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, 2018 through April 30, 2019
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 Flexible
Opportunities Fund
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Semiannual Report | April 30, 2019
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Ticker Symbols:
Class A PMARX
Class C PRRCX
Class K FLEKX
Class R MUARX
Class Y PMYRX
Beginning in April 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
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 17
Consolidated Schedule of Investments 19
Consolidated Financial Statements 32
Consolidated Notes to Financial Statements 41
Trustees, Officers and Service Providers 58
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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.
April 30, 2019
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 | Semiannual Report | 4/30/19 3
Portfolio Management Discussion | 4/30/19
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 six-month period ended April, 30, 2019.
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 a 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 six-month period ended April 30, 2019?
A Pioneer Flexible Opportunities Fund's Class A shares returned 5.16% at net
asset value during the six-month period ended April 30, 2019, while the
Fund's benchmark, the Bloomberg Barclays U.S. Treasury TIPS 1-10 Year
Index (the Bloomberg Barclays Index), returned 3.76%. During the same
period, the average return of the 280 mutual funds in Morningstar's
Tactical Allocation Funds category was 4.68%.
Q How did the financial markets perform during the six-month period ended
April 30, 2019?
A Despite their poor showing in November and December of 2018, the major
segments of the equity and fixed-income markets recovered early in 2019
and finished the period in positive territory.
The beginning of the Fund's semiannual reporting period was characterized
by exceptionally poor performance for higher-risk areas of the financial
markets. The sell-off started in October 2018, when U.S. Federal Reserve
(Fed) Chairman Jerome Powell stated that monetary policy was "a long way
from neutral," despite a series of interest-rate increases and the
continued paring back of the Fed's balance sheet throughout 2018.
Investors, interpreting the statement as a sign that the Fed was going to
take an unexpectedly aggressive policy approach and would continue raising
interest rates in 2019, abandoned riskier assets such as stocks,
commodities, and higher-yielding segments of the bond market. The sell-off
gained momentum into year-end, amid growing concerns that slowing global
economic growth was an indicator that both a recession and declining
corporate earnings were in store for 2019. Not least, the ongoing trade
dispute between the United States and China created uncertainty
surrounding the outlook for economic growth.
4 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
The backdrop quickly changed with the start of the new calendar year,
leading to a robust recovery across the markets. After enacting its fourth
rate hike of 2018 in December, the Fed switched gears and signaled that it
would become more "data dependent" with regard to further rate increases,
thus effectively pausing in its rate-hiking cycle, while also stating that
it would end the balance-sheet reduction program in September 2019,
earlier than expected. Global economic growth data also stabilized, which
-- in conjunction with better-than-expected corporate earnings results --
largely put to rest investors' fears that a recession and/or a sharp
decline in profits was in the cards. Not least, the United States and
China appeared at the time to make progress toward a resolution of their
trade dispute. Together, those developments helped stocks and other risk
assets rebound strongly from their December lows. U.S. equities, for their
part, rallied to new all-time highs in late April (as measured by the
Standard & Poor's 500 Index).
The net result of the unusual volatility over the period was a robust gain
across the global equity markets, with outperformance for emerging markets
stocks compared with their peers in the developed markets. Bonds also
delivered healthy returns thanks to the pivot in Fed policy, with the
strongest showing occurring among credit-sensitive sectors such as
high-yield bonds and the emerging markets.
Q Could you discuss some of the investment decisions that factored into the
Fund's benchmark-relative performance during the six-month period ended
April 30, 2019?
A The Fund's large, overweight position in equities was the primary driver
of benchmark-relative outperformance over the period. The gains were
broad-based across the portfolio, with strong returns in the United
States, the international developed markets, and the emerging markets. Our
main investment themes within equities -- Standard & Poor's 500 Dividend*
Aristocrats[R], health care, and aerospace & defense -- were among the top
contributors to positive relative returns. The Fund's exposure to China,
which encompasses positions in China itself as well as Hong Kong and
Singapore, also added value over the six-month period. In addition,
security selection results among the Fund's fixed-income holdings
contributed positively to benchmark-relative performance, as our focus on
select opportunities in the credit sectors (primarily the emerging
markets) proved beneficial in the "risk-on" market environment that took
hold in early 2019.
The ETFMG Prime Cyber Security ETF, which we added to the portfolio in the
second half of 2018, was among the Fund's largest holdings at the end of
April. Defense against cyber threats to safeguard data and critical
systems is
* Dividends are not guaranteed.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 5
an increasingly important area for capital spending and defense budgets,
and it continues to be a key investment theme for us. The ETF performed
very well over the past six months and was one of the leading individual
contributors to the Fund's benchmark-relative performance.
On the negative side, given the relative strength of global equity
markets, the portfolio's equity hedges were the largest detractors from
the Fund's returns, particularly during the first quarter of 2019.
Q Can you discuss how you used derivatives as part of your investment
strategy and how the use of derivatives affected the Fund's
benchmark-relative performance during the six-month period ended April 30,
2019?
A We used derivatives across a broad spectrum of asset classes to establish
specific market or issuer exposure within the portfolio, and to attempt to
hedge downside risk. The derivative instruments we used during the period
included equity, fixed-income, and commodity futures; credit-linked
securities; long or short positions in exchange-traded funds (ETFs);
forward foreign currency contracts; Treasury futures contracts (also long
or short positions); and options on both indices and individual
securities. The Fund's use of derivatives -- particularly the hedges, as
noted earlier -- had a negative effect on benchmark-relative results over
the six-month period.
Q Could you discuss the Fund's positioning as of April 30, 2019?
A The Fund remains globally diversified**, with allocations across both the
U.S. and foreign markets. We recognize that exogenous events can and will
occur, and we have the flexibility to shift the Fund's allocations as
conditions evolve. With that in mind, the Fund remains heavily biased
toward equities, with more than 70% of the portfolio in stocks as of
period-end. As a percentage of total invested Fund assets, 34% was held in
North American equities, 27% was allocated to the other developed
economies (ex-U.S.), and 11% was in emerging markets equities. Within the
emerging markets, we prefer Asia over Latin America and Eastern Europe.
Fixed-income holdings represented 7% of the Fund's invested assets, with
weightings of 1% in investment-grade debt, 2% in high-yield bonds, and 4%
in the emerging markets. Real estate investment trusts and cash accounted
for much of the remainder of the Fund's investments. The Fund's cash
weighting continues to be above our longer-term target. While we used the
market sell-off of late 2018 to put some of the cash balance to work, we
kept some "dry powder" on hand to provide the flexibility to capitalize on
additional market volatility in the months ahead.
** Diversification does not assure a profit nor protect against loss.
6 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Our continued preference for equities reflects our view that they offer
more value relative to bonds in the current low-yield environment. Real
yields (inflation-adjusted yields) are either negative or too close to
zero in most major developed markets. In addition, the gap between stocks'
earnings yield (earnings divided by price) and bond yields remains very
wide by historical standards, and the differences between dividend yields
and bond yields in Europe and Japan are near record highs. While stocks
are likely to experience periods of volatility, as we saw in late 2018, we
believe those factors indicate that an emphasis on equities is warranted
from a longer-term investment standpoint.
Within equities, we continued to favor companies in China, based in part
on the Chinese government's policy responses to the recent economic
slowdown. China represents the largest portion of the Fund's emerging
markets allocation, followed by Brazil, Argentina, Singapore, Vietnam, and
Russia.
The Fund's investments in Europe are largely based on the attractive
valuations we have been able to identify in the region. While we don't
think that low valuations will necessarily translate to near-term
outperformance, the European insurance and luxury sectors remain two of
our favorite investment themes.
We believe U.S. stocks are relatively expensive compared to those in other
developed markets. However, we also believe they are expensive for some
good reasons. The U.S. economy is demonstrating better core fundamentals
with respect to sustainable corporate profit margins and the combination
of prudent balance-sheet management and extensive share buyback programs.
Those factors have allowed for a greater degree of share-price resilience
in the face of global trade tensions, and so our preference remains to
invest in stocks of companies in industries that are generating strong and
sustainable earnings and cash flows, such as aerospace/defense and health
care.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 7
Please refer to the Schedule of Investments on pages 19-31 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.
The Fund may invest in insurance-linked securities. 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.
8 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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 | Semiannual Report | 4/30/19 9
Portfolio Summary | 4/30/19
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 30.6%
Industrials 16.3%
Health Care 14.0%
Government 7.8%
Real Estate 7.8%
Consumer Discretionary 7.6%
Information Technology 5.7%
Energy 3.2%
Materials 3.1%
Utilities 1.6%
Basic Materials 1.0%
Communications 0.8%
Communication Services 0.3%
Consumer Staples 0.2%
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Common Stocks 81.8%
U.S. Government and Agency Obligations 5.5%
Investment Companies 5.0%
Corporate Bonds 5.0%
Foreign Government Bonds 2.3%
Exchange-Traded Commodity 0.2%
Over The Counter (OTC) Call Option Purchased 0.1%
Over The Counter (OTC) Put Options Purchased 0.1%
Preferred Stock 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. ETFMG Prime Cyber Security ETF 4.20%
--------------------------------------------------------------------------------
2. U.S. Treasury Bills, 5/7/19 2.38
--------------------------------------------------------------------------------
3. U.S. Treasury Bills, 5/21/19 2.33
--------------------------------------------------------------------------------
4. Honeywell International, Inc. 1.50
--------------------------------------------------------------------------------
5. Booz Allen Hamilton Holding Corp. 1.46
--------------------------------------------------------------------------------
6. Swiss Life Holding AG 1.42
--------------------------------------------------------------------------------
7. Allianz SE 1.31
--------------------------------------------------------------------------------
8. Ping An Insurance Group Co. of China, Ltd., Class H 1.30
--------------------------------------------------------------------------------
9. Microsoft Corp. 1.28
--------------------------------------------------------------------------------
10. Ingersoll-Rand Plc 1.28
--------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. 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.
10 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Prices and Distributions | 4/30/19
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 4/30/19 10/31/18
--------------------------------------------------------------------------------
A $12.03 $12.69
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C $11.77 $12.45
--------------------------------------------------------------------------------
K* $12.03 $12.69
--------------------------------------------------------------------------------
R $11.95 $12.60
--------------------------------------------------------------------------------
Y $12.09 $12.74
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Distributions per Share: 11/1/18 - 4/30/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0414 $0.3477 $0.8629
--------------------------------------------------------------------------------
C $0.0121 $0.3477 $0.8629
--------------------------------------------------------------------------------
K $0.0599 $0.3477 $0.8629
--------------------------------------------------------------------------------
R $ -- $0.3477 $0.8629
--------------------------------------------------------------------------------
Y $0.0576 $0.3477 $0.8629
--------------------------------------------------------------------------------
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 12-16.
* Class K shares commenced operations on June 22, 2018
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 11
Performance Update | 4/30/19 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 April 30, 2019)
-----------------------------------------------------
BBG
Barclays
Net Public U.S. Treasury
Asset Offering TIPS
Value Price 1-10 Year
Period (NAV) (POP) Index
-----------------------------------------------------
Life of Class
(5/3/2010) 6.82% 6.28% 2.21%
5 years 5.04 4.08 1.39
1 year -3.51 -7.86 3.30
-----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------------
Gross
-----------------------------------------------------
1.16%
-----------------------------------------------------
[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
4/11 $10,899 $10,789
4/12 $11,443 $11,546
4/13 $13,354 $11,853
4/14 $13,520 $11,377
4/15 $15,106 $11,487
4/16 $14,064 $11,629
4/17 $14,974 $11,819
4/18 $17,920 $11,802
4/19 $17,290 $12,191
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP
returns reflect deduction of maximum 4.50% sales charge. NAV 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.
12 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 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 April 30, 2019)
-----------------------------------------------------
BBG
Barclays
U.S. Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
-----------------------------------------------------
Life of Class
(5/3/2010) 6.01% 6.01% 2.21%
5 years 4.23 4.23 1.39
1 year -4.30 -4.30 3.30
-----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------------
Gross
-----------------------------------------------------
1.93%
-----------------------------------------------------
[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
4/11 $11,323 $10,789
4/12 $11,798 $11,546
4/13 $13,674 $11,853
4/14 $13,744 $11,377
4/15 $15,229 $11,487
4/16 $14,076 $11,629
4/17 $14,874 $11,819
4/18 $17,663 $11,802
4/19 $16,904 $12,191
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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 | Semiannual Report | 4/30/19 13
Performance Update | 4/30/19 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K 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 April 30, 2019)
-----------------------------------------------------
BBG
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
-----------------------------------------------------
Life of Fund
(5/3/2010) 6.85% 2.21%
5 years 5.09 1.39
1 year -3.28 3.30
-----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------------
Gross
-----------------------------------------------------
0.90%
-----------------------------------------------------
[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
4/11 $5,706,205 $5,394,326
4/12 $5,990,964 $5,773,063
4/13 $6,991,450 $5,926,355
4/14 $7,078,464 $5,688,294
4/15 $7,908,778 $5,743,736
4/16 $7,363,517 $5,814,486
4/17 $7,839,551 $5,909,640
4/18 $9,382,004 $5,900,899
4/19 $9,074,580 $6,095,533
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 K shares for the period prior to the
commencement of operations of Class K shares on June 22, 2018, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are
higher than those of Class K shares, the performance of Class K shares prior to
their inception on June 22, 2018, would have been higher than the performance
shown. For the period beginning June 22, 2018, the actual performance of Class
K shares is reflected. Class K 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.
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 | Semiannual Report | 4/30/19
Performance Update | 4/30/19 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 April 30, 2019)
-----------------------------------------------------
BBG
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
-----------------------------------------------------
Life of Fund
(5/3/2010) 6.45% 2.21%
5 years 4.40 1.39
1 year -4.21 3.30
-----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------------
Gross
-----------------------------------------------------
1.84%
-----------------------------------------------------
[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
4/11 $11,412 $10,789
4/12 $11,982 $11,546
4/13 $13,983 $11,853
4/14 $14,143 $11,377
4/15 $15,698 $11,487
4/16 $14,508 $11,629
4/17 $15,374 $11,819
4/18 $18,309 $11,802
4/19 $17,539 $12,191
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 15
Performance Update | 4/30/19 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 April 30, 2019)
-----------------------------------------------------
BBG
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
-----------------------------------------------------
Life of Class
(5/3/2010) 7.13% 2.21%
5 years 5.32 1.39
1 year -3.25 3.30
-----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
-----------------------------------------------------
Gross Net
-----------------------------------------------------
0.94% 0.92%
-----------------------------------------------------
[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
4/11 $5,721,908 $5,394,326
4/12 $6,026,346 $5,773,063
4/13 $7,059,285 $5,926,355
4/14 $7,167,397 $5,688,294
4/15 $8,024,835 $5,743,736
4/16 $7,494,504 $5,814,486
4/17 $8,008,471 $5,909,640
4/18 $9,601,266 $5,900,899
4/19 $9,289,282 $6,095,533
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2020, 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.
16 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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 November 1, 2018, through April 30, 2019.
----------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
----------------------------------------------------------------------------------------------
Ending Account $1,051.60 $1,048.10 $1,053.40 $1,048.90 $1,053.70
Value (after expenses)
on 4/30/19
----------------------------------------------------------------------------------------------
Expenses Paid $ 6.05 $ 9.85 $ 4.38 $ 9.09 $ 4.58
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.19%, 1.94%,
0.86%, 1.79% and 0.90% for Class A, Class C, Class K, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the partial year period).
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 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 November 1, 2018, through April 30, 2019.
----------------------------------------------------------------------------------------------
Share Class A C K R Y
----------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
----------------------------------------------------------------------------------------------
Ending Account $1,018.89 $1,015.17 $1,020.53 $1,015.92 $1,020.33
Value (after expenses)
on 4/30/19
----------------------------------------------------------------------------------------------
Expenses Paid $ 5.96 $ 9.69 $ 4.31 $ 8.95 $ 4.51
During Period*
----------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.19%, 1.94%,
0.86%, 1.79% and 0.90% for Class A, Class C, Class K, Class R and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the partial year period).
18 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Schedule of Investments | 4/30/19 (Consolidated) (unaudited)
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 91.5%
COMMON STOCKS -- 74.8% of Net Assets
Aerospace & Defense -- 7.7%
33,818 Airbus SE $ 4,625,002
7,218 Boeing Co. 2,726,166
1,119 Dassault Aviation SA 1,693,845
37,764 Harris Corp. 6,363,234
26,758 L3 Technologies, Inc. 5,848,764
94,927 Leonardo S.p.A. 1,096,599
34,101 Raytheon Co. 6,055,997
43,717 Thales SA 5,221,888
5,031(a) TransDigm Group, Inc. 2,427,558
42,966 United Technologies Corp. 6,127,381
------------
Total Aerospace & Defense $ 42,186,434
-----------------------------------------------------------------------------------------------------------------------
Auto Components -- 0.1%
486,000 Xinyi Glass Holdings, Ltd. $ 555,085
------------
Total Auto Components $ 555,085
-----------------------------------------------------------------------------------------------------------------------
Automobiles -- 0.7%
36,420(a) Aston Martin Lagonda Global Holdings Plc (144A) $ 471,710
207,500 BYD Co., Ltd., Class H 1,412,455
996,000 Geely Automobile Holdings, Ltd. 1,998,386
------------
Total Automobiles $ 3,882,551
-----------------------------------------------------------------------------------------------------------------------
Banks -- 8.7%
141,165 ABN AMRO Group NV (144A) $ 3,321,674
461,605(a) Banco BPM S.p.A. 1,098,090
175,077 Banco do Brasil SA 2,217,786
377,530 Bank for Foreign Trade of Vietnam JSC 1,100,657
36,428 Bank of America Corp. 1,113,968
6,315,000 Bank of China, Ltd., Class H 3,010,650
3,495,900(a) Bank Rakyat Indonesia Persero Tbk PT 1,072,076
30,400 BNP Paribas SA 1,618,607
1,251,000 China Construction Bank Corp., Class H 1,105,111
1,155,000 China Merchants Bank Co., Ltd., Class H 5,719,899
109,200 DBS Group Holdings, Ltd. 2,268,559
59,576 Erste Group Bank AG 2,386,553
234,809 FinecoBank Banca Fineco S.p.A. 3,091,928
7,858,000 Industrial & Commercial Bank of China, Ltd., Class H 5,899,873
413,377 ING Groep NV 5,267,484
763,253 Intesa Sanpaolo S.p.A. 2,001,515
32,670 KBC Group NV 2,420,228
321,462 Standard Chartered Plc 2,933,855
------------
Total Banks $ 47,648,513
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 19
Schedule of Investments | 4/30/19 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Biotechnology -- 3.2%
23,868(a) Acceleron Pharma, Inc. $ 972,144
41,129(a) Alexion Pharmaceuticals, Inc. 5,598,891
20,630(a) BioMarin Pharmaceutical, Inc. 1,764,484
35,153(a) Insmed, Inc. 1,070,057
98,961(a) Invitae Corp. 2,337,459
16,030(a) Portola Pharmaceuticals, Inc. 565,859
7,928(a) Regeneron Pharmaceuticals, Inc. 2,720,414
6,016(a) Sage Therapeutics, Inc. 1,012,072
13,331(a) Sarepta Therapeutics, Inc. 1,558,927
------------
Total Biotechnology $ 17,600,307
-----------------------------------------------------------------------------------------------------------------------
Capital Markets -- 3.8%
89,453 Blackstone Group LP $ 3,529,815
214,562 Carlyle Group LP 4,495,074
195,521 KKR & Co., Inc. 4,780,489
28,636 Macquarie Group, Ltd. 2,719,761
48,956 Morgan Stanley 2,362,127
12,940 S&P Global, Inc. 2,855,340
------------
Total Capital Markets $ 20,742,606
-----------------------------------------------------------------------------------------------------------------------
Commercial Services & Supplies -- 0.7%
819,750(a) A-Living Services Co., Ltd., Class H (144A) $ 1,306,191
22,395 Waste Management, Inc. 2,403,879
------------
Total Commercial Services & Supplies $ 3,710,070
-----------------------------------------------------------------------------------------------------------------------
Communications Equipment -- 0.3%
4,234(a) Arista Networks, Inc. $ 1,322,236
------------
Total Communications Equipment $ 1,322,236
-----------------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
13,540 Vinci SA $ 1,367,695
6,323,900 Wijaya Karya Persero Tbk PT 1,073,953
------------
Total Construction & Engineering $ 2,441,648
-----------------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
25,671 Buzzi Unicem S.p.A. $ 571,212
------------
Total Construction Materials $ 571,212
-----------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.2%
78,623 Discover Financial Services $ 6,406,988
------------
Total Consumer Finance $ 6,406,988
-----------------------------------------------------------------------------------------------------------------------
Diversified Consumer Services -- 0.1%
337,000 China Education Group Holdings, Ltd. $ 521,512
------------
Total Diversified Consumer Services $ 521,512
-----------------------------------------------------------------------------------------------------------------------
Electric Utilities -- 0.9%
746,808 Enel S.p.A $ 4,725,444
------------
Total Electric Utilities $ 4,725,444
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Electronic Equipment, Instruments &
Components -- 0.3%
15,316 FLIR Systems, Inc. $ 810,829
86,700 Sunny Optical Technology Group Co., Ltd. 1,057,108
------------
Total Electronic Equipment, Instruments &
Components $ 1,867,937
-----------------------------------------------------------------------------------------------------------------------
Energy Equipment & Services -- 0.2%
237,798(a) Saipem S.p.A. $ 1,205,285
------------
Total Energy Equipment & Services $ 1,205,285
-----------------------------------------------------------------------------------------------------------------------
Equity Real Estate Investment Trusts (REITs) -- 1.4%
335 Hulic Reit, Inc. $ 549,082
3,286 ICADE 280,966
1,128 Invincible Investment Corp. 570,357
269,559 Lar Espana Real Estate Socimi SA 2,114,280
208,804 Merlin Properties Socimi SA 2,846,733
14,118 Ryman Hospitality Properties, Inc. 1,123,792
------------
Total Equity Real Estate Investment Trusts (REITs) $ 7,485,210
-----------------------------------------------------------------------------------------------------------------------
Food Products -- 0.2%
11,524 Nestle SA $ 1,109,186
------------
Total Food Products $ 1,109,186
-----------------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
174,056 Italgas S.p.A. $ 1,085,914
------------
Total Gas Utilities $ 1,085,914
-----------------------------------------------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 3.6%
45,716(a) Boston Scientific Corp. $ 1,696,978
14,135 Carl Zeiss Meditec AG 1,388,620
26,186 Danaher Corp. 3,468,074
7,528(a) Edwards Lifesciences Corp. 1,325,455
40,602 Hill-Rom Holdings, Inc. 4,117,855
15,255(a) IDEXX Laboratories, Inc. 3,539,160
23,403 Stryker Corp. 4,421,060
------------
Total Health Care Equipment & Supplies $ 19,957,202
-----------------------------------------------------------------------------------------------------------------------
Health Care Providers & Services -- 1.0%
19,994 Anthem, Inc. $ 5,259,022
------------
Total Health Care Providers & Services $ 5,259,022
-----------------------------------------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 0.8%
18,863 Accor SA $ 795,001
220,000 Galaxy Entertainment Group, Ltd. 1,644,774
24,077 Las Vegas Sands Corp. 1,614,363
55,323 Melia Hotels International SA 548,148
------------
Total Hotels, Restaurants & Leisure $ 4,602,286
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 21
Schedule of Investments | 4/30/19 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Household Durables -- 0.5%
13,161 Kaufman & Broad SA $ 525,149
47,500 Sony Corp. 2,223,450
------------
Total Household Durables $ 2,748,599
-----------------------------------------------------------------------------------------------------------------------
Independent Power and Renewable
Electricity Producers -- 0.3%
5,906,000 Huaneng Renewables Corp., Ltd., Class H $ 1,701,442
------------
Total Independent Power and Renewable
Electricity Producers $ 1,701,442
-----------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.3%
43,497 Honeywell International, Inc. $ 7,552,384
44,476 Rheinmetall AG 5,105,437
------------
Total Industrial Conglomerates $ 12,657,821
-----------------------------------------------------------------------------------------------------------------------
Insurance -- 7.8%
313,800 AIA Group, Ltd. $ 3,198,061
27,319 Allianz SE 6,584,619
31,891 ASR Nederland NV 1,417,082
384,068 Aviva Plc 2,150,712
229,748 AXA SA 6,121,466
4,722 Baloise Holding AG 809,327
243,200 New China Life Insurance Co., Ltd., Class H 1,347,003
544,000 Ping An Insurance Group Co. of China, Ltd., Class H 6,549,622
349,973 Poste Italiane S.p.A (144A) 3,734,622
32,124 Progressive Corp. 2,510,490
15,199(a) Swiss Life Holding AG 7,148,170
13,499 Swiss Re AG 1,299,413
------------
Total Insurance $ 42,870,587
-----------------------------------------------------------------------------------------------------------------------
Interactive Media & Services -- 0.3%
22,857(a) 58.com, Inc. (A.D.R.) $ 1,640,904
------------
Total Interactive Media & Services $ 1,640,904
-----------------------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.9%
27,801(a) Alibaba Group Holding, Ltd. (A.D.R.) $ 5,159,032
------------
Total Internet & Direct Marketing Retail $ 5,159,032
-----------------------------------------------------------------------------------------------------------------------
IT Services -- 3.5%
123,762 Booz Allen Hamilton Holding Corp. $ 7,337,849
51,707 Leidos Holdings, Inc. 3,799,430
21,444 Mastercard, Inc. 5,451,922
107,454(a) Nexi S.p.A (144A) 969,175
65,352 Perspecta, Inc. 1,508,324
------------
Total IT Services $ 19,066,700
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 2.7%
74,677 Agilent Technologies, Inc. $ 5,862,144
4,006(a) Charles River Laboratories International, Inc. 562,723
12,736(a) Illumina, Inc. 3,973,632
16,578 Thermo Fisher Scientific, Inc. 4,599,566
------------
Total Life Sciences Tools & Services $ 14,998,065
-----------------------------------------------------------------------------------------------------------------------
Machinery -- 3.0%
155,118 CNH Industrial NV $ 1,682,792
52,440 Ingersoll-Rand Plc 6,429,668
115,281 Interpump Group S.p.A. 4,330,866
17,940(a) Piovan S.p.A (144A) 118,568
7,566 Stanley Black & Decker, Inc. 1,109,176
172,707 Volvo AB, Class B 2,767,069
3,695 Wabtec Corp. 273,689
------------
Total Machinery $ 16,711,828
-----------------------------------------------------------------------------------------------------------------------
Metals & Mining -- 2.8%
214,766 ArcelorMittal $ 4,657,834
944,698(a) Glencore Plc 3,748,670
154,007 MMC Norilsk Nickel PJSC (A.D.R.) 3,450,527
144,365 Teck Resources, Ltd., Class B 3,414,831
------------
Total Metals & Mining $ 15,271,862
-----------------------------------------------------------------------------------------------------------------------
Multiline Retail -- 0.2%
93,630 Lojas Renner SA $ 1,119,210
------------
Total Multiline Retail $ 1,119,210
-----------------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 2.0%
4,438,000 China Suntien Green Energy Corp., Ltd., Class H $ 1,278,531
235,650 ENI S.p.A 4,023,987
11,399 EOG Resources, Inc. 1,094,874
43,542 LUKOIL PJSC (A.D.R.) 3,722,842
24,474 TOTAL SA 1,360,618
------------
Total Oil, Gas & Consumable Fuels $ 11,480,852
-----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.3%
14,328(a) Jazz Pharmaceuticals Plc $ 1,859,345
35,690 Novartis AG 2,915,250
20,944 Roche Holding AG 5,522,291
23,316 Zoetis, Inc. 2,374,501
------------
Total Pharmaceuticals $ 12,671,387
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 23
Schedule of Investments | 4/30/19 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------------------
Real Estate Management & Development -- 5.8%
2,488,000 China Jinmao Holdings Group, Ltd. $ 1,611,126
866,000 China Overseas Land & Investment Ltd. 3,239,973
940,000 China Resources Land, Ltd. 4,091,984
289,500 City Developments, Ltd. 1,903,247
3,081,000 Colour Life Services Group Co., Ltd. 2,242,555
374,400 Guangzhou R&F Properties Co., Ltd., Class H 743,564
756,500 Longfor Group Holdings, Ltd. 2,786,905
3,930,000 Shenzhen Investment, Ltd. 1,563,013
8,964,100 Summarecon Agung Tbk PT 704,547
241,000 Sun Hung Kai Properties, Ltd. 4,159,595
859,017(a) Vinhomes JSC (144A) 3,393,283
71,890 Vonovia SE 3,587,295
243,000 Wheelock & Co., Ltd. 1,729,995
------------
Total Real Estate Management & Development $ 31,757,082
-----------------------------------------------------------------------------------------------------------------------
Software -- 1.2%
49,486 Microsoft Corp. $ 6,462,872
------------
Total Software $ 6,462,872
-----------------------------------------------------------------------------------------------------------------------
Specialty Retail -- 0.3%
84,080 Maisons du Monde SA (144A) $ 1,809,560
------------
Total Specialty Retail $ 1,809,560
-----------------------------------------------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 3.2%
35,853 Cie Financiere Richemont SA $ 2,622,017
5,831 Kering SA 3,448,142
15,800 LVMH Moet Hennessy Louis Vuitton SE 6,188,370
133,487 Moncler S.p.A. 5,477,665
------------
Total Textiles, Apparel & Luxury Goods $ 17,736,194
-----------------------------------------------------------------------------------------------------------------------
Water Utilities -- 0.1%
520,000 China Water Affairs Group, Ltd. $ 534,924
------------
Total Water Utilities $ 534,924
-----------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $373,220,722) $411,285,569
-----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.0% of Net Assets
Equity Real Estate Investment
Trusts (REITs) -- 0.0%+
204^(a) Wheeler Real Estate Investment Trust, Inc. $ 114,186
------------
Total Equity Real Estate Investment Trusts (REITs) $ 114,186
-----------------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $195,245) $ 114,186
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 4.6% of Net Assets
Banks -- 1.8%
2,301,000(b) Banco do Brasil SA, 3.875%, 10/10/22 $ 2,289,495
1,579,000 Industrial & Commercial Bank of China, Ltd.,
3.538%, 11/8/27 1,552,550
3,804,000(c)(d) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD
Swap Rate + 546 bps) (144A) 3,725,562
2,464,000 UniCredit S.p.A., 4.625%, 4/12/27 (144A) 2,430,380
------------
Total Banks $ 9,997,987
-----------------------------------------------------------------------------------------------------------------------
Chemicals -- 0.4%
2,081,000(b) Braskem Finance, Ltd., 6.45%, 2/3/24 $ 2,269,351
------------
Total Chemicals $ 2,269,351
-----------------------------------------------------------------------------------------------------------------------
Mining -- 0.5%
2,637,000 MMC Norilsk Nickel OJSC via MMC Finance, DAC,
4.1%, 4/11/23 (144A) $ 2,630,271
------------
Total Mining $ 2,630,271
-----------------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.6%
3,339,000 Petrobras Global Finance BV, 4.375%, 5/20/23 $ 3,379,068
------------
Total Oil & Gas $ 3,379,068
-----------------------------------------------------------------------------------------------------------------------
Packaging & Containers -- 0.6%
3,000,000 Sealed Air Corp., 5.125%, 12/1/24 (144A) $ 3,112,500
------------
Total Packaging & Containers $ 3,112,500
-----------------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.7%
4,400,000 CenturyLink, Inc., 7.65%, 3/15/42 $ 3,873,760
------------
Total Telecommunications $ 3,873,760
-----------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $24,606,500) $ 25,262,937
-----------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
2.1% of Net Assets
Argentina -- 0.4%
2,966,000 Argentine Republic Government International
Bond, 5.875%, 1/11/28 $ 2,050,989
------------
Total Argentina $ 2,050,989
-----------------------------------------------------------------------------------------------------------------------
Brazil -- 0.2%
BRL 4,942,000 Brazil Notas do Tesouro Nacional Serie F,
10.0%, 1/1/25 $ 1,333,479
------------
Total Brazil $ 1,333,479
-----------------------------------------------------------------------------------------------------------------------
Indonesia -- 1.1%
IDR 84,537,000,000 Indonesia Treasury Bond, 8.375%, 3/15/24 $ 6,184,763
------------
Total Indonesia $ 6,184,763
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 25
Schedule of Investments | 4/30/19 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------------------
Mexico -- 0.4%
MXN 41,165,500 Mexican Bonos, 7.5%, 6/3/27 $ 2,095,622
------------
Total Mexico $ 2,095,622
-----------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $11,847,095) $ 11,664,853
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
5.0% of Net Assets
12,000,000(e) U.S. Treasury Bills, 5/7/19 $ 11,995,258
11,754,200(e) U.S. Treasury Bills, 5/21/19 11,738,565
4,000,000(e) U.S. Treasury Bills, 5/28/19 3,992,847
-----------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $27,726,783) $ 27,726,670
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES -- 4.6%
of Net Assets
48,131(a) Dragon Capital - Vietnam Enterprise Investments,
Ltd., Class C $ 279,252
505,622 ETFMG Prime Cyber Security ETF 21,145,112
52,593 Invesco International BuyBack Achievers ETF 1,737,147
120,057 VanEck Vectors Vietnam ETF 2,001,350
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost $23,391,709) $ 25,162,861
-----------------------------------------------------------------------------------------------------------------------
EXCHANGE-TRADED COMMODITY --
0.2% of Net Assets
3,411(a)(b) Xtrackers Physical Rhodium ETC $ 895,694
-----------------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED COMMODITY
(Cost $534,086) $ 895,694
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date
-----------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) PUT OPTIONS
PURCHASED -- 0.1%
8,135 S&P 500 Index Citibank NA USD 796,503 USD 2,481 10/18/19 $ 180,931
8,254 S&P 500 Index Citibank NA USD 796,453 USD 2,506 10/18/19 198,314
------------
$ 379,245
-----------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) PUT
OPTIONS PURCHASED
(Premiums paid $1,592,956) $ 379,245
-----------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
-----------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
-----------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTION
PURCHASED -- 0.1%
31,571 Euro Stoxx 50 Citibank NA EUR 3,001,680 EUR 3,559 6/21/19 $ 642,807
-----------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CALL
OPTION PURCHASED
(Premiums paid $3,001,680) $ 642,807
-----------------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premiums paid $4,594,636) $ 1,022,052
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 91.5%
(Cost $466,116,776) $503,134,822
-----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 8.5% $ 46,510,100
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $549,644,922
=======================================================================================================================
bps Basis Points.
REIT Real Estate Investment Trust.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2019, the value of these securities
amounted to $27,023,496, or 4.9% of net assets.
(A.D.R.) American Depositary Receipts.
+ Amount rounds to less than 0.1%.
^ Security is valued using fair value methods (other than prices
supplied by independent pricing services).
(a) Non-income producing security.
(b) All or a portion of this security is held by Flexible Opportunities
Commodity Fund Ltd. (formerly, Pioneer Cayman Commodity Fund Ltd.)
(c) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at April 30, 2019.
(d) Security is perpetual in nature and has no stated maturity date.
(e) Security issued with a zero coupon. Income is recognized through
accretion of discount.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 27
Schedule of Investments | 4/30/19 (Consolidated) (unaudited) (continued)
FUTURES CONTRACTS
CURRENCY FUTURES CONTRACTS
---------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
---------------------------------------------------------------------------------------------------
179 Australian Dollar 6/17/19 $ 12,635,610 $ 12,633,820 $ 1,790
303 Euro 6/17/19 43,135,872 42,671,869 464,003
---------------------------------------------------------------------------------------------------
$ 55,771,482 $ 55,305,689 $ 465,793
---------------------------------------------------------------------------------------------------
INDEX FUTURES CONTRACTS
---------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Appreciation
---------------------------------------------------------------------------------------------------
54 Nikkei 225 6/13/19 $ 10,754,896 $ 10,790,785 $ 35,889
49 Nikkei 225 6/13/19 5,472,228 5,481,875 9,647
---------------------------------------------------------------------------------------------------
$ 16,227,124 $ 16,272,660 $ 45,536
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value (Depreciation)
---------------------------------------------------------------------------------------------------
438 Euro Stoxx 50 6/21/19 $ 16,007,497 $ 16,965,882 $ (958,385)
484 FTSE/JSE Top 40 6/20/19 16,988,024 17,810,964 (822,940)
36 HSCEI 5/30/19 2,618,482 2,631,561 (13,079)
405 MSCI Emerging 6/21/19 21,543,999 21,874,050 (330,051)
Markets
200 SPI 200 6/20/19 21,681,665 22,224,751 (543,086)
85 S&P 500 E-MINI 6/21/19 12,073,319 12,531,125 (457,806)
---------------------------------------------------------------------------------------------------
$ 90,912,986 $ 94,038,333 $(3,125,347)
---------------------------------------------------------------------------------------------------
TOTAL FUTURES CONTRACTS $(130,457,344) $(133,071,362) $(2,614,018)
===================================================================================================
SWAP CONTRACTS
OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACTS -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------------------
Notional Obligation Pay/ Expiration Unrealized Market
Amount(1) Counterparty Reference/Index Receive(2) Coupon Date Appreciation Value
----------------------------------------------------------------------------------------------------------------------
26,483 Goldman Goldman Sachs Pay 3M LIBOR + 11/26/19 $ 139,497 $ 139,497
Sachs Total Cash 39bps
International Return Index*
87,810 Goldman Goldman Sachs Pay 3M LIBOR + 5/1/19 866,959 866,959
Sachs Total Cash 39bps
International Return Index*
----------------------------------------------------------------------------------------------------------------------
TOTAL SWAPS CONTRACTS $1,006,456 $1,006,456
=======================================================================================================================
(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 ("USD") unless otherwise
noted.
BRL -- Brazilian Real
EUR -- Euro
IDR -- Indonesian Rupiah
MXN -- Mexican Peso
The accompanying notes are an integral part of these financial statements.
28 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
* The following table shows the individual positions and related values of
the securities underlying each total return swap contract with Goldman
Sachs International, as of April 30, 2019.
-------------------------------------------------------------------------------------
Index Description Shares Value % of basket
-------------------------------------------------------------------------------------
AbbVie Inc. 262 $ 20,838 2.07%
AES Corp. 1,530 26,198 2.60%
American Airlines Group, Inc. 406 13,880 1.38%
American International Group, Inc. 284 13,517 1.34%
Ameriprise Financial, Inc 135 19,868 1.97%
AmerisourceBergen Corp. 211 15,769 1.57%
Apple, Inc. 120 24,178 2.40%
Applied Materials, Inc. 426 18,782 1.87%
Archer-Daniels-Midland Co. 378 16,872 1.68%
Assurant, Inc. 180 17,084 1.70%
Boeing Co. 94 35,367 3.52%
Capital One Financial Corp. 215 19,988 1.99%
Capri Holdings, Ltd. 464 20,437 2.03%
CBS Corp. 260 13,332 1.32%
CenturyLink, Inc. 674 7,700 0.77%
Cigna Corp. 69 10,908 1.08%
Corning, Inc. 600 19,107 1.90%
DENTSPLY SIRONA, Inc. 274 13,993 1.39%
Discover Financial Services 277 22,534 2.24%
eBay, Inc. 518 20,074 1.99%
Equity Residential 268 20,480 2.03%
F5 Networks, Inc. 134 21,029 2.09%
General Electric Co. 597 6,072 0.60%
Gilead Sciences, Inc. 252 16,421 1.63%
HCA Healthcare, Inc. 206 26,149 2.60%
HP, Inc. 920 18,347 1.82%
LyondellBasell Industries NV 204 18,016 1.79%
McDonald's Corp. 124 24,437 2.43%
Michael Kors Holdings, Ltd. 381 22,731 2.26%
Monster Beverage Corp. 201 29,173 2.90%
Motorola Solutions, Inc. 1,139 15,383 1.53%
NetApp, Inc. 434 31,639 3.14%
NRG Energy, Inc. 1,024 42,162 4.19%
ONEOK, Inc. 329 22,347 2.22%
Procter & Gamble Co. 198 21,103 2.10%
PulteGroup, Inc. 763 24,018 2.39%
Qorvo, Inc. 254 19,236 1.91%
Quest Diagnostics, Inc. 164 15,810 1.57%
Seagate Technology PLC 411 19,850 1.97%
Sysco Corp. 327 23,036 2.29%
Target Corp. 310 23,992 2.38%
TransDigm Group, Inc. 70 33,847 3.37%
Tyson Foods, Inc. 269 20,203 2.01%
United Continental Holdings, Inc. 247 21,905 2.18%
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 29
Schedule of Investments | 4/30/19 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------
Index Description Shares Value % of basket
-------------------------------------------------------------------------------------
Valero Energy Corp. 268 $ 24,285 2.41%
Wabtec Corp. 3 237 0.02%
Western Union Co. 871 16,941 1.68%
Weyerhaeuser Co. 511 13,695 1.36%
Williams Cos, Inc. 565 16,008 1.59%
Yum! Brands, Inc. 263 27,478 2.73%
-------------------------------------------------------------------------------------
Totals $1,006,456 100.00%
=====================================================================================
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2019, aggregated $354,382,424 and $517,479,892,
respectively.
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., (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 six months ended April
30, 2019, the Fund did not engage in cross trade activity.
At April 30, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $478,838,754 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 50,304,281
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (27,615,775)
------------
Net unrealized appreciation $ 22,688,506
============
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 accompanying notes are an integral part of these financial statements.
30 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
The following is a summary of the inputs used as of April 30, 2019, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Common Stocks $411,285,569 $ -- $ -- $411,285,569
Preferred Stock
Equity Real Estate
Investment Trust (REITs) -- -- 114,186 114,186
Corporate Bonds -- 25,262,937 -- 25,262,937
Foreign Government Bonds -- 11,664,853 -- 11,664,853
U.S. Government and
Agency Obligations -- 27,726,670 -- 27,726,670
Investment Companies 26,058,555 -- -- 26,058,555
Over The Counter (OTC)
Put Options Purchased -- 379,245 -- 379,245
Over The Counter (OTC)
Call Option Purchased -- 642,807 -- 642,807
-----------------------------------------------------------------------------------------------------
Total Investments
in Securities $437,344,124 $65,676,512 $114,186 $503,134,822
=====================================================================================================
Other Financial Instruments
Net unrealized depreciation
on futures contracts $ (2,614,018) $ -- $ -- $ (2,614,018)
Swap contracts, at value -- 1,006,456 -- 1,006,456
-----------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (2,614,018) $ 1,006,456 $ -- $ (1,607,562)
=====================================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-------------------------------------------------------------------------------
Preferred
Stock
-------------------------------------------------------------------------------
Balance as of 10/31/18 $143,808
Realized gain (loss)(1) --
Changed in unrealized appreciation (depreciation)(2) (29,622)
Accrued discounts/premiums --
Purchases --
Sales --
Transfers in to Level 3* --
Transfers out of Level 3* --
-------------------------------------------------------------------------------
Balance as of 4/30/19 $114,186
===============================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2019, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and
considered Level 3 at April 30, 2019: $(29,622)
--------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 31
Statement of Assets and Liabilities | 4/30/19 (Consolidated) (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $466,116,776) $503,134,822
Cash 1,171,644
Foreign currencies, at value (cost $19,873,283) 19,966,941
Futures collateral 16,819,038
Due from broker for futures 2,724,551
Variation margin for futures contracts 31,724
Swap contracts, at value 1,006,456
Receivables --
Investment securities sold 13,114,900
Fund shares sold 201,403
Dividends 1,497,543
Interest 500,579
Other assets 159,935
----------------------------------------------------------------------------------------------
Total assets $560,329,536
==============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 6,141,054
Fund shares repurchased 918,024
Trustees' fees 1,227
Swaps collateral 700,000
Net unrealized depreciation on futures contracts 2,614,018
Due to affiliates 80,556
Accrued expenses 229,735
----------------------------------------------------------------------------------------------
Total liabilities $ 10,684,614
==============================================================================================
NET ASSETS:
Paid-in capital $557,396,392
Distributable earnings (loss) (7,751,470)
----------------------------------------------------------------------------------------------
Net assets $549,644,922
==============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $107,920,765/8,972,564 shares) $ 12.03
Class C (based on $104,157,551/8,849,766 shares) $ 11.77
Class K (based on $75,428,667/6,270,608 shares) $ 12.03
Class R (based on $218,111/18,248 shares) $ 11.95
Class Y (based on $261,919,828/21,669,850 shares) $ 12.09
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $12.03 net asset value per share/100%-4.50%
maximum sales charge) $ 12.60
==============================================================================================
The accompanying notes are an integral part of these financial statements.
32 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/19
INVESTMENT INCOME:
Dividends from unaffiliated issuers (net of foreign
taxes withheld $248,716) $ 3,838,205
Interest from unaffiliated issuers (net of foreign
taxes withheld $22,680) 1,387,890
--------------------------------------------------------------------------------------------------------------
Total investment income $ 5,226,095
--------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,973,493
Administrative expense 111,843
Transfer agent fees
Class A 44,116
Class C 40,209
Class R 364
Class Y 136,041
Distribution fees
Class A 144,394
Class C 543,724
Class R 506
Shareowner communications expense 19,743
Custodian fees 70,136
Registration fees 46,580
Professional fees 60,235
Printing expense 27,420
Pricing fees 4,310
Trustees' fees 10,182
Insurance expense 5,509
Interest expense 7,343
Miscellaneous 99,543
--------------------------------------------------------------------------------------------------------------
Total expenses $ 3,345,691
Less fees waived and expenses reimbursed by the Adviser (87,761)
--------------------------------------------------------------------------------------------------------------
Net expenses $ 3,257,930
--------------------------------------------------------------------------------------------------------------
Net investment income $ 1,968,165
--------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(31,588,636)
Futures contracts 1,437,771
Swap contracts (1,067,495)
Other assets and liabilities denominated
in foreign currencies (306,345) $(31,524,705)
--------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers (net of foreign
capital gain tax $35,766) $ 63,644,931
Futures contracts (14,255,051)
Swap contracts 2,139,216
Other assets and liabilities denominated in foreign currencies 229,882 $ 51,758,978
--------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 20,234,273
--------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 22,202,438
==============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 33
Statements of Changes in Net Assets (Consolidated)
------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/19 Year Ended
(unaudited) 10/31/18
------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 1,968,165 $ 10,358,469
Net realized gain (loss) on investments (31,524,705) 52,896,571
Change in net unrealized appreciation (depreciation)
on investments 51,758,978 (83,492,061)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 22,202,438 $ (20,237,021)
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($1.25 and $1.23 per share, respectively) $ (13,857,488) $ (12,321,509)
Class C ($1.22 and $1.15 per share, respectively) (11,777,964) (12,164,041)
Class K* ($1.27 and $0.04 per share, respectively) (7,196,144) (235,303)
Class R ($1.21 and $1.18 per share, respectively) (18,528) (23,045)
Class Y ($1.27 and $1.26 per share, respectively) (30,462,507) (34,491,439)
-----------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (63,312,631) $ (59,235,337)
==================================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 66,261,045 $ 416,332,043
Reinvestment of distributions 44,853,199 50,052,246
Cost of shares repurchased (178,587,634) (387,377,293)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (67,473,390) $ 79,006,996
------------------------------------------------------------------------------------------------------------------
Net decrease in net assets $(108,583,583) $ (465,362)
NET ASSETS:
Beginning of period $ 658,228,505 $ 658,693,867
------------------------------------------------------------------------------------------------------------------
End of period $ 549,644,922 $ 658,228,505
==================================================================================================================
* Class K shares commenced operations on June 22, 2018.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/19 4/30/19 Year Ended Year Ended
Shares Amount 10/31/18 10/31/18
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------------
Class A
Shares sold 834,796 $ 9,620,728 5,191,038 $ 71,343,681
Reinvestment of
distributions 915,823 10,526,230 815,397 10,960,003
Less shares repurchased (4,032,314) (44,414,733) (4,654,378) (63,474,073)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (2,281,695) $ (24,267,775) 1,352,057 $ 18,829,611
======================================================================================================
Class C
Shares sold 570,348 $ 6,432,100 1,547,855 $ 20,844,972
Reinvestment of
distributions 874,531 9,855,833 754,210 9,956,786
Less shares repurchased (2,418,425) (27,051,270) (3,128,303) (42,138,973)
------------------------------------------------------------------------------------------------------
Net decrease (973,546) $ (10,763,337) (826,238) $ (11,337,215)
======================================================================================================
Class K*
Shares sold 782,315 $ 8,969,041 5,985,981 $ 80,532,422
Reinvestment of
distributions 33,076 360,534 -- --
Less shares repurchased (19,629) (230,555) (511,135) (6,893,926)
------------------------------------------------------------------------------------------------------
Net increase 795,762 $ 9,099,020 5,474,846 $ 73,638,496
======================================================================================================
Class R
Shares sold 6,572 $ 76,507 10,792 $ 147,330
Reinvestment of
distributions 1,059 12,104 538 7,201
Less shares repurchased (13,390) (164,468) (7,077) (94,835)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (5,759) $ (75,857) 4,253 $ 59,696
======================================================================================================
Class Y
Shares sold 3,542,358 $ 41,162,669 17,504,887 $ 243,463,638
Reinvestment of
distributions 2,086,878 24,098,498 2,157,757 29,128,256
Less shares repurchased (9,344,505) (106,726,608) (20,262,452) (274,775,486)
------------------------------------------------------------------------------------------------------
Net decrease (3,715,269) $ (41,465,441) (599,808) $ (2,183,592)
======================================================================================================
* Class K shares commenced operations on June 22, 2018.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 35
Financial Highlights (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.69 $ 14.17 $ 12.03 $ 12.68 $ 12.94 $ 13.33
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04(a) $ 0.19(a) $ 0.14(a) $ 0.16(a) $ 0.17(a) $ 0.27
Net realized and unrealized gain (loss) on investments 0.55 (0.44) 2.12 (0.07) 0.20 (0.09)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.59 $ (0.25) $ 2.26 $ 0.09 $ 0.37 $ 0.18
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.04) $ (0.35) $ (0.12) $ (0.18) $ (0.30) $ (0.08)
Net realized gain (1.21) (0.88) -- (0.56) (0.33) (0.49)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.25) $ (1.23) $ (0.12) $ (0.74) $ (0.63) $ (0.57)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ (1.48) $ 2.14 $ (0.65) $ (0.26) $ (0.39)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.03 $ 12.69 $ 14.17 $ 12.03 $ 12.68 $ 12.94
===================================================================================================================================
Total return (b) 5.16%(c) (2.08)% 18.96% 0.88% 2.85% 1.45%
Ratio of net expenses to average net assets (d) 1.19%(e) 1.14% 1.18% 1.19% 1.20% 1.23%
Ratio of net investment income (loss) to average
net assets 0.65%(e) 1.35% 1.08% 1.38% 1.33% 1.60%
Portfolio turnover rate 69%(c) 255% 292% 230% 295% 383%
Net assets, end of period (in thousands) $107,921 $142,760 $140,278 $164,898 $209,001 $227,251
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 (d) 1.19%(e) 1.14% 1.18% 1.19% 1.26% 1.23%
Net investment income (loss) to average net assets 0.65%(e) 1.35% 1.08% 1.38% 1.27% 1.60%
===================================================================================================================================
* 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) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.05%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.45 $ 13.95 $ 11.88 $ 12.56 $ 12.78 $ 13.21
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01)(a)(b) $ 0.07(a) $ 0.04(a) $ 0.07(a) $ 0.07(a) $ 0.13
Net realized and unrealized gain (loss) on investments 0.55 (0.42) 2.09 (0.07) 0.20 (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.54 $ (0.35) $ 2.13 $ -- $ 0.27 $ 0.08
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.01) $ (0.27) $ (0.06) $ (0.12) $ (0.16) $ (0.02)
Net realized gain (1.21) (0.88) -- (0.56) (0.33) (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.22) $ (1.15) $ (0.06) $ (0.68) $ (0.49) $ (0.51)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.68) $ (1.50) $ 2.07 $ (0.68) $ (0.22) $ (0.43)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.77 $ 12.45 $ 13.95 $ 11.88 $ 12.56 $ 12.78
====================================================================================================================================
Total return (c) 4.81%(d) (2.83)% 18.01% 0.09% 2.12% 0.60%
Ratio of net expenses to average net assets (e) 1.94%(f) 1.91% 1.93% 1.94% 2.01% 1.97%
Ratio of net investment income (loss) to average
net assets (0.09)%(f) 0.55% 0.34% 0.63% 0.52% 0.89%
Portfolio turnover rate 69%(d) 255% 292% 230% 295% 383%
Net assets, end of period (in thousands) $104,158 $122,305 $148,591 $178,457 $218,597 $238,164
====================================================================================================================================
* 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) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(c) 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.
(d) Not annualized.
(e) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.05%,
respectively.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 37
Financial Highlights (Consolidated) (continued)
---------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/19 6/22/18* to
(unaudited) 10/31/18
---------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 12.69 $ 13.67
---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ 0.06(a)
Net realized and unrealized gain (loss) on investments 0.55 (1.00)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.61 $ (0.94)
---------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.04)
Net realized gain (1.21) --
---------------------------------------------------------------------------------------------------------
Total distributions $ (1.27) $ (0.04)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ (0.98)
---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.03 $ 12.69
=========================================================================================================
Total return (b) 5.34%(c) (2.00)%(c)
Ratio of net expenses to average net assets (d) 0.86%(d) 0.88%(e)
Ratio of net investment income (loss) to average net assets 1.02%(d) 1.28%(e)
Portfolio turnover rate 69%(c) 255%(c)
Net assets, end of period (in thousands) $75,429 $69,449
=========================================================================================================
* Class K commenced operations on June 22, 2018.
(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) Not annualized.
(d) Includes interest expense of 0.00% and 0.00%, respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $12.60 $14.11 $12.00 $12.69 $12.92 $13.32
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01(a) $ 0.10(a) $ 0.08(a) $ 0.10(a) $ 0.06(a) $ 0.15
Net realized and unrealized gain (loss) on investments 0.55 (0.43) 2.11 (0.08) 0.19 0.00(b)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.56 $(0.33) $ 2.19 $ 0.02 $ 0.25 $ 0.15
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ -- $(0.30) $(0.08) $(0.15) $(0.15) $(0.06)
Net realized gain (1.21) (0.88) -- (0.56) (0.33) (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(1.21) $(1.18) $(0.08) $(0.71) $(0.48) $(0.55)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.65) $(1.51) $ 2.11 $(0.69) $(0.23) $(0.40)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.95 $12.60 $14.11 $12.00 $12.69 $12.92
====================================================================================================================================
Total return (c) 4.89%(d) (2.71)% 18.35% 0.34% 1.90% 1.19%
Ratio of net expenses to average net assets (e) 1.79%(f) 1.82% 1.62% 1.71% 2.01% 1.55%
Ratio of net investment income (loss) to average net assets 0.10%(f) 0.75% 0.64% 0.86% 0.47% 1.40%
Portfolio turnover rate 69%(d) 255% 292% 230% 295% 383%
Net assets, end of period (in thousands) $ 218 $ 303 $ 279 $ 282 $ 120 $ 74
====================================================================================================================================
* 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) Amount rounds to less than $0.01 or $(0.01) per share.
(c) 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.
(d) Not annualized.
(e) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.05%,
respectively.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 39
Financial Highlights (Consolidated) (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.74 $ 14.22 $ 12.08 $ 12.72 $ 12.97 $ 13.37
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06(a) $ 0.24(a) $ 0.18(a) $ 0.20(a) $ 0.21(a) $ 0.27
Net realized and unrealized gain (loss) on investments 0.56 (0.46) 2.12 (0.08) 0.20 (0.05)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.62 $ (0.22) $ 2.30 $ 0.12 $ 0.41 $ 0.22
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.06) $ (0.38) $ (0.16) $ (0.20) $ (0.33) $ (0.13)
Net realized gain (1.21) (0.88) -- (0.56) (0.33) (0.49)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.27) $ (1.26) $ (0.16) $ (0.76) $ (0.66) $ (0.62)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ (1.48) $ 2.14 $ (0.64) $ (0.25) $ (0.40)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.09 $ 12.74 $ 14.22 $ 12.08 $ 12.72 $ 12.97
===================================================================================================================================
Total return (b) 5.37%(c) (1.86)% 19.24% 1.17% 3.20% 1.70%
Ratio of net expenses to average net assets (d) 0.90%(e) 0.90% 0.90% 0.90% 0.90% 0.95%
Ratio of net investment income (loss) to average
net assets 0.96%(e) 1.71% 1.37% 1.65% 1.63% 1.92%
Portfolio turnover rate 69%(c) 255% 292% 230% 295% 383%
Net assets, end of period (in thousands) $261,920 $323,412 $369,546 $347,586 $378,895 $401,336
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Total expense to average net assets (d) 0.97%(e) 0.92% 0.95% 0.96% 1.02% 1.00%
Net investment income (loss) to average net assets 0.89%(e) 1.69% 1.32 % 1.59% 1.52% 1.92%
===================================================================================================================================
* 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) Not annualized.
(d) Includes interest expense of 0.01%, 0.00%, 0.00%, 0.00%, 0.00% and 0.05%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Notes to Financial Statements | 4/30/19 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Flexible Opportunities Fund (the "Fund") is one of two portfolios
comprising Pioneer Series Trust VI (the "Trust"), 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 five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class K commenced operations on June 22, 2018. 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 K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The consolidated financial statements of the Fund include the accounts of
Flexible Opportunities Commodity Fund Ltd. (formerly, Pioneer Cayman Commodity
Fund Ltd.) (the "Subsidiary"). All intercompany accounts and transactions have
been eliminated. The Subsidiary, a Cayman Islands exempted
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 41
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 April 30, 2019, the
Subsidiary represented $5,089,839, or approximately 0.93%, of the net assets of
the Fund.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires 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 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 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
42 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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.
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.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
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.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded.
Repurchase agreements are valued at par. Cash may include overnight time
deposits at approved financial institutions.
Securities 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 43
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 April 30, 2019, one security 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
was $114,186.
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. Dividend and interest income are reported
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.
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.
44 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on 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. 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 provision for federal income
taxes is required. As of October 31, 2018, 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 on 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 over distributions 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $42,775,677
Long term capital gain 16,459,660
--------------------------------------------------------------------------
Total $59,235,337
==========================================================================
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 45
The following shows the components of distributable earnings (losses) on a
federal income tax basis at October 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 18,876,057
Undistributed long term capital gain 43,526,756
Unrealized depreciation (29,044,090)
--------------------------------------------------------------------------
Total $ 33,358,723
==========================================================================
The difference between book-basis and tax-basis net unrealized
depreciation is attributable to the tax deferral of losses on wash sales,
adjustments related to the mark-to-market of futures contracts, tax basis
adjustments on Real Estate Investment Trust ("REIT"), partnerships and
swaps contracts.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $4,097 in underwriting commissions on the sale of Class
A shares during the six months ended April 30, 2019.
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, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees 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 K, Class R 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
46 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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. A general rise in interest rates could adversely affect the price
and liquidity of fixed-income securities and could also result in
increased redemptions from the Fund.
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 investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
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 other pooled investment vehicles
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 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 47
The Fund may invest in below investment grade (high yield) debt securities
and preferred stocks. Some of these high yield securities may be
convertible into equity securities of the issuer. 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
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. 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
48 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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 sub-custodian 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.
As of and for the six months ended April 30, 2019, the Fund had no open
repurchase agreements.
I. 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 on the Statement of Assets and Liabilities as an
investment. All premiums are marked-to-market daily, and any unrealized
appreciation or depreciation is recorded on the Fund's Statement of
Operations. 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 call and put options which have expired are
treated as realized losses on investments on the Statement of Operations.
Upon the exercise or closing of a purchased put option, the premium is
offset against the proceeds on the sale of the underlying security or
financial instrument in order to determine the realized gain or loss on
investments. Upon the exercise or closing of a purchased call option, the
premium is added to the cost of the security or financial instrument. The
risk associated with purchasing options is limited to the premium
originally paid.
The average market value of purchased options contracts open during the
six months ended April 30, 2019, was $5,845,980. Open purchased options at
April 30, 2019, are listed in the Fund's Schedule of Investments.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 49
J. 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
April 30, 2019, is recorded as "Futures collateral" on 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. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. 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
reduced 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 market value of futures contracts open during the six months
ended April 30, 2019, was $(189,757,915). Open futures contracts
outstanding at April 30, 2019, are listed in the Schedule of Investments.
K. Total Return Swap Contracts
The Fund may enter into a total return swap contracts to attempt to manage
and/or gain exposure to a security or market. Pursuant to a total return
swap contracts, 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.
50 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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" on the Statement of Assets and
Liabilities. Payments received or made are recorded as realized gains or
losses on 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 average market value of total return swap contracts open during the
six months ended April 30, 2019, was $(207,287). Open total return swap
contracts at April 30, 2019, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are calculated daily at an annual rate of 0.70% of the Fund's average
daily net assets up to $1 billion, 0.675% of the next $1 billion and 0.65% on
average daily net assets over $2 billion. Prior to October 1, 2018, management
fees were calculated daily at an annual rate of 0.70% of the average daily net
assets of the Fund, excluding assets invested in the Subsidiary and on which
the Subsidiary pays a management fee.
The Subsidiary has entered into a separate management contract with 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 up to
$1 billion, 0.675% of the next $1 billion of the Subsidiary's average daily net
assets and 0.65% of the Subsidiary's average daily net assets over $2 billion.
For the six months ended April 30, 2019, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.70%
(annualized) 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 taxes,
brokerage commissions, acquired fund fees and expenses and extraordinary
expenses, such as litigation) to the extent required to reduce Fund expenses to
1.20%, 0.90% and 0.90% of the average daily net assets attributable to Class A,
Class K and Class Y shares, respectively. This expense limitation is in effect
through March 1, 2020. 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 beyond the date referred to above.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 51
Fees waived and expenses reimbursed during the six months ended April 30, 2019
are reflected on the Statement of Operations. 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 $62,632 in management fees,
administrative costs and certain other reimbursements payable to the Adviser at
April 30, 2019.
3. Transfer Agent
DST Asset Manager Solutions, 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 shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended April 30, 2019, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $ 5,259
Class C 4,626
Class R 75
Class Y 9,783
--------------------------------------------------------------------------------
Total $19,743
================================================================================
4. Distribution and Service Plans
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 on the Statement of Assets and
Liabilities is $17,924 in distribution fees payable to the Distributor at April
30, 2019.
52 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
The Fund also has adopted a separate service plan for Class R shares (the
"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 Class A and Class C 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 K, Class R and Class Y shares. Proceeds from the CDSCs are paid
to the Distributor. For the six months ended April 30, 2019, CDSCs in the
amount of $5,773 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.
Effective August 1, 2018, the Fund participates in a credit facility in the
amount of $250 million. Prior to August 1, 2018, the credit facility was 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 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date 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 six months ended April 30, 2019, the average daily amount of borrowings
outstanding during the period was $6,437,500. The related weighted average
annualized interest rate for the period was 3.30%, and the total interest
expense on such borrowings was $7,343, which is shown as Interest expense,
located on the Statement of Operations. As of April 30, 2019, there were no
borrowings outstanding.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 53
6. Master Netting Agreements
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 Over the Counter ("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 set-off may be restricted or prohibited by the bankruptcy
or insolvency laws of the particular jurisdiction to which each specific ISDA
Master Agreement 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 used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately on the Statement of Assets and Liabilities as "Swaps
collateral". Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
54 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
Financial instruments subject to an enforceable master netting agreement, such
as an ISDA Master Agreement, have been offset on the Statement of Assets and
Liabilities. The following chart shows gross assets of the Fund as of April 30,
2019.
------------------------------------------------------------------------------------------------------------
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 $1,022,052 $ -- $ -- $ -- $1,022,052
Goldman Sachs
International 1,006,456 -- -- (700,000) 306,456
------------------------------------------------------------------------------------------------------------
Total $2,028,508 $ -- $ -- $(700,000) $1,328,508
============================================================================================================
(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 may enhance or mitigate the Fund's exposure 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 rate 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 55
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2019 was as follows:
-----------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------
Assets
Options
purchased* $ -- $ -- $ -- $ 1,022,052 $ --
Net unrealized
appreciation on
futures contracts -- -- 465,793 45,536 --
Swap contracts,
at value -- -- -- 1,006,456 --
-----------------------------------------------------------------------------------------------
Total Value $ -- $ -- $465,793 $ 2,074,044 $ --
===============================================================================================
Liabilities
Net unrealized
depreciation on
futures contracts $ -- $ -- $ -- $(3,125,347) $ --
-----------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ -- $(3,125,347) $ --
===============================================================================================
* Reflects the market value of purchased option contracts (see Note 1I.).
These amounts are included in investments in unaffiliated issuers, at
value, on the statement of assets and liabilities.
56 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2019 was as follows:
-----------------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Options
purchased* $ -- $ -- $ -- $(11,246,601) $ --
Futures contracts -- -- 2,152,714 (714,943) --
Swap contracts -- -- -- (1,067,495) --
-----------------------------------------------------------------------------------------------------
Total Value $ -- $ -- $ 2,152,714 $(13,029,039) $ --
=====================================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Options
purchased** $ -- $ -- $ -- $ 5,378,960 $ --
Futures contracts -- -- (1,557,420) (12,697,631) --
Swap contracts -- -- -- 2,139,216 --
-----------------------------------------------------------------------------------------------------
Total Value $ -- $ -- $(1,557,420) $ (5,179,455) $ --
=====================================================================================================
* Reflects the net realized gain (loss) on purchased option contracts (see
Note 1l.). These amounts are included in net realized gain (loss) on
investments in unaffiliated issuers, on the statements of operations.
** Reflects the change in net unrealized appreciation (depreciation) on
purchased option contracts (see Note 1I.). These amounts are included in
change in net unrealized appreciation (depreciation) on Investments in
unaffiliated issuers, on the statements of operations.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 57
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
58 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19 59
This page is for your notes.
60 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/19
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
FactFoneSM 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 219427
Kansas City, MO 64121-9427
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/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 24879-08-0619
Pioneer Floating
Rate Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2019
--------------------------------------------------------------------------------
Ticker Symbols:
Class A FLARX
Class C FLRCX
Class Y FLYRX
Beginning in April 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 41
Notes to Financial Statements 48
Trustees, Officers and Service Providers 63
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
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.
April 30, 2019
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 | Semiannual Report | 4/30/19 3
Portfolio Management Discussion | 4/30/19
In the following interview, Jonathan Sharkey discusses the factors that
influenced the bank-loan market and the performance of Pioneer Floating Rate
Fund during the six-month period ended April 30, 2019. 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 six-month period ended April 30, 2019?
A Pioneer Floating Rate Fund's Class A shares returned 2.06% at net asset
value during the six-month period ended April 30, 2019, while the Fund's
benchmark, the Standard & Poor's/Loan Syndications & Trading Association
Leveraged Performing Loan Index (the S&P/LSTA Index), returned 2.10%.
During the same period, the average return of the 247 mutual funds in
Morningstar's Bank Loan Funds category was 1.86%.
Q How would you describe the environment for investing in bank loans during
the six-month period ended April 30, 2019?
A Late 2018 saw investor sentiment for riskier assets weaken due to a range
of concerns, including U.S.-China trade tensions, softening economic
growth overseas, Italy's budget crisis, and political uncertainty. In
mid-December, the U.S. Federal Reserve (the Fed) met expectations and
raised its short- term target rate to the 2.25% to 2.50% range, its fourth
rate hike in calendar year 2018, while also noting the potential for
additional rate increases in 2019. In combination with signs of slowing
global economic growth and yet another setback in the "Brexit"
negotiations in the United Kingdom, fears that the Fed would overshoot on
interest rates led to a spike in volatility in the market for risk assets.
December 2018 saw the 10-year U.S. Treasury yield decline from 3.01% to
2.69%, as investors sought a safe haven from the market turmoil.
Energy-related issues declined sharply as crude oil prices plunged over
the fourth quarter, mainly due to concerns about a weaker demand outlook
and higher-than-expected supply driven in part by a loosening of U.S.
sanctions on Iran.
Risk-oriented assets rebounded sharply in January of 2019, however, as the
Fed pivoted on monetary policy and took on a less aggressive tone,
announcing an early end to its balance-sheet reduction program while also
indicating it would become more "data dependent" with regard to interest
rates, thus putting further increases on hold, at least temporarily. In
addition to the Fed's policy actions, weak economic data out of the euro
zone and China led to renewed monetary accommodations from both the
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
European Central Bank and the People's Bank of China. Modest progress on
trade matters, a firming in oil prices, and positive corporate earnings
reports also helped boost credit-market sentiment during the first quarter
of 2019. While the overall pace of gains moderated and there was some
interim market volatility over the final weeks of the period,
credit-sensitive assets continued to outperform interest-rate-sensitive
issues through the end of April.
In late 2018, the loan market was affected by massive outflows from retail
mutual fund investors. The exodus was primarily driven by comments from
Fed Chair Powell about future rate increases likely being put on hold,
which lessened the attractiveness of the floating-rate feature of bank
loans. Another factor driving the outflows was heightened media coverage
speculating on a possible end of the credit cycle for loans. The effects
of the outflows were further exacerbated by low year-end liquidity in the
loan market, with a pause in collateralized loan obligation (CLO)
formation following a record calendar year in terms of volume.
Despite all the issues outlined here, the early-2019 rally in the credit
markets helped the loan market recoup the bulk of the losses it incurred
in the latter part of 2018, thus rewarding patient bank-loan investors.
Q What factors had the biggest effects on the Fund's benchmark-relative
performance during the six-month period ended April 30, 2019?
A The Fund's return was essentially in line with that of the S&P/LSTA Index
during the six-month period. Benchmark-relative performance received
support from the portfolio's tilt toward higher-quality loans carrying
ratings in the BB range. In addition, loan selection results were positive
overall, highlighted by the Fund's holdings among loans rated BBB and B.
The Fund's allocations across industries within its core loan positions
had only a modest impact on benchmark-relative performance. An underweight
to technology, and electronics in particular, detracted from benchmark-
relative returns, as did portfolio overweights to loans in the food
products and aerospace & defense segments. On the positive side, an
underweight to business & equipment services and an overweight to
conglomerates aided the Fund's benchmark-relative performance.
With regard to individual portfolio holdings, positive contributions to
the Fund's benchmark-relative results during the period were led by the
loans of Neiman Marcus, as the luxury retailer displayed improved
operating performance and made progress toward shoring up its capital
structure. Portfolio exposure to office equipment/supply wholesaler
Staples also aided
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 5
the Fund's benchmark-relative returns, as the loans moved up to par (face)
value in conjunction with a refinancing. Within health care, the loans of
U.S. Renal Care contributed positively to the Fund's relative performance
as the loan price benefited when the company was acquired.
On the downside, investor sentiment towards the loans of cosmetics and
personal care company Revlon was negatively affected by timing issues
regarding a new product launch as well as by inventory adjustments by some
key customers. A Fund overweight to the loans of Nature's Bounty, a
provider of health supplements, detracted from relative performance as
improvements in the company's business results showed signs of plateauing
over the six-month period. A position in PetSmart detracted from the
Fund's relative returns due to loan-price volatility, as the pet
superstore continued to experience tepid same-store sales trends and
concerns about the company's capital structure lingered in the wake of its
acquisition of online retailer Chewy.com.
Finally, the Fund's out-of-benchmark allocations to high-yield corporate
bonds and to insurance-linked securities (ILS), the latter of which are
sponsored by insurance companies to help mitigate the risk of having to
pay claims in the wake of natural disasters, had little impact on relative
performance over the six months. We reduced those non-core portfolio
positions meaningfully in order to meet redemptions from the Fund as
investors were fleeing the loan asset class in late 2018.
Q Did the Fund have any investments in any derivative securities during the
six-month period ended April 30, 2019? If so, did the derivatives have any
material effect on results?
A We invested the Fund in high-yield bond and investment-grade bond
credit-default swaps, principally to maintain liquidity in the portfolio.
The derivatives had no material impact on the Fund's performance.
Q Did the Fund's distributions* to shareholders change during the six-month
period ended April 30, 2019?
A The Fund's distributions increased during the period, in part due to the
Fed's multiple interest-rate hikes throughout 2018, which resulted in
higher LIBOR (London Interbank Offered Rate) reference rates for bank
loans.
Q What is your investment outlook?
A We view loan fundamentals as positive and expect defaults to remain
manageable. The default rate on loans for the 12 months ended April 30,
2019, was 1.01% by loan volume, which is below the historical average of
* Distributions are not guaranteed.
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
slightly over 3%. The default rate by number of issuers was 1.59%, also
below the long-term average. Meanwhile, the default rate on loans held in
the Fund's portfolio has remained well below that of the market.
We continue to maintain an up-in-quality bias in the portfolio. The loan
market has recently seen an uptick in the amount of leverage utilized in
buyout activity, and we have refrained from having the Fund participate in
a number of the more levered deals. Instead, we have been emphasizing
loans of borrowers with strong cash flows, a strategy designed to help
ensure that they can pay their obligations in the event interest rates
rise meaningfully from here, or if there is a downturn in economic
conditions. Recent Fund purchases have been focused within the broadcast,
oil & gas, and financial intermediary loan-market segments.
We have been looking for opportunities to rebuild the Fund's
out-of-benchmark allocations to high-yield corporates, credit-default-swap
indices, and ILS. A significant move higher in interest rates appears to
have become less of a near-term risk to the high-yield asset class, and we
view maintaining a modest position in ILS as helping to improve the Fund's
long-term risk/reward profile, based on their higher yields and the
diversification** effects they can potentially provide.
We believe bank loans demonstrated their value in the recent rising-rate
environment, as they had substantially outperformed both high-yield and
investment-grade corporate bonds prior to the Fed's reversal on monetary
policy at the outset of 2019. With the current U.S. economic recovery in
its 10th year, we view an investment approach focused on owning loans in
the higher-quality tier of the market as appropriate.
We also believe that a pause on the part of the Fed in raising interest
rates is not necessarily a negative outcome for loans, as they continue to
display strong coupons and the overall loan market is trading at a
discount. We expect generally stable loan-market fundamentals to outweigh
any marginal movement in the federal funds rate (up or down) over the next
few quarters.
While our view on current conditions is basically positive, risks to our
outlook include an unexpected decline in corporate earnings resulting from
some combination of higher tariffs, rising wage growth, and slowing global
economic growth.
** Diversification does not assure a profit nor protect against loss.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 7
Please refer to the Schedule of Investments on pages 16-40 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.
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.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Portfolio Summary | 4/30/19
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Floating Rate Loan Interests 95.1%
Corporate Bonds 2.0%
Insurance-Linked Securities 1.2%
U.S. Government and Agency Obligations 0.8%
Investment Companies 0.3%
Collateralized Mortgage Obligations 0.3%
Asset Backed Securities 0.3%
Preferred Stock 0.0%+
Common Stock 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Charter Communications Operating LLC (aka CCO Safari LLC), Term B Loan, 4.49%
(LIBOR + 200 bps), 4/30/25 0.81%
-------------------------------------------------------------------------------------------------------------
2. U.S. Treasury Bills, 5/21/19 0.80
-------------------------------------------------------------------------------------------------------------
3. Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals International, Inc.), Initial
Term Loan, 5.474% (LIBOR + 300 bps), 6/2/25 0.78
-------------------------------------------------------------------------------------------------------------
4. Scientific Games International, Inc., Initial Term B-5 Loan, 5.233%
(LIBOR + 275 bps), 8/14/24 0.77
-------------------------------------------------------------------------------------------------------------
5. Asurion LLC (fka Asurion Corp.), New Term Loan B7, 5.483%
(LIBOR + 300 bps), 11/3/24 0.74
-------------------------------------------------------------------------------------------------------------
6. Sprint Communications, Inc., Initial Term Loan, 5.0% (LIBOR + 250 bps), 2/2/24 0.72
-------------------------------------------------------------------------------------------------------------
7. Sinclair Television Group, Inc., Tranche B Term Loan, 4.74%
(LIBOR + 225 bps), 1/3/24 0.70
-------------------------------------------------------------------------------------------------------------
8. Fitness International LLC, Term B Loan, 5.769% (LIBOR + 325 bps/
PRIME + 225 bps), 4/18/25 0.70
-------------------------------------------------------------------------------------------------------------
9. Boyd Gaming Corp., Refinancing Term B Loan, 4.668% (LIBOR + 225 bps), 9/15/23 0.68
-------------------------------------------------------------------------------------------------------------
10. NVA Holdings, Inc., First Lien Term B3 Loan, 5.233% (LIBOR + 275 bps), 2/2/25 0.63
-------------------------------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 9
Prices and Distributions | 4/30/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/19 10/31/18
--------------------------------------------------------------------------------
A $6.70 $6.73
--------------------------------------------------------------------------------
C $6.70 $6.74
--------------------------------------------------------------------------------
Y $6.72 $6.75
--------------------------------------------------------------------------------
Distributions per Share: 11/1/18-4/30/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1647 $ -- $ --
--------------------------------------------------------------------------------
C $0.1400 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1741 $ -- $ --
--------------------------------------------------------------------------------
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 11-13.
10 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 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 Floating Rate Fund at public
offering price during the periods shown, compared to that of the S&P/LSTA
Leveraged Performing Loan Index.
Cumulative Total Returns
(As of April 30, 2019)
------------------------------------------------------
Net Public S&P/LSTA
Asset Offering Leveraged
Value Price Performing
Period (NAV) (POP) Loan Index
------------------------------------------------------
10 years 5.66% 5.17% 7.40%
5 years 3.08 2.13 4.27
1 year 3.34 -1.31 4.34
------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
1.03%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating S&P/LSTA Leveraged
Rate Fund Performing Loan Index
4/09 $ 9,550 $10,000
4/10 $11,819 $13,391
4/11 $12,570 $14,371
4/12 $13,040 $14,788
4/13 $13,869 $15,961
4/14 $14,230 $16,567
4/15 $14,583 $17,205
4/16 $14,729 $17,286
4/17 $15,492 $18,703
4/18 $16,022 $19,570
4/19 $16,557 $20,419
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP
returns reflect deduction of maximum 4.50% sales charge. NAV 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 Floating Rate Fund | Semiannual Report | 4/30/19 11
Performance Update | 4/30/19 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 that of the S&P/LSTA Leveraged Performing Loan
Index.
Cumulative Total Returns
(As of April 30, 2019)
------------------------------------------------------
S&P/LSTA
Leveraged
If If Performing
Period Held Redeemed Loan Index
------------------------------------------------------
10 years 4.86% 4.86% 7.40%
5 years 2.29 2.29 4.27
1 year 2.58 2.58 4.34
------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
1.78%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating S&P/LSTA Leveraged
Rate Fund Performing Loan Index
4/09 $10,000 $10,000
4/10 $12,285 $13,391
4/11 $12,956 $14,371
4/12 $13,319 $14,788
4/13 $14,085 $15,961
4/14 $14,346 $16,567
4/15 $14,596 $17,205
4/16 $14,639 $17,286
4/17 $15,281 $18,703
4/18 $15,662 $19,570
4/19 $16,066 $20,419
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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.
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Performance Update | 4/30/19 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 that of the S&P/LSTA Leveraged Performing Loan
Index.
Cumulative Total Returns
(As of April 30, 2019)
------------------------------------------------------
Net S&P/LSTA
Asset Leveraged
Value Performing
Period (NAV) Loan Index
------------------------------------------------------
10 years 5.99% 7.40%
5 years 3.42 4.27
1 year 3.64 4.34
------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2019)
------------------------------------------------------
Gross Net
------------------------------------------------------
0.79% 0.72%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Floating S&P/LSTA Leveraged
Rate Fund Performing Loan Index
4/09 $5,000,000 $ 5,000,000
4/10 $6,208,354 $ 6,695,513
4/11 $6,616,472 $ 7,185,624
4/12 $6,872,281 $ 7,393,916
4/13 $7,347,228 $ 7,980,325
4/14 $7,563,908 $ 8,283,623
4/15 $7,777,969 $ 8,602,398
4/16 $7,887,912 $ 8,642,826
4/17 $8,322,562 $ 9,351,528
4/18 $8,634,213 $ 9,785,114
4/19 $8,948,839 $10,209,606
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2020, 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from November 1, 2018, through April 30, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
--------------------------------------------------------------------------------
Ending Account $1,020.60 $1,015.30 $1,022.00
Value (after expenses)
on 4/30/19
--------------------------------------------------------------------------------
Expenses Paid $ 5.31 $ 8.84 $ 3.51
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.06%,
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
181/365 (to reflect the one-half year period).
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2018, through April 30, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/18
--------------------------------------------------------------------------------
Ending Account $1,019.54 $1,016.02 $1,021.32
Value (after expenses)
on 4/30/19
--------------------------------------------------------------------------------
Expenses Paid $ 5.31 $ 8.85 $ 3.51
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.06%,
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
181/365 (to reflect the one-half year period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 15
Schedule of Investments | 4/30/19 (unaudited)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 98.4%
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 93.6% of Net Assets*(a)
Aerospace & Defense -- 2.6%
1,332,500 Accudyne Industries Borrower SCA/Accudyne Industries LLC
(fka Silver II US Holdings LLC), Initial Term
Loan, 5.483% (LIBOR + 300 bps), 8/18/24 $ 1,333,573
1,964,719 Air Canada, Replacement Term Loan, 4.479% (LIBOR +
200 bps), 10/6/23 1,970,024
863,179 American Airlines, Inc., 2017 Class B Term Loan, 4.473%
(LIBOR + 200 bps), 12/14/23 857,424
485,000 American Airlines, Inc., 2017 Class B Term Loan, 4.479%
(LIBOR + 200 bps), 4/28/23 483,060
3,879,991 American Airlines, Inc., 2018 Replacement Term Loan, 4.229%
(LIBOR + 175 bps), 6/27/25 3,833,109
2,186,453 MACOM Technology Solutions Holdings, Inc. (fka M/A-COM
Technology Solutions Holdings, Inc.), Initial
Term Loan, 4.733% (LIBOR + 225 bps), 5/17/24 2,073,030
1,132,516 MRO Holdings, Inc., Initial Term Loan, 7.379% (LIBOR +
475 bps), 10/25/23 1,140,302
1,719,375 Peraton Corp. (fka MHVC Acquisition Corp.), First Lien
Initial Term Loan, 7.74% (LIBOR +
525 bps), 4/29/24 1,672,092
1,650,687 United AirLines, Inc., Refinanced Term Loan, 4.233%
(LIBOR + 175 bps), 4/1/24 1,657,909
2,338,250 WP CPP Holdings, LLC, First Lien Initial Term Loan, 6.34%
(LIBOR + 375 bps), 4/30/25 2,341,173
------------
Total Aerospace & Defense $ 17,361,696
----------------------------------------------------------------------------------------------------------------
Automobile -- 4.4%
640,982 Allison Transmission, Inc., Initial Term Loan, 4.479%
(LIBOR + 200 bps), 3/29/26 $ 647,049
1,470,696 American Axle & Manufacturing, Inc., Tranche B Term Loan,
4.767% (LIBOR + 225 bps), 4/6/24 1,455,520
1,365,248 Bombardier Recreational Products, Inc., Term B Loan, 4.48%
(LIBOR + 200 bps), 5/23/25 1,357,853
982,513 Bright Bidco BV (aka Lumileds LLC), 2018 Refinancing Term B
Loan, 6.063% (LIBOR + 350 bps), 6/30/24 744,254
916,008 Commercial Vehicle Group, Inc., (CVG) Initial Term Loan,
8.483% (LIBOR + 600 bps), 4/12/23 916,008
1,520,519 Cooper-Standard Automotive, Inc., Additional Term B-1 Loan,
4.483% (LIBOR + 200 bps), 11/2/23 1,492,009
2,186,588 CWGS Group LLC, (aka Camping World, Inc.), Term Loan,
5.229% (LIBOR + 275 bps), 11/8/23 2,031,340
2,000,000 Dana, Inc., 2018 New Term Loan B Advance, 4.733% (LIBOR +
225 bps), 2/27/26 2,003,750
3,325,000 Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.48%
(LIBOR + 200 bps), 3/3/25 3,265,782
1,942,985 KAR Auction Services, Inc., Tranche B-5 Term Loan, 5.125%
(LIBOR + 250 bps), 3/9/23 1,947,016
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Automobile -- (continued)
4,142,727 Navistar, Inc., Tranche B Term Loan, 5.99% (LIBOR +
350 bps), 11/6/24 $ 4,150,470
1,566,943 Superior Industries International, Inc., Replacement Term
Loan, 6.483% (LIBOR + 400 bps), 5/22/24 1,543,438
2,200,906 Thor Industries, Inc., Initial USD Term Loan, 6.313%
(LIBOR + 375 bps), 2/1/26 2,166,517
2,377,581 TI Group Automotive Systems LLC, Initial US Term Loan,
4.983% (LIBOR + 250 bps), 6/30/22 2,362,702
2,025,724 Tower Automotive Holdings USA LLC, Initial Term Loan, 5.25%
(LIBOR + 275 bps), 3/7/24 2,007,999
1,807,917 Visteon Corp., New Term Loan, 4.254% (LIBOR +
175 bps), 3/25/24 1,785,318
------------
Total Automobile $ 29,877,025
----------------------------------------------------------------------------------------------------------------
Banking -- 0.5%
1,856,228 EWT Holdings III Corp. (fka WTG Holdings III Corp.),
Refinancing 2017-2 First Lien Term Loan, 5.483%
(LIBOR + 300 bps), 12/20/24 $ 1,865,509
1,175,000 Starfruit Finco BV (Starfruit US Holdco LLC) (aka
AkzoNobel), Initial Dollar Term Loan, 5.729%
(LIBOR + 325 bps), 10/1/25 1,173,348
------------
Total Banking $ 3,038,857
----------------------------------------------------------------------------------------------------------------
Beverage, Food & Tobacco -- 3.5%
980,044 Albertson's LLC, 2017-1 Term B-5 Loan, 5.609% (LIBOR +
300 bps), 12/21/22 $ 982,773
2,978,722 Albertson's LLC, 2017-1 Term B-6 Loan, 5.483% (LIBOR +
300 bps), 6/22/23 2,986,169
1,246,875 Albertson's LLC, 2018 Term B-7 Loan, 5.483% (LIBOR +
300 bps), 11/17/25 1,248,434
3,799,635 Chobani LLC (Chobani Idaho LLC), First Lien New Term Loan,
5.983% (LIBOR + 350 bps), 10/10/23 3,755,704
2,152,225 Give and Go Prepared Foods Corp. (fka GG Foods Acquisition
Corp.), First Lien 2017 Term Loan, 6.851% (LIBOR
+ 425 bps), 7/29/23 1,965,698
1,314,068 H-Food Holdings LLC (aka Hearthside Food Solutions LLC),
Initial Term Loan, 6.171% (LIBOR +
369 bps), 5/23/25 1,288,607
1,554,778(b) JBS USA Lux SA, Term Loan B, 4/24/26 1,559,800
3,511,874 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan, 4.98%
(LIBOR + 250 bps), 10/30/22 3,517,830
2,739,248 Post Holdings, Inc., Series A, Incremental Term Loan, 4.49%
(LIBOR + 200 bps), 5/24/24 2,744,767
1,042,125 Sigma Holdco BV (aka Flora Foods), Facility B2, 5.603%
(LIBOR + 300 bps), 7/2/25 1,034,309
2,476,193 Utz Quality Foods LLC, First Lien Initial Term Loan, 5.983%
(LIBOR + 350 bps), 11/21/24 2,489,607
------------
Total Beverage, Food & Tobacco $ 23,573,698
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 17
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Broadcasting & Entertainment -- 4.2%
1,970,000 Altice Financing SA, October 2017 USD Term Loan, 5.23%
(LIBOR + 275 bps), 1/31/26 $ 1,910,900
5,371,309 Charter Communications Operating LLC (aka CCO Safari LLC),
Term B Loan, 4.49% (LIBOR + 200 bps), 4/30/25 5,391,436
1,544,595 Creative Artists Agency LLC, Refinancing Term Loan, 5.487%
(LIBOR + 300 bps), 2/15/24 1,548,698
3,081,456 Gray Television, Inc., Term B-2 Loan, 4.727% (LIBOR +
225 bps), 2/7/24 3,080,171
2,244,375 Gray Television, Inc., Term C Loan, 4.977% (LIBOR +
250 bps), 1/2/26 2,253,492
1,079,922 MediArena Acquisition BV (fka AP NMT Acquisition BV), First
Lien Dollar Term B Loan, 8.35% (LIBOR +
575 bps), 8/13/21 1,080,485
995,000 NAI Entertainment Holdings LLC, Tranche B Term Loan, 4.99%
(LIBOR + 250 bps), 5/8/25 992,513
1,519,000 Numericable US LLC, USD TLB-11 Term Loan, 5.233% (LIBOR +
275 bps), 7/31/25 1,481,025
1,970,000 Numericable US LLC, USD TLB-12 Term Loan, 6.16% (LIBOR +
369 bps), 1/31/26 1,935,525
2,391,620 Quebecor Media, Inc., Facility B-1 Tranche, 4.934% (LIBOR +
225 bps), 8/17/20 2,395,107
4,659,812 Sinclair Television Group, Inc., Tranche B Term Loan, 4.74%
(LIBOR + 225 bps), 1/3/24 4,665,613
1,803,253 UPC Financing Partnership , Facility AR, 4.973% (LIBOR +
250 bps), 1/15/26 1,806,008
------------
Total Broadcasting & Entertainment $ 28,540,973
----------------------------------------------------------------------------------------------------------------
Building Materials -- 1.7%
1,888,280 Circor International, Inc., Initial Term Loan, 5.982%
(LIBOR + 350 bps), 12/11/24 $ 1,887,691
2,233,125 Hamilton Holdco LLC (Reece International Pty, Ltd.), Term
Loan, 4.61% (LIBOR + 200 bps), 7/2/25 2,235,861
1,658,250 Janus International Group LLC, Initial First Lien Term Loan,
5.483% (LIBOR + 300 bps), 2/12/25 1,612,648
3,577,134 Summit Materials LLC, New Term Loan, 4.483% (LIBOR +
200 bps), 11/21/24 3,578,250
2,259,750 WKI Holding Co., Inc. (aka World Kitchen), Initial Term
Loan, 6.592% (LIBOR + 400 bps), 5/1/24 2,269,636
------------
Total Building Materials $ 11,584,086
----------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- 3.9%
2,220,323 American Builders & Contractors Supply Co., Inc., Term B-2
Loan, 4.483% (LIBOR + 200 bps), 10/31/23 $ 2,203,670
490,179 Associated Asphalt Partners LLC, Tranche B Term Loan,
7.733% (LIBOR + 525 bps), 4/5/24 485,890
3,714,361 Beacon Roofing Supply, Inc., Initial Term Loan, 4.734%
(LIBOR + 225 bps), 1/2/25 3,694,240
3,222,298 Builders FirstSource, Inc., Refinancing Term Loan, 5.601%
(LIBOR + 300 bps), 2/29/24 3,187,053
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Buildings & Real Estate -- (continued)
2,378,050 DTZ US Borrower LLC (aka Cushman & Wakefield), Closing
Date Term Loan, 5.733% (LIBOR + 325 bps), 8/21/25 $ 2,383,500
995,000 frontdoor, Inc., Initial Term Loan, 5.0% (LIBOR +
250 bps), 8/16/25 996,219
962,813 Packers Holdings LLC, Initial Term Loan, 5.473% (LIBOR +
300 bps), 12/4/24 954,087
1,491,296 Penn Engineering & Manufacturing Corp., Tranche B Term
Loan, 5.229% (LIBOR + 275 bps), 6/27/24 1,493,123
2,530,875 Southwire Co. LLC (fka Southwire Co.), Initial Term Loan,
4.483% (LIBOR + 200 bps), 5/19/25 2,522,966
1,147,512 Uniti Group, Inc., Shortfall Term Loan, 7.483% (LIBOR +
500 bps), 10/24/22 1,132,452
3,931,818 VICI Properties 1 LLC, Term B Loan, 4.487% (LIBOR +
200 bps), 12/20/24 3,929,852
2,994,827 WireCo WorldGroup, Inc. (WireCo WorldGroup Finance LP),
First Lien Initial Term Loan, 7.483% (LIBOR +
500 bps), 9/29/23 3,003,812
------------
Total Buildings & Real Estate $ 25,986,864
----------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- 7.0%
1,799,635 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-2 Term Loan, 5.879% (LIBOR +
325 bps), 9/13/23 $ 1,803,009
1,355,898 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-3 Term Loan, 5.879% (LIBOR +
325 bps), 9/13/23 1,358,440
2,383,881 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems US Holdings, Inc.), Term B-3 Dollar Loan,
4.351% (LIBOR + 175 bps), 6/1/24 2,374,303
1,746,797 Berry Global, Inc. (fka Berry Plastics Corp.), Term Q Loan,
4.481% (LIBOR + 200 bps), 10/1/22 1,746,378
490,000 Berry Global, Inc. (fka Berry Plastics Corp.), Term R Loan,
4.481% (LIBOR + 200 bps), 1/19/24 489,109
3,957,683 Chemours Co., Tranche B-2 US Dollar Term Loan, 4.24%
(LIBOR + 175 bps), 4/3/25 3,947,274
1,192,861 Element Solutions, Inc. (Macdermid, Inc.), Initial Term
Loan, 4.733% (LIBOR + 225 bps), 1/30/26 1,195,098
997,500 Entegris, Inc., Tranche B Term Loan, 4.483% (LIBOR +
200 bps), 11/6/25 996,564
2,776,004 Entegris, Inc. (fka Versum Materials, Inc.), Term Loan,
4.601% (LIBOR + 200 bps), 9/29/23 2,777,045
2,468,750 HD Supply Waterworks, Ltd., Initial Term Loan, 5.626%
(LIBOR + 300 bps), 8/1/24 2,478,748
1,859,228 Infiltrator Water Technologies LLC, First Lien Term B-2
Loan, 5.601% (LIBOR + 300 bps), 5/27/22 1,865,038
2,383,648 LTI Holdings, Inc., First Lien Initial Term Loan, 5.983%
(LIBOR + 350 bps), 9/6/25 2,353,853
1,009,969 Natgasoline LLC, Initial Term Loan, 6.125% (LIBOR +
350 bps), 11/14/25 1,016,256
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 19
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Chemicals, Plastics & Rubber -- (continued)
2,545,448 Omnova Solutions, Inc., Term B-2 Loan, 5.733% (LIBOR +
325 bps), 8/25/23 $ 2,551,812
1,010,401 Orion Engineered Carbons GmbH, Initial Dollar Term Loan,
4.601% (LIBOR + 200 bps), 7/25/24 1,008,511
2,598,568 Polyone Corp., Term B-5 Loan, 4.234% (LIBOR +
175 bps), 1/30/26 2,584,765
1,982,704 PQ Corp., Third Amendment Tranche B-1 Term Loan, 5.083%
(LIBOR + 250 bps), 2/8/25 1,984,474
2,293,022 Reynolds Group Holdings, Inc., Incremental US Term Loan,
5.233% (LIBOR + 275 bps), 2/5/23 2,301,993
641,874 Ring Container Technologies Group LLC, First Lien Initial
Term Loan, 5.233% (LIBOR + 275 bps), 10/31/24 639,868
2,586,312 Tata Chemicals North America, Term Loan, 5.375% (LIBOR +
275 bps), 8/7/20 2,592,778
1,925,625 Trident TPI Holdings, Inc., Tranche B-1 Term Loan, 5.733%
(LIBOR + 325 bps), 10/17/24 1,887,113
2,358,285 Tronox Finance LLC, First Lien Initial Dollar Term Loan,
5.483% (LIBOR + 300 bps), 9/23/24 2,367,551
2,462,625 Twist Beauty International Holdings SA, Facility B2, 5.887%
(LIBOR + 300 bps), 4/22/24 2,458,778
1,256,527 Univar USA, Inc., Term B-3 Loan, 4.733% (LIBOR +
225 bps), 7/1/24 1,259,668
312,082 W.R. Grace & Co-CONN, Term B-1 Loan, 4.351% (LIBOR +
175 bps), 4/3/25 312,147
534,998 W.R. Grace & Co-CONN, Term B-2 Loan, 4.351% (LIBOR +
175 bps), 4/3/25 535,109
------------
Total Chemicals, Plastics & Rubber $ 46,885,682
----------------------------------------------------------------------------------------------------------------
Computers & Electronics -- 2.4%
2,966,165 Applied Systems, Inc., First Lien Closing Date Term Loan,
5.483% (LIBOR + 300 bps), 9/19/24 $ 2,968,965
997,500 Celestica, Inc., Incremental Term B-2 Loan, 4.979%
(LIBOR + 250 bps), 6/27/25 987,525
992,500 Celestica, Inc., Term B Loan, 4.604% (LIBOR +
213 bps), 6/27/25 962,725
1,592,000 Dynatrace LLC, First Lien Term Loan, 5.733% (LIBOR +
325 bps), 8/22/25 1,599,712
1,875,300 Energizer Holdings, Inc., Term B Loan, 4.75% (LIBOR +
225 bps), 12/17/25 1,877,597
1,151,141 Energy Acquisition LP (aka Electrical Components
International), First Lien Initial Term Loan,
6.851% (LIBOR + 425 bps), 6/26/25 1,122,363
2,079,000 Iron Mountain Information Management LLC, Incremental
Term B Loan, 4.233% (LIBOR + 175 bps), 1/2/26 2,045,216
1,477,948 Microchip Technology, Inc., Initial Term Loan, 4.49%
(LIBOR + 200 bps), 5/29/25 1,482,567
1,237,540 ON Semiconductor Corp., 2018 New Replacement Term B-3
Loan, 4.233% (LIBOR + 175 bps), 3/31/23 1,234,253
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Computers & Electronics -- (continued)
1,900,938 Ultra Clean Holdings, Inc., Term Loan B, 6.983% (LIBOR +
450 bps), 8/27/25 $ 1,872,423
------------
Total Computers & Electronics $ 16,153,346
----------------------------------------------------------------------------------------------------------------
Construction & Building -- 0.6%
1,485,000 McDermott International, Inc., Term Loan, 7.483% (LIBOR +
500 bps), 5/12/25 $ 1,473,306
2,635,746 Quikrete Holdings, Inc., First Lien Initial Term Loan,
5.233% (LIBOR + 275 bps), 11/15/23 2,625,203
------------
Total Construction & Building $ 4,098,509
----------------------------------------------------------------------------------------------------------------
Containers, Packaging & Glass -- 0.5%
3,119,167 Plastipak Holdings, Inc., Tranche B Term Loan, 4.99%
(LIBOR + 250 bps), 10/14/24 $ 3,114,488
------------
Total Containers, Packaging & Glass $ 3,114,488
----------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Manufacturing -- 0.9%
583,940 Commercial Barge Line Co., Initial Term Loan, 11.233%
(LIBOR + 875 bps), 11/12/20 $ 409,488
673,724 Delos Finance S.a.r.l., Term Loan, 4.351% (LIBOR +
175 bps), 10/6/23 675,672
2,343,880 ExamWorks Group, Inc. (fka Gold Merger Co., Inc.), Term B-1
Loan, 5.733% (LIBOR + 325 bps), 7/27/23 2,349,374
1,399,425 Pelican Products, Inc., First Lien Term Loan, 5.974%
(LIBOR + 350 bps), 5/1/25 1,395,927
1,118,115 STG-Fairway Acquisitions, Inc. (aka First Advantage), First
Lien Term Loan, 7.733% (LIBOR + 525 bps), 6/30/22 1,119,512
------------
Total Diversified & Conglomerate Manufacturing $ 5,949,973
----------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- 9.2%
3,981,559 Albany Molecular Research, Inc., First Lien Initial Term
Loan, 5.733% (LIBOR + 325 bps), 8/30/24 $ 3,977,203
605,978 Alion Science and Technology Corp., First Lien Term Loan,
6.983% (LIBOR + 450 bps), 8/19/21 607,114
1,246,875 Allied Universal Holdco LLC (fka USAGM Holdco LLC), First
Lien Incremental Term Loan, 6.733% (LIBOR +
425 bps), 7/28/22 1,235,770
1,558,025 Allied Universal Holdco LLC (fka USAGM Holdco LLC), First
Lien Initial Term Loan, 6.233% (LIBOR +
375 bps), 7/28/22 1,544,002
191,484 ASGN, Inc. (fka On Assignment, Inc.), Initial Term B-2 Loan,
4.483% (LIBOR + 200 bps), 4/2/25 191,634
787,375 Avis Budget Car Rental LLC, Tranche B Term Loan, 4.49%
(LIBOR + 200 bps), 2/13/25 780,683
1,668,178 AVSC Holding Corp. (aka PSAV, Inc.), First Lien Initial Term
Loan, 5.782% (LIBOR + 325 bps), 3/3/25 1,649,411
2,899,066 Bright Horizons Family Solutions LLC (fka Bright Horizons
Family Solutions, Inc.), Term B Loan, 4.233%
(LIBOR + 175 bps), 11/7/23 2,903,594
2,418,826 CB Poly Investments LLC, First Lien Closing Date Term Loan,
6.233% (LIBOR + 375 bps), 8/16/23 2,427,897
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 21
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- (continued)
3,208,111 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), Closing
Date Term Loan, 5.233% (LIBOR + 275 bps), 3/1/24 $ 3,211,262
3,201,292 Constellis Holdings LLC, First Lien Term B Loan, 7.583%
(LIBOR + 500 bps), 4/21/24 3,081,243
1,536,178 DG Investment Intermediate Holdings 2, Inc. (aka Convergint
Technologies Holdings LLC), First Lien Initial Term Loan,
5.483% (LIBOR + 300 bps), 2/3/25 1,524,656
2,307,625 DTI Holdco, Inc., Replacement B-1 Term Loan, 7.333%
(LIBOR + 475 bps), 9/29/23 2,181,426
2,036,909 Filtration Group Corp., Initial Dollar Term Loan, 5.483%
(LIBOR + 300 bps), 3/29/25 2,044,038
1,576,790 Gates Global LLC, Initial B-2 Dollar Term Loan, 5.233%
(LIBOR + 275 bps), 4/1/24 1,581,717
2,486,326 GHX Ultimate Parent Corp., First Lien Initial Term Loan,
5.851% (LIBOR + 325 bps), 6/28/24 2,456,801
242,691 IAP Worldwide Services, Inc., Second Lien Term Loan, 9.101%
(LIBOR + 650 bps), 7/18/19 243,298
1,488,750 Iqvia, Inc. (Quintiles IMS), Term B-3 Dollar Loan, 4.233%
(LIBOR + 175 bps), 6/11/25 1,485,427
1,845,690 Jaguar Holding Co. I LLC (fka Jaguar Holding Co. I) (aka
Pharmaceutical Product Development LLC), 2018
Term Loan, 4.983% (LIBOR + 250 bps), 8/18/22 1,837,945
994,975 Mitchell International, Inc., First Lien Initial Term Loan,
5.733% (LIBOR + 325 bps), 11/29/24 982,538
985,050 NAB Holdings, LLC (aka North American Bancard Holdings),
2018 Refinancing Term Loan, 5.601% (LIBOR +
300 bps), 7/1/24 968,222
4,251,962 NVA Holdings, Inc., First Lien Term B3 Loan, 5.233% (LIBOR +
275 bps), 2/2/25 4,191,725
1,865,702 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 4.479% (LIBOR + 200 bps), 3/18/24 1,868,035
3,136,082 Press Ganey Holdings, Inc., First Lien Incremental B-2018
Term Loans, 5.233% (LIBOR + 275 bps), 10/23/23 3,140,654
1,985,000 Sound Inpatient Physicians, Inc., First Lien Initial Term
Loan, 5.233% (LIBOR + 275 bps), 6/27/25 1,981,691
500,000 Sound Inpatient Physicians, Inc., Second Lien Initial Term
Loan, 9.233% (LIBOR + 675 bps), 6/26/26 498,125
2,940,000 Team Health Holdings, Inc., Initial Term Loan, 5.233%
(LIBOR + 275 bps), 2/6/24 2,767,275
2,530,553 Tempo Acquisition LLC, Initial Term Loan, 5.483%
(LIBOR + 300 bps), 5/1/24 2,536,879
1,398,491 Trico Group LLC, First Lien Tranche B-2 Term Loan, 9.601%
(LIBOR + 700 bps), 2/2/24 1,328,566
962,725 West Corp., Incremental Term B-1 Loan, 6.129% (LIBOR +
350 bps), 10/10/24 922,669
3,474,688 West Corp., Initial Term B Loan, 6.629% (LIBOR +
400 bps), 10/10/24 3,373,550
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Diversified & Conglomerate Service -- (continued)
1,391,344 WEX, Inc., Term B-2 Loan, 4.733% (LIBOR +
225 bps), 6/30/23 $ 1,396,130
986,040 Worldpay LLC, New Term B-4 Loan, 4.208% (LIBOR +
175 bps), 8/9/24 986,840
------------
Total Diversified & Conglomerate Service $ 61,908,020
----------------------------------------------------------------------------------------------------------------
Educational Services -- 0.3%
1,968,459 Laureate Education, Inc., Series 2024 Term Loan, 5.983%
(LIBOR + 350 bps), 4/26/24 $ 1,976,657
------------
Total Educational Services $ 1,976,657
----------------------------------------------------------------------------------------------------------------
Electric & Electrical -- 0.8%
2,552,586 Dell International LLC (EMC Corp.), Refinancing Term B Loan,
4.49% (LIBOR + 200 bps), 9/7/23 $ 2,557,372
1,226,202 Micron Technology, Inc., Term Loan, 4.24% (LIBOR +
175 bps), 4/26/22 1,229,574
1,420,743 Rackspace Hosting, Inc., First Lien Term B Loan, 5.738%
(LIBOR + 300 bps), 11/3/23 1,350,720
------------
Total Electric & Electrical $ 5,137,666
----------------------------------------------------------------------------------------------------------------
Electronics -- 3.4%
1,139,455 Access CIG LLC, First Lien Term B Loan, 6.233% (LIBOR +
375 bps), 2/27/25 $ 1,144,441
881,819 Avast Software BV, 2018 Refinancing Dollar Term Loan,
4.851% (LIBOR + 225 bps), 9/29/23 885,953
1,581,306 Cabot Microelectronics Corp., Initial Term Loan, 4.75%
(LIBOR + 225 bps), 11/14/25 1,589,212
1,808,818 First Data Corp., 2022D New Dollar Term Loan, 4.481%
(LIBOR + 200 bps), 7/8/22 1,810,287
2,841,078 First Data Corp., 2024A New Dollar Term Loan, 4.481%
(LIBOR + 200 bps), 4/26/24 2,843,939
1,656,176 nThrive, Inc. (fka Precyse Acquisition Corp.), Additional
Term B-2 Loan, 6.983% (LIBOR +
450 bps), 10/20/22 1,622,017
519,621 Rovi Solutions Corp./Rovi Guides, Inc., Term B Loan, 4.99%
(LIBOR + 250 bps), 7/2/21 514,424
5,132,834 Scientific Games International, Inc., Initial Term B-5 Loan,
5.233% (LIBOR + 275 bps), 8/14/24 5,130,694
444,158 Sensata Technologies BV (Sensata Technologies Finance Co.
LLC), Sixth Amendment Term Loan, 4.223% (LIBOR +
175 bps), 10/14/21 447,108
366,858 SS&C Technologies Holdings, Inc., Term B-3 Loan, 4.733%
(LIBOR + 225 bps), 4/16/25 367,742
262,240 SS&C Technologies Holdings, Inc., Term B-4 Loan, 4.733%
(LIBOR + 225 bps), 4/16/25 262,872
994,919 SS&C Technologies Holdings, Inc., Term B-5 Loan, 4.733%
(LIBOR + 225 bps), 4/16/25 997,129
1,605,443 Verint System, Inc., Refinancing Term Loan, 4.502% (LIBOR +
200 bps), 6/28/24 1,611,424
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 23
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Electronics -- (continued)
3,832,633 Western Digital Corp., US Term B-4 Loan, 4.233% (LIBOR +
175 bps), 4/29/23 $ 3,805,084
------------
Total Electronics $ 23,032,326
----------------------------------------------------------------------------------------------------------------
Entertainment & Leisure -- 0.4%
497,500 GBT Group Services BV (aka Amex GBT), Initial Term Loan,
5.188% (LIBOR + 250 bps), 8/13/25 $ 499,366
2,383,773 Sabre GLBL, Inc., (fka Sabre, Inc.), 2018 Other Term B Loan,
4.483% (LIBOR + 200 bps), 2/22/24 2,383,773
------------
Total Entertainment & Leisure $ 2,883,139
----------------------------------------------------------------------------------------------------------------
Environmental Services -- 0.7%
2,334,379 Advanced Disposal Services, Inc. (fka ADS Waste Holdings,
Inc.), Additional Term Loan, 4.681% (LIBOR +
225 bps), 11/10/23 $ 2,343,386
2,582,542 GFL Environmental, Inc., Effective Date Incremental Term
Loan, 5.483% (LIBOR + 300 bps), 5/30/25 2,566,078
------------
Total Environmental Services $ 4,909,464
----------------------------------------------------------------------------------------------------------------
Farming & Agriculture -- 0.2%
1,660,577 Dole Food Co., Inc., Tranche B Term Loan, 5.25%
(LIBOR + 275 bps/PRIME + 175 bps), 4/6/24 $ 1,636,361
------------
Total Farming & Agriculture $ 1,636,361
----------------------------------------------------------------------------------------------------------------
Financial Services -- 2.2%
2,514,256 Baring Private Equity Asia VI Holdings, Ltd., First Lien
Initial Dollar Term Loan, 5.483% (LIBOR +
300 bps), 10/26/22 $ 2,476,542
1,885,750 Blackhawk Network Holdings, Inc., First Lien Term Loan,
5.483% (LIBOR + 300 bps), 6/15/25 1,885,986
1,168,800 Everi Payments, Inc., Term B Loan, 5.483% (LIBOR +
300 bps), 5/9/24 1,172,812
2,817,938 Financial & Risk US Holdings, Inc. (aka Refinitiv), Initial
Dollar Term Loan, 6.233% (LIBOR +
375 bps), 10/1/25 2,793,281
1,596,225 Freedom Mortgage Corp., Initial Term Loan, 7.233% (LIBOR +
475 bps), 2/23/22 1,607,199
2,608,690 RPI Finance Trust, Initial Term Loan B-6, 4.483% (LIBOR +
200 bps), 3/27/23 2,615,211
2,096,513 Trans Union LLC, 2017 Replacement Term B-3 Loan, 4.483%
(LIBOR + 200 bps), 4/10/23 2,100,820
------------
Total Financial Services $ 14,651,851
----------------------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
1,723,817 ProAmpac PG Borrower LLC, First Lien Initial Term Loan,
6.111% (LIBOR + 350 bps), 11/20/23 $ 1,695,086
------------
Total Forest Products $ 1,695,086
-----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Healthcare & Pharmaceuticals -- 4.6%
1,147,109 Acadia Healthcare Co., Inc., Tranche B-4 Term Loan, 4.983%
(LIBOR + 250 bps), 2/16/23 $ 1,147,228
1,365,000 Agiliti Health, Inc., Initial Term Loan, 5.563% (LIBOR +
300 bps), 1/4/26 1,365,000
1,353,391 Akorn, Inc., Term Loan, 8.0% (LIBOR + 550 bps), 4/16/21 1,180,834
1,859,571 Alkermes, Inc., 2023 Term Loan, 4.74% (LIBOR +
225 bps), 3/27/23 1,856,084
2,487,125 Alphabet Holding Co., Inc. (aka Nature's Bounty), First Lien
Initial Term Loan, 5.983% (LIBOR +
350 bps), 9/26/24 2,332,197
1,840,000 Auris Luxembourg III S.a r.l., Facility B2, 6.233% (LIBOR +
375 bps), 2/27/26 1,854,183
588,000 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B Loan,
4.851% (LIBOR + 225 bps), 10/31/23 585,795
1,236,152 Concentra, Inc., First Lien Tranche B-1 Term Loan, 5.23%
(LIBOR + 275 bps), 6/1/22 1,239,242
802,500 Diplomat Pharmacy, Inc., Initial Term B Loan, 6.99% (LIBOR +
450 bps), 12/20/24 763,378
1,274,427 Endo Luxembourg Finance Co. I S.a r.l., Initial Term Loan,
6.75% (LIBOR + 425 bps), 4/29/24 1,266,446
982,323 Explorer Holdings, Inc., Initial Term Loan, 6.351% (LIBOR +
375 bps), 5/2/23 984,165
1,841,297 Gentiva Health Services, Inc., First Lien Closing Date
Initial Term Loan, 6.25% (LIBOR +
375 bps), 7/2/25 1,849,352
678,538 Grifols Worldwide Operations, Ltd., Tranche B Term Loan,
4.674% (LIBOR + 225 bps), 1/31/25 680,350
2,604,482 HC Group Holdings III, Inc., First Lien Refinancing Term
Loan, 6.233% (LIBOR + 375 bps), 4/7/22 2,607,737
1,847,468 Horizon Pharma, Inc., Fourth Amendment Refinanced Term Loan,
5.5% (LIBOR + 300 bps), 3/29/24 1,859,785
1,741,250 Kindred Healthcare LLC, Closing Date Term Loan, 7.5% (LIBOR
+ 500 bps), 7/2/25 1,729,279
1,440,663 NMN Holdings III Corp., First Lien Closing Date Term Loan,
6.233% (LIBOR + 375 bps), 11/13/25 1,437,962
456,019 Prestige Brands, Inc., Term B-4 Loan, 4.483% (LIBOR +
200 bps), 1/26/24 455,050
1,950,300 Prospect Medical Holdings, Inc., Term B-1 Loan, 8.0% (LIBOR
+ 550 bps), 2/22/24 1,835,720
4,010,356 Sterigenics-Nordion Holdings LLC, Incremental Term Loan,
5.483% (LIBOR + 300 bps), 5/15/22 3,996,569
------------
Total Healthcare & Pharmaceuticals $ 31,026,356
----------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- 4.1%
871,875 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 6.983% (LIBOR + 450 bps), 10/24/23 $ 877,324
500,000 Alliance HealthCare Services, Inc., Second Lien Initial Term
Loan, 12.483% (LIBOR + 1,000 bps), 4/24/24 496,250
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 25
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Healthcare, Education & Childcare -- (continued)
2,784,085 ATI Holdings Acquisition, Inc., First Lien Initial Term
Loan, 5.987% (LIBOR + 350 bps), 5/10/23 $ 2,737,683
950,000 Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals
International, Inc.), First Incremental Term
Loan, 5.224% (LIBOR + 275 bps), 11/27/25 951,069
5,167,800 Bausch Health Cos., Inc. (fka Valeant Pharmaceuticals
International, Inc.), Initial Term Loan, 5.474%
(LIBOR + 300 bps), 6/2/25 5,189,199
1,286,435 Catalent Pharma Solutions, Inc. (fka Cardinal Health 409,
Inc.), Dollar Term Loan, 4.733% (LIBOR +
225 bps), 5/20/24 1,287,641
2,752,494 KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), Term
B-3 Loan, 6.351% (LIBOR + 375 bps), 2/21/25 2,758,687
1,683,745 Life Time Fitness, Inc., 2017 Refinancing Term Loan, 5.379%
(LIBOR + 275 bps), 6/10/22 1,683,220
1,030,327 Quorum Health Corp., Term Loan, 9.233% (LIBOR +
675 bps), 4/29/22 1,024,532
3,442,864 Regionalcare Hospital Partners Holdings, Inc., First Lien
Term B Loan, 6.987% (LIBOR +
450 bps), 11/16/25 3,469,760
2,452,617 Select Medical Corp., Tranche B Term Loan, 4.99% (LIBOR +
250 bps), 3/6/25 2,458,748
997,500 Universal Health Services, Inc., Incremental Tranche B
Facility, 4.233% (LIBOR + 175 bps), 10/31/25 998,871
2,855,097 US Renal Care, Inc., First Lien Initial Term Loan, 6.851%
(LIBOR + 425 bps), 12/30/22 2,861,165
634,096 Vizient, Inc., Term B-4 Loan, 5.233% (LIBOR +
275 bps), 2/13/23 635,625
------------
Total Healthcare, Education & Childcare $ 27,429,774
----------------------------------------------------------------------------------------------------------------
Home & Office Furnishings -- 0.6%
2,134,000 Armstrong World Industries, Inc., Term Loan B, 5.282%
(LIBOR + 275 bps), 3/31/23 $ 2,138,669
2,483,103 Serta Simmons Bedding LLC, First Lien Initial Term Loan,
5.973% (LIBOR + 350 bps), 11/8/23 1,817,838
------------
Total Home & Office Furnishings $ 3,956,507
----------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- 3.2%
3,352,828 1011778 BC Unlimited Liability Co. (New Red Finance, Inc.)
(aka Burger King/Tim Hortons), Term B-3 Loan,
4.733% (LIBOR + 225 bps), 2/16/24 $ 3,352,828
4,497,360 Boyd Gaming Corp., Refinancing Term B Loan, 4.668%
(LIBOR + 225 bps), 9/15/23 4,505,442
2,137,877 Golden Nugget, Inc. (aka Landry's, Inc.), Initial B Term
Loan, 5.228% (LIBOR + 275 bps), 10/4/23 2,143,457
450,000 Hanjin International Corp. (aka Wilshire Grand Center),
Initial Term Loan, 4.987% (LIBOR +
250 bps), 10/19/20 447,188
869,636 Hilton Worldwide Finance LLC, Series B-2 Term Loan,
4.227% (LIBOR + 175 bps), 10/25/23 873,803
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Hotel, Gaming & Leisure -- (continued)
1,197,000 Marriott Ownership Resorts, Inc., Initial Term Loan, 4.733%
(LIBOR + 225 bps), 8/29/25 $ 1,201,115
2,652,950 MGM Growth Properties Operating Partnership LP, Term B
Loan, 4.483% (LIBOR + 200 bps), 3/21/25 2,655,319
2,493,750 Penn National Gaming, Inc., Term B-1 Facility Loan, 4.733%
(LIBOR + 225 bps), 10/15/25 2,498,580
1,929,056 Stars Group Holdings BV, USD Term Loan, 6.101% (LIBOR +
350 bps), 7/10/25 1,940,626
1,938,959 Station Casinos LLC, Term B Facility Loan, 4.99% (LIBOR +
250 bps), 6/8/23 1,945,041
------------
Total Hotel, Gaming & Leisure $ 21,563,399
----------------------------------------------------------------------------------------------------------------
Insurance -- 2.2%
2,021,488 Alliant Holdings Intermediate LLC, Initial Term Loan, 5.237%
(LIBOR + 275 bps), 5/9/25 $ 1,990,323
4,867,083 Asurion LLC (fka Asurion Corp.), New Term Loan B7, 5.483%
(LIBOR + 300 bps), 11/3/24 4,889,389
572,170 Asurion LLC (fka Asurion Corp.), Replacement B-6 Term Loan,
5.483% (LIBOR + 300 bps), 11/3/23 575,030
2,226,638 Confie Seguros Holding II Co., Term B Loan, 7.379% (LIBOR +
475 bps), 4/19/22 2,226,638
792,310 FinCo I LLC (aka Fortress Investment Group), 2018
Replacement Term Loan, 4.483% (LIBOR +
200 bps), 12/27/22 797,014
2,044,634 Integro Parent, Inc., First Lien Initial Term Loan, 8.368%
(LIBOR + 575 bps), 10/31/22 2,039,522
841,615 MPH Acquisition Holdings LLC, Initial Term Loan, 5.351%
(LIBOR + 275 bps), 6/7/23 834,646
1,871,500 USI, Inc. (fka Compass Investors, Inc.), 2017 New Term Loan,
5.601% (LIBOR + 300 bps), 5/16/24 1,859,336
------------
Total Insurance $ 15,211,898
----------------------------------------------------------------------------------------------------------------
Leasing -- 1.0%
2,121,014 Avolon TLB Borrower 1 (US) LLC, Term B-3 Loan, 4.487%
(LIBOR + 200 bps), 1/15/25 $ 2,123,491
2,601,002 Fly Funding II S.a r.l., Term Loan, 4.7% (LIBOR +
200 bps), 2/9/23 2,589,082
989,664 Hertz Corp., Tranche Term B-1 Loan, 5.24% (LIBOR +
275 bps), 6/30/23 989,046
1,539,450 IBC Capital I, Ltd. (aka Goodpack, Ltd.), First Lien Tranche
B-1 Term Loan, 6.365% (LIBOR +
375 bps), 9/11/23 1,523,093
180,090 Kasima LLC (Digital Cinema Implementation Partners LLC),
Term Loan, 5.06% (LIBOR + 250 bps), 5/17/21 180,315
------------
Total Leasing $ 7,405,027
----------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- 2.2%
1,761,688 24 Hour Fitness Worldwide, Inc., Term Loan, 5.983% (LIBOR +
350 bps), 5/30/25 $ 1,769,670
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 27
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Leisure & Entertainment -- (continued)
2,886,996(b) AMC Entertainment Holdings, Inc. (fka AMC Entertainment,
Inc.), Term B-1 Loan, 4/22/26 $ 2,897,808
2,947,500 CityCenter Holdings LLC, Term B Loan, 4.733% (LIBOR +
225 bps), 4/18/24 2,948,028
469,848 E.W. Scripps Co., Tranche B Term Loan, 4.483% (LIBOR +
200 bps), 10/2/24 458,885
4,626,087 Fitness International LLC, Term B Loan, 5.769% (LIBOR +
325 bps/PRIME + 225 bps), 4/18/25 4,622,233
938,859 MCC Iowa LLC, Tranche M Term Loan, 4.43% (LIBOR +
200 bps), 1/15/25 942,357
1,417,746 Six Flags Theme Parks, Inc., Tranche B Term Loan, 4.59%
(LIBOR + 200 bps), 4/17/26 1,423,054
------------
Total Leisure & Entertainment $ 15,062,035
----------------------------------------------------------------------------------------------------------------
Machinery -- 2.1%
2,004,182 Blount International, Inc., New Refinancing Term Loan,
6.233% (LIBOR + 375 bps), 4/12/23 $ 2,011,698
1,946,997 Clark Equipment Co. (aka Doosan Bobcat, Inc.), Repriced
Term Loan, 4.601% (LIBOR + 200 bps), 5/18/24 1,942,332
1,828,571 CTC AcquiCo GmbH, Facility B2, 5.629% (LIBOR +
300 bps), 3/7/25 1,796,571
1,713,700 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan, 5.233%
(LIBOR + 275 bps), 7/30/24 1,719,532
1,758,247 Milacron LLC, Term B Loan, 4.983% (LIBOR +
250 bps), 9/28/23 1,745,060
696,065 NN, Inc., Tranche B Term Loan, 6.233% (LIBOR +
375 bps), 10/19/22 686,784
2,025,280 Shape Technologies Group, Inc., Initial Term Loan, 5.487%
(LIBOR + 300 bps), 4/21/25 2,005,027
354,160 Terex Corp., Incremental US Term Loan, 4.541% (LIBOR +
200 bps), 1/31/24 352,500
1,946,741 Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B
Loan, 4.983% (LIBOR + 250 bps), 10/23/25 1,934,574
------------
Total Machinery $ 14,194,078
----------------------------------------------------------------------------------------------------------------
Manufacturing -- 0.2%
1,412,694 Aristocrat Leisure, Ltd., Term B-3 Loan, 4.342% (LIBOR +
175 bps), 10/19/24 $ 1,412,064
------------
Total Manufacturing $ 1,412,064
----------------------------------------------------------------------------------------------------------------
Media -- 1.9%
346,500 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
January 2018 Incremental Term Loan, 4.973% (LIBOR
+ 250 bps), 1/25/26 $ 346,931
3,748,810 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
March 2017 Refinancing Term Loan, 4.723% (LIBOR +
225 bps), 7/17/25 3,744,124
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Media -- (continued)
2,622,333 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
October 2018 Incremental Term Loan, 4.723%
(LIBOR + 225 bps), 1/15/26 $ 2,622,333
1,546,098 Quincy Media, Inc. (fka Quincy Newspapers, Inc.), Term Loan
B, 5.493% (LIBOR + 300 bps/PRIME +
200 bps), 11/2/22 1,539,976
1,992,898 Townsquare Media, Inc., Additional Term B Loan, 5.483%
(LIBOR + 300 bps), 4/1/22 1,987,915
2,600,000 Ziggo Secured Finance Partnership, Term Loan E Facility,
4.973% (LIBOR + 250 bps), 4/15/25 2,580,773
------------
Total Media $ 12,822,052
----------------------------------------------------------------------------------------------------------------
Metals & Mining -- 2.5%
992,500 Aleris International, Inc., Initial Term Loan, 7.233%
(LIBOR + 475 bps), 2/27/23 $ 996,687
2,196,373 Atkore International, Inc., First Lien Initial Incremental
Term Loan, 5.36% (LIBOR + 275 bps), 12/22/23 2,200,491
1,777,950 Big River Steel LLC, Closing Date Term Loan, 7.601%
(LIBOR + 500 bps), 8/23/23 1,791,284
2,255,271 BWay Holding Co., Initial Term Loan, 5.854% (LIBOR +
325 bps), 4/3/24 2,232,154
3,974,555 Global Brass and Copper, Inc., Initial Term Loan, 5.0%
(LIBOR + 250 bps), 5/29/25 3,981,908
1,406,250 Oxbow Calcining LLC, First Lien Tranche B Term Loan, 5.983%
(LIBOR + 350 bps), 1/4/23 1,416,797
2,243,266 Phoenix Services International LLC, Term Loan B, 6.234%
(LIBOR + 375 bps), 3/1/25 2,248,408
1,921,944 TMS International Corp. (aka Tube City IMS Corp.), Term B-2
Loan, 5.294% (LIBOR + 275 bps), 8/14/24 1,924,299
------------
Total Metals & Mining $ 16,792,028
----------------------------------------------------------------------------------------------------------------
Oil & Gas -- 3.0%
1,400,000 BCP Raptor II LLC, Initial Term Loan, 7.365% (LIBOR +
475 bps), 11/3/25 $ 1,362,375
750,000 California Resources Corp., Term Loan, 12.854% (LIBOR +
1,038 bps), 12/31/21 779,625
1,995,000 Centurion Pipeline Co. LLC, Initial Term Loan, 5.851%
(LIBOR + 325 bps), 9/29/25 2,003,728
2,673,000 Delek US Holdings, Inc., Initial Term Loan, 4.733% (LIBOR +
225 bps), 3/31/25 2,675,227
3,000,000 Encino Acquisition Partners Holdings LLC, Second Lien
Initial Term Loan, 9.233% (LIBOR +
675 bps), 10/29/25 2,850,000
181,446 Gavilan Resources LLC, Second Lien Initial Term Loan, 8.477%
(LIBOR + 600 bps), 3/1/24 136,841
2,107,653 Gulf Finance LLC, Tranche B Term Loan, 7.797% (LIBOR +
525 bps), 8/25/23 1,684,015
1,728,125 Medallion Midland Acquisition LLC, Initial Term Loan, 5.733%
(LIBOR + 325 bps), 10/30/24 1,721,105
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 29
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Oil & Gas -- (continued)
1,368,125 NorthRiver Midstream Finance LP, Initial Term B Loan, 5.85%
(LIBOR + 325 bps), 10/1/25 $ 1,374,646
965,193 St. Joseph Energy Center LLC, Term B Advance, 5.98%
(LIBOR + 350 bps), 4/10/25 967,606
500,500 Summit Midstream Partners Holdings LLC, Term Loan Credit
Facility, 8.483% (LIBOR + 600 bps), 5/13/22 499,457
3,930,250 Traverse Midstream Partners LLC, Advance Term Loan, 6.59%
(LIBOR + 400 bps), 9/27/24 3,925,337
------------
Total Oil & Gas $ 19,979,962
----------------------------------------------------------------------------------------------------------------
Personal, Food & Miscellaneous Services -- 1.8%
1,776,076 CSM Bakery Solutions, Ltd. (fka CSM Bakery Supplies, Ltd.),
First Lien Term Loan, 6.59% (LIBOR +
400 bps), 7/3/20 $ 1,694,673
493,750 Diamond (BC) BV (aka Diversey), Initial USD Term Loan,
5.583% (LIBOR + 300 bps), 9/6/24 476,777
1,984,975 IRB Holding Corp. (aka Arby's / Buffalo Wild Wings), Term B
Loan, 5.723% (LIBOR + 325 bps), 2/5/25 1,983,734
3,893,311 Parfums Holding Co., Inc., First Lien Initial Term Loan,
6.879% (LIBOR + 425 bps), 6/30/24 3,877,088
2,426,301 Prime Security Services Borrower LLC (aka Protection 1
Security Solutions) , First Lien December 2018 Incremental
Term B-1 Loan, 5.233% (LIBOR + 275 bps), 5/2/22 2,433,116
1,762,209 Revlon Consumer Products Corp., Initial Term B Loan, 6.129%
(LIBOR + 350 bps), 9/7/23 1,385,097
------------
Total Personal, Food & Miscellaneous Services $ 11,850,485
----------------------------------------------------------------------------------------------------------------
Printing & Publishing -- 0.9%
1,505,870 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term Loan,
4.472% (LIBOR + 200 bps), 10/4/23 $ 1,502,575
1,626,825 Red Ventures LLC (New Imagitas, Inc.), First Lien Term B-1
Loan, 5.483% (LIBOR + 300 bps), 11/8/24 1,635,250
3,149,888 Trader Corp., First Lien 2017 Refinancing Term Loan, 5.479%
(LIBOR + 300 bps), 9/28/23 3,149,888
------------
Total Printing & Publishing $ 6,287,713
----------------------------------------------------------------------------------------------------------------
Professional & Business Services -- 1.9%
940,500 Altran Technologies, Facility B, 4.883% (LIBOR +
225 bps), 3/20/25 $ 932,271
997,500 Global Payments, Inc., Term B-4 Loan, 4.233% (LIBOR +
175 bps), 10/17/25 997,656
2,266,202 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 6.115% (LIBOR + 350 bps), 5/24/24 2,267,618
2,238,750 Interior Logic Group Holdings IV LLC, Initial Term Loan,
6.601% (LIBOR + 400 bps), 5/30/25 2,216,362
1,307,438 Pre-Paid Legal Services, Inc. (aka Legal/shield), First Lien
Initial Term Loan, 5.733% (LIBOR + 325 bps), 5/1/25 1,305,258
1,985,000 SIWF Holdings, Inc. (aka Spring Window Fashions), First Lien
Initial Term Loan, 6.737% (LIBOR + 425 bps), 6/15/25 1,993,684
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Professional & Business Services -- (continued)
635,853 Syneos Health, Inc. (fka INC Research Holdings, Inc.),
Replacement Term B Loan, 4.483% (LIBOR +
200 bps), 8/1/24 $ 635,207
2,587,000 Verscend Holding Corp., Term B Loan, 6.983% (LIBOR +
450 bps), 8/27/25 2,608,019
------------
Total Professional & Business Services $ 12,956,075
----------------------------------------------------------------------------------------------------------------
Retail -- 3.7%
1,723,750 Bass Pro Group LLC, Initial Term Loan, 7.483% (LIBOR +
500 bps), 9/25/24 $ 1,724,181
3,711,457 CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW Corp.),
Term Loan, 4.24% (LIBOR + 175 bps), 8/17/23 3,721,626
1,902,642 Global Appliance, Inc. (aka SharkNinja Operating LLC),
Tranche B Term Loan, 6.49% (LIBOR + 400 bps), 9/29/24 1,903,831
1,194,000 HD Supply, Inc., Term B-5 Loan, 4.233% (LIBOR +
175 bps), 10/17/23 1,197,582
3,176,557 KFC Holdings Co. (aka Yum! Brands), 2018 Term Loan B,
4.23% (LIBOR + 175 bps), 4/3/25 3,183,308
1,129,261 Men's Wearhouse, Inc., Tranche B-2 Term Loan, 5.752%
(LIBOR + 325 bps), 4/9/25 1,089,737
1,662,390 Michaels Stores, Inc., 2018 New Replacement Term B Loan,
4.984% (LIBOR + 250 bps), 1/30/23 1,656,675
2,598,870 Neiman Marcus Group, Ltd., LLC, Other Term Loan, 5.724%
(LIBOR + 325 bps), 10/25/20 2,416,021
736,875 NPC International, Inc., First Lien Initial Term Loan,
5.983% (LIBOR + 350 bps), 4/19/24 617,133
3,053,822 PetSmart, Inc., Amended Term Loan, 6.73% (LIBOR +
425 bps), 3/11/22 2,948,212
997,500 Resideo Funding, Inc., Tranche B Term Loan, 4.61% (LIBOR +
200 bps), 10/24/25 999,370
1,234,453 Shutterfly, Inc., Initial Term B Loan, 4.98% (LIBOR +
250 bps), 8/19/24 1,234,453
700,000 Staples, Inc., 2019 Refinancing New Term B-2 Loan, 7.101%
(LIBOR + 450 bps), 9/12/24 688,188
1,595,111 United Natural Foods, Inc., Initial Term Loan, 6.733%
(LIBOR + 425 bps), 10/22/25 1,395,722
------------
Total Retail $ 24,776,039
----------------------------------------------------------------------------------------------------------------
Securities & Trusts -- 0.4%
1,232,525 Deerfield Dakota Holding LLC (fka Dakota Holding Corp.)
(aka Duff & Phelps), Initial Term Loan, 5.733%
(LIBOR + 325 bps), 2/13/25 $ 1,223,537
1,758,906 Guggenheim Partners Investment Management Holdings
LLC, Term B Loan, 5.233% (LIBOR + 275 bps), 7/21/23 1,766,602
------------
Total Securities & Trusts $ 2,990,139
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 31
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Telecommunications -- 3.8%
3,845,169 CenturyLink, Inc., Initial Term B Loan, 5.233% (LIBOR +
275 bps), 1/31/25 $ 3,827,143
2,288,500 Ciena Corp., Refinancing Term Loan, 4.487% (LIBOR +
200 bps), 9/26/25 2,294,935
4,136,486 Frontier Communications Corp., Term B-1 Loan, 6.24%
(LIBOR + 375 bps), 6/15/24 4,043,415
1,962,853 Go Daddy Operating Co. LLC (GD Finance Co., Inc.), Tranche
B-1 Term Loan, 4.483% (LIBOR +
200 bps), 2/15/24 1,968,496
3,667,027 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 4.733%
(LIBOR + 225 bps), 2/22/24 3,674,666
2,067,904 Plantronics, Inc., Initial Term B Loan, 4.983% (LIBOR +
250 bps), 7/2/25 2,055,843
4,901,262 Sprint Communications, Inc., Initial Term Loan, 5.0%
(LIBOR + 250 bps), 2/2/24 4,766,478
1,045,876 Virgin Media Bristol LLC, Facility K, 4.973% (LIBOR +
250 bps), 1/15/26 1,049,553
731,311 Windstream Services LLC (fka Windstream Corp.), Tranche B-6
Term Loan, 10.5% (PRIME + 500 bps), 3/29/21 746,546
948,360 Windstream Services LLC (fka Windstream Corp.), Tranche B-7
Term Loan, 9.75% (PRIME + 425 bps), 2/17/24 955,473
------------
Total Telecommunications $ 25,382,548
----------------------------------------------------------------------------------------------------------------
Textile & Apparel -- 0.3%
1,000,000(b) Adient US LLC, Term Loan B, 4/25/24 $ 1,005,000
987,500 Hanesbrands, Inc., New Term Loan B, 4.233%
(LIBOR + 175 bps), 12/16/24 990,586
------------
Total Textile & Apparel $ 1,995,586
----------------------------------------------------------------------------------------------------------------
Transport -- 0.3%
803,211 Navios Maritime Partners LP (Navios Partners Finance (US),
Inc.), Initial Term Loan, 7.6% (LIBOR +
500 bps), 9/14/20 $ 800,953
1,610,750 Syncreon Global Finance (US), Inc. (Syncreon Group BV),
Term Loan, 6.833% (LIBOR + 425 bps), 10/28/20 1,018,799
------------
Total Transport $ 1,819,752
----------------------------------------------------------------------------------------------------------------
Transportation -- 0.7%
822,367 DynCorp International, Inc., Term Loan B2, 8.48% (LIBOR +
600 bps), 7/7/20 $ 818,255
1,496,250 Envision Healthcare Corp., Initial Term Loan, 6.233%
(LIBOR + 375 bps), 10/10/25 1,448,141
1,600,000(b) Travelport Finance (Luxembourg) S.a.r.l., Initial Term
Loan, 3/18/26 1,567,200
916,234 YRC Worldwide, Inc., Tranche B-1 Term Loan, 10.983%
(LIBOR + 850 bps), 7/26/22 905,926
------------
Total Transportation $ 4,739,522
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Utilities -- 2.5%
2,041,746 APLP Holdings, Ltd. Partnership, Term Loan, 5.233% (LIBOR +
275 bps), 4/13/23 $ 2,057,386
1,728,125 Calpine Construction Finance Co., LP, Term B Loan, 4.983%
(LIBOR + 250 bps), 1/15/25 1,730,069
1,004,946 Calpine Corp., Term Loan, 5.11% (LIBOR +
250 bps), 1/15/24 1,007,667
1,867,833 Compass Power Generation LLC, Tranche B-1 Term Loan,
5.983% (LIBOR + 350 bps), 12/20/24 1,878,339
1,236,978 Dayton Power & Light Co., Term Loan, 4.48% (LIBOR +
200 bps), 8/24/22 1,240,070
2,631,205 Eastern Power, LLC (Eastern Covert Midco, LLC) (aka TPF II
LC, LLC), Term Loan, 6.233% (LIBOR +
375 bps), 10/2/23 2,638,612
1,437,460 NRG Energy, Inc., Term Loan, 4.233% (LIBOR +
175 bps), 6/30/23 1,438,995
1,262,908 TerraForm Power Operating LLC, Specified Refinancing Term
Loan, 4.483% (LIBOR + 200 bps), 11/8/22 1,261,330
3,279,284 Vistra Operations Co. LLC (fka Tex Operations Co. LLC),
Initial Term Loan, 4.483% (LIBOR +
200 bps), 8/4/23 3,286,368
------------
Total Utilities $ 16,538,836
----------------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $634,686,669) $630,187,642
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Sharea
----------------------------------------------------------------------------------------------------------------
COMMON STOCK -- 0.0%+ of Net Assets
Specialty Retail -- 0.0%+
54,675^(c) Targus Cayman SubCo., Ltd. $ 113,724
------------
Total Specialty Retail $ 113,724
----------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $171,193) $ 113,724
----------------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.1% of Net Assets
Consumer Finance -- 0.1%
10,902(d) GMAC Capital Trust I, 8.469% (3 Month USD LIBOR +
579 bps), 2/15/40 $ 286,723
------------
Total Consumer Finance $ 286,723
----------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $286,178) $ 286,723
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 33
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES --
0.3% of Net Assets
1,000,000(a) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.981% (1 Month USD LIBOR + 350 bps), 4/10/30 (144A) $ 1,002,201
875,000(a) Palmer Square Loan Funding, Ltd., Series 2018-1A, Class D,
6.547% (3 Month USD LIBOR + 395 bps), 4/15/26 (144A) 826,201
----------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,881,500) $ 1,828,402
----------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
0.3% of Net Assets
1,400,000(a) COMM Mortgage Trust, Series 2014-FL5, Class D, 3.87%
(1 Month USD LIBOR + 400 bps), 10/15/31 (144A) $ 1,384,087
625,000(a) Morgan Stanley Capital I, Inc., Series 2019-BPR, Class D,
6.5% (1 Month USD LIBOR + 400 bps), 5/15/36 (144A) 628,613
53,457(a) Velocity Commercial Capital Loan Trust, Series 2011-1,
6.216% (1 Month USD LIBOR + 400 bps), 8/25/40 (144A) 53,697
----------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,965,014) $ 2,066,397
----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 1.9% of Net Assets
Advertising -- 0.0%+
340,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 287,300
------------
Total Advertising $ 287,300
----------------------------------------------------------------------------------------------------------------
Beverages -- 0.1%
359,000 Pernod Ricard SA, 4.45%, 1/15/22 (144A) $ 372,003
------------
Total Beverages $ 372,003
----------------------------------------------------------------------------------------------------------------
Chemicals -- 0.0%+
376,000 Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) $ 355,320
------------
Total Chemicals $ 355,320
----------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.3%
1,000,000 Avation Capital SA, 6.5%, 5/15/21 (144A) $ 1,000,000
1,000,000 Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%,
7/1/21 1,001,250
------------
Total Diversified Financial Services $ 2,001,250
----------------------------------------------------------------------------------------------------------------
Healthcare-Services -- 0.3%
600,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 584,250
1,000,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,043,750
310,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23
(144A) 329,666
------------
Total Healthcare-Services $ 1,957,666
----------------------------------------------------------------------------------------------------------------
Miscellaneous Manufacturers -- 0.1%
1,000,000 EnPro Industries, Inc., 5.75%, 10/15/26 (144A) $ 1,027,500
------------
Total Miscellaneous Manufacturers $ 1,027,500
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Oil & Gas -- 0.2%
485,000 Gulfport Energy Corp., 6.625%, 5/1/23 $ 466,813
947,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 950,551
------------
Total Oil & Gas $ 1,417,364
----------------------------------------------------------------------------------------------------------------
Oil & Gas Services -- 0.3%
1,000,000 Archrock Partners LP/Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 1,007,500
1,000,000 FTS International, Inc., 6.25%, 5/1/22 982,500
------------
Total Oil & Gas Services $ 1,990,000
----------------------------------------------------------------------------------------------------------------
Packaging & Containers -- 0.2%
1,150,000(a) Reynolds Group Issuer, Inc./Reynolds Group Issuer
LLC/Reynolds Group Issuer Lu, 6.097% (3 Month USD
LIBOR + 350 bps), 7/15/21 (144A) $ 1,154,312
------------
Total Packaging & Containers $ 1,154,312
----------------------------------------------------------------------------------------------------------------
Telecommunications -- 0.2%
1,250,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 $ 1,257,700
------------
Total Telecommunications $ 1,257,700
----------------------------------------------------------------------------------------------------------------
Transportation -- 0.2%
1,400,000(a) Golar LNG Partners LP, 8.934% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) $ 1,414,000
------------
Total Transportation $ 1,414,000
----------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
------------
(Cost $13,306,721) $ 13,234,415
----------------------------------------------------------------------------------------------------------------
INSURANCE-LINKED SECURITIES --
1.1% of Net Assets(e)
Catastrophe Linked Bonds -- 0.0%+
Multiperil -- U.S. -- 0.0%+
300,000+(a) Panthera Re 2018-1, 5.92% (3 Month U.S. Treasury
Bill + 350 bps), 3/9/20 (144A) $ 301,020
------------
Total Catastrophe Linked Bonds $ 301,020
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Face
Amount USD ($)
----------------------------------------------------------------------------------------------------------------
Collateralized Reinsurance -- 0.2%
Earthquakes -- California -- 0.1%
400,000+(c)(x) Resilience Re, 10/8/19 $ 433,200
----------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.1%
368,836+(x) Kilarney Re 2018, 4/15/20 $ 312,589
12,000+(x) Limestone Re 2016-1, 8/31/21 44,274
300,000+(c)(x) Resilience Re, 5/1/19 30
250,000+(c)(x) Resilience Re, 7/26/19 256,200
------------
$ 613,093
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 35
Schedule of Investments | 4/30/19 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------------
Face
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
Windstorm -- Florida -- 0.0%+
300,000+(x) Formby Re 2018, 6/15/19 $ 307,161
102,242+(c)(x) Formby Re 2018-2, 6/30/19 838
------------
$ 307,999
----------------------------------------------------------------------------------------------------------------
Windstorm -- U.S. Regional -- 0.0%+
300,000+(c)(y) Promissum Re 2018, 6/15/19 $ 21,960
------------
Total Collateralized Reinsurance $ 1,376,252
----------------------------------------------------------------------------------------------------------------
Reinsurance Sidecars -- 0.9%
All Natural Peril -- Worldwide -- 0.1%
570,000+(c)(x) Eden Re II, 3/22/23 (144A) $ 594,282
----------------------------------------------------------------------------------------------------------------
Multiperil -- U.S. -- 0.1%
600,000+(c)(x) Carnoustie Re 2016, 11/30/20 $ 16,200
600,000+(c)(x) Carnoustie Re 2017, 11/30/21 152,520
400,000+(c)(z) Harambee Re 2018, 12/31/21 74,335
400,000+(c)(z) Harambee Re 2019, 12/31/22 404,720
------------
$ 647,775
----------------------------------------------------------------------------------------------------------------
Multiperil -- Worldwide -- 0.7%
400,000+(c)(x) Alturas Re 2019-2, 3/10/22 $ 404,240
250,000+(c)(x) Bantry Re 2016, 3/31/20 20,150
1,635,886+(x) Berwick Re 2018-1, 12/31/21 270,085
797,173+(c)(x) Berwick Re 2019-1, 12/31/22 815,349
30,000+(x) Eden Re II, 3/22/22 (144A) 72,906
350,000+(c)(x) Gleneagles Re 2016, 11/30/20 21,700
400,000+(c)(x) Limestone Re 2018, 3/1/22 420,400
700,000+(c)(z) Lorenz Re 2018, 7/1/21 517,230
400,000+(c)(x) Merion Re 2018-2, 12/31/21 397,960
600,000+(x) Pangaea Re 2016-1, 11/30/20 780
600,000+(c)(x) Pangaea Re 2017-1, 11/30/21 --
600,000+(c)(x) Pangaea Re 2018-1, 12/31/21 35,280
600,000+(c)(x) Pangaea Re 2018-3, 7/1/22 511,980
491,548+(c)(x) Pangaea Re 2019-1, 2/1/23 498,675
250,000+(c)(x) Sector Re V, 12/1/23 (144A) 263,640
600,000+(c)(x) St. Andrews Re 2017-1, 2/1/20 40,680
695,194+(c)(x) St. Andrews Re 2017-4, 6/1/19 68,407
253,645+(c)(x) Woburn Re 2018, 12/31/21 107,799
74,914+(c)(x) Woburn Re 2019, 12/31/22 77,104
------------
$ 4,544,365
------------
Total Reinsurance Sidecars $ 5,786,422
----------------------------------------------------------------------------------------------------------------
TOTAL INSURANCE-LINKED SECURITIES
(Cost $7,844,831) $ 7,463,694
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
----------------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
----------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATION --
0.8% of Net Assets
5,335,200(f) U.S. Treasury Bills, 5/21/19 $ 5,328,103
----------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
(Cost $5,328,175) $ 5,328,103
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES --
0.3% of Net Assets
50,000 BlackRock Floating Rate Income Strategies Fund, Inc. $ 641,500
50,000 Eaton Vance Floating-Rate Income Trust 684,000
50,000 First Trust Senior Floating Rate Income Fund II 606,500
50,000 Invesco Senior Income Trust 217,000
----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost $2,385,509) $ 2,149,000
----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 98.4%
(Cost $667,855,790) $662,658,100
----------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.6% $ 10,851,951
----------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $673,510,051
================================================================================================================
bps Basis Points.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At April 30, 2019, the value of these securities
amounted to $11,066,748, or 1.6% of net assets.
+ Amount rounds to less than 0.1%.
* Senior secured floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR, (ii) the prime rate offered by one or
more major United States banks, (iii) the rate of a certificate of
deposit or (iv) other base lending rates used by commercial lenders.
The interest rate shown is the rate accruing at April 30, 2019.
+ Securities that used significant unobservable inputs to determine
their value.
^ Security is valued using fair value methods (other than supplied by
independent pricing services). See Notes to Financial Statements --
Note 1A.
(a) Floating rate note. Coupon rate, reference index and spread shown at
April 30, 2019.
(b) This term loan will settle after April 30, 2019, at which time the
interest rate will be determined.
(c) Non-income producing security.
(d) The interest rate is subject to change periodically. The interest
rate and/or reference index and spread shown at April 30, 2019.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 37
Schedule of Investments | 4/30/19 (unaudited) (continued)
(e) Securities are restricted as to resale.
(f) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(x) Issued as participation notes.
(y) Issued as participation shares.
(z) Issued as preference shares.
SWAP CONTRACT
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
----------------------------------------------------------------------------------------------------------
6,500,000 Markit CDX Receive 5.00% 6/20/24 $444,006 $89,536 $533,542
North America
High Yield Index
Series 32
----------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACT $444,006 $89,536 $533,542
==========================================================================================================
(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) Receives quarterly.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2019, aggregated $40,228,760 and $285,919,493,
respectively.
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., (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 six months ended April
30, 2019, the Fund engaged in sales of $10,012,426 which resulted in a net
realized gain/(loss) of $(89,293). During the six months ended April 30, 2019,
the Fund did not engage in purchases pursuant to these procedures.
At April 30, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $669,411,837 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 2,671,591
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (8,891,786)
------------
Net unrealized depreciation $(6,220,195)
============
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 accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
The following is a summary of the inputs used as of April 30, 2019, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Senior Secured Floating
Rate Loan Interests $ -- $630,187,642 $ -- $630,187,642
Common Stock
Specialty Retail -- -- 113,724 113,724
Preferred Stock 286,723 -- -- 286,723
Asset Backed Securities -- 1,828,402 -- 1,828,402
Collateralized Mortgage
Obligations -- 2,066,397 -- 2,066,397
Corporate Bonds -- 13,234,415 -- 13,234,415
Insurance-Linked Securities
Catastrophe Linked Bonds
Multiperil -- U.S. -- -- 301,020 301,020
Collateralized Reinsurance
Earthquakes -- California -- -- 433,200 433,200
Multiperil -- Worldwide -- -- 613,093 613,093
Windstorm -- Florida -- -- 307,999 307,999
Windstorm -- U.S.
Regional -- -- 21,960 21,960
Reinsurance Sidecars
All Natural Peril --
Worldwide -- -- 594,282 594,282
Multiperil -- U.S. -- -- 647,775 647,775
Multiperil -- Worldwide -- -- 4,544,365 4,544,365
U.S. Government and
Agency Obligation -- 5,328,103 -- 5,328,103
Investment Companies 2,149,000 -- -- 2,149,000
----------------------------------------------------------------------------------------------------
Total Investments
in Securities $2,435,723 $652,644,959 $7,577,418 $662,658,100
====================================================================================================
Other Financial Instruments
Swap contracts, at value $ -- $ 533,542 $ -- $ 533,542
----------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ -- $ 533,542 $ -- $ 533,542
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 39
Schedule of Investments | 4/30/19 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------------
Insurance-
Common Linked
Stocks Securities Total
-----------------------------------------------------------------------------------------
Balance as of 10/31/18 $113,724 $ 9,462,948 $ 9,576,672
Realized gain (loss)(1) -- 16,472 16,472
Changed in unrealized appreciation
(depreciation)(2) 20,169 (476,699) (456,530)
Purchases -- 3,429,506 3,429,506
Sales (20,169) (4,968,533) (4,988,702)
Transfers in to Level 3* -- -- --
Transfers out of Level 3* -- -- --
-----------------------------------------------------------------------------------------
Balance as of 4/30/19 $113,724 $ 7,463,694 $ 7,577,418
=========================================================================================
(1) Realized gain (loss) on these securities is included in the realized gain
(loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) from investments on
the Statement of Operations.
* Transfers are calculated on the beginning of period value. During the six
months ended April 30, 2019, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments still
held and considered Level 3 at April 30, 2019: $(382,752)
---------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Statement of Assets and Liabilities | 4/30/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $667,855,790) $662,658,100
Cash 1,517,963
Swaps collateral 370,742
Variation margin for centrally cleared swap contracts 4,091
Swap contracts, at value (net premiums paid $444,006) 533,542
Unrealized appreciation on unfunded loan commitments 138
Receivables --
Investment securities sold 18,269,110
Fund shares sold 739,353
Interest 1,344,571
Due from the Adviser 156,220
Other assets 72,777
---------------------------------------------------------------------------------------------
Total assets $685,666,607
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 7,735,632
Fund shares repurchased 2,969,404
Distributions 350,644
Trustees' fees 3,883
Due to broker for swaps 534,088
Due to affiliates 156,118
Accrued expenses 406,787
---------------------------------------------------------------------------------------------
Total liabilities $ 12,156,556
=============================================================================================
NET ASSETS:
Paid-in capital $704,158,378
Distributable earnings (loss) (30,648,327)
---------------------------------------------------------------------------------------------
Net assets $673,510,051
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $135,691,816/20,255,324 shares) $ 6.70
Class C (based on $55,502,641/8,277,954 shares) $ 6.70
Class Y (based on $482,315,594/71,786,805 shares) $ 6.72
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $6.70 net asset value per share/100%-4.50%
maximum sales charge) $ 7.02
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 41
Statement of Operations (unaudited)
For the Six Months Ended 4/30/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $22,498,881
Dividends from unaffiliated issuers 287,160
--------------------------------------------------------------------------------------------------------
Total investment income $22,786,041
========================================================================================================
EXPENSES:
Management fees $ 2,266,769
Administrative expense 122,925
Transfer agent fees
Class A 75,541
Class C 19,834
Class Y 285,282
Distribution fees
Class A 181,729
Class C 303,845
Shareowner communications expense 5,309
Custodian fees 42,777
Registration fees 51,396
Professional fees 56,004
Printing expense 5,742
Pricing fees 35,922
Trustees' fees 19,249
Insurance expense 6,174
Interest expense 46,448
Miscellaneous 163,633
--------------------------------------------------------------------------------------------------------
Total expenses $ 3,688,579
Less fees waived and expenses reimbursed by the Adviser (371,359)
--------------------------------------------------------------------------------------------------------
Net expenses $ 3,317,220
--------------------------------------------------------------------------------------------------------
Net investment income $19,468,821
--------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(5,316,867)
Forward foreign currency contracts 7,524
Swap contracts (89,976)
Other assets and liabilities denominated in
foreign currencies (37,190) $(5,436,509)
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(2,911,193)
Forward foreign currency contracts (14,211)
Swap contracts 91,197
Unfunded loan commitments (9,510)
Other assets and liabilities denominated in
foreign currencies 54,406 $(2,789,311)
--------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(8,225,820)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $11,243,001
========================================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------------
Six Months
Ended Year
4/30/19 Ended
(unaudited) 10/31/18
--------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 19,468,821 $ 36,001,477
Net realized gain (loss) on investments (5,436,509) (2,116,131)
Change in net unrealized appreciation
(depreciation) on investments (2,789,311) (6,123,471)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 11,243,001 $ 27,761,875
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.16 and $0.27 per share, respectively) $ (3,643,148) $ (6,978,239)
Class C ($0.14 and $0.22 per share, respectively) (1,296,373) (2,383,910)
Class Y ($0.17 and $0.29 per share, respectively) (15,184,292) (26,910,705)
--------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (20,123,813) $ (36,272,854)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 119,369,023 $ 414,179,477
Reinvestment of distributions 17,388,237 32,093,449
Cost of shares repurchased (396,966,779) (361,051,827)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $(260,209,519) $ 85,221,099
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(269,090,331) $ 76,710,120
NET ASSETS:
Beginning of period $ 942,600,382 $ 865,890,262
--------------------------------------------------------------------------------------------------------
End of period $ 673,510,051 $ 942,600,382
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 43
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/19 4/30/19 Year Ended Year Ended
Shares Amount 10/31/18 10/31/18
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------------
Class A
Shares sold 1,563,323 $ 10,348,591 9,683,451 $ 65,540,109
Reinvestment of
distributions 525,598 3,469,489 975,066 6,596,289
Less shares repurchased (5,743,934) (38,090,779) (15,163,284) (102,659,897)
-----------------------------------------------------------------------------------------------------
Net decrease (3,655,013) $ (24,272,699) (4,504,767) $ (30,523,499)
=====================================================================================================
Class C
Shares sold 852,942 $ 5,653,443 2,506,138 $ 16,969,718
Reinvestment of
distributions 178,738 1,180,195 325,208 2,201,908
Less shares repurchased (2,898,989) (19,193,056) (4,306,823) (29,161,062)
-----------------------------------------------------------------------------------------------------
Net decrease (1,867,309) $ (12,359,418) (1,475,477) $ (9,989,436)
=====================================================================================================
Class Y
Shares sold 15,528,476 $ 103,366,989 48,878,516 $ 331,669,650
Reinvestment of
distributions 1,925,167 12,738,553 3,435,561 23,295,252
Less shares repurchased (51,304,699) (339,682,944) (33,777,903) (229,230,868)
-----------------------------------------------------------------------------------------------------
Net increase
(decrease) (33,851,056) $(223,577,402) 18,536,174 $ 125,734,034
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.73 $ 6.80 $ 6.79 $ 6.73 $ 6.86 $ 6.95
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(a) $ 0.26(a) $ 0.24(a) $ 0.24(a) $ 0.24(a) $ 0.24
Net realized and unrealized gain (loss) on
investments (0.03) (0.06) 0.01 0.05 (0.14) (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 0.20 $ 0.25 $ 0.29 $ 0.10 $ 0.15
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.27) $ (0.24) $ (0.23) $ (0.23) $ (0.24)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.07) $ 0.01 $ 0.06 $ (0.13) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.70 $ 6.73 $ 6.80 $ 6.79 $ 6.73 $ 6.86
====================================================================================================================================
Total return (b) 2.06%(c) 2.96% 3.71% 4.49% 1.53% 2.17%
Ratio of net expenses to average net assets 1.06%(d) 1.01% 1.02% 1.01% 1.08% 1.07%
Ratio of net investment income (loss) to average
net assets 4.80%(d) 3.89% 3.54% 3.66% 3.48% 3.49%
Portfolio turnover rate 5%(c) 42% 69% 51% 24% 43%
Net assets, end of period (in thousands) $135,692 $161,020 $193,193 $194,408 $174,979 $238,764
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 1.09%(d) 1.01% 1.02% 1.04% 1.10% 1.07%
Net investment income (loss) to average net assets 4.77%(d) 3.89% 3.54% 3.63% 3.46% 3.49%
====================================================================================================================================
* 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) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 45
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.74 $ 6.80 $ 6.79 $ 6.74 $ 6.87 $ 6.96
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.21(a) $ 0.19(a) $ 0.19(a) $ 0.19(a) $ 0.19
Net realized and unrealized gain (loss) on
investments (0.03) (0.05) 0.01 0.05 (0.13) (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.16 $ 0.20 $ 0.24 $ 0.06 $ 0.10
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.22) $ (0.19) $ (0.19) $ (0.19) $ (0.19)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.04) $ (0.06) $ 0.01 $ 0.05 $ (0.13) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.70 $ 6.74 $ 6.80 $ 6.79 $ 6.74 $ 6.87
====================================================================================================================================
Total return (b) 1.53%(c) 2.35% 2.93% 3.58% 0.81% 1.43%
Ratio of net expenses to average net assets 1.77%(d) 1.76% 1.77% 1.79% 1.81% 1.78%
Ratio of net investment income (loss) to average
net assets 4.09%(d) 3.15% 2.78% 2.89% 2.74% 2.79%
Portfolio turnover rate 5%(c) 42% 69% 51% 24% 43%
Net assets, end of period (in thousands) $55,503 $68,364 $79,057 $85,563 $92,924 $112,117
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 1.79%(d) 1.76% 1.77% 1.81% 1.84% 1.78%
Net investment income (loss) to average net assets 4.07%(d) 3.15% 2.78% 2.87% 2.71% 2.79%
====================================================================================================================================
* 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) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/19 Ended Ended Ended Ended Ended
(unaudited) 10/31/18 10/31/17 10/31/16* 10/31/15* 10/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.75 $ 6.82 $ 6.81 $ 6.75 $ 6.88 $ 6.97
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.17(a) $ 0.29(a) $ 0.26(a) $ 0.27(a) $ 0.26(a) $ 0.27
Net realized and unrealized gain (loss) on
investments (0.03) (0.07) 0.01 0.05 (0.13) (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.14 $ 0.22 $ 0.27 $ 0.32 $ 0.13 $ 0.17
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.29) $ (0.26) $ (0.26) $ (0.26) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.07) $ 0.01 $ 0.06 $ (0.13) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.72 $ 6.75 $ 6.82 $ 6.81 $ 6.75 $ 6.88
====================================================================================================================================
Total return (b) 2.20%(c) 3.27% 4.05% 4.85% 1.92% 2.50%
Ratio of net expenses to average net assets 0.70%(d) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to average
net assets 5.14%(d) 4.22% 3.86% 3.97% 3.84% 3.86%
Portfolio turnover rate 5%(c) 42% 69% 51% 24% 43%
Net assets, end of period (in thousands) $482,316 $713,216 $593,640 $453,152 $323,812 $352,115
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 0.82%(d) 0.77% 0.79% 0.82% 0.82% 0.82%
Net investment income (loss) to average net assets 5.02%(d) 4.15% 3.77% 3.85% 3.72% 3.74%
====================================================================================================================================
* 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) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 47
Notes to Financial Statements | 4/30/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Floating Rate 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 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 did not have assets or shareholders as of
April 30, 2019. 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 shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner'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.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
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 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 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 49
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.
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.
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.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded.
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.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
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 April 30, 2019, one security 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
was $113,724.
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. Dividend and interest income are reported
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 | Semiannual Report | 4/30/19 51
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
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on 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. 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 provision for federal income
taxes is required. As of October 31, 2018, 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 on 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 over distributions 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $36,272,854
--------------------------------------------------------------------------
Total $36,272,854
==========================================================================
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
The following shows the components of distributable earnings (losses) on a
federal income tax basis at October 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,628,633
Capital loss carryforward (21,301,667)
Dividend payable (389,999)
Net unrealized depreciation (2,704,482)
--------------------------------------------------------------------------
Total $(21,767,515)
==========================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, the mark to
market of swap contracts, the tax treatment of premium and amortization,
adjustments relating to catastrophe bonds, the tax adjustments relating to
credit default swaps, preferred stocks and other holdings.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $3,073 in underwriting commissions on the sale of Class
A shares during the six months ended April 30, 2019.
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 do not pay distribution fees.
All expenses and fees 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 53
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. A general rise in
interest rates could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions
from the Fund.
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 investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities
and preferred stocks. Some of these high-yield securities may be
convertible into equity securities of the issuer. 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker- dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
the Fund's service providers or intermediaries have the ability to cause
disruptions and impact business operations, potentially resulting in
financial losses, interference with the Fund's ability to calculate its
net asset value, impediments to trading, the inability of Fund shareowners
to effect share purchases, redemptions or exchanges or receive
distributions, loss of or unauthorized access to private shareowner
information and violations of applicable privacy and other laws,
regulatory fines, penalties, reputational damage, or additional compliance
costs. Such costs and losses may not be covered under any insurance. In
addition, maintaining vigilance against cyber-attacks may involve
substantial costs over time, and system enhancements may themselves be
subject to cyber-attacks.
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 ILS. The Fund could lose a portion or all of the
principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of
one or more trigger events, as defined within the terms of an
insurance-linked security. Trigger events, generally, are hurricanes,
earthquakes, or other natural events of a specific size or magnitude that
occur in a designated geographic region during a specified time period,
and/or that involve losses or other metrics that exceed a specific amount.
There is no way to accurately predict whether a trigger event will occur,
and accordingly, ILS carry significant risk. The Fund is entitled to
receive principal and interest and/or dividend payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, ILS 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 event-linked bonds. ILS also 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 55
Where the ILS 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, 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. 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 (see Note 6).
At April 30, 2019, the Fund had entered into various forward foreign
currency contracts that obligated 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 market value of forward foreign currency contracts open during
the six months ended April 30, 2019, was $(646,136). As of April 30, 2019,
the Fund had no open forward foreign currency contracts.
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 or 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.
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
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.
As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on 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 the "Swap contracts, at value" line item on 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
on 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. In
addition, obligations under sell protection credit default swaps may be
partially offset by net amounts received from settlement of buy protection
credit default swaps entered into by the Fund for the same reference
obligation with the same counterparty.
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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 57
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 contracts is recorded as "Variation margin for
centrally cleared swaps" on the Statement of Assets and Liabilities. Cash
received from or paid to the broker related to previous margin movement is
held in a segregated account at the broker and is recorded as either "Due
from broker for swaps" or "Due to broker for swaps" on the Statement of
Assets and Liabilities. The amount of cash deposited with a broker as
collateral at April 30, 2019, is recorded as "Swaps collateral" on the
Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the
six months ended April 30, 2019, was $276,424. Open credit default swap
contracts at April 30, 2019, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are calculated daily at the annual rate of 0.60% of the Fund's average
daily net assets up to $500 million, 0.55% of the next $1.5 billion of the
Fund's average daily net assets, and 0.50% of the Fund's average daily net
assets over $2 billion. Prior to October 1, 2018, management fees were
calculated daily at the annual rate of 0.60% of the Fund's average daily net
assets up to $500 million and 0.55% on assets over $500 million. For the six
months ended April 30, 2019, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.58% (annualized) 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 taxes,
brokerage commissions, acquired fund fees and expenses and extraordinary
expenses, such as litigation) to the extent required to reduce Fund expenses to
0.70% of the average daily net assets attributable to Class Y shares. This
expense limitation is in effect through March 1, 2020. There can be no
assurance that the Adviser will extend the expense limitation agreement beyond
the date referred to above.
Fees waived and expenses reimbursed during the six months ended April 30, 2019,
are reflected on the Statement of Operations. 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 $143,826 in management fees,
administrative costs and certain other reimbursements payable to the Adviser at
April 30, 2019.
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
3. Transfer Agent
DST Asset Manager Solutions, 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 shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the
six months ended April 30, 2019, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $3,370
Class Y 1,939
--------------------------------------------------------------------------------
Total $5,309
================================================================================
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. 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 on the Statement of Assets and
Liabilities is $12,292 in distribution fees payable to the Distributor at April
30, 2019.
In addition, redemptions of Class A and Class C 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 six months ended April 30, 2019, CDSCs in the amount of $10,043 were
paid to the Distributor.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 59
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.
Effective August 1, 2018, the Fund participates in a credit facility in the
amount of $250 million. Prior to August 1, 2018, the credit facility was 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 0.90% on an annualized basis, or the Alternate Base Rate, which
is the greater of (a) the facility's administrative agent's daily announced
prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the
borrowing date, or (c) 2% plus the overnight Eurodollar rate on the borrowing
date. The Fund pays an annual commitment fee to participate in a credit
facility. The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement.
For the six months ended April 30, 2019, the average daily amount of borrowings
outstanding during the period was $9,993,750. The related weighted average
annualized interest rate for the period was 3.30%, and the total interest
expense on such borrowings was $46,448, which is shown as Interest expense,
located on the Statement of Operations. As of April 30, 2019, there were no
borrowings outstanding.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure 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 rate 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.
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
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 April 30,
2019, 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 $ -- $533,542 $ -- $ -- $ --
--------------------------------------------------------------------------------
Total Value $ -- $533,542 $ -- $ -- $ --
================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2019, was as follows:
--------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Net realized gain
(loss) on:
Forward foreign
currency contracts $ -- $ -- $ 7,524 $ -- $ --
Swap contracts -- (89,976) -- -- --
--------------------------------------------------------------------------------
Total Value $ -- $(89,976) $ 7,524 $ -- $ --
================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Forward foreign
currency contracts $ -- $ -- $(14,211) $ -- $ --
Swap contracts -- 91,197 -- -- --
--------------------------------------------------------------------------------
Total Value $ -- $ 91,197 $(14,211) $ -- $ --
================================================================================
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 61
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 on the
Statement of Operations.
As of April 30, 2019, the Fund had the following unfunded loan commitments
outstanding:
--------------------------------------------------------------------------------
Unrealized
Loan Principal Cost Value Appreciation
--------------------------------------------------------------------------------
NMN Holdings III Corp. $306,000 $305,288 $305,426 $138
--------------------------------------------------------------------------------
Total Value $306,000 $305,288 $305,426 $138
================================================================================
62 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 63
This page is for your notes.
64 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 65
This page is for your notes.
66 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
This page is for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/19 67
This page is for your notes.
68 Pioneer Floating Rate Fund | Semiannual Report | 4/30/19
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
FactFoneSM 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 219427
Kansas City, MO 64121-9427
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/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 20856-12-0619
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)).
Mr. David R. Bock, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi 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.
N/A
(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.
N/A
(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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. 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 July 1, 2019
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 July 1, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 1, 2019
* Print the name and title of each signing officer under his or her signature.