocation during the
period positioned the Fund to benefit from the rally in stocks and to
sidestep the weaker showing of fixed-income assets.
Additionally, the portfolio's tilt toward the international markets
among its equity holdings enabled the Fund to capitalize on the
outperformance of international stocks versus U.S. stocks, thus benefiting
benchmark-relative returns. Among international equities, the largest
contribution to the Fund's benchmark-relative performance during the
period came from a sizable allocation to China, which was one of the
strongest-performing major markets over the past year. An allocation to
Europe also aided relative returns, as did Fund holdings in the
information technology, health care, and hotel/leisure sectors in the
United States.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 5
With regard to fixed income, our preference for holding emerging markets
debt and corporate bonds was a further contributor to the Fund's
benchmark-relative results.
On the negative side, the Fund's weighting in cash was a drag on
benchmark-relative returns, as was the portfolio's currency positioning,
which was a modest detractor from performance.
Q Can you discuss how you used derivatives as part of your investment
strategy for the Fund during the 12-month period ended October 31, 2017,
and how the use of derivatives affected benchmark-relative performance?
A We used derivatives across a broad spectrum of asset classes to establish
specific market or issuer exposure in the portfolio, and to attempt to
hedge downside risk. The derivative vehicles we used during the 12-month
period included equity, fixed-income, and commodity futures; credit-linked
securities; exchange-traded funds (ETFs) -- long or short positions;
forward foreign currency contracts, or Treasury futures contracts (also
long or short positions); and options -- both index options and options on
securities of individual issuers. The Fund's use of derivatives had a
small, positive effect on benchmark-relative results over the course of
the period.
Q Could you discuss the Fund's positioning as of October 31, 2017, in
relation to the current market and economic environments?
A Although equity valuations have remained high in absolute terms, we
believe stocks are still attractive in comparison with bonds, given the
persistently low yield levels available worldwide. In addition, we see the
latitude for corporate profit margins to remain at high levels, if not
improve. However, we did reduce the Fund's allocation to stocks, somewhat,
over the second half of the period, and we rotated the sale proceeds into
cash and REITs, rather than increasing the portfolio's allocation to
fixed-income securities. In fact, as of period end, the Fund's
fixed-income exposure remains close to the lowest level since inception in
May 2010.
We see little value in bonds anywhere in the world, and even in the
sectors where we can detect some value, we think stocks still represent a
better proposition. Notably, the dividend* yields of many U.S. large-cap
companies were higher than yields offered on government bonds at the close
of the period, but without the interest-rate risk inherent in bonds.
We have maintained global diversification** among the Fund's equity
holdings by owning assets across U.S. and foreign markets. The Fund
continues to have a large allocation to international stocks, as we
believe they offer compelling valuations relative to their U.S.
counterparts. Among
* Dividends are not guaranteed.
** Diversification does not assure a profit nor protect against loss.
6 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
the portfolio's equity holdings, there are concentrations in certain areas
where we see the potential for outperformance, including the
aerospace/defense, health care, and real estate sectors, and ETFs that
invest in high-quality, dividend-paying stocks. In that vein, the
PowerShares Buyback Achievers ETF, which invests in U.S.-listed stocks
that have repurchased at least 5% or more of their shares outstanding in
the trailing 12-month period, continues to be a substantial position in
the portfolio as of October 31, 2017
The Fund had roughly 7% of its total investment portfolio allocated to
China at the end of October, a meaningful overweight compared to China's
representation in the broader world equity markets. We continue to see
room for outperformance in China, even after the country's strong return
in the past year. We have remained steadfast in our belief that the
concerns about China's economy are exaggerated, and evidence for that
contention has begun to emerge in the form of normalizing credit
statistics, a downtrend in non-performing loans, and stronger earnings for
the nation's banks.
We also began to take a closer look at commodity-related stocks during the
12-month period. We have long been skeptics of bulk/industrial commodities
due to excess capital expenditures in the middle of the last decade, which
to this day continue to cause supply to outpace demand. However, we
believe several market segments now appear to offer more interesting value
propositions. In particular, domestic and European steel producers are
beginning to experience the benefits of capacity reduction, lower
inventories, and stronger pricing. We also believe that producers of
coking coal, which is the primary component used in the smelting of steel,
may represent a further area of investment opportunity.
In addition, we see increasingly compelling opportunities in Japan. The
country's economy is expanding and corporate balance sheets are robust,
yet valuations remain attractive from both an absolute and relative
standpoint. We believe those factors may lead to increased investor
interest in Japan, especially at a time when undervalued stocks are
becoming more difficult to find.
While unforeseen developments, rather than known issues, remain a source
of risk as we head into 2018, we believe the portfolio's current
positioning is consistent with our long-term views as well as our
preference for asset classes that we feel offer the Fund the most
attractive balance of risk/return potential.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 7
Please refer to the Schedule of Investments on pages 18-33 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
All investments are subject to risk, including the possible loss of principal.
The Fund has the ability to invest in a wide variety of securities and asset
classes.
The Fund may invest in underlying funds (including ETFs). 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 through the use of
derivatives, which increases the volatility of investment returns and subjects
the Fund to magnified losses if the Fund or 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 to the amount of loss on an appreciating security that is sold
short.
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities, which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
The Fund may invest in floating rate loans. The value of collateral, if any,
securing a floating rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
8 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
The Fund may invest in insurance-linked securities, including event-linked
bonds. The return of principal and the payment of interest on insurance-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 commodity-linked derivatives. 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 will generally fall.
Prepayment risk is the chance that an issuer may exercise its right to repay its
security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
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.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for
a prospectus or summary prospectus containing this information. Read it
carefully.
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. Past performance is no
guarantee of future results.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 9
Portfolio Summary | 10/31/17
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 44.9%
Information Technology 12.0%
Industrials 11.6%
Consumer Discretionary 7.6%
Health Care 7.5%
Real Estate 7.2%
Materials 4.5%
Energy 2.7%
Consumer Staples 1.4%
Telecommunication Services 0.3%
Utilities 0.3%
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 36.5%
U.S. Common Stocks 32.9%
U.S. Government and Agency Obligations 7.6%
Mutual Funds 6.3%
Depositary Receipts for International Stocks 5.7%
Corporate Bonds 3.6%
Foreign Government Bonds 3.1%
Temporary Cash Investments 1.6%
Call Options Purchased 1.4%
Exchange-Traded Call Options Purchased 0.6%
U.S. Corporate Bonds 0.5%
Put Options Purchased 0.2%
U.S. Preferred Stocks 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U. S. Treasury Bill, 11/9/17 3.22%
-----------------------------------------------------------------------------------------------
2. Hellenic Republic Government Bond, 3.0%, 2/24/27 2.91
-----------------------------------------------------------------------------------------------
3. Proshares S&P 500 Dividend Aristocrats ETF 2.72
-----------------------------------------------------------------------------------------------
4. U.S. Treasury Bill, 11/24/17 2.12
-----------------------------------------------------------------------------------------------
5. U.S. Treasury Bill, 11/16/17 2.03
-----------------------------------------------------------------------------------------------
6. Hilton Grand Vacations, Inc. 1.35
-----------------------------------------------------------------------------------------------
7. FinecoBank Banca, Fineco S.p.A 1.24
-----------------------------------------------------------------------------------------------
8. Microsoft Corp. 1.16
-----------------------------------------------------------------------------------------------
9. Northrop Grumman Corp. 1.16
-----------------------------------------------------------------------------------------------
10. JP Morgan Chase & Co. 1.13
-----------------------------------------------------------------------------------------------
* 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 securities listed.
10 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Prices and Distributions | 10/31/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/17 10/31/16
--------------------------------------------------------------------------------
A $14.17 $12.03
--------------------------------------------------------------------------------
C $13.95 $11.88
--------------------------------------------------------------------------------
R $14.11 $12.00
--------------------------------------------------------------------------------
Y $14.22 $12.08
--------------------------------------------------------------------------------
Distributions per Share: 11/1/16 - 10/31/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1243 $ -- $ --
--------------------------------------------------------------------------------
C $0.0601 $ -- $ --
--------------------------------------------------------------------------------
R $0.0790 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1635 $ -- $ --
--------------------------------------------------------------------------------
The Bloomberg Barclays 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 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 12-15.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 11
Performance Update | 10/31/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Flexible Opportunities Fund at
public offering price during the periods shown, compared to that of the
Bloomberg Barclays U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net Public U.S. Treasury
Asset Offering TIPS
Value Price 1-10 Year
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 7.82% 7.16% 2.28%
5 years 7.51 6.53 0.04
1 year 18.96 13.61 0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.22%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $ 9,550 $ 10,000
10/10 $ 10,351 $ 10,481
10/11 $ 11,034 $ 11,217
10/12 $ 11,918 $ 11,797
10/13 $ 13,672 $ 11,351
10/14 $ 13,870 $ 11,419
10/15 $ 14,265 $ 11,277
10/16 $ 14,391 $ 11,804
10/17 $ 17,119 $ 11,821
Call 1-800-225-6292 or visit www.amundipioneer.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 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Performance Update | 10/31/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Flexible Opportunities Fund during
the periods shown, compared to that of the Bloomberg Barclays U.S. Treasury
TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
U.S. Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 6.99% 6.99% 2.28%
5 years 6.69 6.69 0.04
1 year 18.01 18.01 0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.97%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $ 10,000 $ 10,000
10/10 $ 10,816 $ 10,481
10/11 $ 11,431 $ 11,217
10/12 $ 12,252 $ 11,797
10/13 $ 13,959 $ 11,351
10/14 $ 14,043 $ 11,419
10/15 $ 14,340 $ 11,277
10/16 $ 14,352 $ 11,804
10/17 $ 16,937 $ 11,821
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 13
Performance Update | 10/31/17 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Flexible Opportunities Fund during
the periods shown, compared to that of the Bloomberg Barclays U.S. Treasury
TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Fund
(5/3/2010) 7.49% 2.28%
5 years 7.03 0.04
1 year 18.35 0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.74%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $ 10,000 $ 10,000
10/10 $ 10,836 $ 10,481
10/11 $ 11,551 $ 11,217
10/12 $ 12,477 $ 11,797
10/13 $ 14,309 $ 11,351
10/14 $ 14,479 $ 11,419
10/15 $ 14,754 $ 11,277
10/16 $ 14,804 $ 11,804
10/17 $ 17,521 $ 11,821
Call 1-800-225-6292 or visit www.amundipioneer.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.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on September 13, 2013, is based on
the performance of Class A shares, reduced to reflect the higher distribution
and service fees of Class R shares. For the period beginning September 13, 2013,
the actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Performance Update | 10/31/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Flexible Opportunities Fund during
the periods shown, compared to that of the Bloomberg Barclays U.S. Treasury
TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 8.13% 2.28%
5 years 7.82 0.04
1 year 19.24 0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.93%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $ 5,000,000 $ 5,000,000
10/10 $ 5,428,135 $ 5,240,571
10/11 $ 5,801,896 $ 5,608,620
10/12 $ 6,284,926 $ 5,898,426
10/13 $ 7,231,801 $ 5,675,619
10/14 $ 7,354,846 $ 5,709,622
10/15 $ 7,590,039 $ 5,638,580
10/16 $ 7,678,737 $ 5,902,161
10/17 $ 9,156,367 $ 5,910,714
Call 1-800-225-6292 or visit www.amundipioneer.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 the contractual expense limitation currently in
effect through March 1, 2018, for Class Y shares. There can be no assurance that
Amundi Pioneer will extend the expense limitation 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 15
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 Flexible Opportunities Fund
Based on actual returns from May 1, 2017, through October 31, 2017.
---------------------------------------------------------------------------------------
Share Class A C R Y
---------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
---------------------------------------------------------------------------------------
Ending Account $1,120.47 $1,115.93 $1,117.99 $1,121.63
Value (after expenses)
on 10/31/17
---------------------------------------------------------------------------------------
Expenses Paid $ 6.31 $ 10.29 $ 8.65 $ 4.81
During Period*
---------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.18%,
1.93%, 1.62% and 0.90% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
16 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
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 Flexible Opportunities Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2017, through October 31, 2017.
---------------------------------------------------------------------------------------
Share Class A C R Y
---------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/17
---------------------------------------------------------------------------------------
Ending Account $1,019.26 $1,015.48 $1,017.04 $1,020.67
Value (after expenses)
on 10/31/17
---------------------------------------------------------------------------------------
Expenses Paid $ 6.01 $ 9.80 $ 8.24 $ 4.58
During Period*
---------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.18%,
1.93%, 1.62% and 0.90% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 17
Schedule of Investments | 10/31/17 (Consolidated)
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 95.1%
PREFERRED STOCK -- 0.0%+ of Net Assets
REAL ESTATE -- 0.0%+
Retail REIT -- 0.0%+
204(a) Wheeler Real Estate Investment Trust, Inc., 9.0% $ 161,195
---------------
Total Real Estate $ 161,195
--------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $195,245) $ 161,195
--------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 71.3% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
38,708 Adient Plc $ 3,265,407
---------------
Total Automobiles & Components $ 3,265,407
--------------------------------------------------------------------------------------------------------------
BANKS -- 13.3%
Diversified Banks -- 12.2%
126,947 ABN AMRO Group NV (144A) $ 3,921,390
1,310,378 Abu Dhabi Commercial Bank PJSC 2,636,669
1,301,634(b) Alpha Bank AE 2,593,050
1,824,902(b) Banco BPM S.p.A. 6,365,276
6,905 Banco de Chile (A.D.R.) 636,089
21,144 Banco Santander Chile (A.D.R.) 661,384
5,872,000 Bank of China, Ltd., Class H 2,928,040
520,180 Bank of the Philippine Islands 988,025
28,280 BGEO Group Plc 1,337,290
41,198 BNP Paribas SA 3,217,630
1,505,000 China Construction Bank Corp., Class H 1,342,725
607,000 China Merchants Bank Co., Ltd., Class H 2,314,819
6,327 Credicorp, Ltd. 1,325,127
371,616(b) Eurobank Ergasias SA 303,486
799,034 FinecoBank Banca Fineco S.p.A. 7,474,923
44,667 Grupo Financiero Galicia SA (A.D.R.) 2,452,218
93,887 HDFC Bank, Ltd. 2,625,936
6,506,000 Industrial & Commercial Bank of China,
Ltd., Class H 5,162,334
353,396 ING Groep NV 6,529,663
1,966,347 Intesa Sanpaolo S.p.A. 6,611,232
67,882 JPMorgan Chase & Co. 6,829,608
100,200 Mitsubishi UFJ Financial Group, Inc. 671,936
394,700 Oversea-Chinese Banking Corp., Ltd. 3,447,541
189,320 Sberbank of Russia PJSC (A.D.R.) 2,714,849
59,673 Sberbank of Russia PJSC (A.D.R.) 856,307
33,800 Sumitomo Mitsui Financial Group, Inc. 1,342,726
79,989 TCS Group Holding Plc (G.D.R.) 1,459,799
94,100 United Overseas Bank, Ltd. 1,700,486
---------------
$ 80,450,558
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.6%
28,956 PNC Financial Services Group, Inc. $ 3,960,891
--------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
136,744 Carlyle Group LP $ 3,015,205
---------------
Total Banks $ 87,426,654
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.5%
Aerospace & Defense -- 4.9%
334,991 Leonardo S.p.A. $ 5,787,623
10,289 Lockheed Martin Corp. 3,170,658
24,462 MTU Aero Engines AG 4,125,119
23,556 Northrop Grumman Corp. 6,961,505
32,971 Raytheon Co. 5,941,374
67,264 Spirit AeroSystems Holdings, Inc., Class A 5,387,846
6,261 Thales SA 652,673
---------------
$ 32,026,798
--------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.8%
2,783,500 China State Construction International
Holdings, Ltd. $ 3,910,598
10,907 Vinci SA 1,067,994
---------------
$ 4,978,592
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.9%
37,644 Honeywell International, Inc. $ 5,426,759
42,536 Rheinmetall AG 5,017,387
636,000 Shanghai Industrial Holdings, Ltd. 1,952,558
---------------
$ 12,396,704
--------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.9%
642,000 China Resources Land, Ltd. $ 1,913,372
5,900 FANUC Corp. 1,368,304
4,240 Illinois Tool Works, Inc. 663,645
34,375 Norma Group SE 2,339,138
---------------
$ 6,284,459
---------------
Total Capital Goods $ 55,686,553
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.6%
Research & Consulting Services -- 0.6%
27,981 Teleperformance $ 4,087,772
---------------
Total Commercial Services & Supplies $ 4,087,772
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.8%
Apparel, Accessories & Luxury Goods -- 2.8%
44,268 Cie Financiere Richemont SA $ 4,080,817
13,073 Kering 5,993,023
11,915 LVMH Moet Hennessy Louis Vuitton SE 3,554,918
159,390 Moncler S.p.A. 4,527,106
---------------
Total Consumer Durables & Apparel $ 18,155,864
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 19
Schedule of Investments | 10/31/17 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.1%
Casinos & Gaming -- 0.1%
3,149,300(b) Bloomberry Resorts Corp. $ 576,201
--------------------------------------------------------------------------------------------------------------
Education Services -- 0.3%
10,977(b) Ser Educacional SA $ 103,990
58,444 TAL Education Group (A.D.R.) 1,607,210
---------------
$ 1,711,200
--------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 2.7%
453,648 Aitken Spence Hotel Holdings Plc $ 93,314
2,558,000 China Travel International Investment
Hong Kong, Ltd. 947,632
198,122(b) Hilton Grand Vacations, Inc. 8,115,077
38,223 Marriott International, Inc., Class A 4,566,884
121,807 Melia Hotels International SA 1,667,386
425,100 NH Hotel Group SA 2,689,161
---------------
$ 18,079,454
---------------
Total Consumer Services $ 20,366,855
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.5%
Asset Management & Custody Banks -- 3.3%
161,078 Banca Generali S.p.A. $ 5,306,908
179,919 Blackstone Group LP 5,989,504
301,098 KKR & Co. LP 6,037,015
50,113 State Street Corp. 4,610,396
---------------
$ 21,943,823
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.7%
58,309 Capital One Financial Corp. $ 5,374,924
91,403 Discover Financial Services 6,081,041
22,524(b) Qudian, Inc. (A.D.R.) 560,848
183,927 Synchrony Financial 5,999,699
---------------
$ 18,016,512
--------------------------------------------------------------------------------------------------------------
Financial Exchanges & Data -- 0.3%
638,585 Moscow Exchange MICEX-RTS PJSC $ 1,291,699
4,099 S&P Global, Inc. 641,371
---------------
$ 1,933,070
--------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.0%
130,407 Morgan Stanley $ 6,520,350
--------------------------------------------------------------------------------------------------------------
Multi-Sector Holdings -- 0.2%
1,162,200 Ayala Land, Inc. $ 973,089
---------------
Total Diversified Financials $ 49,386,844
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
ENERGY -- 1.3%
Integrated Oil & Gas -- 1.3%
1,170,334(b) Petroleo Brasileiro SA $ 5,997,770
115,277 YPF SA (A.D.R.) 2,831,203
---------------
Total Energy $ 8,828,973
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.1%
Food Retail -- 0.6%
105,502(b) X5 Retail Group NV (G.D.R.) $ 4,336,132
--------------------------------------------------------------------------------------------------------------
Hypermarkets & Super Centers -- 0.5%
631,729(b) Atacadao Distribuicao Comercio e Industria Ltd. $ 3,104,301
---------------
Total Food & Staples Retailing $ 7,440,433
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.4%
Health Care Equipment -- 1.6%
29,298 BioMerieux $ 2,298,460
111,531(b) Boston Scientific Corp. 3,138,483
28,931(b) Edwards Lifesciences Corp. 2,957,616
13,330 Stryker Corp. 2,064,417
---------------
$ 10,458,976
--------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
13,134(b) Laboratory Corp. of America Holdings $ 2,018,827
--------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
7,254(b) Align Technology, Inc. $ 1,733,561
204,753 ConvaTec Group Plc (144A) 532,796
---------------
$ 2,266,357
--------------------------------------------------------------------------------------------------------------
Managed Health Care -- 2.2%
17,353 Aetna, Inc. $ 2,950,530
27,434 Anthem, Inc. 5,739,467
26,753 UnitedHealth Group, Inc. 5,624,016
---------------
$ 14,314,013
---------------
Total Health Care Equipment & Services $ 29,058,173
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
134,968 Natura Cosmeticos SA $ 1,277,376
---------------
Total Household & Personal Products $ 1,277,376
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 3.2%
Life & Health Insurance -- 2.1%
257,000 AIA Group, Ltd. $ 1,933,805
711,711 China Life Insurance Co., Ltd., Class H 2,353,774
444,500 Ping An Insurance Group Co. of China, Ltd.,
Class H 3,903,046
16,997(b) Swiss Life Holding AG 5,906,372
---------------
$ 14,096,997
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 21
Schedule of Investments | 10/31/17 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.9%
20,594 Allianz SE $ 4,782,807
427,521(b) Genworth Financial, Inc., Class A 1,415,095
---------------
$ 6,197,902
--------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
21,743 Progressive Corp. $ 1,057,797
---------------
Total Insurance $ 21,352,696
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 2.4%
Diversified Metals & Mining -- 0.9%
285,467 Teck Resources, Ltd., Class B $ 5,835,752
--------------------------------------------------------------------------------------------------------------
Steel -- 1.5%
194,663(b) ArcelorMittal $ 5,582,248
312,588(b) TimkenSteel Corp. 4,376,232
---------------
$ 9,958,480
---------------
Total Materials $ 15,794,232
--------------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Publishing -- 0.1%
128,769(b) Promotora de Informaciones SA, Class A $ 456,798
---------------
Total Media $ 456,798
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.5%
Biotechnology -- 0.3%
15,004(b) Alexion Pharmaceuticals, Inc. $ 1,795,378
--------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.4%
18,048(b) Charles River Laboratories International, Inc. $ 2,098,802
30,781 Thermo Fisher Scientific, Inc. 5,966,281
7,031(b) Waters Corp. 1,378,428
---------------
$ 9,443,511
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.8%
1,716,000 China Traditional Chinese Medicine
Holdings Co., Ltd. $ 983,255
24,124 Johnson & Johnson 3,363,127
113,500 Shanghai Fosun Pharmaceutical Group Co.,
Ltd., Class H 566,689
---------------
$ 4,913,071
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 16,151,960
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 6.0%
Diversified Real Estate Activities -- 0.1%
81,900 UOL Group, Ltd. $ 543,435
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
Diversified REITs -- 0.9%
135,750 Lar Espana Real Estate Socimi SA $ 1,332,245
4,183,900 Mapletree Greater China Commercial Trust 3,608,399
80,142 Merlin Properties Socimi SA 1,057,830
---------------
$ 5,998,474
--------------------------------------------------------------------------------------------------------------
Health Care REIT -- 0.2%
986,700 First Real Estate Investment Trust $ 1,003,068
--------------------------------------------------------------------------------------------------------------
Hotel & Resort REITs -- 1.3%
143,860 DiamondRock Hospitality Co. $ 1,562,320
57,933 LaSalle Hotel Properties 1,634,290
69,919 Pebblebrook Hotel Trust 2,493,311
43,403 Ryman Hospitality Properties, Inc. 2,870,240
---------------
$ 8,560,161
--------------------------------------------------------------------------------------------------------------
Industrial REIT -- 0.2%
1,152,400 Mapletree Industrial Trust $ 1,640,969
--------------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.9%
217,667 Aroundtown SA $ 1,529,100
5,286,000 CIFI Holdings Group Co., Ltd. 2,947,527
897,000 Shimao Property Holdings, Ltd. 1,878,823
---------------
$ 6,355,450
--------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 2.4%
2,685,700 Ascendas India Trust $ 2,266,996
101,619 Deutsche Wohnen SE 4,328,789
116,285 Grand City Properties SA 2,492,685
12,877 LEG Immobilien AG 1,308,149
126,360 Vonovia SE 5,558,627
---------------
$ 15,955,246
---------------
Total Real Estate $ 40,056,803
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.6%
Internet & Direct Marketing Retail -- 0.6%
101,837(b) JD.com, Inc. (A.D.R.) $ 3,820,924
---------------
Total Retailing $ 3,820,924
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.8%
Semiconductor Equipment -- 1.8%
3,848 ASML Holding NV $ 693,956
38,527 KLA-Tencor Corp. 4,195,205
32,466 Lam Research Corp. 6,771,434
---------------
$ 11,660,595
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 23
Schedule of Investments | 10/31/17 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
Semiconductors -- 1.0%
25,493 Broadcom, Ltd. $ 6,727,857
---------------
Total Semiconductors &
Semiconductor Equipment $ 18,388,452
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.8%
Application Software -- 0.8%
24,919(b) Adobe Systems, Inc. $ 4,364,812
5,874 SAP SE 668,308
---------------
$ 5,033,120
--------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.2%
43,399 Mastercard, Inc., Class A $ 6,456,469
12,048 Visa, Inc., Class A 1,325,039
---------------
$ 7,781,508
--------------------------------------------------------------------------------------------------------------
Internet Software & Services -- 1.8%
37,179(b) Autohome, Inc. (A.D.R.) $ 2,138,164
64,586(b) Baozun, Inc. (A.D.R.) 2,027,354
46,299(b) Bitauto Holdings, Ltd. (A.D.R.) 2,091,326
4,700 NetEase, Inc. (A.D.R.) 1,325,024
3,446(b) Weibo Corp. (A.D.R.) 319,272
42,899(b) Yandex NV, Class A 1,451,273
31,204(b) YY, Inc. (A.D.R.) 2,820,530
---------------
$ 12,172,943
--------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.2%
122,023 Altran Technologies SA $ 2,257,450
41,709 Capgemini SE 5,070,469
5,409 Leidos Holdings, Inc. 338,171
---------------
$ 7,666,090
--------------------------------------------------------------------------------------------------------------
Systems Software -- 1.8%
83,860 Microsoft Corp. $ 6,975,475
155,147 Symantec Corp. 5,042,278
---------------
$ 12,017,753
---------------
Total Software & Services $ 44,671,414
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.4%
Communications Equipment -- 0.5%
22,057 Harris Corp. $ 3,072,981
--------------------------------------------------------------------------------------------------------------
Technology Hardware, Storage &
Peripherals -- 0.9%
2,480 Samsung Electronics Co., Ltd. $ 6,107,222
---------------
Total Technology Hardware & Equipment $ 9,180,203
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Wireless Telecommunication Services -- 0.3%
15,100 SoftBank Group Corp. $ 1,320,959
156,005 VEON, Ltd. (A.D.R.) 609,980
---------------
Total Telecommunication Services $ 1,930,939
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.7%
Airlines -- 0.7%
85,028(b) Azul SA (A.D.R.) $ 2,150,358
20,337 Copa Holdings SA, Class A 2,505,315
---------------
$ 4,655,673
--------------------------------------------------------------------------------------------------------------
Railroads -- 1.0%
5,818 Canadian Pacific Railway, Ltd. $ 1,009,074
49,228 CSX Corp. 2,482,568
12,628 Norfolk Southern Corp. 1,659,572
14,805 Union Pacific Corp. 1,714,271
---------------
$ 6,865,485
---------------
Total Transportation $ 11,521,158
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Renewable Electricity -- 0.2%
144,302 Saeta Yield SA $ 1,612,024
---------------
Total Utilities $ 1,612,024
--------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $416,284,851) $ 469,918,507
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 4.0% of Net Assets
BANKS -- 1.3%
Diversified Banks -- 1.3%
2,000,000(c) Banco do Brasil SA, 3.875%, 10/10/22 $ 1,980,000
6,052,000(d)(e) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD
Swap Rate + 546 bps) (144A) 6,611,810
---------------
Total Banks $ 8,591,810
--------------------------------------------------------------------------------------------------------------
ENERGY -- 1.0%
Integrated Oil & Gas -- 1.0%
3,200,000 Petrobras Global Finance BV, 4.375%, 5/20/23 $ 3,180,800
2,789,000 YPF SA, 8.5%, 3/23/21 (144A) 3,158,040
---------------
Total Energy $ 6,338,840
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Commodity Chemicals -- 0.3%
1,800,000(c) Braskem Finance, Ltd., 6.45%, 2/3/24 $ 2,053,080
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 25
Schedule of Investments | 10/31/17 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.9%
2,000,000 Anglo American Capital Plc, 4.75%,
4/10/27 (144A) $ 2,114,194
3,700,000 MMC Norilsk Nickel OJSC via MMC Finance,
DAC, 4.1%, 4/11/23 (144A) 3,725,271
---------------
$ 5,839,465
--------------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
3,000,000 Sealed Air Corp., 5.125%, 12/1/24 (144A) $ 3,217,500
---------------
Total Materials $ 11,110,045
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $24,121,039) $ 26,040,695
--------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 7.2% of Net Assets
3,000,000(f) U.S. Treasury Bill, 11/2/17 $ 2,999,923
19,395,000(f) U.S. Treasury Bill, 11/9/17 19,390,965
12,235,000(f) U.S. Treasury Bill, 11/16/17 12,230,106
12,800,000(f) U.S. Treasury Bill, 11/24/17 12,792,047
---------------
$ 47,413,041
--------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $47,413,183) $ 47,413,041
--------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
3.0% of Net Assets
Brazil -- 0.3%
2,000,000 Brazilian Government International Bond,
4.25%, 1/7/25 $ 2,030,000
--------------------------------------------------------------------------------------------------------------
Greece -- 2.7%
EUR 17,020,594(g) Hellenic Republic Government Bond,
3.0%, 2/24/27 $ 17,526,846
--------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $16,583,397) $ 19,556,846
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 6.0% of Net Assets
DIVERSIFIED FINANCIALS -- 5.1%
Asset Management & Custody Banks -- 2.6%
28,596 Guggenheim S&P Global Water Index ETF $ 1,004,577
271,839 ProShares S&P 500 Dividend Aristocrats ETF 16,391,892
---------------
$ 17,396,469
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.8%
102,921 ETFMG Prime Cyber Security ETF $ 3,162,762
62,296 PowerShares International BuyBack
Achievers Portfolio 2,210,885
---------------
$ 5,373,647
--------------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.7%
121,865 PowerShares Buyback Achievers Portfolio $ 6,804,942
146,091 SPDR S&P Euro Dividend Aristocrats UCITS ETF 4,022,583
---------------
$ 10,827,525
---------------
Total Diversified Financials $ 33,597,641
--------------------------------------------------------------------------------------------------------------
ENERGY -- 0.9%
Oil & Gas Exploration & Production -- 0.9%
88,307 SPDR S&P US Dividend Aristocrats UCITS ETF $ 4,411,978
27,967 SPDR S&P US Dividend Aristocrats UCITS ETF 1,396,113
---------------
Total Energy $ 5,808,091
--------------------------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $33,838,413) $ 39,405,732
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
--------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
1.5% of Net Assets
COMMERCIAL PAPERS -- 0.7%
1,060,000 Federation des Caisses Desjardins du Quebec,
1.1%, 11/1/17 $ 1,059,966
1,580,000 Natixis NY, 1.08%, 11/1/17 1,579,949
1,870,000 Swedbank AB, 1.04%, 11/1/17 1,869,941
---------------
$ 4,509,856
--------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.8%
2,390,000 $2,390,000 ScotiaBank, 1.05%, dated
10/31/17, plus accrued interest on 11/1/17
collateralized by the following:
$2,437,872 Government National Mortgage
Association, 3.0%, 7/20/46 $ 2,390,000
1,465,000 $1,465,000 TD Securities USA LLC, 1.03%,
dated 10/31/17, plus accrued interest on
11/1/17 collateralized by the following:
$1,494,389 U.S. Treasury Notes,
1.875%, 7/31/22 1,465,000
1,465,000 $1,465,000 TD Securities USA LLC, 1.05%,
dated 10/31/17, plus accrued interest on
11/1/17 collateralized by the following:
$1,494,389 U.S. Treasury Notes,
1.875%, 7/31/22 1,465,000
---------------
$ 5,320,000
--------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $9,830,000) $ 9,829,856
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 27
Schedule of Investments | 10/31/17 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
--------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTIONS
PURCHASED -- 1.3%
60 NIKKEI 225 Index Citibank NA JPY 539,195 JPY 20,888 9/14/18 $ 959,080
53 NIKKEI 225 Index Citibank NA JPY 668,728 JPY 21,298 9/13/19 967,724
182,000 NIKKEI 225 Index JPMorgan Chase JPY 1,120,242 JPY 20,854 8/10/18 2,823,170
Bank NA
48,961 NIKKEI 225 Index JPMorgan Chase JPY 434,787 JPY 20,698 9/15/18 836,394
Bank NA
126,150 NIKKEI 225 Index JPMorgan Chase JPY 1,096,201 JPY 21,656 8/9/19 2,048,962
Bank NA
48,019 NIKKEI 225 Index JPMorgan Chase JPY 590,763 JPY 21,104 9/13/19 918,183
Bank NA
---------------
$ 8,553,513
--------------------------------------------------------------------------------------------------------------
TOTAL CALL OPTIONS PURCHASED
(Premiums paid $4,449,916) $ 8,553,513
--------------------------------------------------------------------------------------------------------------
EXCHANGE-TRADED CALL OPTIONS
PURCHASED -- 0.6%
2,000 Blue Apron Citibank NA 266,000 7 1/18/19 $ 220,000
Holdings, Inc.
20,000 Financial Select Citibank NA 1,058,000 26 12/29/17 2,050,000
Sector SPDR Fund
11,385 KKR & Co. LP Citibank NA 1,850,746 22 1/18/19 1,736,213
---------------
$ 4,006,213
--------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED CALL
OPTIONS PURCHASED
(Premiums paid $3,174,746) $ 4,006,213
--------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) PUT OPTION
PURCHASED -- 0.2%
18,570 S&P 500 JPMorgan Chase $1,874,482 $ 2,378 8/17/18 $ 1,109,949
Bank NA
--------------------------------------------------------------------------------------------------------------
TOTAL PUT OPTION PURCHASED
(Premiums paid $1,874,482) $ 1,109,949
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 95.1%
(Cost $557,765,272) $ 625,995,547
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 4.9% $ 32,698,320
--------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 658,693,867
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
EURIBOR The Euro Interbank Offer Rate.
LIBOR London Interbank Offer Rate.
+ Amount rounds to less than 0.1%.
REIT Real Estate Investment Trust.
BPS Basis Point.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
(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, 2017, the value of these securities
amounted to $23,281,001, or 3.5% of net assets.
(a) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See notes to the
Financial Statements -- Note 1A.
(b) Non-income producing security.
(c) All or a portion of this security is held by Pioneer Cayman
Commodity Fund Ltd.
(d) The interest rate is subject to change periodically. The interest
rate, reference index and spread shown at October 31, 2017.
(e) Security is perpetual in nature and has no stated maturity date.
(f) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(g) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
October 31, 2017.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2017, were as follows:.
-------------------------------------------------------------------------------------
Purchases Sales
-------------------------------------------------------------------------------------
Long-Term U.S. Government $ 46,951,752 $ 47,291,863
Other Long-Term Securities $1,621,917,563 $1,769,905,033
The Fund is permitted to engage in purchase and sale transactions (cross trades)
with certain funds and accounts for which Amundi Pioneer Asset Management, Inc.,
formerly Pioneer Investment Management, Inc. (the "Adviser") serves as the
Fund's investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the year ended October 31, 2017, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $6,930,407 and $19,195,568,
respectively, which resulted in a net realized gain (loss) of $0.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 29
Schedule of Investments | 10/31/17 (Consolidated) (continued)
SWAP CONTRACTS
TOTAL RETURN SWAP CONTRACTS
Over The Counter (OTC)
--------------------------------------------------------------------------------------------------------------------
Notional Obligation Pay/ Expiration Unrealized Market
Amount Counterparty Reference Receive Coupon Date Appreciation Value
--------------------------------------------------------------------------------------------------------------------
415,832 Citibank NA ETFMG Prime Pay 3M Libor + 6/15/18 $ 97,043 $ 97,043
Cyber Security 20bps
ETF
351,467 Citibank NA VanEck Vectors Pay 3M Libor + 6/18/18 400,362 400,362
Vietnam ETF 20bps
114,021 Citibank NA VanEck Vectors Pay 3M Libor + 6/18/18 119,484 119,484
Vietnam ETF 20bps
6,603 Citibank NA VanEck Vectors Pay 3M Libor + 6/18/18 6,925 6,925
Vietnam ETF 20bps
202,095 Goldman Goldman Sachs Pay 3M Libor + 5/4/18 929,639 929,639
Sachs Total Cash 39bps
International Return Index*
EUR 1,172 Societe Solactive Pay 3M Euribor + 6/12/18 295,104 295,104
Generale SA European 30bps
Buyback Index
EUR 1,253 Societe Solactive Pay 3M Euribor + 10/15/18 88,078 88,078
Generale SA European 55bps
Buyback Index
--------------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $ 1,936,635 $ 1,936,635
====================================================================================================================
* Represents a custom basket index. The underlying investments of the index
as of October 31, 2017 were as follows:
--------------------------------------------------------------------------------------------------------------------
Index Description Shares Value % of basket
--------------------------------------------------------------------------------------------------------------------
AbbVie, Inc. 263 $ 23,771 2.56%
AES Corp. 1536 16,324 1.76%
American Airlines Group, Inc. 408 19,080 2.05%
American International Group, Inc. 285 18,423 1.98%
Ameriprise Financial, Inc. 136 21,265 2.29%
AmerisourceBergen Corp. 212 16,288 1.75%
Apple, Inc. 121 20,438 2.20%
Applied Materials, Inc. 428 24,134 2.60%
Archer-Daniels-Midland Co. 380 15,516 1.67%
Assurant, Inc. 180 18,164 1.95%
Boeing Co. 94 24,242 2.61%
Capital One Financial Corp. 216 19,918 2.14%
CBS Corp. 261 14,644 1.57%
CenturyLink, Inc. 677 12,849 1.38%
Corning, Inc. 602 18,849 2.03%
DENTSPLY SIRONA, Inc. 275 16,772 1.80%
Discover Financial Services 277 18,461 1.99%
EBay, Inc. 520 19,567 2.10%
Equity Residential 269 18,089 1.95%
Express Scripts Holding Co. 283 17,354 1.87%
The accompanying notes are an integral part of these financial statements.
30 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
--------------------------------------------------------------------------------------------------------------------
Index Description Shares Value % of basket
--------------------------------------------------------------------------------------------------------------------
F5 Networks, Inc. 134 $ 16,311 1.75%
General Electric Co. 599 12,078 1.30%
Gilead Sciences, Inc. 253 18,992 2.04%
HCA Healthcare, Inc. 206 15,603 1.68%
HP, Inc. 923 19,888 2.14%
LyondellBasell Industries NV 205 21,214 2.28%
McDonald's Corp. 124 20,717 2.23%
Michael Kors Holdings Ltd. 465 22,709 2.44%
Monster Beverage Corp. 383 22,171 2.38%
Motorola Solutions, Inc. 202 18,291 1.97%
Navient Corp. 1143 14,237 1.53%
NetApp, Inc. 436 19,360 2.08%
NRG Energy, Inc. 1028 25,692 2.76%
ONEOK, Inc. 330 17,916 1.93%
Procter & Gamble Co. 199 17,171 1.85%
PulteGroup, Inc. 766 23,160 2.49%
Qorvo, Inc. 255 19,354 2.08%
Quest Diagnostics, Inc. 165 15,438 1.66%
Seagate Technology PLC 412 15,241 1.64%
Sysco Corp. 329 18,272 1.97%
Target Corp. 311 18,360 1.97%
TransDigm Group, Inc. 70 19,534 2.10%
Tyson Foods, Inc. 270 19,706 2.12%
United Continental Holdings, Inc. 247 14,466 1.56%
Valero Energy Corp. 269 21,207 2.28%
Western Union Co. 875 17,368 1.87%
Weyerhaeuser Co. 513 18,414 1.98%
Williams Cos, Inc. 567 16,160 1.74%
XL Group Ltd. 415 16,795 1.81%
Yum! Brands, Inc. 264 19,666 2.12%
--------------------------------------------------------------------------------------------------------------------
Totals $929,639 100.00%
====================================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 31
Schedule of Investments | 10/31/17 (Consolidated) (continued)
FUTURES CONTRACTS
INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Depreciation
--------------------------------------------------------------------------------------------------
555 Dow Jones 12/15/17 $ 17,839,573 $ 17,538,000 $ (301,573)
U.S. Real Estate
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Expiration Notional Market Appreciation
Short Description Date Amount Value (Depreciation)
--------------------------------------------------------------------------------------------------
1,148 Euro Stoxx 50 12/15/17 $ 46,712,063 $ 49,190,307 $ (2,478,244)
195 FTSE/MIB 12/15/17 25,012,154 25,868,417 (856,263)
224 Hang Seng 11/29/17 16,424,984 16,527,615 (102,631)
China Enterprises
461 Mexican Bolsa 12/15/17 12,150,735 11,740,346 410,389
224 MSCI China Free 12/15/17 9,839,200 9,906,400 (67,200)
111 Nasdaq 100 12/15/17 13,187,000 13,874,445 (687,445)
E-MINI
90 Nikkei 225 12/7/17 9,787,500 10,001,250 (213,750)
103 S&P 500 12/15/17 13,199,412 13,249,662 (50,250)
E-MINI
--------------------------------------------------------------------------------------------------
TOTAL INDEX FUTURES $ 146,313,048 $ 150,358,442 $ (4,045,394)
==================================================================================================
FIXED INCOME INDEX FUTURES CONTRACT
--------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value (Depreciation)
--------------------------------------------------------------------------------------------------
35 Euro-Bond 12/7/17 $ 6,571,299 $ 6,636,131 $ (64,832)
--------------------------------------------------------------------------------------------------
CURRENCY FUTURES CONTRACTS
--------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
--------------------------------------------------------------------------------------------------
492 Euro 12/18/17 $ 73,088,733 $ 71,838,150 $ 1,250,583
218 Mexican Peso 12/18/17 5,803,999 5,646,200 157,799
--------------------------------------------------------------------------------------------------
TOTAL CURRENCY FUTURES 78,892,732 77,484,350 1,408,382
==================================================================================================
TOTAL FUTURES CONTRACTS $ (213,937,506) $(216,940,923) $ (3,003,417)
==================================================================================================
Principal amounts are denominated in U.S. dollars unless otherwise noted.
EUR -- Euro
JPY -- Japanese Yen
The accompanying notes are an integral part of these financial statements.
32 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
At October 31, 2017, the net unrealized appreciation on investments based on
cost for federal tax purposes of $565,560,226 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 72,996,804
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (13,652,771)
------------
Net unrealized appreciation $ 59,344,033
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Trust's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of October 31, 2017, in valuing
the Fund's investments.
----------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------------
Preferred Stock
Real Estate
Retail REIT $ -- $ -- $ 161,195 $ 161,195
Common Stocks
Banks
Diversified Banks 77,824,622 2,625,936 -- 80,450,558
All Other Common Stocks 389,467,949 -- -- 389,467,949
Corporate Bonds -- 26,040,695 -- 26,040,695
U.S. Government and
Agency Obligations -- 47,413,041 -- 47,413,041
Foreign Government Bonds -- 19,556,846 -- 19,556,846
Mutual Funds 39,405,732 -- -- 39,405,732
Commercial Papers -- 4,509,856 -- 4,509,856
Repurchase Agreements -- 5,320,000 -- 5,320,000
Call Options Purchased -- 8,553,513 -- 8,553,513
Exchange-Traded Call
Options Purchased 4,006,213 -- -- 4,006,213
Put Option Purchased -- 1,109,949 -- 1,109,949
----------------------------------------------------------------------------------------------------------
Total Investments
in Securities $ 510,704,516 $ 115,129,836 $ 161,195 $ 625,995,547
==========================================================================================================
Other Financial Instruments
Net unrealized depreciation
on futures contracts (3,003,417) -- -- (3,003,417)
Swap contracts, at value -- 1,936,635 -- 1,936,635
----------------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (3,003,417) $ 1,936,635 $ -- $ (1,066,782)
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 33
Schedule of Investments | 10/31/17 (Consolidated) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------------------
Preferred Stock
----------------------------------------------------------------------------------------------------------
Balance as of 10/31/16 $ --
Realized gain (loss)(1) --
Changed in unrealized appreciation (depreciation)(2) (13,225)
Purchases --
Sales --
Transfers into Level 3* 174,420
----------------------------------------------------------------------------------------------------------
Balance as of 10/31/17 $ 161,195
==========================================================================================================
(1) Realized gain (loss) on these securities is included in the realized
gain (loss) on investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included
in the change in unrealized appreciation (depreciation) on investments
in the Statement of Operations.
* Transfers are calculated on the beginning of period values. During the
year ended October 31, 2017, there were no transfers between Levels 1
and 2. A security valued at $174,420 transferred from Level 2 to Level 3
as there were no longer observable inputs available to determine its
value.
Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 at October 31, 2017: $ (13,225)
---------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Statement of Assets and Liabilities | 10/31/17 (Consolidated)
ASSETS:
Investments in unaffiliated issuers, at value (cost $557,765,272) $ 625,995,547
Cash 3,801,605
Foreign currencies, at value (cost $17,544,545) 17,568,150
Swaps contracts, at value 1,936,635
Futures collateral 12,252,000
Due from broker for futures and options 2,953,843
Receivables --
Investment securities sold 7,513,874
Fund shares sold 530,534
Interest 692,661
Dividends 498,879
Due from the Adviser 42,576
Other assets 241,560
----------------------------------------------------------------------------------
Total assets $ 674,027,864
==================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 808,359
Fund shares repurchased 459,359
Distributions 282
Trustees' fees 2,475
Swaps collateral 1,200,000
Futures collateral 1,392,000
Options collateral 7,430,000
Variation margin for futures contracts 568,501
Net unrealized depreciation on futures contracts 3,003,417
Reserve for repatriation taxes 21,212
Due to affiliates 130,716
Accrued expenses and other liabilities 317,676
----------------------------------------------------------------------------------
Total liabilities $ 15,333,997
==================================================================================
NET ASSETS:
Paid-in capital $ 547,696,914
Undistributed net investment income 3,466,674
Accumulated net realized gain on investments 40,360,330
Net unrealized appreciation on investments (net of foreign capital
gains tax of $24,506) 67,169,949
----------------------------------------------------------------------------------
Net assets $ 658,693,867
==================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $140,277,729/9,902,202 shares) $ 14.17
Class C (based on $148,590,826/10,649,550 shares) $ 13.95
Class R (based on $278,829/19,754 shares)* $ 14.11
Class Y (based on $369,546,483/25,984,927 shares) $ 14.22
MAXIMUM OFFERING PRICE:
Class A ($14.17/95.5%) $ 14.84
==================================================================================
* Net assets divided by shares does not equal net asset value per share due
to rounding.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 35
Statement of Operations (Consolidated)
For the Year Ended 10/31/17
INVESTMENT INCOME:
Interest from unaffiliated issuers (net of foreign
taxes withheld $16,555) $ 4,735,377
Dividends from unaffiliated issuers (net of
foreign taxes withheld $632,316) 9,686,226
----------------------------------------------------------------------------------------------------
Total investment income $ 14,421,603
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 4,448,375
Administrative expense 215,232
Transfer agent fees
Class A 133,329
Class C 151,983
Class R 753
Class Y 367,689
Distribution fees
Class A 354,458
Class C 1,576,694
Class R 1,447
Shareholder communications expense 31,039
Custodian fees 221,037
Registration fees 78,109
Professional fees 90,822
Printing expense 46,909
Trustees' fees 25,607
Pricing expense 4,310
Miscellaneous 160,044
----------------------------------------------------------------------------------------------------
Total expenses $ 7,907,837
Less fees waived and expenses reimbursed by the Adviser (160,390)
----------------------------------------------------------------------------------------------------
Net expenses $ 7,747,447
----------------------------------------------------------------------------------------------------
Net investment income $ 6,674,156
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 69,600,411
Futures contracts (15,411,359)
Swap contracts 6,959,575
Written options 2,333,085
Forward foreign currency contracts (131,948)
Other assets and liabilities denominated in
foreign currencies (1,544,825) $ 61,804,939
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers (net of foreign capital
gains tax of $24,506) $ 42,561,161
Futures contracts (3,732,229)
Swap contracts 994,797
Other assets and liabilities denominated
in foreign currencies 105,232 $ 39,928,961
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $101,733,900
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $108,408,056
====================================================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Statements of Changes in Net Assets (Consolidated)
----------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/17 10/31/16*
----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 6,674,156 $ 9,508,767
Net realized gain (loss) on investments 61,804,939 (16,682,296)
Change in net unrealized appreciation (depreciation)
on investments 39,928,961 10,119,970
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 108,408,056 $ 2,946,441
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.12 and $0.18 per share, respectively) $ (1,416,002) $ (2,927,845)
Class C ($0.06 and $0.12 per share, respectively) (820,498) (1,997,821)
Class R ($0.08 and $0.15 per share, respectively) (2,157) (3,054)
Class Y ($0.16 and $0.20 per share, respectively) (4,306,248) (6,031,318)
Net realized gain:
Class A ($0.00 and $0.56 per share, respectively) -- (9,239,156)
Class C ($0.00 and $0.56 per share, respectively) -- (9,649,365)
Class R ($0.00 and $0.56 per share, respectively) -- (7,412)
Class Y ($0.00 and $0.56 per share, respectively) -- (16,206,495)
----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (6,544,905) $ (46,062,466)
====================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 127,803,029 $ 211,568,038
Reinvestment of distributions 5,535,308 39,206,409
Cost of shares repurchased (267,730,775) 323,047,284)
----------------------------------------------------------------------------------------------------
Net decrease in net assets from Fund
share transactions $ (134,392,438) $ (72,272,837)
----------------------------------------------------------------------------------------------------
Net decrease in net assets $ (32,529,287) $ (115,388,862)
NET ASSETS:
Beginning of year $ 691,223,154 $ 806,612,016
----------------------------------------------------------------------------------------------------
End of year $ 658,693,867 $ 691,223,154
----------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ 3,466,674 $ (58,262)
====================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 37
Statements of Changes in Net Assets (Consolidated) (continued)
-----------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
10/31/17 10/31/17 10/31/16 10/31/16
Shares Amount Shares* Amount*
-----------------------------------------------------------------------------------------------
Class A
Shares sold 1,560,400 $ 19,940,069 2,996,542 $ 35,560,866
Reinvestment of
distributions 100,053 1,248,365 954,082 11,340,896
Less shares repurchased (5,467,662) (68,177,267) (6,720,960) (79,627,835)
-----------------------------------------------------------------------------------------------
Net decrease (3,807,209) $ (46,988,833) (2,770,336) $ (32,726,073)
-----------------------------------------------------------------------------------------------
Class C
Shares sold 727,136 $ 9,039,802 2,308,657 $ 26,738,368
Reinvestment of
distributions 53,726 643,644 791,996 9,322,205
Less shares repurchased (5,156,033) (64,137,045) (5,484,599) (64,227,696)
-----------------------------------------------------------------------------------------------
Net decrease (4,375,171) $ (54,453,599) (2,383,946) $ (28,167,123)
===============================================================================================
Class R
Shares sold 8,525 $ 103,330 25,082 $ 289,938
Reinvestment of
distributions 70 841 557 6,624
Less shares repurchased (12,309) (151,715) (11,638) (134,805)
-----------------------------------------------------------------------------------------------
Net increase
(decrease) (3,714) $ (47,544) 14,001 $ 161,757
===============================================================================================
Class Y
Shares sold 7,774,087 $ 98,719,828 12,560,341 $ 148,978,866
Reinvestment of
distributions 288,109 3,642,458 1,554,509 18,536,684
Less shares repurchased (10,856,968) (135,264,748) (15,118,203) (179,056,948)
-----------------------------------------------------------------------------------------------
Net decrease (2,794,772) $ (32,902,462) (1,003,353) $ (11,541,398)
===============================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Financial Highlights (Consolidated)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.03 $ 12.68 $ 12.94 $ 13.33 $ 11.76
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.16(a) $ 0.17(a) $ 0.27 $ 0.21
Net realized and unrealized gain (loss) on investments 2.12 (0.07) 0.20 (0.09) 1.51
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.26 $ 0.09 $ 0.37 $ 0.18 $ 1.72
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners from:
Net investment income $ (0.12) $ (0.18) $ (0.30) $ (0.08) $ (0.15)
Net realized gain -- (0.56) (0.33) (0.49) --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.12) $ (0.74) $ (0.63) (0.57) $ (0.15)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.14 $ (0.65) $ (0.26) $ (0.39) $ 1.57
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.17 $ 12.03 $ 12.68 $ 12.94 $ 13.33
==================================================================================================================================
Total return (b) 18.96% 0.88% 2.85% 1.45% 14.72%
Ratio of net expenses to average net assets (c) 1.18% 1.19% 1.20% 1.23% 1.20%
Ratio of net investment income (loss) to average net assets 1.08% 1.38% 1.33% 1.60% 1.82%
Portfolio turnover rate 292% 230% 295% 383% 288%
Net assets of, end of period (in thousands) $ 140,278 $ 164,898 $ 209,001 $ 227,251 $ 335,398
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (c) 1.18% 1.19% 1.26% 1.23% 1.23%
Net investment income (loss) to average net assets 1.08% 1.38% 1.27% 1.60% 1.79%
==================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.05%, and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 39
Financial Highlights (Consolidated) (continued)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.88 $ 12.56 $ 12.78 $ 13.21 $ 11.66
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04(a) $ 0.07(a) $ 0.07(a) $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments 2.09 (0.07) 0.20 (0.05) 1.50
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.13 $ -- $ 0.27 $ 0.08 $ 1.62
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners from:
Net investment income $ (0.06) $ (0.12) $ (0.16) $ (0.02) $ (0.07)
Net realized gain -- (0.56) (0.33) (0.49) --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.06) $ (0.68) $ (0.49) $ (0.51) $ (0.07)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.07 $ (0.68) $ (0.22) $ (0.43) $ 1.55
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.95 $ 11.88 $ 12.56 $ 12.78 $ 13.21
==================================================================================================================================
Total return (b) 18.01% 0.09% 2.12% 0.60% 13.93%
Ratio of net expenses to average net assets (c) 1.93% 1.94% 2.01% 1.97% 1.98%
Ratio of net investment income (loss) to average net assets 0.34% 0.63% 0.52% 0.89% 1.05%
Portfolio turnover rate 292% 230% 295% 383% 288%
Net assets of, end of period (in thousands) $ 148,591 $ 178,457 $ 218,597 $ 238,164 $ 251,889
==================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.05%, and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended 9/13/13 to
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 12.00 $ 12.69 $ 12.92 $ 13.32 $ 12.87(a)
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(b) $ 0.10(b) $ 0.06(b) $ 0.15 $ 0.05
Net realized and unrealized gain (loss) on investments 2.11 (0.08) 0.19 0.00(c) 0.44
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.19 $ 0.02 $ 0.25 $ 0.15 $ 0.49
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners from:
Net investment income $ (0.08) $ (0.15) $ (0.15) $ (0.06) $ (0.04)
Net realized gain -- (0.56) (0.33) (0.49) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.08) $ (0.71) $ (0.48) $ (0.55) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.11 $ (0.69) $ (0.23) $ (0.40) $ 0.45
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.11 $ 12.00 $ 12.69 $ 12.92 $ 13.32
====================================================================================================================================
Total return (d) 18.35% 0.34% 1.90% 1.19% 4.76%(e)
Ratio of net expenses to average net assets (f) 1.62% 1.71% 2.01% 1.55% 1.36%(g)
Ratio of net investment income (loss) to average net assets 0.64% 0.86% 0.47% 1.40% 2.96%(g)
Portfolio turnover rate 292% 230% 295% 383% 288%
Net assets of, end of period (in thousands) $ 279 $ 282 $ 120 $ 74 $ 10
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (f) 1.62% 1.71% 2.01% 1.55% 1.36%(g)
Net investment income (loss) to average net assets 0.64% 0.86% 0.47% 1.40% 2.96%(g)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) Class R shares beginning capital was recorded on inception date at $10.00
per share.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) Amount rounds to less than $0.01 or $(0.01) per share.
(d) 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.
(e) Not annualized.
(f) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.05%, and 0.00%,
respectively.
(g) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 41
Financial Highlights (Consolidated) (continued)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.08 $ 12.72 $ 12.97 $ 13.37 $ 11.79
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.20(a) $ 0.21(a) $ 0.27 $ 0.25
Net realized and unrealized gain (loss) on investments 2.12 (0.08) 0.20 (0.05) 1.52
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.30 $ 0.12 $ 0.41 $ 0.22 $ 1.77
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners from:
Net investment income $ (0.16) $ (0.20) $ (0.33) $ (0.13) $ (0.19)
Net realized gain -- (0.56) (0.33) (0.49) --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.76) $ (0.66) $ (0.62) $ (0.19)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.14 $ (0.64) $ (0.25) $ (0.40) $ 1.58
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.22 $ 12.08 $ 12.72 $ 12.97 $ 13.37
==================================================================================================================================
Total return (b) 19.24% 1.17% 3.20% 1.70% 15.07%
Ratio of net expenses to average net assets (c) 0.90% 0.90% 0.90% 0.95% 0.90%
Ratio of net investment income (loss) to average net assets 1.37% 1.65% 1.63% 1.92% 2.11%
Portfolio turnover rate 292% 230% 295% 383% 288%
Net assets of, end of year (in thousands) $ 369,546 $ 347,586 $ 378,895 $ 401,336 $ 427,190
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (c) 0.95% 0.96% 1.02% 1.00% 0.98%
Net investment income (loss) to average net assets 1.32% 1.59% 1.52% 1.92% 2.03%
==================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.05%, and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Notes to Financial Statements 10/31/17 (Consolidated)
1. Organization and Significant Accounting Policies
Pioneer Flexible Opportunities 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 diversified, open-end
management investment company. The Fund's investment objective is to seek total
return.
The Fund offers four classes of shares designated as Class A, Class C, Class R
and Class Y shares. Class Z shares converted to Class Y shares as of the close
of business on August 7, 2015. 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 of
Trustees 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
dollarweighted 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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the Adviser) and the name of Pioneer Funds Distributor, Inc. changed to Amundi
Pioneer Distributor, Inc. (the Distributor).
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 43
In October 2016, the Securities and Exchange Commission (SEC) released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN),
the Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The consolidated financial statements of the Fund include the accounts of the
Pioneer Cayman Commodity Fund Ltd. (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 the
Adviser. 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, 2017, the
Subsidiary represented $6,812,615, or approximately 1.03%, of the net assets of
the Fund.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the
management of the Fund to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by using 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 or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by
44 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
independent third party pricing services. In the case of equity securities
not traded on an exchange, prices are typically determined by independent
third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity securities is substantially
completed each day at various times prior to the close of the NYSE. The
values of such securities used in computing the net asset value of the
Fund's shares are determined as of such times. The fund may use a fair
value model developed by an independent pricing service to value non-U.S.
equity securities.
Fixed-income securities are valued by using 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, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Securities or loan interests for which independent pricing services or
broker dealers 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 a fair valuation team comprised of certain
personnel of the Adviser, pursuant to procedures adopted by the Fund's
Board of Trustees. The Adviser's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees. The
Adviser's fair valuation team 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 of the Board of Trustees.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts), are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 45
Forward foreign currency exchange contracts are valued daily using
the foreign exchange rate or, for longer term forward contract positions,
the spot currency rate and the forward points on a daily basis, in each
case provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Options contracts are generally valued at the mean between the last
bid and ask prices on the principal exchange where they are traded.
Over-the-counter (OTC) options and options on swaps (swaptions) are valued
using 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, or may use a
pricing matrix or other fair value methods or techniques to provide an
estimated value of the security or instrument.
At October 31, 2017, there was one security that was valued using
fair value methods (in addition to securities valued using prices supplied
by independent pricing services, broker-dealers or using a third party
insurance pricing model) representing 0.02% of net assets. The value of
this fair valued security is $161,195.
B. Investment Income and Transactions
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, net of unrecoverable foreign taxes withheld at the
applicable country rates and net of income accrued on defaulted
securities. Interest and dividend income payable by delivery of additional
shares is reclassified as PIK (payment-in-kind) income upon receipt and is
included in interest and dividend income, respectively. 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 purchase prices of 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.
Security transactions are recorded as of trade date. Gains and losses
on sales of investments are calculated on the identified cost method for
both financial reporting and federal income tax purposes.
46 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
C. 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
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
the market prices of those securities but are included with the net
realized and unrealized gain or loss on investments.
D. Futures Contracts
The Fund may enter into futures transactions in order to attempt 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. The amount of cash deposited with the broker as collateral at
October 31, 2017, is recorded as "Futures collateral" in the Statement of
Assets and Liabilities.
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 appreciation or
depreciation. 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. 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 value of contracts open during the
year ended October 31, 2017 was $(71,072,598).
Futures contracts outstanding at October 31, 2017 are listed in the
Schedule of Investments.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 47
E. 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 appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a 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.
At October 31, 2017, the Fund entered into various forward foreign
currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close
out such contract by entering into an offsetting contract. The average
value of forward foreign currency contracts open during the year ended
October 31, 2017 was $(430,594).
There were no forward foreign currency contracts outstanding at
October 31, 2017.
F. 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 net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no federal income tax provision is required. As
of October 31, 2017, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
48 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
At October 31, 2017, the Fund reclassified $3,395,685 to increase
undistributed net investment income, $1,375,392 to decrease accumulated
net realized gain on investments and $2,020,293 to decrease paid-in
capital to reflect permanent book/tax differences. These adjustments have
no impact on net impact on net assets or results of operations.
During the year ended October 31, 2017, a capital loss carryforward
of $17,503,920 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the fiscal years ended
October 31, 2017 and October 31, 2016, were as follows:
--------------------------------------------------------------------------------------
2017 2016
--------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $6,544,905 $10,960,038
Long-term capital gain -- 35,102,428
--------------------------------------------------------------------------------------
Total $6,544,905 $46,062,466
======================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
--------------------------------------------------------------------------------------
2017
--------------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 35,164,458
Undistributed long term capital gain 16,457,500
Unrealized appreciation 59,374,995
--------------------------------------------------------------------------------------
Total $110,996,953
======================================================================================
The difference between book-basis and tax-basis net unrealized
appreciation is attributable to the tax deferral of losses on wash-sales,
adjustments relating to the mark-to-market of futures contracts, tax basis
adjustments on Real Estate Investment Trust (REIT), partnerships and
swaps, and common stock holdings.
G. Fund Shares
The Fund records sales and repurchases of its shares as of trade
date. The Distributor earned $14,486 in underwriting commissions on the
sale of Class A shares during the year ended October 31, 2017.
H. 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, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 49
paid to the Fund's transfer agent 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, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
I. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
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 Subsidiary, a foreign
50 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
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.
Interest rates in the U.S. recently have been historically low, so
the Fund faces a heightened risk that interest rates may rise. A general
rise in interest rates may cause investors to move out of fixed-income
securities on a large scale, which could adversely affect the price and
liquidity of fixed-income securities and could also result in increased
redemptions from the Fund.
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
J. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the 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 Adviser is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the
securities, but the Fund may not be able to sell them for the price at
which they were purchased, thus causing a loss to the Fund. Additionally,
if the counterparty becomes insolvent, there is some risk that the Fund
will not have a right to the securities, or the immediate right to sell
the securities. Open repurchase agreements as of October 31, 2017 are
disclosed in the Fund's Schedule of Investments.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 51
K. Option Writing
The Fund may write put and covered call options to seek to increase
total return. When an option is written, the Fund receives a premium and
becomes obligated to purchase or sell 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.
The average value of contracts open during the year ended October 31,
2017 was $(484,440). There were no written option contracts outstanding as
of October 31, 2017.
L. Purchased Options
The Fund may purchase put and call options to seek to increase total
return. 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
appreciation or depreciation 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 amount of cash deposited with the broker as
collateral at October 31,
52 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
2017 is recorded as "Options collateral" in the Statement of Assets and
Liabilities. The average value of contracts open during the year ended
October 31, 2017, was $5,202,468. Purchased options open at year end are
listed in the Fund's Schedule of Investments.
M. Credit Default Swap Contracts
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
sell or buy credit default swap contracts to seek to increase the Fund's
income, or to attempt to hedge the risk of default on portfolio
securities. A credit default swap index is used to hedge risk or take a
position on a basket of credit entities or indices. 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.
When the Fund enters into a credit default swap contract, 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
made by the Fund, as the protection buyer, is recorded as a component of
unrealized appreciation/depreciation on open swap contracts in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources, and the change in value, if any, is
recorded within "Swap contracts, at value" line item in the Statement of
Assets and Liabilities. 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 in
the Statement of Operations.
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
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 53
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.
There were no credit default swap contracts held during the year ended
October 31, 2017.
N. Total Return Swap Contracts
The Fund may enter into a total return swap to attempt to manage
and/or gain exposure to a security or market. Pursuant to a total return
swap contract, the Fund negotiates with a counterparty to exchange a
periodic stream of payments. One party makes payments based on the total
return of a reference asset (such as a security or a basket of securities
or securities index), and in return receives fixed or floating rate
interest payments. The total return of the reference asset typically
includes appreciation or depreciation on the reference asset, plus any
interest or dividend payments. To the extent that the total return of the
reference asset exceeds or falls short of the offsetting interest rate
obligation, the Fund will receive a payment from or make a payment to the
counterparty.
Total return swap contracts are marked-to-market daily using
valuations supplied by independent sources, and the change in value, if
any, is recorded within "Swap contracts, at value" in the Statement of
Assets and Liabilities. Payments received or made are recorded as
realized gains or losses in the Statement of Operations. Total return swap
contracts are subject to counterparty risk and unanticipated movements in
value of exchange rates, interest rates, securities or the index.
The amount of cash deposited with the broker as collateral at October
31, 2017 is recorded as "Swaps collateral" in the Statement of Assets and
Liabilities. Open total return swap contracts at October 31, 2017 are
listed in the Schedule of Investments. The average value of total return
swap contracts open during the year ended October 31, 2017 was $987,847.
2. Management Agreement
The Adviser 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.
54 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
The Subsidiary has entered into a separate management contract with the
Adviser, pursuant to which the Adviser 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
the Adviser a fee at the annual rate of 0.70% of the Subsidiary's average
daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
to the extent required to reduce Fund expenses to 1.20% and 0.90% of the
average daily net assets attributable to Class A and Class Y shares,
respectively. These expense limitations are in effect through March 1,
2018. Fees waived and expenses reimbursed during the year ended October
31, 2017 are reflected in the Statement of Operations. Fees and expenses
of other investment companies in which the Fund may invest are not
included in the expense limitations noted above. There can be no assurance
that the Adviser 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 in the Statement of Assets and
Liabilities is $95,284 in management fees, administrative costs and
certain other reimbursements payable to the Adviser at October 31, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the
Fund at negotiated rates. Transfer agent fees and payables shown on the
Statement of Operations and the Statement of Assets and Liabilities,
respectively, include sub-transfer agent expenses incurred through the
Fund's omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket
expenses incurred by the transfer agent related to shareholder
communications activities such as proxy and statement mailings, outgoing
phone calls and omnibus relationship contracts. For the year ended October
31, 2017, such out-of-pocket expenses by class of shares were as follows:
---------------------------------------------------------------------------
Shareholder Communications
---------------------------------------------------------------------------
Class A $ 7,438
Class C 1,269
Class R 81
Class Y 22,251
---------------------------------------------------------------------------
Total $31,039
===========================================================================
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 55
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1
of the Investment Company Act of 1940 with respect to its Class A, Class C
and Class R shares. Pursuant to the Plan, the Fund pays the Distributor
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 the Distributor 1.00% of the average daily net assets
attributable to Class C shares. The fee for Class C shares consists of a
0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution
services with regard to Class C shares. Included in "Due to affiliates"
reflected in the Statement of Assets and Liabilities is $35,432 in
distribution fees payable to the Distributor at October 31, 2017.
The Fund also has adopted a separate service plan for Class R shares
(Service Plan). The Service Plan authorizes the Fund to pay securities
dealers, plan administrators or other service organizations that agree to
provide certain services to retirement plans or plan participants holding
shares of the Fund a service fee of up to 0.50% of the Fund's average
daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R and 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 12 months 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 R or Class Y shares. Proceeds from the CDSCs are paid to
the Distributor. For the year ended October 31, 2017, CDSCs in the amount
of $9,343 were paid to the Distributor.
5. 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 which the Fund
participated until February 9, 2016 was in the amount of $240 million. The
credit facility in which the Fund participated until February 7, 2017, was
in the amount of $220 million. Effective February 8, 2017, the Fund
participates in a facility that is in the amount of $195 million. Under
such facility, depending on the type of loan, interest on borrowings is
56 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
payable at the London Interbank Offered Rate (LIBOR) plus 0.85% 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
or (c) 2% plus the overnight Eurodollar 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, 2017, the Fund had no borrowings under the credit facility.
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives
Association, Inc. Master Agreement (ISDA Master Agreement) or similar
agreement with substantially all its derivative counterparties. An ISDA
Master Agreement is a bilateral agreement between the Fund and a
counterparty that governs the trading of certain OTC derivatives and
typically contains, among other things, close-out and set-off provisions
which apply upon the occurrence of an event of default and/or a
termination event as defined under the relevant ISDA Master Agreement. The
ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement,
the non-defaulting party has the right to close out all transactions under
such agreement and to net amounts owed under each transaction to determine
one net amount payable by one party to the other. The right to close out
and net payments across all transactions under the ISDA Master Agreement
could result in a reduction of the Fund's credit risk to its counterparty
equal to any amounts payable by the Fund under the applicable
transactions, if any. However, the Fund's right to setoff may be
restricted or prohibited by the bankruptcy or insolvency laws of the
particular jurisdiction to which each specific ISDA of each counterparty
is subject.
The collateral requirements for derivatives transactions under an ISDA
Master Agreement are governed by a credit support annex to the ISDA Master
Agreement. Collateral requirements are generally determined at the close
of business each day and are typically based on changes in market values
for each transaction under an ISDA Master Agreement and netted into one
amount for such agreement. Generally, the amount of collateral due from or
to a counterparty is subject to threshold (a minimum transfer amount)
before a transfer is required, which may vary by counterparty. Collateral
pledged for the benefit of the Fund and/or counterparty is held in
segregated accounts by the Fund's custodian and cannot be sold,
re-pledged, assigned or otherwise
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 57
used while pledged. Cash that has been segregated to cover the Fund's
collateral obligations, if any, will be reported separately in the
Statement of Assets and Liabilities as "Swap collateral", "Futures
collateral" and/or "Options collateral". Securities pledged by the Fund as
collateral, if any, are identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement
such as an ISDA Master Agreement have been offset in the Statement of
Assets and Liabilities. The following charts show gross assets and
liabilities of the Fund as of October 31, 2017.
----------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
----------------------------------------------------------------------------------------------------------
Citibank NA $ 623,814 $ -- $ -- $ -- $ 623,814
Goldman Sachs 929,639 -- -- (870,000) 59,639
International
Sociate General SA 383,182 -- -- (330,000) 53,182
----------------------------------------------------------------------------------------------------------
Total $1,936,635 $ -- $ -- $ (1,200,000) $ 736,635
==========================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
58 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
The fair value of open derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) by risk exposure
at October 31, 2017 was as follows:
--------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------
Assets
Net unrealized
appreciation on
futures contracts $ -- $ -- $ 1,408,382 $ -- $ --
Swap contracts,
at value -- -- -- 1,936,635 --
--------------------------------------------------------------------------------------
Total Value $ -- $ -- $ 1,408,382 $ 1,936,635 $ --
======================================================================================
Liabilities
Net unrealized
depreciation on
futures contracts $64,832 $ -- $ -- $ 4,346,967 $ --
--------------------------------------------------------------------------------------
Total Value $64,832 $ -- $ -- $ 4,346,967 $ --
======================================================================================
The effect of derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) in the Statement of
Operations by risk exposure at October 31, 2017 was as follows:
---------------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Rate Risk Risk
---------------------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $1,107,209 $ -- $ (1,567,543) $(14,408,019) $(543,006)
Written options -- -- 1,615,540 717,545 --
Swap contracts -- -- -- 6,970,153 --
Forward foreign
currency contracts -- -- (131,948) -- --
---------------------------------------------------------------------------------------------------
Total Value $1,107,209 $ -- $ (83,951) $ (6,720,321) $(543,006)
===================================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Futures contracts $ (64,832) $ -- $ 596,665 $ (4,346,967) $ 82,905
Swap contracts -- -- -- 994,797 --
---------------------------------------------------------------------------------------------------
Total Value $ (64,832) $ -- $ 596,665 $ (3,352,170) $ 82,905
===================================================================================================
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 59
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and
the Shareholders of Pioneer Flexible Opportunities Fund:
--------------------------------------------------------------------------------
We have audited the accompanying consolidated statement of assets and
liabilities, including the consolidated schedule of investments, of
Pioneer Flexible Opportunities Fund (the "Fund"), one of the funds
constituting Pioneer Series Trust VI (the "Trust"), as of October 31,
2017, and the related consolidated statements of operations, changes in
net assets and the consolidated financial highlights for the year then
ended and the consolidated financial highlights for the year ended October
31, 2013. 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. The statement of changes in net assets for the year ended
October 31, 2016 and the financial highlights for periods ended October
31, 2014, October 31, 2015 and October 31, 2016 were audited by another
independent registered public accounting firm whose report, dated December
23, 2016, expressed an unqualified opinion on the statement of changes in
net assets and those financial highlights.
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 audits to obtain reasonable assurance
about whether the financial statements and financial highlights are free
of material misstatement. We were not engaged to perform audits 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, 2017, by correspondence
with the custodian, brokers and others or by other appropriate auditing
procedures where replies from brokers and others were not received. 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 Flexible Opportunities Fund at October 31,
2017, the consolidated results of its operations, the changes in its net
assets, and the financial highlights for the year then ended and the
financial highlights for the year ended October 31, 2013, in conformity
with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 26, 2017
60 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
ADDITIONAL INFORMATION (unaudited)
For the year ended October 31, 2017, certain dividends paid by the Fund
may be subject to a maximum tax rate of 15%, as provided for by the Jobs
and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund
intends to designate up to the maximum amount of such dividends allowable
under the Act, as taxed at a maximum rate of 15%. Complete information
will be computed and reported in conjunction with your 2017 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 14.48%.
The percentages of the Fund's ordinary income distributions that are
exempt from nonresident alien (NRA) tax withholding resulting from
qualified interest income was 1.47%.
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the Adviser),
the Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. (UniCredit). On that date, UniCredit completed the sale
of its Pioneer Investments business, which includes the Adviser, to Amundi
(the Transaction). As a result of the Transaction, the Adviser became an
indirect, wholly-owned subsidiary of Amundi. Amundi is controlled by Credit
Agricole S.A. Amundi is headquartered in Paris, France, and, as of
September 30, 2016, had more than $1.1 trillion in assets under management
worldwide.
Deloitte & Touche LLP (D&T), the Fund's previous independent registered
public accounting firm, informed the Audit Committee and the Board that it
would no longer be independent with respect to the Fund upon the
completion of the Transaction as a result of certain services being
provided to Amundi and Credit Agricole, and, accordingly, that it intended
to resign as the Fund's independent registered public accounting firm upon
the completion of the Transaction. D&T's resignation was effective on July
3, 2017, when the Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent
fiscal years, D&T's reports on the Fund's financial statements have not
contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting
principles. Further, there have been no disagreements with D&T on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to the
subject matter of the disagreement in connection with its report on the
financial statements. In addition, there have been no reportable events of
the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 61
Effective immediately following the completion of the Transaction on July
3, 2017, the Board, acting upon the recommendation of the Audit Committee,
engaged a new independent registered public accounting firm, Ernst & Young
LLP (EY).
Prior to its engagement, EY had advised the Fund's Audit Committee that EY
had identified the following matters, in each case relating to services
rendered by other member firms of Ernst & Young Global Limited, all of
which are located outside the United States, to UniCredit and certain of
its subsidiaries during the period commencing July 1, 2016, that it
determined to be inconsistent with the auditor independence rules set
forth by the Securities and Exchange Commission (SEC): (a) project
management support services to UniCredit in the Czech Republic, Germany,
Italy, Serbia and Slovenia in relation to twenty-two projects, that were
determined to be inconsistent with Rule 2-01(c)(4)(vi) of Regulation S-X
(management functions); (b) two engagements for UniCredit in Italy where
fees were contingent/success based and that were determined to be
inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent fees); (c)
four engagements where legal and expert services were provided to
UniCredit in the Czech Republic and Germany, and twenty engagements where
the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with
Rule 2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services);
and (d) two engagements for UniCredit in Italy involving assistance in the
sale of certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment advisor or
investment banking services). None of the foregoing services involved the
Fund, any of the other funds in the Pioneer Family of Funds or any other
Pioneer entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters
described above and had concluded that such matters would not impair EY's
ability to exercise objective and impartial judgment in connection with
the audits of the financial statements of the Fund under the SEC and
Public Company Accounting Oversight Board independence rules, and that a
reasonable investor with knowledge of all relevant facts and circumstances
would reach the same conclusion. Management and the Audit Committee
considered these matters and discussed the matters with EY and, based upon
EY's description of the matters and statements made by EY, Management and
the Audit Committee believe that EY will be capable of exercising
objective and impartial judgment in connection with the audits of the
financial statements of the Fund, and Management further believes that a
reasonable investor with knowledge of all relevant facts and circumstances
would reach the same conclusion.
62 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Results of Shareholder Meeting
At a special meeting held on June 13, 2017, shareholders of the Fund were
asked to consider the proposals described below. A report of the total votes
cast by the Fund's shareholders (or, with respect to Proposal 2, by shareholders
of Pioneer Series Trust VI, as noted below) follows:
----------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
----------------------------------------------------------------------------------------
Proposal 1 - To approve 17,309,539.086 205,218.430 510,690.064 7,204,131.200
a New Management
Agreement with
the Adviser
-------------------------------------------------------------------------------------------
For Withheld
-------------------------------------------------------------------------------------------
Proposal 2 - To elect Trustees*
David R. Bock 111,027,599.309 1,673,301.811
-------------------------------------------------------------------------------------------
Benjamin M. Friedman 110,666,574.309 2,034,326.811
-------------------------------------------------------------------------------------------
Margaret B.W. Graham 111,048,616.407 1,652,284.713
-------------------------------------------------------------------------------------------
Lisa M. Jones 111,021,559.407 1,679,341.713
-------------------------------------------------------------------------------------------
Lorraine H. Monchak 111,039,958.407 1,660,942.713
-------------------------------------------------------------------------------------------
Thomas J. Perna 111,038,885.309 1,662,015.811
-------------------------------------------------------------------------------------------
Marguerite A. Piret 111,028,200.407 1,672,700.713
-------------------------------------------------------------------------------------------
Fred J. Ricciardi 111,025,042.588 1,675,858.532
-------------------------------------------------------------------------------------------
Kenneth J. Taubes 111,041,509.407 1,659,391.713
-------------------------------------------------------------------------------------------
* Proposal 2 was voted on and approved by all series of Pioneer Series Trust
VI. Results reported above reflect the combined votes of all series of
the Trust.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 63
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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 July 31 is
publicly available to shareowners at www.amundipioneer.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 below, together with their
principal occupations and other directorships they have held 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 46 U.S. registered investment portfolios for which Amundi 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 Flexible Opportunities Fund | Annual Report | 10/31/17
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (67) Trustee since 2010. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), Quadriserv, communications and securities
elected or earlier Inc. (technology products for securities lending processing provider for
retirement or industry); and Senior Executive Vice President, financial services industry)
removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 - 2013);
and Commissioner, New Jersey
State Civil Service Commission
(2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2010. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded mortgage
successor trustee is 2004 and 2008 - present); Interim Chief REIT) (2004 - 2009, 2012 -
elected or earlier Executive Officer, Oxford Analytica, Inc. present); Director of The Swiss
retirement or (privately held research and consulting company) Helvetia Fund, Inc. (closed-end
removal. (2010); Executive Vice President and Chief fund) (2010 - present);
Financial Officer, I-trax, Inc. (publicly traded Director of Oxford Analytica,
health care services company) (2004 - 2007); and Inc. (2008 - present); and
Executive Vice President and Chief Financial Director of Enterprise
Officer, Pedestal Inc. (internet-based mortgage Community Investment, Inc.
trading company) (2000 - 2002); Private (privately-held affordable
Consultant (1995 - 1997); Managing Director, housing finance company) (1985 -
Lehman Brothers (1992 - 1995); Executive, The 2010)
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (73) Trustee since 2010. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 65
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (70) Trustee since 2010. Founding Director, Vice-President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982 - present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or and Manager of Research Operations and
removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (61) Trustee since 2017. Chief Investment Officer, 1199 SEIU Funds None
Trustee (Advisory Trustee (healthcare workers union pension funds) (2001 -
from 2014 - 2017). present); Vice President - International
Serves until a Investments Group, American International Group,
successor trustee is Inc. (insurance company) (1993 - 2001); Vice
elected or earlier President, Corporate Finance and Treasury Group,
retirement or Citibank, N.A. (1980 - 1986 and 1990 - 1993);
removal. Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); Mortgage Strategies Group, Drexel
Burnham Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (69) Trustee since 2010. President and Chief Executive Officer, Newbury Director of New America High
Trustee Serves until a Piret Company (investment banking firm) (1981 - Income Fund, Inc. (closed-end
successor trustee is present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee is (financial and investment company services) (1969
elected or earlier - 2012); Director, BNY International Financing
retirement or Corp. (financial services) (2002 - 2012);
removal. Director, Mellon Overseas Investment Corp.
(financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
66 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55)* Trustee since 2017. Chair, Director, CEO and President of Amundi None
Trustee, President and Serves until a Pioneer Asset Management USA, Inc. (since
Chief Executive Officer successor trustee is September 2014); Chair, Director and CEO of
elected or earlier Amundi Pioneer Asset Management, Inc. (since
retirement or removal September 2014); Chair, Director and CEO of
Amundi Pioneer Distributor, Inc. (since
September 2014); Chair, Director, CEO and
President of Amundi Pioneer Institutional Asset
Management, Inc. (since September 2014);
Managing Director, Morgan Stanley Investment
Management (2010 - 2013); Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (59)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of Amundi Pioneer Asset Management USA,
elected or earlier Inc.; Executive Vice President and Chief
retirement or removal Investment Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice President of Amundi
Pioneer Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of Amundi
Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 67
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2010. Serves at Vice President and Associate General Counsel of None
Secretary and Chief Legal the discretion of the Amundi Pioneer since January 2008; Secretary and
Officer Board Chief Legal Officer of all of the Pioneer Funds
since June 2010; Assistant Secretary of all of
the Pioneer Funds from September 2003 to May
2010; Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Amundi Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all the
Board Pioneer Funds since June 2010; Manager - Fund
Governance of Amundi Pioneer from December 2003
to November 2006; and Senior Paralegal of Amundi
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Amundi Pioneer since May 2013 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds
Board since June 2010; Counsel of Amundi Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2010. Serves at Vice President - Fund Treasury of Amundi None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the Pioneer Funds
Financial Board since March 2008; Deputy Treasurer of Amundi
and Accounting Officer 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 (52) Since 2010. Serves at Director - Fund Treasury of Amundi Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (59) Since 2010. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer; and Assistant Treasurer of all
Board of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2010. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Amundi Pioneer since November 2008; Assistant
Board Treasurer of all of the Pioneer Funds since
January 2009; Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
68 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (65) Since 2010. Serves at Chief Compliance Officer of Amundi Pioneer and None
Chief Compliance Officer the discretion of the of all the Pioneer Funds since March 2010; Chief
Board Compliance Officer of Amundi Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Amundi Pioneer since October 2005;
Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2010. Serves at Director - Transfer Agency Compliance of Amundi None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of all
Officer Board the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 69
This page is for your notes.
70 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 71
This page is for your notes.
72 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 73
This page is for your notes.
74 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
This page is for your notes.
Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17 75
This page is for your notes.
76 Pioneer Flexible Opportunities Fund | Annual Report | 10/31/17
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Amundi Pioneer Asset Management 24440-07-1217
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 12(a)(1), 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.
The audit fees for the Trust were $95,000
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $134,659 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(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.
There were no audit-related services in 2017 or 2016.
(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.
The tax fees for the Trust were $18,143
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $17,556 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(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.
There were no other fees in 2017 or 2016.
(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 Amundi Pioneer Asset Management, Inc, 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 Trust'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 Trust. For the
years ended October 31 2017 and 2016, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
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 Trust were $18,143
payable to Ernst & Young LLP for the year ended
October 31, 2017 and $17,556 payable to Deloitte & Touche LLP
for the year ended October 31, 2016.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 29, 2017
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date December 29, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 29, 2017
* Print the name and title of each signing officer under his or her signature.