OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2014
Estimated average burden
hours per response.....20.6
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, 2012 through October 31, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Floating
Rate Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A FLARX
Class C FLCRX
Class Y FLYRX
Class Z FLZRX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 56
Notes to Financial Statements 64
Report of Independent Registered Public Accounting Firm 74
Trustees, Officers and Service Providers 75
Pioneer Floating Rate Fund | Annual Report | 10/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy heading into the final quarter of 2013, we
continue to see slow, but steady, growth. Employment has also been rising
steadily, but only modestly. Consumer incomes, savings, wealth, and
debt-servicing capacity have been solid buttresses for the recovering housing
and auto industries. Industrial activity is growing only modestly, but current
corporate profits are generally solid and balance sheets appear able to support
needed capital spending and dividend* payouts. The scaled-back "fiscal cliff"
tax increases and spending cuts have meaningfully cut the budget deficit without
driving the economy into recession. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
hinted that it might begin scaling back its "QE" quantitative easing program
later in 2013 and could terminate its bond purchases altogether sometime in
2014. In September, however, the Fed surprised many market participants by
deciding not to start scaling back QE yet. The Fed has also said that short-term
interest rates are likely to remain near zero for some time to come, given that
inflation remains subdued and unemployment remains too high.
As September ended, Congress had not yet passed a continuing resolution to
prevent a government shutdown, nor had it raised the debt ceiling, and a quick
resolution to the impasse appeared unlikely. The U.S. government's partial
shutdown in October rattled the markets to a degree, but did not immediately
have a significant negative impact on the economy or capital markets.
There are certainly risks and uncertainties that continue to plague the global
economy as we head into the final months of the year. The European economy
remains weak, though it is beginning to show signs of stabilization, and a
number of countries in the emerging markets have experienced difficulties.
Still, a potential ending of the European recession, continuing economic
improvement in Japan in response to the new government's easing policies, and a
"soft landing" of 7% growth in China could very well result in an improving
global outlook over the remainder of 2013 and in 2014.
There are also geopolitical worries abroad and the aforementioned political
fights at home, and while most of the widely recognized risks we've outlined may
already be "priced into" the market, we believe investors should continue to
expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Floating Rate Fund | Annual Report | 10/31/13
The Fed's aggressive monetary policies and fears about economic growth had
helped drive long-term Treasury yields to unsustainably low levels; the return
to more normal levels has resulted in disappointing returns for bond investors
during the first nine months of 2013, but the stock market has delivered
double-digit returns to equity investors who were willing to brave the "wall of
worry".
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research in an effort to
identify undervalued individual securities, and using thoughtful risk management
to construct portfolios which seek to balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 3
Portfolio Management Discussion | 10/31/13
Floating-rate bank loans generally outperformed many other fixed-income
investments during the 12-month period ended October 31, 2013. The floating
interest rates of bank loans helped them to better withstand pressures of rising
interest rates and declining bond prices that occurred during the second half of
the period. In the following interview, Jonathan Sharkey discusses the factors
that influenced the performance of Pioneer Floating Rate Fund during the
12-month period. Mr. Sharkey, a senior vice president and portfolio manager at
Pioneer, is responsible for the day-to-day management of the Fund.
Q How would you describe the investment environment for bank loans during the
12-month period ended October 31, 2013?
A The market environment was supportive for healthy returns for credit-
sensitive investments during the first half of the Fund's fiscal year ended
October 31, 2013. Demand was especially strong for floating-rate bank loans
as yield-seeking investors looked for alternatives at a time when many
fixed-income investments offered comparatively little current income
potential. Financial institutions issued new pooled investment vehicles
known as collateralized loan obligations (CLOs) that invested in bank loans,
while high-yield portfolio managers also saw good opportunities in bank
loans.
The market environment began changing, however, in May of 2013 after Federal
Reserve (Fed) Chairman Ben Bernanke suggested that if the American economy
continued to improve, the U.S. central bank might begin tapering back its
more aggressive monetary policies, such as quantitative easing (QE), that
had contributed to liquidity in the markets. Mr. Bernanke's comments set off
speculation that interest rates would soon begin to rise. In fact, market
interest rates did begin rising sharply during the summer of 2013, even
though existing Fed monetary policies remained in effect. U.S. Treasuries,
in particular, performed poorly, but fixed-rate credit-sensitive securities
also were affected by the spike in rates.
Bank loans, because of their feature providing for increasing yields as
market interest rates rise, attracted more investors and tended to
outperform many fixed-income alternatives. More investment money flowed into
the bank-loan market during June, July, and August, contributing
significantly to the outperformance of the asset class.
Performance of bank loans was not always positive throughout the entire
12-month period, though, as in June 2013 high-yield investors sold off some
of their bank-loan investments because they were more liquid and easily
tradable than fixed-rate bonds. The net flows into bank loans eased
4 Pioneer Floating Rate Fund | Annual Report | 10/31/13
during the final two months of the period (September and October), as the
Fed ultimately decided against tapering QE and opted for a status quo
monetary policy, at least for the time being. Fixed-rate investments then
began re-attracting some investor assets from floating-rate securities,
although bank loans continued to produce positive returns on an absolute
basis.
Q How did the Fund perform in that environment during the 12-month period
ended October 31, 2013?
A Pioneer Floating Rate Fund's Class A shares returned 4.24% at net asset
value during the 12-month period ended October 31, 2013, while the Fund's
benchmark, the Barclays High Yield Loans Performing Index (the Barclays
Index), returned 5.42%. During the same period, the average return of the
167 mutual funds in Lipper's Loan Participating Funds category was 5.56%,
and the average return of the 206 mutual funds in Morningstar's Bank Loan
Funds category was 5.82%.
Q How did you position the Fund's portfolio during the 12-month period ended
October 31, 2013, and how did that positioning affect benchmark-relative
performance?
A Throughout the period, we maintained an up-in-quality focus when investing
the Fund's portfolio in floating-rate loans. The emphasis tended to hold
back results relative to the benchmark Barclays Index early in the period
when demand was strong for all credit-sensitive debt securities and
lower-rated investments tended to outperform. However, the Fund's
benchmark-relative results improved later in the period as the market became
more unsettled and the Fund tended to perform largely in line with the
overall floating-rate market. The portfolio did hold a small position in
some fixed-rate debt for liquidity purposes, and that exposure dragged on
the Fund's benchmark-relative performance later in the period when
fixed-rate securities underperformed.
We continue to believe that our emphasis on securities rated "B" and higher
is preferable over the longer term, even though it sometimes may result in
benchmark-relative underperformance when lower-rated debt outperforms. At
the end of the Fund's fiscal year on October 31, 2013, the Fund had only
minimal exposure (less than 1% of net assets) to loans rated CCC and below,
even though those securities had outperformed early in the 12-month period.
The greatest concentrations of assets in the portfolio as of period end were
in BB-rated loans (nearly 46% of net assets) and in B-rated loans (just
below 40% of net assets).
Pioneer Floating Rate Fund | Annual Report | 10/31/13 5
Q Which individual investments had the biggest effect on the Fund's
performance during the 12-month period ended October 31, 2013?
A The financial restructuring of global mining corporation Bumi Resources -
after the company had defaulted on some debt - resulted in a strong recovery
in the value of the Fund's investment in Bumi's loans. Another portfolio
holding that contributed to the Fund's performance during the period was a
loan to Newhall Land and Farming, a California-based development firm that
performed very well as the housing market rebounded. Loans to FTS
International, an energy services company, also fared well and helped to
support the Fund's results during the period.
Several portfolio investments detracted from the Fund's relative results
during the 12-month period. The underperforming holdings included: loans to
Accent Care, a home health care service provider that was affected by
reductions in government reimbursements; to Preferred Proppants, a
distributor of materials used in natural gas drilling operations whose
performance was affected when higher relative prices for oil led to an
increase in oil drilling at the expense of gas drilling; and to Cengage
Learning, a publisher of college textbooks that encountered declining demand
for textbooks as Internet-based learning opportunities increased.
Q What is your investment outlook?
A We think the fixed-income market, including the market for bank loan-based
securities, should stabilize in the coming months. The major political
fights in Washington, D.C., over issues such as the debt ceiling, government
spending and taxation appear to have been resolved, at least temporarily. In
that environment, we believe that domestic economic growth should continue
to strengthen, if only moderately, and that loan deals should increase as
corporate activities such as leveraged buyouts and mergers and acquisitions
increase in number. The default rates for bank loans remain well below
historical averages, reflecting the overall good quality of outstanding
debt, and that should encourage further flows of investor assets into the
bank-loan market. The main advantage to investors in bank loans - their
floating rates - should prove especially compelling as the likelihood grows
that market interest rates at some point will begin rising again. We believe
that advantage will become even more obvious when the Fed eventually begins
to withdraw some of its more aggressive monetary support from the economy.
6 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Please refer to the Schedule of Investments on pages 16-55 for a full listing of
Fund securities.
Debt securities rated below investment grade are commonly referred to as "junk
bonds" and are considered speculative. Below-investment-grade debt securities
involve greater risk of loss, are subject to greater price volatility and are
less liquid, especially during periods of economic uncertainty or change, than
higher-rated debt securities. The Fund may invest in high-yield securities of
any rating, including securities that are in default at the time of purchase.
Securities with floating interest rates generally are less sensitive to interest
rate changes but may decline in value if their interest rates do not rise as
much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities,
floating-rate securities generally will not increase in value if interest rates
decline. Changes in interest rates also will affect the amount of interest
income the Fund earns on its floating-rate investments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 7
Portfolio Summary | 10/31/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Loans 90.5%
U.S. Corporate Bonds 4.2%
International Corporate Bonds 3.3%
Asset Backed Securities 0.6%
Municipal Bonds 0.5%
Collateralized Mortgage Obligations 0.4%
U.S. Preferred Stocks 0.4%
Convertible Corporate Bonds 0.1%
Convertible Preferred Stocks 0.0%*
U.S. Common Stocks 0.0%*
* Rounds to less than 0.1%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on Standard & Poor's
ratings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 0.1%
AA 0.3%
A 0.4%
BBB 8.8%
BB 45.7%
B 39.5%
CCC 0.4%
Not Rated 2.4%
Cash Equivalent 2.4%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Tower Automotive Holdings USA LLC, Refinancing Term Loan (First Lien), 4/23/20 0.44%
---------------------------------------------------------------------------------------------
2. American Airlines, Inc., Class B Term Loan, 6/21/19 0.49
---------------------------------------------------------------------------------------------
3. NSG Holdings LLC, New Term Loan, 11/15/19 0.44
---------------------------------------------------------------------------------------------
4. Duff & Phelps Corp., Initial Term Loan, 3/14/20 0.43
---------------------------------------------------------------------------------------------
5. PQ Corp., 2013 Term Loan, 8/7/17 0.44
---------------------------------------------------------------------------------------------
6. Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4/2/20 0.53
---------------------------------------------------------------------------------------------
7. Charter Communications Operating LLC, Term F Loan, 1/1/21 0.59
---------------------------------------------------------------------------------------------
8. Drillships Financing Holding, Inc., Tranche B-1 Term Loan, 3/2/21 0.52
---------------------------------------------------------------------------------------------
9. Metaldyne Corp., USD Term Loan, 12/19/18 0.50
---------------------------------------------------------------------------------------------
10. Fortescue Metals Group, Ltd., Term Loan, 9/18/17 0.51
---------------------------------------------------------------------------------------------
* 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 | 10/31/13
Prices and Distributions | 10/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/13 10/31/12
--------------------------------------------------------------------------------
A $6.95 $6.95
--------------------------------------------------------------------------------
C $6.96 $6.95
--------------------------------------------------------------------------------
Y $6.97 $6.96
--------------------------------------------------------------------------------
Z $6.97 $6.97
--------------------------------------------------------------------------------
Distributions per Share: 11/1/12-10/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2892 $ -- $ --
--------------------------------------------------------------------------------
C $0.2372 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3152 $ -- $ --
--------------------------------------------------------------------------------
Z $0.3068 $ -- $ --
--------------------------------------------------------------------------------
The Barclays High Yield Loans Performing Index is an unmanaged index that
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+1.25%. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-13.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 9
Performance Update | 10/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Floating Rate Fund at public
offering price during the periods shown, compared to that of the Barclays High
Yield Loans Performing Index.
Cumulative Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 3.99% 3.29%
5 Years 9.28 8.26
1 Year 4.24 -0.49
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 10, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.11%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays High Yield
Rate Fund Loans Performing Index
2/28/2007 $ 9,555 $ 10,000
10/31/2007 $ 9,670 $ 10,100
10/31/2008 $ 7,972 $ 8,555
10/31/2009 $ 9,845 $ 10,039
10/31/2010 $ 10,774 $ 10,162
10/31/2011 $ 11,095 $ 10,298
10/31/2012 $ 11,919 $ 10,025
10/31/2013 $ 12,424 $ 10,079
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 4.50% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Performance Update | 10/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Floating Rate Fund during the
periods shown, compared to that of the Barclays High Yield Loans Performing
Index.
Cumulative Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 3.17% 3.17%
5 Years 8.47 8.47
1 Year 3.61 3.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 10, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.86%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays High Yield
Rate Fund Loans Performing Index
2/28/2007 $ 10,000 $ 10,000
10/31/2007 $ 10,070 $ 10,100
10/31/2008 $ 8,211 $ 8,555
10/31/2009 $ 10,069 $ 10,039
10/31/2010 $ 10,921 $ 10,162
10/31/2011 $ 11,176 $ 10,298
10/31/2012 $ 11,898 $ 10,025
10/31/2013 $ 12,327 $ 10,079
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 11
Performance Update | 10/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Floating Rate Fund during the
periods shown, compared to that of the Barclays High Yield Loans Performing
Index.
Cumulative Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 4.21% 4.21%
5 Years 9.58 9.58
1 Year 4.77 4.77
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 10, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.85% 0.70%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Floating Barclays High Yield
Rate Fund Loans Performing Index
2/28/2007 $ 5,000,000 $ 5,000,000
10/31/2007 $ 5,061,980 $ 5,050,219
10/31/2008 $ 4,174,504 $ 4,277,471
10/31/2009 $ 5,163,652 $ 5,019,312
10/31/2010 $ 5,665,295 $ 5,080,830
10/31/2011 $ 5,841,313 $ 5,149,120
10/31/2012 $ 6,295,679 $ 5,012,605
10/31/2013 $ 6,595,680 $ 5,039,555
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through March 1, 2015, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Performance Update | 10/31/13 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Floating Rate Fund during the
periods shown, compared to that of the Barclays High Yield Loans Performing
Index.
Cumulative Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 4.08% 4.08%
5 Years 9.40 9.40
1 Year 4.49 4.49
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 10, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.98% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays High Yield
Rate Fund Loans Performing Index
2/28/2007 $ 10,000 $ 10,000
10/31/2007 $ 10,121 $ 10,100
10/31/2008 $ 8,344 $ 8,555
10/31/2009 $ 10,304 $ 10,039
10/31/2010 $ 11,277 $ 10,162
10/31/2011 $ 11,640 $ 10,298
10/31/2012 $ 12,515 $ 10,025
10/31/2013 $ 13,077 $ 10,079
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for Class Z shares for periods prior to the inception of Class
Z shares on August 8, 2011, is the net asset value performance of the Fund's
Class A shares. The performance does not reflect differences in expenses,
including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class
A shares are generally higher than those of Class Z shares, the performance for
Class Z shares prior to their inception on August 8, 2011, would have been
higher than the performance shown. For the period beginning August 8, 2011, the
actual performance of Class Z shares is reflected. Class Z shares are not
subject to sales charges and are available for limited groups of eligible
investors. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
The net expense ratio reflects contractual expense limitations currently in
effect through March 1, 2015, for Class Z shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from May 1, 2013, through October 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/13
--------------------------------------------------------------------------------
Ending Account $1,010.57 $1,006.80 $1,012.47 $1,011.52
Value (after expenses)
on 10/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.37 $ 9.10 $ 3.55 $ 4.56
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.06%, 1.80%,
0.70% and 0.90% for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the partial year period).
14 Pioneer Floating Rate Fund | Annual Report | 10/31/13
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, 2013, through October 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/13
--------------------------------------------------------------------------------
Ending Account $1,019.86 $1,016.13 $1,021.68 $1,020.67
Value (after expenses)
on 10/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 5.40 $ 9.15 $ 3.57 $ 4.58
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.06%, 1.80%,
0.70% and 0.90% for Class A, Class C, Class Y and Class Z shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the partial year period).
Pioneer Floating Rate Fund | Annual Report | 10/31/13 15
Schedule of Investments | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.1%
DIVERSIFIED FINANCIALS -- 0.1%
Asset Management & Custody
Banks -- 0.1%
1,000,000 BBB/NR Apollo Investment Corp., 5.75%,
1/15/16 $ 1,058,750
---------------
Total Diversified Financials $ 1,058,750
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $994,039) $ 1,058,750
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.4%
BANKS -- 0.1%
Diversified Banks -- 0.1%
28,000 6.00 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) $ 760,760
---------------
Total Banks $ 760,760
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial
Services -- 0.3%
70,450 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate
Note, 10/30/40 $ 1,937,375
40,000 8.12 CCC+/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 1,074,400
---------------
$ 3,011,775
---------------
Total Diversified Financials $ 3,011,775
------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $3,813,830) $ 3,772,535
------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 0.0%+
CAPITAL GOODS -- 0.0%+
Industrial Machinery -- 0.0%+
1,000 NR/Baa3 Stanley Black & Decker, Inc.,
4.75%, 11/17/15 $ 127,700
---------------
Total Capital Goods $ 127,700
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $100,000) $ 127,700
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.0%+
COMMERCIAL SERVICES &
SUPPLIES -- 0.0%+
Diversified Support
Services -- 0.0%+
97,106 Velo Holdings, Inc.* $ 72,830
---------------
Total Commercial Services
& Supplies $ 72,830
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Development -- 0.0%+
107,296 Newhall Land Development LLC* $ 343,347
---------------
Total Real Estate $ 343,347
------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $109,153) $ 416,177
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited)
------------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 0.7%
MATERIALS -- 0.3%
Steel -- 0.3%
59,942 0.44 BB+/Baa3 Aegis Asset Backed Securities
Trust 2005-5, Floating Rate Note,
12/25/35 $ 55,975
203,031 0.47 AA+/Aa1 Bear Stearns Asset Backed
Securities Trust 2006-1, Floating
Rate Note, 2/25/36 200,123
742,086 0.28 CCC/Ba1 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 733,458
436,870 0.49 A+/Baa1 Morgan Stanley Home Equity Loan
Trust 2005-4, Floating Rate Note,
9/25/35 413,231
631,778 0.93 BBB/Ba2 NovaStar Mortgage Funding Trust
Series 2003-1, Floating Rate
Note, 5/25/33 577,748
773,347 0.43 AA+/Aa3 Option One Mortgage Loan Trust
2005-4 Asset-Backed Certificates
Series 2005-4, Floating Rate
Note, 11/25/35 758,877
---------------
$ 2,739,412
---------------
Total Materials $ 2,739,412
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Marine Ports & Services -- 0.1%
500,000 A/NR Global Container Assets, Ltd.,
2.2%, 11/5/28 (144A) $ 499,234
---------------
Total Transportation $ 499,234
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 17
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise
Lines -- 0.0%+
154,727 BB/NR Westgate Resorts 2012-2 LLC,
9.0%, 1/20/25 (144A) $ 156,056
---------------
Total Consumer Services $ 156,056
------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Diversified Banks -- 0.0%+
98,499 0.55 AA+/NR Wells Fargo Home Equity
Asset-Backed Securities 2005-3
Trust, Floating Rate Note, 12/25/35 $ 96,846
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
378,711 0.80 AAA/Aaa Bayview Financial Acquisition
Trust, Floating Rate Note, 5/28/44 $ 372,775
9,727 0.97 BBB/Baa1 Ellington Loan Acquisition Trust
2007-1, Floating Rate Note,
5/27/37 (144A) 9,723
885,208 0.68 NR/Baa1 First Franklin Mortgage Loan
Trust 2005-FFH3, Floating Rate
Note, 9/25/35 866,903
---------------
$ 1,249,401
---------------
Total Banks $ 1,346,247
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
470,123 3.92 A/NR Newtek Small Business Loan
Trust 2013-1, Floating Rate Note,
7/25/38 (144A) $ 470,123
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
290,349 0.56 CCC/Caa2 Lease Investment Flight Trust,
Floating Rate Note, 7/15/31 $ 209,052
290,349 0.60 CCC/Caa2 Lease Investment Flight Trust,
Floating Rate Note, 7/15/31 209,052
---------------
$ 418,104
---------------
Total Diversified Financials $ 888,227
------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $5,493,584) $ 5,629,176
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 0.5%
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
250,000 0.96 A-/Aa2 ACA CLO 2006-2, Ltd., Floating
Rate Note, 1/20/21 (144A) $ 240,810
110,012 2.16 BBB+/Baa1 Ares VR CLO, Ltd., Floating Rate
Note, 2/24/18 (144A) 109,294
1,000,000 3.92 BB/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2013-FL3,
Floating Rate Note, 4/15/28 (144A) 994,578
300,000 4.43 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 302,625
304,346 0.70 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 287,882
---------------
$ 1,935,189
---------------
Total Banks $ 1,935,189
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial
Services -- 0.1%
148,150 0.77 BB+/Ba3 RALI Series 2004-QS5 Trust,
Floating Rate Note, 4/25/34 $ 140,902
300,000 1.06 AA+/Aa1 Stanfield Bristol CLO, Ltd., Floating
Rate Note, 10/15/19 (144A) 294,470
662,845 4.17 NR/A2 Velocity Commercial Capital
Loan Trust, Floating Rate Note,
8/25/40 (144A) 583,303
---------------
$ 1,018,675
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
500,000 1.71 AA+/Aa2 KKR Financial CLO 2007-1 Corp.,
Floating Rate Note, 5/15/21 (144A) $ 488,987
---------------
Total Diversified Financials $ 1,507,662
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage REIT -- 0.1%
109,585 2.36 BB/B2 American Home Mortgage
Investment Trust 2005-1, Floating
Rate Note, 6/25/45 $ 107,784
249,000 2.36 AA+/Ba1 American Home Mortgage
Investment Trust 2005-1, Floating
Rate Note, 6/25/45 249,620
---------------
$ 357,404
---------------
Total Real Estate $ 357,404
------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $3,733,059) $ 3,800,255
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 19
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 7.4%
ENERGY -- 0.9%
Oil & Gas Drilling -- 0.0%+
100,000 B-/B3 Offshore Group Investment, Ltd.,
7.5%, 11/1/19 $ 108,750
------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 0.0%+
500,000 B/B3 Seitel, Inc., 9.5%, 4/15/19 $ 515,625
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.4%
2,000,000 B-/B3 Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18 $ 2,190,000
500,000 B/Caa1 PetroQuest Energy, Inc.,
10.0%, 9/1/17 515,000
500,000 BB/Ba2 Range Resources Corp.,
8.0%, 5/15/19 536,250
---------------
$ 3,241,250
------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.5%
1,360,000 BB/Ba3 Gibson Energy, Inc., 6.75%,
7/15/21 (144A) $ 1,438,200
1,405,000 BB+/Ba1 NuStar Logistics LP, 6.75%, 2/1/21 1,448,906
1,185,000 BB+/Ba3 Sabine Pass Liquefaction LLC,
5.625%, 2/1/21 (144A) 1,196,850
---------------
$ 4,083,956
---------------
Total Energy $ 7,949,581
------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Construction Materials -- 0.1%
350,000 B+/NR Cemex SAB de CV, 5.875%,
3/25/19 (144A) $ 342,562
650,000 5.25 B+/NR Cemex SAB de CV, Floating Rate
Note, 9/30/15 (144A) 671,938
---------------
$ 1,014,500
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
900,000 B+/Ba3 Ardagh Packaging Finance Plc,
4.875%, 11/15/22 (144A) $ 884,250
------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
500,000 BB+/Ba3 Graphic Packaging International,
Inc., 7.875%, 10/1/18 $ 543,750
915,000 B/B3 Packaging Dynamics Corp.,
8.75%, 2/1/16 (144A) 944,738
---------------
$ 1,488,488
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
600,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 $ 594,000
------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
250,000 CCC+/B3 Appvion, Inc., 11.25%, 12/15/15 $ 283,750
795,000 BB-/Ba3 Resolute Forest Products, Inc.,
5.875%, 5/15/23 (144A) 723,450
---------------
$ 1,007,200
---------------
Total Materials $ 4,988,438
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.1%
500,000 BB/Ba2 Bombardier, Inc., 4.25%,
1/15/16 (144A) $ 521,250
------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.1%
1,000,000 B/B2 Coleman Cable, Inc., 9.0%, 2/15/18 $ 1,062,500
250,000 B-/B3 WireCo WorldGroup, Inc.,
9.5%, 5/15/17 258,750
---------------
$ 1,321,250
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
500,000 B/B3 Constellation Enterprises LLC,
10.625%, 2/1/16 (144A) $ 425,000
------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
570,000 B/B2 Avis Budget Car Rental LLC,
5.5%, 4/1/23 $ 558,600
---------------
Total Capital Goods $ 2,826,100
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.2%
Diversified Support Services -- 0.2%
1,400,000 BB-/Ba1 Iron Mountain, Inc., 6.0%, 8/15/23 $ 1,424,500
---------------
Total Commercial Services
& Supplies $ 1,424,500
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
1,500,000 B+/B2 Air Canada, 6.75%, 10/1/19 (144A) $ 1,533,750
---------------
Total Transportation $ 1,533,750
------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
1,600,000 BB/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 1,640,000
---------------
Total Automobiles & Components $ 1,640,000
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 21
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.2%
Homebuilding -- 0.2%
480,000 BB-/B2 Brookfield Residential Properties,
Inc., 6.125%, 7/1/22 (144A) $ 476,400
1,415,000 BB/Ba2 DR Horton, Inc., 5.75%, 8/15/23 1,468,062
---------------
$ 1,944,462
---------------
Total Consumer Durables & Apparel $ 1,944,462
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Specialized Consumer Services -- 0.1%
660,000 BB-/Ba3 Outerwall, Inc., 6.0%,
3/15/19 (144A) $ 644,325
---------------
Total Consumer Services $ 644,325
------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Advertising -- 0.1%
770,000 B-/B3 MDC Partners, Inc., 6.75%,
4/1/20 (144A) $ 800,800
------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
EURO 150,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%,
3/1/20 (144A) $ 235,421
210,000 0.78 A-/A3 NBCUniversal Enterprise, Inc.,
Floating Rate Note, 4/15/16 (144A) 210,965
---------------
$ 446,386
---------------
Total Media $ 1,247,186
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
510,000 B/B1 Chiquita Brands International, Inc.,
7.875%, 2/1/21 (144A) $ 553,350
---------------
Total Food, Beverage & Tobacco $ 553,350
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,020,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 1,043,421
---------------
Total Household & Personal
Products $ 1,043,421
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.7%
Health Care Equipment -- 0.1%
713,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) $ 794,995
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
500,000 BB/Ba3 Aviv Healthcare Properties LP,
7.75%, 2/15/19 $ 539,375
685,000 B/B3 CHS, 8.0%, 11/15/19 742,369
3,050,000 B+/Ba3 Tenet Healthcare Corp., 4.375%,
10/1/21 (144A) 2,928,000
---------------
$ 4,209,744
------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
1,000,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 1,082,500
---------------
Total Health Care Equipment
& Services $ 6,087,239
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 0.1%
Biotechnology -- 0.1%
1,000,000 BBB/Baa3 Warner Chilcott Co. LLC, 7.75%,
9/15/18 $ 1,090,000
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 1,090,000
------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Regional Banks -- 0.1%
560,000 4.48 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) $ 558,880
---------------
Total Banks $ 558,880
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial
Services -- 0.2%
500,000 3.68 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) $ 502,950
500,000 1.07 A-/Baa2 Bank of America Corp., Floating
Rate Note, 3/22/16 502,497
500,000 0.00 BB-/NR Northshore Re, Ltd., Floating Rate
Note, 7/5/16 (Cat Bond) (144A) 513,200
300,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 305,700
---------------
$ 1,824,347
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
615,000 B+/B2 Nationstar Mortgage LLC,
6.5%, 8/1/18 $ 636,525
---------------
Total Diversified Financials $ 2,460,872
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 23
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
INSURANCE -- 1.7%
Property & Casualty
Insurance -- 0.0%+
250,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 $ 265,342
------------------------------------------------------------------------------------------------------
Reinsurance -- 1.7%
250,000 8.12 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond)
(144A) $ 256,875
500,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 506,750
250,000 0.00 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 249,450
750,000 0.00 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 759,225
250,000 0.00 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 255,900
250,000 0.00 NR/Baa1 Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 257,000
250,000 0.00 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 259,625
250,000 0.00 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 262,450
250,000 0.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 273,125
250,000 0.00 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) 262,000
250,000 0.00 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 8/4/14 (Cat
Bond) (144A) 255,025
350,000 0.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 360,360
500,000 0.00 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 505,050
300,000 0.00 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 315,090
250,000 4.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 255,375
250,000 0.00 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 251,475
500,000 0.00 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 503,500
350,000 0.00 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 356,475
300,000 0.00 BB+/NR Longpoint Re, Ltd., Floating Rate
Note, 6/12/15 (Cat Bond) (144A) 317,490
250,000 0.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 264,275
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
750,000 8.61 B+/NR Mythen Re, Ltd. Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) $ 780,000
250,000 8.11 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 270,300
550,000 0.00 BB-/NR Queen Street IV Capital, Ltd.,
Floating Rate Note, 4/9/15
(Cat Bond) (144A) 566,885
250,000 0.00 B/NR Queen Street VI Re, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 261,125
600,000 0.00 B/NR Queen Street VII Re, Ltd., Floating
Rate Note, 4/8/16 (Cat Bond) (144A) 616,860
500,000 0.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 533,250
500,000 0.00 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 536,750
750,000 0.00 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 773,550
350,000 0.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 387,170
250,000 0.00 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 259,200
500,000 0.00 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 500,200
500,000 0.00 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 501,600
250,000 9.35 B/NR Successor X, Ltd. Class IV-E3,
Floating Rate Note, 2/25/14
(Cat Bond) (144A) 254,900
250,000 0.00 NR/B2 Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) 263,450
250,000 0.00 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 259,625
250,000 0.00 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 264,975
---------------
$ 13,756,355
---------------
Total Insurance $ 14,021,697
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.1%
795,000 BB/Baa3 VeriSign, Inc., 4.625%, 5/1/23 $ 774,131
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 25
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.0%+
250,000 B+/B1 First Data Corp., 8.875%, 8/15/20
(144A) $ 278,750
------------------------------------------------------------------------------------------------------
Application Software -- 0.2%
1,300,000 BB-/B2 ACI Worldwide, Inc., 6.375%,
8/15/20 (144A) $ 1,358,500
---------------
Total Software & Services $ 2,411,381
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.3%
Computer Storage &
Peripherals -- 0.3%
2,755,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%,
6/1/23 (144A) $ 2,679,238
---------------
Total Technology Hardware
& Equipment $ 2,679,238
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.7%
Integrated Telecommunication
Services -- 0.6%
405,000 B/B3 Cincinnati Bell, Inc., 8.375%,
10/15/20 $ 431,325
750,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 715,312
805,000 1.78 BBB+/Baa1 Verizon Communications, Inc.,
Floating Rate Note, 9/15/16 825,423
600,000 BB-/Ba3 Virgin Media Secured Finance Plc,
5.375%, 4/15/21 (144A) 603,000
1,320,000 B/B1 Windstream Corp., 7.75%,
10/1/21 (144A) 1,409,100
1,000,000 B/B1 Windstream Corp., 8.125%, 9/1/18 1,082,500
---------------
$ 5,066,660
------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
550,000 0.65 A-/A3 Vodafone Group Plc, Floating
Rate Note, 2/19/16 $ 549,949
---------------
Total Telecommunication Services $ 5,616,609
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Gas Utilities -- 0.0%+
250,000 B/B2 Ferrellgas LP, 6.5%, 5/1/21 $ 253,125
------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.1%
500,000 0.00 BB+/NR East Lane Re, Ltd., Floating Rate
Note, 3/14/14 (Cat Bond) (144A) $ 507,300
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- (continued)
375,000 NR/B2 Star Energy Geothermal Wayang
Windu, Ltd., 6.125%, 3/27/20
(144A) $ 358,125
---------------
$ 865,425
---------------
Total Utilities $ 1,118,550
------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $61,030,985) $ 61,839,579
------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.1%
Municipal General -- 0.1%
500,000 AA/A2 JobsOhio Beverage System,
0.872%, 1/1/15 $ 501,170
------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $500,000) $ 501,170
------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 88.0%**
ENERGY -- 4.5%
Oil & Gas Drilling -- 1.6%
4,239,375 6.00 B+/B2 Drillships Financing Holding, Inc.,
Tranche B-1 Term Loan, 3/2/21 $ 4,314,891
2,736,250 5.75 B-/B3 Offshore Group Investment, Ltd.,
Term Loan, 3/28/19 2,769,312
3,234,893 4.50 B+/B1 Pacific Drilling SA, Term Loan,
5/20/18 3,258,750
2,774,511 6.25 B+/Ba1 Shelf Drilling Holdings, Ltd., Term
Loan, 5/30/18 2,788,384
---------------
$ 13,131,337
------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 0.3%
1,004,665 8.50 CCC+/B3 FTS International Services LLC,
Term Loan, 5/6/16 $ 998,072
1,157,375 11.75 CCC/Caa1 Preferred Sands Holding Co. LLC,
Term B Loan, 12/15/16 (c) 787,015
394,652 4.00 BB-/Ba2 Vantage Pipeline Canada ULC, US
Term Loan, 8/22/20 398,352
---------------
$ 2,183,439
------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
995,381 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 6/1/16 $ 1,000,358
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 27
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 1.0%
1,250,000 5.75 BB-/Ba3 Chesapeake Energy Corp., Term
Loan, 12/2/17 $ 1,279,610
1,650,000 3.50 B+/Ba3 EP Energy LLC, Tranche B-3
Loan, 5/24/18 1,654,272
1,000,000 3.88 BB-/Ba2 Fieldwood Energy LLC, Closing
Date Loan, 9/25/18 1,009,059
3,050,000 6.00 B-/B1 Samson Investment Co., Initial
Term Loan (Second Lien), 9/10/16 3,081,455
496,250 9.00 NR/NR Shelf Drilling Midco LTD, Term
Loan 10/08/18 504,624
---------------
$ 7,529,020
------------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.3%
1,750,778 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 1,756,599
995,000 2.51 BBB-/Ba1 Tesoro Corp., Initial Term Loan,
1/11/16 1,000,182
---------------
$ 2,756,781
------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.6%
1,548,889 4.75 BB-/B2 American Petroleum Tankers Parent
LLC, Term Loan, 9/15/19 $ 1,559,538
2,050,000 6.50 B/B3 Atlas Energy LP, Loan, 7/22/19 2,085,875
1,605,348 4.00 BB-/Ba2 Vantage Pipeline US LP, Canadian
Term Loan, 8/19/20 1,620,398
---------------
$ 5,265,811
------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.7%
233,333 18.17 NR/NR Bumi Resources Tbk PT, Term
Loan, 8/15/13 $ 233,333
2,500,000 5.50 B+/Ba3 Foresight Energy LLC, Term Loan,
8/19/20 2,509,375
1,995,000 4.75 BB-/Ba3 Murray Energy Corp., Term Loan,
5/20/19 1,994,501
1,303,558 6.75 B/B3 Walter Energy, Inc., B Term Loan,
2/3/18 1,280,281
---------------
$ 6,017,490
---------------
Total Energy $ 37,884,236
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
MATERIALS -- 8.1%
Commodity Chemicals -- 0.5%
1,761,647 4.25 BB-/B1 Taminco Global Chemical Corp.,
Tranche B-2 Dollar Term Loan,
2/15/19 $ 1,774,859
2,459,479 4.50 NR/Ba2 Tronox, Inc., New Term Loan,
1/24/17 2,483,151
---------------
$ 4,258,010
------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.7%
3,435,306 4.75 B+/B1 DuPont Performance Coatings, Inc.,
Initial Term B Loan, 2/1/20 $ 3,475,564
3,120,340 3.50 BBB-/Ba1 Eagle Spinco, Inc., Term Loan,
1/28/17 3,140,492
463,221 5.02 B/B1 General Chemical Holding Co., New
Tranche B Term Loan, 3/9/18 468,432
997,475 0.00 BB-/B1 Ineos Group Holdings, Ltd., Cash
Dollar Term Loan, 5/4/18 1,001,994
1,785,000 4.25 NR/B1 OXEA Sarl, Tranche B-2 Term Loan
(First Lien), 12/6/19 1,791,694
750,000 5.50 B/B1 Royal Adhesives & Sealants LLC,
Term B Loan (First Lien), 7/26/18 758,438
2,244,375 3.75 BB/Ba3 Tata Chemicals North America, Inc.,
Term Loan, 8/8/20 2,248,583
1,489,787 5.00 B+/B2 Univar, Term B Loan, 2/14/17 1,467,906
---------------
$ 14,353,103
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.8%
2,551,462 2.75 NR/NR Chemtura Corp., Term Loan,
8/27/16 $ 2,570,598
1,873,125 4.50 B+/Ba3 AI Chem & Cy SCA, Tranche B-1
Term Loan, 9/12/19 1,888,344
971,875 4.50 B+/Ba3 AI Chem & Cy SCA, Tranche B-2
Term Loan, 9/12/19 979,771
868,631 2.72 BB+/Ba2 Huntsman International LLC, Extended
Term B Loan, 4/19/17 869,868
2,743,125 4.00 BB-/B1 MacDermid, Inc., Tranche B Term
Loan (First Lien), 6/6/20 2,755,469
2,044,687 4.25 B+/NR OMNOVA Solutions, Inc., Term B-1
Loan, 5/31/17 2,060,022
3,574,492 4.50 B+/B2 PQ Corp., 2013 Term Loan, 8/7/17 3,604,811
---------------
$ 14,728,883
------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
487,920 4.25 B/Ba3 CeramTec Acquisition Corp., Dollar
Term B-3 Loan, 8/30/20 $ 490,664
157,952 4.25 B/Ba3 CeramTec Acquisition Corp., Initial
Dollar Term B-2 Loan, 8/30/20 158,841
---------------
$ 649,505
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 29
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.8%
2,983,236 4.50 B/B1 BWAY Holding Co., Initial Term
Loan, 8/31/17 $ 3,006,854
2,693,250 3.75 NR/Ba3 Pact Group Pty, Ltd., Term Loan,
5/22/20 2,678,100
1,342,169 4.25 B/B1 Tank Holdings Corp., Initial Term
Loan, 6/8/19 1,340,491
---------------
$ 7,025,445
------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.5%
1,179,900 7.50 B+/B2 Caraustar Industries, Inc., Term
Loan, 4/25/19 $ 1,204,481
1,243,639 5.00 B/B2 Exopack Holding Corp., Term B
Loan, 5/6/17 1,243,639
1,581,638 4.00 BB/Ba1 Sealed Air Corp., Term B-1 Facility,
10/3/18 1,596,071
---------------
$ 4,044,191
------------------------------------------------------------------------------------------------------
Aluminum -- 0.5%
696,999 6.00 NR/B1 Constellium Holdco BV, Initial Dollar
Term Loan, 3/1/20 $ 716,166
270,875 5.75 B/B1 Noranda Aluminum Holding Corp.,
Term B Loan, 2/17/19 249,882
1,458,773 3.75 BB-/Ba2 Novelis, Inc. Georgia, Initial Term
Loan, 3/10/17 1,467,890
2,100,000 0.00 NR/B2 TurboCombustor Technology, Inc.,
10/18/20 2,092,136
---------------
$ 4,526,074
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.9%
4,218,829 5.25 BB+/Ba1 Fortescue Metals Group, Ltd., Term
Loan, 9/18/17 $ 4,235,848
3,030,206 4.00 BB-/B1 US Silica Co., Term Loan, 5/31/20 3,041,569
---------------
$ 7,277,417
------------------------------------------------------------------------------------------------------
Steel -- 0.6%
1,740,000 3.50 BB+/B1 ABC Supply, Inc., Term B Loan,
4/5/20 $ 1,744,954
990,000 8.75 B/B1 Essar Steel Algoma, Inc., Term
Loan, 9/12/14 1,007,325
1,751,833 4.75 BB-/B2 JMC Steel Group, Inc., Term
Loan, 2/15/17 1,762,213
352,015 4.00 BB+/Ba1 SunCoke Energy, Inc., Tranche B
Term Loan, 7/21/18 351,346
---------------
$ 4,865,838
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Paper Products -- 0.7%
3,491,250 5.75 B+/Ba3 Appvion, Inc., Term
Commitment, 6/4/19 $ 3,530,527
510,000 0.00 B/B1 Exopack LLC, 4/14/19 517,015
1,754,631 4.50 NR/NR Ranpak Corp., USD Term
Loan, 4/10/19 1,767,790
---------------
$ 5,815,332
---------------
Total Materials $ 67,543,798
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.1%
Aerospace & Defense -- 3.3%
2,731,862 4.00 B+/B1 Accudyne Industries Borrower,
Refinancing Term Loan, 12/13/19 $ 2,733,002
1,750,000 0.00 BBB-/NR Alliant Techsystems, Inc., 10/22/20 1,760,202
2,352,274 6.25 B-/B2 DAE Aviation Holdings, Inc.,
Tranche B-1 Loan, 10/18/18 2,371,386
1,066,366 6.25 B/B2 DAE Aviation Holdings, Inc.,
Tranche B-2 Loan, 10/18/18 1,075,030
2,779,267 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 2,798,352
3,108,539 6.31 BB-/WR DynCorp International, Inc., Term
Loan, 7/7/16 3,137,035
1,169,408 6.52 BB/B1 Hunter Defense Technologies, Inc.,
Series 1 New Term Loan, 8/22/14 1,116,785
615,569 3.52 B/B3 Hunter Defense Technologies, Inc.,
Term Loan, 8/22/14 592,485
370,424 6.50 NR/NR PRV Aerospace LLC, Term Loan,
5/9/18 372,045
1,637,625 5.25 B/B1 Sequa Corp., Initial Term Loan,
5/29/17 1,653,746
1,945,225 5.50 B+/B1 SI Organization, Inc., New Tranche B
Term Loan, 11/22/16 1,940,362
1,240,601 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 3/27/19 1,250,939
2,579,304 4.50 BB-/B1 Tasc, Inc., New Tranche B Term Loan,
4/25/15 2,479,356
2,294,221 3.75 B/Ba3 TransDigm, Inc., Tranche C Term Loan,
2/28/20 2,300,347
1,827,500 0.00 B/B1 WPP Plc, 1st Lien Term Loan,
12/21/19 1,833,591
---------------
$ 27,414,663
------------------------------------------------------------------------------------------------------
Building Products -- 1.6%
2,700,000 5.50 B/B2 Armacell International GmbH, Term
Loan B (First Lien), 6/27/20 $ 2,706,750
2,513,497 3.50 BB-/B1 Armstrong World Industries, Inc.,
Term Loan B, 2/26/20 2,523,315
1,994,966 4.25 BB-/B2 NCI Building Systems, Inc., Tranche B
Term Loan, 6/4/19 2,001,200
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 31
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Building Products -- (continued)
2,910,000 0.00 B+/B1 Quikrete Co, Inc., Term Loan,
9/19/20 $ 2,927,678
1,235,659 5.00 B+/B1 Summit Materials LLC, Term B
Loan, 1/30/19 1,241,838
1,736,875 4.25 B+/B1 Unifrax Corp., New Term B Loan,
12/31/19 1,744,682
---------------
$ 13,145,463
------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
2,900,000 6.75 B+/B2 International Equipment Solutions
LLC, Initial Loan, 7/25/19 $ 2,883,688
------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.3%
493,750 7.00 NR/NR Pelican Products, Inc., Term Loan
(First Lien), 8/15/18 $ 495,602
2,079,000 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term
Loan, 4/13/17 2,091,994
---------------
$ 2,587,596
------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.8%
1,604,128 4.25 B/Ba3 Faenza GmbH, Initial Dollar Term
B-1 Loan, 7/30/20 $ 1,613,151
2,090,747 4.25 B/B1 Milacron LLC, Term Loan, 3/12/20 2,091,619
3,136,370 5.00 B+/B2 Pro Mach, Inc., Term Loan, 7/16/17 3,157,932
---------------
$ 6,862,702
------------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.5%
585,000 5.75 B/Ba3 Navistar International Corp.,
Tranche B Term Loan, 7/31/17 $ 595,694
1,742,929 4.50 BB+/Ba1 Terex Corp., New US Term Loan,
4/28/17 1,752,733
355,492 4.25 BB/Ba2 The Manitowoc Co., Inc., Term B
Loan, 10/11/17 356,600
1,811,140 4.50 B+/B2 Waupaca Foundry, Inc., Term
Loan, 6/29/17 1,820,196
---------------
$ 4,525,223
------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.8%
2,646,146 3.25 BB+/Ba2 Colfax Corp., Replacement Term B
Loan, 1/11/19 $ 2,651,107
793,214 4.75 B+/B2 Edwards Cayman Islands II, Ltd.,
Initial Term Loan (First Lien), 3/5/20 795,693
3,500,000 4.25 B/B1 Gardner Denver, Inc., Initial Dollar
Term Loan, 7/23/20 3,505,768
2,401,830 4.25 NR/Ba3 Schaeffler AG, Facility C (USD),
1/27/17 2,420,132
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Industrial Machinery -- (continued)
2,025,113 5.50 B+/B1 Transtar Holding Co., Term Loan
(First Lien), 9/13/18 $ 2,035,238
2,019,938 5.50 B+/B3 Wastequip, Inc., Term Loan, 8/8/19 2,035,087
1,406,475 6.25 BB-/Ba3 Xerium Technologies, Inc., New
Term Loan, 5/2/19 1,415,265
---------------
$ 14,858,290
------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.4%
497,500 3.00 BB/Ba1 The Hertz Corp., Tranche B-2 Term
Loan, 3/11/18 $ 498,744
3,157,835 4.50 BB-/Ba3 WESCO International, Inc.,
Tranche B-1 Loan, 12/4/19 3,182,308
---------------
$ 3,681,052
---------------
Total Capital Goods $ 75,958,677
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 4.7%
Commercial Printing -- 0.4%
1,229,261 6.25 B+/Ba3 Cenveo Corp., Term B Loan, 4/4/20 $ 1,246,932
2,150,000 4.25 B+/Ba3 Multi Packaging Solutions, Inc.,
Initial Term Loan, 8/8/20 2,159,853
---------------
$ 3,406,785
------------------------------------------------------------------------------------------------------
Environmental & Facilities
Services -- 1.2%
689,500 3.50 BB+/Baa3 Covanta Holding Corp., Term
Loan, 3/1/19 $ 694,097
1,995,000 3.75 NR/NR ISS AS, New Term B Loan, 3/26/18 2,001,859
2,473,582 3.50 BBB-/Ba1 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/31/19 2,482,858
1,488,750 6.25 B-/B2 Tervita Corp., Term Loan, 2/11/18 1,492,007
1,588,198 4.00 B+/B1 Waste Industries USA, Inc., Term B
Loan, 2/23/17 1,594,154
1,997,049 4.00 B+/B1 WCA Waste Corp., Term Loan,
3/23/18 2,002,042
---------------
$ 10,267,017
------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.7%
1,626,473 0.00 NR/NR IAP Worldwide Services, Inc., Term
Loan (First Lien), 12/31/15 $ 772,575
502,553 8.00 B-/B2 infoGROUP, Inc., Term B Loan,
5/10/18 444,760
990,358 3.75 BB-/Ba3 KAR Auction Services, Inc., Term
Loan, 4/26/17 996,697
1,638,922 6.25 B-/B1 Language Line Services Holdings,
Inc., Tranche B Term Loan, 5/30/16 1,634,824
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 33
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Diversified Support
Services -- (continued)
1,750,000 0.00 B+/Ba3 TMS International Corp., Term
Loan, 10/4/20 $ 1,756,562
114,935 15.00 NR/NR Velo Holdings, Inc., Term Loan,
12/3/17 116,085
---------------
$ 5,721,503
------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 1.4%
1,664,639 5.25 B+/Ba3 Allied Security Holdings LLC, Term
Loan (First Lien), 1/21/17 $ 1,675,737
2,284,855 5.75 BB/Ba1 Garda World Security Corp., Term B
Loan, 10/24/19 2,291,995
3,383,885 4.25 B/Ba3 Monitronics International, Inc.,
Term B Loan, 3/23/18 3,416,313
2,337,812 4.25 B+/B1 Protection One, Inc., Term Loan
(2012), 3/20/19 2,343,656
2,349,098 3.25 BB/Ba3 The Geo Group, Inc., Term Loan,
3/28/20 2,346,161
---------------
$ 12,073,862
------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.3%
2,299,372 3.50 BB-/Ba2 On Assignment, Inc., Initial Term B
Loan, 5/16/20 $ 2,298,413
------------------------------------------------------------------------------------------------------
Research & Consulting
Services -- 0.7%
3,291,750 5.25 NR/B1 Sourcehov LLC, Term Loan,
4/30/18 $ 3,318,495
2,715,251 5.00 BB-/Ba3 Wyle Services Corp., Term Loan
(First Lien), 3/31/17 2,705,633
---------------
$ 6,024,128
---------------
Total Commercial Services
& Supplies $ 39,791,708
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 3.3%
Air Freight & Logistics -- 0.5%
496,250 6.50 B/B2 Air Medical Group Holdings, Inc.,
B-1 Term Loan, 5/29/18 $ 504,314
731,882 5.25 CCC+/B2 CEVA Group Plc, Dollar Tranche B
Pre-Funded Term Loan, 8/31/16 705,808
301,545 5.24 CCC+/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 293,177
1,033,502 5.21 CCC+/B2 CEVA Group Plc, US Tranche B Term
Loan, 8/31/16 1,007,018
1,720,688 6.75 B-/B2 Ozburn-Hessey Holding Co LLC, Term
Loan, 5/7/19 1,727,140
---------------
$ 4,237,457
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Airlines -- 1.9%
1,600,000 5.50 B+/B2 Air Canada, Term Loan, 9/20/19 $ 1,613,333
1,609,727 5.75 BB-/Ba3 Allegiant Travel Co., Term Loan,
2/17/17 1,623,813
4,029,900 4.75 NR/WR American Airlines, Inc., Class B
Term Loan, 6/21/19 4,062,643
1,860,338 3.25 BB-/Ba3 Atlantic Aviation FBO, Inc., Term
Loan (2013), 5/16/20 1,860,338
744,375 4.00 BB-/Ba1 Delta Air Lines, Inc., New Term B-1
Loan, 10/18/18 748,767
1,759,500 4.25 BB/Ba1 Delta Air Lines, Inc., Term Loan,
3/29/17 1,770,812
1,741,250 4.00 BB-/Ba2 United Air Lines, Inc., Class B Term
Loan, 3/12/19 1,754,092
908,036 4.25 BB-/B2 US Airways, Inc., Tranche B1 Term
Loan, 5/7/19 910,793
1,513,393 3.50 BB-/B2 US Airways, Inc., Tranche B2 Term
Loan, 11/7/16 1,520,960
---------------
$ 15,865,551
------------------------------------------------------------------------------------------------------
Marine -- 0.3%
2,085,000 0.00 BB/Ba3 Navios Maritime Partners LP, Term
Loan, 6/27/18 $ 2,120,841
------------------------------------------------------------------------------------------------------
Trucking -- 0.3%
1,155,786 4.00 BB/Ba2 Swift Transportation Co. LLC,
Tranche B-2 Term Loan (2013),
12/21/17 $ 1,165,322
1,700,000 5.25 B/Ba3 Syncreon Group B.V., Term Loan,
9/26/20 1,683,000
---------------
$ 2,848,322
------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.3%
2,344,125 4.50 B/B3 Lineage Logistics LLC, Term
Loan, 4/25/19 $ 2,345,102
---------------
Total Transportation $ 27,417,273
------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 3.0%
Auto Parts & Equipment -- 2.7%
1,995,000 4.75 B/B2 Affinia Group, Inc., Tranche B-2 Term
Loan, 4/12/20 $ 2,017,444
400,517 3.18 BB-/Ba3 Allison Transmission, Inc., New Term
B-2 Loan, 8/7/17 402,519
1,931,183 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 1,947,176
773,866 2.12 B/B1 Federal-Mogul Corp., Tranche B Term
Loan, 12/29/14 767,233
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 35
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Auto Parts &
Equipment -- (continued)
456,626 2.12 B/B1 Federal-Mogul Corp., Tranche C Term
Loan, 12/28/15 $ 452,712
2,889,352 5.00 B+/B2 HHI Holdings LLC, Additional Term
Loan, 10/5/18 2,918,245
4,116,928 5.00 B+/B1 Metaldyne Corp., USD Term Loan,
12/19/18 4,149,522
1,939,074 4.25 B+/B1 Remy International, Inc., Term B
Loan 2013, 2/28/20 1,953,618
1,260,577 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 1,275,941
1,382,633 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 1,389,201
3,606,898 4.75 B+/B1 Tower Automotive Holdings USA LLC,
Refinancing Term Loan (First Lien),
4/23/20 3,658,747
1,872,711 5.50 B/Ba2 UCI International, Inc., Term Loan,
7/4/17 1,884,415
---------------
$ 22,816,773
------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
2,175,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co.,
Term Loan (Second Lien), 3/27/19 $ 2,198,790
---------------
Total Automobiles & Components $ 25,015,563
------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 2.5%
Home Furnishings -- 0.5%
2,445,531 5.00 B+/B1 AOT Bedding Super Holdings LLC,
Term Loan, 8/29/19 $ 2,466,930
1,486,717 3.50 BB/Ba3 Tempur Sealy International, Inc.,
3/18/20 1,486,097
---------------
$ 3,953,027
------------------------------------------------------------------------------------------------------
Homebuilding -- 0.1%
500,000 0.00 BBB/NR Allegion US Holding Co, Inc.,
12/26/20 $ 501,250
------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.9%
1,120,000 2.92 BBB-/Ba1 Jarden Corp., Tranche B1 Term
Loan, 9/18/20 $ 1,122,567
2,299,083 3.78 BB-/Ba3 Prestige Brands, Inc., Term B-1
Loan, 1/31/19 2,318,002
2,581,255 4.75 B+/B1 Reynolds Group Holdings, Ltd., U.S.
Term Loan, 9/21/18 2,605,294
1,591,501 5.50 B+/B1 World Kitchen LLC, U.S. Term Loan,
2/13/19 1,600,453
---------------
$ 7,646,316
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
2,028,857 4.00 B+/B1 Bombardier Recreational Products,
Inc., Term B Loan, 7/17/19 $ 2,039,001
487,160 5.25 B/B2 Leslie's Poolmart, Tranche B Term
Loan, 10/1/19 490,083
---------------
$ 2,529,084
------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.5%
2,917,600 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 2,931,047
1,606,822 5.75 B/B2 Renfro Corp., Tranche B Term
Loan, 1/23/19 1,604,814
---------------
$ 4,535,861
------------------------------------------------------------------------------------------------------
Textiles -- 0.2%
2,060,944 5.75 B/Ba3 Kloeckner Pentaplast SA, Term B-1
Loan, 12/14/16 $ 2,073,825
---------------
Total Consumer Durables & Apparel $ 21,239,363
------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 7.1%
Casinos & Gaming -- 1.5%
2,000,000 4.00 BB-/Ba3 Boyd Gaming Corp., Term B Loan,
8/8/20 $ 2,004,250
120,313 9.50 B-/B3 Caesars Entertainment Operating
Co., Inc., Term B-4 Loan, 10/31/16 120,519
930,000 5.49 B-/B3 Caesars Entertainment Operating
Co., Inc., Term B-6 Loan, 1/28/18 875,233
35,094 2.67 BBB-/Ba2 Las Vegas Sands Corp., Delayed
Draw I Term Loan (Extending),
11/23/16 35,105
833,607 2.67 BBB-/Ba2 Las Vegas Sands Corp., Delayed
Draw II Term Loan (Extending),
11/23/16 833,998
174,608 2.67 BBB-/Ba2 Las Vegas Sands Corp., Tranche B
Term Loan (Extending), 11/23/16 174,690
2,981,231 3.50 BB/Ba2 MGM Resorts International, Term B
Loan, 12/13/19 2,985,268
2,000,000 0.00 BB+/Ba1 Penn National Gaming, Inc.,
10/25/20 2,007,500
798,000 3.75 BB+/Ba2 Pinnacle Entertainment, Inc.,
Tranche B-2 Term Loan, 8/5/20 799,662
2,750,250 3.00 BBB-/Baa3 Seminole Tribe of Florida, Inc.,
Initial Term Loan, 4/11/20 2,755,979
---------------
$ 12,592,204
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 37
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise
Lines -- 1.4%
2,800,000 4.25 BB-/B1 Four Seasons Hotels, Inc., Term
Loan (First Lien), 6/24/20 $ 2,831,500
2,394,000 4.50 BB-/B3 Great Wolf Resorts, Inc., Term B
Loan, 7/31/20 2,403,351
1,500,000 4.00 BB/Ba3 Hilton Worldwide, Inc., Initial Term
Loan, 9/23/20 1,510,407
1,700,000 4.50 B/B1 Sabre, Inc., Incremental Term Loan,
2/19/19 1,704,240
1,074,117 5.25 B/B1 Sabre, Inc., Term B Loan, 2/1/19 1,085,817
1,681,250 4.75 BB-/Ba2 Seven Seas Cruises S de RL LLC,
Term B-1 Loan, 12/21/18 1,700,164
---------------
$ 11,235,479
------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.8%
1,545,281 3.25 BB+/Ba1 Cedar Fair LP, U.S. Term Facility,
2/20/20 $ 1,551,353
2,802,975 3.00 BB-/Ba3 SeaWorld Parks & Entertainment,
Inc., Term B-2 Loan, 5/13/20 2,783,996
2,457,813 4.00 BB+/Ba2 Six Flags Entertainment Corp.,
Tranche B Term Loan, 11/23/18 2,476,458
---------------
$ 6,811,807
------------------------------------------------------------------------------------------------------
Restaurants -- 2.1%
2,622,555 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 2,634,244
2,038,767 3.75 BB-/Ba2 DineEquity, Inc., Term B-2 Loan,
10/19/17 2,054,786
2,872,099 3.75 B+/B2 Dunkin' Brands, Inc., Term B-3 Loan,
2/28/20 2,885,463
2,300,238 4.75 BB-/Ba3 Landry's, Inc., B Term Loan, 3/22/18 2,321,325
1,929,833 4.50 NR/Ba3 NPC Restaurant Holdings LLC, Term
Loan, 12/28/18 1,949,132
2,486,775 5.25 B/Ba3 PF Chang's China Bistro, Inc., Term
Borrowing, 5/15/19 2,510,089
3,370,449 3.25 BB-/B1 Wendy's International, Inc., Term B
Loan, 5/15/19 3,381,508
---------------
$ 17,736,547
------------------------------------------------------------------------------------------------------
Education Services -- 0.8%
1,966,397 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 1,979,178
3,241,044 5.00 B/NR Laureate Education, Inc., New
Series 2018 Extended Term Loan,
6/16/18 3,266,703
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Education Services -- (continued)
1,243,750 9.00 NR/B2 McGraw-Hill Global Education
Holdings LLC, Term B Loan, 3/4/19 $ 1,266,682
---------------
$ 6,512,563
------------------------------------------------------------------------------------------------------
Specialized Consumer
Services -- 0.5%
4,776,000 3.75 BB/Ba2 Weight Watchers International, Inc.,
Initial Tranche B-2 Term Loan, 4/2/20 $ 4,394,665
---------------
Total Consumer Services $ 59,283,265
------------------------------------------------------------------------------------------------------
MEDIA -- 7.8%
Advertising -- 1.1%
3,089,120 4.25 B+/B1 Advantage Sales & Marketing LLC,
2013 Term Loan (First Lien),
12/17/17 $ 3,106,978
2,650,934 6.50 B-/B2 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 2,626,081
1,786,500 4.50 B/B1 Crossmark Holdings, Inc., Term Loan
(First Lien), 1/31/20 1,779,801
1,809,277 4.75 B/B2 Getty Images, Inc., Initial Term Loan,
9/17/19 1,594,991
36,635 4.00 BB+/Baa3 Lamar Advertising Co., Term B Loan,
10/1/16 36,718
---------------
$ 9,144,569
------------------------------------------------------------------------------------------------------
Broadcasting -- 2.7%
2,194,500 2.67 BBB-/Baa3 CSC Holdings LLC, Term B Loan,
4/17/20 $ 2,179,002
2,238,275 5.02 BB-/Ba3 Entercom Communications Corp.,
Term B-1 Loan, 11/7/18 2,255,527
2,706,241 5.50 B/B2 Fox Acquisition Sub LLC, Initial Term
Loan, 7/1/17 2,721,464
454,402 4.75 BB/Ba3 Gray Television, Inc., Initial Term Loan,
10/11/19 457,242
2,306,474 4.50 B+/B1 Hubbard Broadcasting, Inc.,
Tranche 1 Term Loan, 3/24/17 2,323,772
2,829,247 4.75 B/B1 NEP Broadcasting LLC, Refinanced
New Term Loan (First Lien), 1/3/20 2,849,052
1,500,000 3.25 BB-/B1 Quebecor Media, Inc., Facility B-1
Tranche, 8/1/20 1,485,626
2,696,396 4.50 B/B2 Salem Communications Corp., Term
Loan, 3/15/20 2,712,103
727,961 3.00 NR/Ba1 Sinclair Broadcast Group, Inc., New
Tranche B Term Loan, 10/29/16 719,917
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 39
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
2,502,725 3.50 BB-/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 $ 2,512,110
243,950 3.50 B+/Ba3 TWCC Holding Corp., Term Loan,
2/11/17 245,104
1,159,183 4.50 B+/B2 Univision Communications, Inc.,
2013 Converted Extended First-Lien
Term Loan, 2/22/20 1,164,798
746,250 4.00 B+/B2 Univision Communications, Inc.,
2013 Incremental Term Loan,
3/1/20 746,316
497,500 4.50 B+/B2 Univision Communications, Inc.,
2013 New First-Lien Term Loan,
3/1/20 500,032
---------------
$ 22,872,065
------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.7%
2,575,937 3.50 BB-/Ba2 Cequel Communications Holdings I
LLC, Term Loan, 1/31/19 $ 2,581,733
4,887,750 3.00 BB+/Baa3 Charter Communications Operating
LLC, Term F Loan, 1/1/21 4,849,056
1,732,500 4.00 BB-/Ba3 MCC Georgia LLC, Tranche G Term
Loan, 2/8/20 1,735,735
478,800 3.25 BB-/Ba3 MCC Georgia LLC, Tranche H Term
Loan, 5/23/21 477,304
2,750,000 3.50 NR/Ba3 Virgin Media Investment Holdings,
Ltd., New Term B Loan, 2/6/20 2,751,908
1,678,449 4.75 B/B1 WideOpenWest Finance LLC, Term B
Loan, 3/27/19 1,693,451
---------------
$ 14,089,187
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.5%
1,674,402 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term
Loan, 4/30/20 $ 1,676,495
576,575 3.75 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 3/31/16 578,737
1,496,250 4.00 B+/B1 Hoyts Cinemas Group, Term B Loan, 5
/29/20 1,499,055
1,259,644 3.50 BB/Ba3 Live Nation Entertainment, Inc.,
Term B-1 Loan, 8/16/20 1,262,793
221,863 6.75 NR/NR LodgeNet Interactive Corp., Loan, 3
/28/18 106,494
2,628,048 3.50 BB-/Ba2 Rovi Solutions Corp., 3/29/19 2,619,015
1,995,000 3.50 BB+/Ba1 Seminole Hard Rock Entertainment,
Inc., New Term Loan B, 4/29/20 2,001,234
3,175,000 3.75 BB-/Ba3 WMG Acquisition Corp., Tranche B
Refinancing Term Loan, 7/3/20 3,177,480
---------------
$ 12,921,303
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Publishing -- 0.8%
1,745,242 4.75 D/WR Cengage Learning Acquisitions, Inc.,
Original Term Loan, 7/4/14 $ 1,276,936
2,535,535 3.75 B+/Ba3 Interactive Data Corp., Refinanced
Term Loan, 2/11/18 2,540,289
2,391,476 4.25 BB-/Ba3 MTL Publishing LLC, Term B Loan,
11/14/17 2,410,410
---------------
$ 6,227,635
---------------
Total Media $ 65,254,759
------------------------------------------------------------------------------------------------------
RETAILING -- 2.2%
Distributors -- 0.1%
1,115,000 4.25 B+/B2 Coinmach Corp., Initial Term Loan
(First Lien), 5/8/19 $ 1,115,465
------------------------------------------------------------------------------------------------------
Department Stores -- 0.2%
1,700,000 0.00 B/B2 The Neiman Marcus Group, Inc.,
10/18/20 $ 1,713,104
------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
965,152 4.00 B/B1 J Crew Group, Inc., Term B-1 Loan,
3/7/18 $ 969,777
------------------------------------------------------------------------------------------------------
Computer & Electronics
Retail -- 0.1%
1,238,487 12.00 B/B2 Targus Group International, Term
Loan, 5/12/16 $ 1,114,639
------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.6%
3,436,989 4.50 B/B1 Apex Tool Group LLC, Term Loan,
2/1/20 $ 3,461,811
1,676,193 4.25 B+/WR The Hillman Group, Inc., Term Loan,
5/31/16 1,690,860
---------------
$ 5,152,671
------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
1,990,000 3.75 BB-/Ba3 Michaels Stores, Inc., Term B
Loan, 1/16/20 $ 1,999,054
------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.8%
571,126 3.00 BB/Ba1 Avis Budget Car Rental LLC,
Tranche B Term Loan, 3/15/19 $ 571,126
2,492,700 4.25 BB/Ba1 Chrysler Group LLC, Term Loan B,
5/24/17 2,518,485
1,938,750 6.25 B+/B1 Sequa Automotive Group, Term Loan,
11/1/18 1,946,020
1,736,875 3.75 BB/Ba1 The Hertz Corp., Tranche B1 Term
Loan, 3/11/18 1,746,826
---------------
$ 6,782,457
---------------
Total Retailing $ 18,847,167
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 41
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.6%
Drug Retail -- 0.1%
997,494 4.00 BB-/B1 Rite Aid Corp., Tranche 6 Term Loan,
2/21/20 $ 1,003,208
------------------------------------------------------------------------------------------------------
Food Distributors -- 1.0%
2,091,346 5.75 B/B1 AdvancePierre Foods, Term Loan
(First Lien), 6/17/17 $ 2,107,903
1,496,250 4.75 BB-/B1 Clearwater Seafoods LP, Term Loan B
2013, 6/26/19 1,504,978
2,493,750 4.75 B+/B1 CSM Bakery Supplies, Term Loan,
5/23/20 2,487,516
850,000 3.25 BB-/Ba3 Pinnacle Foods Finance LLC,
Tranche H Term Loan, 4/29/20 850,000
1,778,000 5.00 BB-/B1 Windsor Quality Food Co, Ltd.,
Tranche B Term Loan, 1/11/17 1,771,332
---------------
$ 8,721,729
------------------------------------------------------------------------------------------------------
Food Retail -- 0.5%
725,000 0.00 NR/NR Albertsons LLC, 3/21/19 $ 726,133
2,972,620 4.75 BB-/NR Albertsons LLC, Term B-2 Loan,
3/21/19 2,983,138
369,267 5.75 B+/B1 Roundy's Supermarkets, Inc.,
Tranche B Term Loan, 1/24/19 365,666
---------------
$ 4,074,937
---------------
Total Food & Staples Retailing $ 13,799,874
------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.0%
Distillers & Vintners -- 0.3%
2,481,250 2.75 BB+/NR Constellation Brands, Inc., European
Term B Loan, 4/29/20 $ 2,482,180
------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.4%
3,065,986 4.50 B/Ba3 Arysta Lifescience SPC LLC, Initial
Term Loan (First Lien), 5/22/20 $ 3,086,399
------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.3%
1,345,191 4.25 B+/NR Acosta, Inc., Term B Loan, 9/25/17 $ 1,351,637
3,029,843 4.00 B/B1 Del Monte Foods Co., Initial Term
Loan, 2/3/18 3,038,554
1,550,000 0.00 B-/Ba3 Dole Food Co, Inc., 10/25/18 1,559,370
1,094,500 3.75 B+/Ba3 Dole Food Co, Inc., Tranche B Term
Loan, 4/1/20 1,097,920
1,895,250 5.00 B+/B1 GFA Brands, Inc., Term Loan, 7/9/20 1,908,674
691,265 6.50 NR/NR Hearthside Food Solutions LLC, Term
Loan A, 5/7/18 692,129
1,995,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan,
3/27/20 2,012,335
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Packaged Foods &
Meats -- (continued)
500,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan,
2/25/20 $ 515,000
1,985,000 3.75 BB/Ba2 JBS USA LLC, Initial Term Loan,
5/25/18 1,994,925
2,405,622 4.25 B+/Ba3 Michael Foods, Inc., Term B Facility,
2/14/18 2,425,921
3,121,315 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New
Term Loan G, 4/16/20 3,121,593
---------------
$ 19,718,058
---------------
Total Food, Beverage & Tobacco $ 25,286,637
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 2.3%
Household Products -- 1.6%
2,350,000 4.75 B+/B1 Berlin Packaging LLC, Term Loan
(First Lien) 2013, 4/3/19 $ 2,367,136
1,500,000 0.00 B/B1 Britax US Holdings, Inc., 10/8/20 1,509,750
1,217,283 4.50 BB/Ba3 Spectrum Brands Holdings, Inc.,
Initial U.S. Term Loan, 10/9/19 1,223,751
2,020,000 3.50 BB/Ba3 Spectrum Brands Holdings, Inc.,
Tranche C Term Loan, 8/13/19 2,027,785
1,766,698 4.00 BB-/B1 SRAM Corp., Term Loan (First Lien),
5/12/18 1,760,073
1,492,500 5.50 B-/B1 The Sun Products Corp., Tranche B
Term Loan, 3/6/20 1,441,506
26,284 5.25 B-/B2 Wash Multifamily Laundry Systems,
U.S. Term Loan, 1/22/19 26,415
1,913,445 4.53 B/B1 WNA Holdings, Inc., USD Term Loan
(Canadian Borrower Portion), 6/7/20 1,928,992
1,039,402 4.53 B/B1 WNA Holdings, Inc., USD Term Loan
(U.S. Borrower Portion), 6/7/20 1,047,848
---------------
$ 13,333,256
------------------------------------------------------------------------------------------------------
Personal Products -- 0.7%
2,076,786 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 2,093,444
1,700,000 4.00 B+/Ba2 Revlon Consumer Products Corp.,
Acquisition Term Loan, 8/19/19 1,708,131
2,386,292 4.00 B+/Ba2 Revlon Consumer Products Corp.,
Replacement Term Loan, 11/19/17 2,404,562
---------------
$ 6,206,137
---------------
Total Household & Personal
Products $ 19,539,393
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 43
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 6.7%
Health Care Equipment -- 0.4%
962,879 3.75 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B
Term Loan, 8/1/19 $ 969,646
759,131 4.50 BB-/Ba3 Kinetic Concepts, Inc., Dollar Term
D-1 Loan, 5/4/18 766,248
1,300,000 4.50 BB-/NR Kinetic Concepts, Inc., Incremental
Term D-1 Loan, 5/4/18 1,317,875
---------------
$ 3,053,769
------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
872,813 3.69 BB-/B1 Biomet, Inc., Dollar Term B-2 Loan,
7/25/17 $ 880,447
2,088,712 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan,
8/19/18 2,103,506
---------------
$ 2,983,953
------------------------------------------------------------------------------------------------------
Health Care Services -- 3.5%
717,646 6.50 NR/NR AccentCare, Inc., Term Loan,
12/22/16 $ 322,941
897,750 4.25 B+/B1 Alliance HealthCare Services, Inc.,
Initial Term Loan, 5/31/19 891,017
282,863 6.75 B+/B1 Ardent Medical Services, Inc., 1st
Lien Term Loan, 5/2/18 284,807
1,312,500 6.50 NR/B2 BioScrip, Inc., Delayed Draw Term
Loan, 7/22/20 1,299,375
2,187,500 6.50 B/B2 BioScrip, Inc., Initial Term B Loan,
7/22/20 2,165,625
1,525,000 4.00 B+/Ba3 BSN Medical GmbH & Co. KG,
Facility B1A, 8/28/19 1,536,438
2,332,375 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan,
8/1/19 2,348,202
2,862,963 4.00 B+/B1 Envision Healthcare Corp., Initial
Term Loan, 4/5/18 2,874,976
2,335,000 6.50 B/B2 Gentiva Health Services, Inc., Initial
Term B Loan, 10/10/19 2,326,606
1,272,885 0.00 B+/WR Gentiva Health Services, Inc., Term B1
Term Loan Retired 10/18/2013,
2/22/16 1,273,284
898,239 7.50 B/B2 inVentiv Health, Inc., Consolidated
Term Loan, 8/4/16 886,450
1,720,888 6.50 B+/B1 National Mentor Holdings, Inc.,
Tranche B-1 Term Loan, 2/9/17 1,737,021
775,000 5.75 B/B2 National Surgical Hospitals, Inc.,
Term Loan, 7/11/19 776,938
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
1,029,000 5.75 D/WR Rural, Term Loan (First Lien),
3/28/18 $ 978,193
1,995,000 4.25 B+/B1 Sedgwick Claims Management
Services, Inc., Term Loan B (First
Lien), 6/10/18 2,003,106
1,995,000 6.75 B/B2 Steward Health Care System LLC,
Term Loan, 4/12/20 1,962,581
764,207 6.00 B/B2 Surgery Center Holdings, Inc., Term
Loan (First Lien), 4/11/19 764,666
1,697,995 0.00 B+/Ba3 Truven Health Analytics, Inc., New
Tranche B Term Loan, 5/23/19 1,703,811
2,125,000 5.25 B/Ba3 US Renal Care, Inc., Tranche B-1
Term Loan (First Lien), 7/3/19 2,131,641
1,215,625 7.25 B+/B1 Virtual Radiologic Corp., Term
Loan A, 11/3/16 808,391
---------------
$ 29,076,069
------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.4%
1,003,404 3.76 BB/Ba2 Community Health Systems, Inc.,
Extended Term Loan, 7/25/14 $ 1,008,282
333,654 2.92 BB/Ba3 HCA, Inc., Tranche B-4 Term Loan,
5/1/18 334,785
1,072,644 4.50 B/Ba3 IASIS Healthcare LLC, Term B-2
Loan, 5/3/18 1,081,086
2,396,356 4.25 B+/WR Kindred Healthcare, Inc., Term B-1
Loan, 6/1/18 2,400,849
2,481,250 2.68 BB-/Ba1 LifePoint Hospitals, Inc., Incremental
Term Loan B, 7/24/17 2,495,192
1,488,769 7.00 B/B3 RegionalCare Hospital Partners, Inc.,
Term Loan (First Lien 2013), 11/4/18 1,481,325
420,111 4.00 BB-/Ba2 Select Medical Corp., Series C
Tranche B Term Loan, 6/1/18 422,736
325,711 4.25 B/B1 United Surgical Partners International,
Inc., Extended Term Loan, 4/3/17 327,133
1,790,995 4.75 B/B1 United Surgical Partners
International, Inc., New Tranche B
Term Loan, 4/3/19 1,799,660
553,788 2.42 BB+/Ba2 Universal Health Services, Inc.,
Tranche B-1 Term Loan, 11/30/16 556,834
---------------
$ 11,907,882
------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
290,581 9.75 B+/B2 AVETA, MSO Term Loan, 12/12/17 $ 293,124
399,550 9.75 B+/B2 MMM Holdings, Inc., Term Loan,
10/9/17 401,798
---------------
$ 694,922
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 45
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Health Care Technology -- 1.0%
1,650,259 4.00 B+/Ba3 Convatec, Inc., Dollar Term Loan,
12/1/16 $ 1,663,309
2,494,764 3.75 BB-/Ba3 Emdeon, Inc., Term B-2 Loan,
11/2/18 2,506,197
1,673,296 5.25 B/B1 Healogics, Inc., First Lien Term
Loan B, 2/5/19 1,689,510
988,473 3.75 BB-/Ba3 IMS Health, Inc., Tranche B-1 Dollar
Term Loan, 8/26/17 995,114
1,586,713 4.00 BB-/Ba3 MedAssets, Inc., Term B Loan,
11/20/19 1,592,407
---------------
$ 8,446,537
---------------
Total Health Care Equipment
& Services $ 56,163,132
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 2.7%
Biotechnology -- 1.0%
3,255,155 3.50 BB+/Ba3 Alkermes, Inc., 2019 Term Loan,
9/25/19 $ 3,263,293
2,107,565 6.00 B+/B2 Aptalis Pharma, Inc., Term B Loan,
10/20/20 2,125,128
2,973,908 4.25 BB+/Ba1 Grifols, Inc., New U.S. Tranche B
Term Loan, 6/4/17 3,000,673
---------------
$ 8,389,094
------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.5%
2,442,872 5.00 B/B1 Generic Drug Holdings, Inc., Closing
Date Term Loan, 10/4/19 $ 2,461,194
2,109,713 3.50 BB+/Ba3 Jazz Pharmaceuticals, Inc., Tranche 1
Term Loan, 6/12/18 2,122,459
882,548 5.25 B+/B2 Medpace, Inc., Term B Loan, 5/20/17 882,548
1,980,038 4.25 B+/B1 Par Pharmaceutical Companies, Inc.,
Additional Term B-1 Loan, 9/28/19 1,988,443
1,119,117 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term
Loan (2012), 5/10/18 1,125,831
366,327 0.00 BBB-/Baa2 RPI Finance Trust, New Term Loan,
11/9/18 368,464
1,481,250 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series C2 Term Loan B, 12/11/19 1,497,455
2,481,250 4.50 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series E Tranche B Term Loan,
5/20/20 2,517,228
---------------
$ 12,963,622
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
1,251,959 3.67 BB-/Ba3 Catalent Pharma Solutions, Inc.,
Refinancing Dollar Term-1 (2016),
9/15/16 $ 1,257,280
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 22,609,996
------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
2,587,000 5.00 B/B1 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 2,619,014
---------------
Total Banks $ 2,619,014
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.0%
Other Diversified Financial
Services -- 2.3%
250,000 4.75 B/B2 AGFS Funding Co., 2019 Term
Loan, 9/17/19 $ 251,875
1,573,348 3.50 BBB-/Ba2 AWAS Aviation Capital, Ltd., Term
Loan, 6/25/18 1,578,265
1,500,000 4.50 B/B2 CTI Foods Holding Co LLC, Term
Loan (First Lien), 6/14/20 1,505,625
2,574,912 4.50 NR/B1 Fly Funding II Sarl, Term Loan, 8/9/18 2,594,867
3,000,000 2.25 BBB-/Baa3 Fresenius US Finance I, Inc.,
Tranche B Term Loan, 8/6/19 2,996,718
1,800,000 3.75 BB/Ba2 JBS USA LLC, Incremental Term
Loan, 9/13/20 1,800,000
2,140,126 3.25 NR/Baa2 Kasima LLC, Term Loan, 5/16/21 2,133,439
2,543,625 5.00 B/B1 Livingston International, Inc., Initial
Term B-1 Loan (First Lien), 4/18/19 2,545,744
2,169,687 5.00 B/B2 Nexeo Solutions LLC, Initial Term
Loan, 2/26/17 2,145,957
1,751,227 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan,
8/6/17 1,768,193
---------------
$ 19,320,683
------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
3,174,317 5.25 B/B1 Dematic Services Luxembourg Sarl,
Term Loan, 12/18/19 $ 3,197,134
2,000,000 5.75 NR/B1 Hyperion Insurance Group, Ltd.,
Term Loan, 10/3/19 1,978,750
2,050,000 5.00 BB-/B2 ROC Finance LLC, New Term Loan B,
3/27/19 2,013,270
---------------
$ 7,189,154
------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
507,143 4.00 BB+/B1 Global Cash Access Holdings,
Inc., Term Loan, 2/1/16 $ 509,045
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 47
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.5%
2,493,750 5.75 NR/B2 Clondalkin Acquisition BV, Term
Loan (First Lien), 5/8/20 $ 2,512,453
1,995,000 5.25 B+/B2 Patriot Merger Corp., Term B Loan,
6/19/20 2,011,834
---------------
$ 4,524,287
------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 1.2%
2,150,000 6.50 B+/B3 Cetera Financial Group, Inc., Term
Loan, 8/5/19 $ 2,167,415
3,532,400 4.50 B/B2 Duff & Phelps Corp., Initial Term
Loan, 3/14/20 3,542,704
3,000,000 4.25 NR/NR Guggenheim Partners Investment
Management Holdings LLC, Initial
Term Loan, 7/9/20 3,018,000
1,579,563 3.25 BB-/Ba2 LPL Holdings, Inc., 2013 Incremental
Tranche B Term Loan, 3/29/19 1,579,562
---------------
$ 10,307,681
---------------
Total Diversified Financials $ 41,850,850
------------------------------------------------------------------------------------------------------
INSURANCE -- 1.6%
Insurance Brokers -- 0.8%
2,142,741 5.00 B/B2 AmWINS Group, Inc., New Term
Loan (First Lien), 2/20/20 $ 2,149,883
1,164,083 5.00 B/B1 Cooper Gay Swett & Crawford, Ltd.,
Term Loan (First Lien), 4/5/20 1,160,930
3,100,000 4.75 B/B1 HUB International, Ltd., Initial Term
Loan, 9/17/20 3,118,408
---------------
$ 6,429,221
------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
1,854,397 3.75 BB/Ba3 CNO Financial Group, Inc.,
Tranche B2 Term Loan, 9/4/18 $ 1,862,896
------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.1%
1,240,625 5.00 B-/B1 Alliant Insurance Services, Inc.,
Initial Term Loan, 12/7/19 $ 1,248,953
------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
2,167,838 0.00 B-/B2 Confie seguros Holding II Co., Term B
Loan (First Lien), 11/9/18 $ 2,170,548
1,960,188 5.00 B/B1 USI Insurance Services LLC, Initial
Term Loan, 11/29/19 1,971,949
---------------
$ 4,142,497
---------------
Total Insurance $ 13,683,567
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.0%
Mortgage REIT -- 0.2%
1,940,873 3.50 BB+/Ba3 Starwood Property Trust, Inc., Term
Loan (1st Lien), 4/19/20 $ 1,944,109
------------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.4%
497,500 2.93 BB/Ba1 CBRE Services, Inc., Tranche B Term
Loan, 3/4/21 $ 499,210
2,500,000 5.00 B+/B3 CityCenter Holdings LLC, Term B
Loan, 10/9/20 2,524,740
---------------
$ 3,023,950
------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.4%
2,184,744 5.75 B+/B1 Altisource Portfolio Solutions SA,
Term B Loan, 11/27/19 $ 2,202,495
1,453,846 5.27 B/B1 GCA Services Group, Inc., Initial
Term Loan, 9/25/19 1,461,115
---------------
$ 3,663,610
---------------
Total Real Estate $ 8,631,669
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 3.9%
Internet Software & Services -- 0.2%
1,855,303 4.50 B/B1 Zayo Group LLC, Term Loan, 7/2/19 $ 1,867,479
------------------------------------------------------------------------------------------------------
IT Consulting & Other
Services -- 0.6%
1,691,476 3.75 BB/Ba3 Booz Allen Hamilton Holding Corp.,
Refinance Tranche B, 7/31/19 $ 1,693,766
2,432,622 5.00 NR/B1 Deltek, Inc., Term Loan (First Lien),
10/10/18 2,444,406
993,747 4.50 B/Ba3 Kronos, Inc., Incremental Term Loan
(First Lien), 10/2/19 1,000,579
151,826 1.92 BB/Ba3 SunGard Data Systems, Inc.,
Tranche A U.S. Term Loan, 2/28/14 152,110
---------------
$ 5,290,861
------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.5%
67,341 4.17 B+/B1 First Data Corp., 2017 New Dollar
Term Loan, 3/24/17 $ 67,575
1,387,680 4.17 B+/B1 First Data Corp., 2018 Dollar Term
Loan, 3/24/18 1,391,728
1,985,025 3.50 BB+/Ba2 Genpact, Ltd., Term Loan, 8/17/19 1,992,159
75,000 0.00 B+/NR Ship Midco, Ltd., 11/30/19 75,469
275,951 4.25 BB/Ba3 VeriFone Systems, Inc., Term B
Loan, 11/14/18 276,037
---------------
$ 3,802,968
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 49
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Application Software -- 1.6%
2,235,723 4.25 NR/B1 Applied Systems, Inc., Term Loan
(First Lien), 12/8/16 $ 2,249,696
2,500,000 4.75 BB-/B1 Epiq Systems, Inc., Term Loan,
8/26/20 2,500,000
1,925,738 8.50 B-/Ba3 Expert Global Solutions, Inc.,
Term B Advance (First Lien),
3/13/18 1,954,624
1,154,519 5.25 B+/Ba3 Lawson Software, Inc., Tranche B2
Term Loan, 4/5/18 1,165,337
1,322,642 4.17 B+/B1 Serena Software, Inc., 2016 Term
Loan (Extended), 3/10/16 1,306,108
2,227,205 4.00 BB-/B1 Verint Systems, Inc., Term Loan,
9/6/19 2,239,733
2,250,431 4.25 B+/B1 Vertafore, Inc., Term Loan (2013),
10/20/19 2,262,151
---------------
$ 13,677,649
------------------------------------------------------------------------------------------------------
Systems Software -- 0.7%
2,917,688 4.75 B+/B1 EZE Castle Software, Inc., Initial
Term Loan (First Lien), 2/22/20 $ 2,938,353
1,500,000 0.00 B+/B1 P2 Energy Solutions, Inc., 10/7/20 1,507,500
1,129,626 2.17 BB/Ba3 The Reynolds & Reynolds Co.,
Tranche B Term Loan, 3/9/18 1,131,744
---------------
$ 5,577,597
------------------------------------------------------------------------------------------------------
Home Entertainment
Software -- 0.3%
2,200,000 3.25 BBB/Baa3 Activision Blizzard, Inc., Term
Loan, 7/26/20 $ 2,209,231
---------------
Total Software & Services $ 32,425,785
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 2.2%
Communications Equipment -- 1.1%
1,485,000 6.75 B+/B1 Audio Visual Services Corp., Term
Loan (First Lien), 10/11/18 $ 1,510,988
1,984,128 8.00 B/B1 Avaya, Inc., Term B-5 Loan, 3/31/18 1,941,413
1,945,088 3.75 BB+/Ba2 CommScope, Inc., Tranche 2 Term
Loan, 1/14/18 1,951,775
700,000 0.00 B+/NR Digital Insight Corp., 10/11/19 703,208
3,062,775 4.00 BBB-/Ba3 Riverbed Technology, Inc., Term
Loan, 10/29/19 3,088,809
---------------
$ 9,196,193
------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.2%
1,950,000 4.75 B-/B1 Sensus USA, Inc., Term Loan (First
Lien), 4/13/17 $ 1,947,258
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Electronic Components -- 0.8%
347,414 6.76 B+/B2 4L Holdings Corp., Term Loan,
4/13/18 $ 347,631
150,000 3.25 BB/Baa2 Belden, Inc., Initial Term Loan,
9/9/20 150,351
480,583 5.00 B+/Ba2 CPI International, Inc., Term B
Loan, 11/24/17 480,583
1,740,638 3.50 B+/B2 Generac Acquisition Corp., Term
Loan B, 5/22/19 1,740,094
2,500,000 5.00 B/B1 MEI, Inc., Term Loan, 8/15/20 2,501,562
1,394,258 5.00 B/B2 Scitor Corp., Term Loan, 1/21/17 1,398,615
---------------
$ 6,618,836
------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.1%
796,001 3.50 B+/Ba3 CDW LLC, Term Loan, 4/25/20 $ 792,850
200,000 5.00 B+/B1 Excelitas Technologies Corp., New
Term B Loan, 11/29/16 200,500
---------------
$ 993,350
---------------
Total Technology Hardware
& Equipment $ 18,755,637
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.5%
Semiconductor Equipment -- 0.3%
2,413,117 4.50 BB-/B1 Aeroflex, Inc., Tranche B-1 Term
Loan, 11/24/19 $ 2,435,740
580,705 3.75 BBB-/Baa3 Sensata Technologies BV, Term
Loan, 4/29/18 587,547
---------------
$ 3,023,287
------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
1,542,262 3.75 BB+/WR Microsemi Corp., Term Loan,
2/19/20 $ 1,550,938
---------------
Total Semiconductors &
Semiconductor Equipment $ 4,574,225
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 2.4%
Integrated Telecommunication
Services -- 1.2%
2,800,000 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B
Term Loan, 8/20/20 $ 2,790,749
497,500 5.25 B/B2 Integra Telecom, Inc., Term B Loan,
2/22/19 503,097
525,000 4.75 B/B2 Securus Technologies Holdings, Inc.,
Initial Term Loan (First Lien), 4/17/20 518,438
1,875,300 2.67 BB+/Baa3 tw telecom holdings, inc., Term
Loan B Loan, 4/17/20 1,878,231
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 51
Schedule of Investments | 10/31/13 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
1,113,519 3.25 BB/Ba3 West Corp., Term B-7 Loan,
7/15/16 $ 1,120,757
1,862,295 3.75 BB/Ba3 West Corp., Term B-8 Loan, 6/30/18 1,870,878
795,496 3.50 BB+/Ba2 Windstream Corp., Tranche B-4
Term Loan, 1/8/20 797,961
478,938 4.00 BB+/Ba2 Windstream Holdings, Inc., Tranche
B-3 Term Loan, 7/23/19 481,749
---------------
$ 9,961,860
------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 1.2%
932,813 3.25 NR/NR Cellular South, Inc., Term Loan B,
5/21/20 $ 931,646
3,142,633 3.25 BB+/Ba2 Crown Castle Operating Co., New
Tranche B Term Loan, 1/31/19 3,139,955
1,913,109 4.25 NR/Ba3 Intelsat Jackson Holdings SA,
Tranche B-1 Term Loan, 4/2/18 1,926,092
1,695,750 4.50 B/B1 LTS Buyer LLC, Term B Loan (First
Lien), 4/1/20 1,703,700
1,175,787 4.00 BB-/B1 Syniverse Holdings, Inc., Initial Term
Loan, 4/10/19 1,181,225
1,454,282 4.00 BB-/B1 Syniverse Holdings, Inc., Tranche B T
erm Loan, 4/23/19 1,460,038
---------------
$ 10,342,656
---------------
Total Telecommunication Services $ 20,304,516
------------------------------------------------------------------------------------------------------
UTILITIES -- 2.4%
Electric Utilities -- 0.6%
2,643,375 3.00 BB/Ba3 Calpine Construction Finance Co LP,
Term B-1 Loan, 5/1/20 $ 2,615,839
289,086 7.75 B+/Ba2 Race Point Power, Term Loan, 1/11/18 289,808
2,039,750 4.25 BB-/Ba3 Star West Generation LLC, Term B
Advance, 3/13/20 2,055,048
---------------
$ 4,960,695
------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 1.8%
1,926,628 3.75 BB+/Ba1 AES Corp. Virginia, 2013 Other Term
Loan, 5/27/18 $ 1,942,082
1,413,750 4.00 BB-/B1 Calpine Corp., Term Loan (3/11),
3/1/18 1,423,790
545,182 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 548,973
1,227,692 4.00 BB-/B1 Dynegy, Inc., Tranche B-2 Term
Loan, 4/16/20 1,229,885
2,080,209 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan
(2013), 7/1/18 2,081,391
The accompanying notes are an integral part of these financial statements.
52 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
3,557,409 4.75 BB+/Ba1 NSG Holdings LLC, New Term Loan,
11/15/19 $ 3,619,664
1,985,283 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 1,992,728
2,100,000 6.25 B+/B3 Synagro Technologies, Inc., Term
Loan, 7/25/19 2,071,125
---------------
$ 14,909,638
---------------
Total Utilities $ 19,870,333
------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $737,230,272) $ 738,350,437
------------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENTS -- 7.0%
Repurchase Agreements -- 7.0%
29,435,000 Bank of Nova Scotia, 0.10%, dated
10/31/13, repurchase price of
$29,435,000 plus accrued interest
on 11/1/13 collateralized by
the following:
$9,753,552 Freddie Mac Giant,
3.5-4.0%, 9/1/33-9/1/43
$3,137,328 Federal Home Loan
Mortgage Corp., 3.532-3.561%,
3/1/41-5/1/42
$9,311,148 Federal National
Mortgage Association, 2.5-4.0%,
10/1/25-4/1/42
$7,821,672 Government National
Mortgage Association II, 3.5-5.0%,
9/20/40-4/20/43 $ 29,435,000
29,435,000 Bank of Nova Scotia, 0.10%, dated
10/31/13, repurchase price of
$29,435,000 plus accrued interest
on 11/1/13 collateralized by
the following:
$1,545,946 Government National
Mortgage Association II, 2.5%, 2/20/43
$3,370,175 Federal National
Mortgage Association, 4.0%,
3/1/42-10/1/43
$25,107,663 Freddie Mac Giant,
3.5-4.0%, 8/1/26-9/1/42 29,435,000
------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH
INVESTMENTS
(Cost $58,870,000) $ 58,870,000
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 53
Schedule of Investments | 10/31/13 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 104.2%
(Cost $871,874,922) (a) $ 874,365,779
-------------------------------------------------------------------------------------------------------
OTHER ASSETS &
LIABILITIES -- (4.2)% $ (35,134,855)
-------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 839,230,924
=======================================================================================================
-------------------------------------------------------------------------------------------------------
Net
Notional CREDIT DEFAULT Unrealized
Principal ($) SWAP AGREEMENT Appreciation
-------------------------------------------------------------------------------------------------------
2,750,000 JPMorgan Chase & Co., Markit
CDX.NA.HY.20, 5.0%, 6/20/18 $ 78,893
-------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT
SWAP AGREEMENT
(premium received $146,953) $ 78,893
-------------------------------------------------------------------------------------------------------
+ Amount rounds to less than 0.1%.
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At October 31, 2013, the value of these securities
amounted to $41,387,305 or 4.9% of total net assets.
(a) At October 31, 2013, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $872,467,715 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 6,632,314
Aggregate gross unrealized depreciation for all investments
in which there is an excess of tax cost over value (4,734,250)
---------------
Net unrealized appreciation $ 1,898,064
===============
(b) Debt obligation and preferred stock with a variable interest rate.
Rate shown is rate at end of period.
(c) Security is in default and is non-income producing.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EURO Euro
The accompanying notes are an integral part of these financial statements.
54 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2013 aggregated $626,140,621 and $216,805,792,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3.
The following is a summary of the inputs used as of October 31, 2013, in valuing
the Fund's investments:
-----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 1,058,750 $ -- $ 1,058,750
Preferred Stocks 3,772,535 -- -- 3,772,535
Convertible Preferred Stocks 127,700 -- -- 127,700
Common Stocks -- 416,177 -- 416,177
Asset Backed Securities -- 5,629,176 -- 5,629,176
Collateralized Mortgage Obligations -- 3,800,255 -- 3,800,255
Corporate Bonds -- 61,839,579 -- 61,839,579
Municipal Bonds -- 501,170 -- 501,170
Senior Floating Rate Loan Interests -- 738,350,437 -- 738,350,437
Repurchase Agreements -- 58,870,000 -- 58,870,000
-----------------------------------------------------------------------------------------
Total $ 3,900,235 $870,465,544 $ -- $874,365,779
=========================================================================================
Other Financial Instruments
Forward Foreign Currency Contracts $ -- $ (9,080) $ -- $ (9,080)
Credit Default Swaps -- 78,893 -- 78,893
-----------------------------------------------------------------------------------------
Total $ -- $ 69,813 $ -- $ 69,813
=========================================================================================
During the year ended October 31, 2013, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 55
Statement of Assets and Liabilities | 10/31/13
ASSETS:
Investment in securities (cost $871,874,922) $874,365,779
Cash 4,544,771
Foreign currencies, at value (cost $161,528) 165,623
Receivables --
Investment securities sold 8,659,610
Fund shares sold 7,699,084
Interest 3,114,485
Dividends 1,063
Due from Pioneer Investment Management, Inc. 217,562
Credit default swap premiums received 146,953
Net unrealized appreciation on credit defaulted swaps 78,893
Prepaid expenses 45,690
-----------------------------------------------------------------------------------------
Total assets $899,039,513
-----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 53,903,120
Fund shares repurchased 3,202,673
Dividends 2,176,160
Net unrealized depreciation on forward foreign currency contracts 9,080
Due to affiliates 284,997
Accrued expenses 232,559
-----------------------------------------------------------------------------------------
Total liabilities $ 59,808,589
-----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $839,386,173
Distributions in excess of net investment income (501,314)
Accumulated net realized loss on investments, credit defaulted swaps and
foreign currency transactions (2,218,718)
Net unrealized appreciation on investments 2,490,857
Net unrealized appreciation on credit default swaps 78,893
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (4,967)
-----------------------------------------------------------------------------------------
Total net assets $839,230,924
-----------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $266,831,644/38,399,855 shares) $ 6.95
Class C (based on $129,092,997/18,557,900 shares) $ 6.96
Class Y (based on $425,244,725/61,044,722 shares) $ 6.97
Class Z (based on $18,061,558/2,591,909 shares) $ 6.97
MAXIMUM OFFERING PRICE:
Class A ($6.95 (divided by) 95.5%) $ 7.28
=========================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Statement of Operations
For the Year Ended 10/31/13
INVESTMENT INCOME:
Interest $27,362,523
Dividends 140,775
-----------------------------------------------------------------------------------------
Total investment income $27,503,298
-----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,314,178
Transfer agent fees
Class A 49,219
Class C 20,830
Class Y 7,446
Class Z 270
Distribution fees
Class A 548,257
Class C 944,163
Shareholder communications expense 490,206
Administrative reimbursement 179,565
Custodian fees 88,002
Registration fees 199,082
Professional fees 72,053
Printing expense 41,412
Fees and expenses of nonaffiliated Trustees 16,561
Miscellaneous 221,878
-----------------------------------------------------------------------------------------
Total expenses $ 6,193,122
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (425,674)
-----------------------------------------------------------------------------------------
Net expenses $ 5,767,448
-----------------------------------------------------------------------------------------
Net investment income $21,735,850
-----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CREDIT DEFAULT SWAPS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (947,463)
Credit default swaps 75,268
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 13,369 $ (858,826)
-----------------------------------------------------------------------------------------
Change in net unrealized appreciation on:
Investments $ 750,156
Credit default swaps 75,819
Unfunded and bridge loan commitments (14,553)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 13,655 $ 825,077
-----------------------------------------------------------------------------------------
Net loss on investments, credit defaulted swaps and foreign
currency transactions $ (33,749)
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $21,702,101
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 57
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/13 10/31/12
-----------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 21,735,850 $ 14,361,684
Net realized loss on investments, credit default swaps
and foreign currency transactions (858,826) (472,945)
Change in net unrealized appreciation on investments,
credit default swaps and foreign currency transactions 825,077 7,630,928
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 21,702,101 $ 21,519,667
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.29 and $0.31 per share, respectively) $ (8,868,449) $ (7,649,742)
Class C ($0.24 and $0.26 per share, respectively) (3,057,407) (2,467,582)
Class Y ($0.32 and $0.33 per share, respectively) (9,938,514) (3,441,679)
Class Z ($0.31 and $0.33 per share, respectively) (289,378) (28,775)
-----------------------------------------------------------------------------------------
Total distributions to shareowners $ (22,153,748) $ (13,587,778)
-----------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 647,730,091 $ 191,316,553
Reinvestment of distributions 17,595,479 11,413,870
Cost of shares repurchased (185,904,999) (152,945,071)
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 479,420,571 $ 49,785,352
-----------------------------------------------------------------------------------------
Net increase in net assets $ 478,968,924 $ 57,717,241
NET ASSETS:
Beginning of year 360,262,000 302,544,759
-----------------------------------------------------------------------------------------
End of year $ 839,230,924 $ 360,262,000
-----------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (501,314) $ 603,371
=========================================================================================
The accompanying notes are an integral part of these financial statements.
58 Pioneer Floating Rate Fund | Annual Report | 10/31/13
-----------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 22,416,901 $155,887,253 12,474,412 $ 85,881,897
Reinvestment of distributions 1,096,053 7,623,480 1,002,129 6,862,120
Less shares repurchased (10,916,587) (75,929,216) (13,763,779) (94,007,955)
-----------------------------------------------------------------------------------------
Net increase (decrease) 12,596,367 $ 87,581,517 (287,238) $ (1,263,938)
=========================================================================================
Class C
Shares sold 11,576,471 $ 80,596,288 3,285,776 $ 23,606,347
Reinvestment of distributions 361,802 2,518,188 308,446 2,114,182
Less shares repurchased (3,542,342) (24,646,922) (3,059,079) (20,945,188)
-----------------------------------------------------------------------------------------
Net increase 8,395,931 $ 58,467,554 535,143 $ 4,775,341
=========================================================================================
Class Y
Shares sold 56,197,619 $391,946,448 11,630,671 $ 80,238,562
Reinvestment of distributions 1,035,158 7,212,907 350,348 2,408,983
Less shares repurchased (11,813,583) (82,330,172) (5,289,021) (36,176,421)
-----------------------------------------------------------------------------------------
Net increase 45,419,194 $316,829,183 6,691,998 $ 46,471,124
=========================================================================================
Class Z
Shares sold 2,767,176 $ 19,300,102 230,540 $ 1,589,747
Reinvestment of distributions 34,564 240,904 4,135 28,585
Less shares repurchased (430,461) (2,998,689) (15,513) (1,815,507)
-----------------------------------------------------------------------------------------
Net increase (decrease) 2,371,279 $ 16,542,317 219,162 $ (197,175)
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 59
Financial Highlights
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
---------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.95 $ 6.77 $ 6.87 $ 6.58 $ 5.64
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.28 $ 0.33 $ 0.31 $ 0.31 $ 0.32
Net realized and unrealized gain (loss) on investments 0.01 0.16 (0.11) 0.30 0.95
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.29 $ 0.49 $ 0.20 $ 0.61 $ 1.27
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.31) $ (0.30) $ (0.32) $ (0.33)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.95 $ 6.95 $ 6.77 $ 6.87 $ 6.58
=====================================================================================================================
Total return* 4.24% 7.43% 2.98% 9.44% 23.50%
Ratio of net expenses to average net assets+ 1.06% 1.11% 1.10% 1.10% 1.10%
Ratio of net investment income to average net assets+ 3.88% 4.77% 4.47% 4.48% 5.26%
Portfolio turnover rate 40% 42% 57% 37% 23%
Net assets, end of period (in thousands) $266,832 $179,260 $176,701 $93,183 $27,333
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.10% 1.11% 1.12% 1.29% 1.58%
Net investment income 3.85% 4.77% 4.45% 4.30% 4.78%
=====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Floating Rate Fund | Annual Report | 10/31/13
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
---------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.95 $ 6.78 $ 6.87 $ 6.58 $ 5.63
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.27 $ 0.26 $ 0.25 $ 0.27
Net realized and unrealized gain (loss) on investments 0.02 0.16 (0.10) 0.30 0.96
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.25 $ 0.43 $ 0.16 $ 0.55 $ 1.23
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.26) $ (0.25) $ (0.26) $ (0.28)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.96 $ 6.95 $ 6.78 $ 6.87 $ 6.58
=====================================================================================================================
Total return* 3.61% 6.46% 2.33% 8.47% 22.63%
Ratio of net expenses to average net assets+ 1.80% 1.86% 1.89% 2.00% 2.00%
Ratio of net investment income to average net assets+ 3.13% 4.02% 3.68% 3.59% 4.60%
Portfolio turnover rate 40% 42% 57% 37% 23%
Net assets, end of period (in thousands) $129,093 $70,655 $65,238 $23,703 $13,219
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 1.83% 1.86% 1.89% 2.04% 2.29%
Net investment income 3.09% 4.02% 3.68% 3.55% 4.31%
=====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 61
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
---------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.96 $ 6.78 $ 6.89 $ 6.59 $ 5.64
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.31 $ 0.35 $ 0.33 $ 0.32 $ 0.32
Net realized and unrealized gain (loss) on investments 0.02 0.16 (0.12) 0.31 0.96
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.33 $ 0.51 $ 0.21 $ 0.63 $ 1.28
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.32) $ (0.33) $ (0.32) $ (0.33) $ (0.33)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.97 $ 6.96 $ 6.78 $ 6.89 $ 6.59
=====================================================================================================================
Total return* 4.77% 7.78% 3.11% 9.71% 23.70%
Ratio of net expenses to average net assets+ 0.70% 0.70% 0.88% 0.92% 1.09%
Ratio of net investment income to average net assets+ 4.16% 5.17% 4.70% 4.67% 5.58%
Portfolio turnover rate 40% 42% 57% 37% 23%
Net assets, end of period (in thousands) $425,245 $18,805 $60,596 $17,659 $12,109
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Total expenses 0.83% 0.85% 0.88% 0.95% 1.24%
Net investment income 4.04% 5.02% 4.70% 4.67% 5.43%
=====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Floating Rate Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------
Year Year 8/8/11(a)
Ended Ended to
10/31/13 10/31/12 10/31/11
--------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 6.97 $ 6.80 $ 6.81
--------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.30 $ 0.30 $ 0.07
Net realized and unrealized
gain (loss) on investments 0.01 0.20 (0.03)
--------------------------------------------------------------------------------
Net increase (decrease) in net
assets from investment operations $ 0.31 $ 0.50 $ 0.04
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.33) $ (0.05)
--------------------------------------------------------------------------------
Net asset value, end of period $ 6.97 $ 6.97 $ 6.80
================================================================================
Total return* 4.49% 7.52% 0.65%(b)
Ratio of net expenses to average net assets+ 0.90% 0.83% 0.90%**
Ratio of net investment income to
average net assets+ 3.89% 5.03% 4.86%**
Portfolio turnover rate 40% 42% 57%(b)
Net assets, end of period (in thousands) $18,062 $ 1,538 $ 10
Ratios with no waiver of fees and
assumption of expenses by the
Adviser and no reduction for fees
paid indirectly:
Total expenses 0.98% 0.83% 1.22%**
Net investment income 3.81% 5.03% 4.54%**
================================================================================
(a) Class Z shares were first publicly offered on August 8, 2011.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
(b) Not annualized.
+ 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 | 10/31/13 63
Notes to Financial Statements | 10/31/13
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Fund (the Fund) is a series of Pioneer Series Trust VI, a
Delaware statutory trust. The Fund is registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company. The
investment objective of the Fund is to produce a high level of current income.
The Fund offers four classes of shares designated as Class A, Class C, Class Y
and Class Z shares. Class A, Class C and Class Y shares were first publicly
offered on February 14, 2007 and Class Z shares were first publicly offered on
August 8, 2011. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on relative
net asset values) to assets and liquidation proceeds. Share classes can bear
different rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y or Class Z shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
64 Pioneer Floating Rate Fund | Annual Report | 10/31/13
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. Fixed-income securities with
remaining maturity of more than sixty days are valued at prices supplied by
independent pricing services, which consider such factors as market prices,
market events, quotations from one or more brokers, Treasury spreads,
yields, maturities and ratings. Valuations may be supplemented by dealers
and other sources, as required. Credit default swaps are valued by an
independent pricing service based upon valuation models incorporating
default probabilities, estimated recovery rates, actual reported
transactions, and other available market data. Equity securities that have
traded on an exchange are valued at the last sale price on the principal
exchange where they are traded. Equity securities that have not traded on
the date of valuation, or securities for which sale prices are not
available, generally are valued using the mean between the last bid and
asked prices. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities or senior loan interests for which independent pricing services
are unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. Inputs used when applying fair value methods to value a security
may include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's
Pioneer Floating Rate Fund | Annual Report | 10/31/13 65
securities may differ significantly from exchange prices and such
differences could be material. Pioneer Investment Management, Inc. (PIM),
the fund's investment adviser, is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing fair
values on an ongoing basis, and at least quarterly, with the Valuation
Committee.
At October 31, 2013, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
October 31, 2013, the Fund did not accrue any interest and penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax
66 Pioneer Floating Rate Fund | Annual Report | 10/31/13
character, but are not adjusted for temporary differences. At October 31,
2013, the Fund reclassified $686,787 to decrease undistributed net
investment income and $686,787 to decrease accumulated net realized loss on
investments to reflect permanent book/tax differences. These adjustments
have no impact on net assets or the results of operations.
At October 31, 2013, the Fund was permitted to carry forward indefinitely
$304,738 of long-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation. Additionally, at October 31,
2013, the Fund had a net capital loss carryforward of $1,891,734 of which
the following amounts will expire in 2016, 2017 and 2019 if not utilized:
$349,923 in 2016, $967,278 in 2017 and $574,533 in 2019.
The tax character of distributions paid during the years ended October 31,
2013 and October 31, 2012 was as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $22,153,748 $13,587,778
----------------------------------------------------------------------------
Total $22,153,748 $13,587,778
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,236,313
Capital loss carryforward (2,196,472)
Dividend payable (2,176,160)
Net unrealized appreciation 1,981,070
----------------------------------------------------------------------------
Total $ (155,249)
============================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark to market of forward foreign currency and futures
contracts, tax basis adjustments on Real Estate Investment Trust (REIT)
holdings, interest accruals on preferred stock, partnerships and other
holdings.
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 appreciation or depreciation is
recorded in the Fund's financial statements. The Fund records realized gains
and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts
Pioneer Floating Rate Fund | Annual Report | 10/31/13 67
from the potential inability of counterparties to meet the terms of the
contract and from unanticipated movements in the value of foreign currencies
relative to the U.S. dollar (see Note 6).
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A (UniCredit),
earned $58,577 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 2013.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y and Class Z shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class Y and Class Z shares
can reflect different transfer agent and distribution expense rates.
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund invests in below
investment grade (high yield) debt securities. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are 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
68 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Fund's investments in foreign markets or countries with limited developing
markets may also subject the Fund to a greater degree of risk than
investments in a developed market. Risks associated with these markets
include disruptive political or economic conditions and the possible
imposition of adverse governmental laws or currency exchange restrictions.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
H. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to seek to increase the Fund's income or
to attempt to hedge the risk of default on portfolio securities. As a seller
of protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty in
the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return, the
Fund would receive from the counterparty a periodic stream of payments
during the term of the contract provided that no event of default occurred.
The maximum exposure of loss to the seller would be the notional value of
the credit default swaps outstanding. If no default occurs, the Fund would
keep the stream of payments and would have no payment obligation. The Fund
may also buy credit default swap contracts in order to hedge against the
risk of default of debt securities, in which case the Fund would function as
the counterparty referenced above.
When the Fund enters into a credit default swap contract, either the buyer
or seller of protection will make a rebalancing payment to the other party.
The amount of the rebalancing payment is determined based on the value of
the contract on the trade date. Periodic payments received or paid by the
Fund are recorded as realized gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as
Pioneer Floating Rate Fund | Annual Report | 10/31/13 69
unrealized appreciation or depreciation. Payments received or made as a
result of a credit event or upon termination of the contract are recognized,
net of the appropriate amount of the upfront payment, as realized gains or
losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. In addition,
obligations under sell protection credit default swaps may be partially
offset by net amounts received from settlement of buy protection credit
default swaps entered into by the Fund for the same reference obligation
with the same counterparty.
As the seller of protection, the Fund held one credit default swap contract
with a notional amount of $2,750,000 at October 31, 2013. When the Fund
entered into the credit default swap contract, the Fund received a
rebalancing payment from the buyer of protection in the amount of $146,953,
which is recorded as credit default swap premiums received on the Statement
of Assets and Liabilities. If a defined credit event had occurred at
October 31, 2013, the maximum amount the Fund would have been required to
pay was $2,959,805. This amount includes net unrealized appreciation of
$78,893, as reflected in the Schedule of Investments. The Fund did not have
any open purchase contracts as of October 31, 2013.
The average value of swap contracts open during the year ended October 31,
2013 was $760,021.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets up to $500 million and 0.55% on assets over
$500 million. For the year ended October 31, 2013, the annualized management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.59% of the
Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.70% and 0.90% of the Fund's average daily
net assets attributable to Class Y and Class Z shares, respectively. Fees waived
and expenses reimbursed during the year ended October 31, 2013, are reflected on
the Statement of Operations. These expense limitations are in effect through
March 1, 2014. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
70 Pioneer Floating Rate Fund | Annual Report | 10/31/13
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
$166,801 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2013.
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, 2013, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $194,632
Class C 71,335
Class Y 205,377
Class Z 18,862
--------------------------------------------------------------------------------
Total $490,206
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $107,477 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2013.
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 $10,719 in distribution fees payable to
PFD at October 31, 2013.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 71
In addition, redemptions of each class of shares (except Class Y and Z shares)
may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may
be imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchases as part of an exchange remain
subject to any CDSC that applied to the originalpurchase of those shares. There
is no CDSC for Class Y or Z shares. Proceeds from the CDSC are paid to PFD. For
the year ended October 31, 2013, CDSCs in the amount of $44,388 were paid to
PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2013, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At October 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open during
the year ended October 31, 2013 was $704,388.
As of October 31, 2013, outstanding forward foreign currency contracts were as
follows:
--------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to Deliver For USD Date Value Depreciation
--------------------------------------------------------------------------------
EUR (Euro) (250,000) $330,635 11/6/13 $ (339,715) $ (9,080)
--------------------------------------------------------------------------------
Total $ (9,080)
================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility is in the amount of $215 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the Alternate Base
Rate, which is the greater of (a) the facility's administrative agent's daily
announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate
on the borrowing
72 Pioneer Floating Rate Fund | Annual Report | 10/31/13
date and (c) 2% plus the overnight Euro dollar rate on the
borrowing date. The Funds pay an annual commitment fee to participate in the
credit facility. The commitment fee is allocated among participating Funds based
on an allocation schedule set forth in the credit agreement. For the year ended
October 31, 2013, the Fund had no borrowings under the credit facility.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of October 31, 2013 were as follows:
----------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2013 Liabilities Derivatives 2013
Hedging Instruments -------------------------- -----------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------
Forward Foreign Net unrealized Net unrealized
Currency Contracts appreciation depreciation
on forward on forward
foreign currency foreign currency
contracts $ -- contracts $9,080
Credit Default Swaps Net unrealized Net unrealized
appreciation on depreciation on
credit default credit default
swaps 78,893 swaps $ --
----------------------------------------------------------------------------------
Total $78,893 $9,080
----------------------------------------------------------------------------------
The effect of derivative instruments on the Statement of Operations for the year
ended October 31, 2013 was as follows:
------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized appreciation or
Hedging Instruments Gain on (depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
------------------------------------------------------------------------------------------------
Forward Foreign Net realized gain on forward foreign $13,369
Currency Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies
Forward Foreign Change in unrealized appreciation on $13,655
Currency Contracts forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Credit Default Swaps Net realized gain on credit $75,268
default swaps
Credit Default Swaps Change in unrealized appreciation
on credit default swaps $61,266
Pioneer Floating Rate Fund | Annual Report | 10/31/13 73
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VI and the Shareowners of
Pioneer Floating Rate Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Floating Rate Fund (the "Fund") (one of
the portfolios constituting Pioneer Series Trust VI) as of October 31, 2013, 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, 2013 by correspondence with the custodian,
brokers and agent banks or by other appropriate auditing procedures where
replies from brokers and agent banks were not received. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Floating Rate Fund (one of the portfolios constituting Pioneer Series
Trust VI) at October 31, 2013, 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, and 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 23, 2013
74 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to share-
owners at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. Cogan and Mr. West, serves as a trustee of each of the 52 U.S. registered
investment portfolios for which Pioneer serves as investment adviser (the
"Pioneer Funds"). Each of Mr. Cogan and Mr. West serves as a Trustee of 47
Pioneer funds. The address for all Trustees and all officers of the Fund is 60
State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 75
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (63) Trustee since 2007. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board and Serves until a Quadriserv, Inc. (technology products for Financial Solutions, Inc.
Trustee successor trustee is securities lending industry) (2008 - present); (investor communications and
elected or earlier private investor (2004 - 2008); and Senior securities processing
retirement or removal. Executive Vice President, The Bank of New York provider for financial
(financial and securities services) (1986 - services industry) (2009 -
2004) present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2007. Managing Partner, Federal City Capital Advisors Director of Enterprise
Trustee Serves until a (corporate advisory services company) (1997 - Community Investment, Inc.
successor trustee is 2004 and 2008 - present); Interim Chief (privately-held affordable
elected or earlier Executive Officer, Oxford Analytica, Inc. housing finance company)
retirement or removal. (privately held research and consulting (1985 - 2010); Director of
company) (2010); Executive Vice President and Oxford Analytica, Inc. (2008
Chief Financial Officer, I-trax, Inc. (publicly - present); Director of The
traded health care services company) (2004 - Swiss Helvetia Fund, Inc.
2007); and Executive Vice President and Chief (closed-end fund) (2010 -
Financial Officer, Pedestal Inc. present); and Director of New
(internet-based mortgage trading company) (2000 York Mortgage Trust (publicly
- 2002) traded mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
76 Pioneer Floating Rate Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2007. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982-present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or removal. and Manager of Research Operations and
Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2007. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board
retirement or removal. of Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85) Trustee since 2007. Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee Serves until a firm) (1998 - present); and Partner, Sullivan & Fund, Inc. (closed-end
successor trustee is Cromwell LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or removal. (formerly AMVESCAP, PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/13 77
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)*, ** Since 2012. Serves at Non-Executive Chairman and a director of Pioneer None
Trustee, President and Chief the discretion of the Investment Management USA Inc. ("PIM-USA");
Executive Officer of the Board. Chairman and a director of Pioneer; Chairman and
Fund Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of
Pioneer Alternative Investment Management Limited
(Dublin) (until October 2011); President and a
director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated
funds; Deputy Chairman and a director of Pioneer
Global Asset Management S.p.A. ("PGAM") (until
April 2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc. (2004 -
2011); Director of Fiduciary Counseling, Inc.
(until December 2011); President of all of the
Pioneer Funds; and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)* Trustee since 2007. Director, CEO and President of PIM-USA (since None
Trustee and Executive Vice Serves until a successor February 2007); Director and President of Pioneer
President trustee is elected or and Pioneer Institutional Asset Management, Inc.
earlier retirement or (since February 2007); Executive Vice President
removal. of all of the Pioneer Funds (since March 2007);
Director of PGAM (2007 - 2010); Head of New
Europe Division, PGAM (2000 - 2005); Head of New
Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
** Mr. Cogan resigned as a Trustee of the Pioneer Funds effective November 12,
2013.
78 Pioneer Floating Rate Fund | Annual Report | 10/31/13
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2007. Serves at Vice President and Associate General Counsel of None
Secretary the discretion of the Pioneer since January 2008 and Secretary of all
Board. 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 (52) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; Manager - Fund
Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June
Board. 2010; and Vice President and Counsel at State
Street Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since March
Financial and Accounting Board. 2008; Deputy Treasurer of Pioneer from March 2004
Officer of the Fund to February 2008; and Assistant Treasurer of all
of the Pioneer Funds from March 2004 to February
2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2007. Serves at Assistant Vice President - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of the
Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2007. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of the
Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Floating Rate Fund | Annual Report | 10/31/13 79
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer since November 2008; Assistant Treasurer
Board. 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 (61) Chief Since 2010. Serves at Chief Compliance Officer of Pioneer and of all None
Compliance Officer the discretion of the the Pioneer Funds since March 2010; Director of
Board. Adviser and Portfolio Compliance at Pioneer since
October 2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from October
2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (42) Since 2007. Serves at Director--Transfer Agency Compliance of Pioneer None
Anti-Money Laundering the discretion of the and Anti-Money Laundering Officer of all the
Officer Board. Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Floating Rate Fund | Annual Report | 10/31/13
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 81
This page for your notes.
82 Pioneer Floating Rate Fund | Annual Report | 10/31/13
This page for your notes.
Pioneer Floating Rate Fund | Annual Report | 10/31/13 83
This page for your notes.
84 Pioneer Floating Rate Fund | Annual Report | 10/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 21401-06-1213
Pioneer Multi-Asset
Real Return Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class R MUARX*
Class Y PMYRX
Class Z PMZYX**
* Share class was first publicly offered on September 13, 2013.
** Share class was first publicly offered on April 26, 2013.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 17
Consolidated Schedule of Investments 19
Consolidated Financial Statements 40
Consolidated Notes to Financial Statements 49
Report of Independent Registered Public Accounting Firm 64
Trustees, Officers and Service Providers 66
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy heading into the final quarter of 2013, we
continue to see slow, but steady, growth. Employment has also been rising
steadily, but only modestly. Consumer incomes, savings, wealth, and
debt-servicing capacity have been solid buttresses for the recovering housing
and auto industries. Industrial activity is growing only modestly, but current
corporate profits are generally solid and balance sheets appear able to support
needed capital spending and dividend* payouts. The scaled-back "fiscal cliff"
tax increases and spending cuts have meaningfully cut the budget deficit without
driving the economy into recession. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
hinted that it might begin scaling back its "QE" quantitative easing program
later in 2013 and could terminate its bond purchases altogether sometime in
2014. In September, however, the Fed surprised many market participants by
deciding not to start scaling back QE yet. The Fed has also said that short-term
interest rates are likely to remain near zero for some time to come, given that
inflation remains subdued and unemployment remains too high.
As September ended, Congress had not yet passed a continuing resolution to
prevent a government shutdown, nor had it raised the debt ceiling, and a quick
resolution to the impasse appeared unlikely. The U.S. government's partial
shutdown in October rattled the markets to a degree, but did not immediately
have a significant negative impact on the economy or capital markets.
There are certainly risks and uncertainties that continue to plague the global
economy as we head into the final months of the year. The European economy
remains weak, though it is beginning to show signs of stabilization, and a
number of countries in the emerging markets have experienced difficulties.
Still, a potential ending of the European recession, continuing economic
improvement in Japan in response to the new government's easing policies, and a
"soft landing" of 7% growth in China could very well result in an improving
global outlook over the remainder of 2013 and in 2014.
There are also geopolitical worries abroad and the aforementioned political
fights at home, and while most of the widely recognized risks we've outlined may
already be "priced into" the market, we believe investors should continue to
expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
The Fed's aggressive monetary policies and fears about economic growth had
helped drive long-term Treasury yields to unsustainably low levels; the return
to more normal levels has resulted in disappointing returns for bond investors
during the first nine months of 2013, but the stock market has delivered
double-digit returns to equity investors who were willing to brave the "wall of
worry".
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research in an effort to
identify undervalued individual securities, and using thoughtful risk management
to construct portfolios which seek to balance potential risks and reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 3
Portfolio Management Discussion | 10/31/13
In the following discussion, Michele Garau reviews recent market events and
describes the factors that affected the performance of Pioneer Multi-Asset Real
Return Fund during the 12-month period ended October 31, 2013.Mr. Garau, a
senior vice president and portfolio manager at Pioneer, is responsible for the
day-to-day management of the Fund along with associate portfolio manager Howard
Weiss.
Q How did the Fund perform during the 12-month period ended October 31, 2013?
A Pioneer Multi-Asset Real Return Fund's Class A shares returned 14.72% at
net asset value during the 12-month period ended October 31, 2013, while
the Fund's benchmark, the Barclays U.S. Treasury TIPS 1-10 Year Index (the
Barclays Index), returned -3.78%. During the same period, the average
return of the 425 mutual funds in Lipper's Global Flexible Portfolio Funds
category was 10.21%, and the average return of the 236 mutual funds in
Morningstar's Tactical Allocation Funds category was 8.44%.
Q Could you please review the Fund's overall investment approach?
A The Fund seeks to generate real returns--or, in other words, a return in
excess of inflation--across a full range of economic scenarios through a
multi-asset, diversified*, flexible approach that allocates among
traditional financial assets, such as stocks and bonds, and real assets. In
choosing investments for the Fund, we seek those that we believe can
provide the best return profile for the least amount of risk and
incremental cost. We believe our opportunistic investment philosophy
provides us with a greater degree of latitude to seek positive real returns
for the Fund over time, no matter what the level of inflation.
Q How was the Fund positioned as of October 31, 2013?
A We continued to tilt the portfolio's investments towards global equities,
as we believed them to be the most attractively valued asset class in an
environment over the past year that was characterized by gradually
improving economic growth and high corporate profit margins. As of October
31, 2013, more than 74% of the Fund's portfolio was invested in equities,
both U.S. and international, while 20% was invested in fixed-income
investments and 5% was held in investments, such as exchange-traded funds
(ETFs), that gave the portfolio exposure to real assets (real estate
investment trusts, oil, platinum, lumber, etc.). The remainder was held in
cash.
* Diversification does not assure a profit nor protect against loss in a
declining market.
4 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
The Fund's substantial weighting in equities during the period was
consistent with our positioning since we began managing the Fund more than
three years ago. We believe this helps to illustrate the long-term nature
of our investment approach, as we tend not to shift the portfolio's
positioning on the basis of short-term news flows; instead, we develop a
thesis based on our five-to six-year outlook and we stick by it during
periods of volatility. The approach has served us well, as evidenced by the
Fund's strong absolute and relative performance during the 12-month period.
Q What types of stocks or equity-linked investments did you see as providing
the best opportunities during the 12-month period ended October 31, 2013?
A We maintained a "barbell" approach of owning dividend-paying**, global
large-caps in the portfolio on the one hand, and emerging markets equities
on the other.
High-quality, dividend-paying stocks make up the core of the Fund's
portfolio. We are focused on identifying stocks that offer not just a
decent current dividend, but also a strong chance of future dividend
growth. We believe dividend growth is an essential component of a strategy
that seeks to help investors maintain their long-term purchasing power,
since - unlike with bond investments - there is the opportunity for income
to increase over time. This approach naturally leads us to invest the
portfolio in the types of conservative companies that populate the consumer
staples, financials, and industrials sectors. While that positioning held
back the Fund's performance to a small degree during the "risk-on"
environment of the past 12 months, we believe it represents the most
prudent long-term investment strategy.
We have maintained a large portfolio exposure to the emerging markets,
since those markets provide both non-U.S. dollar exposure and a way to
participate in the strength of overseas economic growth. We continue to
favor Asian stocks in the portfolio, with an emphasis on Korea, Thailand,
Philippines, Indonesia, and Malaysia, along with a new allocation to China
that we added during the third calendar quarter of 2013. The basis for that
element of the Fund's positioning is our belief that the balance of global
economic power is gradually swinging towards Asia. While this trend may
have been lost amid more recent concerns about a "hard landing" for China's
economy, we believe the longer-term shift remains inexorable. In addition,
Asia remains home to a high proportion of companies with very attractive
fundamentals, compelling valuations, and governments with healthy finances
and positive trade balances.
** Dividends are not guaranteed.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 5
The Fund's largest individual position as of October 31, 2013, is in the
PowerShares Buyback Achievers ETF, which invests in U.S.-listed stocks that
have repurchased at least 5% or more of their shares outstanding during the
trailing 12-month period. We initiated the position in March of 2012 on the
belief that the capital discipline imposed by share buybacks forces company
managements to pursue activities with the highest probabilities of
producing positive returns on investment. The ETF has performed very well
for the Fund since our initial purchase, outperforming the broader U.S.
market.
Q Please discuss the Fund's positioning in the global bond markets as of
October 31, 2013.
A We view the bond market, as a whole, as being expensive. Yields are still
too low despite the downturn that occurred during May and June when the
U.S. Federal Reserve Board (the Fed) hinted at a possible tapering of its
quantitative easing (QE) program, which led to a temporary spike in market
interest rates. In our view, that makes the asset class vulnerable to
additional downdrafts in the coming years. With that said, we believe there
are certain areas of the market that offer attractive relative values. We
are finding some of the most compelling opportunities in corporate bonds
issued by companies in the developed international and emerging markets,
where issuer credit quality is high and investors are being appropriately
compensated for the risks they assume. In addition, the Fund has a modest
allocation to U.S. corporate bonds. We continue to avoid U.S. government
bonds and most other sovereign-debt instruments, with the notable
exceptions of Ireland, Mexico, and Romania. Across all segments of the
Fund's bond portfolio, we have favored shorter-term issues in order to
minimize the potential impact of rising rates.
Q How is the Fund positioned in commodity-linked investments as of October
31, 2013?
A The portfolio's allocation remains fairly limited, as it has for more than
a year. There are three reasons for the modest weighting. First,
commodities have been exhibiting a very high correlation to equities in
recent years, limiting the diversification they provide. Second, we see
better opportunities - particularly on a risk-adjusted basis - in equities.
And third, China is not as big a buyer of commodities today as it was two
to three years ago, as the Chinese government has taken steps to rein in
growth. Given that background, our approach has been to take advantage of
select opportunities in specific commodities, such as platinum, palladium,
lumber, and gold, rather than establishing a broad-based portfolio
allocation to the asset class.
6 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
We do, however, see the opportunity for real returns in real estate
investment trusts (REITs) based in Singapore. We believe the REIT
securities offer safe yields and the potential for currency appreciation,
which makes them a more attractive proposition than bonds in our view.
Q The Fund typically holds a portion of its assets in derivative investments
(options and futures). Why do you invest the Fund in these instruments?
A Our goal in using derivatives isn't to add to the Fund's total return. In
other words, the positions do not represent high-risk "bets" on certain
market segments. Instead, we use derivatives to maintain balance in the
portfolio and to attempt to "hedge" (or mitigate) the risks of certain
other positions. For instance, the Fund holds a number of hedges in global
currencies, which helps to reduce the impact of currency movements on
specific holdings within the portfolio.
Q Do you have any closing thoughts for investors?
A We continue to employ a flexible, diversified, and go-anywhere approach
that enables the Fund to adapt to changing market conditions by investing
in any asset class or region. Rather than being constrained by a "style
box" or an index, we have the ability to actively target the areas of the
financial markets that we believe offer the most attractive long-term
opportunities and that are best suited to our goal of helping investors
maintain the long-term purchasing power of their assets.
We believe the potential value of our investment approach is illustrated by
the fact that the Fund has not just outperformed its benchmark and peers
over the past year, but that it has done so with a lower degree of
volatility. We expect that our steady, long-term approach will prove well
suited to the coming year, during which time shifting economic data and
talk of the Fed tapering QE is likely to lead to elevated short-term
"noise" in the financial markets.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 7
Please refer to the Schedule of Investments on pages 19-39 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 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.
8 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
The Fund may invest in commodities. The value of commodity-linked derivatives
may be affected by changes in overall market movements, commodity index
volatility, changes in interest rates, factors affecting a particular industry
or commodity, international economic, political and regulatory developments,
supply and demand, and governmental regulatory policies.
Investments in equity securities are subject to price fluctuation.
Small-and mid-cap stocks involve greater risks and volatility than large-cap
stocks.
International investments are subject to special risks, including currency
fluctuations, and social, economic and political uncertainties, which could
increase volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities falls.
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-Backed securities are also subject to prepayments.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 9
Portfolio Summary | 10/31/13
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 41.7%
Consumer Discretionary 14.3%
Industrials 14.3%
Health Care 6.7%
Materials 5.6%
Information Technology 4.7%
Energy 4.1%
Consumer Staples 3.7%
Utilities 2.9%
Government 1.2%
Telecommunication Services 0.8%
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
International Common Stocks 52.4%
U.S. Common Stocks 21.5%
Corporate Bonds 15.4%
Exchange Traded Funds 3.8%
Foreign Government Bonds 3.5%
Collateralized Mortgage Obligations 1.5%
Preferred Stocks 1.0%
Depository Receipts for International Stocks 0.5%
Convertible Corporate Bonds 0.4%
Senior Secured Loans 0.0%*
* Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. PowerShares Buyback Achievers Portfolio 2.36%
--------------------------------------------------------------------------------
2. The Boeing Co. 1.27
--------------------------------------------------------------------------------
3. ETFS Platinum Trust 1.13
--------------------------------------------------------------------------------
4. Allianz SE 1.11
--------------------------------------------------------------------------------
5. Johnson & Johnson Co. 1.04
--------------------------------------------------------------------------------
6. Sumitomo Mitsui Financial Group, Inc. 1.02
--------------------------------------------------------------------------------
7. Roche Holding AG 1.02
--------------------------------------------------------------------------------
8. Nordea Bank AB 0.98
--------------------------------------------------------------------------------
9. Ireland Government Bond, 3.9%, 3/20/23 0.94
--------------------------------------------------------------------------------
10. Obrascon Huarte Lain SA, 7.625%, 3/15/20 0.93
--------------------------------------------------------------------------------
** 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.
10 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Prices and Distributions | 10/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/13 10/31/12
--------------------------------------------------------------------------------
A $13.33 $11.76
--------------------------------------------------------------------------------
C $13.21 $11.66
--------------------------------------------------------------------------------
Y $13.37 $11.79
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/13 9/13/13
--------------------------------------------------------------------------------
R* $13.32 $12.87
--------------------------------------------------------------------------------
Class 10/31/13 4/26/13
--------------------------------------------------------------------------------
Z** $13.33 $13.33
--------------------------------------------------------------------------------
Distributions per Share: 11/1/12 - 10/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1522 $ -- $ --
--------------------------------------------------------------------------------
C $0.0698 $ -- $ --
--------------------------------------------------------------------------------
R $0.0360 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1856 $ -- $ --
--------------------------------------------------------------------------------
Z $0.1120 $ -- $ --
--------------------------------------------------------------------------------
The Barclays U.S. Treasury TIPS 1-10 Year Index is an unmanaged index comprised
of U.S. Treasury Inflation Protected Securities (TIPS) having a maturity of at
least 1 year and less than 10 years. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-16.
* Class R shares were first publicly offered on September 13, 2013.
** Class Z shares were first publicly offered on April 26, 2013.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 11
Performance Update | 10/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Multi-Asset Real Return Fund at
public offering price during the periods shown, compared to that of the Barclays
U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 10.20% 8.76%
1 Year 14.72 9.59
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated September 13, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.24% 1.22%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $ 9,550 $10,000
10/31/2010 $10,351 $10,481
10/31/2011 $11,034 $11,217
10/31/2012 $11,918 $11,797
10/31/2013 $13,672 $11,351
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through March 1, 2015, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Performance Update | 10/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Multi-Asset Real Return Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.38% 9.38%
1 Year 13.93 13.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated September 13, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.97%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $10,000 $10,000
10/31/2010 $10,816 $10,481
10/31/2011 $11,431 $11,217
10/31/2012 $12,252 $11,797
10/31/2013 $13,959 $11,351
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 13
Performance Update | 10/31/13 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Multi-Asset Real Return Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(9/13/13) 10.19% 10.19%
1 Year 14.69 14.69
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated September 13, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.52%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $10,000 $10,000
10/31/2010 $10,836 $10,481
10/31/2011 $11,551 $11,217
10/31/2012 $12,477 $11,797
10/31/2013 $14,309 $11,351
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on September 13, 2013, is based on
the performance of Class A shares, reduced to reflect the higher distribution
and service fees of Class R shares. For the period beginning September 13, 2013,
the actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Performance Update | 10/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Multi-Asset Real Return Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 10.53% 10.53%
1 Year 15.07 15.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated September 13, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.93% 0.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Multi-Asset Barclays U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $5,000,000 $5,000,000
10/31/2010 $5,428,135 $5,240,513
10/31/2011 $5,801,896 $5,608,553
10/31/2012 $6,284,926 $5,898,408
10/31/2013 $7,231,801 $5,675,535
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through March 1, 2015, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 15
Performance Update | 10/31/13 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Multi-Asset Real Return Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of October 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(4/26/13) 10.25% 10.25%
1 Year 14.91 14.91
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus September 13, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.97%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Multi-Asset Barclays U.S. Treasury
Real Return Fund TIPS 1-10 Year Index
5/31/2010 $10,000 $10,000
10/31/2010 $10,836 $10,481
10/31/2011 $11,551 $11,217
10/31/2012 $12,477 $11,797
10/31/2013 $14,337 $11,351
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on April
26, 2013, is the net asset value performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior to
their inception on April 26, 2013, would have been higher than that shown. For
the period beginning April 26, 2013, the actual performance of Class Z shares is
reflected. Class Z shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
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 1, 2013, through October 31, 2013.
---------------------------------------------------------------------------------
Share Class A C R Y Z
---------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/13
---------------------------------------------------------------------------------
Ending Account $1,004.20 $1,000.44 $1,047.60 $1,004.98 $ 907.77
Value (after expenses)
On 10/31/13
---------------------------------------------------------------------------------
Expenses Paid $ 6.16 $ 10.08 $ 1.62 $ 4.65 $ 5.15
During Period*
---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratio of the underlying funds. These combined totals were of 1.28%, 2.05%,
1.42%, 0.98%, and 1.18% for Class A, Class C, Class R, Class Y and Class Z
shares, respectively. These combined ratios were multiplied by the average
account value over the period, and then multiplied by 184/365 (49/365 for
Class R shares)(to reflect the partial year period).
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Multi-Asset Real Return Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from May 1, 2013, through October 31, 2013.
---------------------------------------------------------------------------------
Share Class A C R Y Z
---------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/13
---------------------------------------------------------------------------------
Ending Account $1,019.06 $1,015.12 $1,005.13 $1,020.57 $1,019.81
Value (after expenses)
On 10/31/13
---------------------------------------------------------------------------------
Expenses Paid $ 6.21 $ 10.16 $ 1.59 $ 4.69 $ 5.45
During Period*
---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratio of the underlying funds. These combined totals were of 1.28%, 2.05%,
1.42%, 0.98%, and 1.18% for Class A, Class C, Class R, Class Y and Class Z
shares, respectively. These combined ratios were multiplied by the average
account value over the period, and then multiplied by 184/365 (49/365 for
Class R shares)(to reflect the partial year period).
18 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Schedule of Investments | 10/31/13 (Consolidated)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.4%
MATERIALS -- 0.1%
Precious Metals & Minerals -- 0.1%
1,400,000 NR/NR Aquarius Platinum, Ltd., 4.0%,
12/18/15 $ 1,120,000
-----------------
Total Materials $ 1,120,000
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Asset Management & Custody
Banks -- 0.3%
1,850,000 BBB/NR Prospect Capital Corp., 5.50%,
8/15/16 $ 1,933,250
950,000 BBB/NR Prospect Capital Corp., 5.75%,
3/15/18 993,938
-----------------
$ 2,927,188
-----------------
Total Diversified Financials $ 2,927,188
--------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $4,029,221) $ 4,047,188
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.9%
REAL ESTATE -- 0.9%
Diversified REIT -- 0.2%
95,999 NR/NR First Potomac Realty Trust, 7.75%
(Perpetual) $ 2,411,015
--------------------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
94,999 NR/NR CoreSite Realty Corp., 7.25%
(Perpetual) $ 2,227,727
--------------------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
507 NR/NR Wheeler Real Estate Investment Trust,
Inc., 9.0%, 9/21/13 $ 514,605
--------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.4%
91,866 NR/NR LaSalle Hotel Properties, 7.5%
(Perpetual) $ 2,271,387
100,000 NR/NR Pebblebrook Hotel Trust, 6.5%
(Perpetual) 2,113,000
-----------------
$ 4,384,387
-----------------
Total Real Estate $ 9,537,734
--------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $10,375,956) $ 9,537,734
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 19
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 73.5%
ENERGY -- 2.5%
Oil & Gas Drilling -- 0.2%
773,964 China Oilfield Services, Ltd. $ 2,163,822
--------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 1.0%
35,690 Baker Hughes, Inc. $ 2,073,232
2,060,563 Ezion Holdings, Ltd. 3,712,663
3,244,883 Hilong Holding, Ltd. 2,154,019
4,458,807 Termbray Petro-King Oilfield
Services, Ltd.* 2,332,081
-----------------
$ 10,271,995
--------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
2,153,851 PetroChina Co., Ltd. $ 2,435,895
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.3%
26,824 Gulfport Energy Corp.* $ 1,574,301
700,000 Kunlun Energy Co., Ltd. 1,146,209
-----------------
$ 2,720,510
--------------------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.3%
5,560,244 Newocean Energy Holdings, Ltd. $ 3,387,415
--------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.5%
13,074,149 China Suntien Green Energy
Corp, Ltd.* $ 4,554,380
-----------------
Total Energy $ 25,534,017
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 4.0%
Commodity Chemicals -- 0.4%
562,000 Asahi Kasei Corp. $ 4,275,493
--------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.7%
38,419 PPG Industries, Inc. $ 7,014,541
--------------------------------------------------------------------------------------------------------------
Industrial Gases -- 0.2%
9,986 Linde AG $ 1,898,784
--------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.3%
175,076 Clariant AG $ 3,095,889
56,966 Ecolab, Inc. 6,038,396
787 Sika AG 2,485,523
32,005 The Valspar Corp. 2,239,390
-----------------
$ 13,859,198
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.8%
1,202,755 Indocement Tunggal Prakarsa Tbk PT $ 2,226,740
624,000 Taiheiyo Cement Corp. 2,640,325
2,003,000 Taiwan Cement Corp. 2,905,976
-----------------
$ 7,773,041
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
38,047 Rio Tinto Plc $ 1,930,455
--------------------------------------------------------------------------------------------------------------
Steel -- 0.4%
226,000 Fortescue Metals Group, Ltd. $ 1,114,016
58,589 Nucor Corp. 3,033,153
-----------------
$ 4,147,169
-----------------
Total Materials $ 40,898,681
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 10.5%
Aerospace & Defense -- 3.1%
90,276 European Aeronautic Defence and
Space Co NV $ 6,202,999
6,500 Precision Castparts Corp. 1,647,425
45,447 Raytheon Co. 3,743,469
97,480 The Boeing Co. 12,721,140
39,712 United Technologies Corp. 4,219,400
20,662 Zodiac Aerospace 3,309,101
-----------------
$ 31,843,534
--------------------------------------------------------------------------------------------------------------
Building Products -- 0.4%
12,298 Geberit AG $ 3,683,335
--------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.2%
2,239,703 China Singyes Solar Technologies
Holdings, Ltd. $ 2,427,974
2,012,770 China State Construction International
Holdings, Ltd. 3,394,718
1,122,900 Gamuda Bhd 1,731,180
34,830 Hyundai Engineering & Construction
Co, Ltd. 1,998,429
316,168 Yumeshin Holdings Co, Ltd. 2,318,741
-----------------
$ 11,871,042
--------------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 1.7%
66,439 Eaton Corp Plc $ 4,687,936
57,634 Emerson Electric Co. 3,859,749
321,000 Hitachi, Ltd. 2,242,308
54,010 Rockwell Automation, Inc. 5,963,244
-----------------
$ 16,753,237
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 21
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.6%
8,896,361 Alliance Global Group, Inc. $ 5,433,837
386,856 Beijing Enterprises Holdings, Ltd. 3,175,465
2,444,821 CITIC Pacific, Ltd. 3,489,863
312,000 Keppel Corp., Ltd. 2,727,432
1,105,534 Turkiye Sise ve Cam Fabrikalari AS 1,625,163
-----------------
$ 16,451,760
--------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.5%
25,000 PACCAR, Inc. $ 1,390,000
1,022,790 Sembcorp Marine, Ltd. 3,707,957
-----------------
$ 5,097,957
--------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.9%
2,726,840 CIMC Enric Holdings, Ltd. $ 3,831,123
404,091 Interpump Group S.p.A. 4,492,508
185,000 Nabtesco Corp. 4,513,108
1,179,478 Sarin Technologies, Ltd. 1,804,936
42,842 Stanley Black & Decker, Inc. 3,388,374
28,423 The Gorman-Rupp Co. 1,157,953
-----------------
$ 19,188,002
--------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
22,060 Samsung C&T Corp. $ 1,309,326
-----------------
Total Capital Goods $ 106,198,193
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 1.5%
Environmental & Facilities
Services -- 0.5%
8,957,311 Beijing Enterprises Water Group, Ltd. $ 3,983,520
36,196 Waste Management, Inc. 1,575,974
-----------------
$ 5,559,494
--------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.2%
1,805,567 Blue Label Telecoms, Ltd. $ 1,696,869
--------------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.8%
62,892 Secom Co, Ltd. $ 3,792,031
111,132 Tyco International, Ltd. 4,061,875
-----------------
$ 7,853,906
-----------------
Total Commercial Services &
Supplies $ 15,110,269
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.2%
Air Freight & Logistics -- 0.3%
23,051 FedEx Corp. $ 3,019,681
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Railroads -- 1.0%
20,000 Central Japan Railway Co. $ 2,590,306
175,858 CSX Corp. 4,582,859
5,824,673 Guangshen Railway Co, Ltd. 3,091,338
-----------------
$ 10,264,503
--------------------------------------------------------------------------------------------------------------
Airport Services -- 0.5%
4,171,719 Beijing Capital International Airport
Co., Ltd. $ 2,941,419
3,105 Flughafen Zuerich AG 1,724,104
-----------------
$ 4,665,523
--------------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.4%
5,222,889 Anhui Expressway Co, Ltd. $ 2,924,736
3,200,000 Shenzhen Expressway Co, Ltd. 1,343,001
-----------------
$ 4,267,737
-----------------
Total Transportation $ 22,217,444
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 4.8%
Auto Parts & Equipment -- 1.7%
21,247 Autoliv, Inc. $ 1,895,870
125,671 Brembo S.p.A. 3,326,532
41,000 Johnson Controls, Inc. 1,892,150
60,000 NGK Spark Plug Co, Ltd. 1,369,033
8,450,975 Xinyi Glass Holdings, Ltd. 8,363,897
-----------------
$ 16,847,482
--------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
18,263 Cie Generale des Etablissements
Michelin $ 1,908,208
--------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 2.9%
36,492 Bayerische Motoren Werke AG $ 4,141,732
67,564 Daimler AG 5,547,475
257,102 Ford Motor Co. 4,399,015
159,500 Fuji Heavy Industries, Ltd. 4,363,881
635,885 Great Wall Motor Co, Ltd. 3,713,676
13,978 Hyundai Motor Co. 3,340,359
546,197 Mazda Motor Corp. 2,459,600
186,000 Nissan Motor Co, Ltd. 1,862,539
-----------------
$ 29,828,277
-----------------
Total Automobiles & Components $ 48,583,967
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 2.2%
Consumer Electronics -- 0.2%
222,700 Panasonic Corp. $ 2,240,586
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 23
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Home Furnishings -- 0.4%
1,059,297 Man Wah Holdings, Ltd. $ 1,828,357
478,875 Poltrona Frau S.p.A.* 1,574,096
-----------------
$ 3,402,453
--------------------------------------------------------------------------------------------------------------
Homebuilding -- 0.3%
142,883 West Holdings Corp. $ 2,448,684
--------------------------------------------------------------------------------------------------------------
Household Appliances -- 0.2%
902,209 Techtronic Industries Co. $ 2,267,243
--------------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 1.1%
19,081 Christian Dior SA $ 3,625,515
27,850 Cie Financiere Richemont SA 2,850,658
574,000 Makalot Industrial Co, Ltd. 3,466,302
44,841 Salvatore Ferragamo S.p.A. 1,537,524
-----------------
$ 11,479,999
-----------------
Total Consumer Durables & Apparel $ 21,838,965
--------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.1%
Casinos & Gaming -- 2.4%
941,380 Galaxy Entertainment Group, Ltd.* $ 7,011,447
179,900 Grand Korea Leisure Co., Ltd. 6,559,555
21,613 Las Vegas Sands Corp. 1,517,665
11,396,869 Melco Crown Philippines Resorts
Corp.* 3,319,318
250,000 Sands China, Ltd. 1,774,904
1,057,500 SJM Holdings, Ltd. 3,421,595
320,000 Wynn Macau, Ltd. 1,230,321
-----------------
$ 24,834,805
--------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise
Lines -- 0.5%
115,599 Aitken Spence Hotel Holdings Plc $ 57,484
68,000 Marriott International, Inc. 3,065,440
29,000 Starwood Hotels & Resorts
Worldwide, Inc. 2,134,980
-----------------
$ 5,257,904
--------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.1%
2,394,720 Travellers International Hotel
Group, Inc.* $ 625,071
--------------------------------------------------------------------------------------------------------------
Specialized Consumer
Services -- 0.1%
29,445 Beauty Garage, Inc.* $ 884,032
-----------------
Total Consumer Services $ 31,601,812
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
MEDIA -- 3.3%
Advertising -- 0.3%
3,655,221 SinoMedia Holding, Ltd. $ 3,404,026
--------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.6%
106,158 CBS Corp. (Class B) $ 6,278,184
--------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
88,378 Comcast Corp. $ 4,205,025
--------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.5%
67,140 The Walt Disney Co. $ 4,605,133
32,453 Time Warner, Inc. 2,230,819
65,000 Twenty-First Century Fox, Inc. 2,215,200
72,753 Viacom, Inc. (Class B) 6,059,597
-----------------
$ 15,110,749
--------------------------------------------------------------------------------------------------------------
Publishing -- 0.5%
333,383 Reed Elsevier Plc $ 4,669,946
-----------------
Total Media $ 33,667,930
--------------------------------------------------------------------------------------------------------------
RETAILING -- 0.7%
Home Improvement Retail -- 0.7%
31,026 Lowe's Companies, Inc. $ 1,544,474
64,623 The Home Depot, Inc. 5,033,485
-----------------
$ 6,577,959
-----------------
Total Retailing $ 6,577,959
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.8%
Drug Retail -- 0.2%
37,890 Sugi Holdings Co, Ltd. $ 1,585,505
--------------------------------------------------------------------------------------------------------------
Food Retail -- 0.2%
40,400 Magnit OJSC (G.D.R.) $ 2,598,366
--------------------------------------------------------------------------------------------------------------
Hypermarkets & Super
Centers -- 0.4%
5,455 E-Mart Co, Ltd. $ 1,305,331
1,676,670 Sun Art Retail Group, Ltd. 2,744,377
-----------------
$ 4,049,708
-----------------
Total Food & Staples Retailing $ 8,233,579
--------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE &
TOBACCO -- 2.4%
Soft Drinks -- 0.5%
69,040 PepsiCo, Inc. $ 5,805,574
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 25
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.9%
4,537,164 Del Monte Pacific, Ltd. $ 3,003,003
45,156 Nestle SA 3,267,198
62,659 The Hershey Co. 6,218,279
259,540 Ulker Biskuvi Sanayi AS 1,985,899
1,536,000 Universal Robina Corp. 4,547,200
-----------------
$ 19,021,579
-----------------
Total Food, Beverage & Tobacco $ 24,827,153
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.4%
Personal Products -- 0.4%
301,398 Hypermarcas SA $ 2,636,449
2,986,856 Prince Frog International
Holdings, Ltd. 1,795,180
-----------------
$ 4,431,629
-----------------
Total Household & Personal
Products $ 4,431,629
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 2.1%
Health Care Equipment -- 1.1%
116,759 Abbott Laboratories $ 4,267,541
17,920 Covidien Plc 1,148,851
20,486 Sonova Holding AG 2,666,660
16,174 Straumann Holding AG 3,226,569
-----------------
$ 11,309,621
--------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.6%
133,000 Ginko International Co, Ltd. $ 2,534,056
107,746 St Shine Optical Co, Ltd. 3,165,555
-----------------
$ 5,699,611
--------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
59,000 Cigna Corp. $ 4,541,820
-----------------
Total Health Care Equipment &
Services $ 21,551,052
--------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 4.5%
Biotechnology -- 0.3%
44,493 Actelion, Ltd. $ 3,444,087
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 3.6%
79,284 Aspen Pharmacare Holdings, Ltd. $ 2,204,529
31,942 Bayer AG 3,972,955
4,193,399 China Medical System Holdings, Ltd. 3,772,116
912,541 Genomma Lab Internacional
SAB de CV* 2,436,387
386,957 Glenmark Pharmaceuticals, Ltd. 3,530,467
112,964 Johnson & Johnson 10,461,596
36,940 Roche Holding AG 10,225,230
-----------------
$ 36,603,280
--------------------------------------------------------------------------------------------------------------
Life Sciences Tools &
Services -- 0.6%
58,110 Thermo Fisher Scientific, Inc. $ 5,681,996
-----------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 45,729,363
--------------------------------------------------------------------------------------------------------------
BANKS -- 8.1%
Diversified Banks -- 8.1%
56,217 Australia & New Zealand Banking
Group, Ltd. $ 1,798,330
1,764,900 Bank of the Philippine Islands 4,084,084
2,798,500 Bank Rakyat Indonesia Persero
Tbk PT 1,956,875
1,274,525 BDO Unibank, Inc. 2,392,022
2,799,820 Commercial Bank of Ceylon Plc 2,528,480
18,743 Credicorp, Ltd. 2,582,785
824,396 First Gulf Bank PJSC 3,638,109
42,260 Hana Financial Group, Inc. 1,626,560
1,869,935 Hatton National Bank Plc 2,099,644
4,580,686 Industrial & Commercial Bank of
China, Ltd. 3,205,320
203,980 Itau Unibanco Holding SA (A.D.R.) 3,143,332
15,708 Komercni Banka AS 3,904,828
3,364,850 Krung Thai Bank PCL 2,191,417
1,864,200 Metropolitan Bank & Trust 3,834,734
379,200 Mitsubishi UFJ Financial Group, Inc. 2,398,982
1,045,803 National Development Bank Plc 1,262,777
108,952 Nedbank Group, Ltd. 2,365,415
765,566 Nordea Bank AB 9,825,584
234,244 Powszechna Kasa Oszczednosci
Bank Polski SA 3,101,766
51,493 Qatar National Bank SAQ 2,349,077
724,519 Sampath Bank Plc 946,065
929,332 Siam Commercial Bank PCL 4,904,559
213,100 Sumitomo Mitsui Financial Group, Inc. 10,265,289
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 27
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
243,060 Turkiye Halk Bankasi AS $ 1,955,554
146 United Overseas Bank, Ltd. 2,447
28,864,002 Zenith Bank Plc 3,915,180
-----------------
$ 82,279,215
-----------------
Total Banks $ 82,279,215
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.6%
Other Diversified Financial
Services -- 0.3%
75,882 Intercorp Financial Services, Inc. $ 2,538,253
--------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.7%
42,126 American Express Co. $ 3,445,907
76,183 Discover Financial Services, Inc. 3,952,374
-----------------
$ 7,398,281
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 1.9%
988,454 Aberdeen Asset Management Plc $ 7,023,495
272,443 Blackstone Group LP 7,159,802
197,001 KKR & Co LP 4,324,172
61,000 THL Credit, Inc. 991,250
-----------------
$ 19,498,719
--------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.7%
372,000 Daiwa Securities Group, Inc. $ 3,388,379
143,089 The Charles Schwab Corp. 3,240,966
-----------------
$ 6,629,345
-----------------
Total Diversified Financials $ 36,064,598
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 5.8%
Life & Health Insurance -- 2.4%
506,251 AIA Group, Ltd. $ 2,566,783
155,274 Discovery, Ltd. 1,312,290
122,178 Lincoln National Corp. 5,548,103
73,381 Prudential Financial, Inc. 5,972,480
193,334 Prudential Plc 3,959,090
24,805 Swiss Life Holding AG 4,926,237
-----------------
$ 24,284,983
--------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.1%
66,088 Allianz SE* $ 11,123,538
--------------------------------------------------------------------------------------------------------------
Property & Casualty
Insurance -- 1.4%
2,796,000 PICC Property & Casualty Co, Ltd. $ 4,269,878
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Property & Casualty
Insurance -- (continued)
63,901 The Travelers Companies, Inc. $ 5,514,656
114,800 Tokio Marine Holdings, Inc. 3,764,178
-----------------
$ 13,548,712
--------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.9%
92,494 Korean Reinsurance Co. $ 1,036,506
20,924 Muenchener Rueckversicherungs AG 4,374,443
45,022 Swiss Re AG 3,952,205
-----------------
$ 9,363,154
-----------------
Total Insurance $ 58,320,387
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 3.1%
Diversified REIT -- 0.1%
1,000,000 Suntec Real Estate Investment
Trust (144A) $ 1,381,849
--------------------------------------------------------------------------------------------------------------
Industrial REIT -- 0.7%
1,118,773 Ascendas Real Estate Investment Trust $ 2,136,814
1,937,679 Cache Logistics Trust (144A) 1,865,269
1,163,786 Mapletree Industrial Trust 1,298,629
1,464,465 Mapletree Logistics Trust (144A) 1,291,822
-----------------
$ 6,592,534
--------------------------------------------------------------------------------------------------------------
Mortgage REIT -- 0.1%
40,000 Starwood Property Trust, Inc. $ 1,027,600
--------------------------------------------------------------------------------------------------------------
Office REIT -- 0.0%+
708 Keppel Real Estate Investment
Trust (144A) $ 690
--------------------------------------------------------------------------------------------------------------
Retail REIT -- 0.1%
1,293,806 Mapletree Commercial Trust $ 1,313,320
--------------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.5%
30,727 HCP, Inc. $ 1,275,170
924,217 Parkway Life Real Estate Investment
Trust 1,809,543
21,000 Rayonier, Inc. (144A) 987,420
32,000 Weyerhaeuser Co. 972,800
-----------------
$ 5,044,933
--------------------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.7%
75,729,497 Century Properties Group, Inc. $ 3,184,966
86,000 Mitsui Fudosan Co, Ltd. 2,841,778
59 Swire Pacific, Ltd. 682
230,000 Takara Leben Co, Ltd. 908,141
-----------------
$ 6,935,567
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 29
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Real Estate Operating
Companies -- 0.0%+
23,825 Lifestyle Properties Development,
Ltd.* $ 4,824
--------------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.9%
211,552 Cheung Kong Holdings, Ltd. $ 3,304,651
3,181,654 Mah Sing Group Bhd 2,256,057
38,818,555 Megaworld Corp. 3,444,811
-----------------
$ 9,005,519
-----------------
Total Real Estate $ 31,306,836
--------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.6%
Internet Software &
Services -- 0.1%
12,800 Enigmo, Inc.* $ 910,652
--------------------------------------------------------------------------------------------------------------
IT Consulting & Other
Services -- 0.1%
5,714,325 China ITS Holdings Co., Ltd. $ 1,495,281
--------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.9%
10,030 MasterCard, Inc. $ 7,192,513
9,116 Visa, Inc. 1,792,844
-----------------
$ 8,985,357
--------------------------------------------------------------------------------------------------------------
Application Software -- 0.5%
76,914 Adobe Systems, Inc.* $ 4,168,739
43,100 Broadleaf Co, Ltd.* 925,273
-----------------
$ 5,094,012
-----------------
Total Software & Services $ 16,485,302
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 2.3%
Computer Hardware -- 0.5%
1,857,082 Inventec Corp. $ 1,658,036
3,178,281 Lenovo Group, Ltd. 3,407,512
-----------------
$ 5,065,548
--------------------------------------------------------------------------------------------------------------
Computer Storage &
Peripherals -- 0.3%
39,938 SanDisk Corp. $ 2,775,691
--------------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.1%
231,000 GeoVision, Inc. $ 1,509,984
--------------------------------------------------------------------------------------------------------------
Electronic Components -- 1.0%
1,134,000 Everlight Electronics Co, Ltd. $ 2,143,103
5,200 Keyence Corp. 2,227,853
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Electronic Components --
(continued)
24,800 Murata Manufacturing Co., Ltd. $ 1,994,845
89,900 Omron Corp. 3,431,663
-----------------
$ 9,797,464
--------------------------------------------------------------------------------------------------------------
Electronic Manufacturing
Services -- 0.4%
5,748,738 Ju Teng International Holdings, Ltd. $ 4,194,359
-----------------
Total Technology Hardware &
Equipment $ 23,343,046
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.8%
Semiconductors -- 0.8%
3,213 Samsung Electronics Co., Ltd. $ 4,450,035
2,628,000 Siliconware Precision Industries Co. 3,187,281
-----------------
$ 7,637,316
-----------------
Total Semiconductors &
Semiconductor Equipment $ 7,637,316
--------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.4%
Integrated Telecommunication
Services -- 0.4%
86,395 Verizon Communications, Inc. $ 4,363,811
-----------------
Total Telecommunication Services $ 4,363,811
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 2.8%
Electric Utilities -- 0.3%
543,000 Cheung Kong Infrastructure
Holdings, Ltd. $ 3,782,457
--------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
69,226 Qatar Electricity & Water Co. $ 3,024,216
--------------------------------------------------------------------------------------------------------------
Water Utilities -- 0.2%
2,307,431 Guangdong Investment, Ltd. $ 1,987,488
--------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 2.0%
11,092,075 Beijing Jingneng Clean Energy
Co, Ltd.* $ 4,611,693
9,708,826 China Power International
Development, Ltd. 3,798,477
1,075,696 China Resources Power Holdings
Co, Ltd. 2,810,702
2,746,000 Datang International Power
Generation Co, Ltd. 1,257,951
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 31
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
3,790,000 Huadian Power International
Corp, Ltd. $ 1,761,630
1,623,415 Huaneng Power International, Inc. 1,694,984
0,761,071 Huaneng Renewables Corp, Ltd.* 4,156,431
-----------------
$ 20,091,868
-----------------
Total Utilities $ 28,886,029
--------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $675,988,012) $ 745,688,553
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.5%
BANKS -- 1.3%
Thrifts & Mortgage Finance -- 1.3%
3,000,000 NR/B3 COMM 2006-C8 Mortgage Trust,
5.377%, 12/10/46 $ 2,894,853
3,000,000 A-/Ba1 GS Mortgage Securities Corp II Series
2005-GG4, 4.782%, 7/10/39 3,037,401
2,384,000 5.86 B+/Ba2 JP Morgan Chase Commercial
Mortgage Securities Trust 2006-LDP7,
Floating Rate Note, 4/15/45 2,399,427
3,000,000 5.57 NR/B1 Morgan Stanley Capital I Trust
2007-TOP25, Floating Rate Note,
11/12/49 3,003,399
1,919,059 3.97 NR/NR Wedgewood Real Estate Trust 2013-1,
Floating Rate Note, 7/25/43 (144A) 1,919,059
-----------------
$ 13,254,139
-----------------
Total Banks $ 13,254,139
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage REIT -- 0.2%
1,777,747 NR/Caa3 Credit Suisse First Boston Mortgage
Securities Corp., 4.898%, 3/15/36
(144A) $ 1,697,348
-----------------
Total Real Estate $ 1,697,348
--------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $14,834,033) $ 14,951,487
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 15.2%
ENERGY -- 2.0%
Integrated Oil & Gas -- 0.6%
5,823,000 BBB/Baa2 Lukoil International Finance BV,
7.25%, 11/5/19 (144A) $ 6,793,694
--------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.6%
2,800,000 BB+/Ba3 Concho Resources, Inc., 7.0%,
1/15/21 $ 3,122,000
2,153,000 BBB/Baa1 Gazprom OAO Via Gaz Capital SA,
6.51%, 3/7/22 (144A) 2,362,918
350,000 BB-/Ba3 Whiting Petroleum Corp., 6.5%,
10/1/18 372,750
-----------------
$ 5,857,668
--------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.8%
2,900,000 NR/Ba1 Adaro Indonesia PT, 7.625%,
10/22/19 (144A) $ 3,066,750
1,500,000 BB/B1 CONSOL Energy, Inc., 8.0%, 4/1/17 1,590,000
3,200,000 BB/Ba2 Peabody Energy Corp., 6.0%,
11/15/18 3,376,000
-----------------
$ 8,032,750
-----------------
Total Energy $ 20,684,112
--------------------------------------------------------------------------------------------------------------
MATERIALS -- 4.2%
Diversified Chemicals -- 0.3%
2,500,000 BB+/Ba2 Celanese US Holdings LLC, 5.875%,
6/15/21 $ 2,675,000
--------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.9%
5,300,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 4,710,995
4,900,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 4,676,874
4,500,000 BB+/Ba2 Compass Minerals International, Inc.,
8.0%, 6/1/19 4,803,750
5,200,000 B+/B1 FMG Resources August 2006 Pty, Ltd.,
6.875%, 4/1/22 (144A) 5,525,000
-----------------
$ 19,716,619
--------------------------------------------------------------------------------------------------------------
Gold -- 1.1%
4,500,000 BBB/Baa2 Barrick Gold Corp., 2.5%, 5/1/18 $ 4,389,322
7,300,000 NR/Baa3 Kinross Gold Corp., 5.125%, 9/1/21 7,040,427
-----------------
$ 11,429,749
--------------------------------------------------------------------------------------------------------------
Steel -- 0.5%
2,500,000 BB+/Ba1 ArcelorMittal, 5.75%, 8/5/20 $ 2,637,500
2,000,000 BB+/Ba1 ArcelorMittal, 6.125%, 6/1/18 2,170,000
-----------------
$ 4,807,500
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 33
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
EURO 2,000,000 BB/Ba2 Smurfit Kappa Acquisitions, 7.75%,
11/15/19 (144A) $ 2,960,119
--------------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
1,000,000 BB/Ba2 Sappi Papier Holding GmbH,
6.625%, 4/15/21 (144A) $ 940,000
-----------------
Total Materials $ 42,528,987
--------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.8%
Construction & Engineering -- 1.5%
3,000,000 BBB+/NR China Railway Resources Huitung,
Ltd., 3.85%, 2/5/23 $ 2,807,460
3,000,000 A-/A3 CRCC Yuxiang, Ltd., 3.5%, 5/16/23 2,736,057
EURO 6,300,000 NR/Ba3 Obrascon Huarte Lain SA, 7.625%,
3/15/20 9,331,223
-----------------
$ 14,874,740
--------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.3%
3,000,000 BBB-/Baa3 Noble Group, Ltd., 6.625%,
8/5/20 (144A) $ 3,120,000
-----------------
Total Capital Goods $ 17,994,740
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Airport Services -- 0.4%
646,140 CCC+/B3 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 (144A) $ 639,679
3,000,000 BB-/Ba3 Aeropuertos Dominicanos Siglo XXI
SA, 9.25%, 11/13/19 2,970,000
-----------------
$ 3,609,679
-----------------
Total Transportation $ 3,609,679
--------------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
1,390,000 B/B3 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) $ 1,417,800
3,800,000 B/B3 Pittsburgh Glass Works LLC, 8.5%,
4/15/16 (144A) 3,978,220
-----------------
$ 5,396,020
-----------------
Total Automobiles & Components $ 5,396,020
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
1,000,000 B+/B1 Reynolds Group Issuer, Inc., 7.875%,
8/15/19 $ 1,105,000
-----------------
Total Consumer Durables & Apparel $ 1,105,000
--------------------------------------------------------------------------------------------------------------
BANKS -- 2.3%
Diversified Banks -- 2.3%
5,000,000 9.00 NR/NR Banco Bilbao Vizcaya Argentaria SA,
Floating Rate Note, 5/29/49
(Perpetual) $ 5,200,000
1,990,000 BBB+/A3 Bangkok Bank PCL Hong Kong, 4.8%,
10/18/20 (144A) 2,105,157
1,800,000 A/A3 Bank of China Hong Kong, Ltd.,
5.55%, 2/11/20 (144A) 1,965,343
4,375,000 A-/Baa3 Bank of East Asia, Ltd., 6.125%,
7/16/20 4,898,924
EURO 2,500,000 NR/B1 Bankia SA, 4.375%, 2/14/17 3,432,795
3,800,000 NR/Baa1 Industrial & Commercial Bank of
China Asia, Ltd., 5.125%, 11/30/20 4,062,200
2,000,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 2,200,400
-----------------
$ 23,864,819
-----------------
Total Banks $ 23,864,819
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.7%
Other Diversified Financial
Services -- 0.6%
5,000,000 7.88 NR/NR Credit Suisse Group Guernsey I, Ltd.,
Floating Rate Note, 2/24/41 $ 5,467,750
1,000,000 0.00 BB-/NR Northshore Re, Ltd., Floating
Rate Note, 7/5/16 (Cat Bond)
(144A) 1,026,400
-----------------
$ 6,494,150
--------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
2,900,000 BBB/Baa2 China Merchants Finance Co, Ltd.,
5.0%, 5/4/22 $ 2,905,307
--------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.9%
1,556,000 A/NR Blackstone Holdings Finance Co.
LLC, 4.75%, 2/15/23 (144A) $ 1,646,452
3,000,000 A-/NR KKR Group Finance Co LLC, 6.375%,
9/29/20 (144A) 3,417,381
3,800,000 BBB/NR Prospect Capital Corp., 5.875%,
3/15/23 3,662,505
-----------------
$ 8,726,338
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 35
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.9%
4,000,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) $ 4,399,560
4,500,000 BBB-/NR UBS AG, 7.625%, 8/17/22 5,130,472
-----------------
$ 9,530,032
-----------------
Total Diversified Financials $ 27,655,827
--------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Reinsurance -- 0.1%
400,000 0.00 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) $ 419,200
500,000 12.16 B/NR Montana Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 508,150
300,000 0.00 BB-/NR Queen Street II Capital, Ltd.,
Floating Rate Note, 4/9/14 (Cat
Bond) (144A) 303,780
250,000 14.59 B-/NR Successor X, Ltd. Class III-S3,
Floating Rate Note, 1/7/14 (Cat
Bond) (144A) 253,925
-----------------
$ 1,485,055
-----------------
Total Insurance $ 1,485,055
--------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Real Estate Development -- 0.3%
3,000,000 BB/Ba2 Agile Property Holdings, Ltd.,
8.875%, 4/28/17 (144A) $ 3,157,500
--------------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.6%
5,000,000 BB-/B2 Kennedy-Wilson, Inc., 8.75%,
4/1/19 $ 5,500,000
-----------------
Total Real Estate $ 8,657,500
--------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Independent Power Producers &
Energy Traders -- 0.2%
1,700,000 NR/B2 Star Energy Geothermal Wayang
Windu, Ltd., 6.125%, 3/27/20
(144A) $ 1,623,500
-----------------
Total Utilities $ 1,623,500
--------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $151,884,474) $ 154,605,239
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 3.5%
EURO 6,750,000 BBB+/Ba1 Ireland Government Bond, 3.9%,
3/20/23 $ 9,466,630
ILS 15,000,000 NR/NR Israel Government Bond - Fixed,
4.25%, 3/31/23 4,572,766
4,300,000 BBB/Baa1 Lithuania Government International
Bond, 6.125%, 3/9/21 (144A) 4,928,875
MXN 107,070,000 A-/Baa1 Mexican Bonos, 8.0%, 6/11/20 9,379,235
EURO 5,000,000 BB+/Baa3 Romanian Government International
Bond, 4.875%, 11/7/19 7,168,613
-----------------
$ 35,516,119
--------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT
BONDS
(Cost $34,836,121) $ 35,516,119
--------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 0.1%**
MATERIALS -- 0.0%+
Aluminum -- 0.0%+
243,129 3.75 BB-/Ba2 Novelis, Inc. Georgia, Initial Term
Loan, 3/10/17 $ 244,648
-----------------
Total Materials $ 244,648
--------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.1%
Communications Equipment -- 0.1%
338,917 3.75 BB+/Ba2 CommScope, Inc., Tranche 2 Term
Loan, 1/14/18 $ 340,082
-----------------
Total Technology Hardware &
Equipment $ 340,082
--------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $580,014) $ 584,730
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------------
EXCHANGE TRADED
FUNDS -- 3.7%
80,000 ETFS Platinum Trust* 11,331,200
579,700 PowerShares Buyback Achievers
Portfolio 23,651,763
62,300 BlackRock MuniVest Fund, Inc.
(144A) 591,850
44,100 BlackRock MuniYield Fund, Inc.
(144A) 612,990
45,200 iShares MSCI All Peru Capped ETF 1,583,356
-----------------
$ 37,771,159
--------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 37
Schedule of Investments | 10/31/13 (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $33,545,246) $ 37,771,159
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 98.8%
(Cost $926,073,076) (a) $ 1,002,702,209
--------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.2% $ 11,806,246
--------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,014,508,455
==============================================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
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, 2013, the value of these securities
amounted to $69,108,100 or 6.8% of total net assets.
(A.D.R.) American Depositary Receipts.
(G.D.R.) Global Depositary Receipts.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and meant to raise money in case of a catastrophe.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major United
States banks, (iii) the rate of a certificate of deposit or (iv)
other base lending rates used by commercial lenders. The rate shown
is the coupon rate at period end.
(a) At October 31, 2013, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $929,460,151 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $81,063,943
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (7,821,885)
------------
Net unrealized appreciation $73,242,058
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EURO Euro
ILS Israeli Shekel
MXN Mexican Peso
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Purchases and sales of securities (excluding temporary cash investments) for the
year ended October 31, 2013 aggregated $2,674,138,318 and $2,029,479,375,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of October 31, 2013, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 4,047,188 $ -- $ 4,047,188
Preferred Stocks 9,023,129 514,605 -- 9,537,734
Common Stocks* 234,959,591 510,728,962 -- 745,688,553
Collateralized Mortgage Obligations -- 14,951,487 -- 14,951,487
Corporate Bonds -- 154,605,239 -- 154,605,239
Foreign Government Bonds -- 35,516,119 -- 35,516,119
Senior Floating Rate Loan Interests -- 584,730 -- 584,730
Exchange Traded Funds 37,771,159 -- -- 37,771,159
----------------------------------------------------------------------------------------------------
Total $ 281,753,879 $720,948,330 $ -- $1,002,702,209
====================================================================================================
Other Financial Instruments
Forward Foreign Currency Contracts $ -- $ (10,510) $ -- $ (10,510)
Futures Contracts 408,604 -- -- 408,604
----------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 408,604 $ (10,510) $ -- $ 398,094
====================================================================================================
* Level 2 securities are valued by independent pricing services using fair
value factors.
During the year ended October 31, 2013, there were no transfers between Levels
1, 2 and 3
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 39
Statement of Assets and Liabilities | 10/31/13 (Consolidated)
ASSETS:
Investment in securities, at value (cost $926,073,076) $1,002,702,209
Cash 13,430,333
Futures collateral 8,061,191
Foreign currencies, at value (cost $560,792) 535,338
Receivables --
Investment securities sold 45,060,624
Fund shares sold 6,817,445
Dividends 941,973
Interest 3,716,263
Variation margin 69,221
Due from Pioneer Investment Management, Inc. 138,657
Other assets 117,840
--------------------------------------------------------------------------------------------
Total assets $1,081,591,094
============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 64,589,797
Fund shares repurchased 1,981,665
Dividends payable 19
Net unrealized depreciation on forward foreign currency contracts 10,510
Due to affiliates 250,178
Accrued expenses 250,470
--------------------------------------------------------------------------------------------
Total liabilities $ 67,082,639
============================================================================================
NET ASSETS:
Paid-in capital $ 904,883,833
Undistributed net investment income 1,345,407
Accumulated net realized gain on investments and foreign
currency transactions 31,299,972
Net unrealized appreciation on investments 76,629,133
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (58,494)
Net unrealized depreciation on futures contracts 408,604
--------------------------------------------------------------------------------------------
Total net assets $1,014,508,455
============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $335,398,102/25,165,961 shares) $ 13.33
Class C (based on $251,888,843/19,075,240 shares) $ 13.21
Class R (based on $10,443/784 shares) $ 13.32
Class Y (based on $427,190,217/31,951,631 shares) $ 13.37
Class Z (based on $20,850/1,564 shares) $ 13.33
MAXIMUM OFFERING PRICE:
Class A ($13.27 (divided by) 95.5%) $ 13.90
============================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Statement of Operations (Consolidated)
For the Year Ended 10/31/13
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $1,110,257) $14,690,358
Interest 7,738,486
---------------------------------------------------------------------------------------------------
Total investment income $22,428,844
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 5,203,000
Transfer agent fees
Class A 67,162
Class C 34,056
Class Y 6,355
Class Z 13
Distribution fees
Class A 605,143
Class C 1,796,952
Class R 7
Shareholder communications expense 718,947
Administrative reimbursement 233,305
Custodian fees 636,836
Registration fees 154,961
Professional fees 86,585
Printing expense 43,850
Fees and expenses of nonaffiliated Trustees 23,473
Miscellaneous 66,471
---------------------------------------------------------------------------------------------------
Total expenses $ 9,677,116
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (309,067)
---------------------------------------------------------------------------------------------------
Net expenses $ 9,368,049
---------------------------------------------------------------------------------------------------
Net investment income $13,060,795
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CREDIT DEFAULT SWAPS, FUTURES CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $31,790,754
Futures contracts 1,227,894
Credit default swaps (1,172,060)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 2,279,248 $34,125,836
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $35,053,448
Futures contracts (632,653)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 823 $34,421,618
---------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $68,547,454
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $81,608,249
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 41
Statements of Changes in Net Assets (Consolidated)
---------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/13 10/31/12
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 13,060,795 $ 7,946,599
Net realized gain (loss) on investments, futures contracts,
class actions, credit default swaps and foreign
currency transactions 34,125,836 (12,672,396)
Change in net unrealized appreciation (depreciation) on
investments and foreign currency transactions 34,421,618 33,174,641
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 81,608,249 $ 28,448,844
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.15 and $0.36 per share, respectively) $ (3,047,500) $ (3,473,555)
Class C ($0.07 and $0.27 per share, respectively) (1,040,526) (1,735,629)
Class R ($0.04 and $0.00 per share, respectively) (28) --
Class Y ($0.19 and $0.40 per share, respectively) (5,040,125) (5,267,764)
Class Z ($0.11 and $0.00 per share, respectively) (117) --
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (9,128,296) $ (10,476,948)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 795,417,513 $ 276,521,098
Reinvestment of distributions 7,782,943 8,836,593
Cost of shares repurchased (298,691,817) (131,340,879)
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 504,508,639 $ 154,016,812
---------------------------------------------------------------------------------------------------
Net increase in net assets $ 576,988,592 $ 171,988,708
NET ASSETS:
Beginning of year 437,519,863 265,531,155
---------------------------------------------------------------------------------------------------
End of year $1,014,508,455 $ 437,519,863
---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ 1,345,407 $ (587,842)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 19,036,564 $ 245,707,864 8,396,929 $ 94,918,190
Reinvestment of
distributions 227,868 2,892,806 284,393 3,074,842
Less shares repurchased (6,615,326) (84,741,434) (3,925,801) (44,400,628)
------------------------------------------------------------------------------------------------
Net increase 12,649,106 $ 163,859,236 4,755,521 $ 53,592,404
================================================================================================
Class C
Shares sold 13,474,589 $ 172,196,737 5,134,641 $ 57,617,446
Reinvestment of
distributions 68,156 854,068 128,211 1,373,715
Less shares repurchased (3,447,199) (44,152,838) (1,526,602) (17,066,961)
------------------------------------------------------------------------------------------------
Net increase 10,095,546 $ 128,897,967 3,736,250 $ 41,924,200
================================================================================================
Class R*
Shares sold 784 $ 10,000 -- $ --
Reinvestment of
distributions -- -- -- --
Less shares repurchased -- -- -- --
------------------------------------------------------------------------------------------------
Net increase 784 $ 10,000 0 $ --
================================================================================================
Class Y
Shares sold 29,120,727 $ 377,482,510 10,928,148 $ 123,985,462
Reinvestment of
distributions 316,841 4,036,037 404,969 4,388,036
Less shares repurchased (13,233,152) (169,797,540) (6,190,968) (69,873,290)
------------------------------------------------------------------------------------------------
Net increase 16,204,416 $ 211,721,007 5,142,149 $ 58,500,208
================================================================================================
Class Z**
Shares sold 1,562 $ 20,402 -- $ --
Reinvestment of
distributions 2 32 -- --
Less shares repurchased -- (5) -- --
------------------------------------------------------------------------------------------------
Net increase 1,564 $ 20,429 0 $ --
================================================================================================
* Class R shares were first publicly offered on September 13, 2013.
** Class Z shares were first publicly offered on April 26, 2013.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 43
Financial Highlights (Consolidated)
----------------------------------------------------------------------------------------------------------------------------
5/3/10
Year Year Year (Commencement of
Ended Ended Ended Operations) to
10/31/13 10/31/12 10/31/11 10/31/10 (a)
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.76 $ 11.25 $ 10.63 $ 10.00(b)
----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.21 $ 0.20 $ 0.19 $ 0.03
Net realized and unrealized gain on investments, futures contracts
and foreign currency transactions 1.51 0.67 0.51 0.60
----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.72 $ 0.87 $ 0.70 $ 0.63
----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.15) (0.36) (0.08) --
----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.57 $ 0.51 $ 0.62 $ 0.63
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.33 $ 11.76 $ 11.25 $ 10.63
============================================================================================================================
Total return* 14.72% 8.01% 6.60% 6.30%***
Ratio of net expenses to average net assets+ 1.20% 1.20% 1.20% 1.20%**
Ratio of net investment income to average net assets+ 1.82% 2.19% 2.05% 1.44%**
Portfolio turnover rate 288% 175% 191% 8%***
Net assets, end of period (in thousands) $335,398 $147,163 $87,316 $41,574
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.23% 1.22% 1.24% 1.94%**
Net investment income 1.79% 2.17% 2.01% 0.69%**
============================================================================================================================
(a) Class A shares were first publicly offered on May 3, 2010.
(b) Class A shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
44 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------------------------------
5/3/10
Year Year Year (Commencement of
Ended Ended Ended Operations) to
10/31/13 10/31/12 10/31/11 10/31/10 (a)
------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.66 $ 11.15 $ 10.60 $ 10.00(b)
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.12 $ 0.11 $ 0.08 $ 0.02
Net realized and unrealized gain on investments, futures contracts
and foreign currency transactions 1.50 0.67 0.52 0.58
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.62 $ 0.78 $ 0.60 $ 0.60
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.07) (0.27) (0.05) --
------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.55 $ 0.51 $ 0.55 $ 0.60
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.21 $ 11.66 $ 11.15 $ 10.60
==============================================================================================================================
Total return* 13.93% 7.18% 5.69% 6.00%***
Ratio of net expenses to average net assets+ 1.98% 1.95% 2.00% 2.00%**
Ratio of net investment income to average net assets+ 1.05% 1.43% 1.25% 0.67%**
Portfolio turnover rate 288% 175% 191% 8%***
Net assets, end of period (in thousands) $ 251,889 $104,709 $58,471 $20,953
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.98% 1.95% 2.00% 2.50%**
Net investment income 1.05% 1.43% 1.25% 0.17%**
==============================================================================================================================
(a) Class C shares were first publicly offered on May 3, 2010.
(b) Class C shares beginning capital was recorded on inception date at $10.00
per share.
(c) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 45
Financial Highlights (Consolidated) (continued)
------------------------------------------------------------------------------------------------------
9/13/13
(Commencement
of Operations) to
10/31/13 (a)
------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 12.87(b)
------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.05
Net realized and unrealized gain on investments, futures contracts
and foreign currency transactions 0.44
------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.49
------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.04)
------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.45
------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.32
======================================================================================================
Total return* 4.76%***
Ratio of net expenses to average net assets+ 1.16%**
Ratio of net investment income to average net assets+ 2.96%**
Portfolio turnover rate 288%***
Net assets, end of period (in thousands) $ 10
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.16%**
Net investment income 2.96%**
======================================================================================================
(a) Class R shares were first publicly offered on September 13, 2013.
(b) Class R shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
---------------------------------------------------------------------------------------------------------------------------
5/3/10
Year Year Year (Commencement of
Ended Ended Ended Operations) to
10/31/13 10/31/12 10/31/11 10/31/10 (a)
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 11.79 $ 11.29 $ 10.65 $ 10.00(b)
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.25 $ 0.24 $ 0.15 $ 0.05
Net realized and unrealized gain on investments, futures contracts
and foreign currency transactions 1.52 0.66 0.58 0.60
---------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 1.77 $ 0.90 $ 0.73 $ 0.65
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.19) (0.40) (0.09) --
---------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 1.58 $ 0.50 $ 0.64 $ 0.65
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.37 $ 11.79 $ 11.29 $ 10.65
===========================================================================================================================
Total return* 15.07% 8.33% 6.89% 6.50%***
Ratio of net expenses to average net assets+ 0.90% 0.90% 0.90% 0.90%**
Ratio of net investment income to average net assets+ 2.11% 2.49% 2.35% 1.78%**
Portfolio turnover rate 288% 175% 191% 8%***
Net assets, end of period (in thousands) $427,190 $185,648 $119,744 $19,875
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.98% 0.91% 0.98% 1.41%**
Net investment income 2.03% 2.48% 2.67% 1.26%**
===========================================================================================================================
(a) Class Y shares were first publicly offered on May 3, 2010.
(b) Class Y shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 47
Financial Highlights (Consolidated) (continued)
-------------------------------------------------------------------------------------------------------
4/26/13
(Commencement
of Operations) to
10/31/13 (a)
-------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 13.33(b)
-------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.14
Net realized and unrealized gain on investments, futures contracts
and foreign currency transactions (0.03)
-------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.11
-------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.11)
-------------------------------------------------------------------------------------------------------
Net increase in net asset value $ --
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.33
=======================================================================================================
Total return* 1.57%***
Ratio of net expenses to average net assets+ 1.05%**
Ratio of net investment income to average net assets+ 2.22%**
Portfolio turnover rate 288%***
Net assets, end of period (in thousands) $ 21
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.05%**
Net investment income 2.22%**
=======================================================================================================
(a) Class Z shares were first publicly offered on April 26, 2013.
(b) Class Z shares beginning capital was recorded on inception date at $10.00
per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Notes to Financial Statements | 10/31/13 (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 five classes of shares designated as Class A, Class C, Class R,
Class Y and Class Z shares. Class A, Class C and Class Y shares were first
publicly offered on May 3, 2010. Class Z shares were first publicly offered on
April 26, 2013. Class R shares were first publicly offered on September 13,
2013. 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 and Class Z shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 49
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 an independent pricing service. If price information is not
available from Loan Pricing Corporation, or if the price information is
deemed to be unreliable, price information will be obtained from an
alternative loan interest pricing service. If no reliable price quotes are
available from either the primary or alternative pricing service, broker
quotes will be solicited. Fixed income securities with remaining maturity of
more than sixty days are valued at prices supplied by independent pricing
services, which consider such factors as market prices, market events,
quotations from one or more brokers, Treasury spreads, yields, maturities
and ratings. Valuations may be supplemented by dealers and other sources, as
required. Equity securities that have traded on an exchange are valued at
the last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities or loan interests for which independent pricing services are
unable to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. Inputs used
when applying fair value methods to value a security may include credit
ratings, the financial condition of the company, current market conditions
and comparable securities. The Valuation Committee is comprised of certain
members of the Board of Trustees. The Fund may use fair value methods if it
is determined that a significant event has occurred after the close of the
exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's
50 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
securities may differ significantly from exchange prices and such
differences could be material. Pioneer Investment Management, Inc. (PIM),
the Fund's investment adviser, is responsible for monitoring developments
that may impact fair valued securities and for discussing and assessing fair
values on an ongoing basis, and at least quarterly, with the Valuation
Committee.
At October 31, 2013, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services).
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income is recorded on the
accrual basis. All discounts/premiums on debt securities are
accreted/amortized into interest income for financial reporting purposes.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the statement of operations from the
effects of changes in the market prices of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 51
to deposit with a broker an amount of cash or securities equal to the
minimum "initial margin" requirements of the associated futures exchange.
The amount of cash deposited with the broker as collateral at October 31,
2013 was $8,061,191. Subsequent payments for futures contracts ("variation
margin") are paid or received by the Fund, depending on the daily
fluctuation in the value of the contracts, and are recorded by the Fund as
unrealized gains or losses. When the contract is closed, the Fund realizes a
gain or loss equal to the difference between the opening and closing value
of the contract as well as any fluctuation in foreign currency exchange
rates where applicable. Futures contracts are subject to market risk,
interest rate risk and currency exchange rate risk. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. With futures, there is minimal counterparty credit
risk to the Fund since futures are exchange-traded and the exchange's
clearinghouse, as counterparty to all exchange-traded futures, guarantees
the futures against default. The average value of contracts open during the
year ended October 31, 2013 was $262,607,079.
At October 31, 2013, open futures contracts were as follows:
--------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------------
STOXX Europe 600 1,350 12/13 $ 29,467,916 $ 196,203
FTSE 100 IDX 100 12/13 10,766,472 464,273
F/C Dollar Index 260 12/13 20,868,380 104,832
SPI 200 Futures (165) 12/13 (21,132,346) (742,125)
S&P 500 EMINI
Futures (17) 12/13 (1,488,350) (81,621)
Mexican Peso Currency
Futures (105) 12/13 (4,021,500) (63,000)
Crude Palm Oil Futures 1,204 1/14 24,726,533 776,834
Lumber Futures 60 11/13 2,385,900 142,372
EURO STOXX Bank (3,680) 12/13 (34,853,959) (389,164)
--------------------------------------------------------------------------------------
$ 408,604
======================================================================================
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation is
recorded in the Fund's financial statements. The Fund records realized gains
and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
52 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
E. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. As of
October 31, 2013, the Fund did not accrue any interest and penalties with
respect to unrecognized tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
October 31, 2013, the Fund reclassified $1,999,250 to decrease accumulated
net investment income, $3,947,258 to increase accumulated net realized loss
on investments, futures contracts, credit default swaps and foreign currency
transactions and $1,948,008 to decrease paid-in capital to reflect permanent
book/tax differences. These adjustments have no impact on net assets or the
results of operations.
During the year ended October 31, 2013, a capital loss carryforward of
$4,797,476 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the years ended October 31,
2013 and October 31, 2012 were as follows:
--------------------------------------------------------------------------------
2013 2012
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 9,128,296 $ 10,476,948
--------------------------------------------------------------------------------
Total $ 9,128,296 $ 10,476,948
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2013:
--------------------------------------------------------------------------------
2013
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,485,653
Undistributed long-term gain 34,971,284
Net unrealized appreciation 73,167,685
--------------------------------------------------------------------------------
Total $ 109,624,622
================================================================================
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 53
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash-sales, the tax treatment
on passive foreign investment company (PFIC) holdings, adjustments relating
to catastrophe bonds, tax basis adjustments on partnerships and the
mark-to-market of forward foreign currency contracts and future contracts.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $139,663 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 2013.
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class R, Class Y and Class
Z shares can reflect different transfer agent and distribution expense
rates.
H. Risks
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
54 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
The Fund may gain exposure to commodities (such as oil and precious metals)
through investment in commodity-related investments, including
commodity-linked derivatives, ETFs and leveraged or unleveraged
commodity-linked notes (derivative debt instruments with principal and/or
coupon payments linked to the performance of commodity indices). The Fund
also may invest in equity securities of issuers in commodity-related
industries. The Fund's investments in commodity-related investments may
subject the Fund to greater market price volatility than investments in
traditional securities. The value of commodity-related investments may be
affected by changes in overall market movements, commodity index volatility,
changes in interest rates, or factors affecting particular industries or
commodities, such as weather, disease, embargoes, acts of war or terrorism,
or political and regulatory developments. Commodity-related investments may
be more volatile than the underlying commodities. In addition,
commodity-linked investments are subject to counterparty risk due to there
being a relatively small number of issuers. The Fund gains exposure to
commodity-related investments by investing in the Pioneer Cayman Commodity
Fund, Ltd. (the Subsidiary), a foreign entity that is treated as a
controlled foreign corporation for U.S. federal income tax purposes. The
Fund may invest up to 25% of its total assets in the Subsidiary. The Fund's
ability to invest in commodity-related investments, and the means through
which any such investments may be made, is limited by tax considerations.
The Fund may invest in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured
damage, increased competition, or changes in real estate tax laws.
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
J. Option Writing
The Fund may write put and covered call options on portfolio securities in
order to attempt to hedge against changes in the value of portfolio
securities or to seek to increase total return. When an option is written,
the Fund receives a premium and becomes obligated to purchase or sell the
underlying security at a fixed price, upon the exercise of the option. When
the Fund
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 55
writes an option, an amount equal to the premium received by the Fund is
recorded as a liability and is subsequently adjusted to the current value of
the option written. Premiums received from writing options that expire
unexercised are treated by the Fund on the expiration date as realized gains
from investments. The difference between the premium and the amount paid on
effecting a closing purchase transaction, including brokerage commissions,
is also treated as a realized gain, or, if the premium is less than the
amount paid for the closing purchase transaction, as a realized loss. If a
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option. At October 31, 2013, there were no open written options.
K. Purchased Options
The Fund may purchase put and call options in order to attempt to hedge
against changes in the value of portfolio securities or to seek to increase
total return. Purchased call and put options entitle the Fund to buy and
sell a specified number of shares or units of a particular security,
currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. All premiums are marked-to-market daily, and
any unrealized gains or losses are recorded in the Fund's financial
statements. As the purchaser of an index option, the Fund has the right to
receive a cash payment equal to any depreciation in the value of the index
below the strike price of the option (in the case of a put) or equal to any
appreciation in the value of the index over the strike price of the option
(in the case of a call) as of the valuation date of the option. Premiums
paid for purchased calls and put options which have expired are treated as
realized losses on investments in the Statement of Operations. Upon the
exercise or closing of a purchased put option, the premium is offset against
the proceeds on the sale of the underlying security or financial instrument
in order to determine the realized gain or loss on investments. Upon the
exercise or closing of a purchased call option, the premium is added to the
cost of the security or financial instrument. The risk associated with
purchasing options is limited to the premium originally paid. The average
value of contracts open during the year ended October 31, 2013 was
$1,904,298. At October 31, 2013, there were no purchased options.
L. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to seek to increase the Fund's income or
to
56 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
attempt to hedge the risk of default on portfolio securities. When the Fund
is a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate issuer
of a debt obligation, which would likely result in a loss to the Fund. In
return, the Fund would receive from the counterparty a periodic stream of
payments during the term of the contract provided that no event of default
occurred. The maximum exposure of loss to the Fund as seller of protection
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which case
the Fund would function as the counterparty described above.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An upfront
payment received by the Fund, as the protection seller, is recorded as a
liability in the Fund's records. An upfront payment made by the Fund, as the
protection buyer, is recorded as an asset in the Fund's records. Periodic
payments received or paid by the Fund are recorded as realized gains or
losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. Payments received or made as a
result of a credit event or upon termination of the contract are recognized,
net of the appropriate amount of the upfront payment, as realized gains or
losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. In addition,
obligations under sell protection credit default swaps may be partially
offset by net amounts received from settlement of buy protection credit
default swaps entered into by the Fund for the same reference obligation
with the same counterparty.
The average value of swap contracts open during the year ended October 31,
2013, was $4,296,555. At October 31, 2013, there were no open credit default
swaps.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 57
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate of 0.70% of
the average daily net assets of the Fund, excluding assets invested in the
Subsidiary and on which the Subsidiary pays a management fee.
The Subsidiary has entered into a separate management contract with PIM,
pursuant to which PIM manages the assets of the Subsidiary. As compensation for
its management services to the Subsidiary and expenses incurred with respect to
the Subsidiary, the Subsidiary pays PIM a fee at the annual rate of 0.70% of the
Subsidiary's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.20%, 2.10% and 0.90% of the average daily
net assets attributable to Class A, Class C and Class Y shares, respectively.
These expense limitations are in effect through March 1, 2015. Fees waived and
expenses reimbursed during the year ended October 31, 2013 are reflected on the
Statement of Operations. Fees and expenses of other investment companies in
which the Fund may invest are not included in the 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
$136,306 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2013.
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, 2013, such out-of-pocket expenses by class of shares
were as follows:
58 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $202,009
Class C 162,011
Class R --
Class Y 354,926
Class Z 1
--------------------------------------------------------------------------------
Total $718,947
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $95,484 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2013.
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, Class C and Class R
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 $18,388 in
distribution fees payable to PFD at October 31, 2013.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class R, Class Y or Class Z shares. Proceeds
from the CDSCs are paid to PFD. For the year ended October 31, 2013, CDSCs in
the amount of $45,863 were paid to PFD.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 59
5. Basis for Consolidation of the Financial Statements
The consolidated financial statements of the Fund include the accounts of the
Subsidiary. All intercompany accounts and transactions have been eliminated. The
Subsidiary, a Cayman Islands exempted company, was incorporated on February 10,
2010 and is wholly-owned and controlled by the Fund. The Fund is the sole
shareholder of the Subsidiary. It is intended that the Fund will remain the sole
shareholder and will continue to control the Subsidiary. The Fund and the
Subsidiary are both managed by PIM. The Subsidiary acts as an investment vehicle
for the Fund in order to effect certain investments on behalf of the Fund. As of
October 31, 2013, the Subsidiary represented $132,750,344 or approximately 13.1%
of the net assets of the Fund.
6. Forward Foreign Currency Contracts
At October 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the year ended October 31, 2013 was $80,842,149.
Open forward foreign currency contracts at October 31, 2013 were as follows:
---------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
---------------------------------------------------------------------------------------
AUD (Australian
Dollar) 1,198,837 $1,140,573 11/4/13 $1,133,980 $ (6,594)
CHF (Swiss Franc) 792,964 882,739 11/1/13 875,478 (7,261)
EURO (European
Euro) 1,526,361 2,096,610 11/1/13 2,074,096 22,514
EURO (European
Euro) 282,877 388,220 11/4/13 384,387 3,833
EURO (European
Euro) 1,535,694 2,108,969 11/1/13 2,086,778 22,191
GBP (British
Pound Sterling) 1,058,576 1,696,262 11/4/13 1,698,909 (2,646)
GBP (British
Pound Sterling) 828,501 1,327,591 11/4/13 1,329,662 (2,071)
GBP (British
Pound Sterling) 1,120,085 1,794,824 11/1/13 1,797,624 (2,800)
GBP (British
Pound Sterling) 350,569 561,752 11/1/13 562,628 876
HKD (Hong
Kong Dollar) 9,133,441 1,178,128 11/1/13 1,177,992 137
HKD (Hong
Kong Dollar) 180,808 23,320 11/4/13 23,320 --
60 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
-----------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-----------------------------------------------------------------------------------------
HKD (Hong
Kong Dollar) 5,367,218 $ 692,232 11/4/13 $ 692,241 $ (9)
HKD (Hong
Kong Dollar) 28,544,806 3,681,538 11/4/13 3,681,586 (47)
HKD (Hong
Kong Dollar) 3,070,192 395,975 11/4/13 395,980 5
HKD (Hong
Kong Dollar) 1,796,567 231,711 11/4/13 231,713 3
HKD (Hong
Kong Dollar) 1,496,767 193,044 11/4/13 193,047 2
HKD (Hong
Kong Dollar) 9,917,701 1,279,291 11/1/13 1,279,142 (149)
HKD (Hong
Kong Dollar) 3,586,718 462,593 11/4/13 462,599 6
HKD (Hong
Kong Dollar) 8,521,577 1,099,204 11/1/13 1,099,076 (128)
HKD (Hong
Kong Dollar) 6,912,288 891,620 11/1/13 891,517 (104)
JPY (Japanese Yen) 168,754,686 1,720,933 11/5/13 1,716,644 (4,289)
JPY (Japanese Yen) 35,148,408 357,854 11/6/13 357,544 (309)
JPY (Japanese Yen) 897,068 9,145 11/1/13 9,125 (20)
JPY (Japanese Yen) 3,434,177 35,021 11/5/13 34,934 (87)
JPY (Japanese Yen) 89,095,879 907,105 11/6/13 906,321 (784)
JPY (Japanese Yen) 213,463,716 2,176,203 11/1/13 2,171,443 (4,760)
JPY (Japanese Yen) 258,737,811 2,634,268 11/6/13 2,631,990 (2,278)
JPY (Japanese Yen) 134,473,434 1,369,104 11/6/13 1,367,921 (1,184)
JPY (Japanese Yen) 39,462,533 402,433 11/5/13 401,430 (1,003)
KRW (South
Korea Won) 951,898,648 897,459 11/1/13 896,935 524
MXN (Mexican Peso) 10,979,824 848,682 11/1/13 843,596 5,086
MYR (Malaysian
Ringgit) 1,824,053 577,268 11/1/13 577,872 (604)
MYR (Malaysian
Ringgit) 2,901,604 918,084 11/6/13 919,247 (1,163)
MYR (Malaysian
Ringgit) 6,067,539 1,919,804 11/6/13 1,922,236 (2,433)
PHP (Philippine
Peso) 27,012,442 627,613 11/5/13 625,089 (2,524)
PHP (Philippine
Peso) (56,232,212) (1,299,115) 11/5/13 (1,301,256) (2,141)
PHP (Philippine
Peso) 12,729,539 294,665 11/4/13 294,563 (102)
PHP (Philippine
Peso) 6,167,442 142,485 11/5/13 142,715 231
SEK (Swedish
Krona) 6,315,534 990,750 11/1/13 975,983 (14,767)
SGD (Singapore
Dollar) 1,600,805 1,292,640 11/4/13 1,289,360 3,280
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 61
-----------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-----------------------------------------------------------------------------------------
SGD (Singapore
Dollar) 1,592,936 $1,285,662 11/1/13 $1,283,022 $ 2,641
SGD (Singapore
Dollar) 192,050 155,004 11/1/13 154,685 (318)
SGD (Singapore
Dollar) 1,726,980 1,393,850 11/1/13 1,390,987 (2,863)
ZAR (South
African Rand) 1,538,354 155,912 11/5/13 153,169 (2,743)
ZAR (South
African Rand) 3,173,063 321,590 11/5/13 315,932 (5,658)
-----------------------------------------------------------------------------------------
Total $ (10,510)
=========================================================================================
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended October 31, 2013, the Fund's expenses
were not reduced under such arrangements.
8. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility is in the amount of $215 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the Alternate Base
Rate, which is the greater of (a) the facility's administrative agent's daily
announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate
on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the
borrowing date. The Funds pay an annual commitment fee to participate in the
credit facility. The commitment fee is allocated among participating Funds based
on an allocation schedule set forth in the credit agreement. For the year ended
October 31, 2013, the Fund had no borrowings under the credit facility.
62 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
9. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of October 31, 2013 were as follows:
----------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2013 Liabilities Derivatives 2013
Hedging Instruments ------------------------------------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------
Forward Foreign Net unrealized Net unrealized
Currency Contracts appreciation on depreciation on
forward foreign forward foreign
currency contracts -- currency contracts $10,510
Futures Contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $408,604 futures contracts --
----------------------------------------------------------------------------------------
Total $408,604 $10,510
----------------------------------------------------------------------------------------
* Reflects unrealized appreciation (depreciation) of futures contracts (see
Note 1C). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the year
ended October 31, 2013 was as follows:
------------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation
Hedging Instruments Loss on (Depreciation)
Under Accounting Derivatives on Derivatives
Standards Codification Location of Gain or (Loss) on Recognized Recognized
(ASC) 815 Derivatives Recognized in Income in Income in Income
------------------------------------------------------------------------------------------------
Futures Contracts Net realized gain (loss) on
futures contracts $ 1,227,894
Futures Contracts Change in unrealized appreciation
(depreciation) on futures contracts $632,653
Forward Foreign Net realized gain (loss) on forward
Currency Contracts foreign currency contracts and other
assets and liabilities denominated
in foreign currencies $ 2,592,342
Forward Foreign Change in unrealized appreciation
Currency Contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $ 38,887
Credit Default Swaps Net realized gain (loss) on credit
default swaps $(1,172,060)
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 63
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, including the consolidated schedule of investments, of Pioneer
Multi-Asset Real Return Fund (the "Fund") (one of the portfolios constituting
the Pioneer Series Trust VI) as of October 31, 2013, and the related
consolidated statement of operations for the year then ended, the consolidated
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the 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
consolidated 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 consolidated 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, 2013, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers and agent banks were not received. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the 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 (one of the portfolios
constituting the Pioneer Series Trust VI) at October 31, 2013, the consolidated
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, and 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 23, 2013
64 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
ADDITIONAL INFORMATION (unaudited)
For the year ended October 31, 2013, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2013 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 5.24%.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 6.60%.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 65
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to share-
owners at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. Cogan and Mr. West, serves as a trustee of each of the 52 U.S. registered
investment portfolios for which Pioneer serves as investment adviser (the
"Pioneer Funds"). Each of Mr. Cogan and Mr. West serves as a Trustee of 47
Pioneer funds. The address for all Trustees and all officers of the Fund is 60
State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
66 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (63) Trustee since 2010. Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board and Serves until a Quadriserv, Inc. (technology products for Financial Solutions, Inc.
Trustee successor trustee is securities lending industry) (2008 - present); (investor communications and
elected or earlier private investor (2004 - 2008); and Senior securities processing
retirement or removal. Executive Vice President, The Bank of New York provider for financial
(financial and securities services) (1986 - services industry) (2009 -
2004) present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2010. Managing Partner, Federal City Capital Advisors Director of Enterprise
Trustee Serves until a (corporate advisory services company) (1997 - Community Investment, Inc.
successor trustee is 2004 and 2008 - present); Interim Chief (privately-held affordable
elected or earlier Executive Officer, Oxford Analytica, Inc. housing finance company)
retirement or removal. (privately held research and consulting (1985 - 2010); Director of
company) (2010); Executive Vice President and Oxford Analytica, Inc. (2008
Chief Financial Officer, I-trax, Inc. (publicly - present); Director of The
traded health care services company) (2004 - Swiss Helvetia Fund, Inc.
2007); and Executive Vice President and Chief (closed-end fund) (2010 -
Financial Officer, Pedestal Inc. present); and Director of New
(internet-based mortgage trading company) (2000 York Mortgage Trust (publicly
- 2002) traded mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2010. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 67
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2010. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee is firm) (1982-present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present);
retirement or removal. and Manager of Research Operations and
Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2010. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board
retirement or removal. of Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85) Trustee since 2010. Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee Serves until a firm) (1998 - present); and Partner, Sullivan & Fund, Inc. (closed-end
successor trustee is Cromwell LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or removal. (formerly AMVESCAP, PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
68 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)*, ** Since 2010. Serves at Non-Executive Chairman and a director of Pioneer None
Trustee, President and Chief the discretion of the Investment Management USA Inc. ("PIM-USA");
Executive Officer of the Board. Chairman and a director of Pioneer; Chairman and
Fund Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of
Pioneer Alternative Investment Management Limited
(Dublin) (until October 2011); President and a
director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated
funds; Deputy Chairman and a director of Pioneer
Global Asset Management S.p.A. ("PGAM") (until
April 2010); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc. (2004 -
2011); Director of Fiduciary Counseling, Inc.
(until December 2011); President of all of the
Pioneer Funds; and Retired Partner, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)* Trustee since 2010. Director, CEO and President of PIM-USA (since None
Trustee and Executive Vice Serves until a successor February 2007); Director and President of Pioneer
President trustee is elected or and Pioneer Institutional Asset Management, Inc.
earlier retirement or (since February 2007); Executive Vice President
removal. of all of the Pioneer Funds (since March 2007);
Director of PGAM (2007 - 2010); Head of New
Europe Division, PGAM (2000 - 2005); Head of New
Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
** Mr. Cogan resigned as a Trustee of the Pioneer Funds effective November 12,
2013.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 69
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2010. Serves at Vice President and Associate General Counsel of None
Secretary the discretion of the Pioneer since January 2008 and Secretary of all
Board. 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 (52) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; Manager - Fund
Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer
from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June
Board. 2010; and Vice President and Counsel at State
Street Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2010. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since March
Financial and Accounting Board. 2008; Deputy Treasurer of Pioneer from March 2004
Officer of the Fund to February 2008; and Assistant Treasurer of all
of the Pioneer Funds from March 2004 to February
2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2010. Serves at Assistant Vice President - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of the
Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2010. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of the
Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
70 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2010. Serves at Fund Administration Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer since November 2008; Assistant Treasurer
Board. 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 (61) Chief Since 2010. Serves at Chief Compliance Officer of Pioneer and of all None
Compliance Officer the discretion of the the Pioneer Funds since March 2010; Director of
Board. Adviser and Portfolio Compliance at Pioneer since
October 2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from October
2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (42) Since 2010. Serves at Director--Transfer Agency Compliance of Pioneer None
Anti-Money Laundering the discretion of the and Anti-Money Laundering Officer of all the
Officer Board. Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 71
This page for your notes.
72 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 73
This page for your notes.
74 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13 75
This page for your notes.
76 Pioneer Multi-Asset Real Return Fund | Annual Report | 10/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2013 Pioneer Investments 24440-03-1213
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Pioneer Series Trust VI:
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
$77,450 in 2013 and $84,466 in 2012.
(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.
Pioneer Series Trust VI:
Audit-Related Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended
October 31, 2013 and 2012.
(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.
Pioneer Series Trust VI:
Fees for tax compliance services, primarily for tax
returns, totaled approximately $16,262 for 2013 and
$16,580 for 2012.
(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.
Pioneer Series Trust VI:
Other Fees
There were no other services provided to the Fund
during the fiscal years ended October 31, 2013 and
2012.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended October 31, 2013 and 2012, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled approximately
$16,262 in 2013 and $16,580 in 2012.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date December 30, 2013
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, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 30, 2013
* Print the name and title of each signing officer under his or her signature.