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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, 2015 through April 30, 2016
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
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Semiannual Report | April 30, 2016
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Ticker Symbols:
Class A FLARX
Class C FLRCX
Class K FLRKX
Class Y FLYRX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 47
Notes to Financial Statements 55
Trustees, Officers and Service Providers 69
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 1
President's Letter
Dear Shareowner,
Global financial markets began 2016 on shaky footing, delivering the kind of
volatility that challenged investors in 2015. US equities fell by 10% through
the first six weeks of the year, only to recover the losses by the end of the
first quarter. Fixed-income markets were also acutely affected, with concerns
about falling oil prices and a weak global economy leading to a sell-off in
credit-sensitive sectors, especially high-yield bonds, as investors fled to the
perceived safety of government bonds. Like equities, credit markets recovered
much of their lost ground by the end of the first quarter.
Midway through the first quarter, market sentiment shifted, as expectations grew
that major central banks would extend their accommodative monetary policies in
the hopes of driving economic growth. The US Federal Reserve (the Fed) backed
off plans to raise interest rates four times in 2016, and the European Central
Bank announced a more comprehensive asset-purchasing program in the hopes of
encouraging lending, and boosting both inflation and economic growth. The Bank
of Japan also followed a monetary easing path, announcing negative interest
rates in January.
As 2016 moves along, we continue to see central bank policies as generally
supportive of the US economy - for which we maintain an expectation of modest
growth this year - against an overall global economic backdrop that remains
unsettled and points towards generally lower growth. Economies around the world
in both developed and emerging markets are experiencing deep structural changes.
Current challenges include incomplete debt deleveraging in both emerging and
developed markets, where debt levels continue to grow, the transition of many
emerging markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
April 30, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 3
Portfolio Management Discussion | 4/30/16
Floating-rate bank loans generated positive, albeit modest, returns during the
six-month period ended April 30, 2016. 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 a 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, 2016?
A Pioneer Floating Rate Fund's Class A shares returned 1.30% at net asset
value during the six-month period ended April 30, 2016, while the Fund's
benchmark, the Barclays High Yield Loans Performing Index (the Barclays
Index), returned 1.68%. During the same period, the average return of the
217 mutual funds in Lipper's Loan Participating Funds category was 1.00%,
and the average return of the 260 mutual funds in Morningstar's Bank Loan
Funds category was 1.00%.
Q How would you describe the investment environment for bank loans during
the six-month period ended April 30, 2016?
A The period started out with a continuation of the difficult environment
for credit-sensitive investments, including bank loans, which had
prevailed for most of 2015. Then, growing worries about the health of the
world economy became pervasive in the market, principally due to the
confluence of several factors, including weakening prices for oil and
other basic commodities, evidence of slowing economic growth in China, and
a renewed debt crisis in Greece that potentially threatened the wider
European economy.
Market trends finally shifted in mid-February 2016 when the US dollar
peaked in value, oil and commodity prices began to strengthen, and the
more credit-sensitive sectors of the fixed-income market started to rally.
The new strength in the credit sectors continued over the final 10 weeks
of the six-month period. While bank loans participated in the rally,
lower-rated securities led the market's snapback.
Outflows from bank loans during most of the six-month period were one of
the factors limiting returns for the asset class. Although the loan market
did enjoy a brief net-inflow of investment money during the month of March
2016, outflows from the asset class dominated the other five months of the
period. One of the principal reasons for the shortage of investment
dollars in bank loans was the decline in the issuance of collateralized
loan obligations (CLOs) over most of the period. CLOs are investment pools
of
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
institutional assets formed to invest in bank loans, and issuance of CLOs
increased in only two of the period's six months (March and April).
Moreover, even during the two good months, the level of issuance was below
the average monthly pace established throughout 2015. In addition, net
outflows of cash translated into less demand for bank loans.
Q What were the main factors that affected the Fund's performance relative
to the benchmark Barclays Index during the six-month period ended April
30, 2016?
A The Fund's slight underperformance of its benchmark during the period is
attributable mainly to the up-in-quality tilt of the portfolio, as we
maintained relatively large weightings in the higher-quality tiers of the
bank-loan market. The higher-quality bias in the portfolio tended to
detract from the Fund's relative performance, most notably during the
late-period rally in the credit sectors, when lower-rated debt turned in
the strongest returns. While the Fund's quality bias has served to protect
investment capital during previous periods of market stress - during much
of 2015, for example - it can be a performance detractor when
lower-quality loans spearhead rallies in more volatile market
environments. In addition, the Fund's underweighted positions in loans to
the energy and retailing industries - two groups that helped lead the
market rally in the latter weeks of the six-month period - had a negative
effect on benchmark-relative results, as did the Fund's small position in
short-term US Treasuries.
In contrast, the Fund's investments in loans of consumer cyclical,
industrial, capital goods, and basic industries companies all contributed
positively to benchmark-relative performance during the period.
With regard to individual holdings, positive contributors to the Fund's
benchmark-relative performance during the period included loans to
Fortescue, a metals company; Laureate, a for-profit higher-education
corporation; Securus Technology, a prison telephone system provider; and
Nexeo, a chemical distribution company.
Individual positions that detracted from the Fund's benchmark-relative
returns during the period included loans to EP Energy, a gas company;
Dixie Electric, which provides electrical services to offshore drilling
operations; Targus, a manufacturer of components for laptops and other
technology devices; and Navios Maritime, a shipping company. Navios
struggled during the period due to a decrease in demand as well as
organizational problems associated with its parent company.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 5
Q Did the Fund have any exposure to derivative securities during the
six-month period ended April 30, 2016? If so, did the investments have any
material impact on benchmark-relative performance?
A We did hold a small position in credit default swaps in the portfolio,
which we used as a way to increase liquidity. The exposure had no material
impact on the Fund's benchmark-relative return during the period.
Q What factors affected the Fund's yield, or distributions to shareholders,
during the six-month period ended April 30, 2016?
A The Fund was able to increase its dividend* in April 2016, as the rates on
a number of positions reset higher, which, in turn, generated more current
portfolio income.
Q What is your investment outlook?
A We believe the US economy should be able to grow at a moderate pace of
2.0% to 2.25% in 2016, despite getting off to a slow start in the first
quarter, when gross domestic product (GDP) struggled to reach 1%. While
poor sales figures and a slowdown in capital spending - both of which are
tied to weakness in the energy markets - played a role in the first
quarter's disappointing GDP figures, we still see persuasive evidence that
the domestic economy is strengthening, as employment growth has been
relentless and household formation and new-home construction data have
been encouraging. We also are beginning to see early signs of wage
inflation.
Given this view, we think there is enough domestic economic strength to
justify one or two more interest-rate increases by the US Federal Reserve
in the coming months -- more than the current market consensus. Two or
more resets of the influential Federal funds rate would trigger increases
in the interest rates of floating-rate loans, and potentially increase the
Fund's income. Such a development would be good for the entire
floating-rate loan asset class, as loans were selling at discounts to
their par (face) values as of the end of the six-month period.
While prices for bank loans are relatively low in relation to long-term
averages, the default rates on loans also remain below long-term
historical averages. We believe floating-rate loans offer potential
opportunities for appropriate, income-oriented investors, while also
providing the possibility of near-term capital appreciation as short-term
interest rates move higher.
* Dividends are not guaranteed.
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Please refer to the Schedule of Investments on pages 16-46 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Debt securities rated below investment grade are commonly referred to as "junk
bonds" and are considered speculative. Below-investment-grade debt securities
involve greater risk of loss, are subject to greater price volatility and are
less liquid, especially during periods of economic uncertainty or change, than
higher-rated debt securities. The Fund may invest in high-yield securities of
any rating, including securities that are in default at the time of purchase.
Securities with floating interest rates generally are less sensitive to interest
rate changes but may decline in value if their interest rates do not rise as
much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities,
floating-rate securities generally will not increase in value if interest rates
decline. Changes in interest rates also will affect the amount of interest
income the Fund earns on its floating-rate investments.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 7
Portfolio Summary | 4/30/16
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 84.7%
U.S. Government Securities 4.9%
U.S. Corporate Bonds 4.7%
International Corporate Bonds 2.4%
Temporary Cash Investment 0.9%
Collateralized Mortgage Obligations 0.8%
Asset Backed Securities 0.7%
Exchange Traded Fund 0.6%
U.S. Preferred Stocks 0.2%
U.S. Common Stocks 0.1%
* Includes investments in insurance-linked securities totaling 2.0% of total
investment portfolio.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)**
1. U.S. Treasury Note, Floating Rate Note, 10/31/17 1.42%
--------------------------------------------------------------------------------
2. Avago Technologies Finance, Term Loan (First Lien), 11/13/22 0.96
--------------------------------------------------------------------------------
3. Federal Farm Credit Banks, Floating Rate Note, 9/19/16 0.92
--------------------------------------------------------------------------------
4. Charter Communications Operating LLC, Term F Loan, 1/1/21 0.73
--------------------------------------------------------------------------------
5. U.S. Treasury Bills, 5/19/16 0.72
--------------------------------------------------------------------------------
6. U.S. Treasury Note, Floating Rate Note, 4/30/17 0.69
--------------------------------------------------------------------------------
7. U.S. Treasury Note, Floating Rate Note, 1/31/17 0.68
--------------------------------------------------------------------------------
8. Scientific Games, Initial Term B-2, 10/1/21 0.68
--------------------------------------------------------------------------------
9. Albertsons LLC, Term B-2 Loan, 3/21/19 0.67
--------------------------------------------------------------------------------
10. American Airlines, Inc., 2015 Term Loan (New), 6/27/20 0.61
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell
any securities listed.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Prices and Distributions | 4/30/16
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 4/30/16 10/31/15
--------------------------------------------------------------------------------
A $6.70 $6.73
--------------------------------------------------------------------------------
C $6.71 $6.74
--------------------------------------------------------------------------------
K $6.70 $6.73
--------------------------------------------------------------------------------
Y $6.72 $6.75
--------------------------------------------------------------------------------
Distributions per Share: 11/1/15-4/30/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1152 $-- $--
--------------------------------------------------------------------------------
C $0.0920 $-- $--
--------------------------------------------------------------------------------
K $0.1279 $-- $--
--------------------------------------------------------------------------------
Y $0.1282 $-- $--
--------------------------------------------------------------------------------
The Barclays High Yield Loans Performing Index is an unmanaged index that
provides broad and comprehensive total return metrics of the universe of
syndicated term loans. To be included in the index, a bank loan must be dollar
denominated, have at least $150 million in funded loans, a minimum term of one
year, and a minimum initial spread of LIBOR+1.25%. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-13.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 9
Performance Update | 4/30/16 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, 2016)
--------------------------------------------------------------------------------
Net Public Barclays High
Asset Offering Yield Loans
Value Price Performing
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(2/14/2007) 3.45% 2.94% 4.19%
5 years 3.22 2.27 3.64
1 year 1.00 -3.50 0.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
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 Loans
Rate Fund Performing Index
2/07 $ 9,550 $10,000
4/07 $ 9,664 $10,181
4/08 $ 9,422 $ 9,955
4/09 $ 8,466 $ 8,704
4/10 $10,477 $11,492
4/11 $11,142 $12,279
4/12 $11,559 $12,610
4/13 $12,294 $13,613
4/14 $12,614 $14,108
4/15 $12,927 $14,631
4/16 $13,057 $14,686
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 | 4/30/16
Performance Update | 4/30/16 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, 2016)
--------------------------------------------------------------------------------
Barclays High
Yield Loans
If If Performing
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(2/14/2007) 2.65% 2.65% 4.19%
5 years 2.46 2.46 3.64
1 year 0.30 0.30 0.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.84%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays High Yield Loans
Rate Fund Performing Index
2/07 $10,000 $10,000
4/07 $10,095 $10,181
4/08 $ 9,753 $ 9,955
4/09 $ 8,696 $ 8,704
4/10 $10,683 $11,492
4/11 $11,266 $12,279
4/12 $11,582 $12,610
4/13 $12,244 $13,613
4/14 $12,469 $14,108
4/15 $12,686 $14,631
4/16 $12,724 $14,686
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 | 4/30/16 11
Performance Update | 4/30/16 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, 2016)
--------------------------------------------------------------------------------
Net Barclays High
Asset Yield Loans
Value Performing
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(2/14/2007) 3.56% 4.19%
5 years 3.42 3.64
1 year 1.25 0.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.73%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Floating Barclays High Yield Loans
Rate Fund Performing Index
2/07 $10,000 $10,000
4/07 $10,115 $10,181
4/08 $ 9,862 $ 9,955
4/09 $ 8,861 $ 8,704
4/10 $10,966 $11,492
4/11 $11,662 $12,279
4/12 $12,098 $12,610
4/13 $12,868 $13,613
4/14 $13,231 $14,108
4/15 $13,628 $14,631
4/16 $13,798 $14,686
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 | 4/30/16
Performance Update | 4/30/16 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, 2016)
--------------------------------------------------------------------------------
Net Barclays High
Asset Yield Loans
Value Performing
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(2/14/2007) 3.71% 4.19%
5 years 3.58 3.64
1 year 1.41 0.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.82% 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 Loans
Rate Fund Performing Index
2/07 $5,000,000 $5,000,000
4/07 $5,057,400 $5,090,732
4/08 $4,933,654 $4,977,316
4/09 $4,433,295 $4,351,911
4/10 $5,504,693 $5,746,192
4/11 $5,866,555 $6,139,730
4/12 $6,093,369 $6,304,798
4/13 $6,514,421 $6,806,517
4/14 $6,706,511 $7,054,110
4/15 $6,896,275 $7,315,388
4/16 $6,993,735 $7,343,236
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, 2017, 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 | 4/30/16 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from November 1, 2015, through April 30, 2016.
--------------------------------------------------------------------------------
Share Class A C K Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 11/1/15
--------------------------------------------------------------------------------
Ending Account $ 1,013.00 $ 1,009.50 $ 1,014.90 $ 1,015.00
Value (after expenses)
on 4/30/16
--------------------------------------------------------------------------------
Expenses Paid $ 5.06 $ 8.69 $ 3.56 $ 3.51
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.01%,
1.74%, 0.71% and 0.70% for Class A, Class C, Class K and Class Y shares
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the one-half year period).
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
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, 2015, through April 30, 2016.
--------------------------------------------------------------------------------
Share Class A C K Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 11/1/15
--------------------------------------------------------------------------------
Ending Account $ 1,019.84 $ 1,016.21 $ 1,021.33 $ 1,021.38
Value (after expenses)
on 4/30/16
--------------------------------------------------------------------------------
Expenses Paid $ 5.07 $ 8.72 $ 3.57 $ 3.52
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.01%,
1.74%, 0.71% and 0.70% for Class A, Class C, Class K and Class Y shares
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the one-half year period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 15
Schedule of Investments | 4/30/16 (unaudited)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.2%
BANKS -- 0.1%
Diversified Banks -- 0.1%
18,434 6.99 Citigroup Capital XIII, Floating Rate Note, 10/30/40 $ 482,049
---------------
Total Banks $ 482,049
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Consumer Finance -- 0.1%
40,000 6.40 GMAC Capital Trust I, Floating Rate Note, 2/15/40 $ 1,002,800
---------------
Total Diversified Financials $ 1,002,800
--------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $1,565,230) $ 1,484,849
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.1%
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Diversified Support Services -- 0.0%+
32 IAP Worldwide Services, Inc. $ 42,996
---------------
Total Commercial Services & Supplies $ 42,996
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
50 Lear Corp. $ 5,756
---------------
Total Automobiles & Components $ 5,756
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Education Services -- 0.1%
26,266 Cengage Learning Holdings II, Inc. $ 505,620
---------------
Total Consumer Services $ 505,620
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Computer & Electronics Retail -- 0.0%+
54,675 Targus Cayman SubCo., Ltd. (g) $ 191,362
---------------
Total Retailing $ 191,362
--------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,222,504) $ 745,734
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.2%
BANKS -- 0.1%
Thrifts & Mortgage Finance -- 0.1%
500,000 2.07 KKR Financial CLO 2007-1, Ltd., Floating Rate
Note, 5/15/21 (144A) $ 493,935
---------------
Total Banks $ 493,935
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Specialized Finance -- 0.0%+
249,665 0.86 Lease Investment Flight Trust, Floating Rate
Note, 7/15/31 $ 54,926
249,665 0.82 Lease Investment Flight Trust, Floating Rate
Note, 7/15/31 56,799
---------------
$ 111,725
---------------
Total Diversified Financials $ 111,725
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Services -- 0.1%
1,000,000 3.74 Home Partners of America 2016-1 Trust, Floating
Rate Note, 3/18/33 (144A) $ 988,490
---------------
Total Real Estate $ 988,490
--------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,800,271) $ 1,594,150
--------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 0.8%
BANKS -- 0.8%
Thrifts & Mortgage Finance -- 0.8%
1,000,000 2.38 BHMS 2014-ATLS Mortgage Trust REMICS, Floating
Rate Note, 7/8/33 (144A) $ 980,886
1,000,000 2.93 CDGJ Commercial Mortgage Trust 2014-BXCH,
Floating Rate Note, 12/15/27 (144A) 984,952
1,000,000 3.73 Citigroup Commercial Mortgage Trust 2015-SHP2,
Floating Rate Note, 7/15/27 (144A) 988,143
1,000,000 4.33 GS Mortgage Securities Trust 2014-GSFL, Floating
Rate Note, 7/15/31 (144A) 961,434
1,000,000 2.68 JP Morgan Chase Commercial Mortgage Securities
Trust 2015-COSMO, Floating Rate Note,
1/15/32 (144A) 988,817
---------------
$ 4,904,232
---------------
Total Banks $ 4,904,232
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
350,760 4.43 Velocity Commercial Capital Loan Trust 2011-1,
Floating Rate Note, 8/25/40 (144A) $ 336,730
---------------
Total Diversified Financials $ 336,730
--------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $5,220,142) $ 5,240,962
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 7.4%
ENERGY -- 1.1%
Oil & Gas Equipment & Services -- 0.1%
615,000 Weatherford International, Ltd., 9.625%, 3/1/19 $ 645,750
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 17
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.4%
1,000,000 Gulfport Energy Corp., 6.625%, 5/1/23 $ 970,000
1,000,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 892,500
800,000 WPX Energy, Inc., 7.5%, 8/1/20 762,000
---------------
$ 2,624,500
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.2%
1,405,000 NuStar Logistics LP, 6.75%, 2/1/21 $ 1,390,950
---------------
Total Energy $ 4,661,200
--------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Commodity Chemicals -- 0.1%
610,000 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) $ 524,600
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
900,000 INEOS Group Holdings SA, 5.875%, 2/15/19 (144A) $ 913,500
--------------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%+
350,000 Cemex SAB de CV, 5.875%, 3/25/19 (144A) $ 357,840
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
1,000,000 Ardagh Group, 3.876%, 5/15/21 (144A) $ 1,000,000
--------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
350,000 Constellium NV, 7.875%, 4/1/21 (144A) $ 360,500
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
795,000 Resolute Forest Products, Inc., 5.875%, 5/15/23 $ 598,238
---------------
Total Materials $ 3,754,678
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
750,000 MasTec, Inc., 4.875%, 3/15/23 $ 690,000
---------------
Total Capital Goods $ 690,000
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
500,000 Air Canada 2013-1 Class C Pass Through Trust,
6.625%, 5/15/18 (144A) $ 503,750
---------------
Total Transportation $ 503,750
--------------------------------------------------------------------------------------------------------
MEDIA -- 0.1%
Advertising -- 0.0%+
370,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 383,172
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
540,000 Virgin Media Secured Finance Plc, 5.375%,
4/15/21 (144A) $ 564,300
---------------
Total Media $ 947,472
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Specialty Stores -- 0.1%
660,000 Outerwall, Inc., 6.0%, 3/15/19 $ 589,050
---------------
Total Retailing $ 589,050
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Health Care Services -- 0.1%
510,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) $ 530,400
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.7%
1,000,000 Centene Escrow Corp., 5.625%, 2/15/21 (144A) $ 1,052,500
1,500,000 CHS, 5.125%, 8/15/18 1,518,750
1,500,000 CHS, 6.875%, 2/1/22 1,357,500
1,000,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 933,800
---------------
$ 4,862,550
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
1,000,000 Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) $ 1,032,500
---------------
Total Health Care Equipment & Services $ 6,425,450
--------------------------------------------------------------------------------------------------------
BANKS -- 0.6%
Diversified Banks -- 0.6%
1,000,000 6.30 Bank of America Corp., Floating Rate Note (Perpetual) $ 1,047,500
1,550,000 7.62 BNP Paribas SA, Floating Rate Note (Perpetual)
(144A) 1,584,875
1,000,000 5.90 Citigroup, Inc., Floating Rate Note (Perpetual) 997,500
180,000 5.95 Citigroup, Inc., Floating Rate Note (Perpetual) 177,750
---------------
$ 3,807,625
---------------
Total Banks $ 3,807,625
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Specialized Finance -- 0.1%
615,000 Nationstar Mortgage LLC, 6.5%, 8/1/18 $ 599,625
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.2%
1,000,000 5.55 Capital One Financial Corp., Floating Rate
Note (Perpetual) $ 998,000
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
1,500,000 2.40 The Goldman Sachs Group, Inc., Floating Rate
Note, 2/25/21 $ 1,505,912
---------------
Total Diversified Financials $ 3,103,537
--------------------------------------------------------------------------------------------------------
INSURANCE -- 2.0%
Reinsurance -- 2.0%
500,000 6.20 Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat
Bond) (144A) $ 513,650
500,000 3.82 Atlas IX Capital DAC, Floating Rate Note, 1/17/19
(Cat Bond) (144A) $ 509,200
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 19
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Reinsurance (continued)
600,000 Berwick 2016-1 Segregated Account (Kane SAC
Ltd.), Variable Rate Notes, 2/1/18 (e) (f) $ 610,380
500,000 4.56 Blue Danube II, Ltd., Floating Rate Note, 5/23/16
(Cat Bond) (144A) 500,250
250,000 7.06 Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat
Bond) (144A) 253,300
600,000 Carnosutie 2016-N,Segregated Account (Kane
SAC Ltd.), Variance Rate Notes, 11/30/20 (e) (f) 612,060
350,000 Gleneagles Segregated Account (KANE SAC Ltd),
Variable Rate Notes, 11/30/20 (e) (f) 360,080
600,000 Gullane Segregated Account (KANE SAC Ltd.),
Variable Rate Note 11/30/20 (e) (f) 635,640
500,000 6.96 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (144A) 502,200
250,000 9.46 Kilimanjaro Re, Ltd., Floating Rate Note,
12/6/19 (144A) 252,725
650,000 4.98 Kilimanjaro Re, Ltd., Floating Rate Note,
4/30/18 (Cat Bond) (144A) 650,000
1,350,000 4.49 Longpoint Re, Ltd. III, Floating Rate Note,
5/18/16 (Cat Bond) (144A) 1,347,570
250,000 Madison Re. Variable Rate Notes, 3/31/19 (e) (f) 250,000
500,000 7.48 Northshore Re, Ltd., Floating Rate Note, 7/5/16
(Cat Bond) (144A) 501,700
600,000 Pangaea Re., Variable Rate Notes, 2/1/20 (e) (f) 607,860
500,000 4.80 PennUnion Re, Ltd., Floating Rate Note, 12/7/18
(Cat Bond) (144A) 499,650
250,000 5.80 Queen Street IX Re, Ltd., Floating Rate Note,
6/8/17 (Cat Bond) (144A) 249,625
350,000 10.30 Residential Reinsurance 2012, Ltd., Floating Rate
Note, 6/6/16 (Cat Bond) (144A) 351,750
250,000 9.52 Residential Reinsurance 2013, Ltd., Floating Rate
Note, 6/6/17 (Cat Bond) (144A) 258,400
250,000 7.55 Residential Reinsurance 2015, Ltd., Floating Rate
Note, 12/6/19 (Cat Bond) (144A) 251,175
350,000 Resilience Re, Ltd., 4/7/17 (Cat Bond) (e) (f) 316,540
500,000 3.73 Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat
Bond) (144A) 496,350
500,000 4.11 Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat
Bond) (144A) 500,750
600,000 St. Andrews Segregated Account (Kane SAC Ltd.),
Variance Rate Notes, 2/1/18 (e) (f) 616,020
1,250,000 8.80 Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat
Bond) (144A) 1,249,875
---------------
$ 12,896,750
---------------
Total Insurance $ 12,896,750
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.2%
1,295,000 j2 Cloud Services, Inc., 8.0%, 8/1/20 $ 1,351,656
---------------
Total Software & Services $ 1,351,656
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.1%
Semiconductors -- 0.1%
750,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 606,008
---------------
Total Semiconductors & Semiconductor Equipment $ 606,008
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.1%
Integrated Telecommunication Services -- 1.0%
2,500,000 CenturyLink, Inc., 6.45%, 6/15/21 $ 2,550,000
1,500,000 Cincinnati Bell, Inc., 8.375%, 10/15/20 1,537,500
2,100,000 Frontier Communications Corp., 8.5%, 4/15/20 2,220,750
---------------
$ 6,308,250
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
500,000 Intelsat Jackson Holdings SA, 8.0%, 2/15/24 (144A) $ 517,500
---------------
Total Telecommunication Services $ 6,825,750
--------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Gas Utilities -- 0.0%+
250,000 Ferrellgas LP, 6.5%, 5/1/21 $ 238,125
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.2%
521,000 NRG Energy, Inc., 6.25%, 7/15/22 $ 510,747
375,000 Star Energy Geothermal Wayang Windu, Ltd.,
6.125%, 3/27/20 (144A) 378,792
---------------
$ 889,539
---------------
Total Utilities $ 1,127,664
--------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $47,378,232) $ 47,290,590
--------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 5.0%
6,000,000 0.53 Federal Farm Credit Banks, Floating Rate
Note, 9/19/16 $ 6,001,746
4,700,000 U.S. Treasury Bills, 5/19/16 (c) 4,699,657
3,200,000 U.S. Treasury Bills, 5/26/16 (c) 3,199,648
4,445,000 0.33 U.S. Treasury Note, Floating Rate Note, 1/31/17 4,445,596
9,215,000 0.42 U.S. Treasury Note, Floating Rate Note, 10/31/17 9,223,502
4,450,000 0.32 U.S. Treasury Note, Floating Rate Note, 4/30/17 4,449,818
--------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $32,003,558) $ 32,019,967
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 21
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 85.5%**
ENERGY -- 1.8%
Oil & Gas Drilling -- 0.5%
2,976,786 6.00 Drillships Financing Holding, Inc., Tranche B-1
Term Loan, 3/31/21 $ 1,458,625
1,750,000 7.50 Jonah Energy LLC, Term Loan (Second Lien), 5/8/21 1,211,875
1,201,861 4.50 Pacific Drilling SA, Term Loan, 6/3/18 347,788
1,975,000 5.25 Paragon Offshore Finance, Term Loan, 7/16/21 508,562
---------------
$ 3,526,850
--------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
1,661,750 5.75 FR Dixie Acquisition Corp., Term Loan, 1/23/21 $ 789,331
--------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.4%
1,570,401 5.25 ExGen Renewables I LLC, Term Loan, 2/5/21 $ 1,582,179
30,316 4.50 Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 30,240
1,344,063 4.00 Seadrill Operating LP, Initial Term Loan, 2/14/21 661,111
---------------
$ 2,273,530
--------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
439,453 3.50 EP Energy LLC, Tranche B-3 Loan, 5/24/18 $ 351,563
--------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
1,487,468 5.25 Chelsea Petroleum Products I LLC, Tranche B
Term Loan, 7/22/22 $ 1,450,282
933,719 3.75 Pilot Travel Centers LLC, Refinancing Tranche B
Term Loan, 10/3/21 939,555
876,758 4.25 Western Refining, Inc., Term Loan 2013, 11/12/20 867,808
---------------
$ 3,257,645
--------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.2%
350,000 3.59 Energy Transfer Equity LP, Loan (2013), 12/2/19 $ 330,604
464,706 4.00 Energy Transfer Equity LP, Loan (2015), 12/2/19 446,118
859,569 4.75 Penn Products Terminals LLC, Tranche B Term
Loan, 4/1/22 840,229
---------------
$ 1,616,951
--------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.0%+
195,833 18.15 Bumi Resources Tbk PT, Term Loan, 8/15/13 $ 39,167
---------------
Total Energy $ 11,855,037
--------------------------------------------------------------------------------------------------------
MATERIALS -- 9.5%
Commodity Chemicals -- 0.4%
283,906 4.75 Eco Services Operations, Initial Term Loan, 10/8/21 $ 277,163
2,393,813 4.50 Tronox Pigments Holland BV, New Term Loan,
3/19/20 2,323,868
---------------
$ 2,601,031
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.1%
1,296,750 6.50 Azelis Finance SA, Dollar Term Loan (First Lien),
12/1/22 $ 1,304,044
496,250 3.75 Chemours Company LLC, Term Loan (First Lien),
5/12/22 485,084
2,027,977 5.00 Nexeo Solutions LLC, Initial Term Loan, 2/26/17 2,025,442
382,947 5.00 Orion Engineered Carbons GmbH, Initial Dollar
Term Loan, 7/25/21 384,384
798,000 5.75 Plaskolite, Inc., Term Loan (First Lien), 11/2/22 799,995
1,995,595 3.75 Tata Chemicals North America, Inc., Term Loan,
8/7/20 1,975,639
---------------
$ 6,974,588
--------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
992,500 4.25 Methanol Holdings Trinidad, Ltd., Initial Term
Loan, 6/2/22 $ 923,025
--------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 3.4%
1,730,953 4.50 Allnex Luxembourg & CY SCA, Tranche B-1 Term
Loan, 10/4/19 $ 1,728,789
898,108 4.50 Allnex Luxembourg & CY SCA, Tranche B-2 Term
Loan, 10/4/19 896,985
2,186,124 3.75 Axalta Coating Systems US Holdings, Inc.,
Refinanced Term B Loan, 2/1/20 2,186,295
321,135 3.50 Chemtura Corp., New Term Loan, 8/29/16 322,339
3,311,008 5.00 CSM Bakery Solutions LLC, Term Loan (First
Lien), 7/3/20 3,283,073
775,000 5.25 GCP Applied Technologies Inc., Term Loan (First
Lien), 1/22/22 779,521
842,513 3.50 Huntsman International LLC, 2015 Extended
Term B Dollar Loan, 4/19/19 842,162
2,674,375 5.50 MacDermid, Inc., Tranche B Term Loan (First
Lien), 6/7/20 2,630,291
2,629,621 4.25 OMNOVA Solutions, Inc., Term B-1 Loan, 5/31/18 2,614,829
498,750 3.75 PolyOne Corp., Initial Loan, 11/6/22 499,841
3,484,455 4.00 PQ Corp., 2014 Term Loan, 8/7/17 3,486,995
1,558,694 5.75 PQ Corp., Term Loan (First Lien), 10/28/22 1,570,072
124,063 4.50 Royal Holdings, Inc., Initial Term Loan (First Lien),
6/12/22 123,539
175,000 8.50 Royal Holdings, Inc., Initial Term Loan (Second
Lien), 6/12/23 167,635
870,937 2.75 WR Grace & Co-Conn, U.S. Term Loan, 1/23/21 867,889
---------------
$ 22,000,255
--------------------------------------------------------------------------------------------------------
Construction Materials -- 0.5%
1,352,850 3.50 American Builders & Contractors Supply Co, Inc.,
Term B Loan, 4/16/20 $ 1,357,078
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 23
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Construction Materials (continued)
1,799,526 4.25 CeramTec Service GmbH, Initial Dollar Term B-1
Loan, 8/30/20 $ 1,800,651
---------------
$ 3,157,729
--------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.7%
293,880 4.00 Ardagh Holdings USA, Inc., Tranche B-3 Term
Loan (First Lien), 12/17/19 $ 294,064
1,991,663 5.50 BWay Intermediate, Initial Term Loan, 8/14/20 1,988,177
995,002 5.75 Prolampac Intermediate, Inc., Initial Term Loan
(First Lien), 7/23/22 983,186
942,875 4.50 Tekni-Plex, Inc., Tranche B-1 Term Loan (First
Lien), 4/15/22 935,018
---------------
$ 4,200,445
--------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.1%
2,255,655 4.00 Berry Plastics Group, Inc., Term F Loan, 9/17/22 $ 2,265,241
438,628 8.00 Caraustar Industries, Inc., Incremental Term Loan,
6.75%, 5/1/19 437,715
1,382,548 8.00 Caraustar Industries, Inc., Term Loan, 5/1/19 1,379,668
1,046,674 8.02 Clondalkin Acquisition BV, Term Loan, 5/31/20 1,041,441
402,568 4.50 Coveris Holdings SA, USD Term Loan, 4/14/19 399,549
1,786,063 4.25 Multi Packaging Solutions, Inc., Initial Dollar
Tranche B Term, 9/30/20 1,786,063
---------------
$ 7,309,677
--------------------------------------------------------------------------------------------------------
Aluminum -- 0.2%
1,488,750 4.00 Novelis, Inc., Initial Term Loan, 5/28/22 $ 1,483,353
--------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.7%
2,301,119 4.25 Fortescue Metals Group Ltd., Bank Loan, 6/30/19 $ 2,177,722
2,954,261 4.00 US Silica Co., Term Loan, 7/23/20 2,577,592
---------------
$ 4,755,314
--------------------------------------------------------------------------------------------------------
Steel -- 0.8%
987,413 4.50 Atkore International, Inc., Term Loan (First
Lien), 3/27/21 $ 972,807
1,537,814 4.75 JMC Steel Group, Inc., Term Loan, 4/1/17 1,536,853
939,815 3.75 Signode Industrial Group US, Inc., Tranche B Term
Loan (First Lien), 3/21/21 933,941
1,683,840 4.50 TMS International Corp., Term B Loan, 10/2/20 1,532,294
---------------
$ 4,975,895
--------------------------------------------------------------------------------------------------------
Paper Products -- 0.4%
1,653,881 6.25 Appvion, Inc., Term Commitment, 6/28/19 $ 1,581,523
1,188,708 4.25 Rack Holdings, Inc., Tranche B-1 USD Term Loan,
10/1/21 1,164,934
---------------
$ 2,746,457
---------------
Total Materials $ 61,127,769
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.6%
Aerospace & Defense -- 2.7%
2,462,055 4.00 Accudyne Industries Borrower SCA, Refinancing
Term Loan, 12/13/19 $ 2,228,160
1,240,625 5.50 Alion Science & Technology Corp., Term Loan
(First Lien), 8/13/21 1,229,770
2,709,436 4.75 DigitalGlobe, Inc., Term Loan, 1/25/20 2,721,268
1,839,808 6.25 DynCorp International, Inc., Term Loan, 7/7/16 1,798,412
436,534 5.25 Standard Aero, Ltd., Term Loan (First Lien), 6/23/22 436,534
1,211,629 7.00 TASC, Inc., First Lien Term Loan, 2/28/17 1,208,085
2,387,047 5.75 The SI Organization, Inc., Term Loan (First Lien),
11/19/19 2,390,031
2,052,750 5.50 TurboCombustor Technology, Inc., Initial Term
Loan, 10/18/20 1,842,343
623,685 3.25 Wesco Aircraft Hardare Corp., Tranche B Term Loan
(First Lien), 2/24/21 614,329
2,856,467 4.50 WP CPP Holdings LLC, Term B-3 Loan (First
Lien), 12/28/19 2,749,350
---------------
$ 17,218,282
--------------------------------------------------------------------------------------------------------
Building Products -- 2.5%
2,200,000 4.00 Armstrong World Industries, Inc., Term Loan B,
2/23/23 $ 2,211,000
2,239,688 6.00 Builders FirstSource, Inc., Initial Term Loan,
7/24/22 2,240,738
1,461,118 4.25 NCI Building Systems, Inc., Tranche B Term
Loan, 6/24/19 1,454,612
1,856,877 3.50 Nortek, Inc., Incremental-1 Loan, 10/30/20 1,831,345
2,294,250 6.25 Quanex Building Products Corp., Initial Term
Loan, 10/7/22 2,302,853
2,750,955 4.00 Quikrete Holdings, Inc., Initial Loan (First Lien),
9/26/20 2,750,669
1,215,813 4.00 Summit Materials LLC, Restatement Effective Date
Term Loan, 6/26/22 1,217,205
2,060,793 4.25 Unifrax Corp., New Term B Loan, 12/31/19 1,957,754
---------------
$ 15,966,176
--------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.0%+
310,178 3.75 Aecom Technology, Term Loan B, 10/15/21 $ 312,117
--------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.9%
851,767 5.25 Pelican Products, Inc., Term Loan (First Lien), 4/8/20 $ 800,661
2,904,793 3.00 Southwire Co., Term Loan, 1/31/21 2,855,775
1,916,091 6.00 WireCo WorldGroup, Inc., Term Loan, 2/15/17 1,895,733
---------------
$ 5,552,169
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 25
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.1%
191,287 4.25 CeramTec Acquisition Corp., Initial Dollar Term B-2
Loan, 8/30/20 $ 191,407
548,373 4.25 CeramTec GmbH, Dollar Term B-3 Loan, 8/30/20 548,716
1,245,168 4.50 Doosan Infracore, Tranche B Term, 5/28/21 1,230,382
1,692,278 4.25 Filtration Group, Inc., Term Loan (First Lien),
11/21/20 1,690,163
1,228,109 4.25 Gates Global LLC, Tranche B Term Loan (First
Lien), 6/12/21 1,180,519
401,342 5.00 Kloeckner Pentaplast of America, Inc., Initial U.S.
Borrower Dollar Term Loan, 4/22/20 402,345
171,514 5.00 KP Germany Erste GmbH, Initial German Borrower
Dollar Term Loan, 4/22/20 171,942
1,500,000 4.50 Milacron LLC, Term Loan, 9/28/20 1,503,750
---------------
$ 6,919,224
--------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy
Trucks -- 0.4%
1,182,038 6.50 Navistar, Inc., Tranche B Term Loan, 8/17/17 $ 1,123,920
1,500,000 4.50 Terex Corporation, Term Loan (First Lien), 12/15/22 1,481,250
---------------
$ 2,605,170
--------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.7%
2,050,000 7.25 Blount International, Inc., Initial Term Loan, 4/5/23 $ 2,050,000
2,322,299 4.25 Gardner Denver, Inc., Initial Dollar
Term Loan, 7/30/20 2,176,431
1,476,923 5.75 Manitowoc Foodservice, Inc., Term B Loan, 2/5/23 1,491,385
1,990,000 0.00 NN, Inc., Initial Term Loan, 10/2/22 1,980,050
1,211,603 5.25 Tank Holding Corp., Initial Term Loan, 7/9/19 1,157,081
1,869,980 6.25 Xerium Technologies, Inc., Initial Term Loan, 5/17/19 1,827,905
---------------
$ 10,682,852
--------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
1,442,750 4.25 Univar USA, Inc., Initial Dollar Term Loan, 6/25/22 $ 1,427,121
817,831 3.75 WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19 820,387
---------------
$ 2,247,508
---------------
Total Capital Goods $ 61,503,498
--------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 3.1%
Environmental & Facilities Services -- 1.2%
471,732 3.75 ADS Waste Holdings, Inc., Initial Tranche B-2,
10/9/19 $ 470,848
1,240,625 5.25 Infiltrator Systems Integrated LLC, Term B Loan,
5/21/22 1,243,209
1,163,250 4.25 Waste Industries USA, Inc., Initial Term Loan,
2/20/20 1,170,520
1,864,781 5.50 Wastequip LLC, Term Loan, 8/9/19 1,864,781
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Environmental & Facilities Services (continued)
1,946,363 4.00 WCA Waste Corp., Term Loan, 3/23/18 $ 1,945,146
945,881 5.00 Wheelabrator, Term B Loan, 10/15/21 916,914
42,146 5.00 Wheelabrator, Term C Loan, 10/15/21 40,855
---------------
$ 7,652,273
--------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.2%
1,246,875 4.25 West Corp., Term B-11 Loan, 11/20/21 $ 1,250,771
--------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.9%
250,335 8.02 IAP Worldwide Services, Inc., Term Loan, 7/18/19 $ 248,770
499,922 7.00 infoGroup, Inc., Term B Loan, 5/26/18 479,300
1,000,000 4.25 KAR Auction Services, Inc., Tranche B-3 Term
Loan, 2/28/23 1,003,750
1,354,559 6.50 Language Line LLC, Initial Term Loan (First Lien),
7/2/21 1,350,326
2,048,401 4.00 MTL Publishing LLC, Term B-3 Loan, 8/14/22 2,049,681
770,000 8.02 Ryan LLC, Tranche B Term Loan, 8/5/20 753,638
---------------
$ 5,885,465
--------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.6%
908,399 4.25 Allied Security Holdings LLC, Closing Date Term
Loan (First Lien), 2/12/21 $ 904,613
1,966,912 4.00 Garda World Security Corp., Term B Loan, 11/1/20 1,936,588
503,163 4.00 Garda World Security Corp., Term B Loan, 11/8/20 495,406
831,069 4.25 Monitronics International, Inc., Term B Loan,
3/23/18 797,826
---------------
$ 4,134,433
--------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.2%
1,231,712 3.75 On Assignment, Inc., Initial Term B Loan, 6/5/22 $ 1,237,101
---------------
Total Commercial Services & Supplies $ 20,160,043
--------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.8%
Air Freight & Logistics -- 0.5%
541,872 6.50 CEVA Group Plc, Pre-Funded L/C Loan, 3/19/21 $ 475,944
560,000 6.50 Ceva Intercompany BV, Dutch BV Term, 3/19/21 491,866
96,552 6.50 Ceva Logistics Canada, ULC, Canadian Term
Loan, 3/19/21 84,805
772,414 6.50 Ceva Logistics U.S. Holdings, Inc., US Term
Loan, 3/19/21 678,437
1,661,750 5.25 Syncreon Group BV, Term Loan, 9/26/20 1,395,870
---------------
$ 3,126,922
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 27
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Airlines -- 1.7%
1,572,000 4.00 Air Canada, Replacement Term Loan, 9/26/19 $ 1,581,335
3,969,300 3.25 American Airlines, Inc., 2015 Term Loan (New),
6/27/20 3,953,177
889,875 3.50 American Airlines, Inc., Tranche B-1 Term Loan
(Consenting), 5/23/19 890,616
2,303,707 3.25 Atlantic Aviation FBO, Inc., Term Loan (2013), 6/1/20 2,299,867
597,000 3.25 Delta Air Lines Inc., Term Loan (First Lien), 8/24/22 599,015
1,697,500 3.25 United Airlines, Inc., Class B Term Loan, 4/1/19 1,699,198
---------------
$ 11,023,208
--------------------------------------------------------------------------------------------------------
Marine -- 0.4%
926,449 9.75 Commercial Barge Line Co., Initial Term Loan,
11/6/20 $ 810,643
1,939,706 5.25 Navios Maritime Partners LP, Term Loan, 6/27/18 1,716,640
---------------
$ 2,527,283
--------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
111,025 4.00 The Kenan Advantage Group, Inc., Initial Canadian
Term Loan, 7/24/22 $ 110,933
341,076 4.00 The Kenan Advantage Group, Inc., Initial U.S. Term
Loan, 7/24/22 340,792
---------------
$ 451,725
--------------------------------------------------------------------------------------------------------
Marine Ports & Services -- 0.1%
763,393 5.25 SeaStar Solutions, Term Loan, 1/22/21 $ 762,120
---------------
Total Transportation $ 17,891,258
--------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.5%
Auto Parts & Equipment -- 2.7%
1,601,155 6.00 Affinia Group, Inc., Tranche B-2 Term Loan, 4/25/20 $ 1,598,113
2,268,490 3.50 Allison Transmission, Inc., Term B-3 Loan, 8/23/19 2,275,580
2,023,767 4.00 Cooper Standard Intermediate Holdco 2 LLC, Term
Loan, 3/28/21 2,023,767
1,993,677 5.75 Electrical Components International, Inc., Loan,
4/17/21 1,997,415
1,589,866 4.75 Federal-Mogul Corporation, Tranche C Term, 4/15/21 1,522,297
645,979 4.75 Key Safety Systems, Inc., Initial Term Loan, 7/28/21 647,190
1,449,891 3.75 MPG Holdco I, Inc., Tranche B-1 Term Loan (2015),
10/20/21 1,443,677
812,927 4.25 Schaeffler AG, Facility B-USD, 5/15/20 819,532
1,564,781 4.50 TI Group Automotive Systems LLC, Initial US Term
Loan, 6/25/22 1,564,781
2,917,263 4.00 Tower Automotive Holdings USA LLC, Initial Term
Loan (2014), 4/23/20 2,917,263
807,917 3.50 Visteon Corp., Tranche B Loan (First Lien), 4/8/21 806,655
---------------
$ 17,616,270
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
1,087,500 3.75 The Goodyear Tire & Rubber Co., Term Loan
(Second Lien), 3/27/19 $ 1,091,239
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.6%
1,426,698 3.50 Chrysler Group LLC, Term Loan B, 5/24/17 $ 1,428,604
1,151,286 3.25 Chrysler Group LLC, Tranche B Term Loan, 12/29/18 1,152,293
1,206,625 6.00 Crown Group llc, Term Loan (First Lien), 9/30/20 1,164,393
---------------
$ 3,745,290
---------------
Total Automobiles & Components $ 22,452,799
--------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.8%
Home Furnishings -- 0.4%
2,581,653 4.25 Serta Simmons Bedding LLC, Term Loan, 10/1/19 $ 2,590,932
--------------------------------------------------------------------------------------------------------
Homebuilding -- 0.2%
1,300,000 5.75 GCA Merger Sub, Inc., Term Loan (First Lien), 2/22/23 $ 1,306,500
--------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.7%
2,490,717 4.50 Reynolds Group Holdings, Inc., Incremental U.S.
Term Loan, 12/31/18 $ 2,501,614
2,420,598 5.50 World Kitchen LLC, U.S. Term Loan, 3/4/19 2,422,110
---------------
$ 4,923,724
--------------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
1,112,584 3.75 Bombardier Recreational Products, Inc., Term
B-2 Loan, 1/30/19 $ 1,113,379
--------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.2%
1,100,534 3.25 PVH Corp., Tranche B Term Loan, 12/19/19 $ 1,108,003
--------------------------------------------------------------------------------------------------------
Footwear -- 0.1%
498,744 0.00 Regal Cinemas Corp., Term Loan, 3/17/22 $ 501,432
---------------
Total Consumer Durables & Apparel $ 11,543,970
--------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 6.3%
Casinos & Gaming -- 1.4%
3,286,985 4.25 CityCenter Holdings LLC, Term B Loan, 10/16/20 $ 3,300,340
868,438 4.25 Eldorado Resorts, Inc., Initial Term Loan, 7/17/22 871,332
200,000 3.11 Pinnacle Entertainments Inc., Term Loan (First
Lien), 11/24/22 201,125
4,487,188 6.00 Scientific Games, Initial Term B-2, 10/1/21 4,432,502
---------------
$ 8,805,299
--------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 1.0%
2,698,209 3.50 Four Seasons Holdings Inc., Term Loan, 6/27/20 $ 2,701,582
1,134,079 3.50 Hilton Worldwide Finance LLC, Initial Term
Loan, 9/23/20 1,138,615
1,657,500 4.00 Sabre GLBL, Inc., Incremental Term Loan, 2/19/19 1,664,060
1,047,061 4.00 Sabre GLBL, Inc., Term B Loan, 2/19/19 1,051,097
---------------
$ 6,555,354
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 29
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.9%
1,520,311 3.25 Cedar Fair LP, U.S. Term Facility, 3/6/20 $ 1,528,851
1,899,731 5.53 L.A. Fitness International, LLC, Tranche B Term
Loan (First Lien), 4/25/20 1,866,485
769,188 4.25 Life Time Fitness, Inc., Closing Date Term Loan,
6/4/22 766,303
1,687,250 3.50 Six Flags Theme Parks, Inc., Tranche B Term
Loan, 6/30/22 1,695,686
---------------
$ 5,857,325
--------------------------------------------------------------------------------------------------------
Restaurants -- 0.7%
677,921 3.75 1011778 BC ULC, Term B-2 Loan, 12/12/21 $ 679,828
1,623,571 4.00 Landry's, Inc., B Term Loan, 4/24/18 1,627,124
2,369,004 4.25 PF Chang's China Bistro, Inc., Term Borrowing,
7/2/19 2,265,360
---------------
$ 4,572,312
--------------------------------------------------------------------------------------------------------
Education Services -- 1.2%
2,599,233 3.75 Bright Horizons Family Solutions, Inc., Term B
Loan, 1/14/20 $ 2,607,356
1,339,127 4.00 Houghton Mifflin Harcourt Publishers, Inc., Term
Loan, 5/11/21 1,314,018
3,407,796 5.00 Laureate Education, Inc., New Series 2018
Extended Term Loan, 6/16/18 3,169,250
925,923 6.25 McGraw-Hill Global Education Holdings LLC, Term B
Loan, 3/22/19 927,370
---------------
$ 8,017,994
--------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.1%
346,740 5.50 Creative Artists Agency LLC, Amendment No. 3
Incremental Term Loan, 12/10/21 $ 347,119
1,742,239 5.25 GENEX Holdings, Inc., Term B Loan (First Lien),
5/22/21 1,726,994
2,190,000 6.00 Kindercare Education LLC, Initial Term Loan (First
Lien), 8/13/22 2,179,050
1,445,364 5.00 Prime Security Services Borrower LLC, Term B Loan
(First Lien), 6/19/21 1,449,580
650,000 5.50 Prime Security Services Borrower LLC., Term Loan
(First Lien), 4/21/22 653,149
916,421 4.00 Weight Watchers International, Inc., Initial Tranche
B-2 Term Loan, 4/2/20 677,769
---------------
$ 7,033,661
---------------
Total Consumer Services $ 40,841,945
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
MEDIA -- 7.4%
Advertising -- 0.4%
2,584,478 6.75 Affinion Group, Inc., Tranche B Term Loan, 4/30/18 $ 2,283,226
--------------------------------------------------------------------------------------------------------
Broadcasting -- 2.1%
1,149,525 4.50 Catalina Holding Corp., Tranche B Term Loan (First
Lien), 4/3/21 $ 981,407
681,004 3.00 CBS Outdoor Americas Capital llc, Tranche B Term
Loan (First Lien), 1/15/21 679,373
1,738,282 4.00 Entercom Radio llc, Term B-2 Loan, 11/23/18 1,739,007
1,500,000 3.94 Gray Television, Inc., Term Loan (First Lien), 6/10/21 1,503,562
798,000 4.25 Gray Television, Inc., Term Loan C, 6/13/21 802,489
1,768,500 4.25 Hubbard Radio LLC, Term Loan, 5/12/22 1,725,761
1,462,500 3.25 Quebecor Media, Inc., Facility B-1 Tranche, 8/17/20 1,453,969
709,706 3.00 Sinclair Television Group, Inc., New Tranche B Term
Loan, 4/19/20 707,754
584,287 4.25 Townsquare Media, Inc., Initial Term Loan, 3/17/22 579,661
2,816,277 4.10 Tribune Media Co., Term B Loan, 12/27/20 2,809,675
727,079 4.00 Univision Communications, Inc., 2013 Incremental
Term Loan (C-3), 3/1/20 727,468
---------------
$ 13,710,126
--------------------------------------------------------------------------------------------------------
Cable & Satellite -- 2.1%
1,800,000 3.50 CCO Safari III LLC, Term I Loan, 1/23/23 $ 1,809,803
4,765,250 3.00 Charter Communications Operating LLC, Term F
Loan, 1/1/21 4,761,157
1,913,109 3.75 Intelsat Jackson Holdings SA, Tranche B-2 Term
Loan, 6/30/19 1,798,801
440,315 4.25 Learfield Communications, Inc., 2014 Replacement
Term Loan (First Lien), 10/9/20 440,591
466,800 3.25 MCC Iowa LLC, Tranche H Term Loan, 1/29/21 467,384
1,492,424 6.75 MediArena Acquisition BV, Dollar Term B Loan
(First Lien), 8/6/21 1,280,997
1,207,098 3.60 Ziggo BV, (USD) Tranche B-3 Term Loan, 1/15/22 1,204,552
1,138,945 3.65 Ziggo BV, Tranche B-1 Term Loan (First Lien), 1/15/22 1,136,543
733,957 3.65 Ziggo BV, Tranche B-2 Term Loan (First Lien), 1/15/22 732,410
---------------
$ 13,632,238
--------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 2.0%
2,120,042 4.00 AMC Entertainment, Inc., Initial Term Loan, 4/30/20 $ 2,132,631
2,089,500 5.00 CDS US Intermediate Holdings, Inc., Initial Term
Loan (First Lien), 6/25/22 2,026,815
157,767 3.75 Cinedigm Digital Funding 1 LLC, Term Loan,
2/28/18 156,584
1,506,107 3.25 Kasima LLC, Term Loan, 5/17/21 1,500,930
1,520,653 3.50 Live Nation Entertainment, Inc., Term B-1 Loan,
8/17/20 1,528,890
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 31
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Movies & Entertainment (continued)
248,322 4.75 NVA Holdings, Inc., Term Loan (First Lien), 8/8/21 $ 248,012
1,945,000 3.50 Seminole Hard Rock Entertainment, Inc., Term
Loan, 5/14/20 1,945,000
3,095,625 3.75 WMG Acquisition Corp., Tranche B Refinancing
Term Loan, 7/1/20 3,070,198
---------------
$ 12,609,060
--------------------------------------------------------------------------------------------------------
Publishing -- 0.8%
1,739,325 7.00 Cengage Learning Acquisitions, Inc., Term Loan,
3/6/20 $ 1,732,367
2,639,250 6.25 McGraw-Hill School Education Holdings llc, Term B
Loan, 12/18/19 2,643,375
1,006,645 0.00 Quincy Newspapers, Inc., Term Loan B, 10/19/22 1,005,387
---------------
$ 5,381,129
---------------
Total Media $ 47,615,779
--------------------------------------------------------------------------------------------------------
RETAILING -- 2.3%
Department Stores -- 0.2%
1,657,596 4.25 Neiman Marcus Group, Ltd. LLC, Other Term
Loan, 10/25/20 $ 1,582,412
--------------------------------------------------------------------------------------------------------
Apparel Retail -- 0.1%
656,682 4.75 Hudson's Bay Co., Initial Term Loan, 8/14/22 $ 660,273
--------------------------------------------------------------------------------------------------------
Computer & Electronics Retail -- 0.0%+
54,675 9.32 Targus Group International, Inc., Tranche A-2 Term
Loan, 15.0% (15.0% PIK 0% cash), 12/31/19 (g) $ 54,675
164,026 9.32 Targus Group International, Inc., Tranche A-2/B Term
Loan, 14.0% (14.0% PIK 0% cash), 12/31/19 (g) 164,026
---------------
$ 218,701
--------------------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.5%
3,350,633 4.50 Apex Tool Group LLC, Term Loan, 2/1/20 $ 3,289,903
--------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.6%
1,995,000 5.75 Pet Acquisition Merger LLC, Term Loan (First Lien),
1/15/23 $ 2,009,605
519,750 4.25 PetSmart, Inc., Tranche B-1 Loan, 3/10/22 518,716
1,000,000 4.75 Staples Escrow LLC, Initial Loan, 1/29/22 1,002,708
---------------
$ 3,531,029
--------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.6%
556,777 3.00 Avis Budget Car Rental LLC, Tranche B Term
Loan, 3/15/19 $ 556,515
1,122,019 5.75 CWGS Group LLC, Term Loan, 2/20/20 1,120,616
1,693,125 3.75 The Hertz Corp., Tranche B1 Term Loan, 3/11/18 1,695,091
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Automotive Retail (continued)
485,000 3.00 The Hertz Corp., Tranche B-2 Term Loan, 3/11/18 $ 484,333
---------------
$ 3,856,555
--------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.3%
1,596,000 0.00 Mattress Holding Corp., 2016 Incremental Loan,
10/20/21 $ 1,589,683
---------------
Total Retailing $ 14,728,556
--------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.5%
Drug Retail -- 0.1%
687,750 4.50 Hearthside Group Holdings LLC, Term Loan (First
Lien), 4/24/21 $ 687,079
--------------------------------------------------------------------------------------------------------
Food Distributors -- 0.7%
1,515,940 5.75 AdvancePierre Foods, Inc., Term Loan (First Lien),
7/10/17 $ 1,519,324
1,348,866 4.75 Clearwater Seafoods LP, Term Loan B 2013,
6/26/19 1,355,610
1,719,000 4.25 Del Monte Foods Consumer Products, Inc., Term
Loan (First Lien), 11/26/20 1,671,727
---------------
$ 4,546,661
--------------------------------------------------------------------------------------------------------
Food Retail -- 0.7%
4,309,733 5.50 Albertsons LLC, Term B-2 Loan, 3/21/19 $ 4,321,663
---------------
Total Food & Staples Retailing $ 9,555,403
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.4%
Agricultural Products -- 0.3%
1,960,000 3.25 Darling International, Inc., Term B USD Loan,
12/19/20 $ 1,964,263
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.1%
1,402,726 4.50 CTI Foods Holding Co LLC, Term Loan (First Lien),
6/29/20 $ 1,367,658
1,246,638 4.50 Dole Food Co, Inc., Tranche B Term Loan, 10/25/18 1,246,638
1,755,000 3.75 JBS USA LLC, Incremental Term Loan, 9/18/20 1,755,737
1,749,252 3.75 JBS USA LLC, Initial Term Loan, 5/25/18 1,750,345
1,893,333 5.25 Keurig Green Mountain, Inc., Term B USD Loan,
2/10/23 1,904,756
2,712,880 3.00 Pinnacle Foods Finance LLC, Tranche G Term
Loan, 4/29/20 2,714,334
828,750 3.00 Pinnacle Foods Finance LLC, Tranche H Term
Loan, 4/29/20 829,009
306,050 3.75 Post Holdings, Inc., Tranche B Loan (First Lien),
5/23/21 307,931
1,549,669 4.94 Shearer's Foods, LLC, Term Loan (First Lien),
6/19/21 1,545,795
---------------
$ 13,422,203
---------------
Total Food, Beverage & Tobacco $ 15,386,466
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 33
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.5%
Household Products -- 0.5%
496,250 3.25 Energizer Spinco Inc., Term Loan (First Lien),
5/20/22 $ 495,316
1,376,529 3.50 Spectrum Brands, Inc., USD Term Loan, 6/16/22 1,384,272
1,162,029 4.01 SRAM LLC, Term Loan (First Lien), 4/10/20 1,022,585
---------------
$ 2,902,173
--------------------------------------------------------------------------------------------------------
Personal Products -- 1.0%
980,000 4.25 Atrium Innovations, Inc., Term Loan, 1/29/21 $ 905,275
250,000 7.75 Atrium Innovations, Inc., Tranche B Term Loan
(Second Lien), 7/29/21 207,500
1,233,078 4.00 NBTY Inc., Term Loan (First Lien), 4/27/23 1,238,473
1,996,233 3.75 NBTY, Inc., Term B-2 Loan, 10/1/17 1,998,978
497,472 4.25 Party City Holdings, Inc., Term Loan, 8/6/22 496,726
1,603,541 4.00 Revlon Consumer Products Corp., Acquisition Term
Loan, 8/19/19 1,607,050
---------------
$ 6,454,002
---------------
Total Household & Personal Products $ 9,356,175
--------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 7.1%
Health Care Equipment -- 0.4%
699,375 3.50 Hill-Rom Holdings, Inc., Initial Term B Loan, 7/30/22 $ 703,091
2,007,748 4.50 Kinetic Concepts, Inc., Term DTL-E1 loan, 5/4/18 2,009,504
---------------
$ 2,712,595
--------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.6%
997,500 5.25 Greatbatch, Ltd., Term B Loan, 10/14/22 $ 1,002,332
1,389,793 4.00 Halyard Health, Inc., Term Loan, 11/1/21 1,391,092
680,333 5.00 Immucor, Inc., Term B-2 Loan, 8/19/18 651,986
1,145,250 4.25 Sterigenics-Nordion Holdings LLC, Initial Term
Loan, 4/27/22 1,145,250
---------------
$ 4,190,660
--------------------------------------------------------------------------------------------------------
Health Care Services -- 3.3%
880,085 5.50 Aegis Toxicology Corp., Tranche B Term Loan (First
Lien), 2/20/21 $ 800,877
1,013,828 4.25 Alliance HealthCare Services, Inc., Initial Term
Loan, 6/3/19 970,741
392,602 6.50 Ardent Legacy Acquisitions, Inc., Term Loan, 7/31/21 394,565
1,201,045 6.50 BioScrip, Inc., Initial Term B Loan, 7/31/20 1,104,962
720,627 6.50 BioScrip, Inc., Term Loan, 7/31/20 662,977
1,508,762 4.00 BSN Medical GmbH & Co. KG, Facility B1A, 8/28/19 1,493,674
2,789,702 4.25 Envision Healthcare Corp., Initial Term Loan, 5/25/18 2,796,676
997,500 4.50 Envision Healthcare Corp., Tranche B-2 Term
Loan, 10/28/22 1,001,657
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Health Care Services (continued)
322,563 4.50 Genoa a QoL Healthcare Co LLC, Initial Term Loan
(First Lien), 4/21/22 $ 322,562
945,250 5.50 Global Healthcare Exchange LLC, Term Loan (First
Lien), 8/13/22 945,546
1,062,830 4.25 National Mentor Holdings, Inc., Tranche B Term
Loan, 1/31/21 1,061,834
683,722 4.50 National Surgical Hospitals, Inc., Term Loan (First
Lien), 5/15/22 673,877
500,000 4.25 Pharmaceutical Product Development LLC,
Incremental Term Loan, 8/18/22 500,000
950,939 4.25 Pharmaceutical Product Development LLC, Initial
Term Loan, 8/6/22 950,939
600,000 6.50 Precyse Acquisition Corp., Initial Term Loan (First
Lien), 10/19/22 599,250
855,998 5.25 Surgery Center Holdings, Inc., Initial Term Loan
(First Lien), 7/24/20 853,858
3,042,375 4.50 Team Health, Inc., Tranche B Term Loan, 11/17/22 3,057,587
2,743,125 5.25 US Renal Care, Inc., Initial Term Loan (First Lien),
11/16/22 2,754,270
---------------
$ 20,945,852
--------------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.2%
573,563 4.50 Acadia Healthcare Co, Inc., Tranche B-2 Term
Loan, 1/27/23 $ 578,761
238,017 3.78 CHS, Incremental 2018 Term F Loan, 12/31/18 237,181
539,062 3.38 CHS, Incremental 2019 Term G Loan, 12/31/19 531,762
991,860 4.00 CHS, Incremental 2021 Term H Loan, 1/27/21 978,594
496,250 4.00 Concentra, Inc., Tranche B Term Loan (First
Lien), 5/8/22 495,009
325,313 3.38 HCA, Inc., Tranche B-4 Term Loan, 5/1/18 326,348
2,522,260 4.25 Kindred Healthcare, Inc., Tranche B Loan (First
Lien), 4/10/21 2,515,954
249,069 9.75 MMM Holdings, Inc., Term Loan, 10/9/17 (d) 162,518
2,000,000 6.75 Quorum Health Corp., Term Loan (First Lien),
4/12/22 1,999,688
437,054 6.00 Select Medical Corp., Series E Tranche B Term
Loan, 6/1/18 437,185
1,300,000 6.00 Select Medical Corp., Series F Tranche B Term
Loan, 3/4/21 1,312,188
2,432,469 6.75 Steward Health Care System LLC, Term Loan,
4/10/20 2,395,982
2,000,000 6.25 Vizient, Inc., Initial Term Loan, 2/9/23 2,019,166
---------------
$ 13,990,336
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 35
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.0%+
181,072 9.75 MSO of Puerto Rico, Inc., MSO Term Loan,
12/12/17 (d) $ 118,150
--------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.6%
2,414,446 3.75 Change Healthcare Holdings, Inc., Term B-2
Loan, 11/2/18 $ 2,412,937
603,829 4.25 ConvaTec, Inc., Dollar Term Loan, 12/22/16 606,470
967,530 3.50 IMS Health, Inc., Term B Dollar Loan, 3/17/21 969,747
---------------
$ 3,989,154
---------------
Total Health Care Equipment & Services $ 45,946,747
--------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 3.4%
Biotechnology -- 0.7%
3,172,954 3.50 Alkermes, Inc., 2019 Term Loan, 9/25/19 $ 3,168,988
1,233,869 7.00 Lantheus Medical Imaging, Inc., Initial Term
Loan, 6/25/22 1,104,313
---------------
$ 4,273,301
--------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.3%
1,353,391 6.00 Akorn, Inc., Term Loan B, 11/13/20 $ 1,358,466
1,596,000 5.25 Concordia Healthcare Corp., Initial Dollar Term
Loan, 10/20/21 1,587,022
2,082,900 4.25 DPx Holdings BV, 2015 Incremental Dollar Term
Loan, 1/23/21 2,068,580
1,662,321 3.75 Endo Luxembourg Finance I Co Sarl, 2015
Incremental Term B Loan, 6/24/22 1,659,550
1,176,000 3.44 Grifols Worldwide Operations USA, Inc., U.S.
Tranche B Term Loam, 4/1/21 1,178,940
1,372,000 3.25 Mallinckrodt International Finance SA, Initial
Term B Loan, 3/6/21 1,343,417
826,425 3.52 Prestige Brands, Inc., Term B-3 Loan, 9/3/21 829,696
353,935 3.25 RPI Finance Trust, Term B-3 Term Loan, 11/9/18 354,415
1,081,400 3.50 RPI Finance Trust, Term B-4 Term Loan, 11/9/20 1,086,356
1,265,132 4.75 Valeant Pharmaceuticals International, Inc.,
Series C-2 Tranche B Term Loan, 12/11/19 1,235,086
1,968,617 4.75 Valeant Pharmaceuticals International, Inc.,
Series E-1 Tranche B Term Loan, 8/5/20 1,917,762
593,406 5.00 Valeant Pharmaceuticals, Series F-1, 3/11/22 582,280
---------------
$ 15,201,570
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.4%
2,238,750 5.75 Albany Molecular Research, Inc., Term Loan, 7/14/21 $ 2,247,145
410,933 4.25 Catalent Pharma Solutions, Dollar Term Loan,
5/20/21 413,405
---------------
$ 2,660,550
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 22,135,421
--------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Thrifts & Mortgage Finance -- 0.2%
1,434,413 5.50 Ocwen Financial Corp., Initial Term Loan, 1/15/18 $ 1,412,897
---------------
Total Banks $ 1,412,897
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.9%
Other Diversified Financial Services -- 1.4%
738,750 5.50 4L Technologies Inc., Term Loan, 5/8/20 $ 664,875
1,088,273 3.50 AWAS Finance Luxembourg 2012 SA, Term
Loan, 7/16/18 1,091,674
475,000 3.50 Delos Finance SARL, Tranche B Term Loan, 2/27/21 477,449
2,520,248 3.50 Fly Funding II Sarl, Loan, 8/9/19 2,515,129
2,479,875 5.00 Livingston International, Inc., Initial Term B-1
Loan (First Lien), 4/18/19 2,312,483
1,952,168 5.00 Nord Anglia Education, Initial Term Loan, 3/31/21 1,918,005
---------------
$ 8,979,615
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.5%
1,614,018 4.25 Mirror BidCo Corp., New Incremental Term
Loan, 12/18/19 $ 1,605,948
1,278,900 3.50 Trans Union LLC, 2016 Incremental Term B-2
Commitment, 4/9/21 1,275,304
---------------
$ 2,881,252
--------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.4%
750,000 5.25 CNT Holdings III Corp., Term Loan
(First Lien), 1/15/23 $ 751,719
1,877,923 4.75 Vistra Group Ltd., Term Loan (First Lien), 7/21/22 1,849,754
---------------
$ 2,601,473
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
1,970,427 4.75 Duff & Phelps Corp., Initial Term Loan, 4/23/20 $ 1,966,323
1,937,658 4.25 Guggenheim Partners Investment Management
Holdings LLC, Initial Term Loan, 7/22/20 1,942,099
---------------
$ 3,908,422
---------------
Total Diversified Financials $ 18,370,762
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 37
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
INSURANCE -- 1.0%
Insurance Brokers -- 0.4%
297,735 4.50 National Financial Partners Corp., Tranche B Term
Loan (First Lien), 7/1/20 $ 294,851
2,057,799 4.25 USI Insurance Services LLC, Term B Loan, 12/30/19 2,035,293
---------------
$ 2,330,144
--------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
78,704 6.75 Integro, Ltd., Delayed Draw Term Loan (First Lien),
10/9/22 $ 75,949
1,168,368 6.75 Integro, Ltd., Initial Term Loan (First Lien),
10/9/22 1,127,475
---------------
$ 1,203,424
--------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.1%
679,467 4.50 Alliant Holdings I LLC, Initial Term Loan, 7/28/22 $ 674,796
--------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
2,112,936 5.75 Confie Seguros Holding II Co., Term B Loan (First
Lien), 11/9/18 $ 2,082,562
---------------
Total Insurance $ 6,290,926
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.0%
Mortgage REIT -- 0.3%
2,087,083 3.50 Starwood Property Trust, Inc., Term Loan, 4/17/20 $ 2,074,038
--------------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.4%
2,735,000 4.00 MGM Growth Properties Operating Partnership LP,
Term B Loan, 4/7/23 $ 2,755,512
--------------------------------------------------------------------------------------------------------
Retail REIT -- 0.3%
1,738,741 4.25 DTZ US Borrower LLC, 2015-1 Additional Term
Loan (First Lien), 11/4/21 $ 1,740,189
--------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.7%
2,114,673 5.00 Communications Sales & Leasing, Inc., Term
Loan, 10/16/22 $ 2,079,428
2,289,200 3.25 The GEO Group, Inc., Term Loan, 4/3/20 2,286,338
---------------
$ 4,365,766
--------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.3%
2,129,015 4.50 Altisource Solutions Sarl, Term B Loan, 12/9/20 $ 1,857,566
---------------
Total Real Estate $ 12,793,071
--------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 5.2%
Internet Software & Services -- 0.4%
1,333,125 5.50 Match Group, Inc., Term B-1 Loan, 10/27/22 $ 1,344,790
980,589 6.00 Vocus, Inc., Tranche B Loan (First Lien), 5/23/21 977,525
---------------
$ 2,322,315
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.3%
1,402,167 3.75 Booz Allen Hamilton, Inc., Refinance Tranche B,
7/31/19 $ 1,411,631
1,965,000 5.75 Evergreen Skills Lux Sarl, Initial Term Loan (First
Lien), 4/23/21 1,729,200
782,870 4.50 Kronos, Inc., Incremental Term Loan (First Lien),
10/30/19 783,751
1,246,875 3.75 NXP BV, Tranche B Loan, 10/30/20 1,252,720
681,100 4.50 PSAV Presentation Services, Tranche B Term Loan
(First Lien), 1/24/21 668,329
817,012 3.75 Science Applications International Corp., Tranche B
Incremental Loan, 4/21/22 821,097
997,494 6.50 Sitel Worldwide Corp., Term Loan (First Lien),
8/21/21 993,753
855,000 7.00 TaxAct, Inc., Initial Term Loan, 12/31/22 862,481
---------------
$ 8,522,962
--------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.4%
248,125 3.75 Black Knight InfoServ LLC, Term B Loan, 5/7/22 $ 248,742
1,454,838 4.44 First Data Corp., 2021 Extended Dollar Term
Loan, 3/24/21 1,460,112
750,000 4.19 First Data Corp., New 2022B Dollar Term
Loan, 7/10/22 750,670
---------------
$ 2,459,524
--------------------------------------------------------------------------------------------------------
Application Software -- 2.0%
1,527,416 4.07 Applied Systems, Inc., Initial Term Loan (First
Lien), 1/15/21 $ 1,525,189
2,433,673 4.50 Epiq Systems, Inc., Term Loan, 8/27/20 2,427,589
981,847 8.50 Expert Global Solutions, Inc., Term B Advance
(First Lien), 4/3/18 964,664
1,106,449 3.75 Infor., Tranche B-5 Term Loan (First Lien), 6/3/20 1,083,332
1,628,366 7.50 Serena Software, Inc., Term Loan, 4/10/20 1,628,705
1,243,115 6.25 STG-Fairway Acquisitions, Inc., Term Loan (First
Lien), 3/4/19 1,219,030
1,728,237 3.50 Verint Systems, Inc., Tranche B-2 Term Loan (First
Lien), 9/6/19 1,732,558
2,188,681 4.25 Vertafore, Inc., Term Loan 2013, 10/3/19 2,195,748
---------------
$ 12,776,815
--------------------------------------------------------------------------------------------------------
Systems Software -- 0.8%
1,234,375 5.75 AVG Technologies N.V., Term Loan, 10/15/20 $ 1,231,289
2,800,088 4.00 EZE Software Group LLC, Term B-1 Loan, 4/6/20 2,792,214
491,250 5.00 MSC Software Corp., Initial Term Loan (First
Lien), 5/28/20 471,600
533,729 4.25 Sybil Finance BV, Refinancing Term Loan, 3/20/20 535,620
---------------
$ 5,030,723
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 39
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.3%
984,500 3.25 Activision Blizzard, Inc., Term Loan, 7/26/20 $ 990,858
1,155,868 5.25 Micro Focus International, Term Loan B, 10/7/21 1,156,157
---------------
$ 2,147,015
---------------
Total Software & Services $ 33,259,354
--------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.3%
Communications Equipment -- 0.5%
1,258,861 3.41 Belden Finance 2013 LP, Initial Term Loan, 9/9/20 $ 1,256,500
393,000 3.75 Ciena Corp., Term Loan, 7/15/19 392,263
400,000 4.25 Ciena Corporation, Term Loan (First Lien), 4/25/21 402,500
522,431 3.31 Commscope, Inc., Tranche 4 Term Loan, 1/14/18 522,261
348,250 3.83 CommScope, Inc., Tranche 5 Term Loan (2015),
12/29/22 349,266
---------------
$ 2,922,790
--------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.5%
2,500,000 5.25 Diebold Inc., Term Loan (First Lien), 3/18/23 $ 2,510,395
1,000,000 6.25 Western Digital Corp., U.S. Term B Loan, 3/30/23 985,625
---------------
$ 3,496,020
--------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.2%
1,421,818 4.75 Zebra Technologies, Term Loan B, 9/30/21 $ 1,434,017
--------------------------------------------------------------------------------------------------------
Electronic Components -- 0.4%
337,154 3.50 Generac Power Systems, Inc., Term Loan B, 5/31/20 $ 336,100
1,900,000 5.75 Mirion Technologies Finance LLC, Initial Term Loan
(First Lien), 1/26/22 1,887,333
---------------
$ 2,223,433
--------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.7%
1,770,880 3.25 CDW LLC, Term Loan, 4/25/20 $ 1,772,263
1,361,941 5.00 Deltek, Inc., Term Loan (First Lien), 12/31/22 1,361,941
203,033 4.02 SS&C European Holdings SARL, Term B-2 Loan,
6/29/22 203,957
1,425,074 4.01 SS&C Technologies, Inc., Term B-1 Loan, 6/29/22 1,431,564
---------------
$ 4,769,725
---------------
Total Technology Hardware & Equipment $ 14,845,985
--------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
Semiconductor Equipment -- 0.6%
1,101,117 3.50 Emtegris, Inc., Term Loan B, 3/25/21 $ 1,100,658
1,000,000 4.75 MKS Instruments Inc., Term Loan (First Lien),
4/19/23 1,005,625
475,549 2.88 Sensata Technologies BV, Sixth Amendment Term
Loan, 10/14/21 475,797
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Semiconductor Equipment (continued)
1,054,061 4.25 VAT Holding AG, Term Loan, 2/11/21 $ 1,034,297
---------------
$ 3,616,377
--------------------------------------------------------------------------------------------------------
Semiconductors -- 1.3%
6,225,000 4.25 Avago Technologies Finance, Term Loan (First
Lien), 11/13/22 $ 6,240,133
491,250 4.50 M/A-COM Technology, Initial Term Loan, 5/7/21 491,250
678,625 5.25 Microsemi Corp., Closing Date Term B Loan, 12/17/22 684,393
1,175,000 5.25 ON Semiconductor Corp., Term Loan (First Lien),
3/31/23 1,182,784
---------------
$ 8,598,560
---------------
Total Semiconductors & Semiconductor Equipment $ 12,214,937
--------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Cable & Satellite -- 0.4%
2,439,843 3.50 Telesat Canada, U.S. Term B Loan, 3/28/19 $ 2,441,855
--------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 1.8%
2,730,000 4.00 Cincinnati Bell, Inc., Tranche B Term Loan, 9/10/20 $ 2,721,810
602,350 4.00 GCI Holdings, Inc., New Term B Loan, 2/2/22 604,232
1,500,000 0.00 Level 3 Financing, Inc., Tranche B-II 2022 Term
Loan, 5/31/22 1,504,532
1,210,000 5.50 Sable International Finance Ltd., Term Loan (First
Lien) B-1, 12/2/22 1,216,806
990,000 5.50 Sable International Finance Ltd., Term Loan (First
Lien) B-2, 12/2/22 992,166
786,212 4.75 Securus Technologies Holdings, Inc., Initial Term
Loan (First Lien), 4/30/20 750,996
504,991 3.65 Virgin Media Investment Holdings, Ltd., F Facility,
6/30/23 504,754
1,613,307 3.25 West Corp., B-10 Term Loan (First Lien), 6/30/18 1,608,392
975,240 3.50 Windstream Services LLC, Tranche B-5 Term Loan,
8/8/19 964,675
790,000 5.75 Windstream Services LLC, Tranche B-6 Term Loan,
3/16/21 791,317
---------------
$ 11,659,680
--------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.9%
2,385,656 4.25 Altice US Finance I Corp., Initial Term Loan,
12/14/22 $ 2,387,643
1,100,000 0.00 Numericable US LLC, USD TLB-7 Loan, 1/31/24 1,108,709
996,150 4.00 Syniverse Holdings, Inc., Initial Term Loan, 4/23/19 806,882
1,668,273 4.00 Syniverse Holdings, Inc., Tranche B Term Loan,
4/23/19 1,351,301
448,875 3.50 T-Mobile USA, Inc., Senior Lien Term Loan, 11/3/22 452,073
---------------
$ 6,106,608
---------------
Total Telecommunication Services $ 20,208,143
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 41
Schedule of Investments | 4/30/16 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
UTILITIES -- 2.9%
Electric Utilities -- 1.2%
2,492,860 0.00 APLP Holdings LP, Term Loan, 4/12/23 $ 2,486,628
2,577,125 3.00 Calpine Construction Finance Co. LP, Term B-1
Loan, 5/3/20 2,534,172
886,029 5.75 Rhode Island State Energy Partners, Term B Advance,
11/23/22 877,169
679,080 3.75 Texas Competitive Electric Holdings Co LLC, DIP
Term Loan, 5/5/16 678,939
1,349,105 5.50 TPF II Power, LLC, Term Loan, 10/2/21 1,348,686
---------------
$ 7,925,594
--------------------------------------------------------------------------------------------------------
Water Utilities -- 0.3%
1,710,625 4.75 WTG Holdings III Corp., Term Loan (First Lien),
12/12/20 $ 1,691,380
--------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 1.4%
1,384,538 3.50 Calpine Corp., Term Loan, 5/28/22 $ 1,375,992
531,415 4.00 Calpine Corp., Term Loan, 9/27/19 531,803
1,196,923 4.00 Dynegy, Inc., Tranche B-2 Term Loan, 4/23/20 1,189,143
2,027,942 2.75 NRG Energy, Inc., Term Loan (2013), 7/1/18 2,022,662
3,199,390 3.75 NSG Holdings LLC, New Term Loan, 12/11/19 3,151,399
958,642 5.00 TerraForm AP Acquisition Holdings LLC, Term
Loan, 6/26/22 843,605
---------------
$ 9,114,604
---------------
Total Utilities $ 18,731,578
--------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $560,935,943) $ 550,228,519
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 0.6%
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial Services -- 0.6%
36,000 iShares iBoxx $ High Yield Corporate Bond ETF $ 3,018,600
50,000 PowerShares Senior Loan Portfolio 1,154,500
---------------
$ 4,173,100
---------------
Total Diversified Financials $ 4,173,100
--------------------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $4,085,668) $ 4,173,100
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
--------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.0%
Commercial Paper -- 1.0%
1,605,000 Barclays, Floating Rate Note, 5/2/16 (c) $ 1,604,960
1,605,000 BNP Paribas, Commercial Papar, 5/2/16 (c) 1,604,950
1,605,000 Prudential Funding LLC, Floating Rate Note,
5/2/16 (c) 1,604,955
1,605,000 Total CP, Floating Rate Note, 5/2/16 (c) 1,604,955
---------------
$ 6,419,820
--------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,419,943) $ 6,419,820
--------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.8%
(Cost $660,631,491) (a) $ 649,197,691
--------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.8)% $ (5,666,124)
--------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 643,531,567
========================================================================================================
+ Amount rounds to less than 0.1%.
(Cat Bond) Catastrophe or event-linked bond. At April 30, 2016, the value
of these securities amounted to $8,449,785 or 1.3% of total net
assets. See Notes to Financial Statements -- Note 1H.
(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, 2016, the value of these securities
amounted to $25,921,794 or 4.0% of total net assets.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
** 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 U.S. banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial
lenders. The rate shown is the coupon rate at period end.
(a) At April 30, 2016, the net unrealized depreciation on
investments based on cost for federal income tax purposes of
$660,812,695 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 3,659,771
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (15,274,775)
------------
Net unrealized depreciation $(11,615,004)
============
(b) Debt obligation with a variable interest rate. Rate shown is
rate at end of period.
(c) Security issued with a zero coupon. Income is recognized
through accretion of discount.
(d) Security is in default.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 43
Schedule of Investments | 4/30/16 (unaudited) (continued)
(e) Structured reinsurance investment. At April 30, 2016, the value
of these securities amounted to $4,008,580 or 0.6% of total net
assets. See Notes to Financial Statements -- Note 1H.
(f) Rate to be determined.
(g) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to
Financial Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2016 were as follows:
-------------------------------------------------------------------------------------------------
Purchases Sales
-------------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 9,205,537 $ --
Other Long-Term Securities $156,928,403 $ 95,132,426
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS -- SELL PROTECTION
---------------------------------------------------------------------------------------------------------
Premiums
Notional Obligation Credit Expiration Paid Unrealized
Principal ($)(1) Exchange Entity/Index Coupon Rating(2) Date (Received) Appreciation
---------------------------------------------------------------------------------------------------------
1,361,250 Chicago Markit CDX North 5.00% B+ 6/20/20 $ 81,943 $ (9,132)
Mercantile America High
Exchange Yield Index
3,000,000 Chicago Markit CDX North 1.00% B+ 12/20/20 (6,531) 33,603
Mercantile America Investment
Exchange Grade Index
1,530,000 Chicago Markit CDX North 5.00% B+ 12/20/20 (14,550) 57,932
Mercantile America High
Exchange Yield Index
---------------------------------------------------------------------------------------------------------
$ 60,862 $ 82,403
(1) The notional amount is the maximum amount that a seller of credit
protection would be obligated to pay upon occurrence of a credit event.
(2) Based on Standard & Poor's rating of the issuer or the weighted average of
all the underlying securities in the index.
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.
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
The following is a summary of the inputs used as of April 30, 2016, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Preferred Stocks $1,484,849 $ -- $ -- $ 1,484,849
Common Stocks
Automobiles &
Components
Auto Parts &
Equipment 5,756 -- -- 5,756
Retailing
Computer &
Electronics Retail -- -- 191,362 191,362
All Other Common Stocks -- 548,616 -- 548,616
Asset Backed Securities -- 1,594,150 -- 1,594,150
Collateralized Mortgage
Obligations -- 5,240,962 -- 5,240,962
Corporate Bonds
Insurance
Reinsurance -- 8,888,170 4,008,580 12,896,750
All Other Corporate Bonds -- 34,393,840 -- 34,393,840
U.S. Government and
Agency Obligations -- 32,019,967 -- 32,019,967
Senior Floating Rate
Loan Interests
Retailing
Computer &
Electronics Retail -- -- 218,701 218,701
All Other Senior Floating
Rate Loan Interests -- 550,009,818 -- 550,009,818
Mutual Funds 4,173,100 -- -- 4,173,100
Commercial Paper -- 6,419,820 -- 6,419,820
----------------------------------------------------------------------------------------------------
Total $5,663,705 $ 639,115,343 $ 4,418,643 $649,197,691
====================================================================================================
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Other Financial Instruments
Net unrealized appreciation
on index credit default
swap contracts $ -- $ 82,403 $ -- $ 82,403
----------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ -- $ 82,403 $ -- $ 82,403
====================================================================================================
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of April 30, 2016:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Assets:
Restricted cash $ -- $ 173,249 $ -- $ 173,249
Liabilities:
Variation margin for
centrally cleared
swap contracts -- 5,543 -- 5,543
----------------------------------------------------------------------------------------------------
Total $ -- $ 178,792 $ -- $ 178,792
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 45
Schedule of Investments | 4/30/16 (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
-----------------------------------------------------------------------------------------------------
Senior
Common Corporate Floating
Stocks Bonds Rate Notes Total
-----------------------------------------------------------------------------------------------------
Balance as of 10/31/15 $ -- $ 596,223 $ -- $ 596,223
Realized gain (loss)(1) -- -- -- --
Change in unrealized
appreciation (depreciation)(2) -- 45,121 -- 45,121
Purchases 191,362 3,915,336 218,701 4,325,399
Sales -- (548,100) -- (548,100)
Transfers in to Level 3* -- -- -- --
Transfers out of Level 3* -- -- -- --
Transfers in and out of
Level 3 activity -- -- -- --
-----------------------------------------------------------------------------------------------------
Balance as of 4/30/16 $191,362 $4,008,580 $ 218,701 $4,418,643
=====================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2016, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 4/30/16 $45,121
-------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Statement of Assets and Liabilities | 4/30/16 (unaudited)
ASSETS:
Investment in securities (cost $660,631,491) $ 649,197,691
Cash 2,825,602
Restricted cash* 173,249
Receivables --
Investment securities sold 28,985,017
Fund shares sold 4,259,099
Interest 2,401,958
Dividends 8,141
Centrally cleared swap contracts, premium paid 60,862
Due from Pioneer Investment Management, Inc. 65,627
Prepaid expenses 71,140
----------------------------------------------------------------------------------------
Total assets $ 688,048,386
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 40,824,531
Fund shares repurchased 3,100,019
Distributions 217,843
Trustee fees 1,512
Variation margin for centrally cleared swap contracts 5,543
Due to affiliates 174,812
Accrued expenses 192,559
----------------------------------------------------------------------------------------
Total liabilities $ 44,516,819
========================================================================================
NET ASSETS:
Paid-in capital $667,979,712
Distributions in excess of net investment income (72,755)
Accumulated net realized loss on investments and swap contracts (13,024,072)
Net unrealized depreciation on investments (11,433,800)
Net unrealized appreciation on swap contracts 82,403
Net unrealized appreciation on delayed draw loan commitments 79
----------------------------------------------------------------------------------------
Total net assets $ 643,531,567
========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $182,482,734/27,230,959 shares) $ 6.70
Class C (based on $88,762,315/13,231,938 shares) $ 6.71
Class K (based on $689,083/102,850 shares) $ 6.70
Class Y (based on $371,597,435/55,307,611 shares) $ 6.72
MAXIMUM OFFERING PRICE:
Class A ($6.70 (divided by) 95.5%) $ 7.02
========================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 47
Statement of Operations (unaudited)
For the Six Months Ended 4/30/16
INVESTMENT INCOME:
Interest $13,347,780
Dividends 95,760
-------------------------------------------------------------------------------------------------
Total investment income $13,443,540
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,794,709
Transfer agent fees
Class A 8,666
Class C 3,819
Class K 23
Class Y 10,698
Distribution fees
Class A 219,280
Class C 448,250
Shareholder communications expense 160,516
Administrative expense 105,884
Custodian fees 39,196
Registration fees 43,943
Professional fees 55,637
Printing expense 9,691
Fees and expenses of nonaffiliated Trustees 12,010
Miscellaneous 137,388
-------------------------------------------------------------------------------------------------
Total expenses $ 3,049,710
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (184,222)
-------------------------------------------------------------------------------------------------
Net expenses $ 2,865,488
-------------------------------------------------------------------------------------------------
Net investment income $10,578,052
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
SWAP CONTRACTS AND DELAYED DRAW LOAN COMMITMENTS
Net realized gain (loss) on:
Investments $(3,727,771)
Swap contracts 52,247
Delayed draw loan commitments (12) $(3,675,536)
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 1,865,711
Swap contracts 78,449
Delayed draw loan commitments (3,333) $ 1,940,827
-------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments, swap contracts
and delayed draw loan commitments $(1,734,709)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 8,843,343
=================================================================================================
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/16 Year Ended
(unaudited) 10/31/15
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 10,578,052 $ 22,034,023
Net realized gain (loss) on investments and
swap contracts (3,675,536) (4,788,749)
Change in net unrealized appreciation (depreciation) on
investments, swap contracts and delayed draw
loan commitments 1,940,827 (7,422,136)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 8,843,343 $ 9,823,138
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.12 and $0.23 per share, respectively) $ (3,068,664) $ (6,819,255)
Class C ($0.09 and $0.19 per share, respectively) (1,252,652) (2,752,797)
Class K* ($0.13 and $0.26 per share, respectively) (13,150) (19,162)
Class Y ($0.13 and $0.26 per share, respectively) (6,608,818) (12,261,475)
Class Z** ($0.00 and $0.19 per share, respectively) -- (102,418)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (10,943,284) $ (21,955,107)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 167,440,829 $ 196,814,951
Reinvestment of distributions 9,917,765 19,923,924
Cost of shares repurchased (124,134,671) (331,831,538)
------------------------------------------------------------------------------------------------
Net Increase (decrease) in net assets resulting
from Fund share transactions $ 53,223,923 $ (115,092,663)
------------------------------------------------------------------------------------------------
Net Increase (decrease) in net assets $ 51,123,982 $ (127,224,632)
NET ASSETS:
Beginning of period 592,407,585 719,632,217
------------------------------------------------------------------------------------------------
End of period $ 643,531,567 $ 592,407,585
------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (72,755) $ 292,477
================================================================================================
* Class K shares commenced operations on December 10, 2013.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 49
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/16 4/30/16 Year Ended Year Ended
Shares Amount 10/31/15 10/31/15
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 6,015,203 $ 39,716,351 8,071,604 $ 55,022,985
Reinvestment of
distributions 445,764 2,946,976 957,018 6,514,616
Less shares repurchased (5,222,172) (34,522,799) (17,843,127) (121,562,711)
--------------------------------------------------------------------------------------------------
Net increase
(decrease) 1,238,795 $ 8,140,528 (8,814,505) $ (60,025,110)
==================================================================================================
Class C
Shares sold 1,757,381 $ 11,637,174 2,422,862 $ 16,560,977
Reinvestment of
distributions 171,579 1,135,738 364,313 2,483,342
Less shares repurchased (2,483,769) (16,429,764) (5,321,906) (36,300,891)
--------------------------------------------------------------------------------------------------
Net decrease (554,809) $ (3,656,852) (2,534,731) $ (17,256,572)
==================================================================================================
Class K*
Shares sold -- $ -- 107,395 $ 730,438
Reinvestment of
distributions -- -- -- --
Less shares repurchased -- -- (5,984) (40,870)
--------------------------------------------------------------------------------------------------
Net increase -- $ -- 101,411 $ 689,568
==================================================================================================
Class Y
Shares sold 17,519,834 $116,087,304 18,061,494 $ 123,616,077
Reinvestment of
distributions 879,905 5,835,051 1,585,617 10,825,526
Less shares repurchased (11,048,290) (73,182,108) (22,868,910) (156,327,282)
--------------------------------------------------------------------------------------------------
Net increase
(decrease) 7,351,449 $ 48,740,247 (3,221,799) $ (21,885,679)
==================================================================================================
Class Z**
Shares sold -- $ -- 129,737 $ 884,474
Reinvestment of
distributions -- -- 14,657 100,440
Less shares repurchased -- -- (2,561,729) (17,599,784)
--------------------------------------------------------------------------------------------------
Net decrease -- $ -- (2,417,335) $ (16,614,870)
==================================================================================================
* Class K shares commenced operations on December 10, 2013.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/16 Ended Ended Ended Ended Ended
(unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.73 $ 6.86 $ 6.95 $ 6.95 $ 6.77 $ 6.87
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11(a) $ 0.24(a) $ 0.24 $ 0.28 $ 0.33 $ 0.31
Net realized and unrealized gain (loss) on investments (0.02) (0.14) (0.09) 0.01 0.16 (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.09 $ 0.10 $ 0.15 $ 0.29 $ 0.49 $ 0.20
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.23) $ (0.24) $ (0.29) $ (0.31) $ (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.13) $ (0.09) $ -- $ 0.18 $ (0.10)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.70 $ 6.73 $ 6.86 $ 6.95 $ 6.95 $ 6.77
====================================================================================================================================
Total return* 1.30% 1.53% 2.17% 4.24% 7.43% 2.98%
Ratio of net expenses to average net assets 1.01%** 1.08% 1.07% 1.06% 1.11% 1.10%
Ratio of net investment income (loss) to average net assets 3.42%** 3.48% 3.49% 3.88% 4.77% 4.47%
Portfolio turnover rate 32%** 24% 43% 40% 42% 57%
Net assets, end of period (in thousands) $182,483 $174,979 $238,764 $ 266,832 $179,260 $176,701
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.04%** 1.10% 1.07% 1.10% 1.11% 1.12%
Net investment income (loss) to average net assets 3.39%** 3.46% 3.49% 3.85% 4.77% 4.45%
====================================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 51
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/16 Ended Ended Ended Ended Ended
(unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11
-------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.74 $ 6.87 $ 6.96 $ 6.95 $ 6.78 $ 6.87
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09(a) $ 0.19(a) $ 0.19 $ 0.23 $ 0.27 $ 0.26
Net realized and unrealized gain (loss) on investments (0.03) (0.13) (0.09) 0.02 0.16 (0.10)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.06 $ 0.10 $ 0.25 $ 0.43 $ 0.16
-------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.19) $ (0.19) $ (0.24) $ (0.26) $ (0.25)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.13) $ (0.09) $ 0.01 $ 0.17 $ (0.09)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.71 $ 6.74 $ 6.87 $ 6.96 $ 6.95 $ 6.78
===============================================================================================================================
Total return* 0.95% 0.81% 1.43% 3.61% 6.46% 2.33%
Ratio of net expenses to average net assets 1.74%** 1.81% 1.78% 1.80% 1.86% 1.89%
Ratio of net investment income (loss) to average net assets 2.69%** 2.74% 2.79% 3.13% 4.02% 3.68%
Portfolio turnover rate 32%** 24% 43% 40% 42% 57%
Net assets, end of period (in thousands) $88,762 $92,924 $112,117 $129,093 $70,655 $65,238
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.76%** 1.84% 1.78% 1.83% 1.86% 1.89%
Net investment income (loss) to average net assets 2.67%** 2.71% 2.79% 3.09% 4.02% 3.68%
===============================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------------------
Six Months
Ended Year
4/30/16 Ended 12/10/13 to
(unaudited) 10/31/15 10/31/14
-----------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 6.73 $ 6.86 $ 6.95
-----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.26(a) $ 0.24
Net realized and unrealized gain (loss)
on investments (0.02) (0.13) (0.09)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.10 $ 0.13 $ 0.15
-----------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.26) $ (0.24)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.13) $ (0.09)
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.70 $ 6.73 $ 6.86
=================================================================================================================
Total return* 1.49% 1.92% 2.21%(b)
Ratio of net expenses to average net assets 0.71%** 0.71% 0.69%**
Ratio of net investment income (loss) to
average net assets 3.73%** 3.81% 3.45%**
Portfolio turnover rate 32%** 24% 43%
Net assets, end of period (in thousands) $ 689 $ 693 $ 10
Ratios with no waiver of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses to average net assets 0.73%** 0.73% 0.69%**
Net investment income (loss) to average
net assets 3.70%** 3.79% 3.45%**
=================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Not Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 53
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/16 Ended Ended Ended Ended Ended
(unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.75 $ 6.88 $ 6.97 $ 6.96 $ 6.78 $ 6.89
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.26(a) $ 0.27 $ 0.31 $ 0.35 $ 0.33
Net realized and unrealized gain (loss) on investments (0.02) (0.13) (0.10) 0.02 0.16 (0.12)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.10 $ 0.13 $ 0.17 $ 0.33 $ 0.51 $ 0.21
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.26) $ (0.26) $ (0.32) $ (0.33) $ (0.32)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.03) $ (0.13) $ (0.09) $ 0.01 $ 0.18 $ (0.11)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.72 $ 6.75 $ 6.88 $ 6.97 $ 6.96 $ 6.78
=================================================================================================================================
Total return* 1.50% 1.92% 2.50% 4.77% 7.78% 3.11%
Ratio of net expenses to average net assets 0.70%** 0.70% 0.70% 0.70% 0.70% 0.88%
Ratio of net investment income (loss) to average net assets 3.72%** 3.84% 3.86% 4.16% 5.17% 4.70%
Portfolio turnover rate 32%** 24% 43% 40% 42% 57%
Net assets, end of period (in thousands) $371,597 $323,812 $352,115 $425,245 $18,805 $60,596
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.79%** 0.82% 0.82% 0.83% 0.85% 0.88%
Net investment income (loss) to average net assets 3.64%** 3.72% 3.74% 4.04% 5.02% 4.70%
=================================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Notes to Financial Statements | 4/30/16 (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
and Class Y shares. Class K shares commenced operations on December 10, 2013.
Class Z shares converted to Class Y shares as of the close of business on August
7, 2015. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K or Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 55
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods
or techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service.
Trading in non-U.S. equity securities is substantially completed each day
at various times prior to the close of the NYSE. The values of such
securities used in
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
computing the net asset value of the Fund's shares are determined as of
such times. The fund may use a fair value model developed by an
independent pricing service to value non-U.S. equity securities.
Swap contracts, including interest rate swaps, caps and floors (other
than centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
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.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices and such differences could be material.
At April 30, 2016, three securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model) representing 0.1% of net assets.
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly
paydowns. All discounts/premiums on purchase prices of debt securities
are accreted/amortized for financial reporting purposes over the life of
the respective securities, and such accretion/amortization is included in
interest
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 57
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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no federal income tax provision is
required. As of October 31, 2015, 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.
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
during the year ended October 31, 2015 was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $21,955,107
---------------------------------------------------------------------------
Total $21,955,107
===========================================================================
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2015:
----------------------------------------------------------------------------
2015
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 661,055
Capital loss carryforward (9,342,426)
Dividend payable (195,447)
Net unrealized depreciation (13,471,386)
----------------------------------------------------------------------------
Total $(22,348,204)
============================================================================
The difference between book basis and tax basis unrealized depreciation 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 swap contracts, tax basis adjustments
on interest accruals on preferred stock, interest on defaulted bonds and
other holdings.
D. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
is recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 5).
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A
(UniCredit), earned $6,065 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2016.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class K and Class Y shares do not pay distribution fees. All
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 59
expenses and fees paid to the Fund's transfer agent for its services are
allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K and Class Y
shares can reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
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.
Interest rates in the U.S. recently have been historically low, so the
Fund faces a heightened risk that interest rates may rise. A general rise
in interest rates may cause investors to move out of fixed income
securities on a large scale, which could adversely affect the price and
liquidity of fixed income securities and could also result in increased
redemptions from the Fund.
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. Insurance-Linked Securities (ILS)
The Fund invests in event-linked bonds. Event-linked bonds are floating
rate debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the Fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
Fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked
bonds may expose the Fund to other risks, including but not limited to
issuer (credit) default, adverse regulatory or jurisdictional
interpretations and adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles
("SPVs") or similar instruments structured to comprise a portion of a
reinsurer's catastrophe-oriented business, known as quota share
instruments (sometimes referred to as reinsurance sidecars), or to provide
reinsurance relating to specific risks to insurance or reinsurance
companies through a collateralized instrument, known as collateralized
reinsurance. Structured reinsurance investments also may include industry
loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral
reinsurance contract, but there are also products that take the form of
derivatives, collateralized structures, or exchange traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 61
therefore the Fund's assets are placed at greater risk of loss than if PIM
had more complete information. Structured reinsurance instruments
generally will be considered illiquid securities by the Fund. These
securities may be difficult to purchase, sell or unwind. Illiquid
securities also may be difficult to value. If the Fund is forced to sell
an illiquid asset, the Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve
as the Fund's collateral for the obligation of the counterparty to
repurchase the securities. The value of the collateral, including accrued
interest, is required to be equal to or in excess of the repurchase price.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. The Fund's investment adviser, PIM is responsible for determining
that the value of the collateral remains at least equal to the repurchase
price. In the event of a default by the counterparty, the Fund is entitled
to sell the securities, but the Fund may not be able to sell them for the
price at which they were purchased, thus causing a loss to the Fund.
Additionally, if the counterparty becomes insolvent, there is some risk
that the Fund will not have a right to the securities, or the immediate
right to sell the securities. As of and for the six months ended April 30,
2016, the Fund had no open repurchase agreements.
J. 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 sell
or buy 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
62 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
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.
The amount of cash deposited with the broker as collateral at April 30,
2016 was $245,000 and is recorded within "Restricted cash" in the
Statement of Assets and Liabilities.
Open centrally cleared swap contracts at April 30, 2016, are listed in the
Schedule of Investments. The average value of swap contracts open during
the six months ended April 30, 2016, was $68,847.
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, 2016, the annualized management
fee (excluding waivers and/or assumption of expenses) was equivalent to 0.59% of
the Fund's average daily net assets.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 63
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.70% of the Fund's average daily net assets
attributable to Class Y shares. Fees waived and expenses reimbursed during the
six months ended April 30, 2016, are reflected on the Statement of Operations.
These expense limitations are in effect through March 1, 2017. 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
$103,534 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2016.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates.
For the six months ended April 30, 2016, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 45,701
Class C 13,344
Class K 3
Class Z 101,468
--------------------------------------------------------------------------------
Total $160,516
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $60,271 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at April 30, 2016.
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
(the Plan). 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
64 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
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 $11,007 in
distribution fees payable to PFD at April 30, 2016.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 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 shares. Proceeds from the CDSCs are paid to PFD. For the
six months ended April 30, 2016, CDSCs in the amount of $21,383 were paid to
PFD.
5. Forward Foreign Currency Contracts
At April 30, 2016, 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. There were no forward foreign currency
contracts outstanding during the six months ended April 30, 2016.
6. 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 June 9, 2015, was in the amount of $215 million.
For the period from June 9, 2015, to February 9, 2016, the facility was in the
amount of $240 million. Effective February 10, 2016, the facility is in the
amount of $220 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate (LIBOR)
plus 0.85% on an annualized basis, or the Alternate Base Rate, which is the
greater of (a) the facility's administrative agent's daily announced prime rate
on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date
and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds
pay an annual commitment fee to participate in a credit facility. The commitment
fee is allocated among participating Funds based on an allocation schedule set
forth in the credit agreement. For the six months ended April 30, 2016, the Fund
had no borrowings under the credit facility.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 65
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2016, was as follows:
-----------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------
Liabilities
Unrealized
depreciation on
swap contracts $-- $5,543 $-- $-- $--
-----------------------------------------------------------------------------------
Total Value $-- $5,543 $-- $-- $--
===================================================================================
66 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2016, was as follows:
--------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------
Net realized gain
(loss) on
Swap contracts $-- $52,247 $-- $-- $--
--------------------------------------------------------------------------------------
Total Value $-- $52,247 $-- $-- $--
======================================================================================
Change in net
unrealized
appreciation
(depreciation) on
Swap contracts $-- $78,449 $-- $-- $--
--------------------------------------------------------------------------------------
Total Value $-- $78,449 $-- $-- $--
======================================================================================
8. Bridge and Delayed Draw Loan Commitments
Bridge loans are designed to provide temporary or "bridge" financing to a
borrower pending the sale of identified assets, the arrangement of longer-term
loans or the issuance and sale of debt obligations.
As of April 30, 2016, the Fund had the following bridge loan and delayed draw
loan commitments outstanding:
-----------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Shares Cost Value Depreciation
-----------------------------------------------------------------------------------------
Charter Communications
Operating LLC, Bridge Loan 50,725 $ 50,725 $ 50,725 $--
CCO Holdings Bridge Loan 311,594 311,594 311,594 --
Kenan Advantage Group
Delayed Draw 45,638 45,521 45,600 79
-----------------------------------------------------------------------------------------
Total 407,957 $407,840 $407,919 $79
=========================================================================================
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 67
ADDITIONAL INFORMATION (unaudited)
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it
signed a binding master agreement with Banco Santander and affiliates of Warburg
Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including PIM. The holding company also will own
66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco
Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
68 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 69
This page for your notes.
70 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
This page for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 71
This page for your notes.
72 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
This page for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 73
This page for your notes.
74 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
This page for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/16 75
This page for your notes.
76 Pioneer Floating Rate Fund | Semiannual Report | 4/30/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 20856-09-0616
Pioneer Flexible
Opportunities Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class R MUARX
Class Y PMYRX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 11
Prices and Distributions 12
Performance Update 13
Comparing Ongoing Fund Expenses 17
Schedule of Investments 19
Consolidated Financial Statements 36
Consolidated Notes to Financial Statements 44
Trustees, Officers and Service Providers 63
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 1
President's Letter
Dear Shareowner,
Global financial markets began 2016 on shaky footing, delivering the kind of
volatility that challenged investors in 2015. US equities fell by 10% through
the first six weeks of the year, only to recover the losses by the end of the
first quarter. Fixed-income markets were also acutely affected, with concerns
about falling oil prices and a weak global economy leading to a sell-off in
credit-sensitive sectors, especially high-yield bonds, as investors fled to the
perceived safety of government bonds. Like equities, credit markets recovered
much of their lost ground by the end of the first quarter.
Midway through the first quarter, market sentiment shifted, as expectations grew
that major central banks would extend their accommodative monetary policies in
the hopes of driving economic growth. The US Federal Reserve (the Fed) backed
off plans to raise interest rates four times in 2016, and the European Central
Bank announced a more comprehensive asset-purchasing program in the hopes of
encouraging lending, and boosting both inflation and economic growth. The Bank
of Japan also followed a monetary easing path, announcing negative interest
rates in January.
As 2016 moves along, we continue to see central bank policies as generally
supportive of the US economy - for which we maintain an expectation of modest
growth this year - against an overall global economic backdrop that remains
unsettled and points towards generally lower growth. Economies around the world
in both developed and emerging markets are experiencing deep structural changes.
Current challenges include incomplete debt deleveraging in both emerging and
developed markets, where debt levels continue to grow, the transition of many
emerging markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
2 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
April 30, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 3
Portfolio Management Discussion | 4/30/16
In the following discussion, Michele Garau and Howard Weiss review recent market
events and describe the factors that affected the performance of Pioneer
Flexible Opportunities Fund during the six-month period ended April 30, 2016.
Mr. Garau, Head of Balanced Portfolios, a senior vice president and portfolio
manager at Pioneer, is responsible for the day-to-day management of the Fund,
along with Mr. Weiss, CFA, a vice president and portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended April 30, 2016?
A Pioneer Flexible Opportunities Fund's Class A shares returned 0.52% at net
asset value during the six-month period ended April 30, 2016, while the
Fund's benchmark, the Barclays US Treasury TIPS 1-10 Year Index (the
Barclays Index), returned 3.12%. During the same period, the average return
of the 340 mutual funds in Lipper's Alternative Global Macro Funds category
was -0.47%, and the average return of the 388 mutual funds in Morningstar's
Tactical Allocation Funds category was -0.49%.
Q Could you discuss some of the investment decisions that factored into the
Fund's benchmark-relative performance during the six-month period ended
April 30, 2016?
A We retained a tilt toward equities and away from bonds in the Fund's
portfolio during the period, based on our belief that stocks offered the
more compelling long-term return prospects. While we believe such
positioning is appropriate from a longer-term standpoint, it was a headwind
to the Fund's benchmark-relative results during the past six months.
The vast majority of equity indices, both domestic and global, finished the
six-month period with negative returns, the result of a prolonged stretch
of weakness from the beginning of the reporting period (November 2015)
through the middle of February 2016. During that timeframe, higher-risk
assets struggled mightily due to mounting evidence of slowing global
economic growth as well as concerns that the US Federal Reserve (the Fed)
would hike interest rates several times in 2016. The fears receded in the
second half of the reporting period once economic data stabilized, the
world's major central banks adopted increasingly aggressive monetary
policies, and the Fed reiterated its intention to raise rates at only a
gradual pace after its initial, small rate hike in December. Although
stocks rebounded significantly in response to the improved backdrop, the
rally was not enough to overcome the earlier shortfall, and so the Fund's
relative returns suffered a negative impact from the portfolio's strong
tilt towards equities.
4 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
On the plus side, the fixed-income markets delivered healthy, positive
returns during the period. The combination of weaker economic growth,
favorable central-bank actions and elevated demand for perceived safer
investments led to strong across-the-board returns for bonds over the
six-month period. In that environment, the Fund's fixed-income allocation
aided benchmark-relative performance and provided a measure of stability
through the downturn in higher-risk asset classes.
The Fund's allocation to real estate also made a positive contribution to
benchmark-relative results. That portion of the portfolio is largely
allocated to real estate investment trusts (REITs), with a concentration in
Singapore, Hong Kong, and lodging REITs headquartered in the United States.
REITs performed very well over the six-month period due to the favorable
combination of healthy global property markets and declining bond yields.
The Fund's position in a gold futures contract also added to relative
performance, given the substantial rally in gold prices from the beginning
of January onward.
Q Could you discuss specific aspects of the Fund's positioning as of April
30, 2016?
A We continued to employ top-down investment strategy during the six-month
period. The Fund's asset allocation is a function of our long-term
investment orientation, and we believe global market conditions have not
shifted to the point that would warrant a broad-based repositioning.
Overall, approximately 59% of the Fund's portfolio was allocated to
equities as of April 30, 2016, and approximately 27% was in fixed income.
In addition, roughly 8% of the portfolio was allocated to REITs, and the
remainder was in cash.
The Fund's equity allocation includes weightings of approximately 30% in
the United States and 20% in the developed markets. The portfolio also had
a 9% allocation to equities in the emerging markets. The portfolio's
positions in non-US stocks were a drag on the Fund's benchmark-relative
results over the period, as both Japanese and Chinese equities produced
negative returns. Nevertheless, we believe Japan is one of the most
attractive developed markets due to the potentially transformational impact
of Prime Minister Abe's economic reforms.We also believe Chinese stocks
have become even more compelling following their recent underperformance,
as we think the worst is likely over for that nation's economy. Therefore,
we remained on the lookout for the chance to add to the Fund's position in
China during the period.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 5
Q What are some notable elements of the Fund's stock portfolio as of April
30, 2016?
A We continue to employ a theme-based approach to equity investing, which is
designed to capitalize on trends that we think can drive longer-term
outperformance for the related positions. For instance, the Fund holds a
sizable weighting in stocks that seem poised to benefit from the worldwide
health care revolution. We anticipate that demand for health care is likely
to increase due to rising global wealth, the health needs of aging and
growing populations, and the growing prevalence of chronic diseases. We
believe health care stocks, in general, are safer and have greater upside
potential than most fixed-income securities, yet they offer exposure to
important demographic trends as well as below-average sensitivity to
broader economic cycles.
We also see an opportunity in the defense/aerospace industry. Airlines face
an increasing need to upgrade their aging fleets of airplanes, and defense
spending in the West appears set to turn slowly higher. In that portion of
the equity market, we emphasize companies with weaker ties to economic
cycles that also have strong share buyback programs in place. Our focus on
buybacks in the aerospace industry underscores our broader preference for
owning shares of companies that display a shareholder-focused approach to
capital allocation. That is reflected in the Fund's investments in several
exchange-traded funds (ETFs) linked to stocks that regularly increase their
dividends*, as well as the PowerShares International BuyBack Achievers ETF.
Other notable themes within the portfolio's equity allocation include
global infrastructure and hotel operators in the United States and Japan.
Q How is the Fund's fixed-income portfolio positioned as of April 30, 2016?
A We find most developed-market bonds unattractive, since their yields do not
offer a compelling alternative to the opportunities available in the stock
market. However, we have retained Fund positions in Australian and New
Zealand government debt, based in part on the improving outlook for
commodities. The Fund also has exposure to the bonds of gold mining
companies, as spot gold prices have remained well above the cash costs of
production for the issuers represented in the portfolio. We believe the
securities now offer extremely appealing valuations following the
broad-based selloff in the commodity-sensitive areas of the bond market.
* Dividends are not guaranteed.
6 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Gold-related bonds, in fact, staged a powerful rebound in the second half
of the six-month period, resulting in a meaningful contribution to the
Fund's overall performance.
In addition, we have retained a modest Fund weighting in emerging markets
debt, with a focus on select opportunities in US dollar-denominated bonds
in Russia, Mexico, and Indonesia, plus smaller investments in
local-currency bonds and corporate issues in those same three countries.
In terms of portfolio activity, we established a small position in
high-yield bonds during the six-month period. Severe dislocations within
the fixed-income markets caused valuations in the high-yield sectors to
fall to attractive levels for the first time since 2015. Accordingly, we
elected to increase the Fund's weighting in the asset class through
positions in the bonds of companies where we believed yields had risen too
far, given the underlying risks.
Q Can you discuss how you use derivatives as part of your investment strategy
for the Fund during the six-month period ended April 30, 2016, and how the
use of derivatives affected the Fund's performance, if at all?
A We use derivatives across a broad spectrum of asset classes for the
purposes of establishing specific market or issuer exposure in the Fund's
portfolio, and to attempt to hedge downside risk. The derivative vehicles
we use include, but are not limited to equity, fixed-income, and commodity
futures; credit-linked securities; ETFs (long or short positions); currency
forwards or futures (also long or short positions); and options -- both
index and individual issuers. (Long/Short trading strategies involve the
buying, or going long, and selling, or going short, of certain securities,
usually in an attempt to mitigate market risk. In general, long positions
are expected to rise in value, while short positions are expected to
decrease in value.)
The use of derivatives had a positive impact on the Fund's performance
during the six-month period.
Q Do you have any closing thoughts for investors?
A We continue to employ a flexible, go-anywhere investment approach that we
believe enables the Fund to adapt to changing market conditions by
investing in any asset class or region. Rather than being constrained by a
"style box" or an index-tracking strategy, we have the ability to be active
in
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 7
seeking out investment opportunities, while at the same time attempting to
manage the Fund's risk in response to the constantly evolving market
environment. We think this approach is well suited to an investment
environment characterized by elevated volatility and wide divergences among
the underlying trends currently affecting the global financial markets.
Please refer to the Schedule of Investments on pages 19-35 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
All investments are subject to risk, including the possible loss of principal.
The Fund has the ability to invest in a wide variety of securities and asset
classes.
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 (including ETFs). In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
investments in any underlying funds.
The Fund and some of the underlying funds employ leverage through the use of
derivatives, which increases the volatility of investment returns and subjects
the Fund to magnified losses if the Fund or an underlying fund's investments
decline in value.
The Fund and some of the underlying funds may use derivatives, such as options
and futures, which can be illiquid, may disproportionately increase losses, and
have a potentially large impact on Fund performance.
The Fund and some of the underlying funds may employ short selling, a
speculative strategy. Unlike the possible loss on a security that is purchased,
there is no limit to the amount of loss on an appreciating security that is sold
short.
8 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
The Fund may invest in inflation-linked securities. As inflationary expectations
increase, inflation-linked securities may become more attractive, because they
protect future interest payments against inflation. Conversely, as inflationary
concerns decrease, inflation-linked securities will become less attractive and
less valuable.
The Fund may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Fund may invest in subordinated securities, which may be disproportionately
adversely affected by a default or even a perceived decline in creditworthiness
of the issuer.
The Fund may invest in floating rate loans. The value of collateral, if any,
securing a floating rate loan can decline or may be insufficient to meet the
issuer's obligations or may be difficult to liquidate.
The Fund may invest in event-linked bonds. The return of principal and the
payment of interest on event-linked bonds are contingent on the non-occurrence
of a pre-defined "trigger" event, such as a hurricane or an earthquake of a
specific magnitude.
The Fund may invest in commodity-linked derivatives. The value of
commodity-linked derivatives may be affected by changes in overall market
movements, commodity index volatility, changes in interest rates, factors
affecting a particular industry or commodity, international economic, political
and regulatory developments, supply and demand, and governmental regulatory
policies.
Investments in equity securities are subject to price fluctuation.
Small-and mid-cap stocks involve greater risks and volatility than large-cap
stocks.
International investments are subject to special risks, including currency
fluctuations, and social, economic and political uncertainties, which could
increase volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation,
and reinvestment risks. As interest rates rise, the value of fixed-income
securities will generally fall.
Prepayment risk is the chance that an issuer may exercise its right to repay its
security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 9
The Fund may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-
income securities. Mortgage-Backed securities are also subject to prepayments.
High-yield bonds possess greater price volatility, illiquidity, and possibility
of default.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or
underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
10 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Portfolio Summary | 4/30/16
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 28.8%
Industrials 17.2%
Health Care 15.9%
Consumer Discretionary 6.9%
Materials 6.5%
Government 5.8%
Information Technology 4.9%
Energy 4.9%
Consumer Staples 3.6%
Exchange Traded Funds 3.4%
Utilities 1.2%
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 34.1%
U.S. Common Stocks 29.9%
Foreign Government Bonds 13.2%
International Corporate Bonds 8.2%
Exchange Traded Fund 4.1%
U.S. Corporate Bonds 3.8%
Depositary Receipts for International Stocks 3.0%
Exchange Traded Funds 2.8%
Senior Secured Loans 0.6%
Collateralized Mortgage Obligations 0.3%
U.S. Preferred Stocks 0.0%+
* Includes investments in insurance-linked Securities totaling 0.1% of total
investment portfolio.
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)**
1. Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 3.07%
--------------------------------------------------------------------------------
2. Indonesia Government International Bond, 5.875%, 1/15/24 2.57
--------------------------------------------------------------------------------
3. ProShares S&P 500 Dividend Aristocrats ETF 1.59
--------------------------------------------------------------------------------
4. Mexico Government International Bond, 4.0%, 10/2/23 1.28
--------------------------------------------------------------------------------
5. Mexico Government International Bond, 3.6%, 1/30/25 1.27
--------------------------------------------------------------------------------
6. Safran SA 1.14
--------------------------------------------------------------------------------
7. Bristol-Myers Squibb Co. 1.13
--------------------------------------------------------------------------------
8. AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 1.08
--------------------------------------------------------------------------------
9. Mexican Bonos, 5.75%, 3/5/26 1.05
--------------------------------------------------------------------------------
10. Aberdeen Asia-Pacific Income Fund, Inc. 1.03
--------------------------------------------------------------------------------
** This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 11
Prices and Distributions | 4/30/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/16 10/31/15
--------------------------------------------------------------------------------
A $12.03 $12.68
--------------------------------------------------------------------------------
C $11.91 $12.56
--------------------------------------------------------------------------------
R $12.01 $12.69
--------------------------------------------------------------------------------
Y $12.07 $12.72
--------------------------------------------------------------------------------
Distributions per Share: 11/1/15 - 4/30/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1366 $ -- $0.5636
--------------------------------------------------------------------------------
C $0.0940 $ -- $0.5636
--------------------------------------------------------------------------------
R $0.1324 $ -- $0.5636
--------------------------------------------------------------------------------
Y $0.1521 $ -- $0.5636
--------------------------------------------------------------------------------
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 13-16.
12 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Performance Update | 4/30/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Flexible Opportunities Fund at
public offering price during the periods shown, compared to that of the Barclays
U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Barclays
Net Public U.S. Treasury
Asset Offering TIPS
Value Price 1-10 Year
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 6.67% 5.86% 2.58%
5 years 5.23 4.27 1.51
1 year -6.89 -11.08 1.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.29% 1.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Flexible Barclays U.S. Treasury
Opportunities Fund TIPS 1-10 Year Index
5/10 $ 9,550 $ 10,000
4/11 $ 11,112 $ 10,789
4/12 $ 11,667 $ 11,546
4/13 $ 13,615 $ 11,853
4/14 $ 13,785 $ 11,376
4/15 $ 15,402 $ 11,487
4/16 $ 14,340 $ 11,629
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, 2017, 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 13
Performance Update | 4/30/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Flexible Opportunities Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Barclays
U.S. Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 5.87% 5.87% 2.58%
5 years 4.45 4.45 1.51
1 year -7.57 -7.57 1.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Flexible Barclays U.S. Treasury
Opportunities Fund TIPS 1-10 Year Index
5/10 $ 10,000 $ 10,000
4/11 $ 11,554 $ 10,789
4/12 $ 12,039 $ 11,546
4/13 $ 13,953 $ 11,853
4/14 $ 14,024 $ 11,376
4/15 $ 15,540 $ 11,487
4/16 $ 14,363 $ 11,629
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.
14 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Performance Update | 4/30/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Flexible Opportunities Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 6.41% 2.58%
5 years 4.92 1.51
1 year -7.58 1.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Flexible Barclays U.S. Treasury
Opportunities Fund TIPS 1-10 Year Index
5/10 $ 10,000 $ 10,000
4/11 $ 11,633 $ 10,789
4/12 $ 12,214 $ 11,546
4/13 $ 14,254 $ 11,853
4/14 $ 14,417 $ 11,376
4/15 $ 16,002 $ 11,487
4/16 $ 14,789 $ 11,629
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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 15
Performance Update | 4/30/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Flexible Opportunities Fund during
the periods shown, compared to that of the Barclays U.S. Treasury TIPS 1-10 Year
Index.
Average Annual Total Returns
(As of April 30, 2016)
--------------------------------------------------------------------------------
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 6.99% 2.58%
5 years 5.55 1.51
1 year -6.61 1.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.05% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Flexible Barclays U.S. Treasury
Opportunities Fund TIPS 1-10 Year Index
5/10 $ 5,000,000 $ 5,000,000
4/11 $ 5,832,730 $ 5,394,260
4/12 $ 6,143,064 $ 5,773,026
4/13 $ 7,196,009 $ 5,926,297
4/14 $ 7,306,215 $ 5,688,168
4/15 $ 8,180,260 $ 5,743,708
4/16 $ 7,639,657 $ 5,814,264
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, 2017, 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.
16 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Flexible
Opportunities Fund
Based on actual returns from November 1, 2015, through April 30, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/15
--------------------------------------------------------------------------------
Ending Account $1,005.20 $1,001.60 $1,002.40 $1,006.50
Value (after expenses)
on 4/30/16
--------------------------------------------------------------------------------
Expenses Paid $ 5.88 $ 9.60 $ 8.31 $ 4.49
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 1.18%,
1.93%, 1.67% and 0.90% for Class A, Class C, Class R and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 182/366 (to reflect the
one-half year period).
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Flexible Opportunities Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2015, through April 30, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value On 11/1/15
--------------------------------------------------------------------------------
Ending Account $1,019.00 $1,015.27 $1,016.56 $1,020.39
Value (after expenses)
On 4/30/16
--------------------------------------------------------------------------------
Expenses Paid $ 5.92 $ 9.67 $ 8.37 $ 4.52
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 1.18%,
1.93%, 1.67% and 0.90% for Class A, Class C, Class R and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 182/366 (to reflect the
one-half year period).
18 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Schedule of Investments | 4/30/16 (unaudited)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.0%+
REAL ESTATE -- 0.0%+
Retail REIT -- 0.0%+
204 Wheeler Real Estate Investment Trust, Inc., 9.0% $ 199,920
---------------
Total Real Estate $ 199,920
-----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $195,245) $ 199,920
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------
COMMON STOCKS -- 62.5%
ENERGY -- 0.9%
Oil & Gas Equipment & Services -- 0.9%
30,817 Core Laboratories NV $ 4,119,000
27,610 Halliburton Co. 1,140,569
13,882 Schlumberger, Ltd. 1,115,280
---------------
$ 6,374,849
---------------
Total Energy $ 6,374,849
-----------------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Diversified Chemicals -- 0.1%
94,000 Daicel Corp. $ 1,219,978
-----------------------------------------------------------------------------------------------------
Construction Materials -- 0.4%
8,434 Martin Marietta Materials, Inc. $ 1,427,286
13,130 Vulcan Materials Co. 1,413,182
---------------
$ 2,840,468
---------------
Total Materials $ 4,060,446
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 13.1%
Aerospace & Defense -- 5.7%
60,325 Engility Holdings, Inc. $ 1,186,593
38,433 Honeywell International, Inc. 4,391,739
227,503 Leonardo-Finmeccanica S.p.A. 2,873,466
179,867 Magellan Aerospace Corp. 2,531,217
32,471 Northrop Grumman Corp. 6,697,468
54,566 Raytheon Co. 6,894,414
116,892 Safran SA 8,053,937
75,478 Thales SA 6,525,454
12,652 TransDigm Group, Inc. 2,883,011
---------------
$ 42,037,299
-----------------------------------------------------------------------------------------------------
Building Products -- 0.5%
1,997 Geberit AG $ 766,620
225,800 Takasago Thermal Engineering Co., Ltd. 2,917,848
---------------
$ 3,684,468
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 19
Schedule of Investments | 4/30/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Construction & Engineering -- 4.3%
1,750,000 China Communications Construction Co., Ltd. $ 2,111,614
1,128,000 China Railway Group, Ltd. 898,666
2,556,000 China State Construction International
Holdings, Ltd. 3,993,596
119,046 Granite Construction, Inc. 5,308,261
792,000 Kajima Corp. 5,083,821
100,000 Maeda Corp. 782,458
4,244,000 Pembangunan Perumahan Persero Tbk PT 1,179,694
457,000 Shimizu Corp. 4,209,633
568,000 Taisei Corp. 3,981,296
24,400 Vinci SA 1,822,834
11,469,600 Waskita Karya Persero Tbk PT 2,039,910
---------------
$ 31,411,783
-----------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
198,000 Zhuzhou CRRC Times Electric Co, Ltd. $ 1,132,034
-----------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.2%
1,733,000 China High Speed Transmission Equipment
Group Co., Ltd. $ 1,347,152
-----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
7,639 Danaher Corp. $ 739,073
102,300 Seibu Holdings, Inc.* 2,239,355
87,200 SM Investments Corp. 1,750,118
---------------
$ 4,728,546
-----------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.1%
62,916 Volvo AB (Class B) $ 736,561
-----------------------------------------------------------------------------------------------------
Agricultural & Farm Machinery -- 0.5%
40,444 The Toro Co. $ 3,496,384
-----------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
3,983 Georg Fischer AG $ 3,234,060
42,200 Hoshizaki Electric Co., Ltd. 3,665,783
6,799 Stanley Black & Decker, Inc. 760,944
---------------
$ 7,660,787
---------------
Total Capital Goods $ 96,235,014
-----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.6%
Environmental & Facilities Services -- 0.5%
1,291,000 China Everbright International, Ltd. $ 1,451,254
3,588,000 Tianjin Capital Environmental Protection
Group Co., Ltd. 2,007,441
---------------
$ 3,458,695
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.8%
545 dorma+kaba Holding AG* $ 353,335
73,200 Secom Co., Ltd. 5,792,756
---------------
$ 6,146,091
-----------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.3%
22,296 Teleperformance $ 2,001,642
---------------
Total Commercial Services & Supplies $ 11,606,428
-----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Airlines -- 0.3%
1,634,000 China Eastern Airlines Corp, Ltd.* $ 897,351
38,900 Japan Airlines Co., Ltd. 1,440,957
---------------
$ 2,338,308
-----------------------------------------------------------------------------------------------------
Railroads -- 1.0%
16,400 Central Japan Railway Co. $ 2,986,778
307,000 Keisei Electric Railway Co., Ltd. 4,381,399
---------------
$ 7,368,177
-----------------------------------------------------------------------------------------------------
Airport Services -- 0.2%
5,277 Aena SA $ 752,617
648,000 Beijing Capital International Airport Co., Ltd. 697,529
---------------
$ 1,450,146
---------------
Total Transportation $ 11,156,631
-----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Auto Parts & Equipment -- 0.7%
64,720 Johnson Controls, Inc. $ 2,679,408
4,714 Valeo SA 747,353
2,670,000 Xinyi Glass Holdings, Ltd. 1,827,706
---------------
$ 5,254,467
-----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
380,562 Tata Motors, Ltd. $ 2,337,970
---------------
Total Automobiles & Components $ 7,592,437
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.5%
Consumer Electronics -- 0.2%
12,130 Harman International Industries, Inc. $ 931,099
26,500 Sony Corp. 689,847
---------------
$ 1,620,946
-----------------------------------------------------------------------------------------------------
Home Furnishings -- 0.3%
1,715,600 Man Wah Holdings, Ltd. $ 2,003,756
---------------
Total Consumer Durables & Apparel $ 3,624,702
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.4%
Casinos & Gaming -- 0.3%
618,000 Galaxy Entertainment Group, Ltd.* $ 2,087,326
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 21
Schedule of Investments | 4/30/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.7%
453,648 Aitken Spence Hotel Holdings Plc $ 195,418
29,450 Hyatt Hotels Corp.* 1,410,066
30,662 Marriott International, Inc. 2,149,100
309,813 NH Hotel Group SA* 1,490,021
---------------
$ 5,244,605
-----------------------------------------------------------------------------------------------------
Education Services -- 0.4%
69,728 New Oriental Education & Technology
Group, Inc. (A.D.R.) $ 2,730,548
---------------
Total Consumer Services $ 10,062,479
-----------------------------------------------------------------------------------------------------
MEDIA -- 1.2%
Advertising -- 0.4%
65,959 Stroeer SE & Co KGaA* $ 3,247,775
-----------------------------------------------------------------------------------------------------
Broadcasting -- 0.4%
337,395 Sun TV Network, Ltd. $ 1,888,404
120,766 Zee Entertainment Enterprises, Ltd. 754,466
---------------
$ 2,642,870
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
35,616 Comcast Corp. $ 2,164,028
-----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
11,227 Loen Entertainment, Inc. $ 758,068
---------------
Total Media $ 8,812,741
-----------------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Internet Retail -- 0.3%
180,748 Vipshop Holdings, Ltd. (A.D.R.)* $ 2,465,403
-----------------------------------------------------------------------------------------------------
General Merchandise Stores -- 0.2%
6,700 Ryohin Keikaku Co., Ltd. $ 1,548,883
-----------------------------------------------------------------------------------------------------
Apparel Retail -- 1.0%
92,547 The TJX Companies, Inc. $ 7,016,914
---------------
Total Retailing $ 11,031,200
-----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.0%
Drug Retail -- 1.0%
17,635 CVS Health Corp. $ 1,772,318
59,500 Sundrug Co., Ltd. 4,393,572
10,600 Tsuruha Holdings, Inc. 1,048,925
---------------
$ 7,214,815
---------------
Total Food & Staples Retailing $ 7,214,815
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.6%
Packaged Foods & Meats -- 0.2%
19,378 Nestle SA $ 1,444,160
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Tobacco -- 1.4%
55,555 Altria Group, Inc. $ 3,483,854
138,223 Reynolds American, Inc. 6,855,861
---------------
$ 10,339,715
---------------
Total Food, Beverage & Tobacco $ 11,783,875
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Personal Products -- 0.5%
67,800 Kao Corp. $ 3,885,722
---------------
Total Household & Personal Products $ 3,885,722
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 10.1%
Health Care Equipment -- 6.0%
9,706 Becton Dickinson and Co. $ 1,565,190
173,774 Boston Scientific Corp.* 3,809,126
31,991 CR Bard, Inc. 6,787,530
66,672 Edwards Lifesciences Corp.* 7,081,233
113,246 Hill-Rom Holdings, Inc. 5,475,444
102,244 Hologic, Inc.* 3,434,376
4,723 Intuitive Surgical, Inc.* 2,958,298
66,921 Medtronic PLC 5,296,797
57,754 NuVasive, Inc.* 3,057,497
39,814 Stryker Corp. 4,340,124
---------------
$ 43,805,615
-----------------------------------------------------------------------------------------------------
Health Care Distributors -- 0.5%
42,295 Cardinal Health, Inc. $ 3,318,466
-----------------------------------------------------------------------------------------------------
Health Care Services -- 0.4%
24,360 Laboratory Corp of America Holdings* $ 3,052,795
-----------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.2%
81,692 HCA Holdings, Inc. $ 6,586,009
43,968 Orpea 3,625,542
97,104 VCA, Inc.* 6,114,639
---------------
$ 16,326,190
-----------------------------------------------------------------------------------------------------
Managed Health Care -- 1.0%
21,522 Aetna, Inc. $ 2,416,275
38,959 UnitedHealth Group, Inc. 5,130,121
---------------
$ 7,546,396
---------------
Total Health Care Equipment & Services $ 74,049,462
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 5.3%
Biotechnology -- 0.8%
1,442,000 3SBio, Inc. $ 1,745,547
22,014 Actelion, Ltd. 3,556,567
31,113 Grifols SA 676,744
---------------
$ 5,978,858
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 23
Schedule of Investments | 4/30/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.8%
110,419 Bristol-Myers Squibb Co. $ 7,970,043
41,600 Ono Pharmaceutical Co, Ltd. 1,940,541
1,330,500 Shanghai Fosun Pharmaceutical Group Co, Ltd. 3,619,078
67,100 Shionogi & Co., Ltd. 3,548,192
60,512 Shire Plc 3,766,550
---------------
$ 20,844,404
-----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.7%
97,834 Agilent Technologies, Inc. $ 4,003,367
26,525 Gerresheimer AG 1,972,473
131,927 INC Research Holdings, Inc. 6,349,647
---------------
$ 12,325,487
---------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 39,148,749
-----------------------------------------------------------------------------------------------------
BANKS -- 1.8%
Diversified Banks -- 1.3%
382,965 Banco de Sabadell SA $ 731,912
254,529 Hatton National Bank Plc 360,256
44,598 HDFC Bank, Ltd. 756,433
159,300 Kasikornbank PCL 757,268
415,480 Metropolitan Bank & Trust Co. 717,716
98,400 Sumitomo Mitsui Financial Group, Inc. 3,147,066
199,475 Yes Bank, Ltd. 2,825,693
---------------
$ 9,296,344
-----------------------------------------------------------------------------------------------------
Regional Banks -- 0.5%
136,577 Banregio Grupo Financiero SAB de CV $ 819,684
41,946 First Republic Bank 2,949,643
---------------
$ 3,769,327
---------------
Total Banks $ 13,065,671
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.6%
Multi-Sector Holdings -- 0.4%
46,735 GT Capital Holdings, Inc. $ 1,358,281
13,252 Wendel SA 1,531,144
---------------
$ 2,889,425
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.0%
65,049 Discover Financial Services, Inc. $ 3,660,307
123,257 Synchrony Financial 3,767,966
---------------
$ 7,428,273
-----------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.2%
41,777 The Blackstone Group LP $ 1,146,361
---------------
Total Diversified Financials $ 11,464,059
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
INSURANCE -- 3.5%
Life & Health Insurance -- 1.3%
123,800 AIA Group, Ltd. $ 745,312
619,066 Poste Italiane S.p.A. 4,728,313
16,905 Swiss Life Holding AG 4,265,896
---------------
$ 9,739,521
-----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.8%
33,294 Allianz SE* $ 5,652,025
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.4%
53,187 Chubb, Ltd. $ 6,268,620
67,132 The Allstate Corp. 4,366,937
---------------
$ 10,635,557
---------------
Total Insurance $ 26,027,103
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 7.8%
Diversified REIT -- 1.0%
742,930 Green Real Estate Investment Trust plc* $ 1,216,543
403,841 Hibernia Real Estate Investment Trust plc 596,545
4,592,100 Mapletree Greater China Commercial Trust 3,517,150
190,041 Merlin Properties Socimi SA 2,208,802
---------------
$ 7,539,040
-----------------------------------------------------------------------------------------------------
Industrial REIT -- 0.3%
1,015,400 Ascendas Real Estate Investment Trust $ 1,857,439
-----------------------------------------------------------------------------------------------------
Mortgage REIT -- 0.3%
124,311 Starwood Property Trust, Inc. $ 2,406,661
-----------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 2.8%
362,018 DiamondRock Hospitality Co. $ 3,225,580
236 Hoshino Resorts Real Estate Investment
Trust, Inc. 2,905,908
5,233 Japan Hotel Real Estate Investment Trust
Investment Corp. 4,805,641
105,220 LaSalle Hotel Properties 2,514,758
127,979 Pebblebrook Hotel Trust 3,537,340
69,442 Ryman Hospitality Properties, Inc. 3,578,346
---------------
$ 20,567,573
-----------------------------------------------------------------------------------------------------
Office REIT -- 0.4%
3,953,300 Keppel Real Estate Investment Trust $ 3,086,678
-----------------------------------------------------------------------------------------------------
Health Care REIT -- 0.2%
1,224,900 First Real Estate Investment Trust $ 1,138,552
-----------------------------------------------------------------------------------------------------
Residential REIT's -- 0.1%
30,288 Colony Starwood Homes $ 738,119
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 25
Schedule of Investments | 4/30/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Retail REIT -- 0.3%
342,100 CapitaLand Retail China Trust $ 375,221
9,137 Simon Property Group, Inc. 1,838,090
74,022 Wheeler Real Estate Investment Trust, Inc. 104,371
---------------
$ 2,317,682
-----------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 1.5%
1,569,100 Ayala Land, Inc. $ 1,155,933
479,000 CapitaLand, Ltd. 1,107,741
406,600 City Developments, Ltd. 2,521,597
308,700 Takara Leben Co., Ltd. 2,059,639
283,100 Tokyo Tatemono Co., Ltd. 3,867,870
---------------
$ 10,712,780
-----------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.5%
1,751,200 Ascendas India Trust $ 1,243,602
5,759,000 SM Prime Holdings, Inc. 2,773,283
---------------
$ 4,016,885
-----------------------------------------------------------------------------------------------------
Real Estate Development -- 0.4%
296,100 China Vanke Co, Ltd. $ 742,054
919,600 Frasers Centrepoint, Ltd.* 1,141,978
740,000 Longfor Properties Co., Ltd. 1,041,730
---------------
$ 2,925,762
---------------
Total Real Estate $ 57,307,171
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 3.1%
Internet Software & Services -- 1.1%
11,405 Alibaba Group Holding, Ltd. (A.D.R.) $ 877,501
5,166 Alphabet, Inc. (Class A) 3,656,908
16,296 Facebook, Inc.* 1,916,084
88,300 Tencent Holdings, Ltd. 1,808,778
---------------
$ 8,259,271
-----------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.6%
15,442 Capgemini SA $ 1,441,665
53,357 Leidos Holdings, Inc. 2,647,041
---------------
$ 4,088,706
-----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.4%
24,552 Amadeus IT Holding SA $ 1,117,270
58,649 MasterCard, Inc. 5,688,367
49,140 Visa, Inc. 3,795,574
---------------
$ 10,601,211
---------------
Total Software & Services $ 22,949,188
-----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.9%
Communications Equipment -- 0.5%
44,785 Harris Corp. $ 3,583,248
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.4%
2,656,000 China Railway Signal & Communication Corp, Ltd. $ 1,578,446
57,814 FLIR Systems, Inc.* 1,746,561
---------------
$ 3,325,007
---------------
Total Technology Hardware & Equipment $ 6,908,255
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.7%
Semiconductors -- 0.7%
37,521 Broadcom, Ltd. $ 5,468,686
---------------
Total Semiconductors & Semiconductor
Equipment $ 5,468,686
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Wireless Telecommunication Services -- 0.2%
276,290 Bharti Airtel, Ltd. $ 1,514,372
---------------
Total Telecommunication Services $ 1,514,372
-----------------------------------------------------------------------------------------------------
UTILITIES -- 1.2%
Electric Utilities -- 0.1%
115,000 Cheung Kong Infrastructure Holdings, Ltd. $ 1,087,423
-----------------------------------------------------------------------------------------------------
Water Utilities -- 0.7%
3,882,000 Beijing Enterprises Water Group, Ltd. $ 2,327,068
3,682,000 CT Environmental Group, Ltd.* 1,077,483
1,096,000 Guangdong Investment, Ltd. 1,554,189
---------------
$ 4,958,740
-----------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.2%
748,097 China Resources Power Holdings Co, Ltd. $ 1,267,225
-----------------------------------------------------------------------------------------------------
Renewable Electricity -- 0.2%
135,010 Saeta Yield SA $ 1,437,780
---------------
Total Utilities $ 8,751,168
-----------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $427,007,573) $ 460,095,223
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited)
-----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.0%
BANKS -- 1.0%
Thrifts & Mortgage Finance -- 1.0%
3,000,000 COMM 2006-C8 Mortgage Trust, 5.377%,
12/10/46 $ 2,892,583
2,384,000 6.15 JP Morgan Chase Commercial Mortgage
Securities Trust 2006-LDP7, Floating Rate
Note, 4/17/45 1,764,160
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 27
Schedule of Investments | 4/30/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,000,000 5.57 Morgan Stanley Capital I Trust 2007-TOP25,
Floating Rate Note, 11/12/49 $ 2,954,928
---------------
$ 7,611,671
---------------
Total Banks $ 7,611,671
-----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $8,249,944) $ 7,611,671
-----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 12.9%
ENERGY -- 3.0%
Integrated Oil & Gas -- 1.5%
5,682,000 Lukoil International Finance BV, 6.125%,
4,500,000 11/9/20 (144A) $ 6,074,342
Lukoil International Finance BV, 7.25%,
11/5/19 (144A) 4,991,985
---------------
$ 11,066,327
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.5%
6,687,000 Gazprom OAO Via Gaz Capital SA, 3.85%,
4,000,000 2/6/20 (144A) $ 6,592,580
Gazprom OAO Via Gaz Capital SA, 6.51%,
3/7/22 (144A) 4,327,720
$ 10,920,300
---------------
Total Energy $ 21,986,627
-----------------------------------------------------------------------------------------------------
MATERIALS -- 7.0%
Construction Materials -- 0.5%
3,000,000 Vulcan Materials Co., 7.5%, 6/15/21 $ 3,615,000
-----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
1,586,000 Ball Corp., 4.0%, 11/15/23 $ 1,569,744
-----------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
3,000,000 Sealed Air Corp., 5.125%, 12/1/24 (144A) $ 3,142,500
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.9%
6,971,000 Gold Fields Orogen Holdings BVI, Ltd., 4.875%,
10/7/20 (144A) $ 6,517,885
-----------------------------------------------------------------------------------------------------
Gold -- 4.4%
7,500,000 AngloGold Ashanti Holdings Plc, 5.125%,
8/1/22 $ 7,593,750
5,500,000 AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 5,923,500
3,000,000 AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 3,231,000
5,840,000 Kinross Gold Corp., 5.125%, 9/1/21 5,781,600
5,925,000 Kinross Gold Corp., 5.125%, 9/1/21 5,865,750
4,350,000 Kinross Gold Corp., 5.95%, 3/15/24 4,099,875
---------------
$ 32,495,475
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Steel -- 0.6%
4,000,000 ArcelorMittal, 5.5%, 2/25/17 $ 4,130,000
---------------
Total Materials $ 51,470,604
-----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Building Products -- 0.5%
3,000,000 USG Corp., 9.75%, 1/15/18 $ 3,367,500
---------------
Total Capital Goods $ 3,367,500
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Apparel, Accessories & Luxury Goods -- 0.3%
1,943,000 Hanesbrands, Inc., 6.375%, 12/15/20 $ 2,011,005
---------------
Total Consumer Durables & Apparel $ 2,011,005
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.8%
5,523,000 MGM Resorts International, 6.625%, 12/15/21 $ 5,881,995
---------------
Total Consumer Services $ 5,881,995
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Packaged Foods & Meats -- 0.4%
1,500,000 Smithfield Foods, Inc., 5.875%, 8/1/21 (144A) $ 1,563,750
1,500,000 Smithfield Foods, Inc., 6.625%, 8/15/22 1,586,250
---------------
$ 3,150,000
---------------
Total Food, Beverage & Tobacco $ 3,150,000
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Consumer Finance -- 0.4%
3,000,000 First Cash Financial Services, Inc.,
6.75%, 4/1/21 $ 2,985,000
---------------
Total Diversified Financials $ 2,985,000
-----------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Reinsurance -- 0.1%
1,000,000 7.48 Northshore Re, Ltd., Floating Rate Note,
7/5/16 (Cat Bond) (144A) $ 1,003,400
---------------
Total Insurance $ 1,003,400
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Real Estate Development -- 0.2%
1,400,000 Sunac China Holdings, Ltd., 9.375%, 4/5/18 $ 1,463,000
---------------
Total Real Estate $ 1,463,000
-----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Wireless Telecommunication Services -- 0.2%
1,500,000 Sprint Communications, Inc., 6.0%, 12/1/16 $ 1,507,500
---------------
Total Telecommunication Services $ 1,507,500
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 29
Schedule of Investments | 4/30/16 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $91,743,835) $ 94,826,631
-----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 12.8%
AUD 9,530,000 Australia Government Bond, 1.75%, 11/21/20 $ 7,165,165
15,870,000 Indonesia Government International Bond,
5.875%, 1/15/24 (144A) 18,059,505
3,796,000 Indonesia Government International Bond,
6.75%, 1/15/44 (144A) 4,648,639
IDR 25,355,000,000 Indonesia Treasury Bond, 7.0%, 5/15/27 1,810,907
IDR 44,544,000,000 Indonesia Treasury Bond, 8.375%, 9/15/26 3,534,804
MXN 128,693,400 Mexican Bonos, 5.75%, 3/5/26 7,420,432
8,804,000 Mexico Government International Bond,
3.6%, 1/30/25 8,947,065
8,582,000 Mexico Government International Bond,
4.0%, 10/2/23 8,989,645
NZD 5,134,000 New Zealand Government Bond, 3.0%, 4/15/20 3,688,038
PHP 165,000,000 Philippine Government Bond, 3.625%, 9/9/25 3,484,357
RUB 304,576,000 Russian Federal Bond - OFZ, 7.6%, 7/20/22 4,444,049
21,400,000 Russian Foreign Bond - Eurobond, 3.5%,
1/16/19 (144A) 21,638,603
-----------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $89,658,285) $ 93,831,209
-----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTEREST -- 0.0%+**
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.0%
Communications Equipment -- 0.0%+
91,030 3.31 CommScope, Inc., Tranche 4 Term Loan,
1/14/18 $ 91,000
---------------
Total Technology Hardware & Equipment $ 91,000
-----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $91,030) $ 91,000
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------
CLOSED-END FUNDS -- 0.2%
62,300 BlackRock Munivest Fund, Inc. $ 671,594
44,100 BlackRock Muniyield Fund, Inc. 693,693
---------------
$ 1,365,287
-----------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUNDS
(Cost $1,140,036) $ 1,365,287
-----------------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 5.1%
1,443,597 Aberdeen Asia-Pacific Income Fund, Inc. $ 7,275,729
32,883 Guggenheim S&P Global Water Index ETF 962,485
The accompanying notes are an integral part of these financial statements.
30 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------
MUTUAL FUNDS - (continued)
62,296 PowerShares International BuyBack
Achievers Portfolio $ 1,762,977
211,883 ProShares S&P 500 Dividend Aristocrats ETF 11,174,709
177,729 SPDR S&P Euro Dividend Aristocrats UCITS ETF 4,182,284
19,163 SPDR S&P Global Dividend Aristocrats ETF 594,451
210,227 SPDR S&P UK Dividend Aristocrats UCITS ETF 3,640,666
118,579 SPDR S&P US Dividend Aristocrats UCITS ETF 5,102,454
209,556 VanEck Vectors Vietnam ETF 3,021,798
-----------------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $38,196,922) $ 37,717,553
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Price Date
-----------------------------------------------------------------------------------------------------
PUT OPTIONS PURCHASED -- 0.4%
625 Deutsche Boerse AG
German Stock Index Barclays 9,900 6/17/16 $ 1,541,591
1,000 Hong Kong Stock
Exchange Barclays 9,000 6/29/16 1,398,719
-----------------------------------------------------------------------------------------------------
TOTAL PUT OPTIONS PURCHASED $ 2,940,310
---------------
(Cost $2,273,557) $ 2,940,310
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Principal
Amount ($)
-----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.7%
Commercial Paper -- 0.7%
1,780,000 Barclays, Floating Rate Note, 5/2/16 (c) $ 1,779,955
1,780,000 BNP Paribas, Commercial Papar, 5/2/16 (c) 1,779,944
1,780,000 Total CP, Floating Rate Note, 5/2/16 (c) 1,779,950
---------------
$ 5,339,849
-----------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $5,339,952) $ 5,339,849
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 95.6%
(Cost $663,896,379) (a) $ 704,018,653
-----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 4.4% $ 32,476,232
-----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 736,494,885
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 31
Schedule of Investments | 4/30/16 (unaudited) (continued)
* Non-income producing security.
+ Amount rounds to less than 0.1%.
(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, 2016, the value of these securities
amounted to $78,560,909 or 10.7% of total net assets.
(A.D.R.) American Depositary Receipts.
REIT Real Estate Investment Trust.
(Cat Bond) Catastrophe or event-linked bond. At April 30, 2016, the value of
these securities amounted to $1,003,400 or 0.1% of total net assets.
See Notes to Financial Statements -- Note 1I.
** 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 U.S. banks,
(iii) the certificate of deposit or (iv) other base lending rates
used by commercial lenders. The rate shown is the coupon rate at
period end.
(a) At April 30, 2016, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $670,643,003 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 47,119,031
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (13,743,381)
---------------
Net unrealized appreciation $ 33,375,650
===============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
AUD Australian Dollar
IDR Indonesian Rupiah
MXN Mexican Peso
NZD New Zealand Dollar
PHP Philippine Peso
RUB Russian Ruble
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended April 30, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ --
Other Long-Term Securities 659,539,295 717,274,228
The accompanying notes are an integral part of these financial statements.
32 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
TOTAL RETURN SWAP AGREEMENTS
--------------------------------------------------------------------------------------------------------
Net
Unrealized
Notional Pay/ Obligation Expiration Appreciation
Principal Counterparty Receive Entity/Index Coupon Date (Depreciation)
--------------------------------------------------------------------------------------------------------
2,391 Citibank NA Pay BI Macau/China 3M Libor + 3/24/17 $ (21,032)
Gaming Market 40 bps
Competitive Peer
Group Index
2,955 Citibank NA Pay BI Macau/China 3M Libor + 3/24/17 (22,524)
Gaming Market 40 bps
Competitive Peer
Group Index
18,227 Citibank NA Pay BI Macau/China 3M Libor + 3/24/17 (125,640)
Gaming Market 40 bps
Competitive Peer
Group Index
IDR 7,003,517 Citibank NA Pay MSCI Indonesia 3M Libor 2/15/17 (9,144)
Index
PHP 21,231 Citibank NA Pay Philippine Stock 3M Libor 2/15/17 206,731
Exchange PSEi
Index
155,416 Citibank NA Pay PureFunds ISE 3M Libor + 6/10/16 147,526
Cyber Security 40 bps
ETF
10 Goldman Sach Pay Pioneer Custom 3M Libor + 11/20/16 87
Basket (Basket 39 bps
Comprised of
Exchange Traded
Equity Securities)
EUR 1,172 Societe Pay Solactive 3M EURIBOR 6/13/16 (2,214)
Generale SA European + 25 bps
Buyback Index
EUR 1,253 Societe Pay Solactive 3M EURIBOR 10/17/16 (17,654)
Generale SA European + 25 bps
Buyback Index
JPY 184,624 Societe Pay Solactive 3M Libor + 6/14/16 71,359
Generale SA European 70 bps
Buyback Index
JPY 160,444 Societe Pay Solactive 3M Libor + 4/4/17 (38,091)
Generale SA European 50 bps
Buyback Index
========================================================================================================
$ 189,404
========================================================================================================
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EUR Euro
JPY Japanese Yen
IDR Indonesian Rupiah
PHP Philippine Peso
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 33
Schedule of Investments | 4/30/16 (unaudited) (continued)
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 following is a summary of the inputs used as of April 30, 2016, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Preferred Stock $ -- $ 199,920 $ -- $ 199,920
Common Stocks* 460,095,223 -- -- 460,095,223
Collateralized Mortgage Obligations -- 7,611,671 -- 7,611,671
Corporate Bonds -- 94,826,631 -- 94,826,631
Foreign Government Bonds -- 93,831,209 -- 93,831,209
Senior Floating Rate Loan Interest -- 91,000 -- 91,000
Closed-End Funds 1,365,287 -- -- 1,365,287
Mutual Funds 37,717,553 -- -- 37,717,553
Put Options Purchased 2,940,310 -- -- 2,940,310
Commercial Paper 5,339,849 -- -- 5,339,849
----------------------------------------------------------------------------------------------
Total $ 507,458,222 $ 196,560,431 $ -- $704,018,653
==============================================================================================
Other Financial Instruments
Net unrealized appreciation on
futures contracts $ 986,826 $ -- $ -- $ 986,826
Net unrealized appreciation on
total return swap contracts -- 189,404 -- 189,404
----------------------------------------------------------------------------------------------
Total Other Financial Instruments $ 986,826 $ 189,404 $ -- $ 1,176,230
==============================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
----------------------------------------------------------------------------------------------
Common
Stocks
----------------------------------------------------------------------------------------------
Balance as of 10/31/15 $ 3,981,510
Realized gain (loss)(1) 150,246
Change in unrealized appreciation (depreciation)(2) --
Purchases --
Sales (4,131,756)
Transfers in to Level 3* --
Transfers out of Level 3* --
Transfers in and out of Level 3 activity --
----------------------------------------------------------------------------------------------
Balance as of 4/30/16 $ --
==============================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2016, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 4/30/16 $ --
------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of April 30, 2016.
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Assets:
Restricted cash $ -- $3,816,014 $ -- $3,816,014
Foreign currencies, at value -- 5,506,323 -- 5,506,323
Liabilities:
Variation margin for futures contracts (496,765) -- -- (496,765)
----------------------------------------------------------------------------------------------
Total: $ (496,765) $9,322,337 $ -- $8,825,572
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 35
Statement of Assets and Liabilities | 4/30/16 (Consolidated) (unaudited)
ASSETS:
Investment in securities, at value (cost $663,896,379) $704,018,653
Cash 10,809,075
Restricted cash* 3,816,014
Foreign currencies, at value (cost $3,821,140) 5,506,323
Receivables --
Investment securities sold 16,801,865
Fund shares sold 2,380,495
Dividends 903,918
Interest 3,046,038
Due from Pioneer Investment Management, Inc. 38,635
Net unrealized appreciation on swap contracts 189,404
Other assets 116,498
--------------------------------------------------------------------------------------
Total assets $747,626,918
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 6,565,852
Fund shares repurchased 3,519,612
Trustee fees 3,345
Distributions 285
Futures payable 83,627
Variation margin on futures contracts 496,765
Reserve for repatriation taxes 94,609
Due to affiliates 170,094
Accrued expenses 197,844
--------------------------------------------------------------------------------------
Total liabilities $ 11,132,033
======================================================================================
NET ASSETS:
Paid-in capital $729,389,935
Distributions in excess of net investment income (2,235,453)
Accumulated net realized loss on investments, futures contracts, swap
contracts, written options and foreign currency transactions (31,920,618)
Net unrealized appreciation on investments 40,122,274
Net unrealized appreciation on futures contracts 986,826
Net unrealized appreciation on swap contracts 189,404
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (37,483)
--------------------------------------------------------------------------------------
Total net assets $736,494,885
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $187,729,903/15,599,742 shares) $ 12.03
Class C (based on $199,945,838/16,792,313 shares) $ 11.91
Class R (based on $289,933/24,131 shares) $ 12.01
Class Y (based on $348,529,211/28,865,142 shares) $ 12.07
MAXIMUM OFFERING PRICE:
Class A ($12.03 / 95.5%) $ 12.60
======================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
36 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $175,384) $ 4,330,914
Interest 5,213,156
------------------------------------------------------------------------------------------------
Total investment income $ 9,544,070
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,543,024
Transfer agent fees
Class A 11,897
Class C 7,959
Class R 57
Class Y 10,882
Distribution fees
Class A 235,871
Class C 993,977
Class R 558
Shareholder communications expense 312,383
Administrative expense 130,201
Custodian fees 169,543
Registration fees 53,021
Professional fees 37,018
Printing expense 19,005
Fees and expenses of nonaffiliated Trustees 17,553
Pricing expense 5,692
Miscellaneous 51,452
------------------------------------------------------------------------------------------------
Total expenses $ 4,600,093
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (41,309)
------------------------------------------------------------------------------------------------
Net expenses $ 4,558,784
------------------------------------------------------------------------------------------------
Net investment income $ 4,985,286
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, WRITTEN OPTIONS, SWAP CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes of $134,105) $ (7,780,304)
Futures contracts (11,405,996)
Written options (8,219,949)
Swap contracts (1,716,148)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 170,361 $ (28,952,036)
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation
(depreciation) on:
Investments $ 21,781,940
Futures contracts 2,157,481
Swap contracts (293,250)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 493,832 $ 24,140,003
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts, written options, swap contracts and foreign
currency transactions $ (4,812,033)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 173,253
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 37
Statements of Changes in Net Assets (Consolidated)
------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/16 Year Ended
(unaudited) 10/31/15
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 4,985,286 $ 9,929,235
Net realized gain (loss) on investments, futures
contracts, written options, swap contracts and
foreign currency transactions (28,952,036) 32,959,343
Change in net unrealized appreciation (depreciation)
on investments, futures contracts, written options, swap
contracts and foreign currency transactions 24,140,003 (30,526,506)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 173,253 $ 12,362,072
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.14 and $0.30 per share, respectively) $ (2,277,507) $ (4,787,767)
Class C ($0.09 and $0.16 per share, respectively) (1,654,873) (2,796,710)
Class R ($0.13 and $0.15 per share, respectively) (2,520) (557)
Class Y ($0.15 and $0.33 per share, respectively) (4,499,058) (9,305,033)
Class Z* ($0.00 and $0.19 per share, respectively) -- (2,220)
Net realized gain:
Class A ($0.56 and $0.33 per share, respectively) (9,239,156) (5,521,118)
Class C ($0.56 and $0.33 per share, respectively) (9,649,365) (5,791,481)
Class R ($0.56 and $0.33 per share, respectively) (7,412) (1,460)
Class Y ($0.56 and $0.33 per share, respectively) (16,206,495) (9,576,515)
Class Z* ($0.00 and $0.33 per share, respectively) -- (3,857)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (43,536,386) $ (37,786,718)
================================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 126,649,706 $ 300,297,276
Reinvestment of distributions 37,067,953 31,631,974
Cost of shares repurchased (190,471,657) (366,871,843)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (26,753,998) $ (34,942,593)
------------------------------------------------------------------------------------------------
Net decrease in net assets $ (70,117,131) $ (60,367,239)
NET ASSETS:
Beginning of period $ 806,612,016 $ 866,979,255
------------------------------------------------------------------------------------------------
End of period $ 736,494,885 $ 806,612,016
------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (2,235,453) $ 1,213,219
================================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
----------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/16 4/30/16 Year Ended Year Ended
Shares Amount 10/31/15 10/31/15
(unaudited) (unaudited) Shares Amount
----------------------------------------------------------------------------------------
Class A
Shares sold 1,725,476 $ 20,098,209 5,975,840 $ 79,431,258
Reinvestment of
distributions 904,082 10,735,894 702,485 8,981,329
Less shares repurchased (3,509,563) (40,589,005) (7,754,295) (99,574,530)
----------------------------------------------------------------------------------------
Net decrease (880,005) $ (9,754,902) (1,075,970) $ (11,161,943)
========================================================================================
Class C
Shares sold 1,719,639 $ 19,698,533 3,551,007 $ 46,008,975
Reinvestment of
distributions 769,622 9,054,160 541,062 6,808,756
Less shares repurchased (3,105,615) (35,657,165) (5,311,858) (67,275,117)
----------------------------------------------------------------------------------------
Net decrease (616,354) $ (6,904,472) (1,219,789) $ (14,457,386)
========================================================================================
Class R
Shares sold 22,759 $ 261,639 6,047 $ 74,816
Reinvestment of
distributions 547 6,495 139 1,773
Less shares repurchased (8,642) (98,007) (2,453) (31,093)
----------------------------------------------------------------------------------------
Net increase 14,664 $ 170,127 3,733 $ 45,496
========================================================================================
Class Y
Shares sold 7,417,861 $ 86,591,325 13,280,661 $ 174,740,739
Reinvestment of
distributions 1,450,285 17,271,404 1,234,446 15,834,274
Less shares repurchased (9,786,056) (114,127,480) (15,663,576) (199,789,697)
----------------------------------------------------------------------------------------
Net decrease (917,910) $ (10,264,751) (1,148,469) $ (9,214,684)
========================================================================================
Class Z*
Shares sold -- $ -- 3,096 $ 41,488
Reinvestment of
distributions -- -- 461 5,842
Less shares repurchased -- -- (15,449) (201,406)
----------------------------------------------------------------------------------------
Net (decrease) -- $ -- (11,892) $ (154,076)
========================================================================================
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 39
Financial Highlights (Consolidated)
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/16 Ended Ended Ended Ended Ended
(unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.68 $ 12.94 $ 13.33 $ 11.76 $ 11.25 $ 10.63
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.08(b) $ 0.17(b) $ 0.27 $ 0.21 $ 0.20 $ 0.19
Net realized and unrealized gain (loss) on investments (0.03) 0.20 (0.09) 1.51 0.67 0.51
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.37 $ 0.18 $ 1.72 $ 0.87 $ 0.70
--------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.14) $ (0.30) $ (0.08) $ (0.15) $ (0.36) $ (0.08)
Net realized gain (0.56) (0.33) (0.49) -- -- --
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.70) $ (0.63) $ (0.57) $ (0.15) $ (0.36) $ (0.08)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ (0.26) $ (0.39) $ 1.57 $ 0.51 $ 0.62
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.03 $ 12.68 $ 12.94 $ 13.33 $ 11.76 $ 11.25
================================================================================================================================
Total return* 0.52% 2.85% 1.45% 14.72% 8.01% 6.60%
Ratio of net expenses to average net assets (a) 1.18%** 1.20% 1.23% 1.20% 1.20% 1.20%
Ratio of net investment income (loss) to average net assets 1.45%** 1.33% 1.60% 1.82% 2.19% 2.05%
Portfolio turnover rate 188%** 295% 383% 288% 175% 191%
Net assets, end of period (in thousands) $187,730 $209,001 $227,251 $335,398 $147,163 $87,316
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (a) 1.18%** 1.26% 1.23% 1.23% 1.22% 1.24%
Net investment income (loss) to average net assets 1.45%** 1.27% 1.60% 1.79% 2.17% 2.01%
================================================================================================================================
* 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.
(a) Includes interest expense of 0.00%, 0.00%, 0.05%, 0.00%, 0.00% and 0.00%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/16 Ended Ended Ended Ended Ended
(unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.56 $ 12.78 $ 13.21 $ 11.66 $ 11.15 $ 10.60
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04(b) $ 0.07(b) $ 0.13 $ 0.12 $ 0.11 $ 0.08
Net realized and unrealized gain (loss) on investments (0.04) 0.20 (0.05) 1.50 0.67 0.52
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ -- $ 0.27 $ 0.08 $ 1.62 $ 0.78 $ 0.60
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.09) $ (0.16) $ (0.02) $ (0.07) $ (0.27) $ (0.05)
Net realized gain (0.56) (0.33) (0.49) -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.65) $ (0.49) $ (0.51) $ (0.07) $ (0.27) $ (0.05)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ (0.22) $ (0.43) $ 1.55 $ 0.51 $ 0.55
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.91 $ 12.56 $ 12.78 $ 13.21 $ 11.66 $ 11.15
===================================================================================================================================
Total return* 0.16% 2.12% 0.60% 13.93% 7.18% 5.69%
Ratio of net expenses to average net assets (a) 1.93%** 2.01% 1.97% 1.98% 1.95% 2.00%
Ratio of net investment income (loss) to average net assets 0.70%** 0.52% 0.89% 1.05% 1.43% 1.25%
Portfolio turnover rate 188%** 295% 383% 288% 175% 191%
Net assets, end of period (in thousands) $ 199,946 $218,597 $238,164 $251,889 $104,709 $58,471
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (a) 1.93%** 2.01% 1.97% 1.98% 1.95% 2.00%
Net investment income (loss) to average net assets 0.70%** 0.52% 0.89% 1.05% 1.43% 1.25%
===================================================================================================================================
* 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.
(a) Includes interest expense of 0.00%, 0.00%, 0.05%, 0.00%, 0.00% and 0.00%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 41
Financial Highlights (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
4/30/16 Ended Ended 9/13/13 to
(unaudited) 10/31/15 10/31/14 10/31/13
------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 12.69 $ 12.92 $ 13.32 $ 12.87(a)
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from
investment operations:
Net investment income (loss) $ 0.06(d) $ 0.06(d) $ 0.15 $ 0.05
Net realized and unrealized gain (loss) on investments (0.05) 0.19 0.00(b) 0.44
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 0.25 $ 0.15 $ 0.49
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ (0.15) $ (0.06) $ (0.04)
Net realized gain (0.56) (0.33) (0.49) --
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.69) $ (0.48) $ (0.55) $ (0.04)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.68) $ (0.23) $ (0.40) $ 0.45
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.01 $ 12.69 $ 12.92 $ 13.32
========================================================================================================================
Total return* 0.24% 1.90% 1.19% 4.76%***
Ratio of net expenses to average net assets (c) 1.67%** 2.01% 1.55% 1.36%**
Ratio of net investment income (loss) to average net assets 1.03%** 0.47% 1.40% 2.96%**
Portfolio turnover rate 188%** 295% 383% 288%***
Net assets, end of period (in thousands) $ 290 $ 120 $ 74 $ 10
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets (c) 1.67%** 2.01% 1.55% 1.36%**
Net investment income (loss) to average net assets 1.03%** 0.47% 1.40% 2.96%**
========================================================================================================================
* 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.
(a) Class R shares beginning capital was recorded on inception date at $10.00
per share.
(b) Amount rounds to less than $0.01 or $(0.01) per share.
(c) Includes interest expense of 0.00%, 0.00%, 0.05% and 0.00%.
(d) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/16 Ended Ended Ended Ended Ended
(unaudited) 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11
---------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.72 $ 12.97 $ 13.37 $ 11.79 $ 11.29 $ 10.65
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(b) $ 0.21(b) $ 0.27 $ 0.25 $ 0.24 $ 0.15
Net realized and unrealized gain (loss) on investments (0.04) 0.20 (0.05) 1.52 0.66 0.58
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06 $ 0.41 $ 0.22 $ 1.77 $ 0.90 $ 0.73
---------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.33) $ (0.13) $ (0.19) $ (0.40) $ (0.09)
Net realized gain (0.56) (0.33) (0.49) -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.71) $ (0.66) $ (0.62) $ (0.19) $ (0.40) $ (0.09)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ (0.25) $ (0.40) $ 1.58 $ 0.50 $ 0.64
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.07 $ 12.72 $ 12.97 $ 13.37 $ 11.79 $ 11.29
=================================================================================================================================
Total return* 0.65% 3.20% 1.70% 15.07% 8.33% 6.89%
Ratio of net expenses to average net assets (a) 0.90%** 0.90% 0.95% 0.90% 0.90% 0.90%
Ratio of net investment income (loss) to average net assets 1.73%** 1.63% 1.92% 2.11% 2.49% 2.35%
Portfolio turnover rate 188%** 295% 383% 288% 175% 191%
Net assets, end of period (in thousands) $348,529 $378,895 $401,336 $427,190 $185,648 $119,744
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (a) 0.93%** 1.02% 1.00% 0.98% 0.91% 0.98%
Net investment income (loss) to average net assets 1.70%** 1.52% 1.92% 2.03% 2.48% 2.67%
=================================================================================================================================
* 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.
(a) Includes interest expense of 0.00%, 0.00%, 0.05%, 0.00%, 0.00% and 0.00%.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 43
Notes to Financial Statements | 4/30/16 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Flexible Opportunities Fund, (formerly 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 diversified, open-end management investment company. The Fund's
investment objective is to seek total return.
The Fund offers four classes of shares designated as Class A, Class C, Class R
and Class Y shares. Class A, Class C and Class Y shares commenced operations on
May 3, 2010. Class R shares commenced operations on September 13, 2013. Class Z
shares converted to Class Y shares as of the close of business on August 7,
2015. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
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 Pioneer Investment Management, Inc. (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, 2016, the Subsidiary
represented $22,617,062, or approximately 3.07%, of the net assets of the Fund.
44 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
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:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. Trading
in non-U.S. equity securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times. The fund may use a fair value model developed by an
independent pricing service to value non-U.S. equity securities.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 45
Valuations may be supplemented by dealers and other sources, as required.
Non-U.S. debt securities that are listed on an exchange will be valued at
the bid price obtained from an independent third party pricing service.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
Event-linked bonds or catastrophe bonds are valued at the bid price
obtained from an independent third party pricing service. Other insurance
linked securities (including sidecars, collateralized reinsurance and
industry loss warranties) may be valued at the bid price obtained from an
independent pricing service, or through a third party using a pricing
matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded. Over-the-
counter ("OTC") options and options on swaps ("swaptions") are valued using
prices supplied by independent pricing services, which consider such
factors as market prices, market events, quotations from one or more
brokers, Treasury spreads, yields, maturities and ratings, or may use a
pricing matrix or other fair value methods or techniques to provide an
estimated value of the security or instrument.
At April 30, 2016, 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).
46 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
B. Investment Income and Transactions
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 purchase prices of debt
securities are accreted/amortized into interest income for financial
reporting purposes.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated 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.
D. 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, 2016 was
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 47
$3,463,493. 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, 2016 was $(50,774,727).
At April 30, 2016, open futures contracts were as follows:
----------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Counterparty Long/(Short) Month Value (Depreciation)
----------------------------------------------------------------------------------------------
JPY FX Futures Citibank N.A. (150) 6/16 $(17,583,750) $ (730,936)
EUR FX Futures Citibank N.A. (100) 6/16 (14,331,250) (157,708)
Copper Futures Citibank N.A. 124 6/16 7,069,550 190,650
Soybean Futures Citibank N.A. (15) 5/16 (765,750) 1,338
Soybean Futures Citibank N.A. 40 7/16 2,059,500 12,287
Palladium Futures Citibank N.A. 124 6/16 7,782,860 681,990
Gold 100oz
Futures Citibank N.A. (108) 6/16 (13,937,400) (650,046)
WTI Crude Future Citibank N.A. 649 12/18 32,969,200 1,639,251
----------------------------------------------------------------------------------------------
Total $ 3,262,960 $ 986,826
==============================================================================================
E. 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 5).
F. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
48 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
its shareowners. Therefore, no federal income tax provision is required. As
of October 31, 2015, 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
during the year ended October 31, 2015 was as follows:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $16,892,287
Long-term capital gain 20,894,431
---------------------------------------------------------------------------
Total $37,786,718
---------------------------------------------------------------------------
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,662,581
Undistributed long-term capital gain 35,258,195
Net unrealized appreciation 12,547,307
---------------------------------------------------------------------------
Total $50,468,083
---------------------------------------------------------------------------
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,
future contracts and options and the tax basis adjustments on partnerships.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 49
G. 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 $22,477 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2016.
H. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the Fund's transfer agent for its services are
allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class R and Class Y shares
can reflect different transfer agent and distribution expense rates.
I. Insurance Linked Securities (ILS)
The Fund invests in event-link bonds. Event-linked bonds are floating rate
debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined "trigger"
event, such as a hurricane or an earthquake of a specific magnitude. The
trigger event's magnitude may be based on losses to a company or industry,
industry indexes or readings of scientific instruments, or may be based on
specified actual losses. If a trigger event occurs, as defined within the
terms of an event-linked bond, the fund may lose a portion or all of its
accrued interest and/or principal invested in such event-linked bond. The
fund is entitled to receive principal and interest payments so long as no
trigger event occurs of the description and magnitude specified by the
instrument. In addition to the specified trigger events, event-linked bonds
may expose the Fund to other risks, including but not limited to issuer
(credit) default, adverse regulatory or jurisdictional interpretations and
adverse tax consequences.
The Fund's investments in ILS may include special purpose vehicles ("SPVs")
or similar instruments structured to comprise a portion of a reinsurer's
catastrophe-oriented business, known as quota share instruments (sometimes
50 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
referred to as reinsurance sidecars), or to provide reinsurance relating to
specific risks to insurance or reinsurance companies through a
collateralized instrument, known as collateralized reinsurance. Structured
reinsurance investments also may include industry loss warranties ("ILWs").
A traditional ILW takes the form of a bilateral reinsurance contract, but
there are also products that take the form of derivatives, collateralized
structures, or exchange-traded instruments.
Structured reinsurance investments, including quota share instruments,
collateralized reinsurance investments and ILWs, generally are subject to
the same risks as event-linked bonds. In addition, where the instruments
are based on the performance of underlying reinsurance contracts, the Fund
has limited transparency into the individual underlying contracts and
therefore must rely upon the risk assessment and sound underwriting
practices of the issuer. Accordingly, it may be more difficult for PIM to
fully evaluate the underlying risk profile of the Fund's structured
reinsurance investments and therefore the Fund's assets are placed at
greater risk of loss than if PIM had more complete information. Structured
reinsurance instruments generally will be considered illiquid securities by
the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced
to sell an illiquid asset, the Fund may be forced to sell at a loss.
J. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
The Fund may gain exposure to commodities (such as oil and precious metals)
through investment in commodity-related investments, including
commodity-linked derivatives, ETFs and leveraged or unleveraged
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 51
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.
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
K. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases
securities from a broker-dealer or a bank, called the counterparty, upon
the agreement of the counterparty to repurchase the securities from the
Fund at a later date, and at a specific price, which is typically higher
than the purchase price paid by the Fund. The securities purchased serve as
the Fund's collateral for the obligation of the counterparty to repurchase
the securities. The value of the collateral, including accrued interest, is
required to be equal to or in
52 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
excess of the repurchase price. The collateral for all repurchase
agreements is held in safekeeping in the customer-only account of the
Fund's custodian or a subcustodian of the Fund. The Fund's investment
adviser, PIM is responsible for determining that the value of the
collateral remains at least equal to the repurchase price. In the event of
a default by the counterparty, the Fund is entitled to sell the securities,
but the Fund may not be able to sell them for the price at which they were
purchased, thus causing a loss to the Fund. Additionally, if the
counterparty becomes insolvent, there is some risk that the Fund will not
have a right to the securities, or the immediate right to sell the
securities. As of and for the six months ended April 30, 2016, the Fund had
no open repurchase agreements.
L. 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
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 average value of contracts open during the six months ended April 30,
2016 was $(2,199,619). There were no written option contracts outstanding
as of April 30, 2016.
Transactions in written options for the six months ended April 30, 2016 are
summarized as follows:
----------------------------------------------------------------------------------
Number of Contracts Premium Received
----------------------------------------------------------------------------------
Options open at beginning of period (--) $ (--)
Options opened (62,300) (31,976,409)
Options exercised 62,300 31,976,409
Options closed -- --
Options expired -- --
----------------------------------------------------------------------------------
Options open at end of period (--) $ (--)
==================================================================================
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 53
M. 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, 2016 was $9,036,366. Purchased options open at period end are listed in
the Fund's Schedule of Investments.
N. 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 sell
or buy 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.
54 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
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 were no open credit default swap contracts at April 30, 2016. The
average value of swap contracts open during the six months ended April 30,
2016 was $134,617.
O. 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 55
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.
The amount of cash deposited with the broker as collateral at April 30,
2016 was $566,691 and is recorded within "Restricted cash" in the Statement
of Assets and Liabilities.
Open total return swap contracts at April 30, 2016 are listed at the end of
the Schedule of Investments. The average value of swap contracts open
during the six months ended April 30, 2016 was $(121,747).
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% and 0.90% of the average daily net
assets attributable to Class A and Class Y shares, respectively. These expense
limitations are in effect through March 1, 2017. Fees waived and expenses
reimbursed during the six months ended April 30, 2016 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
$67,472 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2016.
56 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates.
For the six months ended April 30, 2016, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 78,097
Class C 86,280
Class R 307
Class Y 147,699
--------------------------------------------------------------------------------
Total $312,383
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $82,208 in transfer agent fees and out-of-pocket reimbursements
payable to the transfer agent at April 30, 2016.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class C and Class R
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $20,414 in
distribution fees payable to PFD at April 30, 2016.
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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 57
In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 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 or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended April 30, 2016, CDSCs in the
amount of $16,209 were paid to PFD.
5. Forward Foreign Currency Contracts
At April 30, 2016, 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, 2016 was $(310).
There were no open forward foreign currency contracts as of April 30, 2016.
6. 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 June 9, 2015, was in the amount of $215 million.
For the period from June 9, 2015, to February 9, 2016, the facility was in the
amount of $240 million. Effective February 10, 2016, the facility is in the
amount of $220 million. Under such facility, depending on the type of loan,
interest on borrowings is payable at the London Interbank Offered Rate (LIBOR)
plus 0.85% on an annualized basis, or the Alternate Base Rate, which is the
greater of (a) the facility's administrative agent's daily announced prime rate
on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date
and (c) 2% plus the overnight Eurodollar rate on the borrowing date. The Funds
pay an annual commitment fee to participate in a credit facility. The commitment
fee is allocated among participating Funds based on an allocation schedule set
forth in the credit agreement. For the six months ended April 30, 2016, the Fund
had no borrowings under the credit facility.
58 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
7. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of an event of default
and/or termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party. Upon an event of default
or a termination of the ISDA Master Agreement, the non-defaulting party has the
right to close out all transactions under such agreement and to net amounts owed
under each transaction to determine one net amount payable by one party to the
other. The right to close out and net payments across all transactions under the
ISDA Master Agreement could result in a reduction of the Fund's credit risk to
its counterparty equal to any amounts payable by the Fund under the applicable
transactions, if any. However, the Fund's right to set off may be restricted or
prohibited by the bankruptcy or insolvency laws of the particular jurisdiction
to which a specific ISDA counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Futures
collateral", "Swap Collateral " or "Deposit with broker." Securities pledged by
the Fund as collateral, if any, are identified as such in the Schedule of
Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities, with the exception of forward foreign currency contracts, which are
shown on a gross basis. The following charts show gross assets and liabilities
of the Fund as of April 30, 2016.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 59
------------------------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
------------------------------------------------------------------------------------------------------------
Citibank NA $ 354,257 $ (178,340) $-- $-- $ 175,917
Goldman Sachs
International 87 -- -- -- 87
Societe Generale SA 71,359 (57,959) -- -- 13,400
------------------------------------------------------------------------------------------------------------
$ 425,703 $ (236,299) $-- $-- $ 189,404
============================================================================================================
------------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
------------------------------------------------------------------------------------------------------------
Citibank NA $ 178,340 $ (178,340) $-- $ 566,691 $ 566,691
Goldman Sachs
International -- -- -- -- --
Societe Generale SA 57,959 (57,959) -- -- --
------------------------------------------------------------------------------------------------------------
$ 236,299 $ (236,299) $-- $ 566,691 $ 566,691
============================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
The Fund's use of derivatives subjects it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
60 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2016 was as follows:
-------------------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk
-------------------------------------------------------------------------------------------------
Assets
Net unrealized
appreciation on
futures contracts $-- $-- $ (888,644) $ 1,875,470 $--
-------------------------------------------------------------------------------------------------
Net unrealized
appreciation on
swap contracts -- -- -- 189,404 --
-------------------------------------------------------------------------------------------------
Total Value $-- $-- $ (888,644) $ 2,064,874 $--
=================================================================================================
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at April 30, 2016, was as follows:
--------------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------
Net realized gain
(loss) on
Swap contracts $ -- $(275,810) $ -- $ (1,440,338) $ --
Futures contracts (1,243,725) -- (478,071) (7,659,790) (2,024,410)
Written options -- -- -- (6,344,505) (1,875,444)
Forward foreign
currency contracts -- -- 14,546 -- --
--------------------------------------------------------------------------------------------------
Total Value $(1,243,725) $(275,810) $(463,525) $(15,444,633) $(3,899,854)
==================================================================================================
--------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------
Change in net
unrealized
appreciation
(depreciation) on
Swap contracts $ -- $-- $ -- $ (293,250) $ --
Futures contracts 282,824 -- (1,479,707) 2,611,189 743,175
--------------------------------------------------------------------------------------------------
Total Value $ 282,824 $-- $(1,479,707) $2,317,939 $743,175
==================================================================================================
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 61
ADDITIONAL INFORMATION
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it
signed a binding master agreement with Banco Santander and affiliates of Warburg
Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including PIM. The holding company also will own
66.7% of Pioneer's and SAM's combined operations outside the U.S., while Banco
Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
62 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 63
This page for your notes.
64 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
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Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 65
This page for your notes.
66 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
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Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16 67
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68 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 24879-05-0616
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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VI
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 28, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 28, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 28, 2016
* Print the name and title of each signing officer under his or her signature.