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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21978
Pioneer Series Trust VI
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2009 through October 31, 2010
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Floating
Rate Fund
- --------------------------------------------------------------------------------
Annual Report | October 31, 2010
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Ticker Symbols:
Class A FLARX
Class C FLCRX
Class Y FLYRX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 36
Notes to Financial Statements 43
Report of Independent Registered Public Accounting Firm 51
Trustees, Officers and Service Providers 53
Pioneer Floating Rate Fund | Annual Report | 10/31/10 1
President's Letter
Dear Shareowner,
Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.
Pioneer has not changed the basic approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Floating Rate Fund | Annual Report | 10/31/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of 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.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 3
Portfolio Management Discussion | 10/31/10
Investments in floating-rate bank loans generated healthy returns over the 12
months ended October 31, 2010. The positive results came despite some setbacks
for the asset class in the spring and early summer of 2010, precipitated by new
fears about the sustainability of the economic recovery and about the potential
contagious effects of sovereign credit problems in Europe. In the following
interview, Jonathan Sharkey discusses the factors that affected the performance
of Pioneer Floating Rate Fund during the 12 months ended October 31, 2010. Mr.
Sharkey, vice president, is a member of Pioneer's fixed-income team and is
responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12 months ended October 31, 2010?
A Over the 12 months ended October 31, 2010, Pioneer Floating Rate Fund Class A
shares returned 9.44% at net asset value, while the Fund's benchmark, the
Barclays Capital High Yield Loans Performing Index, returned 10.77%. Over
the same period, the average return of the 94 mutual funds in Lipper's Loan
Participation Funds category was 10.54%. On October 31, 2010, the 30-day
SEC yield on the Fund's Class A shares was 3.53%
Q What was the investment environment like for investing in floating-rate bank
loans during the 12-month period ended October 31, 2010?
A Floating-rate bank loans generally performed well over the 12 months ended
October 31, 2010. At the start of the period, the investment environment
was particularly favorable, as investors sought out higher-yielding
investments that were positioned to generate healthy returns amid
expectations of a steadily improving economy. The environment became
somewhat choppier in the spring of 2010, as fears arose that the economic
recovery might weaken and that the domestic economy could be affected by
the severe debt problems appearing in Greece and several other European
nations. The environment turned more favorable, however, in anticipation of
the Federal Reserve Board's (the Fed's) announced plans for a second round
of quantitative easing (QEII), as investors became more confident about
taking on more credit risk in return for the higher yields offered by
floating-rate loans. In that environment, many corporations refinanced
their debt and the supply of new floating-rate loans in the investment
market increased. At the same time, individual investors poured new money
into mutual funds. They were joined by non-traditional investors, including
high-yield bond funds and hedge funds, that saw opportunities in floating-
rate loans, which have the potential to increase dividends to a fund's
shareholders when interest rates eventually start to rise. The rising
demand for
4 Pioneer Floating Rate Fund | Annual Report | 10/31/10
floating-rate loans late in the 12-month period led to improving prices,
even with a heavy inflow of new loans that added to the available supply.
Q How did you position the Fund's portfolio during the 12 months ended
October 31, 2010?
A We emphasized investments in higher-quality loans for the Fund. While that
quality bias tended to be an advantage for the Fund when the market
retreated in the spring and early summer of 2010, it proved to be somewhat
of a handicap when investors became more willing to take on credit risk,
both in the rally at the start of the Fund's fiscal year and the risk rally
which started with the Fed's QEII announcement near the end of the 12-month
period ended October 31, 2010.
As new issues of bank loans entered the market, we focused the Fund's
assets on the higher-quality opportunities, many of which were selling at
new-issue discount prices. The higher-quality investments
characteristically also had better covenant protection, to protect
investors against the risks of a downturn in the issuing company's
business. (In lending terms, a covenant is a promise/metric that certain
activities will or will not be carried out, thus giving the lender more
oversight and control.)
We invested the Fund in companies across the industry spectrum, although we
have since reduced the Fund's relative weighting in consumer- and
transportation-related loans, while increasing exposure to loans to health
care and basic materials companies.
For the 12 months ended October 31, 2010, the focus on higher-quality loans
detracted from the Fund's overall benchmark-relative results, though the
Fund did outperform during periods of market weakness in February (China)
and May (Greece).
Q What investments most influenced the Fund's performance during the 12 months
ended October 31, 2010?
A Several investments performed particularly well for the Fund, including a
large position in loans to Ineos, a specialty chemical company that
benefited from the improving economy. Other positions that fared very well
included: loans to Hudson Products, a manufacturer of heat-exchange
equipment used by energy and chemical companies; Allison Transmission, a
producer of transmission systems for a variety of automotive and industrial
applications; and power company Calpine.
While there were no investments that had a severe negative affect on the
Fund's performance results, several did underperform during the 12-month
period, including loans to: Allied Security Holdings, which provides
contract security services to institutions; Lenders Processing, which
provides
Pioneer Floating Rate Fund | Annual Report | 10/31/10 5
processing services to mortgage providers; and Language Line, a company
specializing in language interpretation and document translation services.
And, as noted previously, our higher-quality focus for the Fund's
investments was an overall detractor from benchmark-relative performance
during the full 12-month period.
Although one loan in the Fund's portfolio did default during the 12-month
period (a loan to casino operator New World Gaming), the Fund eventually
recovered 100% of both the principal and interest that was due from the
investment.
Q What is your investment outlook?
A We anticipate that the economy will continue to expand and believe that
investors in floating-rate bank loans should do well, as bank loans are
attractively priced relative to other asset classes. Loans also have the
advantage of their floating rates, for when interest rates eventually start
rising, the yields produced by floating-rate bank loans also should rise.
That may help to offset the interest-rate risk typically incurred with
other income-producing investments.
At the end of the 12-month period, we began to see the new-issue market
start to open up, and we would expect greater new-issue activity in 2011,
as companies may look to refinance future maturities and finance
acquisitions in a potentially strengthening economy.
Some better-quality loans still are selling at discounts in the market and
we believe those loans should do well in a slow-growth investment
environment. At the same time, the overall credit quality in the loan
market is high and the default rate has declined. We plan to continue to
look carefully at investment opportunities for the Fund as higher-quality,
new loans come into the market, often at discounted prices. We intend to
continue to avoid lower-quality, higher-risk loans.
Please refer to the Schedule of Investments on pages 15-35 for a full listing
of Fund securities.
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
6 Pioneer Floating Rate Fund | Annual Report | 10/31/10
of issuers of underlying securities and their inability to meet their debt
obligations. Prepayment risk is the chance that mortgage-backed fixed-income
securities 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 non-publicly available 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 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 markets 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 7
Portfolio Summary | 10/31/10
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Senior Floating Rate Loan Interests 82.1%
Temporary Cash Investments 10.0%
U.S. Corporate Bonds 6.8%
Asset Backed Securities 0.5%
U.S. Common Stocks 0.3%
Collateralized Mortgage Obligations 0.2%
U.S. Preferred Stock 0.1%
Portfolio Quality
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(As a percentage of total investment portfolio; based on S&P ratings)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Cash and Equivalents 9.9%
AAA 0.2%
AA 0.1%
BBB 3.5%
BB 52.6%
B 30.2%
Not Rated 3.5%
10 Largest Holdings
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(As a percentage of long-term holdings)*
1. Gentiva Health Services, Inc., Term B Borrowing, 6.75%, 8/17/16 1.24%
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2. Custom Building Products, Inc., Term Loan, 5.75%, 3/19/15 1.17
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3. Aquilex Holdings LLC, Term Loan, 5.5%, 4/1/16 1.09
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4. NBTY, Inc., Term B Loan, 6.25%, 12/29/17 1.04
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5. Clopay Ames True Temper Holding Corp., Term Loan, 7.75%, 8/3/16 1.04
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6. DineEquity, Inc., Term Loan, 6.0%, 9/21/17 1.04
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7. Bucyrus International, Inc., Tranche C Term U.S. Dollar Loan, 4.5%, 12/21/15 1.03
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8. Ozburn-Hessey Holding Company LLC, 1st Lien Term Loan, 7.5%, 4/7/16 1.03
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9. Christie/AIX, Inc., Term Loan, 5.25%, 4/29/16 1.03
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10. Alliance HealthCare Services, Inc., Initial Term Loan, 5.5%, 6/1/16 1.01
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* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Prices and Distributions | 10/31/10
Net Asset Value per Share
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Class 10/31/10 10/31/09
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A $6.87 $6.58
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C $6.87 $6.58
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Y $6.89 $6.59
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Distributions per Share: 11/1/09-10/31/10
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.3173 $ -- $ --
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C $0.2575 $ -- $ --
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Y $0.3260 $ -- $ --
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The Barclays Capital High Yield Loans Performing Index provides broad and
comprehensive total return metrics of the universe of syndicated term loans. To
be included in the index, a bank loan must be dollar denominated, have at least
$150 million in funded loans, a minimum term of one year, and a minimum initial
spread of LIBOR+125. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 million Investment" charts on pages 10-12.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 9
Performance Update | 10/31/10 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund at public offering price,
compared to that of the Barclays Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2010)
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Net Asset Public Offering
Period Value Price (POP)
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Life-of-Class
(2/14/07) 3.29% 2.03%
1 Year 9.44 4.51
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Expense Ratio
(Per prospectus dated March 1, 2010, as
revised April 30, 2010)
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Gross Net
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1.58% 1.10%
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[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital High Yield
Pioneer Floating Rate Fund Loans Performing Index
2/07 9,550 10,000
10/07 9,670 10,242
10/08 7,972 8,030
10/09 9,845 10,588
10/10 10,774 11,728
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 4.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 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.
10 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2010)
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If If
Period Held Redeemed
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Life-of-Class
(2/14/07) 2.40% 2.40%
1 Year 8.47 8.47
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Expense Ratio
(Per prospectus dated March 1, 2010, as
revised April 30, 2010)
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Gross Net
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2.29% 2.00%
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[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital High Yield
Pioneer Floating Rate Fund Loans Performing Index
2/07 10,000 10,000
10/07 10,070 10,242
10/08 8,211 8,030
10/09 10,069 10,588
10/10 10,921 11,728
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. 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 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.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 11
Performance Update | 10/31/10 Class Y Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Floating Rate Fund, compared to that of the Barclays
Capital High Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2010)
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If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(2/14/07) 3.42% 3.42%
1 Year 9.71 9.71
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Expense Ratio
(Per prospectus dated March 1, 2010, as
revised April 30, 2010)
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Gross Net
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1.24% 1.24%
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[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5,000,000 Investment
Barclays Capital High Yield
Pioneer Floating Rate Fund Loans Performing Index
2/07 5,000,000 5,000,000
10/07 5,061,980 5,120,822
10/08 4,174,504 4,014,905
10/09 5,163,652 5,293,953
10/10 5,665,295 5,863,948
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.
12 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from May 1, 2010, through October 31, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 5/1/10
- --------------------------------------------------------------------------------
Ending Account Value $1,028.38 $1,022.34 $1,029.17
on 10/31/10
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.62 $ 10.19 $ 4.71
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
0.92%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 184/365 (to reflect
the one-half year period).
Pioneer Floating Rate Fund | Annual Report | 10/31/10 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2010, through October 31, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 5/1/10
- --------------------------------------------------------------------------------
Ending Account Value $1,019.66 $1,015.12 $1,020.57
on 10/31/10
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 5.60 $ 10.16 $ 4.69
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00% and
0.92%, for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 184/365 (to reflect
the one-half year period).
14 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Schedule of Investments | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Shares Value
- ---------------------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.1%
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Financial Services -- 0.1%
75 Bank of America Corp., 7.25%, 12/31/49 $ 71,025
- ---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $61,101) $ 71,025
- ---------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.3%
MATERIALS -- 0.0%
Steel -- 0.0%
5,699 KNIA Holdings, Inc.* (c) $ 39,836
------------
Total Materials $ 39,836
- ---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
1,133 Lear Corp.* $ 100,157
------------
Total Automobiles & Components $ 100,157
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Real Estate Development -- 0.2%
106,253 Newhall Land Development LLC* $ 201,881
------------
Total Real Estate $ 201,881
- ---------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $202,547) $ 341,874
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited)
- ---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.5%
FOOD & DRUG RETAILING -- 0.2%
Food Retail -- 0.2%
200,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC, 5.261%,
4/25/37 $ 203,500
------------
Total Food & Drug Retailing $ 203,500
- ---------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
400,000 0.64 CCC+/B2 Lease Investment, Floating Rate Note, 7/15/31 $ 222,000
------------
Total Banks $ 222,000
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Financial Services -- 0.1%
218,011 B/B1 Ellington Loan Acquisition, 1.0625%, 5/27/37 $ 201,328
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 15
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
106,875 0.53 AA+/A1 Aegis Asset Backed Securities, Floating Rate
Note, 3/25/12 $ 98,845
------------
Total Diversified Financials $ 300,173
- ---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $678,877) $ 725,673
- ---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATION -- 0.2%
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
339,545 0.86 AAA/A1 Residential Accredited Loans, Inc., Floating
Rate Note, 4/25/34 $ 311,370
- ---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATION
(Cost $313,682) $ 311,370
- ---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 6.8%
ENERGY -- 1.5%
Oil & Gas Drilling -- 0.1%
150,000 B-/B3 Vantage Drilling Co., 11.5%, 8/1/15 $ 159,000
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
500,000 3.52 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 427,500
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
498,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 $ 555,270
350,000 B/B3 Linn Energy LLC, 8.625%, 4/15/20 (144A) 378,000
500,000 3.91 B+/B3 SandRidge Energy, Inc., Floating Rate Note,
4/1/14 463,787
------------
$ 1,397,057
------------
Total Energy $ 1,983,557
- ---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Paper Products -- 0.5%
225,000 B+/B1 Appleton Papers, Inc., 10.5%, 6/15/15 (144A) $ 217,125
250,000 BB/Ba3 Clearwater Paper Corp., 10.625%, 6/15/16 288,125
140,000 B/B3 Exopac Holding Corp., 11.25%, 2/1/14 (144A) 145,600
------------
$ 650,850
------------
Total Materials $ 650,850
- ---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Aerospace & Defense -- 0.1%
45,000 BBB-/Ba3 DigitalGlobe, Inc., 10.5%, 5/1/14 $ 50,850
150,000 BB-/B2 Spirit Aerosystems, Inc., 7.5%, 10/1/17 157,500
------------
$ 208,350
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
90,000 BB/B2 USG Corp., 9.75%, 8/1/14 (144A) $ 94,050
- ---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.3%
400,000 B+/B1 Titan International, Inc., 7.875%, 10/1/17 $ 416,000
- ---------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.4%
200,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 209,250
250,000 B/B3 WireCo World Group, 9.5%, 5/15/17 263,750
- ---------------------------------------------------------------------------------------------------------
$ 473,000
------------
Total Capital Goods $ 1,191,400
- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%
Airlines -- 0.0%
19,296 B-/Ba3 Continental Airlines Inc., 7.461%, 4/1/13 $ 19,537
------------
Total Transportation $ 19,537
- ---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Tires & Rubber -- 0.2%
225,000 B+/B1 Goodyear Tire & Rubber Co., 8.25%, 8/15/20 $ 239,625
------------
Total Automobiles & Components $ 239,625
- ---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Leisure Products -- 0.1%
200,000 B/Ba3 Freedom Group, Inc., 10.25%, 8/1/15 $ 213,500
------------
Total Consumer Durables & Apparel $ 213,500
- ---------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Broadcasting -- 0.1%
200,000 B/B2 CCO Holdings LLC/CCO Holdings Capital Corp.,
7.25%, 10/30/17 $ 206,500
------------
Total Media $ 206,500
- ---------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Catalog Retail -- 0.2%
175,000 BB+/Ba2 QVC, Inc., 7.5%, 10/1/19 (144A) $ 188,125
------------
Total Retailing $ 188,125
- ---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.1%
100,000 B/B1 Cellular Tissue Holdings, Inc., 11.5%, 6/1/14 $ 116,500
------------
Total Household & Personal Products $ 116,500
- ---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Facilities -- 0.4%
500,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 $ 553,750
------------
Total Health Care Equipment & Services $ 553,750
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 17
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Diversified Banks -- 0.2%
235,000 BB/Ba3 ABN Amro North American, 6.523%, 12/29/49 $ 204,450
------------
Total Banks $ 204,450
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Asset Management & Custody Banks -- 0.1%
90,000 BB+/Baa3 Janus Capital Group, Inc., 6.5%, 6/15/12 $ 94,326
- ---------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.5%
250,000 6.66 BB+/NR Caelus Re II, Ltd., Floating Rate Note, 5/24/13 $ 253,800
500,000 8.37 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (144A) 513,150
------------
$ 766,950
------------
Total Diversified Financials $ 861,276
- ---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Reinsurance -- 0.6%
250,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note, 4/10/12 $ 240,400
250,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note, 6/7/11 253,625
250,000 10.25 BB-/NR Mystic Re, Ltd., Floating Rate Note, 6/7/11 263,175
------------
$ 757,200
------------
Total Insurance $ 757,200
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Specialized Real Estate Investment Trust -- 0.2%
250,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%, 8/15/14 $ 281,154
------------
Total Real Estate $ 281,154
- ---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Data Processing & Outsourced Services -- 0.2%
250,000 B+/B1 First Data Corp., 8.875%, 8/15/20 (144A) $ 262,813
------------
Total Software & Services $ 262,813
- ---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.0%
Semiconductor Equipment -- 0.0%
100,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 108,500
------------
Total Semiconductors $ 108,500
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Alternative Carriers -- 0.3%
350,000 B/B1 Paetec Holding Co., 8.875%, 6/30/17 (144A) $ 377,125
- ---------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.4%
500,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 $ 498,750
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
365,000 B+/Ba2 Cricket Communications, Inc., 7.75%, 5/15/16 $ 393,288
------------
Total Telecommunication Services $ 1,269,163
- ---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $8,727,594) $ 9,107,900
- ---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 82.0%**
ENERGY -- 2.4%
Coal & Consumable Fuels -- 0.2%
250,000 11.26 NR/NR PT Bumi Resources TBK, Term Loan, 8/15/13 $ 250,000
- ---------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.5%
645,833 12.00 B+/Caa3 Big West Oil LLC, Term Loan, 7/23/15 $ 657,539
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.0%
1,343,250 5.50 NR/NR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 1,331,497
203,673 8.50 B+/NR Hudson Products Holdings, Inc., Term Loan,
8/24/15 196,671
------------
$ 1,528,168
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
619,916 4.31 B/B3 Venoco, Inc., 2nd Lien Term Loan, 5/7/14 $ 587,499
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
258,815 5.25 NR/Ba2 Pilot Travel Centers, Initial Tranche B Term Loan,
6/30/16 $ 262,697
------------
Total Energy $ 3,285,903
- ---------------------------------------------------------------------------------------------------------
MATERIALS -- 7.4%
Aluminum -- 0.3%
183,409 2.05 CC/B1 Noranda Aluminum, Inc., Term B Loan,
5/18/14 $ 178,824
185,655 2.26 BB-/Ba1 Novelis Corp., U.S. Term Loan, 7/6/14 182,688
82,255 2.26 BB-/Ba1 Novelis, Inc., Canadian Term Loan, 7/6/14 80,940
------------
$ 442,452
- ---------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.1%
122,573 1.79 BB+/Ba2 Celanese Holdings LLC, Term B Dollar Loan,
4/2/14 $ 121,424
- ---------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
497,503 6.75 NR/NR Summit Materials LLC, Term Loan, 7/31/14 $ 492,528
- ---------------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.7%
122,573 3.29 BB+/Ba2 Celanese US Holdings LLC, Dollar Term C Loan
(extended), 10/31/16 $ 123,317
650,000 6.75 B/Caa2 General Chemical Holding Co., Tranche B Term
Loan, 10/6/15 657,313
211,442 1.78 BB-/Ba2 Huntsman Corp., New Term B Loan, 4/19/14 206,734
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 19
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Diversified Chemical -- (continued)
490,915 7.50 B/B1 Ineos U.S. Finance Corp., Term B2 Facility Loan,
12/16/13 $ 502,779
537,876 8.00 B/B1 Ineos U.S. Finance Corp., Term C2 Facility Loan,
12/16/14 550,874
240,625 4.75 BB-/Ba2 Solutia, Inc., Term Loan, 3/17/17 242,730
------------
$ 2,283,747
- ---------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
227,507 4.50 NR/NR CF Industries, Inc., B1 Term Loan, 4/5/15 $ 229,624
- ---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.3%
228,000 5.52 B/Ba3 BWAY Holding Co., B Term Loan, 6/16/17 $ 229,044
153,008 6.75 B+/B2 Graham Packaging Co., Term C Loan, 4/5/14 154,565
21,375 5.56 B/Ba3 ICL Industrial Containers, C Term Loan,
6/16/17 21,473
------------
$ 405,082
- ---------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.9%
115,000 6.00 B+/B2 Graham Packaging Co., Term D Loan, 9/23/16 $ 116,330
292,583 3.04 BB/Ba2 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 290,663
749,250 6.75 B+/Ba3 Smurfit-Stone Container Corp., Term Loan,
2/22/16 757,492
------------
$ 1,164,485
- ---------------------------------------------------------------------------------------------------------
Paper Products -- 0.5%
638,634 2.29 BB+/Ba1 Georgia-Pacific Corp., Term Loan, 12/20/12 $ 638,742
- ---------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.7%
1,000,000 6.25 NR/NR Fairmount Minerals, Ltd., Tranche B Term Loan,
8/5/16 $ 1,012,917
- ---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.1%
500,000 6.00 NR/NR Chemtura Corp., Term Facility (DIP), 2/11/11 $ 501,250
750,000 5.50 NR/NR Chemtura Corp., Term Facility, 8/29/16 756,719
1,000,000 4.50 BB+/Ba2 Nalco Co., Term Loan, 10/5/16 1,012,813
500,000 0.00 B+/Ba2 Omnova Solutions, Inc., New Loan, 4/12/17 502,813
------------
$ 2,773,595
- ---------------------------------------------------------------------------------------------------------
Steel -- 0.3%
341,822 10.50 NR/NR Niagara Corp., New Term Loan, 6/29/14 (c) $ 338,403
------------
Total Materials $ 9,902,999
- ---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.8%
Aerospace & Defense -- 4.0%
343,438 5.75 BBB-/Baa2 BE Aerospace, Inc., Tranche B Term Loan,
7/28/14 $ 347,085
670,082 4.04 NR/NR DAE Aviation Holdings, Inc., Tranche B1 Term
Loan, 7/31/14 644,954
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Aerospace & Defense -- (continued)
750,000 6.25 BB-/Ba3 DynCorp International, Inc., Term Loan, 7/7/16 $ 755,503
396,110 3.54 B-/B1 Hunter Defense Technology, Term Loan,
8/22/14 376,799
500,864 8.25 B-/Caa2 IAP Worldwide Services, Term Loan, 12/30/12 492,098
1,000,000 0.00 B-/Ba3 Sequa Corp., Term Loan, 12/3/14 948,542
194,924 3.54 NR/NR Spirit Aerosystems, Inc., Term B1 Loan,
9/30/13 194,711
648,857 4.04 NR/NR Standard Aero, Ltd., Tranche B2 Term Loan,
7/31/14 624,525
561,538 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan, 12/18/14 564,112
161,281 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan, 12/18/15 162,541
249,375 4.50 NR/NR Triumph Group, Inc., Term Loan, 6/16/16 251,401
------------
$ 5,362,271
- ---------------------------------------------------------------------------------------------------------
Building Products -- 2.2%
1,419,479 5.75 NR/NR Custom Building Products, Inc., Term Loan,
3/19/15 $ 1,423,028
900,000 0.00 BB/Ba2 Goodman Global, Inc., Initial Term Loan (First
Lien), 10/28/10 927,000
598,500 5.50 BB-/Ba2 Hillman Group, Inc., Term Loan, 5/31/16 598,500
------------
$ 2,948,528
- ---------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.1%
125,992 2.52 NR/NR URS Corp., Tranche B Term Loan, 5/15/13 $ 125,933
- ---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.1%
1,243,855 4.50 BB+/Ba2 Bucyrus International, Inc., Tranche C Term U.S.
Dollar Loan, 2/19/10 $ 1,258,782
252,087 8.00 BBB-/B1 Manitowoc Co., Term B Loan, 11/6/14 253,067
------------
$ 1,511,849
- ---------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.4%
497,500 5.77 NR/NR Scotsman Industries, Inc., Term Loan, 4/30/16 $ 497,811
- ---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
250,000 6.75 NR/NR Tomkins Plc, Term B Loan, 9/7/16 $ 253,262
- ---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.7%
1,000,000 6.25 BB-/B1 Alliance Laundry Holdings, Term Loan, 9/30/16 $ 1,010,313
- ---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.1%
143,095 2.01 BB+/Ba2 Interline Brands, Inc., Delayed Draw Term Loan,
6/23/13 $ 137,371
37,500 2.01 BB+/Ba2 Interline Brands, Inc., Initial Term Loan,
6/23/13 36,000
------------
$ 173,371
------------
Total Capital Goods $ 11,883,338
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 21
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 3.4%
Commercial Printing -- 0.2%
9,331 4.79 NR/NR Cenveo Corp., Delayed Draw Term Loan,
6/21/13 $ 9,260
291,254 4.79 NR/NR Cenveo Corp., Term C Facility Loan, 6/21/13 289,024
------------
$ 298,284
- ---------------------------------------------------------------------------------------------------------
Diversified Support Services -- 1.5%
340,540 7.75 NR/NR Allied Security Holdings, Term Loan, 2/20/15 $ 342,243
798,000 6.25 NR/NR Infogroup, Inc., Term Loan, 5/30/16 803,320
347,308 1.81 BB+/Ba1 Iron Mountain, Inc., Initial Term Loan, 4/16/14 350,781
496,872 5.50 BB-/Ba3 Language Line Holdings LLC, Tranche B Term
Loan, 11/4/15 492,835
67,447 3.80 BB/Caa1 Rental Service Corp., Initial Term Loan,
11/30/13 66,216
------------
$ 2,055,395
- ---------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.9%
497,497 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B Loan,
1/14/15 $ 500,606
275,000 7.25 BB-/Baa3 Brickman Holdings, Tranche B Term Loan,
10/14/16 278,266
246,875 7.00 BB-/Ba2 Casella Waste Systems, Inc., Term B Loan,
4/9/14 249,189
241,875 2.26 D/B2 Synagro Technologies, Inc., 1st Lien Term Loan,
4/2/14 210,431
------------
$ 1,238,492
- ---------------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.6%
796,627 7.75 NR/NR Wyle Services Corp., 2010 Incremental Term
Loan, 3/25/16 $ 798,288
- ---------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.2%
249,375 6.00 BB-/Ba3 Protection One Alarm Monitoring, Inc., Tranche
B2 Term Loan, 6/4/14 $ 249,998
------------
Total Commercial Services & Supplies $ 4,640,457
- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.7%
Air Freight & Couriers -- 0.7%
252,589 3.29 B-/B1 Ceva Group Plc, Additional Pre-funded Term
Loan, 11/4/13 $ 226,277
696,471 3.26 NR/B1 Ceva Group Plc, U.S. Term Loan, 11/4/13 625,662
133,616 3.26 B-/B1 Ceva Group Plc, EGL Term Loan, 11/4/13 120,032
------------
$ 971,971
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Airlines -- 0.5%
99,000 8.75 BB-/Ba3 Delta Air Lines, Inc., Term Loan, 9/27/13 $ 100,506
643,734 3.54 BB-/Ba3 Delta Air Lines, Inc., 2nd Lien Term Loan,
4/30/14 624,690
------------
$ 725,196
- ---------------------------------------------------------------------------------------------------------
Marine -- 0.3%
333,333 3.29 NR/NR Horizon Lines, Inc., Term Loan, 8/8/12 $ 320,000
- ---------------------------------------------------------------------------------------------------------
Railroads -- 0.2%
244,885 2.05 BB+/Ba2 Kansas City Southern Railway, Term B Advance
Loan, 4/28/13 $ 239,528
------------
Total Transportation $ 2,256,695
- ---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.0%
Auto Parts & Equipment -- 2.4%
919,811 3.03 BB-/B2 Allison Transmission, Inc., Term Loan, 8/7/14 $ 884,661
302,242 2.20 NR/NR Federal Mogul Corp.., Tranche C Term Loan,
12/28/15 269,042
592,393 2.20 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 527,323
254,631 10.50 NR/B3 HHI Holdings LLC, Term Loan, 3/30/15 258,450
500,000 7.75 B/Ba3 Metaldyne LLC, Term Loan, 10/22/16 504,375
249,375 5.04 NR/NR Tenneco, Inc., Tranche B Term Loan, 6/3/16 251,008
450,000 6.25 B/Ba3 United Components, Inc., Term Loan, 3/23/17 454,725
------------
$ 3,149,584
- ---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.5%
250,000 0.00 B/Baa3 Ford Motor Co., Tranche B2 Term Loan,
12/15/13 $ 247,149
458,951 3.04 B/Baa3 Ford Motor Co., Tranche B1 Term Loan,
12/15/13 455,093
------------
$ 702,242
- ---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
175,000 2.21 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien Term
Loan, 4/30/14 $ 168,802
------------
Total Automobiles & Components $ 4,020,628
- ---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.4%
Apparel, Accessories & Luxury Goods -- 1.3%
1,000,000 5.25 BB+/Ba1 Hanesbrands, Inc., New Term Loan, 12/10/15 $ 1,013,044
709,732 4.75 BBB/Ba2 Phillips-Van Heusen Corp., U.S. Tranche B Term
Loan, 5/6/16 716,993
------------
$ 1,730,037
- ---------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.1%
122,669 2.79 BB+/Ba1 Jarden Corp., Term B3 Loan, 1/24/12 $ 122,349
------------
Total Consumer Durables & Apparel $ 1,852,386
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 23
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 5.5%
Casinos & Gaming -- 1.0%
505,948 10.50 NR/NR Gateway Casinos & Entertainment, Ltd., Term
Facility, 9/16/12 $ 507,213
750,000 0.00 NR/NR Harrah's Operating Co, Inc., Term B1 Loan,
1/28/15 662,906
124,063 9.50 B/Baa3 Harrah's Operating Co, Inc., Term B4 Loan,
10/31/16 129,352
------------
$ 1,299,471
- ---------------------------------------------------------------------------------------------------------
Education Services -- 1.2%
633,391 7.50 NR/Ba2 Bright Horizons Family Solutions, Inc., Tranche
B Term Loan, 5/28/15 $ 636,558
994,872 2.54 NR/NR Cengage Learning Acquisitions LLC, Term Loan,
7/4/14 910,816
------------
$ 1,547,374
- ---------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.9%
748,125 5.50 BB-/Ba3 Cedar Fair LP, U.S. Term Loan, 12/15/16 $ 758,943
495,620 5.50 BB/Ba2 Universal City Development, Term Loan,
11/6/14 500,366
------------
$ 1,259,309
- ---------------------------------------------------------------------------------------------------------
Restaurants -- 1.7%
425,000 6.25 BB+/Ba2 Burger King Holdings, Inc., Tranche B Term
Loan, 9/7/16 $ 429,409
1,250,000 6.00 NR/NR DineEquity, Inc., Term Loan, 9/21/17 1,264,583
748,125 5.00 BB/B1 Wendy's/Arby's Group, Inc., Term Loan,
5/24/17 753,190
------------
$ 2,447,182
- ---------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.7%
203,553 3.01 BB/Ba1 Adesa, Inc., Initial Term Loan, 10/21/13 $ 198,971
690,212 7.00 NR/NR Web Service Center, Term Loan, 8/28/14 688,487
------------
$ 887,458
------------
Total Consumer Services $ 7,440,794
- ---------------------------------------------------------------------------------------------------------
MEDIA -- 9.5%
Advertising -- 1.5%
497,500 5.00 NR/NR Advantage Sales & Marketing LLC, 1st Lien
Term Loan, 5/5/16 $ 497,376
995,000 5.00 BB/Ba2 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 983,806
492,500 4.25 BB/Baa3 Lamar Media Corp., Term B Loan, 12/30/16 496,114
------------
$ 1,977,296
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Broadcasting -- 2.1%
1,020,461 7.50 NR/NR FoxCo Acquisition Sub LLC, Term Loan,
7/14/15 $ 1,012,808
275,802 2.02 BB-/Ba3 Insight Media Holdings, Term B Loan, 4/7/14 266,888
248,756 2.79 BB+/B1 Intelsat Corp., Tranche B2A Term Loan, 1/3/14 242,870
248,679 2.79 BB+/B1 Intelsat Corp., Tranche B2B Term Loan, 1/3/14 242,795
248,679 2.79 BB+/B1 Intelsat Corp., Tranche B2C Term Loan, 1/3/14 242,795
242,788 5.00 NR/NR TWCC Holding Corp., Replacement Term Loan,
9/14/15 244,219
728,105 4.51 B/B2 Univision Communications, Inc., Extended First
Lien Term Loan, 3/31/17 687,317
------------
$ 2,939,692
- ---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.4%
215,808 2.26 NR/NR Cequel Communications LLC, Term Loan,
11/5/13 $ 213,279
965,119 2.26 NR/NR Charter Communications, Inc., Term B1 Loan,
3/6/14 948,528
1,000,000 5.50 B+/B1 Knology, Inc., Term Loan, 10/17/16 1,004,844
498,750 4.50 BB-/Ba3 Mediacom Broadband LLC, Tranche F Term
Loan, 10/23/17 494,594
488,773 2.76 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 455,781
98,755 6.76 CCC/B2 WideOpenWest LLC, Series A Term Loan,
6/30/14 96,944
------------
$ 3,213,970
- ---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.6%
292,327 1.76 BB-/Ba2 AMC Entertainment, Inc., Term Loan, 1/28/13 $ 288,437
449,175 5.50 B-/B1 Carmike Cinemas, Inc., Initial Term Loan,
1/27/16 451,782
1,259,166 5.25 NR/NR Christie/AIX, Inc., Term Loan, 3/31/16 1,252,870
995,000 4.50 B+/NR Live Nation Entertainment, Inc., Term B Loan,
11/7/16 992,513
448,845 2.29 B/B3 LodgeNet Entertainment, Closing Date Loan,
4/4/14 427,150
------------
$ 3,412,752
- ---------------------------------------------------------------------------------------------------------
Publishing -- 0.9%
249,375 6.75 NR/NR Interactive Data Corp., Term Loan, 1/29/17 $ 253,920
1,116,166 9.00 BB/Ba2 RH Donnelley, Inc., Term Loan, 10/24/14 952,927
------------
$ 1,206,847
------------
Total Media $ 12,750,557
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 25
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Automotive Retail -- 0.6%
750,000 6.00 NR/NR Autotrader Com, Inc., Tranche B Term Loan,
6/14/16 $ 753,281
- ---------------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.1%
213,424 3.02 CCC+/B1 Dollar General Corp., Tranche B-1 Term Loan,
7/7/14 $ 211,394
- ---------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.8%
646,100 2.51 NR/NR Sally Holdings LLC, Term B Loan, 11/16/13 $ 638,024
378,237 5.75 NR/NR Savers, Inc., Term Loan, 3/11/16 379,656
------------
$ 1,017,680
------------
Total Retailing $ 1,982,355
- ---------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.8%
Drug Retail -- 0.1%
98,000 6.00 NR/NR Rite Aid Corp., Tranche 3 Term Loan, 6/4/14 $ 97,326
- ---------------------------------------------------------------------------------------------------------
Food Retail -- 0.7%
731,250 9.50 B/B1 BI-LO LLC, Term Facility, 5/12/15 $ 744,047
245,886 2.76 BB-/Ba3 Pinnacle Foods, Inc., Term Loan, 4/2/14 239,892
------------
$ 983,939
------------
Total Food & Drug Retailing $ 1,081,265
- ---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.3%
Agricultural Products -- 1.6%
1,250,000 7.75 B/B2 Clopay Ames True Temper Holdings, Inc., Term
Loan, 9/30/16 $ 1,265,625
995,000 5.50 B/B1 WM Bolthouse Farms, Inc., 1st Lien Term Loan,
12/11/16 996,493
------------
$ 2,262,118
- ---------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.3%
267,858 1.81 BB/Ba3 Constellation Brands, Inc., Non-extending Term
Loan, 6/5/13 $ 267,021
132,142 3.06 BB/Ba3 Constellation Brands, Inc., Extending Term
Loan, 6/5/15 133,092
------------
$ 400,113
- ---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.4%
291,688 1.79 BB+/Ba3 Dean Foods Co., Tranche B Term Loan, 4/2/14 $ 283,927
70,235 5.06 BB-/Ba2 Dole Food Co., Inc., Tranche B1 Term Loan,
3/2/17 70,749
174,447 5.04 BB-/Ba2 Dole Food Co., Inc., Tranche C1 Term Loan,
3/2/17 175,724
349,125 6.25 BB-/Ba3 Michael Foods, Inc., Term B Loan, 6/29/16 354,362
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
850,000 7.00 NR/NR Pierre Foods, Inc., Loan (First Lien), 9/30/16 $ 842,563
------------
$ 1,727,325
------------
Total Food, Beverage & Tobacco $ 4,389,556
- ---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.8%
Household Products -- 2.1%
281,980 5.50 BB-/Ba2 Diversey Holdings, Inc., Tranche B Dollar Term
Loan, 11/24/15 $ 284,800
246,885 6.75 NR/NR Reynolds Group Holdings, Inc., U.S. Term Loan,
5/5/16 249,276
745,313 6.25 NR/NR Reynolds Group Holdings, Incremental U.S.
Term Loan, 5/5/16 750,900
350,000 8.00 B/B3 Spectrum Brands, Inc., Term Loan, 6/16/16 357,547
651,569 5.50 NR/NR SRAM LLC, Term Loan, 4/30/15 653,198
553,053 2.26 NR/NR Yankee Candle Co., Term Loan, 2/6/14 536,902
------------
$ 2,832,623
- ---------------------------------------------------------------------------------------------------------
Personal Products -- 1.7%
1,250,000 6.25 BB/Ba1 NBTY, Inc., Term B Loan, 12/29/17 $ 1,267,964
995,000 6.00 NR/NR Revlon Consumer Products Corp., Term Loan,
3/11/15 998,020
------------
$ 2,265,984
------------
Total Household & Personal Products $ 5,098,607
- ---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 9.2%
Health Care Equipment -- 0.0%
34,792 4.50 NR/NR Fresenius SE, Tranche C1 Dollar Term Loan,
9/10/14 $ 35,096
19,874 4.50 NR/NR Fresenius SE, Tranche C2 Term Loan, 9/10/14 20,048
------------
$ 55,144
- ---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.5%
50,817 2.55 BB/Ba3 CHS/Community Health Systems, Inc., Delayed
Draw Term Loan, 7/25/14 $ 49,927
850,725 6.50 B+/B1 Ardent Health Services LLC, Term Loan,
9/15/15 845,408
988,583 2.55 BB/Ba3 CHS/Community Health Systems, Inc., Funded
Term Loan, 7/25/14 971,283
276,468 2.26 BB-/Ba3 Hanger Orthopedic Group, Inc., Tranche B Term
Loan, 5/26/13 275,517
83,654 2.54 BB+/Ba2 HCA, Inc., Tranche B1 Term Loan, 11/18/13 81,963
200,619 3.54 BB+/Ba2 HCA, Inc., Tranche B2 Term Loan, 3/31/17 197,164
394,362 2.03 B+/Ba2 Psychiatric Solutions, Inc., Term Loan, 7/1/12 393,253
249,375 6.00 NR/NR Renal Advantage, Inc., Tranche B Term Loan,
6/30/16 251,713
720,000 7.50 B+/Ba2 Sun Health Care, Term Loan, 10/18/16 714,150
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 27
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
281,771 2.27 B/Ba3 United Surgical Partners International, Tranche
B Term Loan, 4/21/14 $ 269,913
54,106 2.26 B/Ba3 United Surgical Partners International, Delayed
Draw Term Loan, 4/19/14 51,829
650,000 0.00 NR/NR Universal Health Services Inc., Tranche B Term
Loan, 10/17/16 657,426
------------
$ 4,759,546
- ---------------------------------------------------------------------------------------------------------
Health Care Services -- 4.0%
1,243,112 5.50 NR/NR Alliance HealthCare Services, Initial Term Loan,
6/1/16 $ 1,234,955
291,833 2.51 NR/NR Catalent Pharma Solutions, Inc., Dollar Term
Loan, 4/10/14 274,262
300,000 0.00 BB/Ba1 DaVita Inc., Tranche B Term Loan, 10/20/16 302,844
1,500,000 6.75 BB-/Ba2 Gentiva Health Services, Inc., Term B Borrowing,
8/17/16 1,510,625
598,500 6.50 NR/NR inVentiv Health, Inc., Term B Loan, 8/4/16 602,708
646,750 7.25 NR/NR Prime Healthcare Services, Term B Loan,
4/28/15 620,880
381,464 6.00 BB/Ba3 RehabCare Group, Inc., Term B Loan,
11/24/15 383,178
491,061 7.00 CCC/B3 Rural/Metro Operating Co., LLC, Term Loan,
12/9/14 491,368
------------
$ 5,420,820
- ---------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.8%
483,750 2.27 BB/B1 IM US Holdings, 1st Lien Term Loan, 6/26/14 $ 467,726
156,827 3.53 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 153,227
38,031 3.51 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term Loan,
4/24/15 37,158
458,559 3.28 BB/Ba2 Biomet, Inc., Dollar Term Loan, 3/25/15 452,770
------------
$ 1,110,881
- ---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.9%
997,560 5.25 NR/NR IMS Health, Inc., Tranche B Dollar Term Loan,
2/26/16 $ 1,008,679
------------
Total Health Care Equipment & Services $ 12,355,070
- ---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 2.7%
Biotechnology -- 2.0%
250,000 0.00 NR/NR Grifols, Inc., U.S. Tranche B Term Loan,
10/10/16 $ 252,969
58,929 6.50 NR/NR Harvard Drug Group, Delayed Draw Term Loan,
4/8/16 55,835
428,571 6.50 NR/NR Harvard Drug Group, Closing Date Loan,
4/18/16 406,071
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
450,000 6.75 BB-/B1 HGI Holdings, Inc., Initial Term Loan, 7/27/16 $ 453,656
750,000 7.00 BB/B1 Ikaria Holdings, Inc., Term Loan, 5/14/16 719,688
122,288 6.00 NR/Ba3 Warner Chilcott Corp., Term A Loan, 10/30/14 122,331
98,295 6.25 NR/Ba3 Warner Chilcott Corp., Term B2 Loan, 4/30/15 98,863
44,663 6.25 NR/Ba3 Warner Chilcott Corp., Additional Term Loan,
4/30/15 44,901
59,030 6.25 NR/Ba3 Warner Chilcott Corp., Term B1 Loan, 4/30/15 59,371
122,549 6.50 NR/Ba3 Warner Chilcott Corp., Term B4 Loan, 2/22/16 123,413
377,451 6.50 NR/Ba3 Warner Chilcott Corp., Term B3 Loan, 4/30/15 380,719
------------
$ 2,717,817
- ---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.7%
596,817 2.51 BB/Ba1 Key Safety, Inc., Term Loan (First Lien), 3/8/14 $ 547,828
128,131 4.50 NR/NR Mylan Laboratories, U.S. Tranche B Term Loan,
10/2/14 128,511
250,000 5.50 NR/NR Valeant Pharmaceuticals International, Inc.,
Tranche B Term Loan, 9/27/16 252,797
------------
$ 929,136
------------
Total Pharmaceuticals & Biotechnology $ 3,646,953
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Consumer Finance -- 0.4%
500,000 7.25 B+/B2 American General Finance Corp., Term Loan,
4/8/15 $ 505,508
- ---------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.3%
470,000 0.00 NR/NR WorldPay, Facility B2A, 10/15/17 $ 473,672
- ---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
99,500 5.25 B+/Ba3 LPL Holdings, Inc., 2017 Term Loan, 6/28/17 $ 99,313
- ---------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.3%
222,892 3.80 NR/NR Asset Acceptance Capital Corp., Tranche B Term
Loan, 6/12/13 $ 215,833
897,750 4.75 BBB-/Ba2 MSCI, Inc., Term Loan, 6/1/16 904,343
712,754 7.43 B-/B1 Collect Acquisition Corp., Term B Advance,
5/15/13 692,560
------------
$ 1,812,736
------------
Total Diversified Financials $ 2,891,229
- ---------------------------------------------------------------------------------------------------------
INSURANCE -- 1.4%
Insurance Brokers -- 1.1%
239,100 3.29 NR/NR Alliant Holdings I, Inc., Term Loan, 8/21/14 $ 232,525
88,838 2.79 B/NR HUB International Holdings, Inc., Delayed Draw
Term Loan, 6/13/14 85,228
99,000 6.75 B/NR HUB International Holdings, Inc., Additional
Term Loan, 6/13/14 98,258
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 29
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Insurance Brokers -- (continued)
395,221 2.79 B/NR HUB International Holdings, Inc., Initial Term
Loan, 6/13/14 $ 379,160
681,705 2.76 B/B2 USI Holdings Corp., Tranche B Term Loan,
5/5/14 639,667
------------
$ 1,434,838
- ---------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.3%
489,268 2.80 B-/NR AmWINS Group, Inc., Initial Term Loan, 6/8/13 $ 456,548
------------
Total Insurance $ 1,891,386
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Real Estate Development -- 1.0%
1,243,750 7.50 B/Ba3 Ozburn-Hessey Holding Company LLC, 1st Lien
Term Loan, 4/8/16 $ 1,258,520
- ---------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.3%
498,750 4.75 NR/NR Medical Properties Trust, Inc., Term Loan,
5/17/16 $ 498,750
------------
Total Real Estate $ 1,757,270
- ---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.3%
Application Software -- 1.3%
988,098 2.01 B/Ba3 Nuance Communications, Inc., Term Loan,
3/29/13 $ 971,733
99,231 2.01 B/Ba3 Nuance Communications, Inc., Incremental
Term Loan, 3/29/13 97,587
372,642 2.29 B+/B1 Serena Software, Inc., Term Loan, 3/11/13 363,325
299,250 6.75 BB-/NR Vertafore, Inc., Term Loan, 7/29/16 300,821
------------
$ 1,733,466
- ---------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.1%
250,000 5.25 BBB-/Ba1 Fidelity National Information, Tranche C Term
Loan, 7/18/16 $ 253,080
1,046,404 3.01 BB-/B1 First Data Corp., Initial Tranche B2 Term Loan,
9/24/14 942,477
296,212 2.76 NR/NR Lender Processing Services, Inc., Term Loan B,
7/2/14 292,384
------------
$ 1,487,941
- ---------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.7%
1,000,000 6.75 NR/NR SAVVIS, Inc., Term Loan, 8/4/16 $ 1,013,625
- ---------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.0%
367,988 2.31 NR/NR Activant Solutions, Inc., Term Loan, 5/2/13 $ 355,722
41,293 2.54 BB/B1 Keane International, Inc., Synthetic LC Loan,
6/4/13 41,035
529,268 2.55 BB/B1 Keane International, Inc., Closing Date Loan,
6/4/13 525,960
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- (continued)
481,250 2.01 BB/Ba3 Sungard Data Systems, Inc., Tranche A U.S.
Term Loan, 2/28/14 $ 469,002
------------
$ 1,391,719
- ---------------------------------------------------------------------------------------------------------
Systems Software -- 2.2%
240,625 8.50 CCC+/B1 Allen Systems Group, Inc., 1st Lien Term Loan,
10/18/13 $ 241,941
713,397 5.25 BB-/Ba3 Dealer Computer Services, Inc., (R&R) Term
Loan, 4/21/17 714,214
153,142 4.00 B+/B2 Infor Global Solutions Holdings, Inc., Original
Delayed Draw Term Loan, 7/28/12 144,528
324,915 4.01 B+/B2 Infor Global Solutions Holdings, Inc., Original
Initial U.S. Term Loan, 7/28/12 306,639
903,840 2.32 BB-/Ba3 Inverness Medical Innovations, Term Loan,
2/14/13 867,686
497,500 6.75 B+/B1 Telcordia Technologies, Inc., Term Loan,
4/30/16 502,242
------------
$ 2,777,250
------------
Total Software & Services $ 8,404,001
- ---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.5%
Communications Equipment -- 0.4%
257,672 2.79 BB-/Ba2 Commscope, Inc., Term B Loan, 12/26/14 $ 257,779
248,125 6.00 NR/NR TowerCo LLC, Term Loan, 11/24/14 251,020
------------
$ 508,799
- ---------------------------------------------------------------------------------------------------------
Electronic Components -- 1.0%
9,002 2.51 BB-/Ba2 Flextronics Semiconductor, Ltd., A-1-B Delayed
Draw Term Loan, 10/1/14 $ 8,752
71,587 2.51 NR/Ba1 Flextronics Semiconductor, Ltd., A1A Delayed
Draw Term Loan, 10/1/14 70,050
349,352 2.51 NR/Ba1 Flextronics Semiconductor, Ltd., A3 Delayed
Draw Term Loan, 10/1/14 343,675
348,354 2.51 NR/Ba1 Flextronics Semiconductor, Ltd., A Closing Date
Term Loan, 10/1/14 340,879
53,924 2.51 NR/Ba1 Flextronics Semiconductor, Ltd., A2 Delayed
Draw Term Loan, 10/1/14 53,047
500,000 2.76 NR/NR Generac Acquisition Corp., Term Loan (First
Lien), 11/10/13 473,125
------------
$ 1,289,528
- ---------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.4%
280,589 3.76 BB-/Ba2 Itron, Inc., Dollar Term Loan, 4/18/14 $ 282,282
95,047 7.25 BB+/B1 L-1 Identity Solutions Operating Co., Tranche
B2 Term Loan, 8/5/13 95,166
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 31
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- (continued)
237,269 4.51 NR/NR Scitor Corp., Term Loan, 9/26/14 $ 233,710
------------
$ 611,158
- ---------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.3%
460,509 5.25 BB+/Ba3 Baldor Electric Co., Term Loan, 1/31/14 $ 464,897
- ---------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.4%
497,500 8.00 NR/B1 Securus Technologies, Term Loan, 10/31/14 $ 500,609
------------
Total Technology Hardware & Equipment $ 3,374,991
- ---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.9%
Semiconductor Equipment -- 0.4%
281,922 3.63 B+/Ba3 Aeroflex, Inc., Tranche B1 Term Loan, 8/15/14 $ 279,455
380,808 4.51 B-/NR Freescale Semiconductor, Inc., Extended
Maturity Term Loan, 12/1/16 359,229
------------
$ 638,684
- ---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.5%
648,375 4.75 BB/Ba2 Intersil Corp., Term Loan, 4/27/16 $ 653,238
------------
Total Semiconductors $ 1,291,922
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.9%
Integrated Telecommunication Services -- 1.6%
192,864 6.50 BB/Ba3 Cincinnati Bell, Inc., Tranche B Term Loan,
6/11/17 $ 194,326
40,721 3.26 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 40,066
474,074 3.26 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 466,455
746,134 2.01 B/B1 Time Warner Telecom, Term B Loan, 1/7/13 740,538
81,817 2.63 BB-/Ba3 West Corp., Term B2 Loan, 10/24/13 80,411
201,005 4.51 BB-/Ba3 West Corp., Term B5 Loan, 7/15/16 200,586
240,415 4.51 BB-/Ba3 West Corp., Term B4 Loan, 7/15/16 239,598
294,739 3.04 NR/NR Windstream Corp., Tranche B2 Term Loan,
12/17/15 295,765
------------
$ 2,257,745
- ---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
221,484 6.25 NR/NR MetroPCS Wireless, Inc., Tranche B2 Term Loan,
11/03/16 $ 221,444
20,330 3.81 NR/NR MetroPCS Wireless, Inc., Tranche B1 Term Loan,
11/3/13 20,145
------------
$ 241,589
------------
Total Telecommunication Services $ 2,499,334
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Electric Utilities -- 0.8%
1,384,068 3.92 B+/B2 Texas Competitive Electric Holdings, Initial
Tranche B2 Loan, 10/10/14 $ 1,088,915
- ---------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.4%
289,687 3.17 B+/B1 Calpine Corp., 1st Priority Term Loan, 3/29/14 $ 288,706
91,980 3.94 B+/B2 Mach Gen LLC, Synthetic LC Loan, 2/22/13 85,925
68,834 1.79 BB+/Baa3 NRG Energy, Inc., Term Loan, 2/1/13 67,469
55,331 1.79 BB+/Baa3 NRG Energy, Inc., Credit Linked Term Loan,
2/1/13 54,235
------------
$ 496,335
------------
Total Utilities $ 1,585,250
- ---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $108,974,419) $110,282,946
- ---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 10.0%
Repurchase Agreements -- 10.0%
2,250,000 Bank of America, Inc., 0.22%, dated
10/29/10, repurchase price of $2,250,000
plus accrued interest on 11/1/10 collateralized
by the following:
$2,288,092 Federal National Mortgage
Association, 4.0%, 10/1/40 $ 2,250,000
2,250,000 Barclays Plc, 0.18%, dated 10/29/10,
repurchase price of $2,250,000 plus accrued
interest on 11/1/10 collateralized by
$1,586,177 Federal National Mortgage
Association, 4.5%, 6/1/40 - 9/1/40
$701,424 Freddie Mac Giant, 4.0%,
10/1/40 2,250,000
2,250,000 BNP Paribas SA, 0.23%, dated 10/29/10,
repurchase price of $2,250,000 plus accrued
interest on 11/1/10 collateralized by the
following:
$1,395,276 Federal National Mortgage
Association (ARM), 2.673% - 5.446%,
1/1/23 - 10/1/40
$893,205 Federal Home Loan Mortgage
Corp., 0.0% - 5.416%,
1/5/36 - 10/1/40 2,250,000
2,250,000 Deutsche Bank Securities, Inc., 0.22%, dated
10/29/10, repurchase price of $2,250,000
plus accrued interest on 11/1/10 collateralized
by $2,285,725 Federal National Mortgage
Association, 5.0% - 6.0%, 6/1/35 - 2/1/38 2,250,000
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 33
Schedule of Investments | 10/31/10 (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
2,250,000 JPMorgan Securities, Inc., 0.22%, dated
10/29/10, repurchase price of $2,250,000
plus accrued interest on 11/1/10 collateralized
by $2,295,009 Freddie Mac Giant
3.5% -- 11.5%, 2/1/11 - 3/1/48 $ 2,250,000
2,250,000 SG Americas Securities LLC, 0.22%, dated
10/29/10, repurchase price of $2,250,000
plus accrued interest on 11/1/10 collateralized
by the following:
$1,212,289 Federal National Mortgage
Association, 5.5%, 11/1/37 - 12/1/39
$1,073,973 Freddie Mac Giant, 4.5% --
6.5%, 11/1/37 - 11/1/39 2,250,000
------------
Total Repurchase Agreements $ 13,500,000
- ---------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $13,500,000) $ 13,500,000
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.9%
(Cost $132,458,220) (a) $134,340,788
- ---------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 140,779
- ---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $134,481,567
=========================================================================================================
* Non-income producing security.
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
October 31, 2010, the value of these securities amounted to $2,603,488 or
2.0% of total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
(a) At October 31, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $135,514,428 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $2,604,483
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (778,123)
----------
Net unrealized gain $1,826,360
==========
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Annual Report | 10/31/10
(c) Security is fair valued by management (see Note 1A).
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2010 aggregated $98,213,460 and $29,392,670,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of October 31, 2010, in valuing
the Fund's assets:
- ---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ---------------------------------------------------------------------------------------------------
Preferred Stocks $ 71,025 $ -- $ -- $ 71,025
Common Stocks 100,157 201,881 39,836 341,874
Asset Backed Securities -- 725,673 -- 725,673
Collateralized Mortgage Obligations -- 311,370 -- 311,370
Corporate Bonds -- 9,107,900 -- 9,107,900
Senior Floating Rate Loan Interests -- 109,944,543 338,403 110,282,946
Temporary Cash Investments -- 13,500,000 -- 13,500,000
- ---------------------------------------------------------------------------------------------------
Total $171,182 $133,791,367 $378,239 $134,340,788
===================================================================================================
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
- ---------------------------------------------------------------------------------
Senior
Floating
Common Rate Loan
Stocks Interests
- ---------------------------------------------------------------------------------
Balance as of 10/31/09 $ -- $ --
Realized gain (loss)(1) -- --
Change in unrealized appreciation (depreciation)(2) -- (3)
Net purchases (sales) -- 290
Transfers in and out of Level 3* 39,836 338,116
- ---------------------------------------------------------------------------------
Balance as of 10/31/10 $ 39,836 $ 338,403
=================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the date of transfer.
Net change in unrealized appreciation (depreciation) of investments
still held as of 10/31/10 $ (3)
----
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 35
Statement of Assets and Liabilities | 10/31/10
ASSETS:
Investment in securities, at value (cost $132,458,220) $134,340,788
Cash 1,920,747
Receivables --
Investment securities sold 12,834
Fund shares sold 6,695,112
Dividends and interest 577,987
Due from Pioneer Investment Management, Inc. 46,623
Unrealized appreciation on unfunded corporate loans 2,221
Other 21,248
- --------------------------------------------------------------------------
Total assets $143,617,560
- --------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 8,694,954
Fund shares repurchased 252,079
Dividends 79,256
Due to affiliates 19,563
Accrued expenses 90,141
- --------------------------------------------------------------------------
Total liabilities $ 9,135,993
- --------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $133,973,966
Distributions in excess of net investment income (53,179)
Accumulated net realized loss on investments (1,324,009)
Net unrealized gain on investments 1,884,789
- --------------------------------------------------------------------------
Total net assets $134,481,567
==========================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $93,136,591/13,553,292 shares) $ 6.87
Class C (based on $23,693,033/3,446,825 shares) $ 6.87
Class Y (based on $17,651,943/2,561,741 shares) $ 6.89
MAXIMUM OFFERING PRICE:
Class A ($6.87 [divided by] 95.5%) $ 7.19
==========================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Statement of Operations
For the Year Ended 10/31/10
INVESTMENT INCOME:
Dividends $ 7,250
Interest 4,613,233
- -------------------------------------------------------------------------------------
Total investment income $4,620,483
- -------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 496,305
Transfer agent fees and expenses
Class A 41,436
Class C 13,925
Class Y 1,032
Distribution fees
Class A 128,816
Class C 176,271
Shareholder communications expense 25,991
Administrative reimbursements 25,969
Custodian fees 28,084
Registration fees 64,430
Professional fees 74,584
Printing expense 33,395
Fees and expenses of nonaffiliated trustees 7,106
Miscellaneous 34,940
- -------------------------------------------------------------------------------------
Total expenses $1,152,284
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (107,555)
- -------------------------------------------------------------------------------------
Net expenses $1,044,729
- -------------------------------------------------------------------------------------
Net investment income $3,575,754
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments: $ 666,674
- -------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $2,598,306
Unfunded corporate loans 2,698 $2,601,004
- -------------------------------------------------------------------------------------
Net gain on investments $3,267,678
- -------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $6,843,432
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 37
Statements of Changes in Net Assets
For the Years Ended 10/31/10 and 10/31/09, respectively
- ---------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 3,575,754 $ 1,883,061
Net realized gain (loss) on investments 666,674 (929,610)
Change in net unrealized gain on investments and unfunded
corporate loans 2,601,004 7,323,161
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,843,432 $ 8,276,612
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.32 and $0.33 per share, respectively) $ (2,329,063) $ (863,290)
Class C ($0.26 and $0.28 per share, respectively) (657,462) (466,403)
Class Y ($0.33 and $0.33 per share, respectively) (648,259) (596,840)
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,634,784) $(1,926,533)
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $132,808,051 $28,920,524
Reinvestment of distributions 2,205,306 997,101
Cost of shares repurchased (56,402,730) (12,266,283)
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 78,610,627 $17,651,342
- ---------------------------------------------------------------------------------------------------
Net increase in net assets $ 81,819,275 $24,001,421
NET ASSETS:
Beginning of year 52,662,292 28,660,871
- ---------------------------------------------------------------------------------------------------
End of year $134,481,567 $52,662,292
- ---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (53,179) $ 36,508
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
- ----------------------------------------------------------------------------------------------------
Class A
Shares sold 13,967,799 $ 94,637,506 3,599,114 $21,686,238
Reinvestment of distributions 246,024 1,663,322 92,549 542,487
Less shares repurchased (4,815,258) (32,448,645) (1,156,580) (7,123,551)
- ----------------------------------------------------------------------------------------------------
Net increase 9,398,565 $ 63,852,183 2,535,083 $15,105,174
====================================================================================================
Class C
Shares sold 3,236,798 $ 21,901,053 664,751 $ 4,057,324
Reinvestment of distributions 49,493 334,915 39,535 213,648
Less shares repurchased (1,847,449) (12,467,892) (301,385) (1,701,294)
- ----------------------------------------------------------------------------------------------------
Net increase 1,438,842 $ 9,768,076 402,901 $ 2,569,678
====================================================================================================
Class Y
Shares sold 2,392,111 $ 16,269,492 544,860 $ 3,176,962
Reinvestment of distributions 30,491 207,069 45,813 240,966
Less shares repurchased (1,697,930) (11,486,193) (614,827) (3,441,438)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) 724,672 $ 4,990,368 (24,154) $ (23,510)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 39
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.58 $ 5.64
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.31 $ 0.32
Net realized and unrealized gain (loss) on investments 0.30 0.95
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.61 $ 1.27
Distributions to shareowners:
Net investment income $(0.32) $(0.33)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.87 $ 6.58
======================================================================================================================
Total return* 9.44% 23.50%
Ratio of net expenses to average net assets+ 1.10% 1.10%
Ratio of net investment income to average net assets+ 4.48% 5.26%
Portfolio turnover rate 37% 23%
Net assets, end of period (in thousands) $93,183 $27,333
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.29% 1.58%
Net investment income 4.30% 4.78%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.10% 1.10%
Net investment income 4.48% 5.26%
======================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Year Ended 2/14/07 (a)
10/31/08 to 10/31/07
- -----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.29 $ 7.50
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.32
Net realized and unrealized gain (loss) on investments (1.62) (0.23)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $(1.22) $ 0.09
Distributions to shareowners:
Net investment income $(0.43) $(0.30)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.64 $ 7.29
=======================================================================================================================
Total return* (17.57)% 1.21%(b)
Ratio of net expenses to average net assets+ 1.10% 1.10%**
Ratio of net investment income to average net assets+ 5.85% 6.31%**
Portfolio turnover rate 30% 49%(b)
Net assets, end of period (in thousands) $9,130 $11,216
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.40% 1.47%**
Net investment income 5.55% 5.94%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.10% 1.10%**
Net investment income 5.85% 6.31%**
=======================================================================================================================
(a) Class A shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- ----------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.58 $ 5.63
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.27
Net realized and unrealized gain (loss) on investments 0.30 0.96
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.55 $ 1.23
Distributions to shareowners:
Net investment income $(0.26) $(0.28)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.87 $ 6.58
======================================================================================================================
Total return* 8.47% 22.63%
Ratio of net expenses to average net assets+ 2.00% 2.00%
Ratio of net investment income to average net assets+ 3.59% 4.60%
Portfolio turnover rate 37% 23%
Net assets, end of period (in thousands) $23,703 $13,219
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.04% 2.29%
Net investment income 3.55% 4.31%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 2.00% 2.00%
Net investment income 3.59% 4.60%
======================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Year Ended 2/14/07 (a)
10/31/08 to 10/31/07
- -----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.29 $ 7.50
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.28
Net realized and unrealized gain (loss) on investments (1.63) (0.23)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $(1.29) $ 0.05
Distributions to shareowners:
Net investment income $(0.37) $(0.26)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.63 $ 7.29
=======================================================================================================================
Total return* (18.46)% 0.70%(b)
Ratio of net expenses to average net assets+ 2.00% 2.00%**
Ratio of net investment income to average net assets+ 4.96% 5.38%**
Portfolio turnover rate 30% 49%(b)
Net assets, end of period (in thousands) $9,040 $10,959
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.30% 2.32%**
Net investment income 4.66% 5.06%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 2.00% 2.00%**
Net investment income 4.96% 5.38%**
=======================================================================================================================
(a) Class C shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
(b) Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 41
Financial Highlights (continued)
- ----------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/10 10/31/09
- ----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.59 $ 5.64
- ----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.32 $ 0.32
Net realized and unrealized gain (loss) on investments 0.31 0.96
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.63 $ 1.28
Distributions to shareowners:
Net investment income $(0.33) $(0.33)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.89 $ 6.59
======================================================================================================================
Total return* 9.71% 23.70%
Ratio of net expenses to average net assets+ 0.92% 1.09%
Ratio of net investment income to average net assets+ 4.67% 5.58%
Portfolio turnover rate 37% 23%
Net assets, end of period (in thousands) $17,659 $12,109
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.95% 1.24%
Net investment income 4.64% 5.43%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 0.92% 1.09%
Net investment income 4.67% 5.58%
======================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Year Ended 2/14/07 (a)
10/31/08 to 10/31/07
- -----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.29 $ 7.50
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.33
Net realized and unrealized gain (loss) on investments (1.62) (0.24)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $(1.22) $ 0.09
Distributions to shareowners:
Net investment income $(0.43) $(0.30)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.64 $ 7.29
=======================================================================================================================
Total return* (17.53)% 1.24%(b)
Ratio of net expenses to average net assets+ 1.08% 1.11%**
Ratio of net investment income to average net assets+ 5.82% 6.27%**
Portfolio turnover rate 30% 49%(b)
Net assets, end of period (in thousands) $10,491 $9,730
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.27% 1.32%**
Net investment income 5.63% 6.06%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.08% 1.11%**
Net investment income 5.82% 6.27%**
=======================================================================================================================
(a) Class Y shares were first publicly offered on February 14, 2007.
* Assumes initial investment at net asset value at the beginning of 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.
42 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Notes to Financial Statements | 10/31/10
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Fund (the Fund) is a series of Pioneer Series Trust VI, a
Delaware statutory trust. The Fund is registered under the Investment Company
Act of 1940 as a non-diversified, open-end management investment company. The
investment objective of the Fund is to produce a high level of current income.
The Fund offers three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on February 14, 2007. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund invests in below investment grade (high
yield) debt securities. Debt securities rated below investment grade are
commonly referred to as "junk bonds" and are considered speculative. These
securities involve greater risk of loss, are subject to greater price
volatility, and are less liquid, especially during periods of economic
uncertainty or change, than higher rated debt securities. The Fund's
investments in foreign markets or countries with limited developing markets may
also subject the Fund to a greater degree of risk than investments in a
developed market. Risks associated with these markets include disruptive
political or economic conditions and the possible imposition of adverse
governmental laws or currency exchange restrictions. The Fund's prospectus
contains unaudited information regarding
Pioneer Floating Rate Fund | Annual Report | 10/31/10 43
the Fund's principal risks. Please refer to that document when considering the
Fund's principal risks.
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 year. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation through
the use of pricing matrices to determine valuations. Fixed-income securities
with remaining maturity of more than sixty days are valued at prices supplied
by independent pricing services, which consider such factors as market
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by values
obtained from dealers and other sources, as required. Equity securities that
have traded on an exchange are valued at the last sale price on the principal
exchange where they are traded. Equity securities that have not traded on the
date of valuation, or securities for which sale prices are not available,
generally are valued using the mean between the last bid and asked prices.
Securities or loans for which independent pricing services are unable to
supply prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees.
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.
44 Pioneer Floating Rate Fund | Annual Report | 10/31/10
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At October 31, 2010, two securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.5% of net assets. Inputs used when applying fair
value methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities. Short-term fixed income securities with remaining maturities of
sixty days or less generally are valued at amortized cost.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by 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.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 45
At October 31, 2010, The fund had a net capital loss carryforward of
$1,317,201, of which, the following amounts will expire between 2016 and 2017
if not utilized: $349,923 in 2016 and $967,278 in 2017.
At October 31, 2010, the Fund has reclassified $30,657 to increase
distributions in excess net investment income and $30,657 to decrease
accumulated net realized loss on investments, to reflect permanent book/tax
differences. The reclassification has no impact on the net assets of the Fund
and presents the Fund's capital accounts on a tax basis.
The tax character of distributions paid during the years ended October 31,
2010 and October 31, 2009 was as follows:
-----------------------------------------------------------------------------
2010 2009
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $3,634,784 $1,926,533
-----------------------------------------------------------------------------
Total $3,634,784 $1,926,533
=============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2010:
-----------------------------------------------------------------------------
2010
-----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 75,477
Capital loss carryforward (1,317,201)
Current year dividend payable (79,256)
Unrealized appreciation 1,828,581
-----------------------------------------------------------------------------
Total $ 507,601
=============================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, tax treatment of
premium and adjustments relating to catastrophe bonds.
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
approximately $54,439 in underwriting commissions on the sale of Class A
shares during the year ended October 31, 2010.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
46 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
E. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets up to $500 million and 0.55% of the excess
over $500 million. For the year ended October 31, 2010, the effective
management fee (excluding waivers and/or assumption of expenses) was equivalent
to 0.60% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 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, 2012 for Class A
shares and through March 1, 2011 for Class C shares. There can be no assurance
that PIM will extend the expense limitation agreement for a class of shares
beyond the date referred to above.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 47
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$6,888 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended October 31, 2010, such out-of-pocket expenses by class of
shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $18,225
Class C 5,732
Class Y 2,034
- --------------------------------------------------------------------------------
Total $25,991
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $8,863 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $3,812 in distribution fees payable to
PFD at October 31, 2010.
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 (within 12 months for purchases made
48 Pioneer Floating Rate Fund | Annual Report | 10/31/10
on or after April 1, 2009). Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchases as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD.
For the year ended October 31, 2010, CDSCs in the amount of $5,117 were paid to
PFD.
5. Expense Offset Arrangements
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 year ended October 31, 2010, the Fund's expenses
were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the year ended
October 31, 2010, the Fund had no borrowings under this agreement.
7. Unfunded Loan Commitments
As of October 31, 2010, the Fund had unfunded loan commitments of approximately
$250,000 (excluding unrealized appreciation on those commitments of $2,221 as
of October 31, 2010), which could be extended at the option of the borrower
pursuant to the following loan agreements:
- --------------------------------------------------------------------------------
Unfunded
Borrower Commitment
- --------------------------------------------------------------------------------
Reynolds Group, Delayed Draw Term Loan $250,000
Pioneer Floating Rate Fund | Annual Report | 10/31/10 49
In addition the Fund had the following bridge loan commitments outstanding as
of October 31, 2010:
- --------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
- --------------------------------------------------------------------------------------------
MedAssets, Inc., Bridge Loan, 9/20/11 458,184 $458,184 $458,184 $--
PAETEC Holding Corp., Senior Secured
Bridge Facility, 3/12/11 800,000 $800,000 $800,000 $--
- --------------------------------------------------------------------------------------------
Total $--
=============================================================================================
8. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
50 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and the Shareowners
of Pioneer Floating Rate Fund
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Floating Rate Fund (the "Fund") (one of the portfolios constituting Pioneer
Series Trust VI), including the schedule of investments, as of October 31,
2010, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2010, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers and agent banks were not received. We
believe that our audits provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Floating Rate Fund at October 31, 2010, the results of its operations
for the year then ended, the changes in its net assets for each of the two
years in the period then ended, the financial highlights for each of the
periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2010
Pioneer Floating Rate Fund | Annual Report | 10/31/10 51
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short term gains were 96.21% and 0.0%, respectively.
52 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Fund within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a trustee of each of the 57 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a trustee of 44 U.S. registered investment portfolios for which
Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Floating Rate Fund | Annual Report | 10/31/10 53
Interested Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 2007.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ----------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund (Rus-
sia) (until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (since 2004); Director of Fidu-
ciary Counseling, Inc.; President and Director of Pioneer Funds
Distributor, Inc. ("PFD") (until May 2006); President of all of the
Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale and
Dorr LLP
- ----------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
- ----------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
54 Pioneer Floating Rate Fund | Annual Report | 10/31/10
Independent Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2007.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 2007.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ----------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Interim Chief Executive Officer, Oxford Analytica, Inc. (privately Director of Enterprise Com-
held research and consulting company) (2010 - present); Man- munity Investment, Inc.
aging Partner, Federal City Capital Advisors (corporate advisory (privately held affordable
services company) (1997 - 2004 and 2008 - present); Execu- housing finance company)
tive Vice President and Chief Financial Officer, I-trax, Inc. (pub- (1985 - present); Director
licly traded health care services company) (2004 - 2007); and of Oxford Analytica, Inc.
Executive Vice President and Chief Financial Officer, Pedestal Inc. (2008 - present); and
(internet-based mortgage trading company) (2000 - 2002) Director of New York
Mortgage Trust (publicly
traded mortgage REIT)
(2004 - 2009)
- ----------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) President, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Managing Director, Federal Housing tional, Inc. (2008 -
Finance Board (oversight of Federal Home Loan Bank system) present); Director of Dis-
(1989 - 1991); Vice President and Head of International cover Financial Services
Finance, Federal National Mortgage Association (1988 - 1989); (credit card issuer and elec-
U.S. Alternate Executive Director, International Monetary Fund tronic payment services)
(1984 - 1988); Executive Assistant to Deputy Secretary of the (2007 - present); Former
U.S. Treasury, U.S. Treasury Department (1982 - 1984); and Director of Briggs & Stratton
Vice President and Team Leader in Corporate Banking, Bankers Co. (engine manufacturer)
Trust Co. (1976 - 1982) (2004 - 2009); Director of
UAL Corporation (airline
holding company) (2006 -
present); Director of Man-
Tech International Corpora-
tion (national security,
Pioneer Floating Rate Fund | Annual Report | 10/31/10 55
Independent Trustees (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Mary K. Bush (continued)
- --------------------------------------------------------------------------------
Benjamin M. Friedman (66) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
- ------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (66) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
- ------------------------------------------------------------------------------------------------------------------------
56 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 2007.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2007.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 2007.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2007.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
Private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
- ------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and Member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
- ------------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/10 57
Fund Officers
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Thomas Reyes (47) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2008. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2007. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2007. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
- ----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
- ----------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
- ----------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
- ----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Vice President -- Fund Accounting, Administration and Controller- None
ship Services of Pioneer; and Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February 2008; and Treasurer
and Senior Vice President, CDC IXIS Asset Management Services,
from 2002 to 2003
- ----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
58 Pioneer Floating Rate Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------
David F. Johnson (30) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager -- Institutional Investor Services at State
Street Bank from March 2003 to March 2007
- ------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
- ------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/10 59
This page for your notes.
60 Pioneer Floating Rate Fund | Annual Report | 10/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Multi-Asset
Real Return Fund
- --------------------------------------------------------------------------------
Annual Report | October 31, 2010
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class Y PMYRX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 26
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 40
Approval of Investment Advisory Agreement 41
Trustees, Officers and Service Providers 44
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 1
President's Letter
Dear Shareowner,
Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.
Pioneer has not changed the basic approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of 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.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 3
Portfolio Management Discussion | 10/31/10
In the following discussion, portfolio managers Michele Garau and Robert Urie,
who are responsible for the day-to-day management of Pioneer Multi-Asset Real
Return Fund, review recent market events and describe the factors that affected
the Fund's performance during the period from the Fund's inception on May 3,
2010 through October 31, 2010.
Q Pioneer Multi-Asset Real Return Fund is one of the most recent additions to
the Pioneer fund family. What is the goal of this Fund?
A The Fund seeks to generate real returns - or in other words, returns in
excess of inflation - across a full range of economic environments. While
many real return portfolios focus on just real assets (such as gold,
commodities, oil, and real estate) and/or Treasury Inflation Protected
Securities (or "TIPS"), we believe that a diversified, flexible approach
that allocates between real assets and traditional financial assets, such
as stocks and bonds, can yield better results over time. As growth and
inflation levels change, we can place a greater emphasis on securities that
we believe will add the most value to the Fund based on their historical
patterns of performance. We believe our "go anywhere" approach provides the
Fund a level of flexibility best suited to meeting the Fund's objectives.
In addition to seeking asset classes that provide low correlations with one
another, we also examine the volatility between the Fund's portfolio and
the overall market. Our goal is to make sure that the investments in the
Fund can offset one another. For example, we make an effort to balance
investments that typically perform well in a low-inflation environment,
such as Treasuries or emerging markets stocks, with those that perform
better in a higher-inflation environment, such as gold or oil. In this way,
we seek to provide the Fund's investors a lower-volatility approach to
achieving positive real returns over time.
Q How did the Fund perform during the abbreviated reporting period ended
October 31, 2010?
A From the Fund's inception on May 3, 2010 through October 31, 2010, Class A
shares of the Fund returned 6.30%, while the Fund's benchmark, the Barclays
Capital U.S. Treasury TIPS 1-10 Year Index (the Barclays Index), returned
4.66%. Meanwhile, over the same period from May 3, 2010 through October 31,
2010, the average return of the 171 mutual funds in Lipper's Flexible
Portfolio Funds category was 5.02%.
4 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Q What was the Fund's broad positioning during the abbreviated reporting period
ended October 31, 2010?
A The Fund was positioned with a weighting of approximately 55% in global fixed
income, 35% in global equities, and 10% in commodities. Additionally, with
a tilt toward Asian currencies, the Fund was underweight to the U.S. dollar
relative to the benchmark, which is 100% in U.S. dollars. The Fund's
currency view is expressed in non-dollar equity and bond holdings. The
allocations worked well, as they enabled the Fund to participate in the
revival in global growth while at the same time protecting the Fund against
volatility. For example, concerns about the European debt crisis caused the
world equity markets to plummet immediately upon the inception of the Fund
last May. While the Fund's equity holdings lost ground, the impact was
cushioned by a position in U.S. Treasuries, which rose amid the ensuing
global "flight to safety." Later in the period, the portfolio's weighting
in stocks allowed the Fund to participate in the equity market's rebound
based on the prospects for improving economic growth. We believe that those
examples help illustrate the potential value of the Fund's extensive
diversification.
Q Please discuss the performance and positioning of the Fund's equity weighting
during the abbreviated reporting period ended October 31, 2010.
A The equity portion of the Fund's portfolio produced a positive return and
helped overall performance relative to the benchmark, which has a zero
weighting in stocks. In addition to holding a position in the U.S. market,
the Fund has exposure to the equity markets in Brazil, Singapore, and
Malaysia through direct equity investments and positions in single-country
exchange-traded funds, or ETFs. Those holdings all gained substantial
ground amid the continued strong growth of the world's emerging economies.
However, the Fund's positions in the aerospace and defense industries -
which we achieved through individual stock positions - were a drag on
returns due to concerns over reduced government spending on defense.
Overall, we believe that the equity portion of the Fund's portfolio is
positioned to benefit in the event the rate of inflation declines -- known
as disinflation -- or even if we experience deflation, by investing in
multinational companies that enjoy pricing power, such as Nestle, Altria
Group, and Unilever. We expect that consumers will continue to use those
companies' products even if we enter a deflationary environment, which
would enable the companies' cash flows to hold up relatively well. We
believe that represents a prime example of how the Fund's broad investment
universe enables us to hedge the full range of potential outcomes for the
global economy.
We also favor stocks with increasing dividends, as yield is becoming
increasingly hard to come by at a time of low short-term interest rates. We
achieved
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 5
the Fund's dividend exposure through investments in individual equities and
in the iShares Dow Jones Select Dividend ETF.
Q How is the Fund's fixed-income weighting positioned, and how did this affect
performance over the abbreviated reporting period ended October 31, 2010?
A An overweight to nominal Treasuries versus TIPS served the Fund well, as bond
yields fell sharply (reflecting a rise in bond prices). The Fund's Treasury
allocation, which has been an element of our investment strategy since the
Fund's inception last May, is geared to offset the potential risk of the
allocation to equities. However, both the Fund's equity and government bond
holdings performed so well during the period that the relative
attractiveness of the strategy decreased as the Fund's fiscal year
progressed. In addition, we felt comfortable taking on more risk following
the U.S. Federal Reserve Board's (the Fed's) recent announcement that it
plans to increase the money supply in order to promote growth (a policy
known as "quantitative easing.") We therefore opted to increase the Fund's
allocation to equities relative to its bond position. Additionally, we
increased the Fund's position in TIPS to take advantage of the Fed's desire
to raise inflation expectations.
The Fund also holds a weighting in government bonds issued by Brazil and
Indonesia, as well as select corporate bonds from emerging market issuers.
We believe the investments provide both an attractive yield and a way to
gain exposure to the stronger economic growth of those regions. Emerging
market bonds, as a group, fared well during the period, and so the Fund's
positioning was a positive for performance. The investments also provided
exposure to foreign currencies. The Barclays Index, in contrast, is 100%
invested in U.S. dollars. At a time of U.S. dollar weakness, the Fund's
positioning in emerging markets also added positively to relative
performance. The Fund's weighting in non-U.S. bonds stood at 10.8% on
October 31, 2010.
The Fund's position in investment-grade corporate bonds, high-yield bonds,
and securitized bank loans, which together accounted for a weighting of
7.0% at the end of the reporting period, were an additional contributor to
relative performance. Those asset classes were helped by the combination of
better-than-expected corporate earnings, an improving growth outlook, and
investors' preference for higher-yielding securities at a time of low
short-term interest rates.
Q Please discuss the Fund's positioning in commodities.
A In the commodities segment of the Fund's portfolio, 5.2% was allocated to
gold as of the close of the fiscal year-end reporting period on October 31,
2010. The price of gold surged during the past six months, reflecting
investor concerns about currency devaluation in the industrialized
economies in
6 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
general, and the United States in particular. The Fund also held a 2.4%
position in oil, which produced a solid gain from the time that we
established the position a few days after the Fund launched last May.
While inflation may not be a near-term problem, we believe the Fund's oil
and gold positions can help protect against an unexpected increase in
prices. The Fund's position in gold also may provide a measure of
protection against global currency instability. Meanwhile, we are
maintaining a limited Fund allocation to oil until the supply/demand
fundamentals change to favor the commodity, as there is more than enough
supply available to satisfy the current demand.
We also built a Fund position in food-related agricultural commodities,
based on widespread crop failures and increasing conflicts over water
resources. That position stood at 2.6% of Fund assets at the close of the
period on October 31, 2010.
Q Do you have any closing thoughts for investors?
A Although there is a high level of uncertainty regarding the outlook for the
global economy, one fact is clear: not all opportunities in the global
markets are created equal. Thanks to the Fund's "go-anywhere" approach, we,
as managers, are not constrained by the need to invest the Fund only in
certain asset classes. Instead, we can look for the most compelling ideas
across the full range of potential investments that the global financial
markets have to offer. We believe that our approach will help the Fund
achieve its goal of providing investors with strong real returns over time.
Please refer to the Schedule of Investments on pages 16-25 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Real Return ("MARR") Fund has the ability to invest in a
wide variety of securities and asset classes. In addition, the Fund is
non-diversified which means it can invest a higher percentage of its assets in
the securities of any one or more issuers. This will increase the Fund's
potential risk exposure. The Fund may invest in underlying funds (ETFs and unit
investment trusts). In addition to the Fund's operating expenses, you will
indirectly bear the operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Fund to magnified losses if
an underlying fund's investments decline in value. The Fund and some of the
underlying funds may use derivatives, such as options and futures, which can be
illiquid, may disproportionately increase losses, and have a potentially large
impact on Fund performance. The Fund and some of the underlying funds may
employ short selling, a speculative strategy. Unlike the possible loss on a
security that is purchased, there is no limit on the amount of loss on an
appreciating security that is sold short. The Fund may invest in
inflation-linked securities. As inflationary expectations increase,
inflation-linked
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 7
securities may become more attractive, because they protect future interest
payments against inflation. Conversely, as inflationary concerns decrease,
inflation-linked securities will become less attractive and less valuable. The
Fund may invest in credit default swaps, which may in some cases be illiquid,
and they increase credit risk since the fund has exposure to both the issuer of
the referenced obligation and the counterparty to the credit default swap. The
Fund may invest in subordinated securities which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer. The Fund may invest in floating rate loans. The value of
collateral, if any, securing a floating rate loan can decline or may be
insufficient to meet the issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude. The Fund may invest in commodities. The value of
commodity-linked derivatives may be affected by changes in overall market
movements, commodity index volatility, changes in interest rates, factors
affecting a particular industry or commodity, international economic, political
and regulatory developments, supply and demand, and governmental regulatory
policies. Investments in equity securities are subject to price fluctuation.
Small-and mid-cap stocks involve greater risks and volatility than large-cap
stocks. International investments are subject to special risks including
currency fluctuations, social, economic and political uncertainties, which
could increase volatility. These risks are magnified in emerging markets.
Investments in fixed income securities involve interest rate, credit,
inflation, and reinvestment risks. As interest rates rise, the value of fixed
income securities falls. The Fund may invest in mortgage-backed securities,
which during times of fluctuating interest rates may increase or decrease more
than other fixed-income securities. Mortgage-Backed securities are also subject
to pre-payments. Prepayment risk is the chance that mortgage-backed bonds will
be paid off early if falling interest rates prompt homeowners to refinance
their mortgages.
High yield bonds possess greater price volatility, illiquidity, and possibility
of default. There is no assurance that these and other strategies used by the
Fund or underlying funds will be successful. These risks may increase share
price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
8 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Portfolio Summary | 10/31/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Government Bonds 30.1%
Exchange Traded Index Funds 27.6%
Foreign Government Bonds 10.1%
Foreign Equities 8.5%
U.S. Common Stocks 8.4%
U.S. Corporate Bonds 7.0%
Temporary Cash Investments 6.1%
Depositary Receipts for International Stocks 1.9%
Senior Secured Loan 0.3%
Sector Distribution
- --------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Government 42.9%
Financials 27.7%
Materials 6.9%
Consumer Staples 6.5%
Telecommunication Services 4.4%
Industrials 3.5%
Energy 2.6%
Information Technology 2.2%
Health Care 1.7%
Consumer Discretionary 1.1%
Utilities 0.5%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Bonds, 1.0%, 4/30/12 14.51%
- --------------------------------------------------------------------------------
2. U.S. Treasury Bonds, 4.625%, 2/15/40 5.44
- --------------------------------------------------------------------------------
3. iShares S&P 500 Index Fund 5.02
- --------------------------------------------------------------------------------
4. U.S. Treasury Inflation Notes, 1.25%, 7/15/20 4.47
- --------------------------------------------------------------------------------
5. Indonesia Treasury Bond, 11.0%, 11/15/20 4.44
- --------------------------------------------------------------------------------
6. Federal Republic of Brazil, 12.5%, 1/5/16 4.38
- --------------------------------------------------------------------------------
7. iShares Dow Jones Securities Index Fund 3.88
- --------------------------------------------------------------------------------
8. U.S. Treasury Bonds, 2.625%, 8/15/20 3.62
- --------------------------------------------------------------------------------
9. iShares Dow Jones International Select Dividend Index Fund 3.41
- --------------------------------------------------------------------------------
10. Australia Government Bond, 4.75%, 11/15/12 1.93
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 9
Prices and Distributions | 10/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 10/31/10 5/3/10
A $10.63 $10.00
- --------------------------------------------------------------------------------
C $10.60 $10.00
- --------------------------------------------------------------------------------
Y $10.65 $10.00
- --------------------------------------------------------------------------------
Distributions per Share: 5/3/10-10/31/10
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ -- $ -- $ --
- --------------------------------------------------------------------------------
C $ -- $ -- $ --
- --------------------------------------------------------------------------------
Y $ -- $ -- $ --
- --------------------------------------------------------------------------------
The Barclays Capital U.S. Treasury TIPS 1-10 Year Index is an unmanaged index
comprised of U.S. Treasury Inflation Protected Securities (TIPS) having a
maturity of at least 1 year and less than 10 years. Index returns assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 million Investment" charts on pages 11-13.
10 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Real Return Fund at public offering
price, compared to that of the Barclays Capital U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of October 31, 2010)
- --------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 6.30% 1.53%
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 30, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.89% 1.30%
- --------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Capital U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/10 9,550 10,000
10/10 10,351 10,481
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.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 4/1/11 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 11
Performance Update | 10/31/10 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Multi-Asset Real Return Fund, compared to that of
the Barclays Capital U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 6.00% 5.00%
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 30, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
2.64% 2.20%
- --------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays Capital U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/10 10,000 10,000
10/10 10,716 10,481
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 subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 4/1/11 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Performance Update | 10/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Multi-Asset Real Return Fund, compared to that of
the Barclays Capital U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 6.50% 6.50%
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 30, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.51% 1.00%
- --------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5,000,000 Investment
Pioneer Multi-Asset Barclays Capital U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/10 5,000,000 5,000,000
10/10 5,428,135 5,240,513
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 net expense ratio reflects contractual expense limitations currently in
effect through 4/1/11 for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on actual returns from May 3, 2010, through October 31, 2010.
- -------------------------------------------------------------------------------------
Share Class A C Y
- -------------------------------------------------------------------------------------
Beginning Account Value on 5/3/10 $1,000.00 $1,000.00 $1,000.00
- -------------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 10/31/10 $1,063.00 $1,060.00 $1,065.00
- -------------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.17 $ 10.27 $ 4.63
- -------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.20%, 2.00%,
and 0.90% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 182/365 (to
reflect the partial year period)
14 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 3, 2010, through October 31, 2010.
- -------------------------------------------------------------------------------------
Share Class A C Y
- -------------------------------------------------------------------------------------
Beginning Account Value on 5/3/10 $1,000.00 $1,000.00 $1,000.00
- -------------------------------------------------------------------------------------
Ending Account Value (after expenses)
on 10/31/10 $1,018.95 $1,014.96 $1,020.44
- -------------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.04 $ 10.05 $ 4.53
- -------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.20%, 2.00%,
and 0.90% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 182/365 (to
reflect the partial year period)
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 15
Schedule of Investments | 10/31/10 (Consolidated)
- ---------------------------------------------------------------------------------------------------------
Shares Value
- ---------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 17.8%
ENERGY -- 0.6%
Oil & Gas Exploration & Production -- 0.6%
249,000 CNOOC, Ltd. $ 515,866
-----------
Total Energy $ 515,866
- ---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Forest Products -- 0.4%
16,986 Sino-Forest Corp. $ 335,657
-----------
Total Materials $ 335,657
- ---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.4%
Aerospace & Defense -- 1.7%
11,648 Northrop Grumman Corp. $ 736,270
8,942 United Technologies Corp. 668,593
-----------
$ 1,404,863
- ---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.5%
20,000 Keppel Corp. $ 154,155
18,500 SM Investments Corp 235,023
-----------
$ 389,178
- ---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
1,100 Fanuc, Ltd. $ 159,242
-----------
Total Capital Goods $ 1,953,283
- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Airlines -- 0.2%
8,640 Deutsche Lufthansa AG $ 184,378
- ---------------------------------------------------------------------------------------------------------
Airport Services -- 0.2%
2,500 Fraport AG Frankfurt Airport $ 158,009
-----------
Total Transportation $ 342,387
- ---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Automobile Manufacturers -- 0.2%
25,500 PT Astra International Tbk $ 162,629
-----------
Total Automobiles & Components $ 162,629
- ---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.5%
Packaged Foods & Meats -- 1.7%
17,756 Nestle SA (A.D.R.) $ 973,917
300,000 PT Indofood Sukses Makmur Tbk 174,545
210,000 Universal Robina Corp. 212,692
-----------
$ 1,361,154
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Shares Value
- ---------------------------------------------------------------------------------------------------------
Soft Drinks -- 1.6%
11,952 Coca-Cola Co. $ 732,897
8,931 PepsiCo, Inc. 583,194
-----------
$ 1,316,091
- ---------------------------------------------------------------------------------------------------------
Tobacco -- 1.2%
37,419 Altria Group, Inc. $ 951,191
-----------
Total Food, Beverage & Tobacco $ 3,628,436
- ---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.6%
Household Products -- 0.4%
5,425 Kimberly-Clark Corp. $ 343,620
- ---------------------------------------------------------------------------------------------------------
Personal Products -- 0.2%
6,000 Kao Corp. $ 152,321
-----------
Total Household & Personal Products $ 495,941
- ---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.5%
Pharmaceuticals -- 1.5%
26,190 Bristol-Myers Squibb Co. $ 704,511
14,555 Merck & Co., Inc. 528,055
-----------
$ 1,232,566
-----------
Total Pharmaceuticals &
Biotechnology $ 1,232,566
- ---------------------------------------------------------------------------------------------------------
BANKS -- 2.1%
Diversified Banks -- 2.1%
130,000 Banco de Oro Unibank, Inc. $ 184,848
240,000 Bank Rakyat Indonesia Tbk 306,126
888,000 Industrial and Commercial Bank of
China, Ltd. 714,808
50,000 Malayan Banking Bhd 144,648
100,000 Metropolitan Bank & Trust Co. 182,634
16,181 United Overseas Bank, Ltd. 232,942
-----------
$ 1,766,006
-----------
Total Banks $ 1,766,006
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Diversified Real Estate Activities -- 0.2%
9,000 Mitsubishi Estate Co., Ltd. $ 157,689
- ---------------------------------------------------------------------------------------------------------
Industrial Real Estate Investment Trust -- 0.2%
82,594 Ascendas Real Estate Investment
Trust, Ltd. $ 131,405
- ---------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.3%
130,000 China Overseas Land &
Investment, Ltd. $ 273,352
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 17
Schedule of Investments | 10/31/10 (Consolidated) (continued)
- ---------------------------------------------------------------------------------------------------------
Shares Value
- ---------------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trust -- 0.1%
81,381 CapitaMall Trust, Inc. $ 124,447
-----------
Total Real Estate $ 686,893
- ---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Internet Software & Services -- 0.3%
9,600 Tencent Holdings, Ltd. $ 219,817
- ---------------------------------------------------------------------------------------------------------
Systems Software -- 0.4%
13,165 Microsoft Corp. $ 351,045
-----------
Total Software & Services $ 570,862
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Integrated Telecommunication Services -- 2.7%
16,775 Deutsche Telekom AG $ 241,728
43,000 Koninklijke KPN NV 717,008
250,000 PT Telekomunikasi Indonesia Tbk 254,545
14,365 Verizon Communications, Inc. 466,432
43,652 Windstream Corp. 552,634
-----------
$ 2,232,347
- ---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
32,000 China Mobile, Ltd. $ 325,907
-----------
Total Telecommunication Services $ 2,558,254
- ---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Water Utilities -- 0.5%
700,000 China Water Affairs Group, Ltd. $ 268,195
300,000 Manila Water Co, Inc. 130,490
-----------
$ 398,685
-----------
Total Utilities $ 398,685
- ---------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $13,712,705) $14,647,465
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited)
- ---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 6.5%
ENERGY -- 1.6%
Coal & Consumable Fuels -- 0.2%
150,000 BBB-/Baa3 Consol Energy, Inc., 7.875%, 3/1/12 $ 160,500
- ---------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.6%
485,000 BBB-/Baa1 Petrobras International Finance, Ltd.,
5.875%, 3/1/18 $ 542,432
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.8%
160,000 BB/B1 Denbury Resources, Inc.,
7.5%, 12/15/15 $ 166,000
355,000 BBB/Baa1 Gaz Capital SA for Gazprom, Ltd.,
6.212%, 11/22/16 376,744
100,000 BB/Ba3 Whiting Petroleum, Inc.,
6.5%, 10/1/18 107,250
-----------
$ 649,994
-----------
Total Energy $ 1,352,926
- ---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Diversified Metals & Mining -- 0.3%
230,000 BBB/Baa2 Xstrata Canada Corp.,
7.25%, 7/15/12 $ 249,113
- ---------------------------------------------------------------------------------------------------------
Paper Products -- 0.3%
250,000 BBB/Baa3 International Paper Co.,
5.25%, 4/1/16 $ 274,737
-----------
Total Materials $ 523,850
- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Railroads -- 0.3%
240,000 BB-/B2 Kansas City Southern Railway Co.,
8.0%, 6/1/15 $ 260,400
-----------
Total Transportation $ 260,400
- ---------------------------------------------------------------------------------------------------------
MEDIA -- 0.8%
Cable & Satellite -- 0.8%
280,000 BBB+/Baa1 Comcast Corp., 5.3%, 1/15/14 $ 312,911
300,000 BBB/Baa2 Time Warner Cable, Inc.,
8.25%, 2/14/14 358,157
-----------
$ 671,068
-----------
Total Media $ 671,068
- ---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Brewers -- 0.4%
329,000 BBB+/Baa2 Anheuser-Busch InBev, Inc.,
5.375%, 11/15/14 $ 371,682
- ---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
266,000 BBB/Baa2 WM Wrigley Jr Co., 3.7%, 6/30/14 $ 277,985
-----------
Total Food, Beverage & Tobacco $ 649,667
- ---------------------------------------------------------------------------------------------------------
BANKS -- 0.6%
Diversified Banks -- 0.6%
350,000 BBB+/Baa1 Intesa Sanpaolo S.p.A.,
8.047%, 6/29/49 $ 505,797
-----------
Total Banks $ 505,797
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 19
Schedule of Investments | 10/31/10 (Consolidated) (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.0%
Communications Equipment -- 0.5%
375,000 BB+/Baa3 Motorola, Inc., 5.375%, 11/15/12 $ 399,024
- ---------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
150,000 BBB-/Baa3 Amphenol Corp., 4.75%, 11/15/14 $ 163,172
- ---------------------------------------------------------------------------------------------------------
Office Electronics -- 0.3%
230,000 BBB-/Baa2 Xerox Corp., 4.25%, 2/15/15 $ 247,680
-----------
Total Technology Hardware &
Equipment $ 809,876
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.8%
350,000 BBB+/Baa1 Bell Canada Corp., 4.85%, 6/30/14 $ 367,970
300,000 3.54 BBB-/Ba1 Qwest Corp., Floating Rate
Note, 6/15/13 314,250
-----------
$ 682,220
-----------
Total Telecommunication Services $ 682,220
- ---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $5,261,796) $ 5,455,804
- ---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 28.6%
10,536,100 NR/Aaa U.S. Treasury Bonds, 1.0%, 4/30/12 $10,646,834
2,650,000 NR/Aaa U.S. Treasury Bonds,
2.625%, 8/15/20 2,652,486
1,011,100 AAA/Aa1 U.S. Treasury Bonds, 3.5%, 5/15/20 1,090,492
620,000 AAA/Aaa U.S. Treasury Bonds,
3.875%, 8/15/40 606,825
3,593,800 NR/Aaa U.S. Treasury Bonds,
4.625%, 2/15/40 3,987,997
3,053,020 AAA/Aaa U.S. Treasury Inflation Notes,
1.25%, 7/15/20 3,278,418
580,756 AAA/Aaa U.S. Treasury Inflation Notes,
2.125%, 2/15/40 680,120
254,195 AAA/Aaa U.S. Treasury Inflation Notes,
2.5%, 1/15/29 312,719
283,665 AAA/Aaa U.S. Treasury Inflation Protected
Security, 1.25%, 4/15/14 301,173
-----------
$23,557,064
- ---------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $23,181,384) $23,557,064
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 9.6%
AUD 1,450,000 NR/Aaa Australia Government Bond,
4.75%, 11/15/12 $ 1,417,089
BRL 4,733,000 BBB-/Baa3 Federal Republic of Brazil,
12.5%, 1/5/16 3,214,433
IDR 23,511,000,000 BB+/Ba2 Indonesia Treasury Bond,
11.0%, 11/15/20 3,254,612
-----------
$ 7,886,134
- ---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT
BONDS
(Cost $7,616,593) $ 7,886,134
- ---------------------------------------------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------------------------------------------
EXCHANGE TRADED FUNDS -- 26.2%
14,800 NR/NR Claymore/AlphaShares China All
All-Cap Exchange Traded Fund $ 424,760
75,500 NR/NR iShares Dow Jones International Select
Dividend Index Fund 2,501,134
59,200 NR/NR iShares Dow Jones Select Dividend
Index Fund 2,845,744
195,000 NR/NR iShares FTSE/Xinhua Index Fund (b) 344,625
317,800 NR/NR iShares Gold Trust Index Fund 4,220,384
24,600 NR/NR iShares MSCI Canada Index Fund 711,186
15,800 NR/NR iShares MSCI Germany Index Fund (b) 376,514
51,000 NR/NR iShares MSCI Malaysia Index Fund 717,570
51,880 NR/NR iShares MSCI Singapore Index Fund (b) 707,643
52,979 NR/NR iShares MSCI Taiwan Index Fund 736,408
31,000 NR/NR iShares S&P 500 Index Fund 3,685,590
71,200 NR/NR PowerShares DB Agriculture Fund 2,115,352
158,100 NR/NR PowerShares DB Crude Fund 1,974,668
10,200 NR/NR ProShares UltraShort Financial
Exchange Traded Fund 194,310
-----------
$21,555,888
- ---------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $20,560,949) $21,555,888
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 21
Schedule of Investments | 10/31/10 (Consolidated) (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTEREST -- 0.3%**
SOFTWARE & SERVICES -- 0.3%
Data Processing & Outsourced Services -- 0.3%
250,000 5.25 BBB-/Ba1 Fidelity National Information Services,
Inc., Term B Loan, 7/18/16 $ 253,080
- ---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTEREST
(Cost $247,500) $ 253,080
- ---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.8%
Repurchase Agreement -- 3.9%
3,195,000 Bank of America, Inc., 0.2%, dated
10/29/10, repurchase price of
$3,195,000 plus accrued interest on
11/1/10 collateralized by the following:
$3,215,724 U.S. Treasury Notes,
3.125%, 5/15/19 $ 3,195,000
-----------
Total Repurchase Agreement $ 3,195,000
- ---------------------------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 1.9% (c)
Certificates of Deposit:
43,166 Bank of Nova Scotia, 0.37%, 9/29/11 $ 43,166
30,216 BBVA Group NY, 0.61%, 7/26/11 30,216
43,166 BNP Paribas Bank NY,
0.38%, 11/8/10 43,166
21,583 BNP Paribas Bank NY, 0.3%, 1/20/11 21,583
43,166 Canadian Imperial Bank of Commerce
NY, 0.29%, 4/27/11 43,166
21,583 DNB Nor Bank ASA NY,
0.27%, 11/10/10 21,583
43,166 Nordea New York, 0.5%, 12/10/10 43,166
43,166 RoboBank Netherland NV NY,
0.44%, 8/8/11 43,166
43,166 Royal Bank of Canada NY,
0.26%, 1/21/11 43,166
43,166 SocGen NY, 0.34%, 11/10/10 43,166
21,583 Svenska NY, 0.275%, 11/12/10 21,583
-----------
$ 397,127
- ---------------------------------------------------------------------------------------------------------
Commercial Paper:
25,900 American Honda Finance,
0.28%, 5/4/11 $ 25,900
17,353 American Honda Finance,
1.04%, 6/20/11 17,353
15,874 Australia & New Zealand Banking
Group, 1.04%, 8/4/11 15,874
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
44,033 Caterpillar Financial Services Corp.,
1.04%, 6/24/11 $ 44,033
47,483 CBA, 0.31%, 1/3/11 47,483
30,204 CHARFD, 0.31%, 12/14/10 30,204
25,893 CLIPPR, 0.28%, 12/1/10 25,893
38,089 FAIRPP, 0.3%, 11/9/10 38,089
17,262 FASCO, 0.27%, 12/1/10 17,262
43,171 Federal Home Loan Bank,
0.37%, 6/1/11 43,171
21,582 GE Corp., 0.34%, 1/26/11 21,582
4,314 General Electric Capital Corp.,
0.37%, 6/6/11 4,314
17,262 OLDLLC, 0.27%, 12/1/10 17,262
23,652 OLDLLC, 0.27%, 12/2/10 23,652
43,119 SEB, 0.0%, 2/7/11 43,119
21,570 SOCNAM, 0.0%, 1/14/11 21,570
21,577 SRCPP, 0.27%, 12/6/10 21,577
32,384 STRAIT, 0.25%, 12/8/10 32,384
21,571 TBLLC, 0.0%, 1/10/11 21,571
21,578 TBLLC, 0.27%, 12/2/10 21,578
43,166 Toyota Motor Credit Corp.,
0.44%, 9/8/11 43,166
26,297 VARFUN, 0.35%, 1/20/11 26,297
25,900 Wachovia, 0.39%, 3/22/11 25,900
17,280 Wachovia, 0.42%, 10/15/11 17,280
43,166 Westpac, 0.31%, 07/29/11 43,166
-----------
$ 689,680
- ---------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
115,314 Barclays Capital Markets,
0.22%, 11/1/10 $ 115,314
86,332 Deutsche Bank Securities, Inc.,
0.21%, 11/1/10 86,332
86,332 HSBC Bank USA NA, 0.22% 11/1/10 86,332
43,166 RBS Securities, Inc., 0.22%, 11/1/10 43,166
-----------
$ 331,144
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 23
Schedule of Investments | 10/31/10 (Consolidated) (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (d) Ratings
Shares (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
Money Market Mutual Funds:
43,167 BlackRock Liquidity Temporary Cash Fund $ 43,167
43,166 Dreyfus Preferred Money Market Fund 43,166
43,166 Fidelity Prime Money Market Fund 43,166
-----------
$ 129,499
-----------
Total Securities Lending Collateral $ 1,547,450
- ---------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH
INVESTMENTS
(Cost $4,742,450) $ 4,742,450
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 94.8%
(Cost $75,323,377) (a) $78,097,885
- ---------------------------------------------------------------------------------------------------------
OTHER ASSETS
AND LIABILITIES -- 5.2% $ 4,303,230
- ---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $82,401,115
=========================================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipt.
NR Not rated by either S&P or Moody's.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR (London InterBank Offered Rate), (ii)
the prime rate offered by one or more major United States banks, (iii)
the certificate of deposit or (iv) other base lending rates used by
commercial lenders. The rate shown is the coupon rate at period end.
(a) At October 31, 2010, the net unrealized gain on investments based on
cost for federal income tax purposes of $75,359,114 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $2,887,695
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (148,924)
----------
Net unrealized gain $2,738,771
==========
(b) At October 31, 2010, the following securities were out on loan:
- ------------------------------------------------------------------------------------------------
Shares Security Value
- ------------------------------------------------------------------------------------------------
145,000 iShares FTSE/Xinhua Index Fund $ 256,260
15,000 iShares MSCI Germany Index Fund 357,450
48,800 iShares MSCI Singapore Index Fund 665,632
3,800 iShares MSCI South Korea Index Fund*** 213,750
- ------------------------------------------------------------------------------------------------
Total $1,493,092
================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
(c) Securities lending collateral is managed by Credit Suisse, AG, New
York Branch.
*** Represents pending sale at period end.
(d) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
BRL Brazilian Real
AUD Australian Dollar
IDR Indonesian Rupiah
Purchases and sales of securities (excluding temporary cash investments) for
the period ended October 31, 2010 aggregated $82,110,727 and $3,621,039,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of October 31, 2010, in
valuing the Fund's assets:
- ----------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ----------------------------------------------------------------------------------------------------------
Common Stocks $14,647,465 $ -- $-- $14,647,465
Corporate Bonds -- 5,455,804 -- 5,455,804
U.S. government and agency obligations -- 23,557,064 -- 23,557,064
Foreign government bonds -- 7,886,134 -- 7,886,134
Exchange traded funds 21,555,888 -- -- 21,555,888
Senior secured floating rate loan interest -- 253,080 -- 253,080
Temporary cash investments -- 4,612,951 -- 4,612,951
Money market mutual funds 129,499 -- -- 129,499
- ----------------------------------------------------------------------------------------------------------
Total $36,332,852 $41,765,033 $-- $78,097,885
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 25
Statement of Assets and Liabilities | 10/31/10 (Consolidated)
ASSETS:
Investment in securities (including securities loaned of $1,493,091)
(cost $75,323,377) $78,097,885
Cash 1,508,385
Receivables --
Investment securities sold 1,644,349
Fund shares sold 4,418,765
Dividends, interest and foreign taxes withheld 532,028
Due from Pioneer Investment Management, Inc. 56,608
Other 30,386
- --------------------------------------------------------------------------------------
Total assets $86,288,406
- --------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 2,216,329
Fund shares repurchased 3,000
Upon return of securities loaned 1,547,450
Due to affiliates 32,185
Accrued expenses 88,327
- --------------------------------------------------------------------------------------
Total liabilities $ 3,887,291
- --------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $79,336,926
Undistributed net investment income 350,487
Accumulated net realized loss on investments (64,228)
Net unrealized gain on investments 2,774,508
Net unrealized gain on other assets and liabilities denominated in
foreign currencies 3,422
- --------------------------------------------------------------------------------------
Total net assets $82,401,115
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $41,573,887/3,910,475 shares) $ 10.63
Class C (based on $20,952,610/1,977,432 shares) $ 10.60
Class Y (based on $19,874,618/1,865,768 shares) $ 10.65
MAXIMUM OFFERING PRICE:
Class A ($10.63 [divided by] 95.5%) $ 11.13
======================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Statement of Operations (Consolidated)
For the period from 5/3/10 (Commencement of Operations) to 10/31/10
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $4,170) $ 159,106
Interest (net of foreign taxes withheld of $940) 413,251
Income from securities loaned, net 187
- -------------------------------------------------------------------------------------------------
Total investment income $ 572,544
- -------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 150,801
Transfer agent fees and expenses
Class A 5,440
Class C 2,301
Class Y 434
Distribution fees
Class A 23,734
Class C 60,418
Shareholder communications expense 23,787
Administrative reimbursements 6,923
Custodian fees 10,024
Registration fees 38,632
Professional fees 62,836
Printing expense 26,000
Fees and expenses of nonaffiliated trustees 4,050
Miscellaneous 5,000
- -------------------------------------------------------------------------------------------------
Total expenses $ 420,380
- -------------------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. $ (131,803)
- -------------------------------------------------------------------------------------------------
Net expenses $ 288,577
- -------------------------------------------------------------------------------------------------
Net investment income $ 283,967
- -------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments $ (64,228)
Other assets and liabilities denominated in foreign currencies 4,406 $ (59,822)
- -------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $2,774,508
Other assets and liabilities denominated in foreign currencies 3,422 $2,777,930
- -------------------------------------------------------------------------------------------------
Net gain on investments $2,718,108
- -------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $3,002,075
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 27
Statements of Changes in Net Assets (Consolidated)
For the period from 5/3/10 (Commencement of Operations) to 10/31/10
- ------------------------------------------------------------------------------------------------------
5/3/10
(Commencement of
Operations) to
10/31/10
- ------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 283,967
Net realized loss on investments and other assets and liabilities denominated in
foreign currencies (59,822)
Net unrealized gain on investments and other assets and liabilities denominated
in foreign currencies 2,777,930
- ------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 3,002,075
- ------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 81,603,772
Cost of shares repurchased (2,204,732)
- ------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 79,399,040
- ------------------------------------------------------------------------------------------------------
Net increase in net assets $ 82,401,115
NET ASSETS:
Beginning of period $ --
- ------------------------------------------------------------------------------------------------------
End of period $ 82,401,115
- ------------------------------------------------------------------------------------------------------
Undistributed net investment income $ 350,487
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
'10 Shares '10 Amount
- ------------------------------------------------------------------------------------------------------
Class A*
Shares sold 4,108,781 $42,265,753
Less shares repurchased (198,306) (2,089,208)
- ------------------------------------------------------------------------------------------------------
Net increase 3,910,475 $40,176,545
======================================================================================================
Class C*
Shares sold 1,982,270 $20,193,017
Less shares repurchased (4,838) (49,193)
- ------------------------------------------------------------------------------------------------------
Net increase 1,977,432 $20,143,824
======================================================================================================
Class Y*
Shares sold 1,872,143 $19,145,002
Less shares repurchased (6,375) (66,331)
- ------------------------------------------------------------------------------------------------------
Net increase 1,865,768 $19,078,671
======================================================================================================
* Fund shares were first publicly offered on May 3, 2010.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Financial Highlights (Consolidated)
- -----------------------------------------------------------------------------------------------
5/3/10
(Commencement of
Operations) to
10/31/10 (a)
- -----------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.00 (b)
- -----------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.03
Net realized and unrealized gain on investments and other assets and
liabilities denominated in foreign currencies 0.60
- -----------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.63
- -----------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.63
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.63
===============================================================================================
Total return* 6.30%***
Ratio of net expenses to average net assets 1.20%**
Ratio of net investment income to average net assets 1.44%**
Portfolio turnover rate 8%***
Net assets, end of period (in thousands) $ 41,574
Ratios with no waiver of fees and assumption of expenses by the Adviser
Net expenses 1.94%**
Net investment income 0.69%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.20%**
Net investment income 1.44%**
===============================================================================================
(a) Class A shares were first publicly offered on May 3, 2010.
(b) Class A beginning capital was recorded on inception date at $10.00 per
share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 29
Financial Highlights (Consolidated) (continued)
- -----------------------------------------------------------------------------------------------
5/3/10
(Commencement of
Operations) to
10/31/10 (a)
- -----------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.00 (b)
- -----------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.02
Net realized and unrealized gain on investments and other assets and
liabilities denominated in foreign currencies 0.58
- -----------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.60
- -----------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.60
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.60
===============================================================================================
Total return* 6.00%***
Ratio of net expenses to average net assets 2.00%**
Ratio of net investment income to average net assets 0.67%**
Portfolio turnover rate 8%***
Net assets, end of period (in thousands) $ 20,953
Ratios with no waiver of fees and assumption of expenses by the Adviser
Net expenses 2.50%**
Net investment income 0.17%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 2.00%**
Net investment income 0.67%**
===============================================================================================
(a) Class C shares were first publicly offered on May 3, 2010.
(b) Class C beginning capital was recorded on inception date at $10.00 per
share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of the period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
- -----------------------------------------------------------------------------------------------
5/3/10
(Commencement of
Operations) to
10/31/10 (a)
- -----------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.00 (b)
- -----------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05
Net realized and unrealized gain on investments and other assets and
liabilities denominated in foreign currencies 0.60
- -----------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.65
- -----------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.65
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.65
===============================================================================================
Total return* 6.50%***
Ratio of net expenses to average net assets 0.90%**
Ratio of net investment income to average net assets 1.78%**
Portfolio turnover rate 8%***
Net assets, end of period (in thousands) $ 19,875
Ratios with no waiver of fees and assumption of expenses by the Adviser
Net expenses 1.41%**
Net investment income 1.26%**
Ratios with waiver of fees and assumption of expenses by the Adviser
and reduction for fees paid indirectly:
Net expenses 0.90%**
Net investment income 1.78%**
===============================================================================================
(a) Class Y shares were first publicly offered on May 3, 2010.
(b) Class Y beginning capital was recorded on inception date at $10.00 per
share.
* 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.
*** Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 31
Notes to Financial Statements | 10/31/10 (Consolidated)
1. Organization and Significant Accounting Policies
Pioneer Multi-Asset Real Return Fund (the Fund) is one of two portfolios
comprising Pioneer Series Trust VI, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a non-diversified,
open-end management investment company. The Fund's investment objective is to
seek total return.
The Fund offers three classes of shares designated as Class A, Class C and
Class Y shares. Class A, Class C and Class Y shares were first publicly offered
on May 3, 2010. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making the Fund
more susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
The Fund may gain exposure to commodities (such as oil and precious metals)
through investment in commodity-related investments, including commodity-linked
derivatives, ETFs and leveraged or unleveraged commodity-linked notes
(derivative debt instruments with principal and/or coupon payments linked to
the performance of commodity indices). The Fund also may invest in equity
securities of issuers in commodity-related industries. The Fund's investments
32 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
in commodity-related investments may subject the Fund to greater market price
volatility than investments in traditional securities. The value of
commodity-related investments may be affected by changes in overall market
movements, commodity index volatility, changes in interest rates, or factors
affecting particular industries or commodities, such as weather, disease,
embargoes, acts of war or terrorism, or political and regulatory developments.
Commodity-related investments may be more volatile than the underlying
commodities. In addition, commodity-linked investments are subject to
counterparty risk due to there being a relatively small number of issuers. The
Fund intends to gain exposure to commodity-related investments by investing in
the Pioneer Cayman Commodity Fund, Ltd. (the Subsidiary), a foreign entity that
will be treated as a controlled foreign corporation for U.S. federal income tax
purposes. The Fund may invest up to 25% of its total assets in the Subsidiary.
The Fund's ability to invest in commodity-related investments, and the means
through which any such investments may be made, will be limited by tax
considerations.
The Fund may invest in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
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 gain and losses on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. Senior loans for which no reliable
price quotes are available will be valued by Loan Pricing Corporation through
the use of pricing matrices to determine valuations. Fixed income securities
with remaining maturity of more than sixty days are valued at prices supplied
by independent pricing services, which consider such factors as market
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 33
prices, market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers and
other sources, as required. Equity securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Equity securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued
using the mean between the last bid and asked prices. Securities or loans for
which independent pricing services are unable to supply prices or for which
market prices and/or quotations are not readily available or are considered
to be unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees.
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 use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At October 31, 2010, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services). Inputs used when applying fair value methods to value a security
may include credit ratings, the financial condition of the company, current
market conditions and comparable securities. Short-term fixed income
securities with remaining maturities of sixty days or less generally are
valued at amortized cost. Money market mutual funds are valued at net asset
value.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income is recorded on the accrual
basis. All discounts/premiums on debt securities are accreted/ amortized into
interest income for financial reporting purposes.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
34 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar. At October 31, 2010, the Fund
had no outstanding forward foreign currency settlement contracts.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
At October 31, 2010, The Fund had a net capital loss carryforward of $53,013,
which will expire in 2018 if not utilized.
At October 31, 2010, the Fund has reclassified $66,520 to increase
undistributed net investment income, 4,406 to increase accumulated net
realized loss
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 35
on investments and $62,114 to decrease paid-in capital, to reflect permanent
book/tax differences. The reclassification has no impact on the net assets of
the Fund and presents the Fund's capital accounts on a tax basis.
There were no distributions paid during the year ended October 31, 2010.
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2010:
-----------------------------------------------------------------------------
2010
-----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 375,009
Capital loss carryforward (53,013)
Unrealized appreciation 2,742,193
-----------------------------------------------------------------------------
Total $3,064,189
=============================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash-sales, interest accruals
on preferred stocks, the tax basis adjustments on partnerships and the tax
treatment of premium and amortization.
E. 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 approximately $21,889 in underwriting commissions on the sale of Class
A shares during the year ended October 31, 2010.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
36 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
H. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, New York Branch, as the Fund's securities
lending agent, manages the Fund's securities lending collateral. The income
earned on the investment of collateral is shared with the borrower and the
lending agent in payment of any rebate due to the borrower with respect to
the securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. If the
required market value of the collateral is less than the value of the loaned
securities, the borrower is required to deliver additional collateral for the
account of the Fund prior to the close of business on that day. The Fund has
the right, under the lending agreement, to terminate the loan and recover the
securities from the borrower with prior notice. The Fund is required to
return the cash collateral to the borrower and could suffer a loss if the
value of the collateral, as invested, has declined.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate of 0.70% of
the average daily net assets of the Fund, excluding assets invested in the
Subsidiary and on which the Subsidiary pays a management fee.
The Subsidiary has entered into a separate management contract with PIM,
pursuant to which PIM manages the assets of the Subsidiary. As compensation for
its management services to the Subsidiary and expenses incurred with respect to
the Subsidiary, the Subsidiary pays PIM a fee at the annual rate of 0.70% of
the Subsidiary's average daily net assets.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 37
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce fund expenses to 1.20%, 2.10% and 0.90% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
These expense limitations are in effect through April 1, 2011. Fees and
expenses of other investment companies in which the Fund may invest are not
included in the expense limitations noted above. There can be no assurance that
PIM will extend the expense limitation agreement for a class of shares beyond
the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$4,880 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2010.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended October 31, 2010, such out-of-pocket expenses by class of
shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $20,600
Class C 3,165
Class Y 22
- --------------------------------------------------------------------------------
Total: $23,787
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $24,767 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution
38 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
services with regard to Class C shares. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $2,538 in distribution
fees payable to PFD at October 31, 2010.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00% based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD.
For the year ended October 31, 2010, CDSCs in the amount of $90 were paid to
PFD.
5. Basis for Consolidation for the Pioneer Multi-Asset Real Return Fund
The consolidated financial statements of the Fund include the accounts of the
Subsidiary. All intercompany accounts and transactions have been eliminated.
The Subsidiary, a Cayman Islands exempted company, was incorporated on February
10, 2010 and is wholly-owned and controlled by the Fund. The Fund is the sole
shareholder of the Subsidiary. It is intended that the Fund will remain the
sole shareholder and will continue to control the Subsidiary. The Fund and the
Subsidiary are both managed by PIM. The Subsidiary acts as an investment
vehicle for the Fund in order to effect certain investments on behalf of the
Fund. As of October 31, 2010, the Subsidiary represented approximately
$8,304,796 or approximately 10.1% of the net assets of the Fund.
6. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the year ended October 31, 2010, the Fund's expenses
were not reduced under such arrangements.
7. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and the Shareowners of
Pioneer Multi-Asset Real Return Fund
- --------------------------------------------------------------------------------
We have audited the accompanying consolidated statement of assets and
liabilities of Pioneer Multi-Asset Real Return Fund (the "Fund") (one of the
portfolios constituting the Pioneer Series Trust VI), including the
consolidated schedule of investments, as of October 31, 2010, and the related
consolidated statements of operations for the period from May 3, 2010
(commencement of operations) through October 31, 2010, the consolidated
statements of changes in net assets for the period from May 3, 2010
(commencement of operations) through October 31, 2010, and the consolidated
financial highlights for the period from May 3, 2010 (commencement of
operations) through October 31, 2010. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2010, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Pioneer Multi-Asset Real Return Fund at October 31, 2010, the
consolidated results of their operations, the statements of changes in net
assets and the financial highlights for the period from May 3, 2010
(commencement of operations) through October 31, 2010, in conformity with U.S.
generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 28, 2010
40 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Approval of Investment Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Real Return Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. Based on their evaluation of the
information provided by PIM, the Trustees, including the independent Trustees
voting separately, unanimously approved an investment advisory agreement for
the Fund. In considering the investment advisory agreement, the Trustees
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the agreement.
PIM also serves as the investment adviser to Pioneer Cayman Commodity Fund,
Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under
the laws of the Cayman Islands. The Trustees, including the independent
Trustees voting separately, unanimously approved an investment advisory
agreement for the Subsidiary (the Subsidiary Management Agreement). The factors
considered by the Trustees in approving the Subsidiary Management Agreement
were substantially the same as the factors described below with respect to the
investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that
would be provided by PIM to the Fund under the investment advisory agreement.
The Trustees reviewed PIM's investment approach for the Fund and its research
process, and considered the resources of PIM and the personnel of PIM who would
provide investment management services to the Fund. The Trustees also
considered that, as administrator, PIM would be responsible for the
administration of the Fund's business and other affairs. The Trustees
considered the quality of such services provided by PIM to the other Pioneer
Funds. The Trustees considered the fees to be paid to PIM for the provision of
administration services. Based on these considerations, the Trustees concluded
that the nature, extent and quality of services that PIM would provide to the
Fund were satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
In considering the investment advisory agreement, the Trustees noted that Fund
was newly-offered and did not have a performance history. The Trustees also
noted that no other Pioneer Funds have similar investment strategies to the
Fund. The Trustees considered the performance results provided at regular Board
meetings for other Pioneer Funds and concluded that the investment performance
of such other Pioneer Funds supported the approval of the investment advisory
agreement.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 41
Management Fee and Expenses
The Trustees considered information compiled by Strategic Insight Simfund, an
independent third party, to compare the Fund's proposed management fee and
anticipated expense ratio with the funds included in the Morningstar World
Allocation Mutual Fund category and to a peer group of funds identified by PIM
from funds included in the Morningstar World Allocation Mutual Fund and
Morningstar Long-Short Mutual Fund categories. The Trustees considered that the
Fund's proposed management fee would rank in the second quintile relative to
both the funds included in the Morningstar World Allocation Mutual Fund
category and to the peer group of funds identified by PIM. The Trustees also
considered that, taking into account the contractual expense limitation agreed
to by PIM with respect to the Fund, the Fund's anticipated expense ratio would
rank in the third quintile relative to the funds included in the Morningstar
World Allocation Mutual Fund category, and in the second quintile relative to
the peer group identified by PIM. The Trustees noted that although assets
invested by the Fund in the Subsidiary are excluded from the calculation of the
Fund's management fee, the Fund indirectly pays a management fee with respect
to assets invested in the Subsidiary because the Subsidiary pays a management
fee pursuant to the Subsidiary Management Agreement. The Trustees noted that
the Subsidiary pays PIM a management fee at the same rate that the Fund pays
PIM. The Trustees concluded that the proposed management fee payable by the
Fund to PIM was reasonable in relation to the nature and quality of services to
be provided by PIM. The Trustees also concluded that the Fund's anticipated
expense ratio was reasonable, taking into account the quality of services to be
provided by PIM and the contractual expense limitation agreed to by PIM with
respect to the Fund.
Profitability
The Trustees did not consider PIM's profitability with respect to the
management of the Fund in approving the investment advisory agreement because
the Fund was newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees concluded that economies of scale, if any, would be appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other potential benefits to PIM from its
relationship with the Fund, including the character and amount of fees that
would be paid by the Fund, other than under the investment advisory agreement,
for services that would be provided by PIM and its affiliates, and the revenues
42 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
and profitability of PIM's businesses other than the fund business. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the investment
advisory agreement for the Fund.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 43
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.pioneerinvestments.com. This information is also available
on the Securities and Exchange Commission's web site at http://www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Fund within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Fund
are referred to as Independent Trustees. Each of the Trustees, except Mr. West,
serves as a trustee of each of the 57 U.S. registered investment portfolios for
which Pioneer serves as investment adviser (the "Pioneer Funds"). Mr. West
serves as a trustee of 44 U.S. registered investment portfolios for which
Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
44 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Interested Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 2010.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Trustee and Executive Trustee since 2010.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ----------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund (Rus-
sia) (until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (since 2004); Director of Fidu-
ciary Counseling, Inc.; President and Director of Pioneer Funds
Distributor, Inc. ("PFD") (until May 2006); President of all of the
Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale and
Dorr LLP
- ----------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
- ----------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 45
Independent Trustees
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
David R. Bock (66) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Mary K. Bush (62) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ----------------------------------------------------------------------------------------------------------------------
David R. Bock (66) Interim Chief Executive Officer, Oxford Analytica, Inc. (privately Director of Enterprise Com-
held research and consulting company) (2010 - present); Man- munity Investment, Inc.
aging Partner, Federal City Capital Advisors (corporate advisory (privately held affordable
services company) (1997 - 2004 and 2008 - present); Execu- housing finance company)
tive Vice President and Chief Financial Officer, I-trax, Inc. (pub- (1985 - present); Director
licly traded health care services company) (2004 - 2007); and of Oxford Analytica, Inc.
Executive Vice President and Chief Financial Officer, Pedestal Inc. (2008 - present); and
(internet-based mortgage trading company) (2000 - 2002) Director of New York Mort-
gage Trust (publicly traded
mortgage REIT) (2004 -
2009)
- ----------------------------------------------------------------------------------------------------------------------
Mary K. Bush (62) President, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Managing Director, Federal Housing tional, Inc. (2008 -
Finance Board (oversight of Federal Home Loan Bank system) present); Director of Dis-
(1989 - 1991); Vice President and Head of International cover Financial Services
Finance, Federal National Mortgage Association (1988 - 1989); (credit card issuer and elec-
U.S. Alternate Executive Director, International Monetary Fund tronic payment services)
(1984 - 1988); Executive Assistant to Deputy Secretary of the (2007 - present); Former
U.S. Treasury, U.S. Treasury Department (1982 - 1984); and Director of Briggs & Stratton
Vice President and Team Leader in Corporate Banking, Bankers Co. (engine manufacturer)
Trust Co. (1976 - 1982) (2004 - 2009); Director of
UAL Corporation (airline
holding company) (2006 -
present); Director of Man-
Tech International Corpora-
tion (national security,
46 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Mary K. Bush (continued)
- --------------------------------------------------------------------------------
Benjamin M. Friedman (66) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- -----------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
- -----------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (66) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
- -----------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 47
Independent Trustees (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2010.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
- ------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
- ------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
Private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
- ------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and Member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
- ------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
- ------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
Fund Officers
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
Christopher J. Kelley (45) Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Carol B. Hannigan (49) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Thomas Reyes (47) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Mark E. Bradley (50) Treasurer Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Treasurer Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Gary Sullivan (52) Assistant Treasurer Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
- ----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (45) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
- ----------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (49) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
- ----------------------------------------------------------------------------------------------------------------------
Thomas Reyes (47) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
- ----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (50) Vice President -- Fund Accounting, Administration and Controller- None
ship Services of Pioneer; and Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; Assistant Treasurer of all of the
Pioneer Funds from March 2004 to February 2008; and Treasurer
and Senior Vice President, CDC IXIS Asset Management Services,
from 2002 to 2003
- ----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (45) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (52) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
- ----------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 49
Fund Officers (continued)
- --------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
- --------------------------------------------------------------------------------
David F. Johnson (30) Assistant Treasurer Since 2010. Serves at
the discretion of the
Board.
- --------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
- ------------------------------------------------------------------------------------------------------------------
David F. Johnson (30) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager -- Institutional Investor Services at State
Street Bank from March 2003 to March 2007
- ------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
- ------------------------------------------------------------------------------------------------------------------
50 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10 51
This page for your notes.
52 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(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.
Fees for audit services provided to the Fund, including fees associated
with the filings to update its Form N-2 and issuance of comfort letters,
totaled approximately $84,486 in 2010 and $47,800 in 2009.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no fees for audit-related or other services provided to the
Fund during the fiscal years ended October 31, 2010 and 2009.
(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.
Fees for tax compliance services, primarily for tax returns, totaled
approximately $16,580 for 2010 and $8,290 for 2009
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other services provided to the Fund during the fiscal years
ended October 31, 2010 and 2009.
(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.
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Funds audit committee is required to
pre-approve services to affiliates defined by SEC rules to the extent
that the services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the years
ended October 31, 2010 and 2009, there were no services provided
to an affiliate that required the Funds audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates,
as previously defined, totaled approximately $16,580 in 2010 and $8,290 in 2009.
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.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 30, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date December 30, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date December 30, 2010
* Print the name and title of each signing officer under his or her signature.