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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21978
Pioneer Series Trust VI
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2007 through April 30, 2008
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
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PIONEER
-------
FLOATING
RATE FUND
FLARX
Ticker Symbol
Semiannual
Report
4/30/08
[LOGO] PIONEER
Investments(R)
Table of Contents
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Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 27
Notes to Financial Statements 34
Trustees, Officers and Service Providers 41
President's
Dear Shareowner,
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Staying diversified and keeping your portfolio invested in the markets are two
general investment principles that have served investors well over time. They
are particularly useful guides to keep in mind today, at a time when markets
around the globe are being buffeted by problems in the financial and real
estate industries and by concerns about a slowing economy.
After an extended period of steady economic growth with sustained low
unemployment and low inflation, the U.S. economy ran into difficulty as 2007
drew to a close. Investors in subprime mortgages were forced to mark down the
value of their assets, imperiling leveraged balance sheets. The ensuing credit
crunch forced central banks in the United States and Europe to assume the role
of "lender of last resort" to keep credit markets functioning. Conditions
worsened in the first quarter of 2008, as falling prices, margin calls and
deleveraging continued, the auction-rate preferred market seized up. The U.S.
Federal Reserve expanded its lender-of-last-resort role to include lending to
primary dealers and continued to cut interest rates. By then, recession talk
was widespread as concern grew that falling home prices, rising unemployment,
sharply rising food and energy prices, and disruptions in financial markets
posed a significant threat to economic growth.
Markets reacted poorly to the developments leading up to the difficulties
surrounding Bear Stearns, with fixed-income credit spreads (the difference in
rates between corporate and U.S. government bonds) widening dramatically and
stock markets declining, wiping out the positive returns markets had delivered
in the preceding year. Treasury bond prices rose as the market underwent a
flight to quality. In the six weeks between the Bear Stearns problems and the
end of April, though, there were no further market crises, recession fears
faded in light of positive economic news, and stock markets rallied, recouping
some of their first-quarter losses, while Treasury bond prices fell back.
Over the six-month period ending April 30, 2008, the Dow Jones Industrial
Average fell 7%, the Standard & Poor's 500 Index fell 10% and the NASDAQ
Composite Index fell 16%. The MSCI EAFE Developed Market Index of international
stock markets fell 9%, and the MSCI Emerging Markets Index fell 10% over the
same period. The U.S. investment-grade bond market, as measured by the Lehman
2
Letter
Brothers Aggregate Bond Index, was a solid performer over the six-month period,
rising 4%. The U.S. high-yield bond market, as measured by the Merrill Lynch
High Yield Bond Master II Index, fell 1% over the six months as its
higher-coupon yields could not offset a fall in bond prices triggered by
widening credit spreads.
Looking forward, the risk of a 2008 recession seems diminished, but substantial
risks remain in both financial markets and the real economy. On the other hand,
a weak U.S. dollar and substantial fiscal and monetary stimulus are potent
support for the economy. Markets remain volatile, and falling risk tolerances
and deleveraging may depress asset prices in the short term, but equity and
corporate bond valuations look attractive over a longer time horizon unless the
U.S. economy falls into a severe and protracted recession.
Sudden swings in the markets are always to be expected, but they are difficult
to time. Maintaining a long-term time horizon, being diversified, and paying
attention to asset allocation are important investment principles. As always,
we encourage you to work closely with your financial advisor to find the mix of
stocks, bonds and money market assets that is best aligned to your particular
risk tolerance and investment objective and to adhere to a strategic plan
rather than letting emotion drive investment decisions.
Respectfully,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
3
Pioneer Floating Rate Fund
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PORTFOLIO MANAGEMENT DISCUSSION 4/30/08
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Worries that first surfaced over subprime mortgages spread through the credit
markets during most of the six months ending April 30, 2008, affecting bank
loans as well as other credit-sensitive investments. In the face of declining
investor demand, the values of many loans fell during the period despite a
resurgence in the final month of the period. In the following interview,
Jonathan Sharkey discusses the factors that affected the performance of Pioneer
Floating Rate Fund during the six-month period ended April 30, 2008. Mr.
Sharkey, a member of Pioneer's Fixed Income Group, is responsible for the daily
management of the Fund.
Q: How did the Fund perform during the six months ending April 30, 2008?
A: Pioneer Floating Rate Fund's Class A shares had a total return of -2.57%,
at net asset value, over the six months. During the same period, the
Lehman High Yield Loans Performing Index fell by -2.80% while the average
return of the 78 mutual funds in Lipper's Loan Participation category was
-3.52%. On April 30, 2008, the 30-day SEC yield of the Fund's Class A
shares was 4.69%.
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most
recent month-end performance results. Current performance may be lower or
higher than the performance data quoted.
The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will
fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.
Q: What was the investment environment like during the six months ending April
30, 2008?
A: Problems that began with weakness in subprime mortgages undermined the
performance of floating rate loans as well as other credit-sensitive
income investments during the period. The downward spiral in prices was
most severe during the first three months of 2008, when the Lehman High
Yield Leveraged Loan Index fell by 5.53%, the worst drop in its history.
As fears about the credit markets widened, many investors sold their loan
investments while others, who had borrowed money to make investments,
found their access to additional money restricted.
4
Pioneer Floating Rate Fund
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To stabilize the markets, the U.S. Federal Reserve intervened by lowering
the key Fed funds rate and embarking on a series of other policy
initiatives to add liquidity to the financial markets. Between September
2007 and April 30, 2008, the Federal Reserve cut the Fed funds rate from
5.25% to 2.00% and announced a series of policies designed to encourage
more lending activity and forestall a deep economic slump. In March 2008,
the Federal Reserve also helped arrange the rescue of the faltering
investment bank Bear Stearns by JP Morgan Chase and opened up lending
facilities to investment banks. The actions of the Federal Reserve led to
a sharp comeback by bank loans and other credit-sensitive investments in
the closing weeks of the period. The Lehman High Yield Leveraged Loan
Index, for example, rose by 4.14% in April 2008, yet the resurgence was
not enough to overcome the effects of the Fund's losses in the middle of
the six-month period ending April 30, 2008.
Q: What factors helped the Fund outperform its Lehman index as well as its
Lipper peer group average?
A: The Fund held up relatively well because we had positioned the portfolio
conservatively, with an average credit rating on the Fund's investments
of BB-, compared with an average rating of B in the Lehman index. Over
the six months, we widened the portfolio's diversity, investing whenever
possible in a greater number of different loans to reduce the exposure to
any potential problems in specific loans. Over the period, we increased
the number of names in the portfolio from 75 to 92. The Fund also focused
on loans with solid covenant protection and emphasized loans to higher
quality companies with good prospects. That led to outperformance during
a difficult period for bank loan investing, especially during the
difficult first quarter of 2008.
However, we did have some disappointing investments. The Fund had a
relatively large position, for example, in loans to Land Source, a venture
backed by homebuilder Lennar and by the California Public Employees'
Retirement System (CALPERS). The venture's securities encountered
difficulty because of the seizing up of the credit markets in the face of
deteriorating conditions in the California real estate market. Also
detracting from results was the Fund's investment in loans to J.G.
Wentworth, a specialty finance company whose principal business is
packaging the rights
5
Pioneer Floating Rate Fund
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PORTFOLIO MANAGEMENT DISCUSSION 4/30/08 (continued)
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to insurance settlements. While the underlying collateral for the loans
remained solid, the problems in the credit markets made it difficult for
the company to sell its loans to investors.
Q: What is your investment outlook?
A: We think there are attractive opportunities in the market for floating-rate
loans, where investors are being compensated for having persevered
through a difficult period. The sharp revival of loan values in April
2008 should encourage investors to move back into the market. Although
conditions may continue to be volatile in the short term, attractive
loans are available at significant discounts to our estimates of their
underlying values, giving investors the potential for capital
appreciation as the loans are eventually retired. In addition, new loans
entering the market tend to be soundly structured, with relatively less
debt and attractive yields.
Investments in high yield or lower-rated securities are subject to
greater-than-average risk. The Fund may invest in securities of issuers that
are in default or that are in bankruptcy. When interest rates rise, the prices
of fixed-income securities in the Fund will generally fall. Conversely, when
interest rates fall, the prices of fixed-income securities in the Fund will
generally rise. The floating rate feature of the Fund's Senior Floating Rate
Loans means that these investments will not experience capital appreciation in
a declining interest rate environment. Investments in the Fund are subject to
possible loss due to the financial failure of issuers of underlying securities
and their inability to meet their debt obligations. Prepayment risk is the
chance that mortgage-backed bonds will be paid off early if falling interest
rates prompt homeowners to refinance their mortgages. Forced to reinvest the
unanticipated proceeds at lower interest rates, the Fund would experience a
decline in income and lose the opportunity for additional price appreciation
associated with falling interest rates. The value of collateral, if any,
securing a floating rate loan can decline, and may be insufficient to meet the
issuer's obligations or may be difficult to liquidate. In addition, the Fund's
access to collateral may be limited by bankruptcy or other insolvency laws.
Although Pioneer normally will seek to avoid receiving this type of information
about the issuer of a loan, this decision not to receive the information may
place it at a disadvantage, relative to other loan investors, in assessing the
loan. The Fund is not
6
Pioneer Floating Rate Fund
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diversified, which means that it can invest a higher percentage of its assets
in the securities of any one issuer than a diversified fund. Being
non-diversified may magnify the Fund's losses from adverse events affecting a
particular issuer. Some of the floating rate loans and other investments in
which the Fund may invest will be considered to be illiquid. Illiquid
securities may be difficult to dispose of at a fair price at the times when the
Fund believes it is desirable to do so, and their market price is generally
more volatile than that of more liquid securities. Illiquid securities are also
more difficult to value, and investment of the Fund's assets in illiquid
securities may restrict the Fund's ability to take advantage of market
opportunities. Investing in foreign and/or emerging securities involves risks
relating to interest rates, currency exchange rates, economic and political
conditions. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making it more
susceptible to any economic, political or regulatory developments or other
risks affecting those industries or sectors.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
7
Pioneer Floating Rate Fund
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PORTFOLIO SUMMARY 4/30/08
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Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Floating Rate Loan Interests 86.9%
U.S. Corporate Bonds 5.9%
Temporary Cash Investments 5.0%
Asset-Backed Securities 2.2%
Portfolio Quality
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(As a percentage of total investment portfolio; based on S&P ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
BBB 2.8%
BB 65.9%
B & Lower 27.8%
Cash Equivalents 2.8%
A 0.7%
10 Largest Holdings
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(As a percentage of total long-term holdings)*
1. Georgia-Pacific Corp., Add-on Term Loan, 4.68%, 12/20/12 2.95%
2. Sally Holdings LLC, Term B Loan, 5.6%, 11/18/13 2.93
3. Mach Gen LLC, Term B Loan, 5.1%, 2/8/14 2.69
4. Yankee Candle Co., Term Loan, 4.61%, 2/6/14 2.62
5. Custom Building Products, Inc., 2nd Lien Term Loan,
9.72%, 4/20/12 2.51
6. Hanesbrand, Inc., Term B Loan, 4.61%, 9/5/13 2.30
7. Baldor Electric Co., Term Loan, 4.69%, 1/31/14 2.23
8. Argentine Beverages, 7.375%, 3/22/12 (144A) 1.77
9. Sandridge Energy, Floating Rate Loan, 6.32%, 4/1/14 1.48
10. Psychiatric Solutions, Inc., Term Loan, 4.56%, 7/1/12 1.47
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
8
Pioneer Floating Rate Fund
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PRICES AND DISTRIBUTIONS
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Net Asset Value Per Share
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Class 4/30/08 10/31/07
----- ------- --------
A $6.85 $7.29
C $6.84 $7.29
Y $6.85 $7.29
Distributions Per Share
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10/31/07 - 4/30/08
------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
----- ------ ------------- -------------
A $0.2519 $ - $ -
C $0.2202 $ - $ -
Y $0.2539 $ - $ -
9
Pioneer Floating Rate Fund
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PERFORMANCE UPDATE 4/30/08 CLASS A SHARES
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Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund at public offering price,
compared to that of the Lehman Brothers Bank Loan Index.
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Cumulative Total Returns
(As of April 30, 2008)
Net Asset Public Offering
Period Value Price (POP)
Life-of-Class
(2/14/07) -1.15% -4.82%
1 Year -2.50 -6.94
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Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
1.58% 1.10%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Lehman Brothers
Rate Fund Bank Loan Index
---------------- ---------------
2/07 9,550 10,000
4/07 9,664 10,061
4/08 9,422 10,414
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 4.5% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/11 for Class A Shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Lehman Brothers Bank Loan Index provides broad and comprehensive total
return metrics of the universe of syndicated term loans. To be included in the
index, a bank loan must be dollar denominated, have at least $150 million
funded loan, a minimum term of one year, and a minimum initial spread of
LIBOR+125. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in an index.
10
Pioneer Floating Rate Fund
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PERFORMANCE UPDATE 4/30/08 CLASS C SHARES
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Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Lehman
Brothers Bank Loan Index.
- ----------------------------------------------------------
Cumulative Total Returns
(As of April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(2/14/07) -2.05% -2.05%
1 Year -3.39 -3.39
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Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
2.32% 2.00%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Lehman Brothers
Rate Fund Bank Loan Index
---------------- ---------------
2/07 10,000 10,000
4/07 10,095 10,061
4/08 9,753 10,414
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. "If redeemed" returns reflect the deduction of the 1% CDSC. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/01/09 for Class C Shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Lehman Brothers Bank Loan Index provides broad and comprehensive total
return metrics of the universe of syndicated term loans. To be included in the
index, a bank loan must be dollar denominated, have at least $150 million
funded loan, a minimum term of one year, and a minimum initial spread of
LIBOR+125. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in an index.
11
Pioneer Floating Rate Fund
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PERFORMANCE UPDATE 4/30/08 CLASS Y SHARES
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Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Lehman
Brothers Bank Loan Index.
- ----------------------------------------------------------
Cumulative Total Returns
(As of April 30, 2008)
If If
Period Held Redeemed
Life-of-Class
(2/14/07) -1.10% -1.10%
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2008)
Gross Net
-2.45% -2.45%
- ----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Lehman Brothers
Rate Fund Bank Loan Index
---------------- ---------------
2/07 10,000 10,000
4/07 10,115 10,061
4/08 9,867 10,414
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Lehman Brothers Bank Loan Index provides broad and comprehensive total
return metrics of the universe of syndicated term loans. To be included in the
index, a bank loan must be dollar denominated, have at least $150 million
funded loan, a minimum term of one year, and a minimum initial spread of
LIBOR+125. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Fund returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in an Index.
12
Pioneer Floating Rate Fund
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COMPARING ONGOING FUND EXPENSES
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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, 2007 through April 30, 2008.
Share Class A C Y
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Beginning Account Value $1,000.00 $1,000.00 $1,000.00
On 11/1/07
Ending Account Value $ 974.30 $ 968.50 $ 974.60
(after expenses)
On 4/30/08
Expenses Paid During Period* $ 5.40 $ 9.79 $ 5.35
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
1.09%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 182/366 (to
reflect the partial year period).
13
Pioneer Floating Rate Fund
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COMPARING ONGOING FUND EXPENSES (continued)
- --------------------------------------------------------------------------------
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, reflect
ing the period from November 1, 2007 through April 30, 2008.
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
On 11/1/07
Ending Account Value $1,019.39 $1,014.92 $1,019.44
(after expenses)
On 4/30/08
Expenses Paid During Period* $ 5.52 $ 10.02 $ 5.47
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
1.09%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 182/366 (to
reflect the partial year period).
14
Pioneer Floating Rate Fund
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SCHEDULE OF INVESTMENTS 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
ASSET BACKED SECURITIES - 2.2%
Energy - 1.4%
Oil & Gas Equipment & Services - 1.4%
500,000 7.74 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 455,000
-----------
Total Energy $ 455,000
-----------
Transportation - 0.8%
Airlines - 0.8%
366,777 B-/B1 American Airlines, 7.377%, 5/23/19 $ 280,584
-----------
Total Transportation $ 280,584
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $864,943) $ 735,584
-----------
CORPORATE BONDS - 6.0%
Materials - 0.3%
Diversified Metals & Mining - 0.3%
100,000 5.88 BB/Ba3 Freeport-McMoran Copper & Gold, Floating
Rate Note, 4/1/15 $ 99,175
-----------
Total Materials $ 99,175
-----------
Consumer Durables & Apparel - 1.1%
Homebuilding - 1.1%
480,000 7.32 B+/B3 Builders Firstsource, Inc., Floating Rate
Note, 2/15/12 $ 357,600
-----------
Total Consumer Durables & Apparel $ 357,600
-----------
Food, Beverage & Tobacco - 1.7%
Brewers - 1.7%
560,000 NR/NR Argentine Beverages, 7.375%, 3/22/12
(144A) $ 571,200
-----------
Total Food, Beverage & Tobacco $ 571,200
-----------
Health Care Equipment & Services - 0.1%
Health Care Services - 0.1%
50,000 8.29 B+/B3 Universal Hospital Services, Floating Rate
Note, 6/1/15 $ 47,250
-----------
Total Health Care Equipment & Services $ 47,250
-----------
Banks - 0.7%
Thrifts & Mortgage Finance - 0.7%
250,000 3.33 BBB+/Baa2 Washington Mutual Bank, Floating Rate
Note, 5/1/09 $ 237,739
-----------
Total Banks $ 237,739
-----------
The accompanying notes are an integral part of these financial statements. 15
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Insurance - 0.8%
Property & Casualty Insurance - 0.8%
250,000 7.13 BB+/NR Blue Fin, Ltd., Floating Rate Note, 4/10/12 $ 248,375
-----------
Total Insurance $ 248,375
-----------
Technology Hardware & Equipment - 1.3%
Communications Equipment - 1.3%
500,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 $ 437,500
-----------
Total Technology Hardware & Equipment $ 437,500
-----------
TOTAL CORPORATE BONDS
(Cost $2,201,181) $ 1,998,839
-----------
SENIOR FLOATING RATE LOAN INTERESTS - 87.7%**
Energy - 4.0%
Oil & Gas Exploration & Production - 4.0%
278,500 7.15 NA/NA Concho Resources, Term Loan, 3/27/12 $ 276,759
500,000 6.32 B/B3 Sandridge Energy, Inc., Floating Rate Loan,
4/1/14 (144A) 476,250
250,000 7.13 B/Caa1 Venoco, Inc., 2nd Lien Term Loan, 5/7/14 227,500
356,143 4.95 BB-/Ba2 W&T Offshore, Inc., Tranche B Term Loan,
5/26/10 353,472
-----------
$ 1,333,981
-----------
Total Energy $ 1,333,981
-----------
Materials - 7.5%
Aluminum - 0.7%
171,443 4.70 BB/Ba2 Novelis Corp., U.S. Term Loan, 7/6/14 $ 163,300
77,929 4.70 BB/Ba2 Novelis Corp., Canadian Term Loan, 7/6/14 74,227
-----------
$ 237,527
-----------
Diversified Chemical - 1.2%
74,246 4.88 NR/NR Ineos U.S. Finance LLC, Term B-2 Facility
Loan, 12/16/13 $ 69,444
74,238 5.38 NR/NR Ineos U.S. Finance LLC, Term C-2 Facility
Loan, 12/15/14 69,436
250,000 0.00 BB-/Ba1 Huntsman International LLC, New Term B
Loan, 4/19/14 242,617
-----------
$ 381,497
-----------
Forest Products - 0.6%
200,000 5.50 B+/B2 Graham Packaging Co., New Term Loan,
10/7/11 $ 190,014
-----------
16 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Paper Packaging - 2.8%
987,500 4.68 BB+/Ba2 Georgia-Pacific Corp., Add-on Term Loan,
12/20/12 $ 948,772
-----------
Precious Metals & Minerals - 1.0%
354,306 7.33 BB-/BA3 Inverness Medical Innovations, 1st Lien
Term Loan, 6/20/14 $ 328,618
-----------
Steel - 1.2%
496,250 7.86 NR/NR Niagara Corp., Term Loan, 6/29/14 $ 411,888
-----------
Total Materials $ 2,498,316
-----------
Capital Goods - 5.8%
Aerospace & Defense - 2.1%
100,000 11.75 CCC+/Ba3 Aeroflex, Inc., Unsecured Bridge Loan,
8/15/08 $ 92,000
225,000 0.00 BB-/Ba3 Aeroflex, Inc., Tranche B-1 Term Loan,
8/15/14 210,656
108,177 6.52 BB-/NR Dae Aviation Holdings, Inc., Tranche B-1
Term Loan, 7/31/14 106,453
200,000 4.57 BB-/Ba3 Spirit Aerosystems, Inc., Term B Loan,
9/30/13 197,625
107,450 6.52 BB-/NR Standard Aero, Ltd., Tranche B-2 Term Loan,
7/31/14 105,737
-----------
$ 712,471
-----------
Construction & Engineering - 3.1%
1,000,000 9.72 NR/NR Custom Building Products, Inc., 2nd Lien
Term Loan, 4/20/12 $ 810,000
229,486 5.42 BB/Ba2 URS Corp., Tranche B Term Loan, 5/1/13 230,203
-----------
$ 1,040,203
-----------
Construction & Farm Machinery & Heavy
Trucks - 0.6%
224,821 6.23 BB/NR Rental Service Corp., 2nd Lien Initial Loan,
11/21/13 $ 196,297
-----------
Total Capital Goods $ 1,948,971
-----------
Commercial Services & Supplies - 5.1%
Commercial Printing - 1.2%
13,656 4.35 B+/BA3 Cenveo Resources, Delayed Draw Term
Loan, 6/21/13 $ 12,751
409,804 4.35 B+/BA3 Cenveo Resources, Term C Facility Loan,
6/21/13 382,655
-----------
$ 395,406
-----------
The accompanying notes are an integral part of these financial statements. 17
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Diversified Commercial Services - 2.1%
248,125 5.56 BB-/Ba1 Asset Acceptance Capital, Tranche B Term
Loan, 6/5/13 $ 229,516
491,104 7.20 BB-/Ba3 NCO Financial Systems, Term B Advance
Loan, 5/15/13 460,000
-----------
$ 689,516
-----------
Environmental & Facilities Services - 1.8%
248,125 5.07 BB-/B2 Synagro Technologies, Inc., Term Loan,
4/2/14 $ 211,527
392,691 5.15 BB-/Ba3 Waste Services, Tranche E Term Loan,
3/31/11 389,746
-----------
$ 601,273
-----------
Total Commercial Services & Supplies $ 1,686,195
-----------
Transportation - 2.2%
Air Freight & Couriers - 1.4%
123,148 2.60 B/Ba2 Ceva Group Plc, Additional Pre-funded Term
Loan, 11/4/13 $ 111,757
372,873 5.86 NR/B+ Ceva Group Plc, U.S. Term Loan, 11/4/13 342,111
-----------
$ 453,868
-----------
Trucking - 0.8%
300,000 0.00 BB-/B1 Allison Transmission, Inc., Term Loan,
8/7/14 $ 281,973
-----------
Total Transportation $ 735,841
-----------
Automobiles & Components - 1.2%
Auto Parts & Equipment - 0.7%
250,000 6.24 BB-/Ba3 Accuride Corp., Term Advance Loan,
1/31/12 $ 242,500
-----------
Tires & Rubber - 0.5%
175,000 4.54 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien Term
Loan, 4/30/14 $ 166,250
-----------
Total Automobiles & Components $ 408,750
-----------
Consumer Durables & Apparel - 4.2%
Apparel, Accessories & Luxury
Goods - 2.2%
752,989 4.61 BB/B1 Hanesbrands, Inc., Term B Loan, 9/5/13 $ 740,753
-----------
18 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Homebuilding - 1.2%
433,785 9.00 B+/B2 LandSource Communities Development,
Facility B Term Loan, 2/13/13 $ 307,626
500,000 7.59 B+/B2 LandSource Communities Development, 2nd
Lien Term Loan, 2/22/14 105,000
-----------
$ 412,626
-----------
Housewares & Specialties - 0.8%
248,125 5.20 BB-/Ba3 Jarden Corp., Term B3 Loan, 1/24/12 $ 243,251
-----------
Total Consumer Durables & Apparel $ 1,396,630
-----------
Consumer Services - 4.2%
Casinos & Gaming - 4.2%
333,333 6.26 NA/NA Fontainebleau Las Vegas, Initial Term Loan,
5/17/14 $ 280,000
83,333 5.19 NR/Ba3 Gateway Casinos & Entertainment, Delayed
Draw Term Loan, 7/16/14 71,042
415,625 5.19 BB-/NR Gateway Casinos & Entertainment, Term
Advance Loan, 7/16/14 354,320
250,000 4.89 NR/NR Riviera Holdings Corp., Term Loan, 6/8/14 217,500
58,704 4.48 NR/NR Seminole Tribe of Florida, Term B-1 Delayed
Draw Loan, 3/5/14 57,237
211,296 4.63 NR/NR Seminole Tribe of Florida, Term B-2 Delayed
Draw Loan, 2/20/14 206,013
207,490 4.25 NR/NR Seminole Tribe of Florida, Term B-3 Delayed
Draw Loan, 3/5/14 202,303
-----------
$ 1,388,415
-----------
Total Consumer Services $ 1,388,415
-----------
Media - 7.4%
Broadcasting & Cable Television - 4.4%
498,750 4.90 B+/B1 Charter Communications, Replacement Term
Loan, 3/5/14 $ 441,809
300,000 0.00 BB-/B1 Insight Media Holdings, Term B Loan,
4/7/14 286,018
496,250 4.93 B/B3 Knology, Inc., Term Loan, 4/30/12 454,069
325,000 5.15 B+/Baa2 Univision Communication, Inc., Initial Term
Loan, 9/29/14 274,523
-----------
$ 1,456,419
-----------
The accompanying notes are an integral part of these financial statements. 19
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Movies & Entertainment - 1.3%
496,250 4.70 B+/B1 LodgeNet Entertainment, Closing Date Loan,
4/4/14 $ 439,181
-----------
Publishing - 1.7%
296,518 4.48 BB+/Ba1 Dex Media West LLC, New Tranche B-2 Term
Loan, 3/9/10 $ 290,464
300,000 0.00 BB+/Ba1 RH Donnelley, Inc., Tranche D-1 Term Loan,
6/30/11 284,813
-----------
$ 575,277
-----------
Total Media $ 2,470,877
-----------
Retailing - 2.8%
Specialty Stores - 2.8%
987,469 5.60 NR/NR Sally Holdings LLC, Term B Loan, 11/18/13 $ 942,857
-----------
Total Retailing $ 942,857
-----------
Food, Beverage & Tobacco - 1.7%
Packaged Foods & Meats - 1.7%
299,244 4.45 BB+/B1 Dean Foods Co., Tranche B Term Loan,
4/2/14 $ 286,069
300,000 5.48 b-/b3 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 293,400
-----------
$ 579,469
-----------
Total Food, Beverage & Tobacco $ 579,469
-----------
Household & Personal Products - 3.1%
Household Products - 2.5%
923,269 4.61 NR/NR Yankee Candle Co., Inc., Term Loan, 2/6/14 $ 842,945
-----------
Personal Products - 0.6%
199,496 4.70 BB-/Baa3 Brickman Group Holdings, Inc., Tranche B
Term Loan, 1/23/14 $ 187,028
-----------
Total Household & Personal Products $ 1,029,973
-----------
20 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Health Care Equipment & Services - 9.1%
Health Care Facilities - 5.5%
453,663 5.34 BB-/Ba3 CHS/Community Health Systems, Inc.,
Funded Term Loan, 7/13/14 $ 435,255
248,051 4.87 B+/Ba3 Hanger Orthopedic Group, Inc., Tranche B
Term Loan, 5/26/13 234,719
300,000 4.95 BB+/Ba2 HCA, Inc., Tranche B Term Loan, 11/7/13 285,389
493,387 4.56 B+/Ba3 Psychiatric Solutions, Inc., Term Loan,
7/1/12 474,885
50,719 4.85 B+/Ba2 Sun Healthcare Group, Inc., Delayed Draw
Term Loan, 1/15/08 46,534
80,460 2.60 B+/Ba2 Sun Healthcare Group, Inc., Synthetic LC
Loan, 4/12/14 73,822
354,491 4.96 B+/Ba2 Sun Healthcare Group, Inc., Term Loan
4/12/14 325,246
-----------
$ 1,875,850
-----------
Health Care Services - 1.2%
421,891 5.23 BB-/Ba3 Healthsouth Corp., Term Loan, 3/10/13 $ 401,456
-----------
Health Care Supplies - 2.4%
10,000 3.47 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term
Loan, 4/24/15 $ 9,890
119,800 5.95 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 118,483
224,373 4.95 BB-/BA3 Catalent Pharma Solutions, Inc.,
Dollar Term Loan, 4/10/14 200,253
496,250 4.68 BB/B1 IM U.S. Holdings LLC, 1st Lien Term Loan,
6/26/14 460,685
-----------
$ 789,311
-----------
Total Health Care Equipment & Services $ 3,066,617
-----------
Pharmaceuticals & Biotechnology - 1.4%
Pharmaceuticals - 1.4%
249,375 6.03 BBB-/B1 Mylan Laboratories, Inc., Tranche B U.S.
Term Loan, 10/1/14 $ 245,046
248,116 6.57 BB/NR Talecris Biotherapeutics Holdings Corp., 1st
Lien Term Loan, 12/6/13 220,203
-----------
$ 465,249
-----------
Total Pharmaceuticals & Biotechnology $ 465,249
-----------
The accompanying notes are an integral part of these financial statements. 21
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Diversified Financials - 2.3%
Consumer Finance - 0.7%
142,979 5.45 BB-/B2 Dollar Financial Corp., Canadian Term Loan,
10/30/12 $ 125,822
105,132 5.45 BB-/B2 Dollar Financial Corp., Delayed Draw Term
Loan, 10/30/12 92,516
-----------
$ 218,338
-----------
Investment Banking & Brokerage - 0.9%
299,250 5.84 NR/NR MSCI, Inc., Term B Loan, 11/15/12 $ 301,120
-----------
Other Diversified Financial Services - 0.7%
250,000 4.99 BB-/Ba3 Metavante Corp., Term Loan, 11/1/14 $ 236,458
-----------
Total Diversified Financials $ 755,916
-----------
Insurance - 4.6%
Insurance Brokers - 3.4%
248,750 5.70 BB-/NR Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 233,825
70,814 4.40 B+/NR HUB International Holdings, Delayed Draw
Term Loan, 6/13/14 63,821
405,433 5.20 B+/NR HUB International Holdings, Initial Term
Loan, 6/13/14 365,397
496,250 5.45 B/B2 USI Holdings Corp., Tranche B Term Loan,
4/30/14 466,475
-----------
$ 1,129,518
-----------
Multi-Line Insurance - 1.2%
496,250 5.43 B-/NR AmWins Group, Inc., Initial Term Loan,
6/11/13 $ 389,556
-----------
Total Insurance $ 1,519,074
-----------
Software & Services - 0.3%
Application Software - 0.3%
124,682 5.37 B/Ba3 Nuance Communications, Inc., Term Loan,
3/13/31 $ 116,785
-----------
Total Software & Services $ 116,785
-----------
Technology Hardware & Equipment - 9.1%
Communications Equipment - 0.9%
300,000 0.00 NR/NR Commscope, Inc., Term B Loan, 12/26/14 $ 286,875
-----------
Computer Storage & Peripherals - 2.7%
482,341 5.35 B+/BA3 Vangent, Inc., Term Loan, 2/14/13 $ 440,136
493,750 4.88 BB/Ba3 SunGard Data Systems, Inc., New U.S. Term
Loan, 2/12/14 468,894
-----------
$ 909,030
-----------
22 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Electronic Equipment & Instruments - 3.2%
407,500 5.63 NA/NA H3C Holdings, Ltd., Tranche Be Term Loan,
9/28/12 $ 348,413
475,361 4.79 BB-/Ba3 Itron, Inc., Dollar Term Loan, 4/18/14 465,854
248,750 6.96 BB-/Ba3 Scitor Corp., Term Loan, 9/28/14 243,775
-----------
$ 1,058,042
-----------
Electronic Manufacturing Services - 2.3%
743,559 4.69 NR/Ba3 Baldor Electric Co., Term Loan, 1/31/14 $ 718,773
48,377 4.63 BBB-/Baa2 The Mosaic Co., Tranche B Term Loan,
12/1/13 47,883
-----------
$ 766,656
-----------
Total Technology Hardware & Equipment $ 3,020,603
-----------
Semiconductors - 1.3%
Semiconductors - 1.3%
487,500 4.46 BB/NR Freescale Semiconductor, Inc., Term Loan,
12/2/13 $ 423,571
-----------
Total Semiconductors $ 423,571
-----------
Telecommunication Services - 3.5%
Alternative Carriers - 0.7%
243,198 5.36 B/Caa1 PAETEC Holding Corp., Replacement Term
Loan, 2/28/13 $ 235,598
-----------
Integrated Telecommunication
Services - 0.7%
229,739 5.90 BB-/Ba2 Telesat Canada, U.S. Term I Loan,
10/24/14 $ 217,516
9,711 3.67 BB-/Ba2 Telesat Canada, U.S. Term II Loan,
10/24/14 9,195
-----------
$ 226,711
-----------
Wireless Telecommunication
Services - 2.1%
248,106 5.70 B+/Ba2 Cricket Communications, Inc., Term B Loan,
6/16/13 $ 244,675
248,111 5.32 B+/NR MetroPCS Wireless, Inc., New Tranche B
Loan, 11/4/13 234,413
237,374 5.45 BB-/Ba2 Stratos Global Corp., Term B Facility Loan,
2/13/12 225,653
-----------
$ 704,741
-----------
Total Telecommunication Services $ 1,167,050
-----------
The accompanying notes are an integral part of these financial statements. 23
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
S&P/
Moody's
Principal Floating Ratings
Amount($) Rate(b) (unaudited) Value
Utilities - 6.9%
Independent Power Producer &
Energy Traders - 6.0%
492,522 5.58 B+/B2 Calpine Corp., 1st Priority Term Loan,
3/29/09 $ 464,245
893,577 5.10 BB-/Ba1 Mach Gen LLC, Term B Loan, 2/8/14 867,143
93,750 2.45 BB-/Ba1 Mach Gen LLC, Synthetic LC Loan, 2/8/14 90,977
119,502 2.60 BB/Ba1 NRG Energy, Inc., Credit Linked Loan,
2/1/13 114,916
244,683 4.20 BB/Ba1 NRG Energy, Inc., Term Loan, 2/1/13 235,293
248,750 6.58 BBB-/Ba1 Texas Competitive Electric Holdings Co. LLC,
Initial Tranche B2 Loan, 10/10/14 238,645
-----------
$ 2,011,219
-----------
Multi-Utilities - 0.9%
300,000 7.50 BB/Ba2 Goodman Global, Inc., Term Loan, 2/8/14 $ 297,656
-----------
Total Utilities $ 2,308,875
-----------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $31,491,464) $29,264,015
-----------
TEMPORARY CASH INVESTMENTS - 5.1%
Repurchase Agreements - 5.1%
340,000 Bank of America Corp., 1.98%, dated
4/30/08, repurchase price of $340,000
plus accrued interest on 5/1/08
collateralized by the following:
$212,405 Federal National Mortgage
Association, 5.0%, 10/1/34
$16,057 Freddie Mac Giant, 5.0%, 4/1/38
$151,255 Federal National Mortgage
Association, 5.5%, 7/1/37 $ 340,000
340,000 Barclays Plc, 1.98%, dated 4/30/08,
repurchase price of $340,000 plus
accrued interest on 5/1/08 collateralized
by the following:
$103,242 Freddie Mac Giant, 5.0 - 7.0%,
5/1/20 - 11/1/47
$27,723 Federal Home Loan Mortgage
Corp., 5.927 - 6.28%, 8/1/36 -
12/1/36
24 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal
Amount($) Value
Repurchase Agreements - (continued)
$35,668 Federal National Mortgage
Association (ARM), 4.777 - 6.432%,
8/1/35 - 11/1/37
$256,640 Federal National Mortgage
Association, 4.0 - 6.5%,
9/1/20 - 2/1/48 $ 340,000
340,000 Deutsche Bank AG, 2.0%, dated 4/30/08,
repurchase price of $340,000 plus
accrued interest on 5/1/08 collateralized
by the following:
$246,691 Freddie Mac Giant, 4.0 - 7.0%,
4/1/19 - 4/1/39
$30,597 Federal Home Loan Mortgage
Corp., 4.955 - 5.894%, 2/1/37 -
4/1/38
$74,630 Federal National Mortgage
Association (ARM), 4.414 - 6.308%,
8/1/12 - 6/1/36
$118,486 U.S. Treasury Strip, 0.0%,
11/15/21 - 8/15/26 340,000
340,000 JP Morgan Chase & Co., 2.0%, dated
4/30/08, repurchase price of $340,000
plus accrued interest on 5/1/08
collateralized by $361,360 Federal
National Mortgage Association,
4.5 - 7.0%, 1/1/21 - 2/1/38 340,000
340,000 Merrill Lynch, Inc. & Co., 1.88%, dated
4/30/08, repurchase price of $340,000
plus accrued interest on 5/1/08
collateralized by $344,958 Freddie Mac
Giant, 5.5%, 3/1/38 340,000
-----------
$ 1,700,000
-----------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $1,700,000) $ 1,700,000
-----------
TOTAL INVESTMENT IN SECURITIES - 101.0%
(Cost $36,257,588)(a) $33,698,438
-----------
OTHER ASSETS AND LIABILITIES - (1.0)% $ (318,875)
-----------
TOTAL NET ASSETS - 100.0% $33,379,563
===========
The accompanying notes are an integral part of these financial statements. 25
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
NR Not rated by either S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At April
30, 2008, the value of these securities amounted to $1,026,200 or 3.1% of
total net assets.
** Senior floating rate loan interests in which the Portfolio invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending rates
are generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
(a) At April 30, 2008, the net unrealized loss on investments based on cost
for federal income tax purposes of $36,280,006 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 146,888
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (2,728,456)
------------
Net unrealized loss $ (2,581,568)
------------
(b) Debt obligation with a floating interest rate. Rate shown is rate at
period end.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2008 aggregated $7,103,962 and $4,686,513,
respectively.
26 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
ASSETS:
Investment in securities (cost $36,257,588) $33,698,438
Cash 406,571
Receivables -
Investment securities sold 931,525
Fund shares sold 54,504
Interest 212,942
Due from Pioneer Investment Management, Inc. 6,003
Other 34,265
-----------
Total assets $35,344,248
-----------
LIABILITIES:
Payables -
Investment securities purchased $ 1,884,605
Fund shares repurchased 152
Dividends 5,470
Due to affiliates 1,296
Accrued expenses 43,764
Unrealized depreciation on unfunded corporate loans 29,398
-----------
Total liabilities $ 1,964,685
-----------
NET ASSETS:
Paid-in capital $36,365,367
Distributions in excess of net investment income (8,612)
Accumulated net realized loss on investments (388,644)
Net unrealized loss on investments (2,588,548)
-----------
Total net assets $33,379,563
===========
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $10,694,267/1,561,927 shares) $ 6.85
===========
Class C (based on $10,781,267/1,576,147 shares) $ 6.84
===========
Class Y (based on $11,904,029/1,738,815 shares) $ 6.85
===========
MAXIMUM OFFERING PRICE:
Class A ($6.85 [divided by] 95.5%) $ 7.17
===========
The accompanying notes are an integral part of these financial statements. 27
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (unaudited)
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/08
INVESTMENT INCOME:
Interest $ 1,185,900
-----------
EXPENSES:
Management fees $ 95,994
Transfer agent fees and expenses
Class A 1,109
Class C 898
Class Y 6
Distribution fees
Class A 946
Class C 53,760
Administrative fees 3,600
Custodian fees 11,942
Registration fees 26,626
Professional fees 30,874
Printing expense 8,906
Fees and expenses of nonaffiliated trustees 3,488
Miscellaneous 4,807
-----------
Total expenses $ 242,956
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (19,623)
Less fees paid indirectly (53)
-----------
Net expenses $ 223,280
-----------
Net investment income $ 962,620
-----------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments: $ (256,297)
-----------
Change in net unrealized loss on investments:
Investments $(1,640,726)
Unfunded corporate loans (29,398) $(1,670,124)
----------- -----------
Net loss on investments $(1,926,421)
-----------
Net decrease in net assets resulting from operations $ (963,801)
===========
28 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Six Months Ended 4/30/08 and the Year Ended 10/31/07, respectively
Six Months
Ended 2/14/07
4/30/08 to
(unaudited) 10/31/07
FROM OPERATIONS:
Net investment income $ 962,620 $ 1,327,143
Net realized loss on investments (256,297) (129,361)
Change in net unrealized loss on investments (1,670,124) (918,424)
----------- -----------
Net increase (decrease) in net assets resulting
from operations $ (963,801) $ 279,358
----------- -----------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.25 and $0.30 per share, respectively) $ (383,690) $ (448,599)
Class C ($0.22 and $0.26 per share, respectively) (343,020) (370,584)
Class Y ($0.25 and $0.30 per share, respectively) (384,601) (401,916)
----------- -----------
Total distributions to shareowners $(1,111,311) $(1,221,099)
----------- -----------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 4,213,790 $ 4,772,696
Reinvestment of distributions 1,064,283 30,118
Cost of shares repurchased (1,728,180) (1,956,291)
----------- -----------
Net increase in net assets resulting from
Fund share transactions $ 3,549,893 $ 2,846,523
----------- -----------
Net increase in net assets $ 1,474,781 $ 1,904,782
NET ASSETS:
Beginning of period 31,904,782 30,000,000
----------- -----------
End of period $33,379,563 $31,904,782
=========== ===========
Undistributed (distributions in excess of) net
investment income $ (8,612) $ 140,079
=========== ===========
The accompanying notes are an integral part of these financial statements. 29
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
'08 Shares '08 Amount '07 Shares '07 Amount
(unaudited) (unaudited)
CLASS A
Shares sold 140,579 $ 995,517 400,858 $3,007,472
Reinvestment of distributions 52,495 363,255 2,601 19,094
Less shares repurchased (168,684) (1,180,089) (199,255) (1,456,433)
-------- ---------- -------- ----------
Net increase 24,390 $ 178,683 204,204 $1,570,133
======== ========== ======== ==========
CLASS C
Shares sold 107,995 $ 754,951 233,308 $1,733,612
Reinvestment of distributions 45,868 317,986 1,506 11,024
Less shares repurchased (81,111) (544,030) (64,752) (471,025)
-------- ---------- -------- ----------
Net increase 72,752 $ 528,907 170,062 $1,273,611
======== ========== ======== ==========
CLASS Y
Shares sold 349,992 $2,463,322 4,508 $ 31,612
Reinvestment of distributions 55,504 383,042 - -
Less shares repurchased (584) (4,061) (3,939) (28,833)
-------- ---------- -------- ----------
Net increase 404,912 $2,842,303 569 $ 2,779
======== ========== ======== ==========
30 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended 2/14/07 (a)
4/30/08 to
(unaudited) 10/31/07
CLASS A
Net asset value, beginning of period $ 7.29 $ 7.50
------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.22 $ 0.32
Net realized and unrealized loss on investments (0.41) (0.23)
------- -------
Net increase (decrease) in net assets from
investment operations $ (0.19) $ 0.09
------- -------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.30)
------- -------
Net asset value, end of period $ 6.85 $ 7.29
======= =======
Total return* (2.57)% 1.21%(b)
Ratio of net expenses to average net assets+ 1.10%** 1.10%**
Ratio of net investment income to average
net assets+ 6.34%** 6.31%**
Portfolio turnover rate 31%** 49%(b)
Net assets, end of period (in thousands) $10,694 $11,216
Ratios with no waiver of fees and assumption
of expenses by PIM
Net expenses 1.20%** 1.47%**
Net investment income 6.24%** 5.94%**
Ratios with waiver of fees and assumption
of expenses by PIM and reduction for fees
paid indirectly
Net expenses 1.10%** 1.10%**
Net investment income 6.34%** 6.31%**
(a) Class A shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of the period.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 31
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended 2/14/07 (a)
4/30/08 to
(unaudited) 10/31/07
CLASS C
Net asset value, beginning of period $ 7.29 $ 7.50
------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.19 $ 0.28
Net realized and unrealized loss on investments (0.42) (0.23)
------- -------
Net increase (decrease) in net assets from
investment operations $ (0.23) $ 0.05
------- -------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.26)
------- -------
Net asset value, end of period $ 6.84 $ 7.29
------- -------
Total return* (3.15)% 0.70%(b)
Ratio of net expenses to average net assets+ 2.00%** 2.00%**
Ratio of net investment income to average
net assets+ 5.45%** 5.38%**
Portfolio turnover rate 31%** 49%(b)
Net assets, end of period (in thousands) $10,781 $10,959
Ratios with no waiver of fees and assumption
of expenses by PIM
Net expenses 2.18%** 2.32%**
Net investment income 5.27%** 5.06%**
Ratios with waiver of fees and assumption
of expenses by PIM and reduction for fees
paid indirectly
Net expenses 2.00%** 2.00%**
Net investment income 5.45%** 5.38%**
(a) Class C shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of the period.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
32 The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended 2/14/07 (a)
4/30/08 to
(unaudited) 10/31/07
CLASS Y
Net asset value, beginning of period $ 7.29 $ 7.50
------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.22 $ 0.33
Net realized and unrealized loss on investments (0.41) (0.24)
------- -------
Net increase (decrease) in net assets from
investment operations $ (0.19) $ 0.09
------- -------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.30)
------- -------
Net asset value, end of period $ 6.85 $ 7.29
------- -------
Total return* (2.54)% 1.24%(b)
Ratio of net expenses to average net assets+ 1.09%** 1.11%**
Ratio of net investment income to average
net assets+ 6.29%** 6.27%**
Portfolio turnover rate 31%** 49%(b)
Net assets, end of period (in thousands) $11,904 $ 9,730
Ratios with no waiver of fees and assumption
of expenses by PIM
Net expenses 1.16%** 1.32%**
Net investment income 6.22%** 6.06%**
Ratios with waiver of fees and assumption
of expenses by PIM and reduction for fees
paid indirectly
Net expenses 1.09%** 1.11%**
Net investment income 6.29%** 6.27%**
(a) Class Y shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of the period.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements. 33
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Fund (the Fund) is a Delaware statutory trust registered
under the Investment Company Act of 1940 as a non-diversified series of Pioneer
Series Trust VI, an open-end management investment company. The investment
objective of the Fund is to produce a high level of current income.
The Trustees have authorized the issuance of three classes of shares designated
as Class A, Class C, and Class Y shares. Each class of shares represents an
interest in the same portfolio of investments of the Fund and has equal rights
to voting, redemptions, dividends and liquidation, except that each class of
shares can bear different transfer agent and distribution fees and has
exclusive voting rights with respect to the distribution plans that have been
adopted by Class A and Class C shareowners, respectively. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund invests in below investment grade debt
securities. Debt securities rated below investment grade are commonly referred
to as "junk bonds" and are considered speculative. These securities involve
greater risk of loss, are subject to greater price volatility, and are less
liquid, especially during periods of economic uncertainty or change, than
higher rated debt securities. The Fund's investments in foreign markets or
countries with limited developing markets may also subject the Fund to a
greater degree of risk than in a developed market. These risks include
disruptive political or economic conditions and the possible imposition of
adverse governmental laws or currency exchange restrictions. The Fund's
prospectuses contain information regarding the
34
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Fund's principal risks. Please refer to those documents when considering the
Fund's risks.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value
is computed once daily, on each day the New York Stock Exchange (NYSE) is
open, as of the close of regular trading on the NYSE. Senior loans are
valued in accordance with guidelines established by the Board of Trustees
at the mean between the last available bid and asked prices from one or
more brokers or dealers as obtained from Loan Pricing Corporation. For the
limited number of Senior Loans for which no reliable price quotes are
available, such Senior Loans will be valued by Loan Pricing Corporation
through the use of pricing matrices to determine valuations. Fixed-income
securities are valued at prices supplied by independent pricing services,
which consider such factors as Treasury spreads, yields, maturities and
ratings. Valuations may be supplemented by values obtained from dealers
and other sources, as required. Equity securities are valued at the last
sale price on the principal exchange where they are traded. Securities or
loans for which quotations are not readily available are valued at their
fair values as determined by, or under the direction of, the Board of
Trustees. Trading in foreign securities is substantially completed each
day at various times prior to the close of the NYSE. The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times. The Fund may also use the fair value of a
security, including a non-U.S. security, when the closing market price on
the primary exchange where the security is traded no longer accurately
reflects the value of the security as of the close of the exchange. At
April 30, 2008, the Fund held no fair valued securities. Temporary cash
investments are valued at cost which approximates market value.
35
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
Discount and premium on debt securities are accreted or amortized,
respectively, daily into interest income on a yield-to-maturity basis with
a corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no federal income tax provision is
required. All tax returns filed thus far are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may
be shown in the accompanying financial statements as from or in excess of
net investment income or as from net realized gain on investment
transactions, or as from paid-in capital, depending on the type of
book/tax differences that may exist.
The tax character of current year distributions will be determined at the
end of the fiscal year. The tax character of distributions paid during the
period ended October 31, 2007 was as follows:
- --------------------------------------------------------------------------------
2007
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary Income $1,221,099
----------
Total $1,221,099
==========
- --------------------------------------------------------------------------------
36
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The following shows the components of distributable earnings on a
federal income tax basis at October 31, 2007:
- --------------------------------------------------------------------------------
2007
- --------------------------------------------------------------------------------
Undistributed ordinary income $ 407,239
Dividends payable (244,742)
Capital loss carryforward (132,347)
Unrealized depreciation (940,842)
---------
Total $(910,692)
=========
- --------------------------------------------------------------------------------
The difference between book basis and tax basis unrealized
appreciation is attributable to the tax treatment of premium.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A
(UniCredit), earned $1,830 in underwriting commissions on the sale of
Class A shares during six months ended April 30, 2008.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to all classes of shares
based on their 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 are not subject to a distribution plan.
Shareowners of each class participate in all expenses and fees paid to the
transfer agent, Pioneer Investment Management Shareholder Services, Inc.
(PIMSS), for its services, which are allocated 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
37
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
of the ex-dividend date. Distributions paid by the Fund with respect to
each class of shares are calculated in the same manner, at the same time,
and in the same amount, except that Class A, Class C, and Class Y shares
can bear different transfer agent and distribution expense rates.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian, or sub custodians. The
Fund's investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% on
the first $500 million of the Fund's average daily net assets and 0.55% on
average daily net assets over $500 million. For the six months ended April 30,
2008, the net management fee was equivalent to 0.60% of the Fund's average
daily net assets.
PIM has agreed not to impose all or portion of its management fee and to assume
other operating expenses of the Fund to the extent necessary to limit expenses
to 1.10% and 2.00% of the Fund's average daily net assets attributable to Class
A shares and Class C shares, respectively. These expense limitations are in
effect through March 1, 2011 for Class A shares and through March 1, 2009 for
Class C shares.
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $569 in management fees,
administrative costs and certain other services payable to PIM at April 30,
2008.
38
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $361 in transfer agent fees payable to PIMSS at April 30, 2008.
4. Distribution and Service Plans
The Fund adopted a Plan of Distribution with respect to Class A and Class C
shares in accordance with Rule 12b-1 of the Investment Company Act of 1940.
Pursuant to the Plan, the Fund pays PFD 0.25% of the Fund's 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 pays PFD 1.00% of the average
daily net assets attributable to Class C shares. The fee for Class C shares
consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. For the period from
November 1, 2007 through January 31, 2008, PFD was reimbursed under the Plan of
Distribution for distribution expenses in an amount up to 0.25% of the average
daily net assets attributable to Class A shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $366 in
distribution fees payable to PFD at April 30, 2008.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 18 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00% based on the lower of cost or market
value of shares being redeemed. Proceeds from the CDSCs are paid to PFD. For
the six months ended April 30, 2008, no CDSCs were paid to PFD.
5. Expense Offset and Agreements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended
39
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/08 (unaudited) (continued)
- --------------------------------------------------------------------------------
April 30, 2008, the Fund's expenses were reduced by $53 under such
arrangements.
6. Unfunded Loan Commitments
As of April 30, 2008, the Fund had unfunded loan commitments of approximately
$240,105 (excluding unrealized depreciation on those commitments of $29,398 as
of April 30, 2008), which could be extended at the option of the borrower
pursuant to the following loan agreements:
- --------------------------------------------------------------------------------
Unfunded
Borrower Commitment
- --------------------------------------------------------------------------------
Bausch & Lomb, Inc., Delayed Draw Term Loan $ 20,000
CHS/Community Health Systems, Inc., Delayed
Draw Term Loan $ 23,202
Fontainebleau Las Vegas, LLC, Delayed Draw
Term Loan $166,667
HUB International, Ltd., Delayed Draw Term Loan $ 20,262
Telesat Canada, Delayed Draw Term Loan $ 9,974
- --------------------------------------------------------------------------------
7. New Pronouncements
In September 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (SFAS 157), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. Management is currently evaluating the impact the adoption of
SFAS 157 will have on the Fund's financial statement disclosures.
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities (SFAS 161), was issued and
is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
40
Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
- --------------------------------------------------------------------------------
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer
Daniel K. Kingsbury Dorothy E. Bourassa, Secretary
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
John Winthrop
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
41
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This page for your notes.
42
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This page for your notes.
43
- --------------------------------------------------------------------------------
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This page for your notes.
44
- --------------------------------------------------------------------------------
HOW TO CONTACT PIONEER
- --------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
Before investing consider the Fund's investment objectives, risks, charges and
expenses. Contact your advisor or Pioneer Investments for a prospectus
containing this information. Read it carefully.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year, on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 27, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 27, 2008
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 27, 2008
* Print the name and title of each signing officer under his or her signature.