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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21978
Pioneer Series Trust VI
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2013 through April 30, 2014
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
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A FLARX
Class C FLRCX
Class K FLRKX*
Class Y FLYRX
Class Z FLZRX
* Share class was first publicly offered on December 11, 2013.
[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 15
Schedule of Investments 17
Financial Statements 55
Notes to Financial Statements 64
Approval of Investment Advisory Agreement 76
Trustees, Officers and Service Providers 81
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
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.
* Dividends are not guaranteed.
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards 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 | Semiannual Report | 4/30/14 3
Portfolio Management Discussion | 4/30/14
Investments in floating-rate bank loans generated modest, positive returns over
the six-month period ended April 30, 2014, although changing supply and demand
trends at times unsettled the investment backdrop. In the following interview,
Jonathan Sharkey discusses the factors that influenced the performance of
Pioneer Floating Rate Fund during the six-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 did the Fund perform during the six-month period ended April 30, 2014?
A The Fund's Class A shares returned 1.53% at net asset value during the
six-month period ended April 30, 2014, while the Fund's benchmark, the
Barclays High Yield Loans Performing Index (the Barclays Index), returned
2.18%. During the same period, the average return of the 197 mutual funds
in Lipper's Loan Participation Funds category was 1.85%, and the average
return of the 232 mutual funds in Morningstar's Bank Loan Funds category
was 1.88%.
Q How would you describe the investment environment for bank loan investors
during the six-month period ended April 30, 2014?
A Bank loans produced positive performance during the period as a
strengthening economy resulted in historically low loan default rates and
encouraged investments in the loan asset class. Investors were attracted to
the yield advantages that bank loans offered compared with many
short-duration alternatives, such as bank deposits or money funds.
(Duration is a measure of a security's or portfolio's price sensitivity to
changes in interest rates.) In the face of overall strong demand for yield,
lower-quality loans, such as those rated B and CCC, and second lien loans,
outperformed higher-rated loans. However, changing market supply and demand
dynamics did affect the performance of bank loans from month to month
during the period. The investment backdrop was quite favorable during the
first two months of the period, encompassing November and December of 2013,
and even into January of 2014, as significant new flows of investor money
poured into retail funds focusing on bank loans, thus increasing demand for
all loans. Lower-quality loans significantly outperformed higher-quality
loans during that period. However, the increased demand for bank loan
investments also led many corporate borrowers to refinance their loans at
new, lower interest rates, which ultimately meant lower yields offered by
newer bank loans. February 2014 saw a significant increase in the issuance
of new bank loans in the
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
capital markets, resulting in a temporary imbalance in the supply-demand
relationship that caused some price depreciation of existing loans. The
supply-demand relationship appeared to move back into balance in March
2014, and the asset class generated positive returns for the month.
Nevertheless, April 2014 saw an end to a 93-week streak in which the total
amount of investment money flowing into bank loans exceeded the amount of
money flowing out. The result was some price depreciation in the asset
class over the final month of the period.
Q How did you position the Fund's portfolio during the six-month period ended
April 30, 2014, and how did that positioning affect the Fund's performance?
A We maintained our emphasis on investments in better-quality loans with
strong free cash flow metrics and solid collateralization within the Fund's
portfolio during the period. While we think that to be the most prudent way
to take advantage of the opportunities available in the floating-rate bank
loan market, that approach did hold back the Fund's performance relative to
the Barclays Index benchmark during the six-month period, a period when
lower-quality loans, especially CCC-rated and second lien loans,
outperformed.
Despite the recent underperformance, we continue to believe that it makes
sense to retain our focus on having the portfolio own better-quality loans,
as we believe such loans should hold up better in changing market
environments over the long run, especially if credit-sensitive securities
come under pressure and default rates start rising. During the past six
months, as more and more B-rated loans were issued, we did increase the
Fund's exposure to that group, but continued to maintain our bias in favor
of loans to financially-stronger companies with good free cash flows and
the best potential ability to meet their debt obligations.
At the end of the period on April 30, 2014, according to ratings by
Standard & Poor's, nearly 56% of the Fund's total investment portfolio were
invested in B-rated loans, nearly 35% was allocated to BB-rated loans, and
less than 1% of the Fund's total investment portfolio were invested in
CCC-rated loans.
Q What were some of the individual investments in the portfolio that had
notable effects on the Fund's performance during the six-month period ended
April 30, 2014?
A One of the top contributors to the Fund's performance during the period was
a portfolio holding of a loan to Cengage, a college textbook publishing
company that restructured its finances and strengthened its balance sheet.
Another holding that contributed to the Fund's performance was a loan to
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 5
Preferred Proppants, a distributor of materials used in natural gas
drilling operations. The portfolio also had a small equity position in
Newhall Land and Farming Company, a California-based development company,
which performed well during the period.
Disappointing portfolio investments during the six-month period included
loans to: Weight Watchers International, the weight management services
company that failed to meet earnings expectations; Britax, a manufacturer
of car seats for babies and young children that lost market share; and
SeaWorld, the operator of water-based theme parks. Sea World's business was
hurt by heavy news coverage about a documentary film which focused on the
accidental deaths of some whale trainers at the company's location in
Orlando, Florida, as well as some of the negative aspects involved with the
training of "killer" whales.
Q What is your investment outlook?
A We anticipate that the Federal Reserve (the Fed) will begin raising
short-term interest rates in 2015 and that market interest rates may move
higher in anticipation of the Fed's action. Any such moves would benefit
floating-rate bank loans, whose yields increase as interest rates rise. In
addition, we think the overall domestic economy will continue to expand,
although at a moderate pace, thus enabling more companies to improve their
financial balance sheets. We think bank loan default rates, which currently
are at historically low levels, should remain very low. As of period end,
the Fund's default rate continued to be well below that of the benchmark
Barclays Index.
Overall, we believe the current environment of an expanding economy, low
default rates and the expectation of rising interest rates should be
favorable to investments in floating-rate bank loans. Going forward, we
plan to maintain our emphasis on investing the Fund's assets in loans to
financially-stronger companies with healthy cash positions, as we think
those types of companies should provide opportunities for good performance
and greater liquidity over the longer term.
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Please refer to the Schedule of Investments on pages 17-54 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 | Semiannual Report | 4/30/14 7
Portfolio Summary | 4/30/14
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 90.9%
U.S. Corporate Bonds 4.3%
International Corporate Bonds 2.9%
Asset Backed Securities 0.5%
Convertible Preferred Stocks 0.5%
Collateralized Mortgage Obligations 0.4%
U.S. Preferred Stocks 0.4%
U.S. Common Stocks 0.1%
Municipal Bonds 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 0.0%*
AA 0.2%
A 0.3%
BBB 4.3%
BB 34.8%
B 55.9%
CCC 0.5%
Not Rated 0.9%
Cash Equivalent 3.1%
*Rounds to less than 0.1%
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. Charter Communications Operating LLC, Term F Loan, 1/1/21 0.55%
--------------------------------------------------------------------------------
2. CityCenter Holdings LLC, Term Loan, 10/16/20 0.52
--------------------------------------------------------------------------------
3. Tribune Co., Tranche B Term Loan (First Lien), 11/20/20 0.52
--------------------------------------------------------------------------------
4. CWGS Group LLC, Term Loan, 2/20/20 0.50
--------------------------------------------------------------------------------
5. Drillships Financing Holding, Inc., Term Loan, 3/31/21 0.49
--------------------------------------------------------------------------------
6. Fortescue Metals Group Ltd., Bank Loan, 6/30/19 0.49
--------------------------------------------------------------------------------
7. Metaldyne LLC, Tranche B Term Loan, 12/18/18 0.47
--------------------------------------------------------------------------------
8. Avago Technologies Ltd, Tranche B Term Loan (First Lien), 4/16/21 0.46
--------------------------------------------------------------------------------
9. American Airlines, Inc., Term Loan, 6/27/19 0.46
--------------------------------------------------------------------------------
10. Ardagh Holdings USA, Inc., Dollar Term Loan, 12/9/19 0.46
--------------------------------------------------------------------------------
* 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 | Semiannual Report | 4/30/14
Prices and Distributions | 4/30/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/14 10/31/13
--------------------------------------------------------------------------------
A $6.93 $6.95
--------------------------------------------------------------------------------
C $6.94 $6.96
--------------------------------------------------------------------------------
Y $6.95 $6.97
--------------------------------------------------------------------------------
Z $6.95 $6.97
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/14 12/10/13*
--------------------------------------------------------------------------------
K $6.93 $6.95
--------------------------------------------------------------------------------
Distributions per Share: 11/1/13-4/30/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1256 $ -- $ --
--------------------------------------------------------------------------------
C $0.1000 $ -- $ --
--------------------------------------------------------------------------------
K $0.1159 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1363 $ -- $ --
--------------------------------------------------------------------------------
Z $0.1339 $ -- $ --
--------------------------------------------------------------------------------
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 10-14.
* Class K commenced operation on December 10, 2013.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 9
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
High
Net Public Yield
Asset Offering Loans
Value Price Performing
Period (NAV) (POP) Index (NAV)
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 3.93% 3.28% 4.84%
5 Years 8.30 7.32 10.14
1 Year 2.60 -2.02 3.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.10%
--------------------------------------------------------------------------------
[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 $ 9,550 $ 10,000
4/30/2007 $ 9,664 $ 10,181
4/30/2008 $ 9,422 $ 9,955
4/30/2009 $ 8,466 $ 8,704
4/30/2010 $ 10,477 $ 11,492
4/30/2011 $ 11,142 $ 12,279
4/30/2012 $ 11,559 $ 12,610
4/30/2013 $ 12,294 $ 13,613
4/30/2014 $ 12,614 $ 14,108
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 | Semiannual Report | 4/30/14
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
High
Yield
Loans
If If Performing
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 3.11% 3.11% 4.84%
5 Years 7.47 7.47 10.14
1 Year 1.84 1.84 3.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.83%
--------------------------------------------------------------------------------
[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
4/30/2007 $ 10,095 $ 10,181
4/30/2008 $ 9,753 $ 9,955
4/30/2009 $ 8,696 $ 8,704
4/30/2010 $ 10,683 $ 11,492
4/30/2011 $ 11,266 $ 12,279
4/30/2012 $ 11,582 $ 12,610
4/30/2013 $ 12,244 $ 13,613
4/30/2014 $ 12,469 $ 14,108
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 | Semiannual Report | 4/30/14 11
Performance Update | 4/30/14 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
High
Yield
Loans
If If Performing
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 3.96% 3.96% 4.84%
5 Years 8.35 8.35 10.14
1 Year 2.82 2.82 3.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.76%
--------------------------------------------------------------------------------
[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
4/30/2007 $ 10,115 $ 10,181
4/30/2008 $ 9,862 $ 9,955
4/30/2009 $ 8,861 $ 8,704
4/30/2010 $ 10,966 $ 11,492
4/30/2011 $ 11,662 $ 12,279
4/30/2012 $ 12,098 $ 12,610
4/30/2013 $ 12,868 $ 13,613
4/30/2014 $ 13,231 $ 14,108
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 K shares for the period prior to the
commencement of operations of Class K shares on December 10, 2013, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 10, 2013, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. 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.
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
High
Yield
Loans
If If Performing
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 4.16% 4.16% 4.84%
5 Years 8.63 8.63 10.14
1 Year 2.95 2.95 3.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.83% 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
4/30/2007 $ 5,057,400 $ 5,090,732
4/30/2008 $ 4,933,654 $ 4,977,316
4/30/2009 $ 4,433,295 $ 4,351,911
4/30/2010 $ 5,504,693 $ 5,746,192
4/30/2011 $ 5,866,555 $ 6,139,730
4/30/2012 $ 6,093,369 $ 6,304,798
4/30/2013 $ 6,514,421 $ 6,806,517
4/30/2014 $ 6,706,511 $ 7,054,110
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 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 | Semiannual Report | 4/30/14 13
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
High
Yield
Loans
If If Performing
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
2/14/2007 4.03% 4.03% 4.84%
5 Years 8.45 8.45 10.14
1 Year 2.81 2.81 3.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
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
4/30/2007 $ 10,115 $ 10,181
4/30/2008 $ 9,862 $ 9,955
4/30/2009 $ 8,861 $ 8,704
4/30/2010 $ 10,966 $ 11,492
4/30/2011 $ 11,662 $ 12,279
4/30/2012 $ 12,120 $ 12,610
4/30/2013 $ 12,928 $ 13,613
4/30/2014 $ 13,292 $ 14,108
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 the contractual expense limitation 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.
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from November 1, 2013, through April 30, 2014.
--------------------------------------------------------------------------------
Share Class A C K Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/13
--------------------------------------------------------------------------------
Ending Account $1,015.30 $1,011.50 $1,013.90 $1,016.80 $1,016.40
Value (after expenses)
on 4/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 5.25 $ 8.88 $ 2.68 $ 3.50 $ 4.50
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.05%, 1.78%,
0.69%, 0.70% and 0.90% for Class A, Class C, Class K, Class Y and Class Z,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 and 141/365 for Class K (to reflect the partial year
period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2013, through April 30, 2014.
--------------------------------------------------------------------------------
Share Class A C K Y Z
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/13
--------------------------------------------------------------------------------
Ending Account $1,019.59 $1,015.97 $1,016.65 $1,021.32 $1,020.33
Value (after expenses)
on 4/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 5.26 $ 8.90 $ 2.69 $ 3.51 $ 4.51
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.05%, 1.78%,
0.69%, 0.70% and 0.90% for Class A, Class C, Class K, Class Y and Class Z,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 and 141/365 for Class K (to reflect the partial year
period).
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Schedule of Investments | 4/30/14 (unaudited)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.4%
BANKS -- 0.1%
Diversified Banks -- 0.1%
28,000 6.00 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) $ 775,600
--------------
Total Banks $ 775,600
--------------------------------------------------------------------------------------------------------
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 $ 1,920,467
40,000 8.12 B/B3 GMAC Capital Trust I, Floating Rate
Note, 2/15/40 1,099,600
--------------
$ 3,020,067
--------------
Total Diversified Financials $ 3,020,067
--------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $3,813,830) $ 3,795,667
--------------------------------------------------------------------------------------------------------
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 $ 129,960
--------------
Total Capital Goods $ 129,960
--------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $100,000) $ 129,960
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.2%
CONSUMER SERVICES -- 0.1%
Education Services -- 0.1%
26,266 Cengage Learning Holdings II LP $ 959,799
--------------
Total Consumer Services $ 959,799
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Development -- 0.1%
107,296 Newhall Land Development LLC * $ 482,832
--------------
Total Real Estate $ 482,832
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,090,152) $ 1,442,631
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 17
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 0.5%
TRANSPORTATION -- 0.1%
Marine Ports & Services -- 0.1%
418,941 A/NR Global Container Assets 2013-1,
Ltd., 2.2%, 11/5/28 (144A) $ 422,707
--------------
Total Transportation $ 422,707
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise
Lines -- 0.0%+
120,508 BB/NR Westgate Resorts 2012-2 LLC, 9.0%,
1/20/25 (144A) $ 124,462
--------------
Total Consumer Services $ 124,462
--------------------------------------------------------------------------------------------------------
BANKS -- 0.4%
Thrifts & Mortgage Finance -- 0.4%
53,334 0.42 BB+/Baa3 Aegis Asset Backed Securities Trust
2005-5, Floating Rate Note,
12/25/35 $ 50,114
244,768 0.78 AAA/Aaa Bayview Financial Acquisition Trust,
Floating Rate Note, 5/28/44 243,755
157,412 0.43 AA+/Aa1 Bear Stearns Asset Backed Securities
Trust 2006-1, Floating Rate Note,
2/25/36 155,377
768,449 0.66 NR/Baa1 First Franklin Mortgage Loan Trust
2005-FFH3, Floating Rate Note,
9/25/35 753,305
625,103 0.26 CCC/Ba1 Home Equity Asset Trust 2006-8,
Floating Rate Note, 3/25/37 612,396
390,466 0.47 A+/Baa1 Morgan Stanley Home Equity Loan
Trust 2005-4, Floating Rate Note,
9/25/35 376,774
563,661 0.91 BBB/Ba2 NovaStar Mortgage Funding Trust
Series 2003-1, Floating Rate Note,
5/25/33 522,409
640,095 0.41 AA+/Aa3 Option One Mortgage Loan Trust
2005-4 Asset-Backed Certificates
Series 2005-4, Floating Rate Note,
11/25/35 628,481
81,129 0.53 AA+/NR Wells Fargo Home Equity Asset-
Backed Securities 2005-3 Trust,
Floating Rate Note, 12/25/35 79,907
--------------
$ 3,422,518
--------------
Total Banks $ 3,422,518
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Specialized Finance -- 0.0%+
272,991 0.58 CCC/Caa2 Lease Investment Flight Trust, Floating
Rate Note, 7/15/31 $ 196,553
272,991 0.54 CCC/Caa2 Lease Investment Flight Trust, Floating
Rate Note, 7/15/31 196,553
--------------
$ 393,106
--------------
Total Diversified Financials $ 393,106
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $4,241,055) $ 4,362,793
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 0.5%
HEALTH CARE EQUIPMENT &
SERVICES -- 0.1%
Health Care Distributors -- 0.1%
500,000 0.00 NR/NR Acis CLO, Ltd., Floating Rate Note,
5/1/26 $ 500,000
--------------
Total Health Care Equipment
& Services $ 500,000
--------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
250,000 0.95 AA-/Aa1 ACA CLO 2006-2, Ltd., Floating Rate
Note, 1/20/21 (144A) $ 242,551
107,389 2.33 BB/B2 American Home Mortgage Investment
Trust 2005-1, Floating Rate Note,
6/25/45 106,365
221,439 2.33 AA+/Ba1 American Home Mortgage Investment
Trust 2005-1, Floating Rate Note,
6/25/45 224,237
110,012 2.14 BBB+/A1 Ares VR CLO, Ltd., Floating Rate Note,
2/24/18 (144A) 109,984
1,000,000 3.11 BB/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2013-FL3,
Floating Rate Note, 4/15/28 (144A) 999,913
300,000 4.41 BBB/Baa3 NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 304,342
125,817 0.75 BB+/Ba3 RALI Series 2004-QS5 Trust, Floating
Rate Note, 4/25/34 123,605
295,736 0.93 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 271,643
--------------
$ 2,382,640
--------------
Total Banks $ 2,382,640
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 19
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
300,000 1.04 AA+/Aaa Stanfield Bristol CLO, Ltd., Floating
Rate Note, 10/15/19 (144A) $ 294,430
583,702 4.15 NR/A2 Velocity Commercial Capital Loan
Trust 2011-1, Floating Rate Note,
8/25/40 (144A) 513,658
--------------
$ 808,088
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
500,000 1.69 AA+/Aaa KKR Financial CLO 2007-1, Ltd.,
Floating Rate Note, 5/15/21 (144A) $ 487,090
--------------
Total Diversified Financials $ 1,295,178
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $4,116,333) $ 4,177,818
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 7.1%
ENERGY -- 0.9%
Oil & Gas Drilling -- 0.0%+
100,000 B-/B3 Offshore Group Investment, Ltd.,
7.5%, 11/1/19 $ 104,000
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 0.0%+
500,000 B/B3 Seitel, Inc., 9.5%, 4/15/19 $ 520,000
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.4%
2,000,000 B-/B3 Carrizo Oil & Gas, Inc., 8.625%,
10/15/18 $ 2,140,000
500,000 B/Caa1 PetroQuest Energy, Inc., 10.0%,
9/1/17 532,500
500,000 BB/Ba2 Range Resources Corp., 8.0%,
5/15/19 522,500
--------------
$ 3,195,000
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.5%
1,360,000 BB/Ba3 Gibson Energy, Inc., 6.75%, 7/15/21
(144A) $ 1,468,800
1,405,000 BB+/Ba1 NuStar Logistics LP, 6.75%, 2/1/21 1,533,206
1,185,000 BB+/Ba3 Sabine Pass Liquefaction LLC,
5.625%, 2/1/21 1,223,512
--------------
$ 4,225,518
--------------
Total Energy $ 8,044,518
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Specialty Chemicals -- 0.1%
900,000 B-/B3 INEOS Group Holdings SA, 5.875%,
2/15/19 $ 918,000
--------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
350,000 B+/NR Cemex SAB de CV, 5.875%, 3/25/19
(144A) $ 359,625
650,000 5.23 B+/NR Cemex SAB de CV, Floating Rate Note,
9/30/15 (144A) 668,688
--------------
$ 1,028,313
--------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.1%
500,000 BB+/Ba3 Graphic Packaging International, Inc.,
7.875%, 10/1/18 $ 531,250
915,000 B/B3 Packaging Dynamics Corp., 8.75%,
2/1/16 (144A) 942,450
--------------
$ 1,473,700
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
600,000 CCC+/B3 Molycorp, Inc., 10.0%, 6/1/20 $ 589,500
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
795,000 BB-/Ba3 Resolute Forest Products, Inc.,
5.875%, 5/15/23 (144A) $ 773,138
--------------
Total Materials $ 4,782,651
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.1%
500,000 BB-/Ba3 Bombardier, Inc., 4.25%, 1/15/16
(144A) $ 519,375
--------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,025,000 5.75 BBB+/Baa2 Stanley Black & Decker, Inc., Floating
Rate Note, 12/15/53 $ 1,108,281
--------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.0%+
250,000 B-/B3 WireCo WorldGroup, Inc., 9.5%,
5/15/17 $ 255,625
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%+
500,000 B/B3 Constellation Enterprises LLC,
10.625%, 2/1/16 (144A) $ 420,000
--------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
570,000 B/B2 Avis Budget Car Rental LLC, 5.5%,
4/1/23 $ 575,700
--------------
Total Capital Goods $ 2,878,981
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 21
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.2%
Diversified Support Services -- 0.2%
1,400,000 BB-/Ba1 Iron Mountain, Inc., 6.0%, 8/15/23 $ 1,487,500
--------------
Total Commercial Services
& Supplies $ 1,487,500
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
1,500,000 BB-/B1 Air Canada, 6.75%, 10/1/19 (144A) $ 1,616,250
--------------
Total Transportation $ 1,616,250
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
1,600,000 BB+/B2 Dana Holding Corp., 6.0%, 9/15/23 $ 1,684,000
--------------
Total Automobiles & Components $ 1,684,000
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.4%
Homebuilding -- 0.4%
480,000 BB-/B2 Brookfield Residential Properties,
Inc.,
6.125%, 7/1/22 (144A) $ 490,800
1,415,000 BB/Ba1 DR Horton, Inc., 5.75%, 8/15/23 1,503,438
1,500,000 BB-/Ba3 Lennar Corp., 4.5%, 6/15/19 1,516,875
--------------
$ 3,511,113
--------------
Total Consumer Durables & Apparel $ 3,511,113
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Advertising -- 0.1%
770,000 B-/B3 MDC Partners, Inc., 6.75%, 4/1/20
(144A) $ 814,275
--------------------------------------------------------------------------------------------------------
Broadcasting -- 0.0%+
EURO 150,000 B+/B1 Nara Cable Funding II, Ltd., 8.5%,
3/1/20 (144A) $ 248,656
210,000 0.76 A-/A3 NBCUniversal Enterprise, Inc.,
Floating
Rate Note, 4/15/16 (144A) 210,776
--------------
$ 459,432
--------------
Total Media $ 1,273,707
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Specialty Stores -- 0.1%
660,000 BB-/Ba3 Outerwall, Inc., 6.0%, 3/15/19 $ 684,750
--------------
Total Retailing $ 684,750
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Packaged Foods & Meats -- 0.1%
498,000 B/B1 Chiquita Brands International,
Inc.,
7.875%, 2/1/21 $ 555,270
--------------
Total Food, Beverage & Tobacco $ 555,270
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,020,000 BBB-/Baa3 Avon Products, Inc., 5.0%, 3/15/23 $ 1,027,365
--------------
Total Household & Personal
Products $ 1,027,365
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.6%
Health Care Equipment -- 0.1%
713,000 B+/B2 Physio-Control International, Inc.,
9.875%, 1/15/19 (144A) $ 793,212
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.4%
685,000 B-/B3 CHS, Inc., 8.0%, 11/15/19 $ 749,219
3,050,000 B+/Ba3 Tenet Healthcare Corp., 4.375%,
10/1/21 2,924,188
--------------
$ 3,673,407
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
1,000,000 B/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 1,062,500
--------------
Total Health Care Equipment
& Services $ 5,529,119
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 0.1%
Biotechnology -- 0.1%
1,000,000 BBB-/Baa3 Warner Chilcott Co. LLC, 7.75%,
9/15/18 $ 1,062,500
--------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 1,062,500
--------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Regional Banks -- 0.1%
560,000 4.45 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) $ 560,000
--------------
Total Banks $ 560,000
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.0%+
500,000 1.05 A-/Baa2 Bank of America Corp., Floating
Rate Note, 3/22/16 $ 503,302
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
615,000 B+/B2 Nationstar Mortgage LLC, 6.5%,
8/1/18 $ 619,612
--------------
Total Diversified Financials $ 1,122,914
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 23
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
INSURANCE -- 1.6%
Property & Casualty
Insurance -- 0.0%+
250,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 $ 270,827
--------------------------------------------------------------------------------------------------------
Reinsurance -- 1.6%
250,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note,
5/14/14 (Cat Bond) (144A) $ 250,125
500,000 3.42 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) 511,450
250,000 8.10 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat
Bond) (144A) 261,750
500,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 507,800
250,000 2.55 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 249,875
750,000 5.29 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 761,100
250,000 6.89 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 261,875
250,000 4.73 NR/Baa1 Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 254,050
250,000 10.26 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 255,225
250,000 9.01 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 254,125
250,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 268,875
250,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) 258,275
250,000 6.68 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/4/16 (Cat
Bond) (144A) 251,875
350,000 5.03 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 354,515
300,000 8.40 BB-/NR Ibis Re II, Ltd., Floating Rate Note,
2/5/15 (Cat Bond) (144A) 306,810
250,000 4.05 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 254,925
400,000 0.00 BB-/NR Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 401,080
350,000 4.05 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 355,425
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 9.03 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) $ 258,850
250,000 8.24 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 263,150
750,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 795,600
500,000 7.28 BB-/NR Northshore Re, Ltd., Floating Rate
Note, 7/5/16 (Cat Bond) (144A) 519,000
550,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat
Bond) (144A) 564,355
250,000 10.58 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 261,900
600,000 8.65 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 636,780
500,000 8.80 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 527,850
500,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 524,950
750,000 4.55 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 776,400
350,000 10.05 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 388,640
250,000 9.30 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 261,600
500,000 4.03 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 504,600
500,000 3.53 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 503,450
250,000 11.01 NR/B2 Successor X, Ltd., Floating Rate Note,
1/27/15 (Cat Bond) (144A) 255,375
250,000 11.28 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 265,750
250,000 8.53 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 267,025
300,000 2.72 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 304,830
--------------
$ 13,899,260
--------------
Total Insurance $ 14,170,087
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 25
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Specialized REIT -- 0.1%
500,000 BB/Ba3 Aviv Healthcare Properties LP,
7.75%, 2/15/19 $ 536,250
--------------
Total Real Estate $ 536,250
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.1%
795,000 BB+/Baa3 VeriSign, Inc., 4.625%, 5/1/23 $ 761,212
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.0%+
250,000 B+/B1 First Data Corp., 8.875%, 8/15/20
(144A) $ 277,188
--------------------------------------------------------------------------------------------------------
Application Software -- 0.2%
1,300,000 BB/B2 ACI Worldwide, Inc., 6.375%,
8/15/20 (144A) $ 1,368,250
--------------
Total Software & Services $ 2,406,650
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.3%
Computer Storage &
Peripherals -- 0.3%
2,755,000 BBB-/Ba1 Seagate HDD Cayman, 4.75%,
6/1/23 (144A) $ 2,758,444
--------------
Total Technology Hardware
& Equipment $ 2,758,444
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.6%
Integrated Telecommunication
Services -- 0.6%
405,000 B/B3 Cincinnati Bell, Inc., 8.375%,
10/15/20 $ 445,500
750,000 BB-/Ba3 MasTec, Inc., 4.875%, 3/15/23 723,750
805,000 1.76 BBB+/Baa1 Verizon Communications, Inc., Floating
Rate Note, 9/15/16 828,418
600,000 BB-/Ba3 Virgin Media Secured Finance Plc,
5.375%, 4/15/21 (144A) 615,000
1,320,000 B/B1 Windstream Corp., 7.75%, 10/1/21 1,428,900
1,000,000 B/B1 Windstream Corp., 8.125%, 9/1/18 1,057,500
--------------
$ 5,099,068
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.0%+
550,000 0.62 A-/A3 Vodafone Group Plc, Floating Rate
Note, 2/19/16 $ 550,847
--------------
Total Telecommunication Services $ 5,649,915
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Gas Utilities -- 0.0%+
250,000 B/B2 Ferrellgas LP, 6.5%, 5/1/21 $ 262,500
--------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
1,600,000 BB-/B1 NRG Energy, Inc., 6.25%, 7/15/22
(144A) $ 1,654,000
375,000 NR/B2 Star Energy Geothermal Wayang
Windu, Ltd., 6.125%, 3/27/20
(144A) 367,500
--------------
$ 2,021,500
--------------
Total Utilities $ 2,284,000
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $62,409,290) $ 63,625,984
--------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.1%
Municipal General -- 0.1%
500,000 AA/A2 JobsOhio Beverage System, 0.872%,
1/1/15 $ 501,810
--------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $500,000) $ 501,810
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 88.4% **
ENERGY -- 4.0%
Oil & Gas Drilling -- 1.2%
4,218,125 6.00 B+/B1 Drillships Financing Holding, Inc.,
Term Loan, 3/31/21 $ 4,278,761
2,722,500 5.75 B-/B3 Offshore Group Investment, Ltd.,
Term Loan, 3/28/19 2,728,171
3,218,678 4.50 B+/B1 Pacific Drilling SA, Term Loan,
6/3/18 3,223,708
--------------
$ 10,230,640
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 0.3%
1,695,750 0.00 B+/B3 FR Dixie Acquisition Corp., Term
Loan, 1/23/21 $ 1,693,630
270,000 0.00 B-/B2 FTS International, Inc., Term Loan
(First Lien), 4/1/21 271,561
1,025,000 5.25 BB+/Ba1 McDermott International Inc.,
Tranche B Term Loan (First Lien),
4/11/19 1,032,262
--------------
$ 2,997,453
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 27
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.5%
1,884,154 5.25 BB-/Ba3 ExGen Renewables I LLC, Term
Loan, 2/5/21 $ 1,914,771
791,298 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 5/2/16 797,232
1,371,563 0.00 BB-/Ba3 Seadrill Operating LP, Term Loan,
2/14/21 1,358,597
--------------
$ 4,070,600
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.8%
1,650,000 3.50 B+/Ba3 EP Energy LLC, Term Loan, 5/24/18 $ 1,644,156
2,440,871 3.88 BB-/Ba2 Fieldwood Energy LLC, Term Loan,
9/25/18 2,434,261
3,050,000 5.00 B-/B1 Samson Investment Co., Term Loan,
9/25/18 3,056,673
--------------
$ 7,135,090
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.5%
1,741,913 3.75 BB/Ba2 Pilot Travel Centers LLC, Term Loan,
3/30/18 $ 1,749,172
795,000 2.40 BBB-/Ba1 Tesoro Corp., Initial Term Loan,
1/11/16 800,962
1,795,500 4.25 BB-/B1 Western Refining, Inc., Term Loan
2013, 11/12/20 1,802,982
--------------
$ 4,353,116
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 0.2%
2,039,750 6.50 B/B3 Atlas Energy LP, Term Loan, 7/31/19 $ 2,058,873
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.5%
195,833 0.00 NR/NR Bumi Resources Tbk PT, Term Loan,
8/15/14 $ 160,338
3,233,750 5.50 B+/Ba3 Foresight Energy LLC, Term Loan,
8/21/20 3,261,373
1,303,558 7.25 B/B3 Walter Energy, Inc., Term Loan,
4/2/18 1,259,292
--------------
$ 4,681,003
--------------
Total Energy $ 35,526,775
--------------------------------------------------------------------------------------------------------
MATERIALS -- 8.7%
Commodity Chemicals -- 0.3%
2,443,041 4.00 BB+/Ba2 Tronox Pigments BV, Term Loan,
3/19/20 $ 2,445,714
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.3%
3,098,346 3.50 BBB-/Ba1 Eagle Spinco, Inc., Term Loan,
1/28/17 $ 3,102,219
2,158,560 5.00 B+/B2 Nexeo Solutions LLC, Initial Term
Loan, 2/26/17 2,155,862
1,776,075 4.25 BB-/B1 OXEA Sarl, Term Loan, 1/15/20 1,778,295
737,751 5.50 B/B1 Royal Adhesives & Sealants LLC,
Term Loan, 7/31/18 744,821
2,233,125 3.75 BB/Ba3 Tata Chemicals North America, Inc.,
Term Loan, 8/7/20 2,230,334
1,482,141 5.00 B+/B3 Univar, Term B Loan, 2/14/17 1,481,612
--------------
$ 11,493,143
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.3%
1,863,736 4.50 B+/Ba3 Allnex Luxembourg & CY SCA, Term
Loan, 10/4/19 $ 1,868,396
967,003 4.50 B+/Ba3 Allnex Luxembourg & CY SCA, Term
Loan, 10/4/19 969,421
2,576,675 3.24 BB-/B1 Axalta Coating Systems US Holdings,
Inc., Term Loan, 2/1/20 2,573,276
1,668,342 3.50 BB+/Ba1 Chemtura Corp., Term Loan, 8/29/16 1,672,860
859,827 2.69 BB+/Ba2 Huntsman International LLC, Term
Loan, 4/19/17 858,967
2,729,375 4.00 BB-/B1 MacDermid, Inc., Term Loan, 6/7/20 2,723,916
2,034,175 4.25 B+/NR OMNOVA Solutions, Inc., Term Loan,
5/31/18 2,041,803
3,556,485 4.00 NR/NR PQ Corp., Term Loan, 8/7/17 3,557,819
1,927,379 3.25 BB-/NR Taminco Global Chemical Corp., Term
Loan, 2/15/19 1,914,731
533,140 2.48 BBB-/Ba2 WR Grace & Co., Term Loan, 1/23/21 530,808
1,492,791 3.00 BBB-/Ba2 WR Grace & Co., Term Loan, 1/23/21 1,486,260
--------------
$ 20,198,257
--------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
157,558 4.25 B/Ba3 CeramTec Acquisition Corp., Term
Loan, 8/30/20 $ 157,492
486,700 4.25 B/Ba3 CeramTec GmbH, Term Loan, 8/30/20 486,497
1,590,594 4.25 B/Ba3 CeramTec Service GmbH, Term Loan,
8/30/20 1,589,931
--------------
$ 2,233,920
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.0%
3,990,000 4.25 B+/Ba3 Ardagh Holdings USA, Inc., Dollar
Term Loan, 12/9/19 $ 3,999,975
316,000 0.00 B+/Ba3 Ardagh Holdings USA, Inc., Tranche
B-3 Term Loan (First Lien), 12/17/19 315,605
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 29
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Metal & Glass
Containers -- (continued)
2,968,207 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 2,982,585
600,000 0.00 B/B1 Rexam PLC, Tranche B Term Loan
(First Lien), 4/11/21 599,625
1,425,260 4.25 B/B1 Tank Holding Corp., 7/9/19 1,422,884
--------------
$ 9,320,674
--------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.8%
1,139,776 7.50 B+/B2 Caraustar Industries, Inc., Term Loan,
5/1/19 $ 1,157,942
1,769,979 4.75 B+/Ba3 Kleopatra Acquisition Corp., Term
Loan, 12/21/16 1,786,941
2,250,000 4.25 B+/NR Multi Packaging Solutions, Inc., Term
Loan, 9/30/20 2,257,499
250,000 4.25 B+/B1 Multi Packaging Solutions, Inc., Term
Loan B, 9/30/20 251,042
1,385,186 3.00 BB+/NR Sealed Air Corp., Term Loan, 10/3/18 1,384,464
--------------
$ 6,837,888
--------------------------------------------------------------------------------------------------------
Aluminum -- 0.5%
693,496 7.00 BB-/B1 Constellium NV, 3/25/20 $ 705,632
269,500 5.75 B/B2 Noranda Aluminum Acquisition Corp.,
Term Loan, 2/28/19 257,485
1,451,286 3.75 BB-/Ba2 Novelis, Inc. Georgia, Term Loan,
3/10/17 1,450,379
2,094,750 5.50 B/B2 TurboCombustor Technology, Inc.,
Term Loan, 10/18/20 2,110,461
--------------
$ 4,523,957
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
4,197,735 4.25 BBB-/NR Fortescue Metals Group Ltd., Bank
Loan, 6/30/19 $ 4,200,686
3,015,017 4.00 BB-/B1 US Silica Co., Term Loan, 7/23/20 3,020,670
--------------
$ 7,221,356
--------------------------------------------------------------------------------------------------------
Steel -- 0.8%
1,731,300 3.50 BB+/B1 American Builders & Contractors
Supply Co, Inc., Term Loan, 4/16/20 $ 1,724,086
1,005,000 0.00 B/B3 Atkore International, Inc., Term Loan
(First Lien), 3/27/21 1,004,163
985,000 9.25 B/B1 Essar Steel Algoma, Inc., Term Loan,
9/19/14 989,156
1,742,864 4.75 BB-/B2 JMC Steel Group, Inc., Term Loan,
4/1/17 1,743,909
1,450,000 4.00 B/B1 Signode Industrial Group US Inc.,
Tranche B Term Loan (First Lien),
3/21/21 1,446,601
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Steel -- (continued)
351,112 4.00 BB+/Ba1 SunCoke Energy, Inc., Term Loan,
7/26/18 $ 350,673
--------------
$ 7,258,588
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.6%
3,473,750 5.75 B+/Ba2 Appvion, Inc., Term Loan, 6/28/19 $ 3,507,765
508,725 5.25 B/B1 Exopack Holdings SA, Term Loan,
4/14/19 514,448
1,723,451 4.50 NR/NR Ranpak Corp., USD Term Loan,
4/10/19 1,737,454
--------------
$ 5,759,667
--------------
Total Materials $ 77,293,164
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.6%
Aerospace & Defense -- 3.3%
2,660,585 4.00 B+/B1 Accudyne Industries Borrower SCA,
Term Loan, 12/13/19 $ 2,653,380
1,745,625 3.50 BBB-/Ba1 Alliant Techsystems, Inc., Term Loan,
10/22/20 1,749,444
364,211 6.50 NR/NR Cadence Aerospace LLC, Term Loan,
5/9/18 365,728
962,250 4.25 B/Ba3 CPI International, Inc., Tranche B Term
Loan (First Lien), 3/31/21 962,851
2,327,164 4.23 B/B2 DAE Aviation Holdings, Inc., Term Loan,
11/2/18 2,362,072
2,765,301 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 2,770,486
2,610,810 6.25 BB-/WR DynCorp International, Inc., Term Loan,
7/7/16 2,623,864
577,413 3.49 B-/Caa1 Hunter Defense Technologies, Inc.,
Term Loan, 8/22/14 548,542
1,096,922 6.43 BB/B1 Hunter Defense Technologies, Inc.,
Term Loan, 8/22/14 1,009,168
1,629,375 5.25 B/B2 Sequa Corp., Term Loan, 6/19/17 1,601,676
1,234,304 2.73 BB+/Ba1 Spirit AeroSystems, Inc., Term Loan,
9/30/20 1,236,310
1,054,983 5.00 B/NR Standard Aero, Ltd., Term Loan,
11/2/18 1,071,138
2,566,110 4.50 B/B3 TASC, Inc. Virginia, Term Loan,
12/18/15 2,525,481
1,914,926 5.50 B+/B1 The SI Organization, Inc., Term Loan,
11/22/16 1,890,990
2,282,663 3.75 B/Ba3 TransDigm, Inc., Term Loan, 2/28/20 2,274,637
700,000 3.25 BB-/Ba3 Wesco Aircraft Hardare Corp., Tranche
B Term Loan (First Lien), 2/24/21 698,425
2,915,516 4.75 B/B1 WPP Plc, 1st Lien Term Loan,
12/21/19 2,924,627
--------------
$ 29,268,819
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 31
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Building Products -- 2.1%
2,693,250 5.50 B/B2 Armacell International GmbH, Term
Loan, 7/2/20 $ 2,696,617
2,500,867 3.50 BB/B1 Armstrong World Industries, Inc.,
Term Loan, 3/15/20 2,503,212
922,000 4.00 B/B2 Interline Brands, Inc., Term Loan,
3/12/21 916,238
1,984,932 4.25 BB-/B2 NCI Building Systems, Inc., Term
Loan, 6/24/19 1,984,932
1,995,000 5.25 BB-/B2 Norcraft Cos. Inc., Initial Loan,
11/12/20 2,007,469
1,697,000 0.00 BB-/Ba3 Nortek Inc., Tranche B Term Loan
(First Lien), 12/31/20 1,695,939
590,000 0.00 B/B2 Ply Gem Industries, Inc., Tranche B
Term Loan (First Lien), 1/22/21 587,050
1,229,450 5.00 BB-/B2 Summit Materials LLC, Term Loan,
1/30/19 1,235,214
2,895,450 4.00 B+/B1 The Quikrete Companies, Inc., Term
Loan, 9/26/20 2,897,622
2,582,229 4.25 B+/B1 Unifrax Corp., New Term B Loan,
12/31/19 2,579,001
--------------
$ 19,103,294
--------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.3%
2,863,750 6.76 B+/B2 International Equipment Solutions
LLC, Term Loan, 8/16/19 $ 2,869,120
--------------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 0.5%
626,461 0.00 NR/NR Pelican Products, Inc., Term Loan,
4/8/20 $ 632,725
2,000,000 0.00 BB+/Ba3 Southwire Co., Term Loan, 1/31/21 1,998,594
2,068,500 6.00 B+/Ba2 WireCo WorldGroup, Inc., Term Loan,
2/15/17 2,085,307
--------------
$ 4,716,626
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
2,080,241 4.00 B/B1 Milacron LLC, Term Loan, 3/12/20 $ 2,085,441
3,042,012 4.50 B+/B2 Pro Mach, Inc., Term Loan, 7/6/17 3,042,012
--------------
$ 5,127,453
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.6%
355,000 3.25 BB+/Ba1 Manitowoc Co. Inc. (The), Term B
Loan, 12/18/20 $ 354,556
1,185,000 5.75 B/Ba3 Navistar, Inc., Term Loan, 8/17/17 1,202,281
1,734,214 3.50 BBB-/Ba1 Terex Corp., Term Loan, 4/28/17 1,742,344
1,763,390 4.00 B+/B2 Waupaca Foundry, Inc., Term Loan,
6/29/17 1,763,390
--------------
$ 5,062,571
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.1%
3,981,247 4.25 B/B1 Gardner Denver, Inc., Term Loan,
7/30/20 $ 3,978,532
2,401,830 4.25 BB-/Ba3 INA Beteiligungsgesellschaft mbH,
Term Loan, 1/27/17 2,410,827
1,987,343 5.75 B+/B1 Transtar Holding Co., Term Loan,
10/9/18 1,982,375
1,399,425 6.43 BB-/Ba3 Xerium Technologies, Inc., Term Loan,
5/17/19 1,409,337
--------------
$ 9,781,071
--------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
817,831 3.75 BB/Ba3 WESCO Distribution, Inc., Term Loan,
12/12/19 $ 817,826
--------------
Total Capital Goods $ 76,746,780
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 4.7%
Commercial Printing -- 0.1%
1,126,308 6.25 B+/B2 Cenveo Corp., Term Loan, 2/13/17 $ 1,129,124
--------------------------------------------------------------------------------------------------------
Diversified Commercial &
Prof Svc -- 0.2%
1,430,656 0.00 BB-/NR Seven Seas Cruises S de RL LLC,
12/21/18 $ 1,427,080
--------------------------------------------------------------------------------------------------------
Environmental & Facilities
Services -- 1.4%
497,481 3.67 B+/NR ADS Waste Holdings, Tranche B-2
Term Loan, 10/9/19 $ 494,424
465,500 3.25 BB+/Baa3 Covanta Energy Corp., Term Loan,
3/28/19 467,129
2,461,120 3.00 BBB/Ba1 Progressive Waste Solutions, Ltd.,
Term B Loan, 10/31/19 2,459,070
2,089,500 6.25 B+/B3 Synagro Infrastructure Co., Inc., Term
Loan, 6/30/20 2,102,559
1,481,250 6.25 B-/B2 Tervita Corp., Term Loan, 5/15/18 1,461,924
1,580,197 4.25 B+/B1 Waste Industries USA, Inc., Term
Loan, 3/17/17 1,580,197
2,009,813 5.50 B+/B3 Wastequip LLC, Term Loan, 8/9/19 2,019,862
1,986,912 4.00 B+/B1 WCA Waste Corp., Term Loan,
3/23/18 1,987,534
--------------
$ 12,572,699
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.5%
974,869 10.00 NR/NR IAP Worldwide Services, Inc., Term
Loan, 12/31/15 (c) $ 305,459
502,553 8.00 B-/B3 infoGroup, Inc., Term Loan, 5/26/18 431,358
630,432 0.00 BB-/B1 KAR Auction Services, Inc., Trancge
B-2 Term Loan (First Lien), 3/1/21 628,257
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 33
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Support
Services -- (continued)
1,613,285 6.25 B/B1 Language Line LLC, Term Loan,
6/20/16 $ 1,611,269
1,745,625 4.50 B+/Ba3 TMS International Corp., Term Loan,
10/2/20 1,751,443
8,088 15.00 NR/NR Velo Holdings, Inc., Term Loan,
2/2/18 8,169
--------------
$ 4,735,955
--------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 1.3%
498,750 3.00 BBB/Ba1 Allegion US Holding Co, Inc., Term
Loan, 12/26/20 $ 499,062
2,002,125 4.00 B+/Ba3 Garda World Security Corp., Term
Loan, 11/1/20 1,998,058
512,171 4.00 B+/NR Garda World Security Corp., Term
Loan, 11/8/20 511,131
3,366,838 4.25 B/Ba3 Monitronics International, Inc., Term B
Loan, 3/23/18 3,374,205
2,325,969 4.25 B+/B1 Protection One, Inc., Term Loan,
3/21/19 2,324,999
2,336,400 3.25 BB/Ba3 The Geo Group, Inc., Term Loan,
4/3/20 2,333,480
--------------
$ 11,040,935
--------------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.2%
1,922,888 3.50 BB+/Ba2 On Assignment, Inc., Term Loan,
5/15/20 $ 1,917,279
--------------------------------------------------------------------------------------------------------
Research & Consulting
Services -- 1.0%
3,126,907 3.25 BBB-/Ba2 Crown Castle International Corp.,
Tranche B-2 Term Loan (First Lien),
1/31/21 $ 3,111,488
3,275,250 5.25 NR/B1 Sourcehov LLC, Term Loan, 4/30/18 3,291,626
2,323,944 5.00 BB-/Ba3 Wyle Services Corp., Term Loan,
3/26/17 2,322,009
--------------
$ 8,725,123
--------------
Total Commercial Services
& Supplies $ 41,548,195
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.9%
Air Freight & Logistics -- 0.8%
1,492,109 5.00 B/B3 Air Medical Group Holdings, Inc.,
Term Loan, 6/30/18 $ 1,500,502
571,429 0.16 NR/NR CEVA Group Plc, Term Loan (First
Lien), 3/19/21 568,333
98,522 6.50 NR/NR CEVA Group Plc, Term Loan, 3/19/21
TL L + 0% 19Mar21 97,988
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Air Freight & Logistics -- (continued)
788,177 0.00 NR/B2 CEVA Group Plc, Term Loan (First Lien),
3/19/21 $ 783,908
541,872 0.00 B-/B2 CEVA Group Plc, Term Loan, 3/19/21 538,937
1,712,063 6.75 B-/B2 Ozburn-Hessey Holding Co. LLC, Term
Loan, 5/23/19 1,717,413
1,695,750 5.25 B/Ba3 Syncreon Group BV, Term Loan,
9/26/20 1,702,109
--------------
$ 6,909,190
--------------------------------------------------------------------------------------------------------
Airlines -- 1.7%
1,600,000 5.50 BB-/B1 Air Canada, Term Loan, 9/26/19 $ 1,631,000
4,009,700 3.75 BB-/Ba2 American Airlines, Inc., Term Loan,
6/27/19 4,005,943
2,351,015 3.25 BB-/Ba3 Atlantic Aviation FBO, Inc., Term Loan,
6/1/20 2,345,626
740,625 0.00 BB/NR Delta Air Lines, Inc., Term Loan,
10/18/18 738,773
1,750,500 3.50 BB+/Ba1 Delta Air Lines, Inc., Term Loan,
4/20/17 1,747,209
1,732,500 3.50 BB-/Ba2 United Airlines, Inc., Term Loan,
4/1/19 1,737,698
1,513,393 3.00 BB-/Ba2 US Airways, Inc., Term Loan,
11/23/16 1,515,474
908,036 3.50 BB-/Ba2 US Airways, Inc., 5/23/19 901,793
--------------
$ 14,623,516
--------------------------------------------------------------------------------------------------------
Marine -- 0.2%
2,074,575 5.25 BB/Ba3 Navios Maritime Partners LP, Term
Loan, 6/27/18 $ 2,105,694
--------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
1,127,596 4.00 BB/Ba1 Swift Transportation Co. LLC,
Tranche B-2 Term Loan (2013),
12/21/17 $ 1,131,825
--------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.1%
855,000 0.00 B/B2 SeaStar Solutions, Term Loan,
1/22/21 $ 860,878
--------------
Total Transportation $ 25,631,103
--------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 3.0%
Auto Parts & Equipment -- 2.5%
1,985,000 4.75 B/B2 Affinia Group, Inc., Term Loan,
4/25/20 $ 1,993,039
2,188,639 3.75 B+/Ba3 Allison Transmission, Inc., Term Loan,
8/23/19 2,185,356
773,866 4.00 B/B1 Federal-Mogul Holdings Corp., Term
Loan, 4/15/18 770,843
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 35
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
1,355,392 3.75 BB/Ba2 Gates Investments LLC, Term Loan,
9/29/16 $ 1,356,664
2,874,869 5.00 B+/B2 HHI Holdings LLC, Term Loan,10/5/18 2,882,056
4,035,962 4.25 NR/B1 Metaldyne LLC, Tranche B Term Loan,
12/18/18 4,049,079
1,929,306 4.25 B+/B1 Remy International, Inc., Term Loan,
3/5/20 1,934,129
1,254,242 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 1,261,690
3,588,863 3.23 BB-/B1 Tower Automotive Holdings USA LLC,
Term Loan, 4/23/20 3,582,134
1,863,082 5.50 B/Ba3 UCI International, Inc., Term Loan,
7/26/17 1,871,233
--------------
$ 21,886,223
--------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
2,175,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term
Loan (Second Lien), 3/27/19 $ 2,181,797
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
2,479,950 3.50 BB+/Ba1 Chrysler Group LLC, Term Loan,
5/24/17 $ 2,479,950
--------------
Total Automobiles & Components $ 26,547,970
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 2.4%
Home Furnishings -- 0.5%
2,826,428 4.25 B+/B1 Serta Simmons Holdings LLC, Term
Loan, 10/1/19 $ 2,833,494
1,453,531 3.50 BB/Ba3 Tempur Sealy International, Inc., Term
Loan, 3/18/20 1,447,171
--------------
$ 4,280,665
--------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.9%
1,114,400 2.90 BBB-/Ba1 Jarden Corp., Term Loan, 9/30/20 $ 1,114,632
1,528,292 3.79 BB/Ba2 Prestige Brands, Inc., Term Loan,
1/31/19 1,531,158
2,574,802 4.00 B+/B1 Reynolds Group Holdings, Inc., Term
Loan, 12/31/18 2,579,831
2,577,958 6.43 B/B1 World Kitchen LLC, Term Loan, 3/4/19 2,600,515
--------------
$ 7,826,136
--------------------------------------------------------------------------------------------------------
Leisure Products -- 0.4%
994,899 3.75 BB-/B1 Bass Pro Group llc, Tranche B Term
Loan (First Lien), 11/20/19 $ 996,132
2,028,857 4.00 B+/B1 Bombardier Recreational Products,
Inc., Term Loan, 1/30/19 2,023,996
484,700 4.25 B/B2 Leslie's Poolmart, Inc., Term Loan,
10/16/19 485,155
--------------
$ 3,505,283
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.6%
2,254,598 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 2,264,103
3,091,171 5.75 B/B2 Renfro Corp., Tranche B Term Loan,
1/23/19 3,083,443
--------------
$ 5,347,546
--------------
Total Consumer Durables & Apparel $ 20,959,630
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 5.8%
Casinos & Gaming -- 1.1%
1,139,161 3.25 BBB-/Ba2 Las Vegas Sands llc, Tranche B-2
Term Loan (First Lien), 12/19/20 $ 1,133,940
2,966,212 3.50 BB/Ba2 MGM Resorts International, Term
Loan,12/20/19 2,952,310
1,995,000 3.25 BB+/Ba1 Penn National Gaming, Inc., Term
Loan, 10/25/20 1,990,637
683,839 3.75 BB+/Ba2 Pinnacle Entertainment, Inc., Term
Loan, 8/13/20 682,984
2,650,500 3.00 BBB-/Baa3 Seminole Tribe of Florida, Inc., Term
Loan, 4/29/20 2,640,561
--------------
$ 9,400,432
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise
Lines -- 1.0%
2,786,000 3.50 NR/B1 Four Seasons Holdings Inc., Term
Loan, 6/27/20 $ 2,772,070
2,382,000 4.50 BB-/B3 Great Wolf Resorts, Inc., Term Loan,
8/6/20 2,384,978
1,373,684 3.50 BB/Ba3 Hilton Worldwide Finance LLC, Term
Loan, 9/23/20 1,370,918
1,068,706 4.25 B+/B1 Sabre GLBL, Inc., Term Loan, 2/19/19 1,068,484
1,691,500 4.50 B+/B1 Sabre GLBL, Inc., Term Loan, 2/19/19 1,694,935
--------------
$ 9,291,385
--------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.4%
1,545,281 3.25 BBB-/Ba1 Cedar Fair LP, Term Loan, 3/6/20 $ 1,548,557
2,445,431 3.50 BB+/Ba2 Six Flags Theme Parks, Inc., Term
Loan, 12/20/18 2,453,455
--------------
$ 4,002,012
--------------------------------------------------------------------------------------------------------
Restaurants -- 1.6%
2,609,310 3.75 BB/Ba3 Burger King Corp., Term Loan,
9/28/19 $ 2,622,711
2,023,098 3.75 BB-/Ba2 DineEquity, Inc., Term Loan, 10/19/17 2,032,370
2,201,735 4.00 BB-/Ba3 Landry's, Inc., Term Loan, 4/24/18 2,206,552
1,926,557 4.00 B/Ba3 NPC International, Inc., Term Loan,
12/28/18 1,928,965
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 37
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Restaurants -- (continued)
2,419,242 4.25 B/Ba3 PF Chang's China Bistro, Inc., Term
Loan, 6/22/19 $ 2,422,266
3,353,555 3.25 BB-/B1 Wendy's International, Inc., Term B
Loan, 5/15/19 3,349,363
--------------
$ 14,562,227
--------------------------------------------------------------------------------------------------------
Education Services -- 0.8%
2,652,964 4.00 B+/B1 Bright Horizons Family Solutions, Inc.,
Term B Loan, 1/14/20 $ 2,654,622
3,478,914 5.00 B/B1 Laureate Education, Inc., Term Loan,
6/16/18 3,438,691
1,058,959 0.00 B+/B2 McGraw-Hill Global Education Holding
LLC, Term Loan (First Lien), 3/22/19 1,068,004
--------------
$ 7,161,317
--------------------------------------------------------------------------------------------------------
Specialized Consumer
Services -- 0.9%
1,660,383 3.48 B/B1 Allied Security Holdings LLC, Term
Loan, 2/12/21 $ 1,654,157
1,546,125 6.43 B+/B1 Ascensus, Inc., Initial Term Loan
(First Lien), 11/12/19 1,552,889
726,190 8.00 B+/B2 Sensis Pty Ltd., Tranche B Term Loan,
2/18/19 736,629
4,752,000 4.00 B+/B1 Weight Watchers International, Inc.,
Term Loan, 4/2/20 3,715,798
--------------
$ 7,659,473
--------------
Total Consumer Services $ 52,076,846
--------------------------------------------------------------------------------------------------------
MEDIA -- 9.2%
Advertising -- 1.2%
1,991,820 4.25 B+/B1 Acosta, Inc., Term Loan, 3/2/18 $ 2,000,948
3,073,580 4.25 B+/B1 Advantage Sales & Marketing, Inc.,
Term Loan, 12/18/17 3,080,496
2,637,222 6.75 B/NR Affinion Group, Inc., Term Loan,
10/9/16 2,647,112
1,777,500 4.50 B/B1 Crossmark Holdings, Inc., Term Loan,
12/20/19 1,765,280
1,800,162 4.75 B/B2 Getty Images, Inc., Term Loan,
10/18/19 1,726,749
--------------
$ 11,220,585
--------------------------------------------------------------------------------------------------------
Broadcasting -- 2.9%
1,170,000 4.50 B+/B1 Catalina Holdings Corp., Tranche B
Term Loan (First Lien), 4/3/21 $ 1,169,269
746,306 3.00 BB+/Ba1 CBS Outdoor Americas Capital llc,
Tranche B Term Loan (First Lien),
1/15/21 743,774
2,183,500 2.65 BB+/Baa3 CSC Holdings LLC, Term Loan,
4/17/20 2,151,885
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Broadcasting -- (continued)
1,996,101 4.02 B+/Ba3 Entercom Radio llc, Term B-2 Loan,
11/23/18 $ 1,999,221
1,729,402 4.50 BB/Ba3 Gray Television, Inc., Initial Term Loan,
10/11/19 1,735,348
2,175,144 4.50 B+/B1 Hubbard Broadcasting, Inc., Term
Loan, 4/29/19 2,184,661
3,819,601 0.00 B/B2 NEP, Term Loan, 1/22/20 3,817,214
1,492,500 3.25 BB-/B1 Quebecor Media, Inc., Term Loan,
8/17/20 1,479,751
2,668,694 4.50 B/B2 Salem Communications Corp., Term
Loan, 3/13/20 2,666,193
724,310 3.00 NR/Ba1 Sinclair Television Group, Inc., Term
Loan, 4/19/20 714,894
4,488,750 4.00 BB+/Ba3 Tribune Co., Tranche B Term Loan
(First Lien), 11/20/20 4,478,650
1,648,389 4.00 B+/NR Univision Communications, Inc.,
Term Loan, 3/1/20 1,642,354
742,500 4.00 B+/B2 Univision Communications, Inc., Term
Loan, 3/1/20 739,384
--------------
$ 25,522,598
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.4%
2,486,897 3.50 BB-/Ba2 Cequel Communications LLC, Term
Loan, 2/14/19 $ 2,480,526
4,863,250 3.00 BB+/Baa3 Charter Communications Operating
LLC, Term F Loan, 1/1/21 4,792,995
1,913,109 3.75 BB/Ba3 Intelsat Jackson Holdings SA, Term
Loan, 6/30/19 1,915,103
299,250 0.00 NR/B2 Learfield Communications, Inc., Term
Loan, 10/9/20 300,746
476,400 3.25 BB/Ba3 MCC Georgia LLC, Term Loan,
1/29/21 471,239
1,723,750 4.00 BB/Ba3 MCC Georgia LLC, Tranche G Term
Loan, 2/8/20 1,723,750
2,490,149 3.50 BB/Ba3 Telesat Canada, U.S. Term B Loan,
3/28/19 2,485,868
2,750,000 3.50 BB-/Ba3 Virgin Media Investment Holdings,
Ltd., New Term B Loan, 2/6/20 2,730,602
1,340,015 4.75 B/Ba3 WideOpenWest Finance LLC, Term
Loan, 4/1/19 1,344,411
1,207,098 0.00 NR/Ba3 Ziggo BV, (USD) Tranche B-3 Term
Loan, 1/15/22 1,187,734
1,138,945 0.00 NR/Ba3 Ziggo BV, Tranche B-1 Term Loan
(First Lien), 1/15/22 1,120,674
733,957 3.50 NR/Ba3 Ziggo BV, Tranche B-2 Term Loan
(First Lien), 1/15/22 722,183
--------------
$ 21,275,831
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 39
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.7%
2,163,475 3.50 BB-/Ba2 AMC Entertainment, Inc., Initial Term
Loan, 4/30/20 $ 2,160,771
501,631 3.75 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 2/28/18 502,258
2,140,126 3.25 NR/Baa2 Kasima LLC, Term Loan, 5/17/21 2,132,101
1,551,846 3.50 BB/Ba3 Live Nation Entertainment, Inc., Term
Loan, 8/17/20 1,547,319
2,319,922 3.50 BB-/Ba2 Rovi Solutions Corp., Term Loan,
3/29/19 2,309,714
1,985,000 3.50 BB+/Ba1 Seminole Hard Rock Entertainment,
Inc., Term Loan, 5/14/20 1,975,488
1,488,750 4.00 B+/B1 US Finco LLC, Term Loan, 5/30/20 1,486,425
3,159,125 3.75 B+/B1 WMG Acquisition Corp., Term Loan,
7/1/20 3,135,037
--------------
$ 15,249,113
--------------------------------------------------------------------------------------------------------
Publishing -- 1.0%
769,000 0.00 B/B2 Cengage Learning Acquisitions, Inc,
Term Loan, 3/6/20 $ 780,823
846,796 4.75 B+/B2 Interactive Data Corp., Tranche B
Term Loan (First Lien), 4/24/21 847,457
2,479,605 3.75 B+/Ba3 Interactive Data Corp., Term Loan,
2/11/18 2,479,089
2,693,250 6.25 B+/NR McGraw-Hill School Education
Holdings llc, Term B Loan, 12/18/19 2,717,376
2,280,249 3.75 BB-/Ba3 MTL Publishing LLC, Term Loan,
6/29/18 2,275,973
--------------
$ 9,100,718
--------------
Total Media $ 82,368,845
--------------------------------------------------------------------------------------------------------
RETAILING -- 3.0%
Distributors -- 0.2%
1,857,557 4.25 B/B2 Spin Holdco, Inc., Term Loan,
11/14/19 $ 1,855,003
--------------------------------------------------------------------------------------------------------
Department Stores -- 0.2%
1,695,750 4.25 B/B2 Neiman Marcus Group, Ltd. LLC, Term
Loan, 10/25/20 $ 1,694,337
--------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
962,677 4.00 B/B1 J Crew Group, Inc., Initial Loan,
2/28/21 $ 958,826
--------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.2%
1,000,000 3.75 BB+/Ba1 Rent-A-Center, Inc., Term Loan
(2014), 2/6/21 $ 992,500
1,213,261 12.00 B/Caa1 Targus Group International, Inc., Term
Loan, 5/24/16 1,025,206
--------------
$ 2,017,706
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.6%
3,419,718 4.50 B/B2 Apex Tool Group LLC, Term Loan,
2/1/20 $ 3,391,016
1,667,587 3.96 B+/WR The Hillman Companies, Inc., Term
Loan, 5/28/17 1,672,451
--------------
$ 5,063,467
--------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.2%
1,980,000 3.75 BB-/Ba3 Michaels Stores, Inc., Term Loan,
1/28/20 $ 1,980,707
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 1.4%
1,877,096 6.00 B+/B1 Arc Automotive Group, Inc., Term
Loan, 11/15/18 $ 1,893,520
568,256 3.00 BB/Ba1 Avis Budget Car Rental LLC, Term
Loan, 3/15/19 565,652
2,000,000 3.25 BB+/Ba1 Chrysler Group LLC, Term Loan,
12/29/18 1,986,000
1,100,000 0.00 BB-/B1 CS Intermediate Holdco 2 LLC, Term
Loan, 3/28/21 1,099,312
4,273,125 5.75 B+/B2 CWGS Group LLC, Term Loan, 2/20/20 4,305,173
495,000 3.00 BB/Ba1 The Hertz Corp., Term Loan, 3/11/18 490,514
1,728,125 3.75 BB/Ba1 The Hertz Corp., Tranche B1 Term
Loan, 3/11/18 1,726,324
--------------
$ 12,066,495
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
1,130,000 4.25 B/B1 1-800 CONTACTS, Inc., Tranche B Term
Loan, 1/9/21 $ 1,131,412
--------------
Total Retailing $ 26,767,953
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.3%
Drug Retail -- 0.2%
1,244,987 3.50 BB-/NR Rite Aid Corp., Term Loan, 2/21/20 $ 1,244,339
--------------------------------------------------------------------------------------------------------
Food Distributors -- 1.4%
1,570,810 5.75 B/B1 AdvancePierre Foods, Inc., Term Loan,
7/10/17 $ 1,574,247
1,488,750 4.75 BB-/B1 Clearwater Seafoods LP, Term Loan,
6/26/19 1,497,124
3,541,125 4.25 B+/B2 Del Monte Foods Consumer Products,
Inc., Term Loan (First Lien), 11/26/20 3,539,354
3,378,989 4.75 B+/B1 Mill US Acquisition LLC, Term Loan,
7/3/20 3,402,642
845,750 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, Term
Loan, 4/29/20 840,067
1,750,613 5.00 B+/B2 Windsor Quality Food Company, Ltd.,
Term B Loan, 12/23/20 1,764,836
--------------
$ 12,618,270
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 41
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Food Retail -- 0.7%
3,877,156 4.75 BB-/NR Albertsons LLC, Term Loan, 3/21/19 $ 3,896,542
487,021 4.25 BB-/NR Albertsons llc, Term B-1 Loan,
3/21/16 488,847
2,005,619 0.00 B+/B1 Big Heart Pet Brands, Term Loan,
2/24/20 1,992,081
--------------
$ 6,377,470
--------------
Total Food & Staples Retailing $ 20,240,079
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.7%
Distillers & Vintners -- 0.3%
2,481,250 2.75 BB+/NR Constellation Brands, Inc., European
Term B Loan, 4/29/20 $ 2,489,262
--------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.6%
3,647,608 4.50 B/B1 Arysta Lifescience SPC LLC, Term
Loan, 5/29/20 $ 3,647,579
2,000,000 3.25 BBB-/Ba2 Darling International, Inc., Term B
USD Loan, 12/19/20 1,995,626
--------------
$ 5,643,205
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.8%
997,500 4.25 B-/B2 Diamond Foods, Inc., Term Loan,
8/12/18 $ 997,916
2,543,625 4.50 B-/Ba3 Dole Food Co, Inc., Term Loan,
10/25/18 2,544,897
2,383,244 5.00 B+/B1 GFA Brands, Inc., Term Loan, 7/9/20 2,399,133
680,638 6.50 NR/NR Hearthside Food Solutions LLC, Term
Loan, 6/7/18 682,339
1,985,000 3.50 BB/Ba2 HJ Heinz Co., Term B2 Loan, 3/27/20 1,990,088
500,000 6.75 B-/NR Hostess Brands, Inc., Term B Loan,
2/25/20 520,000
1,749,252 3.75 BB/Ba2 JBS USA LLC, Term Loan, 5/25/18 1,750,302
2,338,775 4.25 B+/Ba3 Michael Foods Group, Inc., Term
Loan, 2/25/18 2,344,136
3,105,630 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, Term
Loan, 4/29/20 3,083,446
--------------
$ 16,312,257
--------------
Total Food, Beverage & Tobacco $ 24,444,724
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 2.8%
Household Products -- 1.8%
2,338,250 4.75 B+/B1 Berlin Packaging LLC, Term Loan,
4/2/19 $ 2,347,993
2,587,000 4.50 B/B1 Britax US Holdings, Inc., Term Loan,
10/7/20 2,433,935
1,188,465 4.50 B/B1 Polarpak, Inc., Term Loan, 6/7/20 1,191,436
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Household Products -- (continued)
2,168,961 4.50 B/B1 Polarpak, Inc., Term Loan, 6/7/20 $ 2,174,383
2,517,208 3.50 BB/Ba3 Spectrum Brands, Inc., Term Loan,
8/13/19 2,518,970
2,621,984 4.01 BB-/B1 SRAM LLC, Term Loan, 4/10/20 2,599,042
1,050,000 4.75 B/B2 STS Operating, Inc., Term Loan,
2/11/21 1,054,594
1,485,000 5.51 B-/B1 The Sun Products Corp., Term Loan,
3/23/20 1,434,881
13,076 4.50 B-/B2 WASH Multifamily Laundry Systems
LLC, Term Loan, 2/21/19 13,043
--------------
$ 15,768,277
--------------------------------------------------------------------------------------------------------
Personal Products -- 1.0%
1,000,000 0.00 B/B2 Atrium Innovations, Inc., Term Loan,
1/29/21 $ 991,875
250,000 0.00 CCC+/Caa2 Atrium Innovations, Inc., Tranche B
Term Loan (Second Lien), 7/29/21 251,406
592,429 0.00 B/B1 Federal-Mogul Corp., Tranche C Term
Loan (First Lien), 4/15/21 588,726
2,076,786 3.50 BB-/Ba3 NBTY, Inc., Term Loan, 10/1/17 2,078,084
2,386,292 3.25 B+/Ba2 Revlon Consumer Products Corp.,
Term Loan, 11/19/17 2,385,297
1,695,750 4.00 B+/Ba2 Revlon Consumer Products Corp.,
Term Loan, 8/19/19 1,696,015
1,385,000 3.50 BB-/B1 Visteon Corp., Tranche B Term Loan
(First Lien), 4/8/21 1,376,128
--------------
$ 9,367,531
--------------
Total Household & Personal
Products $ 25,135,808
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 6.3%
Health Care Equipment -- 0.4%
1,297,020 3.25 BBB-/Ba2 Hologic, Inc., Term Loan, 8/1/19 $ 1,292,459
2,048,827 4.00 BB-/Ba3 Kinetic Concepts, Inc., Term DTL-E1
loan, 5/4/18 2,051,755
--------------
$ 3,344,214
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.3%
868,438 3.67 BB-/B1 Biomet, Inc., Term Loan, 7/25/17 $ 870,841
2,079,233 5.00 BB-/B1 Immucor, Inc., Term Loan, 8/19/18 2,087,030
--------------
$ 2,957,871
--------------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.1%
850,000 0.00 B+/B2 Serena Software, Inc., Term Loan
(First Lien), 4/10/20 $ 846,812
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 43
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Health Care Services -- 2.7%
717,646 6.50 NR/NR AccentCare, Inc., Term Loan,
12/22/16 $ 448,529
893,252 4.25 B+/B1 Alliance HealthCare Services,
Inc., Term Loan 6/3/19 893,949
1,027,659 6.75 B+/B1 Ardent Medical Services, Inc., 1st
Lien Term Loan, 5/2/18 1,017,383
730,922 6.50 NR/B1 BioScrip, Inc., Term Loan 7/31/20 736,099
1,218,203 6.50 BB-/B1 BioScrip, Inc., Term Loan 7/31/20 1,225,817
1,525,000 4.00 B+/Ba3 BSN Medical GmbH & Co. KG,
Facility B1A, Term Loan 8/28/19 1,527,542
2,320,625 4.00 BB-/Ba2 DaVita, Inc., Tranche B2 Term Loan,
8/1/19 2,329,933
2,848,311 4.00 B+/B1 Envision Healthcare Corp., Term Loan
5/25/18 2,850,091
2,985,000 2.23 BBB-/Baa3 Fresenius US Finance I, Inc., Term
Loan 8/7/19 2,982,669
3,487,288 6.50 B+/B2 Gentiva Health Services, Inc., Term
Loan 10/10/19 3,455,686
898,239 7.50 B-/B2 inVentiv Health, Inc., Term Loan
8/4/16 901,608
882,500 4.75 B/B1 National Mentor Holdings, Inc., Term
Loan 1/31/21 885,258
771,125 5.75 B/B2 National Surgical Hospitals, Inc.,
Term Loan 8/1/19 775,463
898,870 8.00 NR/WR Rural, Term Loan 6/30/18 851,680
756,488 6.00 B/B1 Surgery Center Holdings, Inc., Term
Loan 4/11/19 760,271
250,000 0.00 CCC+/Caa2 Surgery Center Holdings, Inc., Tranche
B-2 Loan (Second Lien), 4/11/20 249,610
1,689,462 4.50 B/B1 Truven Health Analytics, Inc., Term
Loan 6/6/19 1,679,959
1,209,375 7.25 NR/NR Virtual Radiologic Corp., Term Loan
12/22/16 749,812
--------------
$ 24,321,359
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 1.6%
273,071 3.47 BB/Ba2 CHS, Term Loan, 1/25/17 $ 273,632
1,558,111 0.00 BB/Ba2 CHS, Term Loan, 1/27/21 1,564,921
331,986 2.98 BB/Ba3 HCA, Inc., Term Loan, 5/1/18 332,020
1,067,241 4.50 B/Ba3 IASIS Healthcare LLC, Term Loan,
5/3/18 1,068,975
2,384,344 4.00 B+/B1 Kindred Healthcare, Inc., Tranche B
Term Loan, 4/10/21 2,369,442
1,712,019 2.66 BB-/Ba1 LifePoint Hospitals, Inc., Term Loan,
7/24/17 1,711,305
1,481,288 6.43 B/B2 RegionalCare Hospital Partners, Inc.,
Term Loan, 4/21/19 1,476,666
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
196,382 3.75 NR/NR Select Medical Corp., Term Loan,
6/1/18 $ 195,150
2,482,494 6.75 B-/B2 Steward Health Care System LLC, Term
Loan, 4/10/20 2,460,772
324,058 4.25 B/B1 United Surgical Partners International,
Inc., Term Loan, 4/19/17 324,357
1,783,985 4.75 B/B1 United Surgical Partners International,
Inc., Term Loan, 4/3/19 1,795,879
408,343 2.40 BB+/Ba2 Universal Health Services, Inc., Term
Loan, 11/15/16 410,283
--------------
$ 13,983,402
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
374,095 9.75 B+/B2 MMM Holdings, Inc., Term Loan,
10/9/17 $ 376,901
271,980 9.75 B+/B2 MSO of Puerto Rico, Inc., Term Loan,
12/12/17 273,680
2,214,124 4.25 NR/Ba3 US Renal Care, Inc., Term Loan,
7/3/19 2,216,892
--------------
$ 2,867,473
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.9%
1,650,259 4.00 B+/Ba3 ConvaTec, Inc., Term Loan, 12/22/16 $ 1,653,353
2,455,629 3.75 BB-/Ba3 Emdeon, Inc., Term Loan,11/2/18 2,453,711
1,664,887 5.25 B/B1 Healogics, Inc., Term Loan, 2/5/19 1,672,521
987,275 3.50 BB-/Ba3 IMS Health, Inc., Term Loan, 3/17/21 983,727
1,320,743 4.00 BB+/Ba3 MedAssets, Inc., Term Loan,
12/13/19 1,323,219
--------------
$ 8,086,531
--------------
Total Health Care Equipment
& Services $ 56,407,662
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 3.2%
Biotechnology -- 0.4%
3,238,715 3.50 BB+/Ba3 Alkermes, Inc., Term Loan, 9/25/19 $ 3,236,017
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.7%
1,700,000 4.50 B+/B1 Akorn, Inc., Term Loan B, 11/13/20 $ 1,705,299
1,000,000 3.25 BB+/Ba1 Endo Luxembourg Finance I Company
Sarl, Tranche B Term Loan (First Lien),
11/5/20 993,333
2,430,628 5.00 B/NR Generic Drug Holdings, Inc., Term Loan,
8/16/20 2,435,691
1,200,000 0.00 BB/Ba1 Grifols Worldwide Operations USA, Inc.,
U.S. Tranche B Term Loam, 4/1/21 1,194,833
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 45
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- (continued)
2,874,336 0.00 BB+/Ba3 Jazz Pharmaceuticals, Inc., Tranche 2
Term Loan, 6/12/18 $ 2,876,133
2,120,000 0.00 B/NR JLL, Initial Dollar Term Loan, 1/23/21 2,101,781
1,400,000 0.00 BB+/Ba2 Mallinckrodt International Finance
SA, Initial Term B Loan, 3/6/21 1,390,266
1,955,403 4.00 B/B1 Par Pharmaceutical Companies, Inc.,
Term Loan, 9/28/19 1,950,717
1,323,000 4.25 B/B1 PharMEDium Healthcare Corp., Initial
Term Loan (First Lien), 1/23/21 1,317,487
364,495 3.25 BBB-/Baa2 RPI Finance Trust, Term Loan, 11/9/18 365,255
1,113,521 3.25 BBB-/Baa2 RPI Finance Trust, Term Loan, 5/9/18 1,115,377
2,468,750 4.25 BB/Ba1 Salix Pharmaceuticals, Inc., Term
Loan, 12/17/19 2,483,150
1,477,500 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Term Loan, 12/11/19 1,476,445
2,298,926 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Term Loan, 8/5/20 2,301,002
--------------
$ 23,706,769
--------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.1%
1,245,650 3.65 BB-/Ba3 Catalent Pharma Solutions, Inc., Term
Loan, 9/15/16 $ 1,247,830
--------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 28,190,616
--------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Thrifts & Mortgage Finance -- 0.3%
2,574,000 5.00 B+/B1 Ocwen Financial Corp., Initial Term
Loan, 1/15/18 $ 2,588,880
--------------
Total Banks $ 2,588,880
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.3%
Other Diversified Financial
Services -- 2.0%
750,000 0.00 B+/B2 4L Technologies, Inc., Tranche B Term
Loan (First Lien), 4/21/20 $ 747,750
1,522,926 3.50 BBB-/Ba2 AWAS Finance Luxembourg 2012
SA, Term Loan, 7/16/18 1,526,734
1,492,500 4.50 B/B2 CTI Foods Holding Co. LLC, Term
Loan, 6/29/20 1,494,366
475,000 0.00 BBB-/Ba2 Delos Finance SARL, Tranche B Term
Loan, 2/27/21 474,208
3,249,893 4.50 BBB-/B1 Fly Funding II Sarl, Term Loan, 8/9/18 3,264,112
1,242,188 0.00 B+/B1 Harland Clarke Holdings Corp., Term
Loan, 8/17/19 1,251,246
1,791,000 3.75 BB/Ba2 JBS USA LLC, Term Loan, 9/18/20 1,787,651
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
2,530,875 5.00 B/B1 Livingston International, Inc., Term
Loan, 4/18/19 $ 2,535,620
1,230,000 4.50 B+/B1 Nord Anglia Education Finance LLC,
Tranche B Term Loan, 3/21/21 1,235,381
1,725,000 5.00 B/B1 SBP Holdings, Ltd., Term Loan (First
Lien), 3/24/21 1,725,719
1,751,227 5.25 BB/Ba3 WorldPay, Facility B2A Term Loan,
8/6/17 1,767,645
--------------
$ 17,810,432
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
282,000 4.23 BB-/B1 BATS Global Markets, Inc., Term
Loan, 1/21/20 $ 274,950
2,044,875 5.75 B/B1 Hyperion Insurance Group, Ltd., Term
Loan, 10/4/19 2,037,207
3,158,405 4.25 B/B1 Mirror BidCo Corp., New Incremental
Term Loan, 12/18/19 3,153,140
--------------
$ 5,465,297
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
476,191 4.00 BBB-/B1 Global Cash Access, Inc., 3/1/16 $ 475,000
1,305,000 4.00 B+/Ba3 TransUnion LLC, Tranche B Term Loan
(First Lien), 3/21/21 1,301,534
--------------
$ 1,776,534
--------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.6%
2,481,250 0.00 B/NR Clondalkin Acquisition BV, Term Loan,
5/28/20 $ 2,481,250
2,366,776 5.25 B/B2 National Financial Partners Corp.,
Term Loan, 7/1/20 2,380,089
--------------
$ 4,861,339
--------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.9%
3,514,706 4.50 B/B2 Duff & Phelps LLC, Term Loan,
4/23/20 $ 3,523,493
2,985,000 4.25 NR/NR Guggenheim Partners Investment
Management Holdings LLC, Term
Loan, 7/22/20 2,997,686
1,572,120 3.25 BB-/Ba2 LPL Holdings, Inc., Term Loan,
3/29/19 1,561,639
--------------
$ 8,082,818
--------------
Total Diversified Financials $ 37,996,420
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 47
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
INSURANCE -- 1.3%
Insurance Brokers -- 0.6%
2,131,963 5.00 B/B2 AmWins Group LLC, Term Loan,
9/6/19 $ 2,136,627
1,158,248 5.00 B/B2 CGSC of Delaware Holdings Corp.,
Term Loan, 4/16/20 1,136,047
2,100,011 4.25 NR/B1 USI Insurance Services LLC, Term B
Loan, 12/30/19 2,094,761
--------------
$ 5,367,435
--------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
1,854,397 3.75 BB/Ba2 CNO Financial Group, Inc., Tranche
B2 Term Loan, 9/4/18 $ 1,861,305
--------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.3%
2,303,877 4.25 B/B1 Alliant Holdings I, Inc., Term Loan,
12/20/19 $ 2,306,008
--------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.2%
2,156,831 5.75 B-/B2 Confie seguros Holding II Co., Term
Loan, 11/9/18 $ 2,164,919
--------------
Total Insurance $ 11,699,667
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Mortgage REIT -- 0.2%
2,130,115 3.50 BB+/Ba3 Starwood Property Trust, Inc., Term
Loan, 4/17/20 $ 2,121,239
--------------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.6%
495,000 2.90 BB/Ba1 CBRE Services, Inc., Term Loan,
3/28/21 $ 494,385
4,488,750 5.00 B+/B3 CityCenter Holdings LLC, Term Loan,
10/16/20 4,517,505
--------------
$ 5,011,890
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.4%
2,173,820 4.50 B+/B1 Altisource Solutions Sarl, Term Loan,
12/9/20 $ 2,173,820
1,639,522 4.27 B/B1 GCA Services Group, Inc.,
Replacement Term Loan (First Lien),
11/1/19 1,640,547
--------------
$ 3,814,367
--------------
Total Real Estate $ 10,947,496
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 4.6%
Internet Software & Services -- 0.3%
450,000 3.50 BB-/Ba2 Dealertrack Technologies, Inc., Term
Loan, 2/27/21 $ 449,063
1,845,919 4.00 B/B1 Zayo Group LLC, Term Loan, 7/2/19 1,844,382
--------------
$ 2,293,445
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.1%
1,682,933 5.25 BB/Ba3 Booz Allen Hamilton, Inc., Term Loan,
7/31/19 $ 1,686,299
2,420,367 4.50 NR/B1 Deltek, Inc., Term Loan, 10/10/18 2,429,821
1,487,374 4.50 B-/B1 Kronos, Inc., Term Loan, 10/30/19 1,493,882
695,000 4.50 B+/B1 PSAV Presentation Services, Tranche
B Term Loan (First Lien), 1/24/21 696,448
4,000,000 4.50 B-/B1 Skillsoft Corp., Term Loan (First Lien),
4/23/21 3,995,000
--------------
$ 10,301,450
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced
Services -- 0.4%
1,387,680 4.15 B+/B1 First Data Corp., Term Loan, 3/23/18 $ 1,387,969
67,341 4.24 B/B1 First Data Corp., Term Loan, 3/24/21 67,333
1,975,075 3.50 BBB-/Ba1 Genpact International, Inc., Term
Loan, 8/30/19 1,974,087
74,625 4.50 B+/NR Ship Midco, Ltd., Term Loan,
11/30/19 74,998
--------------
$ 3,504,387
--------------------------------------------------------------------------------------------------------
Application Software -- 1.7%
1,667,934 4.25 B+/B1 Applied Systems, Inc., Initial Term
Loan (First Lien), 1/15/21 $ 1,669,672
2,487,500 4.25 BB-/B1 Epiq Systems, Inc., Term Loan,
8/27/20 2,493,719
1,897,332 8.50 B-/B1 Expert Global Solutions, Inc., Term
Loan, 4/3/18 1,814,324
1,151,633 3.75 B+/Ba3 Infor., Tranche B-5 Term Loan (First
Lien), 6/3/20 1,145,361
1,990,000 3.75 B/B1 Sedgwick, Inc., Term Loan, 2/11/21 1,966,369
3,966,013 0.00 BB-/B1 Verint Systems, Inc., Tranche B-2 Term
Loan (First Lien), 9/6/19 3,956,594
2,188,681 4.25 B+/B1 Vertafore, Inc., Term Loan, 10/3/19 2,190,504
--------------
$ 15,236,543
--------------------------------------------------------------------------------------------------------
Systems Software -- 0.9%
2,903,063 4.25 NR/B1 EZE Castle Software, Inc., Term Loan,
4/6/20 $ 2,922,417
1,496,250 5.00 B+/B1 P2 Upstream Acquisition Co., Term
Loan, 10/30/20 1,502,796
1,361,000 5.50 B+/B1 SafeNet, Inc., Tranche B Term Loan,
2/28/20 1,367,805
850,000 0.00 B+/B1 Sybil Finance BV, Term Loan, 3/18/20 849,114
1,031,398 2.15 BB/Ba3 The Reynolds & Reynolds Co., Term
Loan, 4/21/16 1,034,836
--------------
$ 7,676,968
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 49
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.2%
1,864,500 3.25 BBB/Baa3 Activision Blizzard, Inc., Term Loan,
7/26/20 $ 1,864,500
--------------
Total Software & Services $ 40,877,293
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 1.2%
Communications Equipment -- 0.4%
1,972,582 6.50 NR/B1 Avaya, Inc., Term Loan, 3/31/18 $ 1,968,061
694,746 2.73 BB+/Ba2 Commscope, Inc., Tranche 3 Term
Loan, 1/21/17 695,180
1,042,118 3.25 BB+/Ba2 Commscope, Inc., Tranche 4 Term
Loan, 1/14/18 1,044,498
--------------
$ 3,707,739
--------------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.2%
1,940,027 4.75 B-/B2 Sensus USA, Inc., Term Loan, 5/9/17 $ 1,940,836
--------------------------------------------------------------------------------------------------------
Electronic Components -- 0.5%
338,506 6.76 B+/B2 4L Holdings Corp., Term Loan, 5/7/18 $ 338,506
149,250 3.25 BB/Baa2 Belden Finance 2013 LP, Term Loan,
9/9/20 149,366
695,000 6.25 BB-/B1 FCI - Fidji Luxembourg Bc4 Sarl ,
Term Loan, 12/19/20 701,081
1,714,463 3.25 BB-/B1 Generac Power Systems, Inc., Term
Loan, 5/31/20 1,709,641
1,394,258 5.00 B/B2 Scitor Corp., Term Loan, 2/15/17 1,372,763
--------------
$ 4,271,357
--------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.1%
792,002 3.25 BB-/Ba3 CDW LLC, Term Loan, 4/25/20 $ 784,577
--------------
Total Technology Hardware
& Equipment $ 10,704,509
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 1.2%
Semiconductor Equipment -- 0.7%
2,413,117 4.50 NR/B1 Aeroflex, Inc., Term Loan, 11/9/19 $ 2,424,037
1,640,000 0.00 BB+/Ba3 Entegris, Inc., Term Loan B, 3/25/21 1,624,625
577,802 3.25 BBB/Baa2 Sensata Technologies BV, Term Loan,
5/12/18 579,504
1,547,000 0.00 B+/B1 VAT Holding AG, Term Loan, 1/28/21 1,549,421
--------------
$ 6,177,587
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Semiconductors -- 0.5%
4,000,000 0.00 BBB-/Ba1 Avago Technologies Ltd, Tranche B
Term Loan (First Lien), 4/16/21 $ 4,014,064
737,337 0.00 BB+/NR Microsemi Corp., Term Loan (First
Lien), 3/14/21 733,075
--------------
$ 4,747,139
--------------
Total Semiconductors &
Semiconductor Equipment $ 10,924,726
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 2.1%
Integrated Telecommunication
Services -- 1.2%
2,786,000 4.00 BB-/Ba3 Cincinnati Bell, Inc., Term Loan,
9/10/20 $ 2,778,456
495,000 5.25 B+/B2 Integra Telecom Holdings, Inc., Term
Loan, 2/22/19 497,846
1,021,122 4.75 B/B2 Securus Technologies Holdings, Inc.,
Term Loan, 4/30/20 1,017,931
1,865,900 2.66 BBB-/Baa3 tw telecom holdings, inc., Term Loan
B Loan, 4/17/20 1,867,454
1,862,295 3.25 BB/B1 West Corp., B-10 Term Loan (First
Lien), 6/30/18 1,841,780
1,113,519 2.75 NR/B1 West Corp., Tranche B-9 Term Loan
(First Lien), 7/15/16 1,113,380
995,193 3.50 BB+/Ba2 Windstream Corp., Term Loan, 8/8/19 992,077
791,489 3.50 BB+/Ba2 Windstream Corp., Tranche B-4 Term
Loan, 1/8/20 788,763
--------------
$ 10,897,687
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.9%
928,125 3.25 NR/NR Cellular South, Inc., Term Loan,
5/23/20 $ 925,225
1,687,250 4.00 B/B1 LTS Buyer LLC, Term Loan, 4/13/20 1,685,141
1,100,385 0.00 B+/Ba3 Numericable, Tranche B-1 Term Loan,
4/23/20 1,099,992
951,683 0.00 B+/Ba3 Numericable, Tranche B-2 Term Loan
(First Lien), 4/23/20 951,344
1,175,787 4.00 BB-/B1 Syniverse Holdings, Inc., Term Loan,
4/23/19 1,176,705
2,204,282 4.00 BB-/B1 Syniverse Holdings, Inc., Term Loan,
4/23/19 2,206,350
--------------
$ 8,044,757
--------------
Total Telecommunication Services $ 18,942,444
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 51
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
UTILITIES -- 2.6%
Electric Utilities -- 1.0%
2,000,000 0.00 B+/Ba3 Atlantic Power LP, Term Loan,
2/20/21 $ 2,017,500
2,630,125 3.00 BB/Ba3 Calpine Construction Finance Co.
LP, Term B-1 Loan, 5/3/20 2,570,127
2,483,143 5.25 BB-/B1 Raven Power Finance LLC, Term
Advance, 12/17/20 2,512,630
2,029,500 4.25 BB-/Ba3 Star West Generation LLC, Term
Loan, 3/13/20 2,037,111
--------------
$ 9,137,368
--------------------------------------------------------------------------------------------------------
Water Utilities -- 0.2%
1,745,625 4.75 B+/NR WTG Holdings III Corp., Term Loan
(First Lien), 12/12/20 $ 1,753,808
--------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 1.4%
1,916,922 3.75 BB+/Ba1 AES Corp. Virginia, Term Loan,
6/1/18 $ 1,921,266
1,406,500 4.00 BB-/B1 Calpine Corp., Term Loan, 4/1/18 1,410,016
542,429 4.00 BB-/B1 Calpine Corp., Term Loan, 9/27/19 543,827
1,221,538 4.00 BB-/B1 Dynegy, Inc., Term Loan, 4/23/20 1,221,097
2,069,756 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan, 7/1/18 2,050,093
3,515,959 3.75 BB+/Ba1 NSG Holdings LLC, Term Loan,
12/11/19 3,529,144
1,869,785 3.50 BB+/Ba2 Ruby Western Pipeline Holdings LLC,
Term Loan, 3/27/20 1,869,202
--------------
$ 12,544,645
--------------
Total Utilities $ 23,435,821
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $789,070,619) $ 788,003,406
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 97.2%
(Cost $865,341,279) (a) $ 866,040,069
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.8% $ 25,034,479
--------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 891,074,548
========================================================================================================
The accompanying notes are an integral part of these financial statements.
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
+ 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 April 30, 2014, the value of these securities
amounted to $33,764,824 or 3.8% of total net assets.
(a) At April 30, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $865,934,072 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 5,420,052
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (5,314,055)
--------------
Net unrealized appreciation $ 105,997
==============
(b) Debt obligation 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
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2014 aggregated $283,460,439 and $227,171,045,
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 or broker-dealers)
as Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 53
Schedule of Investments | 4/30/14 (unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2014, in valuing
the Fund's investments:
------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------
Preferred Stocks $3,795,667 $ -- $ -- $ 3,795,667
Convertible Preferred Stocks 129,960 -- -- 129,960
Common Stocks
Consumer Services 959,799 -- -- 959,799
Real Estate 482,832 482,832
Asset Backed Securities -- 4,362,793 -- 4,362,793
Collateralized Mortgage
Obligations -- 4,177,818 -- 4,177,818
Corporate Bonds -- 63,625,984 -- 63,625,984
Municipal Bonds -- 501,810 -- 501,810
Senior Floating Rate Loan
Interests -- 788,003,406 -- 788,003,406
------------------------------------------------------------------------------------
Total $4,885,426 $861,154,643 $ -- $866,040,069
====================================================================================
Other Financial Instruments
Forward Foreign Currency
Contracts $ -- $ (78) $ -- $ (78)
------------------------------------------------------------------------------------
Total $ -- $ (78) $ -- $ (78)
====================================================================================
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.
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Statement of Assets and Liabilities | 4/30/14 (unaudited)
ASSETS:
Investment in securities (cost $865,341,279) $866,040,069
Cash 53,680,678
Receivables --
Investment securities sold 5,776,944
Fund shares sold 3,611,909
Interest 3,924,303
Dividends 1,187
Due from Pioneer Investment Management, Inc. 136,227
Prepaid expenses 87,521
-------------------------------------------------------------------------------------------------------------
Total assets $933,258,838
-------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 35,278,291
Fund shares repurchased 6,343,435
Dividends 243,176
Unrealized depreciation on forward foreign currency contracts 78
Due to affiliates 168,034
Accrued expenses 151,276
-------------------------------------------------------------------------------------------------------------
Total liabilities $ 42,184,290
-------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $893,777,848
Distributions in excess of net investment income (443,053)
Accumulated net realized loss on investments, credit defaulted swaps and
foreign currency transactions (2,958,954)
Net unrealized appreciation on investments 698,790
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (83)
-------------------------------------------------------------------------------------------------------------
Total net assets $891,074,548
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $278,715,459/40,231,097 shares) $ 6.93
Class C (based on $130,900,243/18,871,703 shares) $ 6.94
Class K (based on $9,965/1,439 shares) $ 6.93
Class Y (based on $460,619,763/66,302,436 shares) $ 6.95
Class Z (based on $20,829,118/2,999,104 shares) $ 6.95
MAXIMUM OFFERING PRICE:
Class A ($6.93 (divided by) 95.5%) $ 10.08
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 55
Statement of Operations (unaudited)
For the Six Months Ended 4/30/14
INVESTMENT INCOME:
Interest $ 20,155,860
Dividends 133,474
-------------------------------------------------------------------------------------------------------------
Total investment income $ 20,289,334
-------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,512,650
Transfer agent fees
Class A 22,828
Class C 10,153
Class Y 2,890
Class Z 221
Distribution fees
Class A 347,132
Class C 654,403
Shareholder communications expense 430,750
Administrative reimbursement 151,434
Custodian fees 56,033
Registration fees 46,719
Professional fees 64,738
Printing expense 10,026
Fees and expenses of nonaffiliated Trustees 10,412
Miscellaneous 165,668
-------------------------------------------------------------------------------------------------------------
Total expenses $ 4,486,057
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (235,416)
-------------------------------------------------------------------------------------------------------------
Net expenses $ 4,250,641
-------------------------------------------------------------------------------------------------------------
Net investment income $ 16,038,693
-------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CREDIT DEFAULT SWAPS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (1,000,494)
Credit default swaps 268,568
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (8,310) $ (740,236)
-------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (1,792,067)
Credit default swaps (78,893)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 4,884 $ (1,866,076)
-------------------------------------------------------------------------------------------------------------
Net loss on investments, credit defaulted swaps and foreign
currency transactions $ (2,606,312)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 13,432,381
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/14 Year Ended
(unaudited) 10/31/13
-------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 16,038,693 $ 21,735,850
Net realized loss on investments, credit default swaps
and foreign currency transactions (740,236) (858,826)
Change in net unrealized appreciation (depreciation)
on investments, credit default swaps and foreign
currency transactions (1,866,076) 825,077
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 13,432,381 $ 21,702,101
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.13 and $0.29 per share, respectively) $ (5,054,458) $ (8,868,449)
Class C ($0.10 and $0.24 per share, respectively) (1,896,425) (3,057,407)
Class K ($0.12 and $0.00 per share, respectively) (167) --
Class Y ($0.14 and $0.32 per share, respectively) (8,642,532) (9,938,514)
Class Z ($0.13 and $0.31 per share, respectively) (386,850) (289,378)
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (15,980,432) $ (22,153,748)
-------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 245,072,712 $ 647,730,091
Reinvestment of distributions 15,893,827 17,595,479
Cost of shares repurchased (206,574,864) (185,904,999)
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 54,391,675 $ 479,420,571
-------------------------------------------------------------------------------------------------------------
Net increase in net assets $ 51,843,624 $ 478,968,924
NET ASSETS:
Beginning of year 839,230,924 360,262,000
-------------------------------------------------------------------------------------------------------------
End of year $ 891,074,548 $ 839,230,924
-------------------------------------------------------------------------------------------------------------
Undistributed of net investment income $ (443,053) $ (501,314)
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 57
Statements of Changes in Net Assets (continued)
-------------------------------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
-------------------------------------------------------------------------------------------------------------
Class A
Shares sold 9,895,494 $ 69,166,466 22,416,901 $ 155,887,253
Reinvestment of
distributions 787,113 5,054,458 1,096,053 7,623,480
Less shares repurchased (8,851,365) (61,526,530) (10,916,587) (75,929,216)
-------------------------------------------------------------------------------------------------------------
Net increase
(decrease) 1,831,242 $ 12,694,394 12,596,367 $ 87,581,517
=============================================================================================================
Class C
Shares sold 3,054,618 $ 21,292,622 11,576,471 $ 80,596,288
Reinvestment of
distributions 277,210 1,896,425 361,802 2,518,188
Less shares repurchased (3,018,025) (21,001,608) (3,542,342) (24,646,922)
-------------------------------------------------------------------------------------------------------------
Net increase 313,803 $ 2,187,439 8,395,931 $ 58,467,554
=============================================================================================================
Class K*
Shares sold 1,439 $ 10,000 -- $ --
Reinvestment of
distributions -- -- -- --
Less shares repurchased -- -- -- --
-------------------------------------------------------------------------------------------------------------
Net increase 1,439 $ 10,000 -- $ --
=============================================================================================================
Class Y
Shares sold 21,323,877 $148,612,650 56,197,619 $ 391,946,448
Reinvestment of
distributions 1,228,044 8,556,094 1,035,158 7,212,907
Less shares repurchased (17,294,207) (120,509,250) (11,813,583) (82,330,172)
-------------------------------------------------------------------------------------------------------------
Net increase 5,257,714 $ 36,659,494 45,419,194 $ 316,829,183
=============================================================================================================
Class Z
Shares sold 852,381 $ 5,990,974 2,767,176 $ 19,300,102
Reinvestment of
distributions 62,341 386,850 34,564 240,904
Less shares repurchased (507,527) (3,537,476) (430,461) (2,998,689)
-------------------------------------------------------------------------------------------------------------
Net increase
(decrease) 407,195 $ 2,840,348 2,371,279 $ 16,542,317
=============================================================================================================
* Class K shares were first publicly offered on December 11, 2013.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 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 $ 6.95 $ 6.77 $ 6.87 $ 6.58 $ 5.64
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.12 $ 0.28 $ 0.33 $ 0.31 $ 0.31 $ 0.32
Net realized and unrealized gain (loss) on investments (0.01) 0.01 0.16 (0.11) 0.30 0.95
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.11 $ 0.29 $ 0.49 $ 0.20 $ 0.61 $ 1.27
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.29) $ (0.31) $ (0.30) $ (0.32) $ (0.33)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.93 $ 6.95 $ 6.95 $ 6.77 $ 6.87 $ 6.58
==================================================================================================================================
Total return* 1.53% 4.24% 7.43% 2.98% 9.44% 23.50%
Ratio of net expenses to average net assets 1.05%** 1.06% 1.11% 1.10% 1.10% 1.10%
Ratio of net investment income to average net assets 3.63%** 3.88% 4.77% 4.47% 4.48% 5.26%
Portfolio turnover rate 54%** 40% 42% 57% 37% 23%
Net assets, end of period (in thousands) $278,715 $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 1.05%** 1.10% 1.11% 1.12% 1.29% 1.58%
Net investment income 3.63%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 59
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.96 $ 6.95 $ 6.78 $ 6.87 $ 6.58 $ 5.63
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations
Net investment income $ 0.10 $ 0.23 $ 0.27 $ 0.26 $ 0.25 $ 0.27
Net realized and unrealized gain (loss) on investments (0.02) 0.02 0.16 (0.10) 0.30 0.96
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.08 $ 0.25 $ 0.43 $ 0.16 $ 0.55 $ 1.23
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.10) $ (0.24) $ (0.26) $ (0.25) $ (0.26) $ (0.28)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.94 $ 6.96 $ 6.95 $ 6.78 $ 6.87 $ 6.58
==================================================================================================================================
Total return* 1.15% 3.61% 6.46% 2.33% 8.47% 22.63%
Ratio of net expenses to average net assets 1.78%** 1.80% 1.86% 1.89% 2.00% 2.00%
Ratio of net investment income to average net assets 2.90%** 3.13% 4.02% 3.68% 3.59% 4.60%
Portfolio turnover rate 54%** 40% 42% 57% 37% 23%
Net assets, end of period (in thousands) $130,900 $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 1.78%** 1.83% 1.86% 1.89% 2.04% 2.29%
Net investment income 2.90%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------------------------------------
12/11/13 to
4/30/14 (a)
(unaudited)
----------------------------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 6.95
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.11
Net realized and unrealized gain (loss) on investments (0.01)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.10
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.12)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.93
==================================================================================================================================
Total return* 1.39%(b)
Ratio of net expenses to average net assets 0.69%**
Ratio of net investment income to average net assets 4.01%**
Portfolio turnover rate 54%**
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 0.69%**
Net investment income 4.01%**
==================================================================================================================================
(a) Class K shares were first publicly offered on December 11, 2013.
(b) Not annualized.
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 61
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/14 Ended Ended Ended Ended Ended
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.97 $ 6.96 $ 6.78 $ 6.89 $ 6.59 $ 5.64
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.31 $ 0.35 $ 0.33 $ 0.32 $ 0.32
Net realized and unrealized gain (loss) on investments (0.02) 0.02 0.16 (0.12) 0.31 0.96
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.12 $ 0.33 $ 0.51 $ 0.21 $ 0.63 $ 1.28
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.32) $ (0.33) $ (0.32) $ (0.33) $ (0.33)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.95 $ 6.97 $ 6.96 $ 6.78 $ 6.89 $ 6.59
==================================================================================================================================
Total return* 1.68% 4.77% 7.78% 3.11% 9.71% 23.70%
Ratio of net expenses to average net assets 0.70%** 0.70% 0.70% 0.88% 0.92% 1.09%
Ratio of net investment income to average net assets 3.96%** 4.16% 5.17% 4.70% 4.67% 5.58%
Portfolio turnover rate 54%** 40% 42% 57% 37% 23%
Net assets, end of period (in thousands) $460,620 $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 0.80%** 0.83% 0.85% 0.88% 0.95% 1.24%
Net investment income 3.86%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year 8/8/11(a)
4/30/14 Ended Ended to
(unaudited) 10/31/13 10/31/12 10/31/11
----------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 6.97 $ 6.97 $ 6.80 $ 6.81
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.30 $ 0.30 $ 0.07
Net realized and unrealized gain (loss) on investments (0.02) 0.01 0.20 (0.03)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.11 $ 0.31 $ 0.50 $ 0.04
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.31) $ (0.33) $ (0.05)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.95 $ 6.97 $ 6.97 $ 6.80
==================================================================================================================================
Total return* 1.64% 4.49% 7.52% 0.65%(b)
Ratio of net expenses to average net assets 0.90%** 0.90% 0.83% 0.90%**
Ratio of net investment income to average net assets 3.77%** 3.89% 5.03% 4.86%**
Portfolio turnover rate 54%** 40% 42% 57%**
Net assets, end of period (in thousands) $20,829 $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 0.95%** 0.98% 0.83% 1.22%**
Net investment income 3.72%** 3.81% 5.03% 4.54%**
==================================================================================================================================
(a) Class Z shares were first publicly offered on August 8, 2011.
(b) Not annualized.
* 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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 63
Notes to Financial Statements | 4/30/14 (unaudited)
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 K,
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. Class K shares were first publicly offered on
December 11, 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 K, 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 | Semiannual Report | 4/30/14
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. 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 senior loans 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
a fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIMs fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 65
exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At April 30, 2014 there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services or broker-dealers).
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
April 30, 2014, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by federal and
state tax authorities.
66 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2013 was as follows:
-----------------------------------------------------------------------------
2013
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $22,153,748
-----------------------------------------------------------------------------
Total $22,153,748
=============================================================================
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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 67
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 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 $15,044 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2014.
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 K, 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 K, Class Y and Class
Z shares can reflect different transfer agent and distribution expense
rates.
68 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
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 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.
A credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. As a seller of protection, the Fund
would be required to pay the notional (or other agreed-upon) value of the
referenced debt obligation to the counterparty in the event of a default by
a U.S. or foreign corporate issuer of a debt obligation, which would likely
result in a loss to the Fund. In return, the Fund would receive from the
counterparty a periodic stream of payments during the term of the contract
provided that no event of default occurred. The maximum exposure of loss to
the seller would be the notional value of the credit default swaps
outstanding. If no default occurs,
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 69
the Fund would keep the stream of payments and would have no payment
obligation. The Fund may also buy credit default swap contracts in order to
hedge against the risk of default of debt securities, in which case the
Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses in
the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
There are no open credit default swap contracts at April 30, 2014. The
average value of swap contracts open during the six months ended April 30,
2014 was $1,278,041.
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 six months ended April 30, 2014, the annualized management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.58% 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 six months ended April 30, 2014, are
reflected on the Statement of Operations. These expense limitations
70 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
are in effect through March 1, 2015. 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
$35,714 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2014.
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 six months ended April 30, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $122,915
Class C 42,531
Class Y 240,317
Class Z 24,987
--------------------------------------------------------------------------------
Total $430,750
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $10,992 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2014.
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 $121,328 in distribution fees payable to
PFD at April 30, 2014.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 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 original purchase of those shares. There
is no CDSC for Class Y or Z shares. Proceeds from the CDSCs are paid to PFD. For
the six months ended April 30, 2014, CDSCs in the amount of $44,875 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 six months ended April 30, 2014, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2014 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 six months ended April 30, 2014 was $198,093.
As of April 30, 2014, 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) (121,746) $168,791 6/11/14 $(168,869) $(78)
--------------------------------------------------------------------------------
Total $(78)
================================================================================
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 in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 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% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is
the greater
72 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
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 six months ended April 30, 2014, the Fund
had no borrowings under the credit facility.
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of April 30, 2014 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
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 $ 78
--------------------------------------------------------------------------------------------
Total $ -- $ 78
--------------------------------------------------------------------------------------------
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2014 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 $ (8,310)
Currency Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies
Forward Foreign Change in unrealized appreciation on $ 4,884
Currency Contracts forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Credit Default Swaps Net realized gain on credit $ 268,568
default swaps
Credit Default Swaps Change in unrealized appreciation
on credit default swaps $ (78,893)
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 73
9. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of April 30, 2014.
-----------------------------------------------------------------------------------------
Assets:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
-----------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ -- $ -- $ -- $ -- $ -- $ --
-----------------------------------------------------------------------------------------
$ -- $ -- $ -- $ -- $ -- $ --
=========================================================================================
-----------------------------------------------------------------------------------------
Liabilities:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Pledged Amount
-----------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 78 $ -- $ 78 $ -- $ -- $ 78
-----------------------------------------------------------------------------------------
$ 78 $ -- $ 78 $ -- $ -- $ 78
=========================================================================================
74 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
10. Subsequent Events
Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending October
31, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended October 31, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
year, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of Ernst & Young LLP would have
caused Ernst & Young LLP to make reference to the subject matter of the
disagreement in connection with its report on the financial statements. In
addition, there have been no reportable events to the kind described in Item
304(a)(i)(v)of Regulation S-K under the Securities and Exchange Act of 1934.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 75
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Floating Rate Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
manager of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in
76 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
PIM's services to the Fund, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one and three year periods ended June 30, 2013 and in the
second quintile of its Morningstar category for the five year period ended June
30, 2013. The Trustees also considered that the Fund's yield (for the twelve
months ended June 30, 2013) lagged the yield of the Credit Suisse Leveraged Loan
Index for the same period. The Trustees noted the discussions held throughout
the year regarding the Fund's performance and confirmed that those discussions
were factored into the Trustees' deliberations concerning the renewal of the
advisory agreement. They indicated that they were satisfied with the discussions
with PIM with respect to the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 77
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the fourth quintile relative to
both its Morningstar peer group and its Strategic Insight peer group, in each
case for the comparable period. They also considered that the expense ratio of
the Fund's Class Y shares for the twelve months ended June 30, 2013 was in the
first quintile relative to both its Morningstar peer group and its Strategic
Insight peer group, in each case for the comparable period. The Trustees noted
that the expense ratio of the Fund's Class A shares was approximately four basis
points higher than the median expense ratio of its Morningstar peer group and
approximately one basis point higher than the median expense ratio of its
Strategic Insight peer group. They also noted that the expense ratio of the
Fund's Class Y shares was approximately eight basis points lower than each of
the median expense ratios of its Morningstar peer group and its Strategic
Insight peer group. The Trustees noted that PIM was waiving fees and/or
reimbursing expenses in order to limit the ordinary operating expenses of the
Fund. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund,
and noted the impact of expenses relating to small accounts and omnibus accounts
on transfer and sub-transfer agency expenses generally. The Trustees noted that
they separately review the Fund's transfer agency, sub-transfer agency and
intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other
78 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client
accounts. The Trustees concluded that the management fee payable by the
Fund to PIM was reasonable in relation to the nature and quality of the services
provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a fund-by-fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Fund. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 79
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
80 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 81
This page for your notes.
82 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
This page for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/14 83
This page for your notes.
84 Pioneer Floating Rate Fund | Semiannual Report | 4/30/14
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) 2014 Pioneer Investments 20856-07-0614
Pioneer Multi-Asset
Real Return Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class R MUARX
Class Y PMYRX
Class Z PMZYX
[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
Schedule of Investments 19
Consolidated Financial Statements 41
Consolidated Notes to Financial Statements 50
Approval of Investment Advisory Agreement 67
Trustees, Officers and Service Providers 72
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 1
President's Letter
Dear Shareowner,
A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.
There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.
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.
* Dividends are not guaranteed.
2 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards 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 | Semiannual Report | 4/30/14 3
Portfolio Management Discussion | 4/30/14
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 six-month period ended April 30, 2014. 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 six-month period ended April 30, 2014?
A Pioneer Multi-Asset Real Return Fund's Class A shares returned 0.82% at net
asset value during the six-month period ended April 30, 2014, while the
Fund's benchmark, the Barclays U.S. Treasury TIPS 1-10 Year Index (the
Barclays Index), returned 0.22%. During the same period, the average return
of the 496 mutual funds in Lipper's Global Flexible Portfolio Funds category
was 3.44%, and the average return of the 251 mutual funds in Morningstar's
Tactical Allocation Funds category was 3.50%.
Q The Fund slightly outperformed its benchmark, the Barclays Index, but lagged
its industry peers by a wide margin during the six-month period ended April
30, 2014? Could you discuss some of the investment decisions that factored
into the Fund's modest showing during the period?
A For the Fund's fiscal year ended October 31, 2013, the Fund's Class A shares
at net asset value delivered a strong total return of 14.72% and
outperformed the Barclays Index by a wide margin. The past six months have
been a bit weaker, however, and so far in 2014 the Fund has given back some
ground. The weaker performance affected the Fund's relative results during
the full semiannual reporting period ended April 30, 2014. Two key factors
stand out as being the cause of the Fund's short-term weakness.
First, the Fund's allocation to Japanese equities, which represented roughly
8% of the total investment portfolio at the close of the six-month period,
has performed poorly following the strong showing of the asset class in
2013. Investors are beginning to question whether the stimulative policies
of Prime Minister Shinzo Abe are indeed going to lead to sustainable growth
in that country, and the somewhat disappointing results of those policies
has caused the Japanese equity market to underperform. However, we also feel
that much of this investor behavior can be explained by the unwinding of
foreign-held positions due to profit taking following a very strong 2013. In
the end, however, we remain constructive on Japan as Mr. Abe's policies have
begun showing signs of success by reigniting an inflationary environment.
4 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Second, the Fund's allocation to China-related stocks has been a headwind to
performance. As with the Fund's holdings in Japan, those particular Chinese
investments added substantial value to the Fund's performance in 2013, but
have detracted from performance so far in 2014. During the six-month period,
we hedged the portfolio's Chinese positions to a certain extent, but not
enough to offset the underperformance of those allocations. The Fund's
investments in China (and emerging Asia in general) are primarily
concentrated within three areas: gaming and leisure; internet and
e-commerce; and clean energy and renewables. These market segments provided
phenomenal returns in 2013 (as well as in 2012 and 2011); however, the
current environment is one dominated by concerns about slowing nominal gross
domestic product (GDP) in China. So far in 2014, market participants have
been less willing to pay for growth, which has in turn resulted in valuation
contraction. Myopic focus on top-line results fails, in our opinion, to
consider the fact that over the past two years inflation (as measured by
core price inflation, or CPI) has compressed from more than 8% to its
current run-rate of 2%; this means that while nominal values have
compressed, real levels of economic expansion have actually remained
relatively intact. As noted previously, our efforts to hedge the portfolio's
Chinese exposures proved largely ineffective due to their low correlations
and elevated volatility with respect to broader Chinese indices.
Consequently, we opted to reduce the Fund's overall weight in China to
slightly less than 10% as of period end.
During the period, we trimmed the portfolio's exposure to underperforming
stocks where appropriate, while maintaining long-term positions in our
highest-conviction positions. Overall, we look at the Fund's recent soft
performance as a short-term development within the context of the stronger
long-term results. Since the Fund's inception on May 3, 2010, Class A shares
at net asset value through April 30, 2014, have returned 9.10%, while the
Barclays Index has returned 3.06%. We believe the Fund's long-term
outperformance illustrates the potential effectiveness of our multi-faceted,
"go anywhere" investment approach.
Q How would you characterize the Fund's overall positioning as of April 30,
2014?
A We continue to overweight the portfolio to global equities over other asset
classes. As of period end, roughly 60% of the Fund's total investment
portfolio was invested in equities, while about one quarter of the total
investment portfolio was in fixed-income investments, and another 6% was
held in instruments that gave the Fund exposure to hard assets (mainly
commodities).
The Fund's current positioning reflects our view that equities are the least
expensive asset class in the global financial markets, even after their
strong performance of recent years. While stocks were shaky in the second
half of the six-month period, mainly due to concerns about the future
monetary policies
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 5
of the U.S. Federal Reserve as well as the direction of U.S. economic
growth, we believe those factors are largely just "noise" that is obscuring
stocks' continued attractiveness relative to bonds. The free-cash-flow yield
on stocks in the Standard & Poor's 500 was higher than the yield on
corporate bonds at the close of the period, despite the fact that stocks
offer investors the ability to participate in the growth of the underlying
companies. In our view, this indicates a stronger trade-off of risk and
return potential for stocks, which should support continued outperformance
for the asset class relative to fixed income.
Q How is the Fund positioned within the various asset classes as of April 30,
2014?
A As noted previously, roughly 60% of the Fund's total investment portfolio
was held in equities as of period end, with the bulk of those investments
allocated to U.S. and other developed market stocks, and the rest allocated
to emerging markets equities. Our commitment to the emerging markets remains
quite strong despite their recent underperformance, and we have worked to
improve diversification* within that portion of the portfolio during the
past six months.
While high-quality, dividend-paying** stocks make up the core of the equity
portfolio, the Fund's equity holdings also reflect our belief in
longer-term, top-down themes such as clean energy in China, the Asian
gaming/hotel/leisure industry, and internet/e-commerce, among others. The
Fund's largest individual equity position continues to be the PowerShares
Buyback Achievers ETF (exchange-traded fund), which invests in U.S.-listed
stocks that have repurchased at least 5% or more of their shares outstanding
in the trailing 12-month period. We believe the capital discipline imposed
by share buybacks forces company management teams to pursue activities with
the highest probability of generating positive returns on investment. The
ETF position performed well during the six-month period and made a positive
contribution to the Fund's performance.
The Fund's bond portfolio is underweight in segments where we believe
valuations are unattractive, a group encompassing both U.S. government and
corporate debt. Instead, we favor specific opportunities that offer a
positive trade-off of risk and return potential. Those areas include an
allocation to select U.S. investment-grade corporate issues as well as a
meaningful portfolio position in corporate bonds issued by non-U.S.
companies. In many cases, those bonds offer stronger balance sheets, higher
yields and more compelling valuations than similarly-rated U.S. corporate
bonds. The Fund's investments in sovereign (government) debt, which are
* Diversification does not assure a profit nor protect against loss in a
declining market.
** Dividends are not guaranteed.
6 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
entirely non-U.S. positions, represent countries that we believe offer a
favorable risk-return profile, including Greece, Ireland, Australia, New
Zealand, and Indonesia.
With respect to commodity-linked investments, we continued to seek
opportunities to gain exposure to individual commodities rather than taking
a broad-based approach. For instance, the portfolio held positions in
futures linked to palm oil, lean hogs, and soybeans during the six-month
period. Together, those allocations were a positive for Fund performance
during the period. We believe that drilling down to individual commodities
is the most effective way to generate performance in that asset class.
Q The Fund holds a portion of its assets in derivative investments (options
and futures). Why is the Fund invested in these instruments?
A Our goal in using derivatives (outside of commodity-linked instruments)
isn't to add to the Fund's total return. In other words, the positions do
not represent high-risk investments in certain market segments. Instead, we
use derivatives to maintain balance in the portfolio and as an attempt to
"hedge" (or mitigate) the risks of certain Fund 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 Despite strong equity market performance over the last four years (and the
establishment of several new all-time highs across many stock market
indices), we believe the case for investing in equities remains strong;
therefore, we have retained the portfolio's bias towards this asset class.
There are several reasons for this approach. First, global rates of
inflation remain extraordinarily compressed. In the U.S. manufacturing
sector, wage growth remains in close proximity to a 60-year low. Economic
activity, both in the U.S. and globally, is showing signs of acceleration
and corporate profits continue to improve.
We also see positive signs from a valuation standpoint. We have often
referenced the severity of the earnings yield gap as an indicator that
stocks are inappropriately priced. It appears we are not alone in this
observation, as bond issuance has become a very inexpensive form of
corporate financing, and while debt issues skyrocket, equity is quietly
being withdrawn.
Our expectation is for bonds to deliver negative or minimal returns over the
short, intermediate, and long-term horizons, for three primary reasons.
First, nominal yields are extremely compressed. Second, as we have mentioned
before, we believe the concept of "risk-free" investments has lost its
meaning. Finally, investors are overexposed to fixed income as an asset
class.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 7
We believe the Fund's flexible, go-anywhere investment strategy gives us the
ability to target the areas of the financial markets that we feel offer the
most attractive long-term opportunities. In our view, this approach can help
us to achieve the Fund's main goal of helping investors to maintain the
long-term purchasing power of their savings.
Please refer to the Schedule of Investments on pages 19-40 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
Pioneer Multi-Asset Real Return 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.
8 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in commodity-linked derivatives. The value of
commodity-linked derivatives may be affected by changes in overall market
movements, commodity index volatility, changes in interest rates, factors
affecting a particular industry or commodity, international economic, political
and regulatory developments, supply and demand, and governmental regulatory
policies.
Investments in equity securities are subject to price fluctuation.
Small-and mid-cap stocks involve greater risks and volatility than large-cap
stocks.
International investments are subject to special risks, including currency
fluctuations, and social, economic and political uncertainties, which could
increase volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities 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 | Semiannual Report | 4/30/14 9
Portfolio Summary | 4/30/14
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 27.5%
Consumer Discretionary 14.2%
Industrials 13.1%
Exchange Traded Funds 12.0%
Government 10.1%
Materials 6.1%
Health Care 4.9%
Information Technology 4.7%
Energy 2.8%
Utilities 2.3%
Consumer Staples 1.4%
Telecommunication Services 0.9%
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 38.8%
U.S. Common Stocks 20.5%
Exchange Traded Funds 12.0%
Foreign Government Bonds 11.2%
International Corporate Bonds 4.7%
U.S. Corporate Bonds 3.2%
Exchange Traded Fund 3.1%
U.S. Government Securities 2.1%
Depository Receipts for International Stocks 1.9%
Mutual Fund Closed 1.1%
U.S. Preferred Stocks 0.7%
Collateralized Mortgage Obligations 0.6%
Convertible Corporate Bonds 0.1%
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 2.46%
--------------------------------------------------------------------------------
2. Australia Government Bond, 2.75%, 4/21/24 2.46
--------------------------------------------------------------------------------
3. U.S. Treasury Inflation Indexed Bonds, 0.625%, 2/15/43 2.25
--------------------------------------------------------------------------------
4. Hellenic Republic Government Bond, 2.0%, 2/24/23 (Step) 2.20
--------------------------------------------------------------------------------
5. Mexican Bonos, 8.0%, 6/11/20 2.10
--------------------------------------------------------------------------------
6. New Zealand Government Bond, 3.0%, 4/15/20 2.04
--------------------------------------------------------------------------------
7. Portugal Obrigacoes do Tesouro OT, 3.85%, 4/15/21 1.52
--------------------------------------------------------------------------------
8. Johnson & Johnson, Inc. 1.07
--------------------------------------------------------------------------------
9. Aberdeen Asia-Pacific Income Fund, Inc. 1.06
--------------------------------------------------------------------------------
10. Blackstone Group LP 1.01
--------------------------------------------------------------------------------
** 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 | Semiannual Report | 4/30/14
Prices and Distributions | 4/30/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/14 10/31/13
--------------------------------------------------------------------------------
A $12.91 $13.33
--------------------------------------------------------------------------------
C $12.77 $13.21
--------------------------------------------------------------------------------
R $12.90 $13.32
--------------------------------------------------------------------------------
Y $12.96 $13.37
--------------------------------------------------------------------------------
Z $12.89 $13.33
--------------------------------------------------------------------------------
Distributions per Share: 11/1/13 - 4/30/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0763 $ -- $0.4525
--------------------------------------------------------------------------------
C $0.0499 $ -- $0.4525
--------------------------------------------------------------------------------
R $0.0669 $ -- $0.4525
--------------------------------------------------------------------------------
Y $0.0931 $ -- $0.4525
--------------------------------------------------------------------------------
Z $0.0870 $ -- $0.4525
--------------------------------------------------------------------------------
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.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 11
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
U.S.
Net Public Treasury
Asset Offering TIPS
Value Price 1-10 Year
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.10% 7.85% 3.24%
1 Year 1.24 -3.31 -4.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.25% 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
4/30/2011 $ 11,112 $ 10,789
4/30/2012 $ 11,667 $ 11,546
4/30/2013 $ 13,615 $ 11,853
4/30/2014 $ 13,785 $ 11,376
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 | Semiannual Report | 4/30/14
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
U.S.
Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 8.29% 8.29% 3.24%
1 Year 0.51 0.51 -4.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.00%
--------------------------------------------------------------------------------
[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
4/30/2011 $ 11,554 $ 10,789
4/30/2012 $ 12,039 $ 11,546
4/30/2013 $ 13,953 $ 11,853
4/30/2014 $ 14,024 $ 11,376
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 | Semiannual Report | 4/30/14 13
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
U.S.
Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.07% 9.07% 3.24%
1 Year 1.14 1.14 -4.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.50%
--------------------------------------------------------------------------------
[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
4/30/2011 $ 11,633 $ 10,789
4/30/2012 $ 12,214 $ 11,546
4/30/2013 $ 14,254 $ 11,853
4/30/2014 $ 14,417 $ 11,376
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 | Semiannual Report | 4/30/14
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
U.S.
Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.44% 9.44% 3.24%
1 Year 1.53 1.53 -4.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
<s>
1.00% 0.92%
--------------------------------------------------------------------------------
[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 $ 5,000,000 $ 5,000,000
4/30/2011 $ 5,832,730 $ 5,394,260
4/30/2012 $ 6,143,064 $ 5,773,026
4/30/2013 $ 7,196,009 $ 5,926,297
4/30/2014 $ 7,306,215 $ 5,688,168
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 | Semiannual Report | 4/30/14 15
Performance Update | 4/30/14 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 April 30, 2014)
--------------------------------------------------------------------------------
Barclays
U.S.
Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life-of-Class
(5/3/10) 9.12% 9.12% 3.24%
1 Year 1.26 1.26 -4.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus March 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.07%
--------------------------------------------------------------------------------
[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
4/30/2011 $ 11,633 $ 10,789
4/30/2012 $ 12,214 $ 11,546
4/30/2013 $ 14,264 $ 11,853
4/30/2014 $ 14,445 $ 11,376
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 | Semiannual Report | 4/30/14
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 November 1, 2013, through April 30, 2014.
--------------------------------------------------------------------------------
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 11/1/13
--------------------------------------------------------------------------------
Ending Account $1,008.20 $1,004.70 $1,007.50 $1,010.30 $1,007.50
Value (after expenses)
on 4/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.07 $ 9.69 $ 6.57 $ 4.59 $ 8.51
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratio of the underlying funds. These combined totals were of 1.22%,
1.95%, 1.32%, 0.92%, and 1.71% 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 181/365 (to
reflect the partial year period).
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 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 November 1, 2013, through April 30, 2014.
--------------------------------------------------------------------------------
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 11/1/13
--------------------------------------------------------------------------------
Ending Account $1,018.74 $1,015.12 $1,018.25 $1,020.23 $1,016.31
Value (after expenses)
on 4/30/14
--------------------------------------------------------------------------------
Expenses Paid $ 6.11 $ 9.74 $ 6.61 $ 4.61 $ 8.55
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratio of the underlying funds. These combined totals were of 1.22%,
1.95%, 1.32%, 0.92%, and 1.71% 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 181/365 (to
reflect the partial year period).
18 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Schedule of Investments | 4/30/14 (unaudited)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.5%
MATERIALS -- 0.1%
Precious Metals & Minerals -- 0.1%
400,000 NR/NR Aquarius Platinum, Ltd., 4.0%,
12/18/15 $ 363,800
1,400,000 NR/NR Aquarius Platinum, Ltd., 4.0%,
12/18/15 1,273,300
-----------------
$ 1,637,100
-----------------
Total Materials $ 1,637,100
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Asset Management & Custody
Banks -- 0.4%
1,300,000 BBB/NR Prospect Capital Corp., 5.5%,
8/15/16 $ 1,373,125
1,850,000 BBB/NR Prospect Capital Corp., 5.5%,
8/15/16 1,954,062
950,000 BBB/NR Prospect Capital Corp., 5.75%,
3/15/18 1,008,188
-----------------
$ 4,335,375
-----------------
Total Diversified Financials $ 4,335,375
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $5,783,454) $ 5,972,475
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.9%
REAL ESTATE -- 0.9%
Diversified REIT -- 0.2%
95,999 NR/NR First Potomac Realty Trust, 7.75%
(Perpetual) $ 2,453,734
----------------------------------------------------------------------------------------------------
Office REIT -- 0.2%
94,999 NR/NR CoreSite Realty Corp., 7.25%
(Perpetual) $ 2,409,175
----------------------------------------------------------------------------------------------------
Retail REIT -- 0.0%+
204 NR/NR Wheeler Real Estate Investment
Trust, Inc., 9.0% $ 199,920
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.5%
91,866 NR/NR LaSalle Hotel Properties, 7.5%
(Perpetual) $ 2,388,516
100,000 NR/NR Pebblebrook Hotel Trust, 6.5%,
(Perpetual) 2,415,000
-----------------
$ 4,803,516
-----------------
Total Real Estate $ 9,866,345
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 19
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $10,064,201) $ 9,866,345
----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 60.9%
ENERGY -- 2.1%
Oil & Gas Equipment &
Services -- 1.3%
3,506,000 Anton Oilfield Services Group/
Hong Kong* $ 2,330,661
1,628,675 Ezion Holdings, Ltd. 2,956,479
99,044 Halliburton Co. 6,246,705
2,013,400 Sapurakencana Petroleum Bhd* 2,663,096
-----------------
$ 14,196,941
----------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
11,658 Occidental Petroleum Corp. $ 1,116,254
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.4%
92,981 Southwestern Energy Co.* $ 4,451,930
----------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.3%
5,918,244 Newocean Energy Holdings, Ltd. $ 3,901,626
-----------------
Total Energy $ 23,666,751
----------------------------------------------------------------------------------------------------
MATERIALS -- 3.7%
Diversified Chemicals -- 0.7%
33,252 PPG Industries, Inc. $ 6,438,252
34,883 The Dow Chemical Co. 1,740,662
-----------------
$ 8,178,914
----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.9%
173,474 Clariant AG $ 3,426,712
46,898 Ecolab, Inc. 4,907,407
288 Sika AG 1,167,589
-----------------
$ 9,501,708
----------------------------------------------------------------------------------------------------
Construction Materials -- 1.3%
1,608,500 Anhui Conch Cement Co., Ltd. $ 5,976,341
1,422,500 Indocement Tunggal Prakarsa Tbk PT 2,733,641
1,074,000 Taiheiyo Cement Corp. 3,764,803
1,345,000 Taiwan Cement Corp. 2,140,322
-----------------
$ 14,615,107
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
20,433 Eramet $ 2,667,620
----------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.6%
48,245 Anglo American Platinum, Ltd. $ 2,309,174
6,907,376 Aquarius Platinum, Ltd. 2,512,239
The accompanying notes are an integral part of these financial statements.
20 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
Precious Metals &
Minerals -- (continued)
13,814,752 Aquarius Platinum, Ltd. $ 1,726,344
-----------------
$ 6,547,757
-----------------
Total Materials $ 41,511,106
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.7%
Aerospace & Defense -- 3.5%
93,868 Airbus Group NV $ 6,462,648
24,283 Honeywell International, Inc. 2,255,891
44,615 Huntington Ingalls Industries, Inc. 4,595,345
48,391 Northrop Grumman Corp. 5,879,990
8,771 Precision Castparts Corp. 2,219,852
22,442 Raytheon Co. 2,142,762
62,958 The Boeing Co. 8,122,841
19,095 United Technologies Corp. 2,259,511
170,315 Zodiac Aerospace, Inc. 5,669,853
-----------------
$ 39,608,693
----------------------------------------------------------------------------------------------------
Building Products -- 0.2%
6,974 Geberit AG $ 2,329,230
----------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.6%
2,487,703 China Singyes Solar Technologies
Holdings, Ltd. $ 3,657,591
2,668,770 China State Construction, Ltd.
International Holdings, Ltd. 4,455,312
2,101,000 EEI Corp. 561,005
18,194,000 Wijaya Karya Persero Tbk PT 3,566,782
642,468 Yumeshin Holdings Co., Ltd. 5,472,204
-----------------
$ 17,712,894
----------------------------------------------------------------------------------------------------
Electrical Components &
Equipment -- 1.0%
3,280,000 Boer Power Holdings, Ltd. $ 4,314,696
905,000 Hitachi, Ltd. 6,441,391
-----------------
$ 10,756,087
----------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.4%
415,000 Mitsubishi Electric Corp. $ 4,725,781
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
38,424 Danaher Corp. $ 2,819,553
----------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.7%
60,309 PACCAR, Inc. $ 3,858,570
283,800 Volvo AB 4,488,964
-----------------
$ 8,347,534
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 21
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.7%
12,600 FANUC Corp. $ 2,269,828
4,069 Georg Fischer AG 3,231,019
26,462 Illinois Tool Works, Inc. 2,255,356
19,105 Ingersoll-Rand Plc 1,142,479
459,000 Minebea Co., Ltd. 3,716,231
26,152 Stanley Black & Decker, Inc. 2,246,195
197,500 THK Co., Ltd. 4,182,851
-----------------
$ 19,043,959
----------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.4%
315,000 Mitsui & Co., Ltd. $ 4,468,978
-----------------
Total Capital Goods $ 109,812,709
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 1.5%
Environmental & Facilities
Services -- 0.7%
10,075,311 Beijing Enterprises Water Group, Ltd. $ 6,395,680
1,594,000 China Everbright International, Ltd. 1,999,122
-----------------
$ 8,394,802
----------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.1%
1,805,567 Blue Label Telecoms, Ltd. $ 1,567,603
----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
49,892 Secom Co., Ltd. $ 2,873,782
----------------------------------------------------------------------------------------------------
Human Resource & Employment
Services -- 0.4%
46,956 Adecco SA $ 3,933,128
-----------------
Total Commercial Services
& Supplies $ 16,769,315
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.4%
Air Freight & Logistics -- 0.3%
5,737 Bollore SA $ 3,656,849
----------------------------------------------------------------------------------------------------
Railroads -- 0.9%
42,256 Canadian National Railway Co. $ 2,474,934
23,399 Canadian Pacific Railway, Ltd. 3,649,542
80,450 CSX Corp. 2,270,299
8,911 Union Pacific Corp. 1,696,922
-----------------
$ 10,091,697
----------------------------------------------------------------------------------------------------
Trucking -- 0.2%
220,904 Aramex PJSC $ 188,845
The accompanying notes are an integral part of these financial statements.
22 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
Trucking -- (continued)
71,479 Gategroup Holding AG $ 2,229,368
-----------------
$ 2,418,213
-----------------
Total Transportation $ 16,166,759
----------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 4.4%
Auto Parts & Equipment -- 2.2%
22,131 Autoliv, Inc. $ 2,256,919
125,671 Brembo S.p.A. 4,670,377
44,205 Montupet SA 3,662,939
219,000 NGK Spark Plug Co., Ltd. 5,019,505
104,800 Stanley Electric Co., Ltd. 2,319,097
8,450,975 Xinyi Glass Holdings, Ltd. 6,674,807
-----------------
$ 24,603,644
----------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
27,010 Cie Generale des Etablissements
Michelin SA $ 3,301,564
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.9%
1,728,000 Brilliance China Automotive
Holdings, Ltd. $ 2,664,772
43,227 Daimler AG 4,004,000
41,700 Fuji Heavy Industries, Ltd. 1,096,172
1,226,197 Mazda Motor Corp. 5,486,115
427,700 Mitsubishi Motors Corp.* 4,631,401
90,623 Tata Motors, Ltd. (A.D.R.) 3,391,113
-----------------
$ 21,273,573
-----------------
Total Automobiles & Components $ 49,178,781
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 1.2%
Consumer Electronics -- 0.3%
257,200 Alpine Electronics, Inc. $ 3,074,670
----------------------------------------------------------------------------------------------------
Home Furnishings -- 0.3%
2,192,497 Man Wah Holdings, Ltd. $ 3,600,932
----------------------------------------------------------------------------------------------------
Household Appliances -- 0.2%
126,998 De' Longhi S.p.A. $ 2,764,549
----------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.2%
19,679 Tupperware Brands Corp. $ 1,670,944
----------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury
Goods -- 0.2%
424,000 Makalot Industrial Co., Ltd. $ 2,235,231
-----------------
Total Consumer Durables & Apparel $ 13,346,326
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 23
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 4.0%
Casinos & Gaming -- 2.0%
362,000 Galaxy Entertainment Group, Ltd.* $ 2,860,089
66,790 Grand Korea Leisure Co., Ltd. 2,791,550
11,573,000 Leisure & Resorts World Corp. 2,042,044
11,396,869 Melco Crown Philippines
Resorts Corp.* 3,488,096
66,249 MGM Resorts International, Inc.* 1,671,462
37,329 OPAP SA 596,510
6,544,000 Paradise Entertainment, Ltd.* 4,880,987
587,600 Sands China, Ltd. 4,322,707
-----------------
$ 22,653,445
----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise
Lines -- 1.7%
141,699 Aitken Spence Hotel Holdings Plc $ 81,155
266,092 China Lodging Group, Ltd. (A.D.R.)* 5,904,581
3,727 Kuoni Reisen Holding AG 1,650,172
147,160 Marriott International, Inc. 8,524,979
42,674 Starwood Hotels & Resorts
Worldwide, Inc. 3,270,962
-----------------
$ 19,431,849
----------------------------------------------------------------------------------------------------
Restaurants -- 0.3%
39,671 Starbucks Corp. $ 2,801,566
-----------------
Total Consumer Services $ 44,886,860
----------------------------------------------------------------------------------------------------
MEDIA -- 3.2%
Advertising -- 0.2%
3,019,000 SinoMedia Holding, Ltd. $ 2,653,086
----------------------------------------------------------------------------------------------------
Broadcasting -- 0.5%
88,383 CBS Corp. (Class B) $ 5,105,002
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.7%
3,448,000 Asian Pay Television Trust, Ltd. $ 2,077,557
118,505 Comcast Corp. 6,133,819
-----------------
$ 8,211,376
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.3%
75,260 The Walt Disney Co. $ 5,971,128
34,553 Time Warner, Inc. 2,296,392
72,753 Viacom, Inc. (Class B) 6,182,550
-----------------
$ 14,450,070
----------------------------------------------------------------------------------------------------
Publishing -- 0.5%
370,137 Reed Elsevier Plc $ 5,461,160
-----------------
Total Media $ 35,880,694
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Internet Retail -- 1.0%
8,266 Amazon.com, Inc.* $ 2,513,939
31,393 Ctrip.com International, Ltd. (A.D.R.)* 1,467,309
23,431 Vipshop Holdings, Ltd. (A.D.R.)* 3,284,792
117,262 Yoox S.p.A.* 4,223,802
-----------------
$ 11,489,842
----------------------------------------------------------------------------------------------------
Department Stores -- 0.5%
50,662 Next Plc $ 5,597,891
-----------------
Total Retailing $ 17,087,733
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.4%
Drug Retail -- 0.4%
118,500 Sundrug Co., Ltd. $ 4,850,092
-----------------
Total Food & Staples Retailing $ 4,850,092
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Agricultural Products -- 0.1%
591,000 First Resources, Ltd. $ 1,212,967
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.7%
10,081 Aryzta AG $ 931,280
2,370,000 Del Monte Pacific, Ltd. 1,163,935
5,608,164 Del Monte Pacific, Ltd. 2,855,598
30,364 The Hershey Co. 2,922,231
-----------------
$ 7,873,044
-----------------
Total Food, Beverage & Tobacco $ 9,086,011
----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Personal Products -- 0.2%
65,100 Mandom Corp. $ 2,285,104
-----------------
Total Household &
Personal Products $ 2,285,104
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 2.1%
Health Care Equipment -- 1.6%
28,481 Abbott Laboratories, Inc. $ 1,103,354
24,167 Becton Dickinson and Co. 2,731,596
82,375 Covidien Plc 5,869,219
11,644 Sonova Holding AG 1,684,491
106,283 St Jude Medical, Inc. 6,745,782
-----------------
$ 18,134,442
----------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.3%
40,479 Cardinal Health, Inc. $ 2,813,695
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 25
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
75,424 Al Noor Hospitals Group Plc $ 1,274,304
16,612 Orpea SA 1,207,673
-----------------
$ 2,481,977
-----------------
Total Health Care Equipment
& Services $ 23,430,114
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 2.9%
Biotechnology -- 0.3%
29,133 Actelion, Ltd. $ 2,870,460
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.7%
41,097 Bayer AG $ 5,702,789
115,070 Johnson & Johnson, Inc. 11,655,440
7,401 Roche Holding AG 2,176,179
-----------------
$ 19,534,408
----------------------------------------------------------------------------------------------------
Life Sciences Tools &
Services -- 0.9%
42,200 Gerresheimer AG $ 2,864,631
66,069 Thermo Fisher Scientific, Inc. 7,531,866
-----------------
$ 10,396,497
-----------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 32,801,365
----------------------------------------------------------------------------------------------------
BANKS -- 4.4%
Diversified Banks -- 4.4%
3,678,000 Bank Mandiri Persero Tbk PT $ 3,120,363
2,657,500 Bank Rakyat Indonesia Persero
Tbk PT 2,276,625
1,985,535 BDO Unibank, Inc. 3,937,333
2,843,834 Commercial Bank of Ceylon Plc 2,766,327
1,140,298 First Gulf Bank PJSC 5,386,506
2,409,956 Hatton National Bank Plc 2,901,599
77,056 ICICI Bank, Ltd. (A.D.R.) 3,287,980
3,584,800 Krung Thai Bank PCL 2,005,095
805,379 Liberbank SA 1,007,458
1,045,803 National Development Bank Plc 1,556,741
113,229 Nedbank Group, Ltd. 2,430,203
497,030 Nordea Bank AB 7,210,660
95,863 Qatar National Bank, Ltd. 5,010,544
161,053 Standard Bank Group, Ltd. 2,118,978
205,223 Standard Chartered Plc 4,446,963
146 United Overseas Bank, Ltd. 2,534
-----------------
$ 49,465,909
-----------------
Total Banks $ 49,465,909
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.8%
Multi-Sector Holdings -- 0.3%
254,460 Ayala Corp. $ 3,564,627
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
73,181 Bolsas y Mercados Espanoles SA $ 3,190,109
74,221 CBOE Holdings, Inc. 3,960,433
-----------------
$ 7,150,542
----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.4%
58,681 American Express Co. $ 5,130,480
188,718 Discover Financial Services, Inc. 10,549,336
-----------------
$ 15,679,816
----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 2.3%
369,611 Blackstone Group LP $ 10,914,613
477,265 KKR & Co., LP 10,838,688
35,620 Legg Mason, Inc. 1,670,222
3,859 Leonteq AG 737,147
195,194 Prospect Capital Corp. 2,110,047
-----------------
$ 26,270,717
----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.2%
84,804 The Charles Schwab Corp. $ 2,251,546
-----------------
Total Diversified Financials $ 54,917,248
----------------------------------------------------------------------------------------------------
INSURANCE -- 2.9%
Life & Health Insurance -- 1.1%
122,178 Lincoln National Corp. $ 5,926,855
37,912 Prudential Financial, Inc. 3,058,740
13,349 Swiss Life Holding AG 3,289,560
-----------------
$ 12,275,155
----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.6%
111,076 American International Group, Inc. $ 5,901,468
13,215 Baloise Holding AG 1,609,634
-----------------
$ 7,511,102
----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.4%
45,154 ACE, Ltd. $ 4,620,157
----------------------------------------------------------------------------------------------------
Reinsurance -- 0.8%
58,542 Korean Reinsurance Co. $ 578,956
15,729 Muenchener Rueckversicherungs AG 3,632,856
129,782 SCOR SE 4,745,378
-----------------
$ 8,957,190
-----------------
Total Insurance $ 33,363,604
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 27
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.9%
Diversified REIT -- 0.3%
3,490,000 Mapletree Greater China
Commercial Trust $ 2,354,771
295,859 TF Administradora Industrial
S de RL de CV 595,009
-----------------
$ 2,949,780
----------------------------------------------------------------------------------------------------
Industrial REIT -- 0.7%
1,323,773 Ascendas Real Estate
Investment Trust $ 2,417,917
3,374,000 Mapletree Industrial Trust 3,872,641
2,399,000 Mapletree Logistics Trust 2,106,012
-----------------
$ 8,396,570
----------------------------------------------------------------------------------------------------
Mortgage REIT -- 0.2%
93,104 Starwood Property Trust, Inc. $ 2,239,151
----------------------------------------------------------------------------------------------------
Office REIT -- 0.0%+
708 Keppel Real Estate Investment
Trust Management, Ltd. $ 683
----------------------------------------------------------------------------------------------------
Residential REIT -- 0.0%+
11,502 Starwood Waypoint Residential Trust $ 312,509
----------------------------------------------------------------------------------------------------
Retail REIT -- 0.2%
1,777,000 Mapletree Commercial Trust $ 1,794,194
74,022 Wheeler Real Estate Investment
Trust, Inc. 352,345
-----------------
$ 2,146,539
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.2%
54,024 Ryman Hospitality Properties, Inc. $ 2,460,793
----------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.5%
1,606,700 Ayala Land, Inc. $ 1,085,335
72,000 Mitsui Fudosan Co., Ltd. 2,129,765
37,190,500 Pakuwon Jati Tbk PT 1,132,926
59 Swire Pacific, Ltd. 681
136,000 Tokyo Tatemono Co., Ltd. 1,083,814
-----------------
$ 5,432,521
----------------------------------------------------------------------------------------------------
Real Estate Operating
Companies -- 0.0%+
23,825 Lifestyle Properties
Development, Ltd.* $ 3,550
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
Real Estate Development -- 0.8%
10,355,000 Bumi Serpong Damai PT $ 1,397,885
188,000 Cheung Kong Holdings, Ltd. 3,209,228
22,986,000 Megaworld Corp. 2,406,631
22,949,400 Quality Houses PCL 2,311,961
-----------------
$ 9,325,705
-----------------
Total Real Estate $ 33,267,801
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.0%
Internet Software & Services -- 0.6%
33,861 Baidu, Inc. (A.D.R.)* $ 5,209,515
18,432 Facebook, Inc.* 1,101,865
-----------------
$ 6,311,380
----------------------------------------------------------------------------------------------------
IT Consulting & Other
Services -- 0.2%
376,000 Fujitsu, Ltd. $ 2,208,733
----------------------------------------------------------------------------------------------------
Application Software -- 0.2%
37,183 Adobe Systems, Inc.* $ 2,293,819
-----------------
Total Software & Services $ 10,813,932
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 2.6%
Computer Hardware -- 0.5%
9,448 Apple, Inc. $ 5,575,170
----------------------------------------------------------------------------------------------------
Electronic Equipment
Manufacturers -- 0.8%
146,300 FUJIFILM Holdings Corp. $ 3,781,795
513,000 GeoVision, Inc. 2,799,777
93,800 Hitachi High-Technologies Corp. 2,145,499
-----------------
$ 8,727,071
----------------------------------------------------------------------------------------------------
Electronic Components -- 0.5%
59,200 Iriso Electronics Co., Ltd.* $ 2,979,302
8,200 Keyence Corp. 3,162,221
-----------------
$ 6,141,523
----------------------------------------------------------------------------------------------------
Electronic Manufacturing
Services -- 0.5%
1,941,000 Hon Hai Precision Industry Co., Ltd. $ 5,582,845
----------------------------------------------------------------------------------------------------
Office Electronics -- 0.3%
39,530 Neopost SA $ 3,238,913
-----------------
Total Technology Hardware
& Equipment $ 29,265,522
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 29
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 1.2%
Semiconductor Equipment -- 0.6%
51,500 Disco Corp. $ 3,131,513
29,422 Lam Research Corp.* 1,695,001
6,802,000 Xinyi Solar Holdings, Ltd. 1,838,745
-----------------
$ 6,665,259
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.6%
42,911 Avago Technologies, Ltd. $ 2,724,848
1,327,000 King Yuan Electronics Co., Ltd. 1,014,914
66,200 Rohm Co., Ltd. 3,159,614
-----------------
$ 6,899,376
-----------------
Total Semiconductors &
Semiconductor Equipment $ 13,564,635
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.0%
Electric Utilities -- 0.9%
857,000 Cheung Kong Infrastructure
Holdings, Ltd. $ 5,589,871
56,258 Red Electrica Corp SA 4,634,974
-----------------
$ 10,224,845
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.4%
1,386,000 China Gas Holdings, Ltd. $ 2,253,048
92,526 Enagas SA 2,854,152
-----------------
$ 5,107,200
----------------------------------------------------------------------------------------------------
Water Utilities -- 0.1%
1,114,000 Guangdong Investment, Ltd. $ 1,211,457
----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.6%
9,580,075 Beijing Jingneng Clean Energy
Co., Ltd.* $ 4,115,827
7,470,000 China WindPower Group, Ltd.* 495,015
895,437 Falck Renewables S.p.A.* 1,713,116
-----------------
$ 6,323,958
-----------------
Total Utilities $ 22,867,460
----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $653,313,656) $ 688,285,831
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.1%
BANKS -- 1.1%
Thrifts & Mortgage Finance -- 1.1%
3,000,000 NR/B3 COMM 2006-C8 Mortgage Trust,
5.377%, 12/10/46 $ 3,027,027
712,356 NR/Caa3 Credit Suisse First Boston
Mortgage Securities Corp., 4.898%,
3/15/36 (144A) 699,239
3,000,000 A-/Ba1 GS Mortgage Securities Corp. II
Series 2005-GG4, 4.782%,
7/10/39 3,070,155
2,384,000 6.03 B+/Ba2 JPMorgan Chase Commercial
Mortgage Securities Trust 2006-LDP7,
Floating Rate Note, 4/15/45 2,457,909
3,000,000 5.57 NR/B1 Morgan Stanley Capital I Trust
2007-TOP25, Floating Rate Note,
11/12/49 3,068,988
-----------------
$ 12,323,318
-----------------
Total Banks $ 12,323,318
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $11,904,117) $ 12,323,318
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 12.9%
ENERGY -- 1.2%
Oil & Gas Exploration &
Production -- 0.5%
2,800,000 BB+/Ba3 Concho Resources, Inc., 7.0%,
1/15/21 $ 3,108,000
2,153,000 BBB-/Baa1 Gazprom OAO Via Gaz Capital
SA, 6.51%, 3/7/22 (144A) 2,131,470
350,000 BB-/Ba3 Whiting Petroleum Corp., 6.5%,
10/1/18 369,250
-----------------
$ 5,608,720
----------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.7%
2,900,000 NR/Ba1 Adaro Indonesia PT, 7.625%,
10/22/19 (144A) $ 3,052,250
1,500,000 BB/B1 CONSOL Energy, Inc., 8.0%, 4/1/17 1,563,150
3,200,000 BB/Ba2 Peabody Energy Corp., 6.0%,
11/15/18 3,400,000
-----------------
$ 8,015,400
-----------------
Total Energy $ 13,624,120
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 31
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
MATERIALS -- 4.4%
Diversified Chemicals -- 0.6%
4,500,000 BB+/Ba2 Celanese US Holdings LLC,
4.625%, 11/15/22 $ 4,522,500
2,500,000 BB+/Ba2 Celanese US Holdings LLC,
5.875%, 6/15/21 2,737,500
-----------------
$ 7,260,000
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
5,500,000 BB+/Ba1 Ball Corp., 5.0%, 3/15/22 $ 5,623,750
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.9%
5,300,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 5,135,960
4,900,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 4,916,871
3,000,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
8.5%, 7/30/20 3,357,150
3,000,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
8.5%, 7/30/20 3,357,150
4,500,000 BB+/Ba2 Compass Minerals International,
Inc., 8.0%, 6/1/19 4,694,850
-----------------
$ 21,461,981
----------------------------------------------------------------------------------------------------
Gold -- 1.0%
1,700,000 NR/Baa3 Kinross Gold Corp., 5.125%, 9/1/21 $ 1,724,864
7,300,000 NR/Baa3 Kinross Gold Corp., 5.125%, 9/1/21 7,406,770
1,850,000 BBB-/Baa3 Kinross Gold Corp., 5.95%,
3/15/24 (144A) 1,873,155
-----------------
$ 11,004,789
----------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
EURO 2,000,000 BB+/Ba2 Smurfit Kappa Acquisitions,
7.75%, 11/15/19 (144A) $ 2,961,672
----------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
1,000,000 BB/Ba2 Sappi Papier Holding GmbH,
6.625%, 4/15/21 (144A) $ 1,040,000
-----------------
Total Materials $ 49,352,192
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.8%
Construction & Engineering -- 0.5%
3,000,000 BBB+/NR China Railway Resources Huitung,
Ltd., 3.85%, 2/5/23 $ 2,823,195
3,000,000 A-/A3 CRCC Yuxiang, Ltd., 3.5%, 5/16/23 2,784,051
-----------------
$ 5,607,246
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.3%
3,000,000 BBB-/Baa3 Noble Group, Ltd., 6.625%,
8/5/20 (144A) $ 3,168,750
-----------------
Total Capital Goods $ 8,775,996
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Airlines -- 0.5%
5,000,000 B+/NR American Airlines 2013-1 Class C
Pass Through Trust, 6.125%,
7/15/18 (144A) $ 5,268,750
-----------------
Total Transportation $ 5,268,750
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
100,000 B/B3 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) $ 109,000
1,290,000 B/B3 Pittsburgh Glass Works LLC, 8.0%,
11/15/18 (144A) 1,406,100
-----------------
$ 1,515,100
-----------------
Total Automobiles & Components $ 1,515,100
----------------------------------------------------------------------------------------------------
BANKS -- 1.7%
Diversified Banks -- 1.7%
5,000,000 9.00 NR/NR Banco Bilbao Vizcaya Argentaria
SA, Floating Rate Note (Perpetual) $ 5,525,000
4,375,000 A-/Baa3 Bank of East Asia, Ltd., 6.125%,
7/16/20 4,772,552
3,800,000 NR/Baa1 Industrial & Commercial Bank
of China Asia, Ltd., 5.125%,
11/30/20 4,000,089
EURO 3,600,000 4.50 BBB-/Baa2 Santander Issuances SAU, Floating
Rate Note, 9/30/19 4,919,011
-----------------
$ 19,216,652
-----------------
Total Banks $ 19,216,652
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.4%
Other Diversified Financial
Services -- 0.5%
5,000,000 7.88 NR/NR Credit Suisse Group Guernsey I,
Ltd., Floating Rate Note, 2/24/41 $ 5,456,250
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
2,900,000 BBB/Baa2 China Merchants Finance Co., Ltd.,
5.0%, 5/4/22 $ 2,938,579
----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.8%
1,800,000 A+/NR Blackstone Holdings Finance Co.,
LLC, 5.0%, 6/15/44 (144A) $ 1,833,356
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 33
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- (continued)
3,000,000 A/NR KKR Group Finance Co. LLC,
6.375%, 9/29/20 (144A) $ 3,475,569
3,800,000 BBB/NR Prospect Capital Corp., 5.875%,
3/15/23 3,825,053
-----------------
$ 9,133,978
----------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.9%
4,000,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) $ 4,479,200
4,500,000 BBB/NR UBS AG, 7.625%, 8/17/22 5,347,215
-----------------
$ 9,826,415
-----------------
Total Diversified Financials $ 27,355,222
----------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Reinsurance -- 0.1%
400,000 6.70 BB/NR East Lane Re, Ltd., Floating Rate
Note, 3/13/15 (Cat Bond) (144A) $ 413,240
1,000,000 7.28 BB-/NR Northshore Re, Ltd., Floating Rate
Note, 7/5/16 (Cat Bond) (144A) 1,038,000
-----------------
$ 1,451,240
-----------------
Total Insurance $ 1,451,240
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Diversified Real Estate
Activities -- 0.3%
3,600,000 B+/B1 Alam Synergy Pte, Ltd., 9.0%,
1/29/19 (144A) $ 3,735,000
----------------------------------------------------------------------------------------------------
Real Estate Services -- 0.5%
5,000,000 BB-/B2 Kennedy-Wilson, Inc.,
8.75%, 4/1/19 $ 5,462,500
-----------------
Total Real Estate $ 9,197,500
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.5%
Integrated Telecommunication
Services -- 0.5%
5,500,000 BB-/Ba2 Frontier Communications Corp.,
7.125%, 1/15/23 $ 5,678,750
-----------------
Total Telecommunication Services $ 5,678,750
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.4%
Independent Power Producers &
Energy Traders -- 0.4%
2,000,000 BB-/B1 Calpine Corp., 7.875%,
1/15/23 (144A) $ 2,240,000
The accompanying notes are an integral part of these financial statements.
34 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
700,000 NR/B2 Star Energy Geothermal Wayang
Windu, Ltd., 6.125%,
3/27/20 (144A) $ 686,000
1,000,000 NR/B2 Star Energy Geothermal Wayang
Windu, Ltd., 6.125%,
3/27/20 (144A) 980,000
-----------------
$ 3,906,000
-----------------
Total Utilities $ 3,906,000
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $141,641,802) $ 145,341,522
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATION -- 2.2%
28,153,626 NR/Aaa U.S. Treasury Inflation Indexed
Bonds, 0.625%, 2/15/43 $ 24,438,671
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATION
(Cost $23,444,633) $ 24,438,671
----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT
BONDS -- 11.8%
AUD 31,876,000 NR/Aaa Australia Government Bond,
2.75%, 4/21/24 $ 26,705,363
BRL 8,280,000 BBB+/Baa2 Brazil Notas do Tesouro Nacional
Serie B, 6.0%, 8/15/50 8,284,210
EURO 21,486,186 B-/NR Hellenic Republic Government
Bond, 2.0%, 2/24/23 (Step) 23,926,416
EURO 1,800,000 B-/Caa3 Hellenic Republic Government
Bond, 4.75%, 4/17/19 2,479,666
MXN 264,418,900 A/A3 Mexican Bonos, 8.0%, 6/11/20 22,783,862
MXN 77,000,000 A/A3 Mexican Bonos, 8.0%, 6/11/20 6,634,766
NZD 27,490,000 AA+/Aaa New Zealand Government Bond,
3.0%, 4/15/20 22,149,557
EURO 11,313,454 NR/Ba3 Portugal Obrigacoes do Tesouro
OT, 3.85%, 4/15/21 16,467,331
LKR 500,000,000 NR/NR Sri Lanka Government Bonds,
10.6%, 7/1/19 4,090,822
-----------------
$ 133,521,993
----------------------------------------------------------------------------------------------------
TOTAL FOREIGN
GOVERNMENT BONDS
(Cost $131,092,502) $ 133,521,993
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 35
Schedule of Investments | 4/30/14 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 0.0%+**
MATERIALS -- 0.0%+
Aluminum -- 0.0%+
241,881 3.75 BB-/Ba2 Novelis, Inc., Georgia, Term
Loan, 3/10/17 $ 241,730
-----------------
Total Materials $ 241,730
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
121,054 2.73 BB+/Ba2 Commscope, Inc., Tranche 3
Term Loan, 1/21/17 $ 121,130
181,581 3.25 BB+/Ba2 Commscope, Inc., Tranche 4
Term Loan, 1/14/18 181,996
-----------------
$ 303,126
-----------------
Total Technology Hardware
& Equipment $ 303,126
----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $542,794) $ 544,856
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
EXCHANGE TRADED
FUNDS -- 5.6%
1,839,771 Aberdeen Asia-Pacific Income
Fund, Inc. $ 11,480,171
62,300 BlackRock MuniVest Fund, Inc. 600,572
44,100 BlackRock MuniYield Fund, Inc. 623,574
142,221 ETFS Nickel* 2,805,309
453,000 iShares Gold Trust* 5,662,500
27,342 iShares MSCI Mexico Capped ETF 1,746,607
128,179 Market Vectors Gold Miners ETF 3,090,396
128,118 Market Vectors Vietnam ETF 2,570,047
615,259 PowerShares Buyback Achievers
Portfolio 26,745,307
33,463 SPDR S&P Euro Dividend
Aristocrats UCITS ETF 931,529
42,028 SPDR S&P UK Dividend
Aristocrats UCITS ETF 936,225
135,689 Technology Select Sector SPDR Fund 4,945,864
-----------------
$ 62,138,101
----------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $56,427,670) $ 62,138,101
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
----------------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------------
PURCHASED PUT
OPTIONS -- 0.3%
1,400 MAY14 Hong Kong Stock
Exchange @ 9,600 $ 1,358,829
610 MAY14 Hang Seng Index @ 22,000 1,685,702
-----------------
$ 3,044,531
----------------------------------------------------------------------------------------------------
TOTAL PURCHASED PUT OPTIONS
(Premiums paid $2,614,776) $ 3,044,531
----------------------------------------------------------------------------------------------------
PURCHASED CALL
OPTION -- 0.0%+
400 MAY14 Nikkei KY 225 @ 14,375 $ 401,469
----------------------------------------------------------------------------------------------------
TOTAL PURCHASED CALL OPTION
(Premiums paid $717,624) $ 401,469
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 96.2%
(Cost $1,039,547,229) (a) $ 1,085,879,112
----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.8% $ 43,120,427
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,128,999,539
====================================================================================================
* 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 April 30, 2014, the value of these securities
amounted to $40,590,750 or 3.6% 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 37
Schedule of Investments | 4/30/14 (unaudited) (continued)
(a) At April 30, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $1,042,934,304 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 56,648,098
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (13,703,290)
------------
Net unrealized appreciation $ 42,944,808
============
(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
MXN Mexican Peso
AUD Australian Dollar
BRL Brazilian Real
NZD New Zealand Dollar
LKR Sri Lankan Rupee
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2014 aggregated $1,975,156,728 and $1,816,940,733,
respectively.
CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION
--------------------------------------------------------------------------------------------------
Net
Premiums Unrealized
Notional Obligation Expiration Received Appreciation
Principal ($) Counterparty Entity/Index Coupon Date (Paid) (Depreciation)
--------------------------------------------------------------------------------------------------
(47,000,000) J.P. Morgan COX NA.IG.22VI 1.00% 6/20/19 $(790,210) $(91,227)
Securities LLC
--------------------------------------------------------------------------------------------------
$(790,210) $(91,227)
==================================================================================================
TOTAL RETURN RATE SWAP AGREEMENTS
--------------------------------------------------------------------------------------------------
Net
Unrealized
Notional Pay/ Obligation Annual Expiration Appreciation
Principal ($) Counterparty Receive Entity/Index Fixed Rate Date (Depreciation)
--------------------------------------------------------------------------------------------------
(59,074,272) Citibank NA Pay MSCI Asia Ex Japan USD/LIBOR/BBA 6/13/14 $1,883,258
(59,224,377) Citibank NA Pay Price Return MSCI USD/LIBOR/BBA 6/18/14 1,532,558
EM ASIA
--------------------------------------------------------------------------------------------------
$3,415,816
==================================================================================================
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.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
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 April 30, 2014, in valuing
the Fund's investments:
--------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 5,972,475 $ -- $ 5,972,475
Preferred Stocks
Real Estate
Retail REIT -- 199,920 -- 199,920
All Other Preferred Stocks 9,666,425 -- -- 9,666,425
Common Stocks* -- -- -- --
Energy
Oil & Gas Equipment & Services 6,246,705 7,950,236 -- 14,196,941
Integrated Oil & Gas 1,116,254 -- -- 1,116,254
Oil & Gas Exploration & Production 4,451,930 -- -- 4,451,930
Materials
Diversified Chemicals 8,178,914 -- -- 8,178,914
Specialty Chemicals 4,907,407 4,594,301 -- 9,501,708
Capital Goods
Aerospace & Defense 27,476,192 12,132,501 -- 39,608,693
Industrial Conglomerates 2,819,553 -- -- 2,819,553
Construction & Farm Machinery
& Heavy Trucks 3,858,570 4,488,964 -- 8,347,534
Industrial Machinery 5,644,030 13,399,929 -- 19,043,959
Transportation
Railroads 10,091,697 -- -- 10,091,697
Automobiles & Components
Automobile Manufacturers 3,391,113 17,882,460 -- 21,273,573
Consumer Durables & Apparel
Housewares & Specialties 1,670,944 -- -- 1,670,944
Consumer Services
Casinos & Gaming 1,671,462 20,981,983 -- 22,653,445
Hotels, Resorts & Cruise Lines 17,700,522 1,731,327 -- 19,431,849
Restaurants 2,801,566 -- -- 2,801,566
Media
Broadcasting 5,105,002 -- -- 5,105,002
Cable & Satellite 6,133,819 2,077,557 -- 8,211,376
Movies & Entertainment 14,450,070 -- -- 14,450,070
Retailing
Internet Retail 7,266,040 4,223,802 -- 11,489,842
Food, Beverage & Tobacco
Packaged Foods & Meats 2,922,231 4,950,813 -- 7,873,044
Health Care Equipment & Services
Health Care Equipment 16,449,951 1,684,491 -- 18,134,442
Health Care Distributors 2,813,695 -- -- 2,813,695
Pharmaceuticals, Biotechnology
& Life Sciences
Pharmaceuticals 11,655,440 7,878,968 -- 19,534,408
Life Sciences Tools & Services 7,531,866 2,864,631 -- 10,396,497
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 39
Schedule of Investments | 4/30/14 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Banks
Diversified Banks $ 3,287,980 $ 46,177,929 $ -- $ 49,465,909
Diversified Financials
Specialized Finance 3,960,433 3,190,109 -- 7,150,542
Consumer Finance 15,679,816 -- -- 15,679,816
Asset Management & Custody Banks 25,533,570 737,147 -- 26,270,717
Investment Banking & Brokerage 2,251,546 -- -- 2,251,546
Insurance
Life & Health Insurance 8,985,595 3,289,560 -- 12,275,155
Multi-line Insurance 5,901,468 1,609,634 -- 7,511,102
Property & Casualty Insurance 4,620,157 -- -- 4,620,157
Real Estate
Mortgage REIT 2,239,151 -- -- 2,239,151
Residential REIT 312,509 -- -- 312,509
Specialized REIT 2,460,793 -- -- 2,460,793
Software & Services
Internet Software & Services 6,311,380 -- -- 6,311,380
Application Software 2,293,819 -- -- 2,293,819
Technology Hardware & Equipment
Computer Hardware 5,575,170 -- -- 5,575,170
Semiconductors &
Semiconductor Equipment
Semiconductor Equipment 1,695,001 4,970,258 -- 6,665,259
Semiconductors 2,724,848 4,174,528 -- 6,899,376
All Other Common Stocks 247,106,494 -- 247,106,494
Collateralized Mortgage Obligations -- 12,323,318 -- 12,323,318
Corporate Bonds -- 145,341,522 -- 145,341,522
U.S. Government and
Agency Obligation -- 24,438,671 -- 24,438,671
Foreign Government Bonds -- 133,521,993 -- 133,521,993
Senior Floating Rate Loan Interests -- 544,856 -- 544,856
Exchange Traded Funds 62,138,101 -- -- 62,138,101
Purchased Put Options 3,044,531 -- -- 3,044,531
Purchased Call Option 401,469 -- -- 401,469
--------------------------------------------------------------------------------------------------------
Total $345,438,735 $740,440,377 $ -- $1,085,879,112
========================================================================================================
Other Financial Instruments
Net unrealized appreciation on
Forward Foreign Currency Contracts $ -- $ 116,723 $ -- $ 116,723
Net unrealized appreciation on
Futures Contracts 1,357,275 -- -- 1,357,275
Net unrealized depreciation on
Swap Contracts -- (91,227) -- (91,227)
Net unrealized appreciation on
Total Return Rate Swaps -- 3,415,816 -- 3,415,816
--------------------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 1,357,275 $ 3,441,312 $ -- $ 4,798,587
========================================================================================================
* Level 2 securities are valued by independent pricing services using fair
value factors.
During the six months ended April 30, 2014, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Statement of Assets and Liabilities | 4/30/14 (Consolidated) (unaudited)
ASSETS:
Investment in securities, at value (cost $1,039,547,229) $1,085,879,112
Cash 60,431,242
Futures collateral 4,571,393
Foreign currencies, at value (cost $32,291,098) 31,944,862
Receivables --
Investment securities sold 32,794,383
Fund shares sold 3,762,510
Dividends 2,390,704
Interest 3,577,149
Due from Pioneer Investment Management, Inc. 294,528
Unrealized appreciation on forward foreign currency contracts 116,723
Unrealized appreciation on swap contracts 3,324,589
Variation margin 1,357,275
Other assets 118,521
---------------------------------------------------------------------------------------------------
Total assets $1,230,562,991
===================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 89,291,022
Fund shares repurchased 10,895,560
Swap contracts, premiums paid 790,210
Due to affiliates 443,213
Accrued expenses 143,447
---------------------------------------------------------------------------------------------------
Total liabilities $ 101,563,452
===================================================================================================
NET ASSETS:
Paid-in capital $1,053,308,280
Undistributed net investment income 2,690,624
Accumulated net realized gain on investments and foreign
currency transactions 22,373,356
Net unrealized appreciation on investments 46,331,883
Net unrealized appreciation on swap contracts 3,324,589
Net unrealized appreciation on futures contracts 1,357,275
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (386,468)
---------------------------------------------------------------------------------------------------
Total net assets $1,128,999,539
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $350,431,908/27,134,683 shares) $ 12.91
Class C (based on $280,456,555/21,965,114 shares) $ 12.77
Class R (based on $10,117/784 shares) $ 12.90
Class Y (based on $498,024,153/38,431,273 shares) $ 12.96
Class Z (based on $76,806/5,958 shares) $ 12.89
MAXIMUM OFFERING PRICE:
Class A ($12.91 / 95.5%) $ 13.52
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 41
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/14
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $497,712) $ 8,273,836
Interest 6,110,139
-------------------------------------------------------------------------------------------
Total investment income $ 14,383,975
-------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,803,972
Transfer agent fees
Class A 35,539
Class C 17,746
Class Y 3,626
Class Z 196
Distribution fees
Class A 437,188
Class C 1,349,751
Class R 25
Shareholder communications expense 600,718
Administrative reimbursement 194,130
Custodian fees 268,710
Registration fees 88,062
Professional fees 62,983
Printing expense 11,559
Fees and expenses of nonaffiliated Trustees 21,722
Miscellaneous 15,623
-------------------------------------------------------------------------------------------
Total expenses $ 6,911,550
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (118,139)
-------------------------------------------------------------------------------------------
Net expenses $ 6,793,411
-------------------------------------------------------------------------------------------
Net investment income $ 7,590,564
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
SWAP CONTRACTS, FUTURES CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 33,782,424
Futures contracts (6,838,833)
Swap contracts (233,267)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (665,655) $ 26,044,669
-------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (30,297,250)
Futures contracts 948,671
Swap contracts 3,324,589
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (327,974) $ (26,351,964)
-------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $ (307,295)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,283,269
===========================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Statements of Changes in Net Assets (Consolidated)
--------------------------------------------------------------------------------------------
Six Months
Ended
4/30/14 Year Ended
(unaudited) 10/31/13
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 7,590,564 $ 13,060,795
Net realized gain (loss) on investments, futures
contracts, class actions, swap contracts and
foreign currency transactions 26,044,669 34,125,836
Change in net unrealized appreciation (depreciation)
on investments, futures contracts, swap contracts
and foreign currency transactions (26,351,964) 34,421,618
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 7,283,269 $ 81,608,249
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.15 per share, respectively) $ (2,002,740) $ (3,047,500)
Class C ($0.05 and $0.07 per share, respectively) (993,991) (1,040,526)
Class R ($0.07 and $0.04 per share, respectively) (53) (28)
Class Y ($0.09 and $0.19 per share, respectively) (3,248,247) (5,040,125)
Class Z ($0.09 and $0.11 per share, respectively) (316) (117)
Net realized gain:
Class A ($0.45 and $0.00 per share, respectively) (11,467,978) --
Class C ($0.45 and $0.00 per share, respectively) (8,818,620) --
Class R ($0.45 and $0.00 per share, respectively) (355) --
Class Y ($0.45 and $0.00 per share, respectively) (14,683,625) --
Class Z ($0.45 and $0.00 per share, respectively) (707) --
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (41,216,632) $ (9,128,296)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 318,584,193 $ 795,417,513
Reinvestment of distributions 34,791,503 7,782,943
Cost of shares repurchased (204,951,249) (298,691,817)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 148,424,447 $ 504,508,639
--------------------------------------------------------------------------------------------
Net increase in net assets $ 114,491,084 $ 576,988,592
NET ASSETS:
Beginning of period 1,014,508,455 437,519,863
--------------------------------------------------------------------------------------------
End of period $1,128,999,539 $1,014,508,455
--------------------------------------------------------------------------------------------
Undistributed net investment income $ 2,690,624 $ 1,345,407
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 43
Statements of Changes in Net Assets (Consolidated) (continued)
---------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
---------------------------------------------------------------------------------------
Class A
Shares sold 6,810,152 $ 89,103,211 19,036,564 $ 245,707,864
Reinvestment of
distributions 988,188 12,766,030 227,868 2,892,806
Less shares repurchased (5,829,618) (76,076,502) (6,615,326) (84,741,434)
---------------------------------------------------------------------------------------
Net increase 1,968,722 $ 25,792,739 12,649,106 $ 163,859,236
=======================================================================================
Class C
Shares sold 4,583,722 $ 59,273,837 13,474,589 $ 172,196,737
Reinvestment of
distributions 624,062 7,981,211 68,156 854,068
Less shares repurchased (2,317,910) (29,900,706) (3,447,199) (44,152,838)
---------------------------------------------------------------------------------------
Net increase 2,889,874 $ 37,354,342 10,095,546 $ 128,897,967
=======================================================================================
Class R*
Shares sold -- $ -- 784 $ 10,000
Reinvestment
of distributions -- -- -- --
Less shares repurchased -- -- -- --
---------------------------------------------------------------------------------------
Net increase -- $ -- 784 $ 10,000
=======================================================================================
Class Y
Shares sold 12,949,355 $ 170,147,994 29,120,727 $ 377,482,510
Reinvestment of
distributions 1,083,619 14,043,646 316,841 4,036,037
Less shares repurchased (7,553,332) (98,972,224) (13,233,152) (169,797,540)
---------------------------------------------------------------------------------------
Net increase 6,479,642 $ 85,219,416 16,204,416 $ 211,721,007
=======================================================================================
Class Z**
Shares sold 4,484 $ 59,151 1,562 $ 20,402
Reinvestment of
distributions 48 616 2 32
Less shares repurchased (138) (1,817) -- (5)
---------------------------------------------------------------------------------------
Net increase 4,394 $ 57,950 1,564 $ 20,429
=======================================================================================
* 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.
44 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Financial Highlights (Consolidated)
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended 5/3/10 to
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 (a)
-----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.33 $ 11.76 $ 11.25 $ 10.63 $ 10.00(b)
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.13 $ 0.21 $ 0.20 $ 0.19 $ 0.03
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions (0.02) 1.51 0.67 0.51 0.60
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.11 $ 1.72 $ 0.87 $ 0.70 $ 0.63
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.08) $ (0.15) $ (0.36) $ (0.08) $ --
Net realized gains (0.45) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.53) $ (0.15) $ (0.36) $ (0.08) $ --
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.42) $ 1.57 $ 0.51 $ 0.62 $ 0.63
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.91 $ 13.33 $ 11.76 $ 11.25 $ 10.63
=============================================================================================================================
Total return* 0.82% 14.72% 8.01% 6.60% 6.30%***
Ratio of net expenses to average net assets 1.19%** 1.20% 1.20% 1.20% 1.20%**
Ratio of net investment income to average net assets 1.43%** 1.82% 2.19% 2.05% 1.44%**
Portfolio turnover rate 349%** 288% 175% 191% 8%***
Net assets, end of period (in thousands) $350,432 $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 1.19%** 1.23% 1.22% 1.24% 1.94%**
Net investment income 1.43%** 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 45
Financial Highlights (Consolidated) (continued)
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended 5/3/10 to
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 (a)
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.21 $ 11.66 $ 11.15 $ 10.60 $ 10.00(b)
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.12 $ 0.11 $ 0.08 $ 0.02
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions (0.02) 1.50 0.67 0.52 0.58
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.06 $ 1.62 $ 0.78 $ 0.60 $ 0.60
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.05) $ (0.07) $ (0.27) $ (0.05) $ --
Net realized gains (0.45) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.50) $ (0.07) $ (0.27) $ (0.05) $ --
-----------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.44) $ 1.55 $ 0.51 $ 0.55 $ 0.60
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.77 $ 13.21 $ 11.66 $ 11.15 $ 10.60
=============================================================================================================================
Total return* 0.47% 13.93% 7.18% 5.69% 6.00%***
Ratio of net expenses to average net assets 1.93%** 1.98% 1.95% 2.00% 2.00%**
Ratio of net investment income to average net assets 0.72%** 1.05% 1.43% 1.25% 0.67%**
Portfolio turnover rate 349%** 288% 175% 191% 8%***
Net assets, end of period (in thousands) $280,457 $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 1.93%** 1.98% 1.95% 2.00% 2.50%**
Net investment income 0.72%** 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.
* 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.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
--------------------------------------------------------------------------------
Six Months
Ended
4/30/14 9/13/13 to
(unaudited) 10/31/13 (a)
--------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 13.32 $ 12.87(b)
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.13 $ 0.05
Net realized and unrealized gain (loss) on
investments, futures contracts
and foreign currency transactions (0.03) 0.44
--------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.10 $ 0.49
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.07) $ (0.04)
Net realized gains (0.45) --
--------------------------------------------------------------------------------
Total distributions $ (0.52) $ (0.04)
--------------------------------------------------------------------------------
Net increase in net asset value $ (0.42) $ 0.45
--------------------------------------------------------------------------------
Net asset value, end of period $ 12.90 $ 13.32
================================================================================
Total return* 0.75% 4.76%***
Ratio of net expenses to average net assets 1.30%** 1.36%**
Ratio of net investment income to average net assets 1.31%** 2.96%**
Portfolio turnover rate 349%** 288%**
Net assets, end of period (in thousands) $ 10 $ 10
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Total expenses 1.30%** 1.36%**
Net investment income 1.31%** 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 47
Financial Highlights (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
4/30/14 Ended Ended Ended 5/3/10 to
(unaudited) 10/31/13 10/31/12 10/31/11 10/31/10 (a)
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 13.37 $ 11.79 $ 11.29 $ 10.65 $ 10.00(b)
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.15 $ 0.25 $ 0.24 $ 0.15 $ 0.05
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions (0.02) 1.52 0.66 0.58 0.60
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.13 $ 1.77 $ 0.90 $ 0.73 $ 0.65
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.19) $ (0.40) $ (0.09) $ --
Net realized gains (0.45) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.54) $ (0.19) $ (0.40) $ (0.09) $ --
------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.41) $ 1.58 $ 0.50 $ 0.64 $ 0.65
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.96 $ 13.37 $ 11.79 $ 11.29 $ 10.65
==============================================================================================================================
Total return* 1.03% 15.07% 8.33% 6.89% 6.50%***
Ratio of net expenses to average net assets 0.90%** 0.90% 0.90% 0.90% 0.90%**
Ratio of net investment income to average net assets 1.76%** 2.11% 2.49% 2.35% 1.78%**
Portfolio turnover rate 349%** 288% 175% 191% 8%***
Net assets, end of period (in thousands) $498,024 $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 0.95%** 0.98% 0.91% 0.98% 1.41%**
Net investment income 1.71%** 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.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
-----------------------------------------------------------------------------------
Six Months
Ended
4/30/14 4/26/13 to
(unaudited) 10/31/13 (a)
-----------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 13.33 $ 13.33(b)
-----------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.08 $ 0.14
Net realized and unrealized gain on investments,
futures contracts and foreign currency transactions 0.02 (0.03)
-----------------------------------------------------------------------------------
Net increase in net assets from investment operations $ 0.10 $ 0.11
-----------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.11)
Net realized gains (0.45) --
-----------------------------------------------------------------------------------
Total distributions $ (0.54) $ (0.11)
-----------------------------------------------------------------------------------
Net increase in net asset value $ (0.44) $ --
-----------------------------------------------------------------------------------
Net asset value, end of period $ 12.89 $ 13.33
===================================================================================
Total return* 0.75% 1.57%***
Ratio of net expenses to average net assets 1.68% 1.05%**
Ratio of net investment income to average net assets 1.28% 2.22%**
Portfolio turnover rate 349% 288%**
Net assets, end of period (in thousands) $ 77 $ 21
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Total expenses 1.68% 1.05%**
Net investment income 1.28% 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 49
Notes to Financial Statements | 4/30/14 (Consolidated) (unaudited)
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:
50 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
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. 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 a fair
valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 51
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 securities may differ significantly from exchange prices and
such differences could be material.
At April 30, 2014, 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.
52 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
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 to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
April 30, 2014 was $4,571,393. 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
six months ended April 30, 2014 was $200,826,873.
At April 30, 2014, open futures contracts were as follows:
-------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
-------------------------------------------------------------------------------------
Crude Palm Oil Futures 2,275 9/14 $ 45,587,165 $ 509,233
F/C Soybean Futures 181 9/14 11,857,763 363,313
F/C Lean Hogs Futures 375 8/14 18,292,500 323,450
F/C Sugar Futures 437 6/14 8,672,877 (79,912)
F/C H-shares IDX Futures (179) 5/14 (11,211,454) 56,210
Japanese Yen Currency
Futures (750) 6/14 (91,828,125) 184,981
-------------------------------------------------------------------------------------
$(18,629,274) $1,357,275
=====================================================================================
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
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 53
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).
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
April 30, 2014, the Fund did not accrue any interest or 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2013 was as follows:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $9,128,296
----------------------------------------------------------------------------
Total $9,128,296
============================================================================
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
============================================================================
54 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
The difference between book-basis and tax-basis net unrealized appreciation
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 $48,206 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2014.
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.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 55
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 to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price, upon
the exercise of the option. When the Fund writes an option, an amount
56 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
equal to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain, or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Fund has realized a gain or
loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option. The fund held no written options during the six months ended April
30, 2014.
K. Purchased Options
The Fund may purchase put and call options to seek to increase total return.
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time. Upon
the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized appreciation or
depreciation are recorded in the Fund's financial statements. As the
purchaser of an index option, the Fund has the right to receive a cash
payment equal to any depreciation in the value of the index below the strike
price of the option (in the case of a put) or equal to any appreciation in
the value of the index over the strike price of the option (in the case of a
call) as of the valuation date of the option. Premiums paid for purchased
calls and put options which have expired are treated as realized losses on
investments in the Statement of Operations. Upon the exercise or closing of
a purchased put option, the premium is offset against the proceeds on the
sale of the underlying security or financial instrument in order to
determine the realized gain or loss on investments. Upon the exercise or
closing of a purchased call option, the premium is added to the cost of the
security or financial instrument. The risk associated with purchasing
options is limited to the premium originally paid. The average value of
contracts open during the six months ended April 30, 2014 was $1,624,020.
Purchased options open at period end are listed at the end of the Fund's
Schedule of Investments.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 57
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 attempt to hedge the risk of default on portfolio securities. A credit
default swap index is used to hedge risk or take a position on a basket of
credit entities or indices. As a seller of protection, the Fund would be
required to pay the notional (or other agreed-upon) value of the referenced
debt obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result in
a loss to the Fund. In return, the Fund would receive from the counterparty
a periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which case
the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the right to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is recorded
as unrealized appreciation or depreciation in the Statement of Assets and
Liabilities. Payments received or made as a result of a credit event or upon
termination of the contract are recognized, net of the appropriate amount of
the upfront payment, as realized gains or losses in the Statement of
Operations.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
58 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Open credit default swap contracts at April 30, 2014 are listed in the
Schedule of Investments. The average value of swap contracts open during the
six months ended April 30, 2014 was $38,344,617.
M. Total Return Swap Agreements
The Fund may enter into a total return swap to attempt to manage and/or gain
exposure to a security or market. Pursuant to a total return swap agreement,
the Fund negotiates with a counterparty to exchange a periodic stream of
payments. One party makes payments based on the total return of a reference
asset (such as a security or a basket of securities or securities index),
and in return receives fixed or floating rate interest payments. The total
return of the reference asset typically includes appreciation or
depreciation on the reference asset, plus any interest or dividend payments.
To the extent that the total return of the reference asset exceeds or falls
short of the offsetting interest rate obligation, the Fund will receive a
payment from or make a payment to the counterparty.
Total return swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is recorded
as unrealized appreciation or depreciation in the Statement of Assets and
Liabilities. Payments received or made are recorded as realized gains or
losses in the Statement of Operations. Total return swap contracts are
subject to counterparty risk and unanticipated movements in value of
exchange rates, interest rates, securities or the index.
Open total return swap contracts at April 30, 2014 are listed in the
Schedule of Investments. The average value of swap contracts open during the
six months ended April 30, 2014 was $34,636,436.
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.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 59
Fees waived and expenses reimbursed during the six months ended April 30, 2014
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
$215,505 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2014.
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 six months ended April 30, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $175,988
Class C 122,284
Class R --
Class Y 302,435
Class Z 11
--------------------------------------------------------------------------------
Total $600,718
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $207,550 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2014.
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
60 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
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 $20,158 in
distribution fees payable to PFD at April 30, 2014.
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 six months ended April 30, 2014, CDSCs
in the amount of $53,600 were paid to PFD.
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
April 30, 2014, the Subsidiary represented $135,505,591 or approximately 12.0%
of the net assets of the Fund.
6. Forward Foreign Currency Contracts
At April 30, 2014, 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 six months ended April 30, 2014 was
$45,420,362.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 61
Open forward foreign currency contracts at April 30, 2014 were as follows:
-------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-------------------------------------------------------------------------------------------
AUD (Australian
Dollar) (3,002,987) $(2,784,971) 5/5/14 $ (2,790,977) $ (6,006)
AUD (Australian
Dollar) (3,150,463) (2,921,739) 5/5/14 (2,928,040) (6,301)
AUD (Australian
Dollar) (3,079,471) (2,855,902) 5/5/14 (2,862,061) (6,159)
AUD (Australian
Dollar) 9,807,433 9,095,413 5/5/14 9,115,028 19,615
BRL (Brazilian Real) 11,719,510 5,253,501 5/5/14 5,252,677 (824)
CHF (Swiss Franc) 499,198 567,916 5/2/14 567,303 (613)
CHF (Swiss Franc) 202,577 230,384 5/2/14 230,214 (170)
CHF (Swiss Franc) 268,693 305,506 5/6/14 305,350 (156)
CHF (Swiss Franc) 768,585 870,819 5/5/14 873,442 2,623
CHF (Swiss Franc) 515,562 583,677 5/5/14 585,899 2,222
CHF (Swiss Franc) 390,725 442,346 5/5/14 444,030 1,684
EURO (European
Euro) (63,541) (87,668) 5/5/14 (88,144) (476)
EURO (European
Euro) (724,103) (1,002,086) 5/2/14 (1,004,475) (2,389)
EURO (European
Euro) 726,692 1,004,433 5/5/14 1,008,067 3,634
EURO (European
Euro) 3,473,658 4,801,290 5/5/14 4,818,659 17,369
EURO (European
Euro) 189,142 262,227 5/2/14 262,378 151
EURO (European
Euro) 333,140 460,466 5/2/14 462,132 1,666
EURO (European
Euro) 164,244 227,150 5/5/14 227,839 689
EURO (European
Euro) 198,488 275,403 5/5/14 275,343 (60)
EURO (European
Euro) 555,207 767,408 5/5/14 770,184 2,776
EURO (European
Euro) 205,676 284,635 5/2/14 285,314 679
EURO (European
Euro) 383,087 529,503 5/5/14 531,418 1,915
EURO (European
Euro) 1,921,442 2,656,394 5/5/14 2,665,424 9,030
EURO (European
Euro) 845,887 1,169,185 5/5/14 1,173,414 4,229
GBP (British
Pound Sterling) 540,045 912,082 5/6/14 911,974 (108)
HKD (Hong
Kong Dollar) (7,921,293) (1,021,746) 5/5/14 (1,021,707) 39
62 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
-------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
-------------------------------------------------------------------------------------------
HKD (Hong
Kong Dollar) 9,110,416 $ 1,175,128 5/5/14 $ 1,175,083 $ (45)
JPY (Japanese Yen) (298,051,607) (2,918,355) 5/1/14 (2,918,498) (143)
JPY (Japanese Yen) 150,994,303 1,479,611 5/7/14 1,478,524 (1,087)
KRW (South
Korea Won) (2,166,169,693) (2,098,328) 5/2/14 (2,096,767) 1,561
MXN (Mexican
Peso) (9,187,890) (701,719) 5/6/14 (702,852) (1,133)
MXN (Mexican
Peso) (5,958,455) (454,743) 5/5/14 (455,808) (1,065)
MXN (Mexican
Peso) 7,680,238 586,573 5/6/14 587,520 947
MXN (Mexican
Peso) 108,719,416 8,300,016 5/2/14 8,316,778 16,762
NZD (New
Zealand Dollar) 14,008,873 12,047,630 5/2/14 12,081,248 33,618
PHP (Philippine
Peso) (49,569,985) (1,113,807) 5/5/14 (1,112,058) 1,749
SEK (Swedish
Koruna) 14,506,865 2,213,032 5/5/14 2,232,891 19,859
SGD (Singapore
Dollar) 387,429 308,709 5/6/14 308,943 234
SGD (Singapore
Dollar) 674,564 537,501 5/6/14 537,908 407
-------------------------------------------------------------------------------------------
Total $116,723
===========================================================================================
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 six months ended April 30, 2014, 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 in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 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% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is
the greater
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 63
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 six months ended April 30, 2014, the Fund had
no borrowings under the credit facility.
9. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of April 30, 2014.
---------------------------------------------------------------------------------------------
Assets:
Gross
Amounts Net Gross Amounts Not Offset
Offset Amounts of in the Statement of
in the Assets Assets and Liabilities
Gross Statement Presented In -------------------------
Amounts of of Assets the Statement Cash
Recognized and of Assets and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
---------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 143,458 $ (26,735) $ 116,723 $ -- $ -- $ 116,723
Futures
contracts $1,437,187 $ (79,912) $1,357,275 $ -- $ -- $1,357,275
Swap contracts $ -- $ -- $ -- $ -- $ -- $ --
Total return swap
agreements $3,415,816 $ -- $3,415,816 $ -- $ -- $3,415,816
---------------------------------------------------------------------------------------------
$4,996,461 $(106,647) $4,889,814 $ -- $ -- $4,889,814
=============================================================================================
---------------------------------------------------------------------------------------------
Liabilities:
Gross
Amounts Net Gross Amounts Not Offset
Offset Amounts of in the Statement of
in the Assets Assets and Liabilities
Gross Statement Presented In -------------------------
Amounts of of Assets the Statement Cash
Recognized and of Assets and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Pledged Amount
---------------------------------------------------------------------------------------------
Forward foreign
currency
contracts $ 26,735 $ (26,735) $ -- $ -- $ -- $ --
Futures
contracts $ 79,912 $ (79,912) $ -- $ -- $ -- $ --
Swap contracts $ 91,227 $ -- $ 91,227 $ -- $ -- $ 91,227
Total return swap
agreements $ -- $ -- $ -- $ -- $ -- $ --
---------------------------------------------------------------------------------------------
$ 197,874 $(106,647) $ 91,227 $ -- $ -- $ 91,227
=============================================================================================
64 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
10. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2014 were as follows:
--------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
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 $ 116,723 currency contracts $ --
Futures Contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $1,357,275 futures contracts $ --
Swap Contracts Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $3,324,589 futures contracts $ --
--------------------------------------------------------------------------------------
Total $4,798,587 $ --
======================================================================================
* 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 six
months ended April 30, 2014 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 $(6,838,833)
Futures Contracts Change in unrealized appreciation
(depreciation) on futures contracts $ 948,671
Forward Foreign Net realized gain (loss) on forward
Currency Contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies $ (665,655)
Forward Foreign Change in unrealized appreciation
Currency Contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $ (327,974)
Swap Contracts Net realized gain (loss) on
swap contracts $ (233,267)
Swap Contracts Change in unrealized appreciation
(depreciation) on swap contracts $3,324,589
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 65
11. Subsequent Event
Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending October
31, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended October 31, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
year, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of Ernst & Young LLP would have
caused Ernst & Young LLP to make reference to the subject matter of the
disagreement in connection with its report on the financial statements. In
addition, there have been no reportable events to the kind described in Item
304(a)(i)(v) of Regulation S-K under the Securities and Exchange Act of 1934.
66 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Multi-Asset Real Return Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine annually
whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
PIM also serves as the investment adviser to Pioneer Cayman Commodity Fund, Ltd.
(the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws
of the Cayman Islands. The Trustees, including the independent Trustees voting
separately, unanimously approved the renewal of the investment advisory
agreement for the Subsidiary (the Subsidiary Management Agreement) for another
year. The factors considered by the
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 67
Trustees in approving the renewal of the Subsidiary Management Agreement were
substantially the same as the factors described below with respect to the
investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2013 and in the second quintile
of its Morningstar category for the three year
68 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
period ended June 30, 2013. The Trustees noted the discussions held throughout
the year regarding the Fund's performance and confirmed that those discussions
were factored into the Trustees' deliberations concerning the renewal of the
advisory agreement. The Trustees concluded that the investment performance of
the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Fund Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees noted that although assets invested by the Fund in the Subsidiary are
excluded from the calculation of the Fund's management fee, the Fund indirectly
pays a management fee with respect to assets invested in the Subsidiary because
the Subsidiary pays a management fee pursuant to the Subsidiary Management
Agreement. The Trustees noted that the Subsidiary pays PIM a management fee at
the same rate that the Fund pays PIM.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2013 was in the second quintile relative to its Strategic Insight
peer group for the comparable period. The Trustees noted that PIM was waiving
fees and/or reimbursing expenses in order to limit the ordinary operating
expenses of the Fund.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 69
clients were lower than the management fee for the Fund and considered that,
under the investment advisory agreement with the Fund, PIM performs additional
services for the Fund that it does not provide to those other clients or
services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's management
of the Fund and Pioneer's management of the other client accounts. The Trustees
concluded that the management fee payable by the Fund to PIM was reasonable in
relation to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, rarely
identifiable on a fund-by-fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Fund. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Fund.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
70 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 71
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley,
Secretary Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
72 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 73
This page for your notes.
74 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
This page for your notes.
Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14 75
This page for your notes.
76 Pioneer Multi-Asset Real Return Fund | Semiannual Report | 4/30/14
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) 2014 Pioneer Investments 24879-03-0614
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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date June 27, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date June 27, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 27, 2014
* Print the name and title of each signing officer under his or her signature.