0000869356-18-000014.txt : 20180628
0000869356-18-000014.hdr.sgml : 20180628
20180628083554
ACCESSION NUMBER: 0000869356-18-000014
CONFORMED SUBMISSION TYPE: N-CSRS
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20180430
FILED AS OF DATE: 20180628
DATE AS OF CHANGE: 20180628
EFFECTIVENESS DATE: 20180628
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Pioneer Series Trust VI
CENTRAL INDEX KEY: 0001380192
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-CSRS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-21978
FILM NUMBER: 18923276
BUSINESS ADDRESS:
STREET 1: 60 STATE STREET
CITY: BOSTON
STATE: MA
ZIP: 02109
BUSINESS PHONE: 617-742-7825
MAIL ADDRESS:
STREET 1: 60 STATE STREET
CITY: BOSTON
STATE: MA
ZIP: 02109
0001380192
S000015510
Pioneer Floating Rate Fund
C000042204
Pioneer Floating Rate Fund: Class A
FLARX
C000042205
Pioneer Floating Rate Fund: Class C
FLRCX
C000042206
Pioneer Floating Rate Fund: Class Y
FLYRX
C000135272
Pioneer Floating Rate Fund: Class K
FLRKX
C000185336
Pioneer Floating Rate Fund: Class T
0001380192
S000028857
Pioneer Flexible Opportunities Fund
C000088499
Pioneer Flexible Opportunities Fund: Class A Shares
PMARX
C000088500
Pioneer Flexible Opportunities Fund: Class C Shares
PRRCX
C000088501
Pioneer Flexible Opportunities Fund: Class Y Shares
PMYRX
C000133350
Pioneer Flexible Opportunities Fund: Class R Shares
MUARX
C000185337
Pioneer Flexible Opportunities Fund: Class T Shares
C000200524
Pioneer Flexible Opportunities Fund: Class K
N-CSRS
1
ncsr.txt
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, Amundi Pioneer Asset 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, 2017 through April 30, 2018
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Floating
Rate Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2018
--------------------------------------------------------------------------------
Ticker Symbols:
Class A FLARX
Class C FLRCX
Class Y FLYRX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 55
Notes to Financial Statements 62
Additional Information 79
Trustees, Officers and Service Providers 81
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 1
President's Letter
While 2017 delivered strong positive performance, 2018, thus far, has
introduced market volatility. Equity and fixed-income markets pulled back in
the first quarter of this year, as the Standard & Poor's 500 Index and the
Bloomberg Barclays U.S. Aggregate Bond Index both finished in negative
territory, returning -0.76% and -1.46%, respectively, for the three-month
period ended March 31, 2018. Concerns about the sustainability of the pace of
economic growth, extended equity valuations, and rising interest rates drove a
significant stock market sell-off beginning in late January, approaching
correction levels. The market did recover from its initial slump, but this
year's significant fluctuations have served to remind investors that even the
strongest "bulls" cannot run forever. Within fixed income, rising interest
rates helped drive down returns of most asset classes in the first quarter,
though floating-rate sectors such as bank loans fared well in the rising-rate
environment.
Our view is that the first-quarter pause in the market's near-continuous upward
momentum over the previous 15 months, dating back to the final quarter of 2016,
presents an opportunity for investors to enter the market at healthier
valuation levels. We believe fundamentals are still quite positive, yet also
believe that caution is warranted given that the market remains vulnerable to
corrections. Some areas, such as growth stocks, appear expensive, but we do see
opportunity in value stocks, with prices supported by better corporate earnings
due to the recent tax reforms in the U.S. as well as robust, nominal gross
domestic product (GDP) growth. In fact, GDP growth in the U.S. rose to close to
or better than 3% over the final three quarters of 2017, and GDP growth in the
first quarter of 2018 registered at 2.3%.
In the fixed-income markets, we believe investors should consider positioning
their portfolios to defend against rising interest rates, with underweight
positions in U.S. Treasuries. We see more attractive valuations within
structured investment vehicles, such as mortgage-backed securities (MBS) in
both the agency and non-agency residential MBS sectors, as fundamentals within
the U.S. housing market remain positive. We believe that agency MBS, in
particular, offer investors reasonable value.
Since 1928, the foundation of Amundi Pioneer's investment approach has been
active management, which is especially important during periods of market
volatility. We believe investors can benefit from the experience and tenure of
our investment teams who make active and informed decisions across our funds.
In fact, the Pioneer Fund, the third-oldest mutual fund in the U.S., recently
celebrated its 90th birthday. We believe the Fund serves as an important
ambassador of our time-tested value style of investing and our early focus on
understanding the potential benefits of investing in companies with
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
sustainable business models. Over its nine decades of existence - a time period
that included a Great Depression, a devastating World War, a long Cold War, and
enormous technological as well as societal changes - the Fund has been
well-served by this investment approach.
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.
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2018
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 | 4/30/18 3
Portfolio Management Discussion | 4/30/18
In the following interview, Jonathan Sharkey discusses the factors that
influenced the bank-loan market and the performance of Pioneer Floating Rate
Fund during the six-month period ended April 30, 2018. Mr. Sharkey, a senior
vice president and a portfolio manager at Amundi Pioneer Asset Management,
Inc., 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, 2018?
A Pioneer Floating Rate Fund's Class A shares returned 1.69% at net asset
value during the six-month period ended April 30, 2018, while the Fund's
benchmark, the Standard & Poor's/Loan Syndications & Trading Association
Leveraged Performing Loan Index (the S&P/LSTA Index), returned 2.54%.
During the same period, the average return of the 242 mutual funds in
Morningstar's Bank Loan Funds category was 1.93%.
Q How would you describe the investment environment for investing in bank
loans during the six-month period ended April 30, 2018?
A Entering the period, credit-oriented areas of the fixed-income market
(securities sensitive to credit risk rather than interest-rate risk),
including bank loans, continued to be supported by positive economic data.
The U.S. economy posted gross domestic product (GDP) growth in the 3% range
over the last three quarters of 2017, against a backdrop of robust
corporate earnings and arguably full employment. Credit-market sentiment
received an additional boost as 2017 drew to a close with the passage of a
tax reform package in the U.S. that included a lowering of the corporate
tax rate and a window during which companies are permitted to accelerate
the expensing of capital investments.
In addition to a strong fundamental backdrop for credit, the attractiveness
of bank loans as an asset class benefited from a rising-interest-rate
environment. During the period, the U.S. Federal Reserve (the Fed)
implemented increases in the target range for its overnight lending rate in
December 2017 and March 2018, putting upward pressure on the LIBOR
reference rates used to set the baseline for yields on most bank loans
(LIBOR refers to London Interbank Offered Rate). The impact of the Fed's
rate hikes on loan yields was somewhat muted, however, as many borrowers
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
have recently elected to tie payments to one-month LIBOR in lieu of the
traditional three-month LIBOR. The three-month LIBOR rate rose faster than
the one-month LIBOR due to the combination of less demand for three-month
paper resulting from the new U.S. tax laws, and the U.S. government's
boosting yields on three-month paper to temporarily fund an increase in
deficit spending. Upward movement in loan yields was also constrained
during the period by spread-tightening and a favorable refinancing
environment, as loan sentiment has been supported by a low default rate.
(Loan spreads are the interest rates over and above the LIBOR rate charged
to borrowers by banks.)
April 2018 saw U.S. Treasury yields embark on another upward leg in the
wake of the release of the Fed's March meeting minutes, which pointed
toward a consensus among committee members that U.S. inflation was safely
headed toward its target and that there was, perhaps, room to raise the
federal funds rate more rapidly than previously expected.
As April drew to a close, first-quarter 2018 GDP growth was reported at
2.3%. While the readout represented a drop off from the prior three
quarters, the easing was widely attributed to seasonal factors.
Supply-and-demand factors were generally favorable for bank loans over the
six months. For much of the period, new issuance was below levels from a
year ago. Loan performance also benefited from strong institutional demand
for yield, as reflected in robust collateralized loan obligation (CLO)
formation. In addition, retail flows into loan mutual funds moved from
negative in late 2017 to consistently positive as 2018 progressed.
Q What factors had the biggest effects on the Fund's benchmark-relative
performance during the six-month period ended April 30, 2018?
A The Fund's performance during the period was positive, while modestly
lagging the return of the benchmark S&P/LSTA Index. The Fund's
benchmark-relative underperformance was due in part to our maintaining a
somewhat elevated cash position in the portfolio during the early portion
of the period, which held back performance to a slight degree in a rising
loan market. Given the strong refinancing environment, we elected to take a
cautious stance toward investing new money into secondary market loans that
were trading at premiums. In addition, much of the new-issue loan calendar
featured lower-quality, or more highly-leveraged loans than those we
typically prefer to hold in the Fund's portfolio. More broadly, we have
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 5
usually sought to maintain a higher-quality portfolio profile than that of
the benchmark. That preference weighed on the Fund's relative returns
during a period that saw riskier credits in the "CCC" or lower "B" ranges
generally outperform higher-quality issues.
The Fund's allocations across industries were essentially a neutral factor
in benchmark-relative performance during the period, while security
selection results were a slight positive contributor. During the six-month
period, none of the loan issues held by the Fund were subject to default.
The Fund also had an out-of-benchmark position in event-linked securities,
particularly "catastrophe" bonds, which are issued by insurers to mitigate
the impact of having to make large claims payouts in the wake of natural
disasters. The catastrophe bonds, which we hold in the portfolio due to
their floating-rate coupons, aided the Fund's relative returns, and that
exposure more than offset the negative effects of the portfolio's out-of-
benchmark position in high-yield corporate bonds, which lagged the return
of bank loans over the six-month period.
With regard to individual portfolio holdings, exposure to Neiman Marcus,
the luxury retailer, and Staples, the business supply chain, contributed
positively to the Fund's benchmark-relative performance as the
deteriorating conditions for brick-and-mortar retailers eased over the
period. A position in Consolidated Precision Parts, which casts large
components for the airline and energy industries, was another positive
contributor to the Fund's relative returns. The loan had been trading at a
discount and was refinanced during the six-month period. A loan for U.S.
Renal Care, a dialysis provider, also outperformed and contributed to the
Fund's relative performance, as the company's operating results improved
over the period.
On the downside, portfolio positions in loans for Revlon, Nature's Bounty,
and PetSmart detracted from the Fund's benchmark-relative performance
during the period. The price for Revlon's loans declined on poor results as
well as questions surrounding the level of protection creditors would be
afforded should the beauty products company be taken private. Health
supplement company Nature's Bounty saw its loan price suffer on a ratings
downgrade and the reporting of weak results. Finally, PetSmart's loans
detracted from the Fund's relative returns as questions arose concerning
the degree to which the pet products retailer would see its results boosted
by its acquisition of an online competitor.
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Q Did the Fund have any investments in derivative securities during the
six-month period ended April 30, 2018? If so, did the derivatives have any
material effect on results?
A Yes, we invested the Fund in some credit-default swaps during the period,
primarily to maintain liquidity in the portfolio. The derivatives had no
material impact on the Fund's performance.
Q Did the Fund's distributions* to shareholders change during the six-month
period ended April 30, 2018?
A The Fund's distributions increased during the period, primarily due to two
factors. The first was the effect of the Fed's interest-rate hikes, which
resulted in higher lending rates for some bank loans. The second factor was
the consequence of a reduction in the amount of cash held in the portfolio,
as we redeployed some of the Fund's cash holdings into assets that provided
more income for shareholder distributions.
Q What is your investment outlook?
A The annual (12-month) default rate on bank loans through April 30, 2018,
was 2.37% by loan volume, which was below the historical default average of
slightly more than 3%. The default rate by number of issuers was 1.95%,
also below the long-term average. As noted earlier, there were no defaults
in the portfolio during the period. We view loan fundamentals as positive
and expect default levels to remain manageable. That said, areas of the
market, such as retail and media, are under pressure, and we expect
defaults in those sectors to edge higher from current levels.
We continue to maintain an up-in-quality bias in the Fund's portfolio as
compared with the S&P/LSTA Performing Index. The loan market of late has
seen an uptick in the amount of leverage utilized in buyout activity, and
we have refrained from having the Fund participate in a number of the
more-levered deals. We are emphasizing portfolio holdings of loans to
borrowers with strong cash flows, which may help ensure that they can pay
their loan obligations should interest rates rise meaningfully going
forward, or if there is a downturn in market conditions.
In terms of sectors, we have modestly reduced the Fund's benchmark-
relative underweight to both the retail and oil & gas sectors, based on
improved fundamentals. The Fund is also underweight to business
* Distributions are not guaranteed.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 7
equipment and services and technology. The Fund held no material
overweights versus the benchmark within the loan market as of April 30,
2018, and we have maintained only a modest out-of-benchmark exposure to
high-yield corporates, as we view the current interest-rate environment as
more favorable for bank loans. We also have maintained a modest portfolio
position in catastrophe bonds, as they can provide the portfolio with a
diversification** effect.
We believe bank loans have demonstrated their value in a rising-rate
environment, as they have outperformed both high-yield and investment-
grade corporate bonds in the past few months. Loans continue to have better
Sharpe ratios on a one-, three-, and five-year basis compared with
high-yield and investment-grade bonds, and 10-year Treasuries. (Sharpe
ratio is a widely used method for calculating risk-adjusted returns. Sharpe
ratio is the average return earned by an investment in excess of the
risk-free rate of return per unit of volatility, or total risk.) With the
current U.S. economic recovery headed into its 10th year, we view our
emphasis on the higher-quality tier of the loan market as appropriate for
the portfolio, even if that bias has acted as somewhat of a drag on the
Fund's recent benchmark-relative performance.
Please refer to the Schedule of Investments on pages 17-54 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.
** Diversification does not assure a profit nor protect against loss.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
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 Amundi Pioneer Asset Management, Inc.,
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 | 4/30/18 9
Portfolio Summary | 4/30/18
Portfolio Diversification*
--------------------------------------------------------------------------------
(As a percentage of total investments)**
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Senior Secured Floating Rate Loan Interests 86.6%
U.S. Government and Agency Obligations 5.4%
U.S. Corporate Bonds 3.1%
International Corporate Bonds 2.7%
Investment Companies 1.1%
Asset Backed Security 0.6%
Collateralized Mortgage Obligations 0.5%
U.S. Common Stocks 0.0%+
U.S. Preferred Stocks 0.0%+
* Includes investments in Insurance-Linked Securities totaling 1.9% of total
investments.
+ Amount rounds to less than 0.1%.
10 Largest Holdings
-----------------------------------------------------------------------------------------------------------
(As a percentage of total investments)**
1. U.S. Treasury Bills, 5/24/18 3.08%
-----------------------------------------------------------------------------------------------------------
2. U.S. Treasury Bills, 5/17/18 1.35
-----------------------------------------------------------------------------------------------------------
3. U.S. Treasury Bills, 5/3/18 1.00
-----------------------------------------------------------------------------------------------------------
4. Charter Communications Operating LLC (aka CCO Safari LLC), Term B Loan,
3.91% (LIBOR + 200 bps), 4/30/25 0.88
-----------------------------------------------------------------------------------------------------------
5. Post Holdings, Inc., Series A, Incremental Term Loan, 3.9% (LIBOR + 200 bps), 5/24/24 0.52
-----------------------------------------------------------------------------------------------------------
6. Scientific Games International, Inc., Initial Term B-5 Loan, 4.726%
(LIBOR + 275 bps), 8/14/24 0.50
-----------------------------------------------------------------------------------------------------------
7. CenturyLink, Inc., Initial Term B Loan, 4.651% (LIBOR + 275 bps), 1/31/25 0.49
-----------------------------------------------------------------------------------------------------------
8. Air Canada, Replacement Term Loan, 3.984% (LIBOR + 200 bps), 10/6/23 0.47
-----------------------------------------------------------------------------------------------------------
9. American Airlines, Inc., 2017 Replacement Term Loan, 3.9% (LIBOR +
200 bps), 6/27/20 0.46
-----------------------------------------------------------------------------------------------------------
10. Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan, 4.999%
(LIBOR + 275 bps), 6/14/21 0.44
-----------------------------------------------------------------------------------------------------------
** Excludes temporary cash investments and all derivative contracts except for
options purchased. The Fund is actively managed, and current holdings may
be different. The holdings listed should not be considered recommendations
to buy or sell any security listed..
10 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Prices and Distributions | 4/30/18
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/18 10/31/17
--------------------------------------------------------------------------------
A $ 6.78 $ 6.80
--------------------------------------------------------------------------------
C $ 6.78 $ 6.80
--------------------------------------------------------------------------------
Y $ 6.80 $ 6.82
--------------------------------------------------------------------------------
Distributions per Share: 11/1/17-4/30/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.1334 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.1074 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.1437 $ -- $ --
--------------------------------------------------------------------------------
The S&P/LSTA Leveraged Performing Loan Index provides broad and comprehensive
total return metrics of the U.S. universe of syndicated term loans. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. It is not
possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-14.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 11
Performance Update | 4/30/18 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 S&P/LSTA
Leveraged Performing Loan Index.
Cumulative Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
Net Public S&P/LSTA
Asset Offering Leveraged
Value Price Performing
Period (NAV) (POP) Loan Index
--------------------------------------------------------------------------------
10 years 4.19% 3.71% 5.50%
5 years 2.93 1.98 4.16
1 year 3.42 -1.23 4.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.03%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
S&P/LSTA
Pioneer Leveraged
Floating Performing
Rate Fund Loan Index
4/08 $ 9,550 $10,000
4/09 $ 8,580 $ 8,731
4/10 $10,619 $11,692
4/11 $11,293 $12,548
4/12 $11,716 $12,911
4/13 $12,461 $13,935
4/14 $12,786 $14,465
4/15 $13,103 $15,022
4/16 $13,234 $15,092
4/17 $13,920 $16,330
4/18 $14,396 $17,087
Call 1-800-225-6292 or visit www.amundipioneer.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 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Performance Update | 4/30/18 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 S&P/LSTA Leveraged Performing Loan Index.
Cumulative Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
S&P/LSTA
Leveraged
If If Performing
Period Held Redeemed Loan Index
--------------------------------------------------------------------------------
10 years 3.40% 3.40% 5.50%
5 years 2.14 2.14 4.16
1 year 2.49 2.49 4.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.78%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
S&P/LSTA
Pioneer Leveraged
Floating Performing
Rate Fund Loan Index
4/08 $10,000 $10,000
4/09 $ 8,916 $ 8,731
4/10 $10,954 $11,692
4/11 $11,552 $12,548
4/12 $11,875 $12,911
4/13 $12,559 $13,935
4/14 $12,791 $14,465
4/15 $13,014 $15,022
4/16 $13,052 $15,092
4/17 $13,625 $16,330
4/18 $13,964 $17,087
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 13
Performance Update | 4/30/18 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 S&P/LSTA Leveraged Performing Loan Index.
Cumulative Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
Net S&P/LSTA
Asset Leveraged
Value Performing
Period (NAV) Loan Index
--------------------------------------------------------------------------------
10 years 4.49% 5.50%
5 years 3.28 4.16
1 year 3.74 4.64
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.80% 0.71%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
S&P/LSTA
Pioneer Leveraged
Floating Performing
Rate Fund Loan Index
4/08 $5,000,000 $5,000,000
4/09 $4,492,912 $4,365,512
4/10 $5,578,718 $5,845,868
4/11 $5,945,446 $6,273,786
4/12 $6,175,311 $6,455,646
4/13 $6,602,090 $6,967,641
4/14 $6,796,795 $7,232,451
4/15 $6,989,147 $7,510,774
4/16 $7,087,939 $7,546,072
4/17 $7,478,509 $8,164,842
4/18 $7,758,553 $8,543,407
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class Y shares. There can be no assurance
that Amundi 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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
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, 2017, through April 30, 2018.
-----------------------------------------------------------------------------------------------------
Share Class A C Y
-----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/17
-----------------------------------------------------------------------------------------------------
Ending Account $1,016.90 $1,013.00 $1,018.40
Value (after expenses)
on 4/30/18
-----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.10 $ 8.68 $ 3.50
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.02%,
1.74% and 0.70% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from November 1, 2017, through April 30, 2018.
-----------------------------------------------------------------------------------------------------
Share Class A C Y
-----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/17
-----------------------------------------------------------------------------------------------------
Ending Account $1,019.74 $1,016.17 $1,021.32
Value (after expenses)
on 4/30/18
-----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.11 $ 8.70 $ 3.51
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.02%,
1.74% and 0.70% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Schedule of Investments | 4/30/18 (unaudited)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 101.5%
PREFERRED STOCK -- 0.0%+ of Net Assets
DIVERSIFIED FINANCIALS -- 0.0%+
Consumer Finance -- 0.0%+
10,902(a) GMAC Capital Trust I, 7.624% (3 Month USD
LIBOR + 579 bps), 2/15/40 $ 289,884
--------------
Total Diversified Financials $ 289,884
-----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $286,178) $ 289,884
-----------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.0%+ of Net Assets
AUTOMOBILES & COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
14 Lear Corp. $ 2,617
--------------
Total Automobiles & Components $ 2,617
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Computer & Electronics Retail -- 0.0%+
54,675^(b) Targus Cayman SubCo., Ltd. $ 107,710
--------------
Total Retailing $ 107,710
-----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $193,915) $ 110,327
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
-----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 0.6% of Net Assets
BANKS -- 0.6%
Thrifts & Mortgage Finance -- 0.6%
700,000(c) Carlyle US CLO, Ltd., Series 2016-4A, Class C, 6.259%
(3 Month USD LIBOR + 390 bps), 10/20/27 (144A) $ 703,492
1,000,000(c) Hertz Fleet Lease Funding LP, Series 2016-1, Class E,
5.397% (1 Month USD LIBOR + 350 bps), 4/10/30 (144A) 1,004,163
1,500,000(c) Home Partners of America Trust, Series 2016-2, Class E,
5.676% (1 Month USD LIBOR + 378 bps),
10/17/33 (144A) 1,520,916
800,000(c) Octagon Investment Partners XVII, Ltd., Series 2013-1A,
Class CR2, 3.684% (3 Month USD LIBOR + 170 bps),
1/25/31 (144A) 799,957
1,000,000(c) Palmer Square Loan Funding, Ltd., Series 2018-1A,
Class D, 6.172% (3 Month USD LIBOR + 395 bps),
4/15/26 (144A) 999,911
--------------
Total Banks $ 5,028,439
-----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $5,000,915) $ 5,028,439
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 17
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS --
0.5% of Net Assets
BANKS -- 0.5%
Thrifts & Mortgage Finance -- 0.5%
1,000,000(c) BHMS Mortgage Trust, Series 2014-ATLS, Class BFL,
3.837% (1 Month USD LIBOR + 195 bps), 7/5/33 (144A) $ 1,002,901
1,000,000(c) Citigroup Commercial Mortgage Trust, Series 2015-SHP2,
Class D, 5.197% (1 Month USD LIBOR + 330 bps),
7/15/27 (144A) 1,009,368
1,400,000(c) Commercial Mortgage Trust, Series 2014-FL5, Class D,
5.897% (1 Month USD LIBOR + 400 bps),
10/15/31 (144A) 1,329,689
45,064(c) FORT CRE LLC, Series 2016-1A, Class A1, 3.398%
(1 Month USD LIBOR + 150 bps), 5/21/36 (144A) 45,073
1,035,770(c) GS Mortgage Securities Trust, Series 2014-GSFL,
Class D, 5.2% (1 Month USD LIBOR + 390 bps),
7/15/31 (144A) 1,039,015
--------------
Total Banks $ 4,426,046
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Other Diversified Financial Services -- 0.0%+
104,976(c) Velocity Commercial Capital Loan Trust, Series 2011-1,
5.561% (1 Month USD LIBOR + 400 bps),
8/25/40 (144A) $ 105,827
--------------
Total Diversified Financials $ 105,827
-----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $4,412,975) $ 4,531,873
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 5.7% of Net Assets
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
1,000,000 International Automotive Components Group SA,
9.125%, 6/1/18 (144A) $ 1,004,000
--------------
Total Automobiles & Components $ 1,004,000
-----------------------------------------------------------------------------------------------------------
BANKS -- 0.3%
Diversified Banks -- 0.3%
1,000,000(a)(d) Bank of America Corp., 6.3% (3 Month USD LIBOR +
455 bps) $ 1,058,700
1,550,000(a)(d) BNP Paribas SA, 7.625% (5 Year USD Swap Rate +
631 bps) (144A) 1,669,737
--------------
Total Banks $ 2,728,437
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
750,000 MasTec, Inc., 4.875%, 3/15/23 $ 744,600
--------------
Total Capital Goods $ 744,600
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Investment Banking & Brokerage -- 0.2%
1,500,000(c) Goldman Sachs Group, Inc., 3.714% (3 Month USD
LIBOR + 177 bps), 2/25/21 $ 1,551,276
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
615,000 Nationstar Mortgage LLC / Nationstar Capital Corp.,
6.5%, 8/1/18 $ 617,460
--------------
Total Diversified Financials $ 2,168,736
-----------------------------------------------------------------------------------------------------------
ENERGY -- 0.7%
Oil & Gas Equipment & Services -- 0.2%
1,000,000 Archrock Partners LP / Archrock Partners Finance Corp.,
6.0%, 10/1/22 $ 1,000,000
1,000,000 FTS International, Inc., 6.25%, 5/1/22 1,006,250
--------------
$ 2,006,250
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
485,000 Gulfport Energy Corp., 6.625%, 5/1/23 $ 487,425
1,000,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 1,030,000
--------------
$ 1,517,425
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.3%
1,400,000(c) Golar LNG Partners LP, 8.089% (3 Month USD LIBOR +
625 bps), 5/18/21 (144A) $ 1,421,055
1,405,000 NuStar Logistics LP, 6.75%, 2/1/21 1,457,687
--------------
$ 2,878,742
--------------
Total Energy $ 6,402,417
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Distillers & Vintners -- 0.0%+
359,000 Pernod Ricard SA, 4.45%, 1/15/22 (144A) $ 371,282
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.1%
400,000(c) Tyson Foods, Inc., 2.567% (3 Month USD LIBOR +
55 bps), 6/2/20 $ 400,807
--------------
Total Food, Beverage & Tobacco $ 772,089
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.7%
Health Care Facilities -- 0.4%
600,000 CHS/Community Health Systems, Inc., 6.25%, 3/31/23 $ 547,500
1,000,000 CHS/Community Health Systems, Inc., 6.875%, 2/1/22 542,800
2,000,000 HCA, Inc., 5.375%, 2/1/25 1,990,000
475,000 RegionalCare Hospital Partners Holdings, Inc., 8.25%,
5/1/23 (144A) 498,607
--------------
$ 3,578,907
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
269,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 $ 271,018
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 19
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
1,000,000 Centene Corp., 5.625%, 2/15/21 $ 1,026,250
1,000,000 Molina Healthcare, Inc., 5.375%, 11/15/22 1,000,000
--------------
$ 2,026,250
--------------
Total Health Care Equipment & Services $ 5,876,175
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 1.8%
Reinsurance -- 1.8%
1,100,000(c) Alamo Re, 6.617% (3 Month U.S. Treasury Bill +
481 bps), 6/7/18 (144A) (Cat Bond) $ 1,103,080
1,512,880+(e)(f) Berwick Re 2018-1, Variable Rate Notes, 12/31/21 1,537,994
600,000+(e)(f) Carnoustie Re 2016, Variable Rate Notes, 11/30/20 64,920
600,000+(e)(f) Carnoustie Re 2016, Variable Rate Notes, 11/30/21 180,840
600,000+(e)(f) Eden Re II, Variable Rate Notes, 3/22/22 (144A) 617,760
400,000(c) Galilei Re, 6.178% (6 Month USD LIBOR + 466 bps),
1/8/20 (144A) (Cat Bond) 403,120
250,000(c) Galilei Re, 6.806% (6 Month USD LIBOR + 466 bps),
1/8/21 (144A) (Cat Bond) 253,525
300,000(c) Galilei Re, 6.968% (6 Month USD LIBOR + 545 bps),
1/8/20 (144A) (Cat Bond) 301,200
300,000(c) Galilei Re, 6.988% (6 Month USD LIBOR + 545 bps),
1/8/21 (144A) (Cat Bond) 303,750
300,000(c) Galilei Re, 8.048% (6 Month USD LIBOR + 653 bps),
1/8/20 (144A) (Cat Bond) 302,910
600,000(c) Galilei Re, 8.068% (6 Month USD LIBOR + 653 bps),
1/8/21 (144A) (Cat Bond) 607,260
350,000+(e)(f) Gleneagles Re 2016, Variable Rate Notes, 11/30/20 41,020
400,000+(e)(f) Harambee Re 2018, Variable Rate Notes, 12/31/21 401,560
326,836+(e)(f) Kilarney Re 2018, Variable Rate Notes, 4/15/19 336,968
350,000(c) Kilimanjaro Re, 6.809% (3 Month USD LIBOR + 465 bps),
5/6/22 (144A) (Cat Bond) 350,000
500,000(c) Kilimanjaro Re, 8.557% (3 Month U.S. Treasury Bill +
675 bps), 12/6/19 (144A) (Cat Bond) 499,250
250,000(c) Kilimanjaro Re, 11.057% (3 Month U.S. Treasury Bill +
925 bps), 12/6/19 (144A) (Cat Bond) 249,800
600,000(c) Kilimanjaro II Re, 7.902% (6 Month USD LIBOR +
572 bps), 4/20/21 (144A) (Cat Bond) 612,660
250,000+(e)(f) Limestone Re, Variable Rate Notes, 8/31/21 240,250
250,000+(e)(f) Madison Re 2016, Variable Rate Notes, 3/31/19 15,875
400,000+(e)(f) Merion Re 2018-2, Variable Rate Notes, 12/31/21 422,000
600,000+(e)(f) Pangaea Re 2016-1, Variable Rate Notes, 11/30/20 5,728
600,000+(e)(f) Pangaea Re 2017-1, Variable Rate Notes, 11/30/21 9,429
600,000+(e)(f) Pangaea Re 2018-1, Variable Rate Notes, 12/31/21 630,480
300,000+(c) Panthera Re, 5.307% (3 Month U.S. Treasury Bill +
350 bps), 3/9/20 (144A) (Cat Bond) 301,020
500,000(c) PennUnion Re, 6.307% (3 Month U.S. Treasury Bill +
450 bps), 12/7/18 (144A) (Cat Bond) 498,700
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Reinsurance (continued)
800,000+(e)(f) Pinehurst Re 2018, Variable Rate Notes, 1/15/19 $ 764,080
250,000(c) Residential Reinsurance 2015, 8.757% (3 Month U.S.
Treasury Bill + 695 bps), 12/6/19 (144A) (Cat Bond) 251,025
350,000(c) Residential Reinsurance 2016, 5.737% (3 Month U.S.
Treasury Bill + 393 bps), 12/6/20 (144A) (Cat Bond) 348,390
500,000(c) Residential Reinsurance 2017, 7.307% (3 Month U.S.
Treasury Bill + 550 bps), 12/6/21 (144A) (Cat Bond) 496,650
500,000+(e)(f) Resilience Re, Variable Rate Notes, 1/8/19 (144A) 500,000
250,000+(e)(f) Resilience Re, Variable Rate Notes, 4/8/19 227,125
300,000+(e)(f) Resilience Re, Variable Rate Notes, 5/1/19 268,500
400,000+(e)(f) Resilience Re, Variable Rate Notes, 10/8/19 408,160
300,000(c) Sanders Re, 4.514% (6 Month USD LIBOR + 300 bps),
12/6/21 (144A) (Cat Bond) 300,870
600,000+(e)(f) St. Andrews Re 2017-1, Variable Rate Notes, 2/1/19 121,440
695,194+(e)(f) St. Andrews Re 2017-4, Variable Rate Notes, 6/1/19 763,601
350,000(c) Tailwind Re 2017-1, 9.057% (3 Month U.S. Treasury
Bill + 725 bps), 1/8/22 (144A) (Cat Bond) 351,680
500,000(c) Ursa Re, 5.307% (3 Month U.S. Treasury Bill + 350 bps),
5/27/20 (144A) (Cat Bond) 500,000
250,000+(e)(f) Woburn Re 2018, Variable Rate Notes, 12/31/21 256,250
--------------
Total Insurance $ 15,848,870
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Diversified Metals & Mining -- 0.1%
376,000 Rain CII Carbon LLC / CII Carbon Corp., 7.25%,
4/1/25 (144A) $ 387,280
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.1%
1,150,000(c) Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu, 5.848% (3 Month USD
LIBOR + 350 bps), 7/15/21 (144A) $ 1,165,813
--------------
Total Materials $ 1,553,093
-----------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.0%+
370,000 MDC Partners, Inc., 6.5%, 5/1/24 (144A) $ 363,987
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
1,250,000 Hughes Satellite Systems Corp., 5.25%, 8/1/26 $ 1,221,875
1,000,000 Sirius XM Radio, Inc., 3.875%, 8/1/22 (144A) 970,000
--------------
$ 2,191,875
--------------
Total Media $ 2,555,862
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
500,000 Endo Finance LLC, 5.75%, 1/15/22 (144A) $ 410,000
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 21
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals (continued)
1,000,000 Valeant Pharmaceuticals International, Inc., 5.5%,
11/1/25 (144A) $ 995,000
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 1,405,000
-----------------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Automotive Retail -- 0.0%+
391,000 Penske Automotive Group, Inc., 3.75%, 8/15/20 $ 388,068
-----------------------------------------------------------------------------------------------------------
Internet Retail -- 0.4%
1,500,000 Booking Holdings, Inc., 3.6%, 6/1/26 $ 1,454,056
1,500,000 Expedia Group, Inc., 4.5%, 8/15/24 1,500,253
--------------
$ 2,954,309
--------------
Total Retailing $ 3,342,377
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
500,000 Intelsat Jackson Holdings SA, 8.0%, 2/15/24 (144A) $ 528,125
--------------
Total Telecommunication Services $ 528,125
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Airlines -- 0.2%
987,095 Air Canada 2013-1 Class B Pass Through Trust,
5.375%, 5/15/21 (144A) $ 1,009,009
500,000 Air Canada 2013-1 Class C Pass Through Trust, 6.625%,
5/15/18 (144A) 500,000
360,000 Air Canada 2015-1 Class C Pass Through Trust, 5.0%,
3/15/20 (144A) 364,500
--------------
Total Transportation $ 1,873,509
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Gas Utilities -- 0.0%+
250,000 Ferrellgas LP / Ferrellgas Finance Corp., 6.5%, 5/1/21 $ 239,375
-----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.2%
1,650,000 NRG Energy, Inc., 6.25%, 7/15/22 $ 1,691,250
--------------
Total Utilities $ 1,930,625
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $48,786,248) $ 48,733,915
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 5.4% of Net Assets
8,480,000(g) U.S. Treasury Bills, 5/3/18 $ 8,479,264
11,500,000(g) U.S. Treasury Bills, 5/17/18 11,491,848
26,245,000(g) U.S. Treasury Bills, 5/24/18 $ 26,218,214
--------------
$ 46,189,326
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $46,189,055) $ 46,189,326
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN
INTERESTS -- 86.5% of Net Assets*(c)
AUTOMOBILES & COMPONENTS -- 2.6%
Auto Parts & Equipment -- 2.1%
1,160,534 Allison Transmission, Inc., New Term Loan, 3.65%
(LIBOR + 175 bps), 9/23/22 $ 1,171,348
1,489,600 American Axle & Manufacturing, Inc., Tranche B Term
Loan, 4.15% (LIBOR + 225 bps), 4/6/24 1,498,445
2,979,594 BBB Industries US Holdings, Inc., First Lien Term B
Loan, 6.401% (LIBOR + 450 bps), 11/3/21 3,016,839
2,175,727 Electrical Components International, Inc., Term Loan,
7.052% (LIBOR + 475 bps), 5/28/21 2,183,886
176,109 Federal-Mogul Corp., Tranche C Term Loan, 5.65%
(LIBOR + 375 bps), 4/15/21 178,134
1,407,325 Horizon Global Corp., 2017 Replacement Term Loan,
6.401% (LIBOR + 450 bps), 6/30/21 1,414,361
1,485,000 Innovative Xcessories & Services LLC, Term Loan, 6.65%
(LIBOR + 475 bps), 11/29/22 1,501,706
1,538,040 Superior Industries International, Inc., Closing Date Term
Loan, 6.401% (LIBOR + 450 bps), 5/22/24 1,552,459
1,538,689 TI Group Automotive Systems LLC, Initial US Term Loan,
4.401% (LIBOR + 250 bps), 6/30/22 1,552,379
2,854,151 Tower Automotive Holdings USA LLC, Initial Term Loan,
4.688% (LIBOR + 275 bps), 3/7/24 2,869,612
807,917 Visteon Corp., New Term Loan, 3.833% (LIBOR +
200 bps), 3/24/24 814,228
--------------
$ 17,753,397
-----------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
590,527 CH Hold Corp. (aka Caliber Collision), First Lien Initial
Term Loan, 4.901% (LIBOR + 300 bps), 2/1/24 $ 596,433
1,526,286 FCA US LLC (fka Chrysler Group LLC), Tranche B Term
Loan, 3.9% (LIBOR + 200 bps), 12/31/18 1,532,391
1,213,333 Octavius Corp., (Winnebago Industries) New Tranche B
Term Loan, 5.547% (LIBOR + 350 bps), 11/8/23 1,222,433
--------------
$ 3,351,257
-----------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.1%
725,000 Goodyear Tire & Rubber Co., Second Lien Term Loan,
3.9% (LIBOR + 200 bps), 3/3/25 $ 728,625
--------------
Total Automobiles & Components $ 21,833,279
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 11.5%
Aerospace & Defense -- 2.7%
1,492,500 Accudyne Industries Borrower SCA / Accudyne Industries
LLC (fka Silver II US Holdings LLC), Initial Term Loan,
5.151% (LIBOR + 325 bps), 8/18/24 $ 1,504,209
1,655,978 Alion Science and Technology Corp., First Lien Term Loan,
6.401% (LIBOR + 450 bps), 8/19/21 1,669,433
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 23
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Aerospace & Defense (continued)
2,133,875 Constellis Holdings LLC, First Lien Term B Loan,
7.302% (LIBOR + 500 bps), 4/21/24 $ 2,148,102
2,547,995 DAE Aviation Holdings, Inc., Initial Term Loan, 5.65%
(LIBOR + 375 bps), 7/7/22 2,571,426
1,258,692 DynCorp International, Inc., Term Loan B2, 7.896%
(LIBOR + 600 bps), 7/7/20 1,266,034
312,862 Engility Corp. (fka TASC, Inc.), Term B2 Loan, 4.682%
(LIBOR + 275 bps/PRIME + 175 bps), 8/14/23 313,498
1,277,283 Leidos Innovations Corp., Term Loan B, 3.688%
(LIBOR + 175 bps), 8/16/23 1,289,258
3,241,875 MacDonald, Dettwiler and Associates, Ltd., Initial
Term B Loan, 4.66% (LIBOR + 275 bps), 10/4/24 3,252,907
997,500 MRO Holdings, Inc., Initial Term Loan, 7.552%
(LIBOR + 525 bps), 10/25/23 1,008,722
2,718,932 Transdigm, Inc., New Tranche F Term Loan, 4.789%
(LIBOR + 275 bps), 6/9/23 2,734,541
1,424,891 Transdigm, Inc., New Tranche G Term Loan, 4.712%
(LIBOR + 250 bps), 8/22/24 1,433,071
2,313,757 Vencore, Inc. (fka SI Organization, Inc.), First Lien Initial
Term Loan, 6.651% (LIBOR + 475 bps), 11/23/19 2,319,542
1,350,000(h) WP CPP Holdings, LLC, First Lien Initial Term Loan, 4/30/25 1,358,437
--------------
$ 22,869,180
-----------------------------------------------------------------------------------------------------------
Building Products -- 2.7%
2,156,000 Armstrong World Industries, Inc., Term Loan B, 4.815%
(LIBOR + 275 bps), 3/31/23 $ 2,169,923
2,259,401 Atkore International, Inc., First Lien Initial Incremental
Term Loan, 5.06% (LIBOR + 275 bps), 12/22/23 2,279,566
2,000,000 Beacon Roofing Supply, Inc., Initial Term Loan, 4.128%
(LIBOR + 225 bps), 1/2/25 2,013,376
2,754,157 Builders FirstSource, Inc., Refinancing Term Loan, 5.302%
(LIBOR + 300 bps), 2/29/24 2,773,092
1,675,000 Janus International Group LLC, Term Loan, 4.901%
(LIBOR + 300 bps), 2/12/25 1,665,578
2,700,000 NCI Building Systems, Inc., Term Loan, 3.901%
(LIBOR + 200 bps), 2/7/25 2,706,750
2,635,746 Quikrete Holdings, Inc., First Lien Initial Term Loan,
4.651% (LIBOR + 275 bps), 11/15/23 2,650,243
567,299 Siteone Landscape Supply LLC, Tranche D Term Loan,
4.66% (LIBOR + 275 bps), 4/29/22 570,667
738,014 SRS Distribution, Inc., First Lien Term B-4 Loan, 5.318%
(LIBOR + 325 bps), 8/25/22 743,165
3,613,358 Summit Materials LLC, New Term Loan, 4.151%
(LIBOR + 225 bps), 11/21/24 3,639,331
1,488,769 Unifrax I LLC, Initial Dollar Term Loan, 5.802%
(LIBOR + 350 bps), 4/4/24 1,504,587
--------------
$ 22,716,278
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
1,050,000 AECOM (fka AECOM Technology Corp.), Term B Loan,
3.651% (LIBOR + 175 bps), 3/13/25 $ 1,054,812
750,000 American Traffic Solutions, Inc., First Lien Initial Term
Loan, 5.637% (LIBOR + 375 bps), 2/28/25 758,906
1,836,996 Installed Building Products, Inc., Tranche B-1 Term Loan,
4.401% (LIBOR + 250 bps), 4/15/24 1,847,329
--------------
$ 3,661,047
-----------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.5%
1,932,023 Clark Equipment Co. (aka Doosan Bobcat, Inc.), Repriced
Term Loan, 4.302% (LIBOR + 200 bps), 5/18/24 $ 1,936,720
981,250 Commercial Vehicle Group, Inc., (CVG) Initial Term Loan B,
7.901% (LIBOR + 600 bps), 4/12/23 988,609
1,161,351 Navistar, Inc., Tranche B Term Loan, 5.4% (LIBOR + 350
bps), 11/6/24 1,170,787
357,774 Terex Corp., 2018 Incremental US Term Loan, 3.994%
(LIBOR + 200 bps), 1/31/24 359,861
--------------
$ 4,455,977
-----------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.9%
948,387 Convergint Technologies LLC, First Lien Term Loan,
5.302% (LIBOR + 300 bps), 2/3/25 $ 949,573
2,578,501 Dell International LLC, Refinancing Term B Loan, 3.91%
(LIBOR + 200 bps), 9/7/23 2,589,436
2,635,875 Diebold Nixdorf, Inc. (fka Diebold, Inc.), New Dollar
Term B Loan, 4.688% (LIBOR + 275 bps), 11/6/23 2,639,992
860,000(h) Pelican Products, Inc., First Lien Term Loan, 5/1/25 868,062
2,079,211 Pelican Products, Inc., Retired 05/01/2018 First Lien
Term Loan, 8.0% (PRIME + 325 bps), 4/10/20 2,087,008
997,328 Quest Software US Holdings Inc., 2017 First Lien
Incremental Term Loan, 7.859% (LIBOR + 550
bps), 10/31/22 1,005,699
495,000 Ramundsen Public Sector LLC, Term Loan, 6.151%
(LIBOR + 425/PRIME + 325 bps), 2/1/24 498,712
3,065,853 Southwire Co., LLC, Initial Term Loan, 4.145%
(LIBOR + 225 bps), 2/10/21 3,076,394
2,375,543 WireCo WorldGroup, Inc., First Lien Initial Term Loan,
7.484% (LIBOR + 550 bps), 9/29/23 2,399,299
--------------
$ 16,114,175
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.6%
833,992 AVSC Holding Corp., First Lien Initial Term Loan,
5.202% (LIBOR + 325 bps), 3/3/25 $ 837,119
2,331,318 DTI Holdco, Inc., Replacement B-1 Term Loan, 6.711%
(LIBOR + 475 bps), 9/29/23 2,342,611
2,057,484 Filtration Group Corp., Initial Dollar Term Loan, 5.302%
(LIBOR + 300 bps), 3/29/25 2,078,917
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 25
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates (continued)
1,592,798 Gates Global LLC, Initial B-2 Dollar Term Loan, 5.052%
(LIBOR + 275 bps), 4/1/24 $ 1,604,495
866,250 Hyster-Yale Group, Inc., Term Loan, 5.151% (LIBOR + 325
bps), 5/30/23 873,830
1,874,403 Milacron LLC, Term B Loan, 4.401% (LIBOR + 250
bps), 9/28/23 1,877,918
1,741,452 ProAmpac PG Borrower LLC, First Lien Initial Term Loan,
5.396% (LIBOR + 350 bps), 11/20/23 1,757,416
2,040,584 Shape Technologies Group, Inc., Initial Term Loan, 4.897%
(LIBOR + 300 bps), 4/20/25 2,048,236
448,750 Thermon Industries, Inc., Term Loan B, 5.637% (LIBOR + 375
bps), 10/30/24 452,677
--------------
$ 13,873,219
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.4%
2,019,314 Blount International, Inc., Refinancing Term Loan,
6.137% (LIBOR + 425 bps), 4/12/23 $ 2,047,500
1,995,000 Circor International, Inc., Initial Term Loan, 5.394%
(LIBOR + 350 bps), 12/11/24 2,006,471
1,500,177 Columbus McKinnon Corp., Repriced Term Loan, 4.802%
(LIBOR + 250 bps), 1/31/24 1,512,329
2,363,056 Gardner Denver, Inc., Tranche B-1 Dollar Term Loan,
5.052% (LIBOR + 275 bps), 7/30/24 2,379,602
700,820 NN, Inc., Tranche B Term Loan, 5.651% (LIBOR + 375
bps), 10/19/22 701,258
1,763,877 Tank Holding Corp. Replacement Term Loan, 5.726%
(LIBOR + 350 bps), 3/16/22 1,781,516
1,699,201 Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B
Loan, 4.651% (LIBOR + 275 bps), 3/3/23 1,716,724
--------------
$ 12,145,400
-----------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
1,866,940 Nexeo Solutions LLC, Term B-1 Loan, 5.465% (LIBOR + 325
bps), 6/9/23 $ 1,887,360
478,024 WESCO Distribution, Inc., Tranche B-1 Term Loan, 4.901%
(LIBOR + 300 bps), 12/12/19 478,622
--------------
$ 2,365,982
--------------
Total Capital Goods $ 98,201,258
-----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 1.4%
Diversified Support Services -- 0.7%
951,439 Access CIG LLC, First Lien Term B Loan, 5.651%
(LIBOR + 375 bps), 2/27/25 $ 961,994
1,521,188 Aristocrat Leisure, Ltd., 2017/2018 Incremental Term
Loan, 4.359% (LIBOR + 200 bps), 10/19/24 1,531,510
981,842 Patriot Container Corp., First Lien Closing Date Term
Loan, 5.397% (LIBOR + 350 bps), 3/20/25 989,206
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Diversified Support Services (continued)
2,077,475 TMS International Corp. (aka Tube City IMS Corp.),
Term B-2 Loan, 4.651% (LIBOR + 275 bps), 8/14/24 $ 2,086,564
--------------
$ 5,569,274
-----------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.6%
1,741,250 Albany Molecular Research, Inc., First Lien Initial Term
Loan, 5.151% (LIBOR + 325 bps), 8/30/24 $ 1,756,124
1,872,845 Infiltrator Water Technologies LLC, First Lien Term B-2
Loan, 5.302% (LIBOR + 300 bps), 5/27/22 1,889,233
1,261,544 Wrangler Buyer Corp. (aka Waste Industries USA, Inc.),
Initial Term Loan, 4.901% (LIBOR + 300 bps), 9/27/24 1,270,001
--------------
$ 4,915,358
-----------------------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 0.1%
191,484 On Assignment, Inc., Initial Term B-2 Loan, 3.901%
(LIBOR + 200 bps), 4/2/25 $ 192,633
1,097,644 On Assignment, Inc., Tranche B-3 Term Loan, 3.901%
(LIBOR + 200 bps/PRIME + 100 bps), 6/3/22 1,105,418
--------------
$ 1,298,051
--------------
Total Commercial & Professional Services $ 11,782,683
-----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.7%
Diversified Support Services -- 0.4%
1,061,563^ ADS Tactical, Inc., Term Loan, 9.401% (LIBOR + 750
bps), 12/31/22 $ 1,082,794
578,140 Asurion LLC (fka Asurion Corp.), Replacement B-6 Term
Loan, 4.651% (LIBOR + 275 bps), 11/3/23 583,063
245,239 IAP Worldwide Services, Inc., Second Lien Term Loan,
8.802% (LIBOR + 650 bps), 7/18/19 241,560
1,961,962 KAR Auction Services, Inc., Tranche B-5 Term Loan,
4.813% (LIBOR + 250 bps), 3/9/23 1,972,590
--------------
$ 3,880,007
-----------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.9%
2,446,143 Advanced Disposal Services, Inc. (fka ADS Waste
Holdings, Inc.), Additional Term Loan, 3.998%
(LIBOR + 225 bps), 11/10/23 $ 2,464,305
1,436,813 Casella Waste Systems, Inc., Term B-1 Loan, 4.396%
(LIBOR + 250 bps), 10/17/23 1,449,385
913,100 Clean Harbors, Inc., Initial Term Loan, 3.651%
(LIBOR + 175 bps), 6/30/24 915,383
1,044,100 GFL Environmental, Inc., Initial US Term Loan, 5.052%
(LIBOR + 275 bps), 9/29/23 1,047,363
1,912,175 WCA Waste Systems, Inc., Initial Term Loan, 4.401%
(LIBOR + 250 bps), 8/11/23 1,925,321
--------------
$ 7,801,757
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 27
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.1%
498,750 Diamond (BC) B.V. Initial USD Term Loan, 4.994%
(LIBOR + 300 bps), 9/6/24 $ 498,594
-----------------------------------------------------------------------------------------------------------
Security & Alarm Services -- 0.3%
2,289,326 GW Honos Security Corp. (Garda World Security Corp.),
Term B Loan, 5.506% (LIBOR + 350 bps), 5/24/24 $ 2,316,798
--------------
Total Commercial Services & Supplies $ 14,497,156
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.9%
Apparel, Accessories & Luxury Goods -- 0.1%
997,500 Hanesbrands Inc., New Term Loan B, 3.651%
(LIBOR + 175 bps), 12/16/24 $ 1,005,910
-----------------------------------------------------------------------------------------------------------
Household Appliances -- 0.3%
1,741,250 Global Appliance, Inc., Tranche B Term Loan, 5.91%
(LIBOR + 400 bps), 9/29/24 $ 1,772,766
648,375 Ring Container Technologies Group, LLC, First Lien Initial
Term Loan, 4.651% (LIBOR + 275 bps), 10/31/24 651,212
--------------
$ 2,423,978
-----------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.3%
579,601 Prestige Brands, Inc., Term B-4 Loan, 3.901% (LIBOR + 200
bps), 1/26/24 $ 583,637
2,316,480 Reynolds Group Holdings, Inc., Incremental US Term
Loan, 4.651% (LIBOR + 275 bps), 2/5/23 2,333,590
--------------
$ 2,917,227
-----------------------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
1,375,565 Bombardier Recreational Products, Inc., Term B Loan,
4.4% (LIBOR + 250 bps), 6/30/23 $ 1,385,882
--------------
Total Consumer Durables & Apparel $ 7,732,997
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 6.3%
Casinos & Gaming -- 1.6%
673,270 Boyd Gaming Corporation, Refinancing Term B Loan,
4.244% (LIBOR + 250 bps), 9/15/23 $ 677,712
498,750 Churchill Downs Inc., Term B Facility Loan, 3.91%
(LIBOR + 200 bps), 12/27/24 500,928
2,977,500 CityCenter Holdings LLC, Term B Loan, 4.401%
(LIBOR + 250 bps), 4/18/24 2,997,274
1,319,655 Eldorado Resorts, Inc., Term Loan, 4.18% (LIBOR + 225
bps), 4/17/24 1,327,491
2,269,210 Golden Nugget, Inc. (aka Landry's Inc.), Initial Term
Loan B, 4.648% (LIBOR + 275 bps), 10/4/23 2,281,620
4,182,174 Scientific Games International, Inc., Initial Term B-5 Loan,
4.726% (LIBOR + 275 bps), 8/14/24 4,213,829
1,959,072 Station Casinos LLC, Term B Facility Loan, 4.41%
(LIBOR + 250 bps), 6/8/23 1,968,664
--------------
$ 13,967,518
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Education Services -- 1.2%
2,931,193 Bright Horizons Family Solutions LLC (fka Bright
Horizons Family Solutions, Inc.), Term B Loan, 3.901%
(LIBOR + 200 bps/PRIME + 100 bps), 11/7/23 $ 2,951,954
1,281,238 Houghton Mifflin Holdings, Inc., Term Loan, 4.901%
(LIBOR + 300 bps), 5/28/21 1,191,551
2,713,755 Laureate Education, Inc., Series 2024 Term Loan,
5.401% (LIBOR + 350 bps), 4/26/24 2,735,804
3,340,230 McGraw-Hill Global Education Holdings LLC, First Lien
Term B Loan, 5.901% (LIBOR + 400 bps), 5/4/22 3,280,286
--------------
$ 10,159,595
-----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.7%
2,073,750 Four Seasons Holdings Inc., 2013 First Lien Term Loan,
3.901% (LIBOR + 200 bps), 11/30/23 $ 2,090,599
953,274 Hilton Worldwide Finance LLC, Series B-2 Term Loan,
3.647% (LIBOR + 175 bps), 10/25/23 961,813
2,407,913 Sabre GLBL, Inc., (fka Sabre, Inc.), 3.901%
(LIBOR + 200 bps), 2/22/24 2,419,010
700,000(h) Wyndham Hotels & Resorts, Inc., Term Loan B, 3/28/25 706,198
--------------
$ 6,177,620
-----------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.9%
1,568,000 Cedar Fair LP, US Term B Loan, 3.651% (LIBOR + 175
bps), 4/13/24 $ 1,579,760
2,561,044 Fitness International LLC, Term B Loan, 5.55%
(LIBOR + 325 bps), 4/18/25 2,572,889
1,700,839 Life Time Fitness, Inc., 2017 Refinancing Term Loan,
4.734% (LIBOR + 275 bps), 6/10/22 1,708,736
1,457,976 Six Flags Theme Parks, Inc., Tranche B Term Loan,
3.65% (LIBOR + 175/PRIME + 75 bps), 6/30/22 1,466,178
--------------
$ 7,327,563
-----------------------------------------------------------------------------------------------------------
Restaurants -- 0.8%
3,379,923 1011778 BC Unlimited Liability Co. (New Red Finance,
Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan,
4.151% (LIBOR + 225 bps), 2/16/24 $ 3,390,133
1,000,000 Arby's Restaurant Group, Inc., Term B Loan, 5.194%
(LIBOR + 325 bps), 2/5/25 1,011,250
1,379,070 KFC Holdings Co. (aka Yum! Brands), 2018 Term Loan B,
3.644% (LIBOR + 175 bps), 4/3/25 1,391,137
744,375 NPC International, Inc., First Lien Initial Term Loan,
5.401% (LIBOR + 350 bps), 4/19/24 755,541
--------------
$ 6,548,061
-----------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.1%
1,574,087 Allied Universal Holdco LLC (fka USAGM Holdco LLC),
First Lien Initial Term Loan, 6.052% (LIBOR + 375
bps), 7/28/22 $ 1,548,901
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/1 8 29
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Specialized Consumer Services (continued)
2,567,812 Creative Artists Agency LLC, Refinancing Term Loan,
4.897% (LIBOR + 300 bps), 2/15/24 $ 2,591,886
2,640,044 KUEHG Corp. (fka KC MergerSub, Inc.), Term B-2 Loan,
6.052% (LIBOR + 375 bps), 8/12/22 2,663,557
2,809,921 Prime Security Services Borrower LLC, First Lien 2016-2
Refinancing Term B-1 Loan, 4.651% (LIBOR +
275 bps), 5/2/22 2,831,580
--------------
$ 9,635,924
--------------
Total Consumer Services $ 53,816,281
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.6%
Asset Management & Custody Banks -- 0.3%
1,840,176 Baring Private Equity Asia VI Holdings, Ltd., First Lien
Initial Dollar Term Loan, 5.151% (LIBOR + 325
bps), 10/26/22 $ 1,847,077
995,591 FinCo I LLC (aka Fortress Investment Group), Initial
Term Loan, 4.651% (LIBOR + 275 bps), 12/27/22 1,006,791
--------------
$ 2,853,868
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 1.0%
2,407,612 Avolon TLB Borrower 1 (US) LLC, Initial Term B-2 Loan,
4.147% (LIBOR + 225 bps), 3/21/22 $ 2,415,323
872,813 Clipper Acquisitions Corp. (aka TCW Group, Inc.), Term
B-1 Loan, 4.025% (LIBOR + 200 bps), 12/27/24 878,813
1,638,231 Freedom Mortgage Corp., Initial Term Loan, 6.648%
(LIBOR + 475 bps), 2/23/22 1,659,733
1,425,000(h) Pre-Paid Legal Services, Inc.(aka LegalShield), Term
Loan, 4/11/25 1,440,810
297,595(h) SS&C Technologies Holdings, Inc., Term B-4 Loan, 4/16/25 299,910
1,500,000 Trico Group LLC, First Lien Initial Term Loan, 8.484%
(LIBOR + 650 bps), 2/2/24 1,507,500
--------------
$ 8,202,089
-----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.7%
2,250,000 Duff & Phelps Investment Management Co., Initial Term
Loan B, 5.552% (LIBOR + 325 bps), 2/13/25 $ 2,256,750
1,778,844 Guggenheim Partners Investment Management Holdings LLC,
Term B Loan, 4.651% (LIBOR + 275 bps/PRIME + 175
bps), 7/21/23 1,784,772
1,786,025 LPL Holdings, Inc., Tranche B Term Loan, 4.557%
(LIBOR + 225 bps), 9/23/24 1,795,700
--------------
$ 5,837,222
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.6%
329,889 4L Technologies, Inc. (fka Clover Holdings, Inc.), Term
Loan, 6.401% (LIBOR + 450 bps), 5/8/20 $ 267,004
673,724 Delos Finance S.a r.l., 2018 New Term Loan, 4.052%
(LIBOR + 175 bps), 10/6/23 679,128
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services (continued)
2,253,510 Fly Funding II S.a.r.l., Term Loan, 3.8% (LIBOR + 200
bps), 2/9/23 $ 2,259,613
2,429,162 Livingston International Inc., First Lien Refinancing
Term B-3 Loan, 8.052% (LIBOR + 575 bps), 3/20/20 2,426,125
--------------
$ 5,631,870
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 2.0%
2,000,000 CTC AcquiCo GmbH, Facility B2, 5.243% (LIBOR + 325
bps), 3/7/25 $ 2,000,000
1,469,697 DBRS, Ltd., Initial Term Loan, 7.234% (LIBOR + 525
bps), 3/4/22 1,482,557
750,000 EaglePicher Technologies LLC, First Lien Initial Term Loan,
5.145% (LIBOR + 325 bps), 3/8/25 752,344
1,240,625 Globallogic Holdings, Inc., Refinancing Term B-1 Loan,
6.052% (LIBOR + 375 bps), 6/20/22 1,257,684
1,500,000(h) McDermott International, Inc., Term Loan B, 4/4/25 1,493,571
1,985,000 Parfums Holding Co., Inc., First Lien Initial Term Loan,
7.052% (LIBOR + 475 bps), 6/30/24 2,009,193
1,736,875 Peraton Corp. (fka MHVC Acquisition Corp.), First Lien
Initial Term Loan, 7.56% (LIBOR + 525 bps), 4/29/24 1,749,901
1,475,726(h) SBA Senior Finance II LLC, Initial Term Loan, 4/11/25 1,481,362
1,050,000(h) Sigma Holdco BV (aka Flora Foods), Term Loan B, 3/6/25 1,051,312
2,274,751 Trans Union LLC, 2017 Replacement Term B-3 Loan,
3.901% (LIBOR + 200 bps), 4/10/23 2,285,058
1,431,818 VICI Properties 1 LLC, Term B Loan, 3.898%
(LIBOR + 200 bps), 12/20/24 1,439,275
--------------
$ 17,002,257
--------------
Total Diversified Financials $ 39,527,306
-----------------------------------------------------------------------------------------------------------
ENERGY -- 2.0%
Integrated Oil & Gas -- 0.2%
1,745,625 Medallion Midland Acquisition LLC, Initial Term Loan,
5.151% (LIBOR + 325 bps), 10/30/24 $ 1,755,444
-----------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.3%
1,000,000 Gavilan Resources LLC, Second Lien Initial Term Loan,
7.897% (LIBOR + 600 bps), 3/1/24 $ 996,875
1,650,000 Traverse Midstream Partners LLC, Advance Term Loan,
5.85% (LIBOR + 400 bps), 9/27/24 1,661,086
--------------
$ 2,657,961
-----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
1,200,000(h) Apergy Corporation, Term Loan B, 4/18/25 $ 1,209,000
859,377 FR Dixie Acquisition Corp., Term Loan, 6.734%
(LIBOR + 475 bps), 12/18/20 373,829
--------------
$ 1,582,829
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 31
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
750,000 California Resources Corp., Term Loan, 12.273%
(LIBOR + 1,038 bps), 12/31/21 $ 843,750
2,200,000 Chesapeake Energy Corp., Term Loan, Class A, 9.444%
(LIBOR + 750 bps), 8/23/21 2,333,375
500,000 Lucid Energy Group II Borrower LLC, Initial Term Loan,
4.897% (LIBOR + 300 bps), 2/17/25 501,563
114,334 MEG Energy Corp., Initial Term Loan, 5.81% (LIBOR + 350
bps), 12/31/23 114,712
--------------
$ 3,793,400
-----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
2,700,000 Delek US Holdings, Inc., Initial Term Loan, 4.401%
(LIBOR + 250 bps), 3/31/25 $ 2,713,500
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
1,857,896 Energy Transfer Equity LP, Refinanced Term Loan,
3.898% (LIBOR + 200 bps), 2/2/24 $ 1,861,252
2,187,499 Gulf Finance LLC, Tranche B Term Loan, 7.56%
(LIBOR + 525 bps), 8/25/23 2,001,562
616,000 Summit Midstream Partners Holdings LLC, Term Loan
Credit Facility, 7.901% (LIBOR + 600 bps), 5/13/22 623,700
--------------
$ 4,486,514
--------------
Total Energy $ 16,989,648
-----------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.1%
Drug Retail -- 0.2%
1,664,756 Hearthside Group Holdings LLC, 2017 Replacement
Term Loan, 4.901% (LIBOR + 300 bps), 6/2/21 $ 1,671,693
-----------------------------------------------------------------------------------------------------------
Food Distributors -- 0.2%
1,776,076 CSM Bakery Solutions, Ltd., First Lien Term Loan, 6.31%
(LIBOR + 400 bps), 7/3/20 $ 1,757,427
-----------------------------------------------------------------------------------------------------------
Food Retail -- 0.7%
990,019 Albertson's LLC, 2017-1 Term B-5 Loan, 5.292%
(LIBOR + 300 bps), 12/21/22 $ 982,841
3,009,039 Albertson's LLC, 2017-1 Term B-6 Loan, 4.956%
(LIBOR + 300 bps), 6/22/23 2,981,534
922,688 Packers Holdings LLC, Initial Term Loan, 5.128%
(LIBOR + 325 bps), 12/4/24 925,763
482,625 Supervalu, Inc., Delayed Draw Term Loan, 5.401%
(LIBOR + 350 bps), 6/8/24 481,820
804,375 Supervalu, Inc., Initial Term Loan, 5.401% (LIBOR + 350
bps), 6/8/24 803,034
--------------
$ 6,174,992
--------------
Total Food & Staples Retailing $ 9,604,112
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.9%
Agricultural Products -- 0.2%
1,691,349 Darling Ingredients, Inc. (fka Darling International, Inc.),
Term B Loan, 3.928% (LIBOR + 100 bps/PRIME + 100
bps), 12/18/24 $ 1,710,377
-----------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.1%
493,750 Arterra Wines Canada, Inc. (fka 9941762 Canada, Inc.),
First Lien Dollar Replacement Term Loan, 4.952%
(LIBOR + 275 bps), 12/15/23 $ 496,836
-----------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.5%
700,000 CHG PPC Parent LLC, First Lien Initial Term Loan,
4.651% (LIBOR + 275 bps), 3/31/25 $ 705,513
2,330,849 Chobani LLC, First Lien New Term Loan, 5.401%
(LIBOR + 350 bps), 10/10/23 2,346,388
2,253,639 CTI Foods Holding Co., LLC, First Lien Term Loan, 5.41%
(LIBOR + 350 bps), 6/29/20 2,057,386
1,703,991 Dole Food Co., Inc., Tranche B Term Loan, 4.648%
(LIBOR + 275 bps/PRIME + 200 bps), 4/6/24 1,712,359
2,174,075 Give and Go Prepared Foods Corp., First Lien 2017 Term
Loan, 6.194% (LIBOR + 425 bps), 7/29/23 2,185,852
3,045,329 JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan,
4.678% (LIBOR + 250 bps), 10/30/22 3,046,471
1,911,396 Pinnacle Foods Finance LLC, Initial B Term Loan,
3.637% (LIBOR + 175 bps), 2/2/24 1,928,451
4,367,000 Post Holdings, Inc., Series A, Incremental Term Loan,
3.9% (LIBOR + 200 bps), 5/24/24 4,392,350
1,518,204 Shearer's Foods LLC, First Lien Term Loan, 6.552%
(LIBOR + 425 bps), 6/30/21 1,525,795
997,500 Utz Quality Foods, LLC, First Lien Initial Term Loan,
5.398% (LIBOR + 350 bps), 11/21/24 1,009,033
--------------
$ 20,909,598
-----------------------------------------------------------------------------------------------------------
Soft Drinks -- 0.1%
1,200,000 Refresco Group NV, Facility B 3, 5.189% (LIBOR + 325
bps), 3/28/25 $ 1,206,353
--------------
Total Food, Beverage & Tobacco $ 24,323,164
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 8.0%
Health Care Distributors -- 0.1%
1,000,000 PharMerica Corp., First Lien Initial Term Loan,
5.395% (LIBOR + 350 bps), 12/6/24 $ 1,006,875
-----------------------------------------------------------------------------------------------------------
Health Care Equipment -- 0.1%
593,222 Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B
Loan, 4.552% (LIBOR + 225 bps), 10/25/23 $ 597,857
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 33
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Health Care Facilities -- 2.5%
2,341,893 Acadia Healthcare Co., Inc., Tranche B-4 Term Loan,
4.401% (LIBOR + 250 bps), 2/16/23 $ 2,365,068
2,561,435 ATI Holdings Acquisition, Inc., First Lien Initial Term Loan,
5.831% (LIBOR + 350 bps), 5/10/23 2,574,775
323,528 CHS/Community Health Systems, Inc., Incremental 2019
Term G Loan, 4.984% (LIBOR + 300 bps), 12/31/19 318,858
1,728,273 CHS/Community Health Systems, Inc., Incremental 2021
Term H Loan, 5.234% (LIBOR + 325 bps), 1/27/21 1,678,585
2,773,345 Concentra, Inc., First Lien Tranche B-1 Term Loan, 4.53%
(LIBOR + 275 bps), 6/1/22 2,781,144
800,000 HCA, Inc., Tranche B-10 Term Loan, 3.901% (LIBOR + 200
bps), 3/13/25 809,111
3,305,793 Kindred Healthcare, Inc., New Term Loan, 5.875%
(LIBOR + 350 bps), 4/9/21 3,320,722
3,394,051 NVA Holdings, Inc., Term Loan B3, 5.052% (LIBOR + 275
bps), 2/2/25 3,411,551
1,121,807 Quorum Health Corp., Term Loan, 8.651% (LIBOR + 675
bps), 4/29/22 1,149,267
1,710,031 Select Medical Corp., Tranche B Term Loan, 4.651%
(LIBOR + 275/PRIME + 175 bps), 3/1/21 1,724,638
634,096 Vizient, Inc., Term B-4 Loan, 4.651% (LIBOR + 275
bps), 2/13/23 639,150
--------------
$ 20,772,869
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 3.4%
862,170 Aegis Toxicology Sciences Corp., First Lien Initial Term
Loan, 6.786% (LIBOR + 450 bps), 2/24/21 $ 861,631
894,375 Alliance HealthCare Services, Inc., First Lien Initial Term
Loan, 6.401% (LIBOR + 450 bps), 10/24/23 901,456
500,000 Alliance HealthCare Services, Inc., Second Lien Initial
Term Loan, 11.901% (LIBOR + 1,000 bps), 4/24/24 497,500
376,819 Ardent Legacy Acquisitions, Inc. (Ardent Mergeco LLC),
Term Loan, 7.401% (LIBOR + 550 bps), 8/4/21 379,174
2,114,046 DaVita, Inc. (fka DaVita HealthCare Partners, Inc.),
Tranche B Term Loan, 4.651% (LIBOR + 275
bps), 6/24/21 2,136,319
812,500 Diplomat Pharmacy, Inc., Initial Term B Loan, 6.41%
(LIBOR + 450 bps), 12/20/24 820,625
2,425,286 Envision Healthcare Corp. (fka Emergency Medical
Services Corp.), Initial Term Loan, 4.91% (LIBOR + 300
bps), 12/1/23 2,440,672
2,367,783 ExamWorks Group, Inc. (fka Gold Merger Co., Inc.),
Term B-1 Loan, 5.151% (LIBOR + 325 bps/PRIME + 225
bps), 7/27/23 2,386,280
500,000 Gem Acquisitions, Inc., First LienInitial Term Loan, 5.297%
(LIBOR + 325 bps), 3/7/25 501,875
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Health Care Services (continued)
1,974,085 Genoa a QoL Healthcare Co., LLC, First Lien Amendment
No. 1 Term Loan, 5.151% (LIBOR + 325 bps), 10/30/23 $ 1,991,974
816,844 GHX Ultimate Parent Corp., First Lien Initial Term Loan,
5.302% (LIBOR + 300 bps), 6/28/24 819,907
2,631,471 HC Group Holdings III, Inc., First Lien Initial Term Loan,
6.901% (LIBOR + 500 bps), 4/7/22 2,670,943
1,864,866 Jaguar Holding Co. I LLC (aka Pharmaceutical Product
Development LLC), 2018 Term Loan, 4.611% (LIBOR + 250
bps), 8/18/22 1,877,051
906,832 MPH Acquisition Holdings LLC, Initial Term Loan, 5.052%
(LIBOR + 275 bps), 6/7/23 912,783
2,548,800 National Mentor Holdings, Inc., Tranche B Term Loan,
5.302% (LIBOR + 300 bps), 1/31/21 2,569,509
1,673,206 nThrive, Inc. (fka Precyse Acquisition Corp.), Additional
Term B-2 Loan, 6.401% (LIBOR + 450 bps), 10/20/22 1,683,664
2,970,000 Team Health Holdings, Inc., Initial Term Loan, 4.651%
(LIBOR + 275 bps), 2/6/24 2,891,111
2,884,607 US Renal Care, Inc., First Lien Initial Term Loan, 6.552%
(LIBOR + 425 bps), 12/30/22 2,875,593
--------------
$ 29,218,067
-----------------------------------------------------------------------------------------------------------
Health Care Supplies -- 1.0%
1,441,590 Greatbatch, Ltd., New Term B Loan (2017), 5.15%
(LIBOR + 325 bps), 10/27/22 $ 1,456,907
2,571,124 Halyard Health, Inc., Term Loan, 4.651% (LIBOR + 275
bps), 11/1/21 2,594,701
1,543,338 Kinetic Concepts, Inc., Dollar Term Loan, 5.552%
(LIBOR + 325 bps), 2/2/24 1,555,636
3,048,747 Sterigenics-Nordion Holdings LLC, Incremental Term
Loan, 4.901% (LIBOR + 300 bps), 5/15/22 3,069,231
--------------
$ 8,676,475
-----------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.7%
3,060,865 Change Healthcare Holdings, Inc. (fka Emdeon, Inc.),
Closing Date Term Loan, 4.651% (LIBOR + 275
bps), 3/1/24 $ 3,076,408
1,918,165 Press Ganey Holdings, Inc., 2018 First Lien Replacement
Term Loan, 4.651% (LIBOR + 275 bps), 10/23/23 1,933,750
697,230 Quintiles IMS, Inc., Term B-1 Dollar Loan, 4.302%
(LIBOR + 200 bps), 3/7/24 701,587
--------------
$ 5,711,745
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
1,970,000 Prospect Medical Holdings, Inc., Term B-1 Loan, 7.438%
(LIBOR + 550 bps), 2/22/24 $ 1,977,387
--------------
Total Health Care Equipment & Services $ 67,961,275
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 35
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 1.5%
Household Products -- 0.8%
2,512,375 Alphabet Holding Co., Inc. (aka Nature's Bounty), First
Lien Initial Term Loan, 5.401% (LIBOR + 350 bps), 9/26/24 $ 2,175,822
486,250 Energizer Holdings, Inc., Term Loan, 3.938% (LIBOR + 200
bps), 6/30/22 488,985
2,008,783 Spectrum Brands, Inc., 2017 Refinanced USD Term Loan,
3.956% (LIBOR + 200 bps), 6/23/22 2,012,371
2,282,750 WKI Holding Co., Inc., Initial Term Loan, 5.773%
(LIBOR + 400 bps), 5/1/24 2,294,164
--------------
$ 6,971,342
-----------------------------------------------------------------------------------------------------------
Personal Products -- 0.7%
2,487,500 Albea Beauty Holdings SA, Term Loan, 5.295%
(LIBOR + 300 bps), 4/22/24 $ 2,503,047
1,525,000 Coty, Inc., USD Term Loan B, 4.128% (LIBOR + 225
bps), 4/7/25 1,524,285
450,796 Party City Holdings, Inc., 2018 Replacement Term Loan,
4.92% (LIBOR + 275 bps), 8/19/22 454,414
1,780,283 Revlon Consumer Products Corp., Initial Term B Loan,
5.401% (LIBOR + 350 bps), 9/7/23 1,396,687
--------------
$ 5,878,433
--------------
Total Household & Personal Products $ 12,849,775
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 1.2%
Insurance Brokers -- 0.1%
789,249 NFP Corp., Term B Loan, 4.901% (LIBOR + 300 bps), 1/8/24 $ 794,430
-----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
2,065,761 Integro Parent, Inc., First Lien Initial Term Loan, 7.658%
(LIBOR + 575 bps), 10/31/22 $ 2,065,761
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.2%
1,786,764 Alliant Holdings I LLC, Initial Term Loan, 5.151%
(LIBOR + 325 bps), 8/12/22 $ 1,800,644
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.7%
1,647,645 Acrisure LLC, 2017-2 First Lien Refinancing Term Loan,
6.609% (LIBOR + 425 bps), 11/22/23 $ 1,665,667
2,297,756 Confie Seguros Holding II Co., Term B Loan, 7.234%
(LIBOR + 525 bps), 4/19/22 2,302,064
1,890,500 USI, Inc. (fka Compass Investors Inc.), 2017 New Term
Loan, 5.302% (LIBOR + 300 bps), 5/16/24 1,900,795
--------------
$ 5,868,526
--------------
Total Insurance $ 10,529,361
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 9.6%
Aluminum -- 0.3%
EUR 2,000,000 Rain Carbon Inc., Initial Term Loan, 3.0% (EURIBOR + 300
bps), 1/16/25 $ 2,430,395
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Construction Materials -- 1.0%
1,540,000 84 Lumber Company, Term B-1 Loan, 7.147%
(LIBOR + 525 bps), 10/25/23 $ 1,562,137
1,948,354 American Bath Group LLC, First Lien Replacement Term
Loan, 7.552% (LIBOR + 525 bps), 9/30/23 1,970,880
495,893 Associated Asphalt Partners LLC, Tranche B Term Loan,
7.151% (LIBOR + 525 bps), 4/5/24 477,710
2,487,500 HD Supply Waterworks, Ltd., Initial Term Loan, 5.115%
(LIBOR + 300 bps), 8/1/24 2,503,047
1,553,263 Penn Engineering & Manufacturing Corp., Tranche B Term
Loan, 4.651% (LIBOR + 275 bps), 6/27/24 1,561,029
--------------
$ 8,074,803
-----------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 1.6%
498,750 Avantor, Inc., Initial Dollar Term Loan, 5.901%
(LIBOR + 400 bps), 11/21/24 $ 504,829
1,712,011 Azelis Finance SA (Azelis US Holding, Inc.), 2017
Refinancing Dollar Term Loan, 6.052% (LIBOR + 375
bps), 12/16/22 1,725,921
992,647 Chemours Co., Tranche B-2 US Dollar Term Loan, 3.66%
(LIBOR + 175 bps), 4/3/25 994,819
997,500 Ineos US Finance LLC, New 2024 Dollar Term Loan,
3.901% (LIBOR + 200 bps), 4/1/24 1,002,254
1,023,142 Orion Engineered Carbons GmbH, Initial Dollar Term Loan,
4.802% (LIBOR + 250 bps), 7/25/24 1,029,537
1,750,965 Plaskolite LLC, First Lien Term Loan, 5.811% (LIBOR + 350
bps), 11/3/22 1,761,909
2,586,312 Tata Chemicals North America, Term Loan, 5.063%
(LIBOR + 275 bps), 8/7/20 2,617,024
753,924 Tronox, Ltd., First Lien Blocked Dollar Term Loan, 5.302%
(LIBOR + 300 bps), 9/23/24 762,608
1,739,826 Tronox, Ltd., First Lien Initial Dollar Term Loan, 5.302%
(LIBOR + 300 bps), 9/23/24 1,759,865
1,728,203 Univar USA, Inc., Term B-3 Loan, 4.401% (LIBOR + 250
bps), 7/1/24 1,744,714
--------------
$ 13,903,480
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.3%
2,511,503 Global Brass and Copper, Inc., Initial Term Loan, 5.188%
(LIBOR + 325 bps), 7/18/23 $ 2,536,618
1,481,250 Oxbow Calcining LLC, First Lien Tranche B Term Loan,
5.651% (LIBOR + 375 bps), 1/4/23 1,501,617
777,000 Phoenix Services International LLC, Term Loan, 5.637%
(LIBOR + 375 bps), 3/1/25 787,684
2,950,000(h) US Silica Co., Term Loan B, 4/25/25 2,985,503
2,893,505 US Silica Co., Term Loan, 6.75% (PRIME + 200
bps), 7/23/20 2,907,070
--------------
$ 10,718,492
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 37
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.1%
972,500 Methanol Holdings (Trinidad), Ltd. (Methanol Holdings
(Delaware) LLC), Initial Term Loan, 5.401% (LIBOR + 350
bps), 6/30/22 $ 973,083
-----------------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
2,085,895 Expera Specialty Solutions LLC, Term B Loan Commitment,
6.151% (LIBOR + 425 bps), 11/3/23 $ 2,111,969
-----------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.9%
1,270,604 BWay Holding Co., Initial Term Loan, 5.587% (LIBOR + 325
bps), 4/3/24 $ 1,279,870
1,492,509 Consolidated Container Co., LLC, First Lien Initial Term
Loan, 4.901% (LIBOR + 300 bps), 5/22/24 1,505,009
2,372,547 Coveris Holdings SA (fka Exopack Holdings SA), USD
Term B-1 Loan, 6.552% (LIBOR + 425 bps), 6/29/22 2,384,410
737,000 Crown Holdings, Inc., Term Loan, 4.312% (LIBOR + 200
bps), 4/3/25 744,658
1,945,125 Trident TPI Holdings, Inc., Tranche B-1 Term Loan, 5.151%
(LIBOR + 325 bps), 10/17/24 1,958,498
--------------
$ 7,872,445
-----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.6%
1,859,876 Berry Global, Inc. (fka Berry Plastics Corp.), Term Q Loan,
3.899% (LIBOR + 200 bps), 10/1/22 $ 1,873,439
495,000 Berry Global, Inc. (fka Berry Plastics Corp.), Term R Loan,
3.897% (LIBOR + 200 bps), 1/19/24 498,248
1,518,018 Caraustar Industries, Inc., Refinancing Term Loan, 7.802%
(LIBOR + 550 bps), 3/14/22 1,523,710
1,492,500 Plastipak Holdings, Inc., Tranche B Term Loan, 6.5%
(PRIME + 175 bps), 10/14/24 1,501,128
--------------
$ 5,396,525
-----------------------------------------------------------------------------------------------------------
Paper Products -- 0.2%
1,642,217 Ranpak Corp., Tranche B-1 USD Term Loan, 5.15%
(LIBOR + 325 bps), 10/1/21 $ 1,654,534
-----------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.5%
2,416,029 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-2 Term Loan, 5.206% (LIBOR + 325
bps), 9/13/23 $ 2,434,149
1,820,212 Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA),
Tranche B-3 Term Loan, 5.206% (LIBOR + 325
bps), 9/13/23 1,833,864
1,811,313 Ashland LLC, Term B Loan, 3.898% (LIBOR + 200
bps), 5/17/24 1,828,520
2,407,961 Axalta Coating Systems Dutch Holding B BV (Axalta Coating
Systems US Holdings, Inc.), Term B-2 Dollar Loan, 4.052%
(LIBOR + 175 bps), 6/1/24 2,420,261
The accompanying notes are an integral part of these financial statements.
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Specialty Chemicals (continued)
165,064 Ferro Corporation, Tranche B-1 Term Loan, 4.349%
(LIBOR + 225 bps), 2/14/24 $ 165,958
404,301(h) Ferro Corporation, Tranche B-2 Term Loan, 2/14/24 406,323
395,699(h) Ferro Corporation, Tranche B-3 Term Loan, 2/14/24 397,677
348,250 H.B. Fuller Company, Commitment, 3.897% (LIBOR +
200 bps), 10/20/24 349,805
3,145,559 MacDermid, Inc. (Platform Specialty Products Corp.),
Tranche B-6 Term Loan, 4.901% (LIBOR + 300
bps), 6/7/23 3,171,117
2,575,022 Omnova Solutions, Inc., Term B-2 Loan, 5.151%
(LIBOR + 325 bps), 8/25/23 2,607,210
1,633,179 Polyone Corporation, Term Loan B-4, 3.647%
(LIBOR + 175 bps), 11/11/22 1,645,427
2,164,847 PQ Corp., Third Amendment Tranche B-1 Term Loan,
4.401% (LIBOR + 250 bps), 2/8/25 2,180,622
1,300,659 Versum Materials, Inc. (fka Versum Materials LLC), Term
Loan, 4.302% (LIBOR + 200 bps), 9/29/23 1,312,853
313,650 W.R. Grace & Co-CONN, Term B-1 Loan, 4.058%
(LIBOR + 175 bps), 4/3/25 315,297
537,686 W.R. Grace & Co-CONN, Term B-2 Loan, 4.058%
(LIBOR + 175 bps), 4/3/25 540,509
--------------
$ 21,609,592
-----------------------------------------------------------------------------------------------------------
Steel -- 0.8%
2,242,979 American Builders & Contractors Supply Co., Inc.,
Term B-2 Loan, 3.901% (LIBOR + 200 bps), 10/31/23 $ 2,250,127
796,000 Big River Steel LLC, Closing Date Term Loan, 7.302%
(LIBOR + 500 bps), 8/23/23 814,905
3,682,153 Zekelman Industries, Inc. (fka JMC Steel Group, Inc.),
Term Loan, 4.999% (LIBOR + 275 bps), 6/14/21 3,705,933
--------------
$ 6,770,965
--------------
Total Materials $ 81,516,283
-----------------------------------------------------------------------------------------------------------
MEDIA -- 8.0%
Advertising -- 0.9%
2,443,321 CB Poly Investments LLC, First Lien Closing Date Term
Loan, 5.651% (LIBOR + 375 bps), 8/16/23 $ 2,467,754
1,000,000 Lamar Media Corp., Term B Loan, 3.688% (LIBOR + 175
bps), 3/14/25 1,003,750
1,865,702 Outfront Media Capital LLC (Outfront Media Capital Corp.),
Term Loan, 3.898% (LIBOR + 200 bps), 3/18/24 1,879,195
1,990,000 Red Ventures LLC, First Lien Term Loan, 5.901% (LIBOR + 400
bps), 11/8/24 2,016,949
--------------
$ 7,367,648
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 39
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Broadcasting -- 3.4%
1,029,490 A-L Parent LLC (aka Learfield Communications), First
Lien Initial Term Loan, 5.16% (LIBOR + 325
bps), 12/1/23 $ 1,042,359
395,640(h) A-L Parent LLC (aka Learfield Communications),
Incremental Term Loan, 12/1/23 398,607
1,178,667 Beasley Mezzanine Holdings, LLC, Initial Term Loan,
5.896% (LIBOR + 400 bps), 11/1/23 1,186,525
2,431,218 CBS Radio, Inc., Additional Term B-1 Loan, 4.623%
(LIBOR + 275 bps), 11/18/24 2,449,831
1,117,350 Checkout Holding Corp., First Lien Term B Loan, 5.401%
(LIBOR + 350 bps), 4/9/21 709,859
1,782,000 CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)),
March 2017 Refinancing Term Loan, 4.147% (LIBOR + 225
bps), 7/17/25 1,784,005
350,000 CSC Holdings, LLC (fka CSC Holdings Inc. (Cablevision)),
January 2018 Incremental Term Loan, 4.397%
(LIBOR + 250 bps), 1/25/26 351,458
995,000 E.W. Scripps Co., Tranche B Term Loan, 3.901%
(LIBOR + 200 bps), 10/2/24 999,353
1,481,250 Gray Television, Inc., Term B-2 Loan, 4.137%
(LIBOR + 225 bps), 2/7/24 1,489,274
1,875,500 Hubbard Radio LLC, Term Loan, 4.91% (LIBOR + 300
bps), 3/28/25 1,889,866
948,391 MCC Iowa LLC, Tranche M Term Loan, 3.75% (LIBOR + 200
bps), 1/15/25 952,737
139,759 Mission Broadcasting, Inc., Term B-2 Loan, 4.387%
(LIBOR + 250 bps), 1/17/24 140,493
1,088,322 Nexstar Broadcasting, Inc., Term B-2 Loan, 4.387%
(LIBOR + 250 bps), 1/17/24 1,094,036
1,726,312 Nielsen Finance LLC (VNU, Inc.), Class B-4 Term Loan,
3.895% (LIBOR + 200 bps), 10/4/23 1,737,641
2,419,580 Quebecor Media, Inc., Facility B-1 Tranche, 4.089%
(LIBOR + 225 bps), 8/17/20 2,428,653
1,567,125 Raycom TV Broadcasting LLC, Tranche B-1 Term Loan,
4.151% (LIBOR + 225 bps), 8/23/24 1,571,043
2,250,000(h) Sinclair Television Group, Inc., Term Loan B, 12/12/24 2,262,890
695,427 Sinclair Television Group, Inc., Tranche B Term Loan,
4.16% (LIBOR + 225 bps), 1/3/24 699,031
1,992,898 Townsquare Media, Inc., Additional Term B Loan, 4.901%
(LIBOR + 300 bps), 4/1/22 2,001,617
171,023 Tribune Media Co., Term B Loan, 4.901% (LIBOR + 300
bps), 12/27/20 171,449
2,131,585 Tribune Media Co., Term C Loan, 4.901% (LIBOR + 300
bps), 1/26/24 2,136,897
1,692,911 Univision Communications, Inc., 2017 Replacement
Repriced First Lien Term Loan, 4.651% (LIBOR + 275
bps), 3/15/24 1,672,220
--------------
$ 29,169,844
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.9%
1,389,500 Cable One, Inc., Incremental Term B-1 Loan, 4.06%
(LIBOR + 175 bps), 5/1/24 $ 1,397,316
7,435,778 Charter Communications Operating LLC (aka CCO Safari
LLC), Term B Loan, 3.91% (LIBOR + 200 bps), 4/30/25 7,479,716
1,091,230 MediArena Acquisition BV (fka AP NMT Acquisition BV),
First Lien Dollar Term B Loan, 8.058% (LIBOR + 575
bps), 8/13/21 1,092,764
655,000 Telenet Financing USD LLC, Term Loan AI Facility, 4.397%
(LIBOR + 250 bps), 3/1/26 658,866
1,200,000 Unitymedia Hessen GmbH & Co. KG, Facility B, 4.147%
(LIBOR + 225 bps), 9/30/25 1,201,625
2,165,000 UPC Financing Partnership , Facility AR, 4.397%
(LIBOR + 250 bps), 1/15/26 2,171,766
2,600,000 Ziggo Secured Finance Partnership, Term Loan E Facility,
4.397% (LIBOR + 250 bps), 4/15/25 2,590,796
--------------
$ 16,592,849
-----------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 1.3%
839,375 AMC Entertainment Holdings, Inc., 2016 Incremental
Term Loan, 4.147% (LIBOR + 225 bps), 12/15/23 $ 842,348
2,077,428 AMC Entertainment, Inc., Initial Term Loan, 4.147%
(LIBOR + 225 bps), 12/15/22 2,089,764
630,313 Kasima LLC, Term Loan, 4.73% (LIBOR + 250
bps), 5/17/21 634,778
1,497,276 Live Nation Entertainment, Inc., Term B-3 Loan, 3.688%
(LIBOR + 175 bps), 10/31/23 1,507,881
1,000,000(h) NAI Entertainment Holdings LLC, Term Loan B, 4/25/25 1,005,420
1,221,635 Rovi Solutions Corp. / Rovi Guides, Inc., Term B Loan,
4.41% (LIBOR + 250 bps), 7/2/21 1,230,950
1,905,000 Seminole Hard Rock Entertainment, Inc., Term Loan,
5.058% (LIBOR + 275 bps), 5/14/20 1,920,874
1,410,215 WMG Acquisition Corp., Tranche E Term Loan, 4.151%
(LIBOR + 225 bps), 11/1/23 1,418,542
--------------
$ 10,650,557
-----------------------------------------------------------------------------------------------------------
Publishing -- 0.5%
1,834,971 DH Publishing LP, Term B-6 Loan, 4.144% (LIBOR + 225
bps), 8/20/23 $ 1,845,130
1,116,685 Quincy Newspapers, Inc., Term Loan B, 4.914% (LIBOR + 300
bps/PRIME + 200 bps), 11/2/22 1,122,734
1,512,256 Trader Corp., First Lien 2017 Refinancing Term Loan,
5.295% (LIBOR + 300 bps), 9/28/23 1,516,037
--------------
$ 4,483,901
--------------
Total Media $ 68,264,799
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 41
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 2.9%
Biotechnology -- 0.6%
3,389,690 Alkermes, Inc., 2023 Term Loan, 4.13% (LIBOR + 225
bps), 3/27/23 $ 3,423,586
953,125 INC Research Holdings, Inc., Initial Term B Loan, 4.151%
(LIBOR + 225 bps), 8/1/24 957,146
841,500 Lantheus Medical Imaging, Inc., Replacement Term Loan,
5.651% (LIBOR + 375 bps), 6/30/22 844,656
--------------
$ 5,225,388
-----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.4%
2,054,332 Catalent Pharma Solutions, Inc. (fka Cardinal Health
409, Inc.), Dollar Term Loan, 4.151% (LIBOR + 225
bps), 5/20/24 $ 2,066,886
992,424 Explorer Holdings, Inc., Initial Term Loan, 5.806%
(LIBOR + 375 bps), 5/2/23 1,003,589
--------------
$ 3,070,475
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 1.9%
1,353,391 Akorn, Inc., Term Loan, 6.188% (LIBOR + 425 bps), 4/16/21 $ 1,332,245
3,300,063 Endo Luxembourg Finance Co. I S.a.r.l., Initial Term Loan,
6.188% (LIBOR + 425 bps), 4/29/24 3,289,063
1,188,000 Grifols Worldwide Operations, Ltd., Tranche B Term Loan,
3.994% (LIBOR + 225 bps), 1/31/25 1,195,710
3,001,093 Horizon Pharma, Inc., Third Amendment Refinanced Term
Loan, 5.188% (LIBOR + 325 bps), 3/29/24 3,083,623
1,313,467 Mallinckrodt International Finance SA, 2017 Term B Loan,
5.203% (LIBOR + 275 bps), 9/24/24 1,307,016
497,500 Parexel International Corp., Initial Term Loan, 4.651%
(LIBOR + 275 bps), 9/27/24 500,050
2,697,475 RPI Finance Trust, Initial Term Loan B-6, 4.302%
(LIBOR + 200 bps), 3/27/23 2,712,408
2,574,152 Valeant Pharmaceuticals International, Inc., Series F-4
Tranche B Term Loan, 5.394% (LIBOR + 350 bps), 4/1/22 2,605,892
--------------
$ 16,026,007
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 24,321,870
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified REIT -- 0.3%
751,229 ESH Hospitality, Inc., Repriced Term Loan, 4.151%
(LIBOR + 225 bps), 8/30/23 $ 756,126
1,409,943 iStar, Inc. (fka iStar Financial, Inc.), Term Loan, 4.894%
(LIBOR + 300 bps), 10/1/21 1,422,245
--------------
$ 2,178,371
-----------------------------------------------------------------------------------------------------------
Hotel & Resort REIT -- 0.3%
2,680,300 MGM Growth Properties Operating Partnership LP, Term B
Loan, 3.901% (LIBOR + 200 bps), 4/25/23 $ 2,701,239
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.0%+
450,000 Hanjin International Corp. (aka Wilshire Grand Center),
Initial Term Loan, 4.855% (LIBOR + 250 bps), 10/19/20 $ 452,390
-----------------------------------------------------------------------------------------------------------
Specialized REIT -- 0.5%
3,235,746 Communications Sales & Leasing, Inc. (CSL Capital LLC),
Shortfall Term Loan, 4.901% (LIBOR + 300 bps), 10/24/22 $ 3,132,995
1,100,000 Iron Mountain, Inc., Incremental Term Loan B, 3.648%
(LIBOR + 175 bps), 1/2/26 1,097,593
--------------
$ 4,230,588
--------------
Total Real Estate $ 9,562,588
-----------------------------------------------------------------------------------------------------------
RETAILING -- 2.9%
Apparel Retail -- 0.2%
656,682 Hudson's Bay Co., Initial Term Loan, 5.15%
(LIBOR + 325 bps), 9/30/22 $ 623,848
1,140,668 Men's Wearhouse, Inc., Tranche B Term Loan, 5.395%
(LIBOR + 350 bps), 4/9/25 1,151,361
--------------
$ 1,775,209
-----------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.7%
795,349 Avis Budget Car Rental LLC, Tranche B Term Loan, 4.31%
(LIBOR + 200 bps), 2/13/25 $ 797,834
997,500 Belron Finance US LLC, Initial Term B Loan, 4.294%
(LIBOR + 250 bps), 11/7/24 1,004,358
1,536,075 Cooper-Standard Automotive, Inc., Additional Term B-1
Loan, 4.302% (LIBOR + 200 bps), 11/2/23 1,548,079
2,537,341 CWGS Group LLC, Term Loan, 4.641% (LIBOR + 300
bps), 11/23/23 2,554,785
--------------
$ 5,905,056
-----------------------------------------------------------------------------------------------------------
Department Stores -- 0.3%
895,500 Archroma Finance S.a r.l., Facility B2, 6.587%
(LIBOR + 425 bps), 8/12/24 $ 898,858
487,261 JC Penney Corp., Inc., Term Loan, 6.234% (LIBOR + 425
bps), 6/23/23 476,541
1,623,681 Neiman Marcus Group, Ltd., LLC, Other Term Loan,
5.141% (LIBOR + 325 bps), 10/25/20 1,432,319
--------------
$ 2,807,718
-----------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.3%
2,579,260 Serta Simmons Bedding LLC, First Lien Initial Term
Loan, 5.695% (LIBOR + 350 bps), 11/8/23 $ 2,341,324
-----------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.3%
995,000 NAB Holdings, LLC, 2018 Refinancing Term Loan,
5.302% (LIBOR + 300 bps), 7/1/24 $ 1,002,773
550,000 Shutterfly, Inc., Incremental Term Loan, 4.66%
(LIBOR + 275 bps), 8/17/24 555,500
1,246,875 Shutterfly, Inc., Initial Term B Loan, 4.4% (LIBOR + 250
bps), 8/19/24 1,254,668
--------------
$ 2,812,941
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 43
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Specialty Stores -- 1.1%
1,741,250 Bass Pro Group LLC, Initial Term Loan, 6.901%
(LIBOR + 500 bps), 9/25/24 $ 1,753,221
1,681,195 Michaels Stores, Inc., 2016 New Replacement Term B-1
Loan, 4.649% (LIBOR + 275 bps), 1/30/23 1,692,884
4,348,654 PetSmart, Inc., Tranche B-2 Term Loan, 4.89%
(LIBOR + 300 bps), 3/11/22 3,417,316
2,493,750 Staples, Inc., Closing Date Term Loan, 5.787%
(LIBOR + 400 bps), 9/12/24 2,472,486
--------------
$ 9,335,907
--------------
Total Retailing $ 24,978,155
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2%
Semiconductor Equipment -- 0.3%
884,526 Entegris, Inc., New Tranche B Term Loan, 4.151%
(LIBOR + 225 bps), 4/30/21 $ 888,949
818,323 MKS Instruments, Inc., Tranche B-3 Term Loan, 3.651%
(LIBOR + 175 bps), 5/1/23 824,460
445,263 Sensata Technologies BV, Sixth Amendment Term Loan,
3.646% (LIBOR + 175 bps), 10/14/21 448,985
--------------
$ 2,162,394
-----------------------------------------------------------------------------------------------------------
Semiconductors -- 0.9%
992,500 Bright Bidco BV (aka Lumileds LLC), 2018 Refinancing
Term B Loan, 5.732% (LIBOR + 350 bps), 6/30/24 $ 1,008,008
2,208,707 MACOM Technology Solutions Holdings, Inc. (fka M/A-COM
Technology Solutions Holdings, Inc.), Initial Term Loan,
4.151% (LIBOR + 225 bps), 5/17/24 2,176,956
3,004,118 Micron Technology, Inc., Term Loan, 3.66% (LIBOR + 175
bps), 4/26/22 3,029,466
276,043 Microsemi Corp., Term Loan B, 3.898% (LIBOR + 200
bps), 1/15/23 277,186
1,313,894 ON Semiconductor Corp., 2017 New Replacement Term B-2
Loan, 3.901% (LIBOR + 200 bps), 3/31/23 1,323,585
--------------
$ 7,815,201
--------------
Total Semiconductors & Semiconductor Equipment $ 9,977,595
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.2%
Application Software -- 0.8%
1,492,500 Applied Systems, Inc., First Lien Initial Term Loan,
5.552% (LIBOR + 325 bps), 9/19/24 $ 1,507,322
1,625,623 Infor (US), Inc. (fka Lawson Software, Inc.), Tranche B-6
Term Loan, 4.651% (LIBOR + 275 bps), 2/1/22 1,634,912
2,118,115 STG-Fairway Acquisitions, Inc., First Lien Term Loan,
7.151% (LIBOR + 525 bps), 6/30/22 2,120,762
1,621,784 Verint System Inc., Term Loan B, 3.887% (LIBOR + 200
bps), 6/28/24 1,631,920
--------------
$ 6,894,916
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.2%
987,500 Conduent, Inc., Term B Loan, 4.901% (LIBOR + 300
bps), 12/7/23 $ 994,495
696,491 Everi Payments Inc., Term B Loan, 5.494% (LIBOR + 350
bps), 5/9/24 702,150
2,901,211 First Data Corp., 2022D New Dollar Term Loan, 4.147%
(LIBOR + 225 bps), 7/8/22 2,914,644
2,841,078 First Data Corp., 2024A New Dollar Term Loan, 4.147%
(LIBOR + 225 bps), 4/26/24 2,854,610
769,090 Global Payments, Inc., Term B-3 Loan, 3.651%
(LIBOR + 175 bps), 4/21/23 775,819
800,000 Verifone, Inc., Term Loan B, 3.91% (LIBOR + 200
bps), 1/31/25 803,336
1,405,651 WEX, Inc., Term B-2 Loan, 4.151% (LIBOR + 225
bps), 6/30/23 1,416,678
--------------
$ 10,461,732
-----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 1.1%
1,488,061 Match Group, Inc. (fka The Match Group, Inc.), Additional
Term B-1 Loan, 4.397% (LIBOR + 250 bps), 11/16/22 $ 1,499,221
3,342,182 Rackspace Hosting, Inc., First Lien Term B Loan, 4.787%
(LIBOR + 300 bps), 11/3/23 3,338,469
722,991 Vantiv LLC, New Term B-3 Loan, 3.896% (LIBOR + 200
bps), 10/14/23 728,284
996,000 Vantiv LLC, New Term B-4 Loan, 3.896% (LIBOR + 200
bps), 8/9/24 1,003,470
2,295,129 Zayo Group LLC (Zayo Capital, Inc.), 2017 Incremental
Refinancing B-2 Term Loan, 4.151% (LIBOR + 225
bps), 1/19/24 2,314,068
--------------
$ 8,883,512
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.7%
950,000 Altran Technologies, Facility B, 4.796% (LIBOR + 275
bps), 3/20/25 $ 955,938
658,421 Booz Allen Hamilton, Inc., New Refinancing Tranche B Term
Loan, 3.901% (LIBOR + 200 bps), 6/30/23 663,771
2,499,621 CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW Corp.),
Term Loan, 4.06% (LIBOR + 175 bps), 8/17/23 2,510,167
1,000,000 Flexera Software LLC (fka Flexera Software, Inc.), First Lien
Initial Term Loan, 5.16% (LIBOR + 325 bps), 2/26/25 1,006,458
1,982,853 Go Daddy Operating Co., LLC (GD Finance Co., Inc.),
Tranche B-1 Term Loan, 4.151% (LIBOR + 225
bps), 2/15/24 1,993,870
767,265 Kronos, Inc., First Lien Incremental Term Loan, 4.88%
(LIBOR + 300 bps), 11/1/23 775,123
2,563,469 Rocket Software, Inc., First Lien Term Loan, 6.052%
(LIBOR + 375 bps), 10/14/23 2,588,034
977,444 Sitel Worldwide Corp., First Lien Term B-1 Loan, 7.875%
(LIBOR + 550 bps), 9/18/21 984,774
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 45
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services (continued)
576,752 SS&C Technologies Holdings, Inc., 2017 Refinancing New
Term B-1 Loan, 4.151% (LIBOR + 225 bps), 7/8/22 $ 581,438
2,556,309 Tempo Acquisition LLC, Initial Term Loan, 4.901%
(LIBOR + 300 bps), 5/1/24 2,573,245
--------------
$ 14,632,818
-----------------------------------------------------------------------------------------------------------
Systems Software -- 1.4%
2,330,394 Avast Holding BV, Refinancing Dollar Term Loan, 5.052%
(LIBOR + 275 bps), 9/30/23 $ 2,347,326
3,060,965 EZE Software Group LLC, First Lien Term B-2 Loan,
5.051% (LIBOR + 300 bps), 4/6/20 3,084,559
619,094 Ivanti Software, Inc. (fka LANDesk Group, Inc.), First Lien
Term Loan, 6.16% (LIBOR + 425 bps), 1/20/24 611,820
1,549,722 MA FinanceCo., LLC (aka Micro Focus International Plc),
Tranche B-2 Term Loan, 4.401% (LIBOR + 250
bps), 11/19/21 1,546,574
225,348 MA FinanceCo., LLC (aka Micro Focus International Plc),
Tranche B-3 Term Loan, 4.651% (LIBOR + 275 bps), 6/21/24 223,940
1,520,277 Seattle Spinco, Inc. (aka Micro Focus International Plc),
Initial Term Loan, 4.651% (LIBOR + 275 bps), 6/21/24 1,512,675
1,504,849 West Corp., Term B Loan, 5.901% (LIBOR + 400
bps), 10/10/24 1,512,726
970,000 West Corporation, Incremental Term B-1 Loan, 5.401%
(LIBOR + 350 bps), 10/10/24 979,195
--------------
$ 11,818,815
--------------
Total Software & Services $ 52,691,793
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.5%
Communications Equipment -- 0.6%
2,119,688 Avaya, Inc., Initial Term Loan, 6.647% (LIBOR + 475
bps), 12/15/24 $ 2,146,183
2,299,961 Ciena Corp., Refinancing Term Loan, 4.397% (LIBOR + 250
bps), 1/28/22 2,314,336
1,056,588 Commscope, Inc., Tranche 5 Term Loan, 3.901% (LIBOR + 200
bps), 12/29/22 1,064,183
--------------
$ 5,524,702
-----------------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
328,319 Generac Power Systems, Inc., 2017-2 New Term Loan,
4.308% (LIBOR + 200 bps), 5/31/23 $ 329,857
2,257,535 Mirion Technologies (Finance) LLC (Mirion Technologies, Inc.),
First Lien Initial Term Loan, 7.052% (LIBOR + 475
bps), 3/31/22 2,255,417
--------------
$ 2,585,274
-----------------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.2%
1,563,726 Zebra Technologies Corp., Tranche B Term Loan, 4.362%
(LIBOR + 200 bps), 10/27/21 $ 1,575,894
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
1,300,000(h) TTM Technologies, Inc., Term Loan B, 9/28/24 $ 1,311,375
-----------------------------------------------------------------------------------------------------------
Technology Distributors -- 0.1%
2,898 SS&C Technologies Holdings, Inc., 2017 Refinancing New
Term B-2 Loan, 4.151% (LIBOR + 225 bps), 7/8/22 $ 2,921
804,333(h) SS&C Technologies Holdings, Inc., Term B-3 Loan, 4/16/25 810,589
--------------
$ 813,510
-----------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 0.1%
1,052,925 Western Digital Corp., US Term B-3 Loan, 3.9% (LIBOR + 200
bps), 4/29/23 $ 1,060,916
--------------
Total Technology Hardware & Equipment $ 12,871,671
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.0%
Integrated Telecommunication Services -- 1.9%
4,241,250 CenturyLink, Inc., Initial Term B Loan, 4.651% (LIBOR + 275
bps), 1/31/25 $ 4,184,256
1,637,481 Cincinnati Bell, Inc., Tranche B Term Loan, 5.571%
(LIBOR + 325 bps), 10/2/24 1,659,996
1,141,375 Frontier Communications Corp., Term B-1 Loan, 5.66%
(LIBOR + 375 bps), 6/15/24 1,129,248
589,786 General Communications, Inc., New Term B Loan, 4.151%
(LIBOR + 225 bps), 2/2/22 592,735
2,717,027 Level 3 Financing, Inc., Tranche B 2024 Term Loan, 4.148%
(LIBOR + 225 bps), 2/22/24 2,730,370
1,534,500 Numericable US LLC, USD TLB-11 Term Loan, 4.651%
(LIBOR + 275 bps), 7/31/25 1,521,552
498,750 Securus Technologies Holdings, Inc., First Lien Initial Term
Loan, 6.401% (LIBOR + 450 bps), 11/1/24 505,374
1,990,000 SFR Group SA, USD Term Loan B-12, 5.348% (LIBOR + 300
bps), 1/31/26 1,971,967
693,622 Windstream Services LLC (fka Windstream Corp.),
Tranche B-6 Term Loan, 5.9% (LIBOR + 400 bps), 3/29/21 666,744
955,618 Windstream Services LLC (fka Windstream Corp.),
Tranche B-7 Term Loan, 5.15% (LIBOR + 325 bps), 2/17/24 858,115
--------------
$ 15,820,357
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
1,990,000 Altice Financing SA, October 2017 USD Term Loan,
5.098% (LIBOR + 275 bps), 1/31/26 $ 1,973,208
2,350,005 Altice US Finance I Corp., March 2017 Refinancing Term
Loan, 4.151% (LIBOR + 225 bps), 7/28/25 2,350,005
875,000 Intelsat Jackson Holdings SA, Tranche B-4 Term Loan,
6.456% (LIBOR + 450 bps), 1/2/24 909,781
3,291,750 Sprint Communications, Inc., Initial Term Loan, 4.438%
(LIBOR + 250 bps), 2/2/24 3,304,094
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 47
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services (continued)
1,045,876 Virgin Media Bristol LLC, Facility K, 4.397% (LIBOR + 250
bps), 1/15/26 $ 1,052,341
--------------
$ 9,589,429
--------------
Total Telecommunication Services $ 25,409,786
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Air Freight & Logistics -- 0.4%
541,872 Ceva Group Plc (fka Louis No.1 Plc/TNT Logistics),
Pre-Funded L/C Term Loan, 2.208% (LIBOR -- 10
bps/Fee + 650 bps), 3/19/21 $ 539,840
548,571 Ceva Intercompany BV, Dutch BV Term Loan, 7.859%
(LIBOR + 550 bps), 3/19/21 546,514
94,581 Ceva Logistics Canada, ULC, Canadian Term Loan,
7.859% (LIBOR + 550 bps), 3/19/21 94,226
756,650 Ceva Logistics US Holdings, Inc. (fka Louis U.S. Holdco,
Inc.), US Term Loan, 7.859% (LIBOR + 550 bps), 3/19/21 753,813
1,627,750 Syncreon Global Finance, Inc., Term Loan, 6.609%
(LIBOR + 425 bps), 10/28/20 1,507,196
--------------
$ 3,441,589
-----------------------------------------------------------------------------------------------------------
Airlines -- 1.3%
3,955,125 Air Canada, Replacement Term Loan, 3.984% (LIBOR + 200
bps), 10/6/23 $ 3,983,966
490,000 American Airlines, Inc. Replacement Class B Term Loan,
3.901% (LIBOR + 200 bps), 4/28/23 490,995
871,987 American Airlines, Inc., 2017 Class B Term Loan, 3.897%
(LIBOR + 200 bps), 12/14/23 874,166
3,879,991 American Airlines, Inc., 2017 Replacement Term Loan, 3.9%
(LIBOR + 200 bps), 6/27/20 3,890,661
1,667,531 United Airlines, Inc., Class B Term Loan, 3.901%
(LIBOR + 200 bps), 4/1/24 1,677,258
--------------
$ 10,917,046
-----------------------------------------------------------------------------------------------------------
Highways & Railtracks -- 0.0%+
500,000 Deck Chassis Acquisition Inc., Second Lien Initial Term
Loan, 7.901% (LIBOR + 600 bps), 6/15/23 $ 510,000
-----------------------------------------------------------------------------------------------------------
Marine -- 0.2%
833,805 Commercial Barge Line Co., Initial Term Loan, 10.651%
(LIBOR + 875 bps), 11/12/20 $ 491,632
962,026 Navios Maritime Partners LP, Initial Term Loan, 7.08%
(LIBOR + 500 bps), 9/14/20 968,039
--------------
$ 1,459,671
-----------------------------------------------------------------------------------------------------------
Trucking -- 0.2%
108,794 Kenan Advantage Group Holdings Corp., Initial Canadian
Term Loan, 4.901% (LIBOR + 300 bps), 7/29/22 $ 109,406
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Trucking (continued)
357,757 Kenan Advantage Group Holdings Corp., Initial US Term
Loan, 4.901% (LIBOR + 300 bps), 7/29/22 $ 359,769
984,530 YRC Worldwide, Inc., Tranche B-1 Term Loan, 10.401%
(LIBOR + 850 bps), 7/26/22 994,683
--------------
$ 1,463,858
--------------
Total Transportation $ 17,792,164
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 2.3%
Electric Utilities -- 1.3%
2,393,771 APLP Holdings, Ltd., Partnership, Term Loan, 4.901%
(LIBOR + 300 bps), 4/13/23 $ 2,419,954
1,745,625 Calpine Construction Finance Co. LP, Term B Loan, 4.401%
(LIBOR + 250 bps), 1/15/25 1,751,393
987,500 Dayton Power & Light Co., Term Loan, 3.91% (LIBOR + 200
bps), 8/24/22 991,820
498,750 Exgen Renewables IV LLC, 4.99% (LIBOR + 300 bps), 11/28/24 503,114
691,119 Helix Gen Funding LLC, Term Loan, 5.651% (LIBOR + 375
bps), 6/3/24 698,160
1,000,000 St. Joseph Energy Centre, LLC, Term Loan B, 5.25%
(LIBOR + 350 bps), 4/4/25 1,010,625
2,361,764 TPF II Power LLC (TPF II Convert Midco LLC), Term Loan,
5.651% (LIBOR + 375 bps), 10/2/23 2,371,365
239,869 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term C Loan, 4.401% (LIBOR + 250 bps), 8/4/23 241,817
1,350,160 Vistra Operations Co., LLC (fka Tex Operations Co., LLC),
Initial Term Loan, 4.401% (LIBOR + 250 bps), 8/4/23 1,361,130
--------------
$ 11,349,378
-----------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.7%
1,015,387 Calpine Corp., Term Loan, 4.81% (LIBOR + 250 bps), 1/15/24 $ 1,020,720
1,361,358 Dynegy, Inc., Tranche C-2 Term Loan, 4.398% (LIBOR + 250
bps), 2/7/24 1,372,110
1,992,453 NRG Energy, Inc., Term Loan, 4.052% (LIBOR + 175
bps), 6/30/23 1,999,825
1,364,491 TerraForm AP Acquisition Holdings LLC, Term Loan,
6.552% (LIBOR + 425 bps), 6/27/22 1,374,724
498,750 TerraForm Power Operating LLC, Term Loan, 4.651%
(LIBOR + 275 bps), 11/8/22 502,491
--------------
$ 6,269,870
-----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.0%+
324,188 Compass Power Generation LLC, Term Loan, 6.052%
(LIBOR + 375 bps), 12/20/24 $ 328,578
-----------------------------------------------------------------------------------------------------------
Water Utilities -- 0.3%
916,430 Culligan NewCo., Ltd., First Lien Tranche B-1 Term Loan,
5.151% (LIBOR + 325 bps), 12/13/23 $ 922,447
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 49
Schedule of Investments | 4/30/18 (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
Water Utilities (continued)
1,123,183 EWT Holdings III Corp,. Refinancing 2017-2 First Lien
Term Loan, 5.302% (LIBOR + 300 bps), 12/20/24 $ 1,134,415
--------------
$ 2,056,862
--------------
Total Utilities $ 20,004,688
-----------------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
(Cost $734,514,291) $ 737,039,687
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES -- 1.1% of Net Assets
BANKS -- 0.1%
Diversified Banks -- 0.1%
100,000 Invesco Senior Income Trust $ 444,000
--------------
Total Banks $ 444,000
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Asset Management & Custody Banks -- 0.5%
100,000 BlackRock Floating Rate Income Strategies Fund, Inc. $ 1,455,000
100,000 Eaton Vance Floating-Rate Income Trust 1,508,000
100,000 First Trust Senior Floating Rate Income Fund II 1,329,000
--------------
$ 4,292,000
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 0.1%
50,000 Invesco Senior Loan ETF (formerly, PowerShares Senior
Loan Portfolio) $ 1,155,500
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
36,000 iShares iBoxx $ High Yield Corporate Bond ETF $ 3,085,200
-----------------------------------------------------------------------------------------------------------
Total Diversified Financials $ 8,532,700
-----------------------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $8,864,754) $ 8,976,700
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
-----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.7% of
Net Assets
COMMERCIAL PAPER -- 1.0%
2,130,000 Federation des Caisses Desjardins du Quebec,
1.66%, 5/1/18 $ 2,129,898
2,130,000 Natixis NY, 1.68%, 5/1/18 2,129,901
2,130,000 Prudential Funding LLC, 1.67%, 5/1/18 2,129,898
2,130,000 Southern California Edison Co., 2.08%, 5/1/18 2,129,883
--------------
$ 8,519,580
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.7%
1,850,000 $1,850,000 RBC Capital Markets LLC, 1.71%,
dated 4/30/18 plus accrued interest on 5/1/18
collateralized by $1,887,001 Freddie Mac Giant,
3.0%, 7/1/29. $ 1,850,000
4,115,000 $4,115,000 ScotiaBank, 1.73%, dated 4/30/18 plus
accrued interest on 5/1/18 collateralized by $4,197,502
Federal National Mortgage Association, 3.0% - 4.0%,
7/1/29 - 7/1/44. 4,115,000
--------------
$ 5,965,000
-----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $14,485,000) $ 14,484,580
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 101.5%
(Cost $862,733,331) $ 865,384,731
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (1.5)% $ (13,085,021)
-----------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 852,299,710
===========================================================================================================
bps Basis Point.
EURIBOR Euro Interbank Offered Rate.
LIBOR London Interbank Offered Rate.
PRIME U.S. Federal Funds Rate.
REIT Real Estate Investment Trust.
(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, 2018, the value of these
securities amounted to $30,371,357, or 3.6% of net assets.
(Cat Bond) Catastrophe or event-linked bond. At April 30, 2018,
the value of these securities amounted to $8,034,890, or 0.9% of
net assets. See Notes to Financial Statements -- Note 1I.
+ Amount rounds to less than 0.1%.
* Senior secured 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, (ii)
the prime rate offered by one or more major United States banks,
(iii) the rate of a certificate of deposit or (iv) other base
lending rates used by commercial lenders. The interest rate shown
is the rate accruing at April 30, 2018.
+ Securities that used significant unobservable inputs to
determine their value.
^ Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(a) The interest rate is subject to change periodically. The
interest rate, reference index and spread shown at April 30, 2018.
(b) Non-income producing security.
(c) Floating rate note. Coupon rate, reference index and spread
shown at April 30, 2018.
(d) Security is perpetual in nature and has no stated maturity date.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 51
Schedule of Investments | 4/30/18 (unaudited) (continued)
(e) Structured reinsurance investment. At April 30, 2018, the value of
these securities amounted to $7,813,980, or 0.9% of net assets.
See Notes to Financial Statements -- Note 1I.
(f) Rate to be determined.
(g) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(h) This term loan will settle after April 30, 2018, at which time the
interest rate will be determined.
FORWARD FOREIGN CURRENCY CONTRACTS
------------------------------------------------------------------------------------------------------------------------------
Currency In Currency Settlement Unrealized
Purchased Exchange for Sold Deliver Counterparty Date Appreciation
------------------------------------------------------------------------------------------------------------------------------
USD 2,453,568 EUR (2,013,804) Bank of 6/29/18 $9,537
New York, NY
------------------------------------------------------------------------------------------------------------------------------
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS $9,537
==============================================================================================================================
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS -- SELL PROTECTION
----------------------------------------------------------------------------------------------------------------------------------
Obligation Annual
Notional Reference/ Pay/ Fixed Expiration Premiums Unrealized Market
Amount ($)(1) Index Receive(2) Rate Date Paid Appreciation Value
----------------------------------------------------------------------------------------------------------------------------------
1,306,250 Markit CDX North Receive 5.00% 6/20/20 $ 69,761 $ 22,086 $ 91,847
America High Yield
Index Series 24
3,000,000 Markit CDX North Receive 1.00% 12/20/20 54,248 2,111 56,359
America High Yield
Index Series 25
1,468,800 Markit CDX North Receive 5.00% 12/20/20 81,453 26,365 107,818
America High Yield
Index Series 25
7,389,200 Markit CDX North Receive 5.00% 12/20/21 521,831 73,548 595,379
America High Yield
Index Series 27
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $727,293 $124,110 $ 851,403
==================================================================================================================================
(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) Receives Quarterly.
Principal amounts are denominated in U.S. dollars unless otherwise noted.
EUR -- Euro
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2018 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ 47,816,605
Other Long-Term Securities $ 164,461,013 $ 161,675,530
The accompanying notes are an integral part of these financial statements.
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the
"Adviser"), serves as the Fund's investment adviser, as set forth in Rule 17a-7
under the Investment Company Act of 1940, pursuant to procedures adopted by the
Board of Trustees. Under these procedures, cross trades are affected at current
market prices. During the six months ended April 30, 2018, the Fund did not
engage in cross trade activity.
At April 30, 2018, the net unrealized appreciation on investments based on cost
for federal tax purposes of $864,895,904 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 8,474,439
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (7,124,672)
===========
Net unrealized appreciation $ 1,349,767
===========
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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 risks, 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, 2018, in valuing
the Fund's investments.
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Preferred Stock $ 289,884 $ -- $ -- $ 289,884
Common Stocks
Retailing
Computer &
Electronics Retail -- -- 107,710 107,710
All Other Common Stocks 2,617 -- -- 2,617
Asset Backed Securities -- 5,028,439 -- 5,028,439
Collateralized Mortgage
Obligations -- 4,531,873 -- 4,531,873
Corporate Bonds
Insurance
Reinsurance -- 7,733,870 8,115,000 15,848,870
All Other Corporate Bonds -- 32,885,045 -- 32,885,045
U.S. Government and
Agency Obligations -- 46,189,326 -- 46,189,326
Senior Secured Floating
Rate Loan Interests
Commercial Services &
Supplies
Diversified Support
Services -- 2,797,213 1,082,794 3,880,007
All Other Senior Secured
Floating Rate
Loan Interests -- 733,159,680 -- 733,159,680
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 53
Schedule of Investments | 4/30/18 (unaudited) (continued)
------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------
Mutual Funds $8,976,700 $ -- $ -- $ 8,976,700
Commercial Paper -- 8,519,580 -- 8,519,580
Repurchase Agreements -- 5,965,000 -- 5,965,000
------------------------------------------------------------------------------------------
Total Investments
in Securities $9,269,201 $846,810,026 $ 9,305,504 $ 865,384,731
==========================================================================================
Other Financial Instruments
Unrealized appreciation
on forward foreign
currency contracts $ -- $ 9,537 $ -- $ 9,537
Swap contracts, at value -- 851,403 -- 851,403
------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ -- $ 860,940 $ -- $ 860,940
==========================================================================================
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
---------------------------------------------------------------------------------------------------
Common Corporate
Stocks Bonds Loans Total
---------------------------------------------------------------------------------------------------
Balance as of 10/31/17 $ 107,710 $ 5,431,036 $ 1,066,938 $ 6,605,684
Realized gain (loss)(1) -- (16,858) 42 (16,816)
Changed in unrealized
appreciation (depreciation)(2) -- (40,199) 20,127 (20,072)
Accrued discounts/premiums -- 1,495 1,062 2,557
Purchases -- 6,022,555 -- 6,022,555
Sales -- (3,283,029) (5,375) (3,288,404)
Transfers in to Level 3* -- -- -- --
Transfers out of Level 3* -- -- -- --
---------------------------------------------------------------------------------------------------
Balance as of 4/30/18 $ 107,710 $ 8,115,000 $ 1,082,794 $ 9,305,504
===================================================================================================
1 Realized gain (loss) on these securities is included in the 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) from investments in
the Statement of Operations.
* Transfers are calculated on the beginning of period value. For six months
ended April 30, 2018, there were no transfers between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of Level 3
investments still held and considered Level 3 at April 30, 2018: $ 140,048
----------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Statement of Assets and Liabilities | 4/30/18 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $862,733,331) $865,384,731
Cash 8,360,674
Swaps collateral 563,905
Swap contracts, at value (net premiums paid $727,293) 851,403
Unrealized appreciation on forward foreign currency contracts 9,537
Unrealized appreciation on unfunded loan commitments 3,569
Receivables --
Investment securities sold 6,429,786
Fund shares sold 4,114,486
Interest 2,266,042
Due from the Adviser 267
Other assets 62,364
---------------------------------------------------------------------------------------------
Total assets $888,046,764
=============================================================================================
LIABILITIES:
Due to Custodian $ 1,124,455
Payables --
Investment securities purchased 30,241,952
Fund shares repurchased 2,691,492
Distributions 363,849
Trustees' fees 2,694
Due to broker for swap contracts 853,443
Variation margin for centrally cleared swap contracts 626
Due to affiliates 85,237
Accrued expenses 383,306
---------------------------------------------------------------------------------------------
Total liabilities $ 35,747,054
=============================================================================================
NET ASSETS:
Paid-in capital $868,146,017
Distributions in excess of net investment income (239,078)
Accumulated net realized loss on investments (18,391,966)
Net unrealized appreciation on investments 2,784,737
---------------------------------------------------------------------------------------------
Net assets $852,299,710
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $172,732,672/25,483,363 shares) $ 6.78
Class C (based on $74,811,037/11,026,903 shares) $ 6.78
Class Y (based on $604,756,001/88,993,939 shares) $ 6.80
MAXIMUM OFFERING PRICE:
Class A ($6.78 (divided by) 95.5%) $ 7.10
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 55
Statement of Operations (unaudited)
For the Six Months Ended 4/30/18
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 19,506,682
Dividends from unaffiliated issuers 235,769
---------------------------------------------------------------------------------------------------
Total investment income $ 19,742,451
===================================================================================================
EXPENSES:
Management fees $ 2,431,689
Administrative expense 129,423
Transfer agent fees
Class A 69,915
Class C 17,928
Class Y 190,737
Distribution fees
Class A 230,171
Class C 378,877
Shareowner communications expense 12,556
Custodian fees 30,423
Registration fees 39,949
Professional fees 38,988
Printing expense 27,101
Pricing fees 30,708
Trustees' fees 15,852
Insurance expense 5,434
Miscellaneous 147,020
----------------------------------------------------------------------------------------------------
Total expenses $ 3,796,771
Less fees waived and expenses reimbursed by the Adviser (172,677)
----------------------------------------------------------------------------------------------------
Net expenses $ 3,624,094
----------------------------------------------------------------------------------------------------
Net investment income $ 16,118,357
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ (951,852)
Forward foreign currency contracts 53,100
Swap contracts 443,837
Other assets and liabilities denominated in
foreign currencies (55,186) $ (510,101)
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $ (676,011)
Swap contracts (352,217)
Unfunded loan commitments 3,569
Forward foreign currency contracts 9,537
Other assets and liabilities denominated in
foreign currencies (3,879) $ (1,019,001)
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (1,529,102)
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 14,589,255
====================================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------
Six Months
Ended Year
4/30/18 Ended
(unaudited) 10/31/17
-----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 16,118,357 $ 30,827,302
Net realized gain (loss) on investments (510,101) (803,351)
Change in net unrealized appreciation
(depreciation) on investments (1,019,001) 1,636,548
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 14,589,255 $ 31,660,499
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.13 and $0.24 per share, respectively) $ (3,654,000) $ (6,923,555)
Class C ($0.11 and $0.19 per share, respectively) (1,209,312) (2,336,352)
Class K* ($0.00 and $0.24 per share, respectively) -- (12,368)
Class Y ($0.14 and $0.26 per share, respectively) (12,315,714) (21,158,154)
-----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (17,179,026) $ (30,430,429)
-----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 164,942,207 $ 391,242,498
Reinvestment of distributions 15,352,094 27,914,969
Cost of shares repurchased (191,295,082) (288,319,155)
-----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ (11,000,781) $ 130,838,312
-----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (13,590,552) $ 132,068,382
NET ASSETS:
Beginning of period 865,890,262 733,821,880
-----------------------------------------------------------------------------------------------
End of period $ 852,299,710 $ 865,890,262
-----------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (239,078) $ 821,591
===============================================================================================
* Class K shares had no assets or shareholders for periods after October 4,
2017.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 57
Statements of Changes in Net Assets (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/18 4/30/18 Year Ended Year Ended
Shares Amount 10/31/17 10/31/17
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------------------
Class A
Shares sold 4,309,396 $ 29,239,247 8,672,241 $ 58,946,960
Reinvestment of
distributions 507,057 3,437,239 974,592 6,624,723
Less shares repurchased (7,748,194) (52,538,925) (9,869,591) (67,079,839)
-----------------------------------------------------------------------------------------------------
Net decrease (2,931,741) $ (19,862,439) (222,758) $ (1,508,156)
=====================================================================================================
Class C
Shares sold 869,326 $ 5,901,786 2,570,564 $ 17,480,458
Reinvestment of
distributions 164,974 1,118,983 318,001 2,163,592
Less shares repurchased (1,628,137) (11,047,715) (3,864,560) (26,287,345)
-----------------------------------------------------------------------------------------------------
Net decrease (593,837) $ (4,026,946) (975,995) $ (6,643,295)
=====================================================================================================
Class K*
Shares sold -- $ -- -- $ --
Reinvestment of
distributions -- -- -- --
Less shares repurchased -- -- (102,850) (699,035)
-----------------------------------------------------------------------------------------------------
Net decrease -- $ -- (102,850) $ (699,035)
=====================================================================================================
Class Y
Shares sold 19,090,485 $ 129,801,174 46,208,677 $ 314,815,080
Reinvestment of
distributions 1,589,186 10,795,872 2,806,943 19,126,654
Less shares repurchased (18,787,419) (127,708,442) (28,499,823) (194,252,936)
-----------------------------------------------------------------------------------------------------
Net increase 1,892,252 $ 12,888,604 20,515,797 $ 139,688,798
=====================================================================================================
* Class K shares had no assets or shareholders for periods after October 4,
2017.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.80 $ 6.79 $ 6.73 $ 6.86 $ 6.95 $ 6.95
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(a) $ 0.24(a) $ 0.24(a) $ 0.24(a) $ 0.24 $ 0.28
Net realized and unrealized gain (loss) on investments (0.01) 0.01 0.05 (0.14) (0.09) 0.01
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.11 $ 0.25 $ 0.29 $ 0.10 $ 0.15 $ 0.29
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.13) $ (0.24) $ (0.23) $ (0.23) $ (0.24) $ (0.29)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ 0.01 $ 0.06 $ (0.13) $ (0.09) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.78 $ 6.80 $ 6.79 $ 6.73 $ 6.86 $ 6.95
====================================================================================================================================
Total return (b) 1.69%(c) 3.71% 4.49% 1.53% 2.17% 4.24%
Ratio of net expenses to average net assets 1.02%(d) 1.02% 1.01% 1.08% 1.07% 1.06%
Ratio of net investment income (loss) to average net assets 3.69%(d) 3.54% 3.66% 3.48% 3.49% 3.88%
Portfolio turnover rate 20%(c) 69% 51% 24% 43% 40%
Net assets, end of period (in thousands) $172,733 $193,193 $194,408 $174,979 $238,764 $266,832
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 1.02%(d) 1.02% 1.04% 1.10% 1.07% 1.10%
Net investment income (loss) to average net assets 3.69%(d) 3.54% 3.63% 3.46% 3.49% 3.85%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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 and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 59
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.80 $ 6.79 $ 6.74 $ 6.87 $ 6.96 $ 6.95
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10(a) $ 0.19(a) $ 0.19(a) $ 0.19(a) $ 0.19 $ 0.23
Net realized and unrealized gain (loss) on investments (0.01) 0.01 0.05 (0.13) (0.09) 0.02
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.09 $ 0.20 $ 0.24 $ 0.06 $ 0.10 $ 0.25
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.11) $ (0.19) $ (0.19) $ (0.19) $ (0.19) $ (0.24)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ 0.01 $ 0.05 $ (0.13) $ (0.09) $ 0.01
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.78 $ 6.80 $ 6.79 $ 6.74 $ 6.87 $ 6.96
===================================================================================================================================
Total return (b) 1.30%(c) 2.93% 3.58% 0.81% 1.43% 3.61%
Ratio of net expenses to average net assets 1.74%(d) 1.77% 1.79% 1.81% 1.78% 1.80%
Ratio of net investment income (loss) to average net assets 2.97%(d) 2.78% 2.89% 2.74% 2.79% 3.13%
Portfolio turnover rate 20%(c) 69% 51% 24% 43% 40%
Net assets, end of period (in thousands) $74,811 $79,057 $85,563 $92,924 $112,117 $129,093
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 1.74%(d) 1.77% 1.81% 1.84% 1.78% 1.83%
Net investment income (loss) to average net assets 2.97%(d) 2.78% 2.87% 2.71% 2.79% 3.09%
===================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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 and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 6.82 $ 6.81 $ 6.75 $ 6.88 $ 6.97 $ 6.96
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.26(a) $ 0.27(a) $ 0.26(a) $ 0.27 $ 0.31
Net realized and unrealized gain (loss) on investments (0.01) 0.01 0.05 (0.13) (0.10) 0.02
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.12 $ 0.27 $ 0.32 $ 0.13 $ 0.17 $ 0.33
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.14) $ (0.26) $ (0.26) $ (0.26) $ (0.26) $ (0.32)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.02) $ 0.01 $ 0.06 $ (0.13) $ (0.09) $ 0.01
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.80 $ 6.82 $ 6.81 $ 6.75 $ 6.88 $ 6.97
====================================================================================================================================
Total return (b) 1.84%(c) 4.05% 4.85% 1.92% 2.50% 4.77%
Ratio of net expenses to average net assets 0.70%(d) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to average net assets 4.00%(d) 3.86% 3.97% 3.84% 3.86% 4.16%
Portfolio turnover rate 20%(c) 69% 51% 24% 43% 40%
Net assets, end of period (in thousands) $604,756 $593,640 $453,152 $323,812 $352,115 $425,245
Ratios with no waiver of fees and assumption of
expense by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets 0.75%(d) 0.79% 0.82% 0.82% 0.82% 0.83%
Net investment income (loss) to average net assets 3.95%(d) 3.77% 3.85% 3.72% 3.74% 4.04%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 61
Notes to Financial Statements | 4/30/18 (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 five classes of shares designated as Class A, Class C, Class K,
Class T and Class Y shares. Class K shares were in operation from December 10,
2013 through October 4, 2017. Class K shares did not have assets or shareholders
as of April 30, 2018. Class T shares had not commenced operations as of April
30, 2018. 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 shareowner approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareowner'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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
62 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN), the
Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles ("U.S. GAAP") that require the
management of the Fund to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. 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.
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. 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. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 63
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.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. 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.
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 Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
64 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Securities or loan interests for which independent pricing services or
broker dealers 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 the Adviser pursuant to procedures adopted by the Fund's Board
of Trustees. The Adviser's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. The Adviser'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.
Shares of exchange-listed closed-end funds are valued by using the last
sale price on the principal exchange where they are traded.
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, 2018, two 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 0.14% of net assets. The value of these fair valued
securities was $1,190,504.
B. Investment Income and Transactions
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
and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 65
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 income.
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 on 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. 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 provision for federal income taxes is
required. As of October 31, 2017, 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 on 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. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
66 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $30,430,429
---------------------------------------------------------------------------
Total $30,430,429
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,938,853
Capital loss carryforward (17,865,780)
Current year dividend payable (217,229)
Net unrealized appreciation 2,887,620
---------------------------------------------------------------------------
Total $(13,256,536)
===========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of swap contracts, the tax adjustments
relating to credit default swaps, tax basis adjustments on interest
accruals on preferred stock, interest on defaulted bonds, preferred stocks
and other holdings.
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 6).
At April 30, 2018, 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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 67
settlement date of a forward foreign currency contract, the Fund may close
out such contract by entering into an offsetting contract. The average
notional value of forward foreign currency contracts open during the six
months ended April 30, 2018, was $2,078,277.
Forward foreign currency contracts outstanding at April 30, 2018 are listed
in the Schedule of Investments.
F. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $5,859 in underwriting commissions on the sale of Class
A shares during the year ended April 30, 2018.
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares does 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).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
H. 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.
68 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
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 investments in
foreign markets and countries with limited developing markets may subject
the Fund to a greater degree of risk than investments in a developed
market. These risks include disruptive political or economic conditions and
the imposition of adverse governmental laws or currency exchange
restrictions. The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
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 could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business continuity
plans in the event of, and risk management systems to prevent, limit or
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been
identified. Furthermore, the Fund cannot control the cybersecurity plans
and systems put in place by service providers to the Fund such as Brown
Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST
Asset Manager Solutions, Inc., the Fund's transfer agent. In addition, many
beneficial owners of Fund shares hold them through accounts at broker-
dealers, retirement platforms and other financial market participants over
which neither the Fund nor Amundi Pioneer exercises control. Each of these
may in turn rely on service providers to them, which are also subject to
the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi
Pioneer or the Fund's service providers or intermediaries have the ability
to cause disruptions and impact business operations potentially resulting
in financial losses, interference with the Fund's ability to calculate its
net assets value, impediments to trading, the inability of Fund shareowners
to effect share purchases, redemptions or exchanges or receive
distributions, loss of or
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 69
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
I. Insurance-Linked Securities ("ILS")
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 the
Adviser 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 the Adviser had more complete
information. Structured reinsurance instruments
70 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
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. 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 sub-custodian of the
Fund. The Adviser 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. Open repurchase agreements as of April 30, 2018 are disclosed
in the Fund's Schedule of Investments.
K. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell credit default swap contracts to
seek to increase the Fund's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract, provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no
payment obligation. The
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 71
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.
As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on the Statement
of Assets and Liabilities. Periodic payments received or paid by the Fund
are recorded as realized gains or losses on 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 within the "Swap contracts, at value" line item 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 on
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.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared swap contracts is recorded as "Variation margin
for centrally cleared swaps" on the Statement of Assets and Liabilities.
Cash received from or paid to the broker related to previous margin
movement is held in a segregated account at the broker and is recorded as
either "Due from broker for swaps" or "Due to broker for swaps" on the
Statement of Assets and Liabilities.
72 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
The amount of cash deposited with a broker as collateral at April 30, 2018
is recorded as "Swaps collateral" on the Statement of Assets and
Liabilities.
Open credit default swap contracts at April 30, 2018 are listed in the
Schedule of Investments. The average notional value of credit default swap
contracts open during the six months ended April 30, 2018 was $14,025,621.
2. Management Agreement
The Adviser 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, 2018, the annualized management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.58% (annualized) of the Fund's average daily net
assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund 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, 2018,
are reflected on the Statement of Operations. These expense limitations are in
effect through March 1, 2019. There can be no assurance that the Adviser 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
$69,126 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2018.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 73
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, outgoing phone calls. For the six months
ended April 30, 2018, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $ 2,600
Class Y 9,956
--------------------------------------------------------------------------------
Total $12,556
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1
of the Investment Company Act of 1940 with respect to its Class A and
Class C shares. Pursuant to the Plan, the Fund pays the Distributor 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 the Distributor 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 $16,111 in distribution fees payable to the Distributor at
April 30, 2018.
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 purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs
are paid to the Distributor. For the six months ended April 30, 2018, CDSCs in
the amount of $3,009 were paid to the Distributor.
5. 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
74 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Fund participates in a facility that is in the amount of $195 million. Under
such credit 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 or (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, 2018, the Fund
had no borrowings under the credit facility.
6. 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 Over the Counter ("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 a 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 setoff may be
restricted or prohibited by the bankruptcy or insolvency laws of the particular
jurisdiction to which each specific ISDA of each 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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 75
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 on the Statement of Assets and
Liabilities as "Swaps collateral" and/or "Futures collateral". 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 not been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of April 30, 2018.
-------------------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
-------------------------------------------------------------------------------------------------------
Bank of New York, NY $9,537 $ -- $ -- $ -- $ 9,537
-------------------------------------------------------------------------------------------------------
Total $9,537 $ -- $ -- $ -- $ 9,537
=======================================================================================================
(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.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure 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 rate 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.
76 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2018, was as follows:
-----------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------
Assets
Unrealized
appreciation on
forward foreign
currency contracts $ -- $ -- $ 9,537 $ -- $ --
Swap contracts,
at value -- 851,403 -- -- --
-----------------------------------------------------------------------------------------
Total Value $ -- $ 851,403 $ 9,537 $ -- $ --
=========================================================================================
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, 2018, was as follows:
-----------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
-----------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Forward foreign
currency contracts $ -- $ -- $53,100 $ -- $ --
Swap contracts -- 443,837 -- -- --
-----------------------------------------------------------------------------------------
Total Value $ -- $ 443,837 $53,100 $ -- $ --
=========================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Forward foreign
currency contracts $ -- $ $ 9,537 $ -- $ --
Swap contracts -- (352,217) -- -- --
-----------------------------------------------------------------------------------------
Total Value $ -- $(352,217) $ 9,537 $ -- $ --
=========================================================================================
8. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may
be partially or wholly unfunded. During the contractual period, the Fund is
obliged to provide funding to the borrower upon demand. A fee is earned by the
Fund on the unfunded commitment and is recorded as interest income on the
Statement of Operations.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 77
As of April 30, 2018, the Fund had the following unfunded loan commitments
outstanding:
--------------------------------------------------------------------------------------
Unrealized
Appreciation/
Loan Principal Cost Value Depreciation
--------------------------------------------------------------------------------------
Centene Corp. $3,100,000 $3,100,000 $3,100,000 $ --
DG Investment Intermediate
Holdings 2, Inc. (aka
Convergint Technologies
Holdings, LLC) 101,613 101,613 103,137 1,524
Access CIG, LLC 127,410 126,779 128,824 2,045
--------------------------------------------------------------------------------------
Total Value $3,329,023 $3,328,392 $3,331,961 $3,569
======================================================================================
78 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly owned subsidiary of Amundi. Amundi is controlled by Credit Agricole
S.A. Amundi is headquartered in Paris, France, and, as of September 30, 2016,
had more than $1.1 trillion in assets under management worldwide. Deloitte &
Touche LLP ("D&T"), the Fund's previous independent registered public
accounting firm, informed the Audit Committee and the Board that it would
no longer be independent with respect to the Fund upon the completion of the
Transaction as a result of certain services being provided to Amundi and
Credit Agricole, and, accordingly, that it intended to resign as the Fund's
independent registered public accounting firm upon the completion of the
Transaction. D&T's resignation was effective on July 3, 2017, when the
Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or
modified as to uncertainty, audit scope or accounting principles. Further, there
have been no disagreements with D&T on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure,
which, if not resolved to the satisfaction of D&T, would have caused D&T to
make reference to the subject matter of the disagreement in connection with
its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee,
engaged a new independent registered public accounting firm, Ernst & Young
LLP ("EY"), for the Fund's fiscal year ended October 31, 2017.
Prior to its engagement, EY had advised the Fund's Audit Committee that EY
had identified the following matters, in each case relating to services rendered
by other member firms of Ernst & Young Global Limited, all of which are
located outside the United States, to UniCredit and certain of its subsidiaries
during the period commencing July 1, 2016, that it determined to be
inconsistent with the auditor independence rules set forth by the Securities
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 79
and Exchange Commission ("SEC"): (a) project management support services to
UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in relation
to twenty-two projects, that were determined to be inconsistent with Rule
2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two engagements for
UniCredit in Italy where fees were contingent/success based and that were
determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X (contingent
fees); (c) four engagements where legal and expert services were provided to
UniCredit in the Czech Republic and Germany, and twenty engagements where the
legal advisory services were provided to UniCredit in Austria, Czech Republic,
Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other Funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
80 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at www.amundipioneer.com. This information is also available on the Securities
and Exchange Commission's web site at www.sec.gov.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 81
This page is for your notes.
82 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/18 83
This page is for your notes.
84 Pioneer Floating Rate Fund | Semiannual Report | 4/30/18
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 20856-11-0618
Pioneer Flexible
Opportunities Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2018
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class R MUARX
Class Y PMYRX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 16
Consolidated Schedule of Investments 18
Consolidated Financial Statements 35
Consolidated Notes to Financial Statements 43
Additional Information 61
Trustees, Officers and Service Providers 63
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 1
President's Letter
While 2017 delivered strong positive performance, 2018, thus far, has introduced
market volatility. Equity and fixed-income markets pulled back in the first
quarter of this year, as the Standard & Poor's 500 Index and the Bloomberg
Barclays U.S. Aggregate Bond Index both finished in negative territory,
returning -0.76% and -1.46%, respectively, for the three-month period ended
March 31, 2018. Concerns about the sustainability of the pace of economic
growth, extended equity valuations, and rising interest rates drove a
significant stock market sell-off beginning in late January, approaching
correction levels. The market did recover from its initial slump, but this
year's significant fluctuations have served to remind investors that even the
strongest "bulls" cannot run forever. Within fixed income, rising interest rates
helped drive down returns of most asset classes in the first quarter, though
floating-rate sectors such as bank loans fared well in the rising-rate
environment.
Our view is that the first-quarter pause in the market's near-continuous upward
momentum over the previous 15 months, dating back to the final quarter of 2016,
presents an opportunity for investors to enter the market at healthier valuation
levels. We believe fundamentals are still quite positive, yet also believe that
caution is warranted given that the market remains vulnerable to corrections.
Some areas, such as growth stocks, appear expensive, but we do see opportunity
in value stocks, with prices supported by better corporate earnings due to the
recent tax reforms in the U.S. as well as robust, nominal gross domestic product
(GDP) growth. In fact, GDP growth in the U.S. rose to close to or better than 3%
over the final three quarters of 2017, and GDP growth in the first quarter of
2018 registered at 2.3%.
In the fixed-income markets, we believe investors should consider positioning
their portfolios to defend against rising interest rates, with underweight
positions in U.S. Treasuries. We see more attractive valuations within
structured investment vehicles, such as mortgage-backed securities (MBS) in both
the agency and non-agency residential MBS sectors, as fundamentals within the
U.S. housing market remain positive. We believe that agency MBS, in particular,
offer investors reasonable value.
Since 1928, the foundation of Amundi Pioneer's investment approach has been
active management, which is especially important during periods of market
volatility. We believe investors can benefit from the experience and tenure of
our investment teams who make active and informed decisions across our funds. In
fact, the Pioneer Fund, the third-oldest mutual fund in the U.S., recently
celebrated its 90th birthday. We believe the Fund serves as an important
ambassador of our time-tested value style of investing and our early focus on
understanding the potential benefits of investing in companies with
2 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
sustainable business models. Over its nine decades of existence - a time period
that included a Great Depression, a devastating World War, a long Cold War, and
enormous technological as well as societal changes - the Fund has been
well-served by this investment approach.
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.
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
April 30, 2018
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 | 4/30/18 3
Portfolio Management Discussion | 4/30/18
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, 2018.
Mr. Garau, a senior vice president and a portfolio manager at Amundi Pioneer
Asset Management, Inc. ("Amundi Pioneer"), is responsible for the management of
the Fund, along with Mr. Weiss, CFA, a vice president and portfolio manager at
Amundi Pioneer, and Kenneth J. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended April 30,
2018?
A Pioneer Flexible Opportunities Fund's Class A shares returned 6.73% at
net asset value during the six-month period ended April 30, 2018, while
the Fund's benchmark, the Bloomberg Barclays U.S. Treasury TIPS 1-10 Year
Index (the Bloomberg Barclays Index), returned -0.17%. During the same
period, the average return of the 308 mutual funds in Morningstar's
Tactical Allocation Funds category was 0.78%.
Q How did the financial markets perform during the six-month period ended
April 30, 2018?
A After generally performing well in late 2017, the world financial
markets began to experience increased turbulence as the six-month
reporting period progressed. The initial strength in asset prices stemmed
largely from the acceleration in global economic growth that occurred in
the second half of 2017, together with rising corporate profits and the
general optimism surrounding the U.S. tax cuts that were passed in
December. Stocks initially rallied in response to those developments, but
the favorable conditions also began to fuel concerns that global central
banks would need to raise interest rates more aggressively than the
markets had been anticipating. Bond yields surged as a result of the
sentiment shift (as prices fell), a trend that began to weigh heavily on
stocks in February. Stock prices remained volatile through the end of the
period, reflecting rising uncertainty about U.S. trade policy and emerging
worries that the worldwide economic expansion was beginning to lose steam.
The net result of the shifting investment backdrop was a modest gain for
global equities, with the major indices in the United States, the
international developed markets, and the emerging markets posting gains of
2% to 4% on the strength of the late-2017 rally. Conversely, bonds
generally posted losses for the six-month period as the surge in U.S.
Treasury yields weighed on returns across fixed-income asset classes.
4 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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, 2018?
A We employ a flexible, top-down investment approach that seeks to take
advantage of long-term trends in the world financial markets. Our
investment views, therefore, are primarily reflected in asset class,
sector, country, and currency allocations within the portfolio, rather
than bottom-up, individual security selection.
Several factors combined to support the Fund's positive benchmark-relative
performance during the six-month period. We continued to hold a
substantial overweight position in equities within the portfolio, with an
average weighting of about 73% of invested assets over the six months,
which allowed the Fund to capitalize on the strong returns generated by
equities relative to bonds. Within the equity portion of the portfolio,
allocations to emerging markets, particularly China, were especially
helpful for benchmark-relative performance. At the sector level, notable
contributions to relative returns came from the Fund's positions in Asian
financials, European consumer stocks, and U.S. defense companies. The Fund
also benefited from its positioning within fixed income, where investments
were focused largely on credit-oriented securities (securities subject to
credit risk), with limited exposure to the weaker, interest-rate-sensitive
areas of the market such as sovereign debt.
The main detractors from the Fund's benchmark-relative returns were
investments in certain individual stocks that failed to keep pace with the
overall equity market. On balance, however, the Fund was effectively
positioned for the investment and economic environment we saw over the
past six months.
Q Can you discuss how you used derivatives as part of your investment
strategy for the Fund during the six-month period ended April 30, 2018,
and how the use of derivatives affected benchmark-relative performance?
A We used derivatives across a broad spectrum of asset classes to
establish specific market or issuer exposure in the portfolio, and to
attempt to hedge downside risk. The derivative vehicles we used included
equity, fixed-income, and commodity futures; credit-linked securities;
exchange-traded funds, or ETFs (long or short positions); forward foreign
currency contracts, or Treasury futures contracts (also long or short
positions); and options -- both index options and options on securities of
individual issuers. The Fund's use of derivatives had a small, positive
effect on benchmark-relative results over the six-month period.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 5
Q Could you discuss the Fund's positioning as of April 30, 2018?
A Our view is that market volatility will likely continue, but we do not
intend to adjust the Fund's allocations given our view that domestic and
global economic fundamentals remain intact. In addition, we believe the
sustainability of corporations' current profit margins indicates that
equity valuations can continue to expand. Consistent with the positive
fundamental backdrop, we have maintained, and even increased, a large
portfolio overweight to stocks versus bonds -- a positioning we have
emphasized since late 2011. Our rationale for the equity overweight is
simple: we believe stocks offer value, whereas bonds, cash, and most
commodities do not. While it's true that equity valuations are no longer
inexpensive, we think that factor is outweighed by stocks' more attractive
relative value compared with fixed income.
Within the Fund's equity allocation, approximately 35% of total invested
assets were held in North American issues as of April 30, 2018, with 23%
in other developed market equities, and 16% in the emerging markets. In
the emerging markets, China - which represents about 7% of the total
investment portfolio - remains the Fund's largest country weighting. While
investors have continued to exhibit concern that China's economy will
slow, we have had a more sanguine view. The Chinese government is
addressing several important risks, and leverage levels have fallen. Data
continues to demonstrate that China's economy is expanding, and companies
there have maintained strong levels of net profitability. We believe the
Chinese banking sector seems especially poised for long-term
outperformance. The Fund also has smaller positions in emerging markets
such as Brazil, Singapore, Thailand, Greece, Russia, Indonesia, Panama,
Argentina, and Vietnam.
In the developed overseas markets, we believe Japanese stocks offer the
deepest valuation discounts. We see Japan as an under-appreciated market
given that strong free-cash-flow generation is helping to finance elevated
dividend* yields. In fact, many Japanese stocks offer dividend yields that
are higher than the yields of the bonds issued by the same companies -- a
phenomenon that typically proves unsustainable.
In terms of sector and thematic allocations, aerospace & defense,
"dividend aristocrats" and "buyback achievers" (both exchange-traded
funds) remain dominant positions within the portfolio. We also have
maintained allocations to hotels & leisure, U.S. health care companies,
European insurance providers, European and Singaporean real estate
entities, and European, Japanese, and emerging markets banks. In all
cases, we expect that company fundamentals in those areas can benefit from
multi-year tailwinds.
* Dividends are not guaranteed.
6 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
In contrast, we struggle to find any value in bonds given that yields
remain low, even after their upward move in the second half of the
six-month period. Accordingly, we continued to reduce the Fund's exposure
to fixed-income assets over the period. The less than 10% portfolio
weighting to fixed income as of period-end represents one of the lowest
allocation levels in the history of the Fund. The Fund's remaining bond
positions are concentrated in the emerging markets, which we believe offer
both higher nominal yields and better fundamentals. We have maintained
only a small weighting in investment-grade corporate and high-yield
issues, as we do not think yields provide adequate compensation for the
associated risks. The Fund finished the period with an elevated cash
weighting, reflecting our desire to maintain sufficient flexibility to
capitalize on the potential for further market volatility in the months
ahead.
As has been the case for several years, the Fund had a minimal weighting
in commodities as of April 30, 2018. However, we have maintained positions
in the common stocks and bonds issued by several foreign oil-producing
companies - largely state-sponsored entities - and the stocks of global
and domestic steel producers.
All of the Fund's allocations, investment decisions, and sector weights
reflect our understanding of the current economic climate. With that said,
uncertainty persists with respect to how geopolitical tensions and possible
changes within major trade relationships could influence fundamentals and
undermine economic growth. We remain acutely focused on whether those
external considerations have the potential to affect our core outlook as
well as the Fund's asset allocations.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 7
Please refer to the Schedule of Investments on pages 18-34 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.
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.
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 insurance-linked securities, including event-linked
bonds. The return of principal and the payment of interest on insurance-linked
bonds are contingent on the non-occurrence of a pre-defined "trigger" event,
such as a hurricane or an earthquake of a specific magnitude.
8 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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.
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 Amundi Pioneer Asset Management, Inc., 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 Flexible Opportunities Fund | Semiannual Report | 4/30/18 9
Portfolio Summary | 4/30/18
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 36.6%
Industrials 14.7%
Information Technology 11.1%
Health Care 9.6%
Real Estate 9.5%
Consumer Discretionary 7.8%
Energy 3.4%
Materials 2.5%
Government 2.3%
Utilities 1.7%
Telecommunication Services 0.5%
Consumer Staples 0.3%
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
International Common Stock 48.8%
U.S. Common Stock 34.6%
Investment Companies 4.0%
Foreign Government Bond 3.6%
International Corporate Bond 3.5%
U.S. Government and Agency Obligation 2.7%
Over The Counter (OTC) Call Option Purchased 1.6%
U.S. Corporate Bond 1.1%
Exchange-Traded Call Option Purchased 0.1%
U.S. Preferred Stock 0.0%+
Exchange Traded Commodity 0.0%+
+ Amount rounds to less than 0.1%.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. ProShares S&P 500 Dividend Aristocrats ETF 1.97%
--------------------------------------------------------------------------------
2. U.S. Treasury Bills, 5/17/18 1.57
--------------------------------------------------------------------------------
3. Mexican Bonos, 7.75%, 5/29/31 1.26
--------------------------------------------------------------------------------
4. UnitedHealth Group, Inc. 1.14
--------------------------------------------------------------------------------
5. Intesa Sanpaolo S.p.A. 1.14
--------------------------------------------------------------------------------
6. China Construction Bank Corp., Class H 1.11
--------------------------------------------------------------------------------
7. Intuitive Surgical, Inc. 1.11
--------------------------------------------------------------------------------
8. Honeywell International, Inc. 1.10
--------------------------------------------------------------------------------
9. Samsung Electronics Co., Ltd. 1.10
--------------------------------------------------------------------------------
10. Sumitomo Mitsui Financial Group, Inc. 1.09
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and all derivative
contracts except for options purchased. The Fund is actively managed, and
current holdings may be different. The holdings listed should not be
considered recommendations to buy or sell any security listed.
10 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Prices and Distributions | 4/30/18
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/18 10/31/17
--------------------------------------------------------------------------------
A $13.94 $14.17
--------------------------------------------------------------------------------
C $13.69 $13.95
--------------------------------------------------------------------------------
R $13.85 $14.11
--------------------------------------------------------------------------------
Y $14.00 $14.22
--------------------------------------------------------------------------------
Distributions per Share: 11/1/17 - 4/30/18
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2392 $0.5291 $0.3551
--------------------------------------------------------------------------------
C $0.2138 $0.5291 $0.3551
--------------------------------------------------------------------------------
R $0.2384 $0.5291 $0.3551
--------------------------------------------------------------------------------
Y $0.2538 $0.5291 $0.3551
--------------------------------------------------------------------------------
The Bloomberg Barclays U.S. Treasury TIPS 1-10 Year Index is an unmanaged index
comprised of U.S. Treasury Inflation Protected Securities (TIPS) having a
maturity of at least 1 year and less than 10 years. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-15.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 11
Performance Update | 4/30/18 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
Bloomberg Barclays U.S. Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
Net Public U.S. Treasury
Asset Offering TIPS
Value Price 1-10 Year
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 8.19% 7.57% 2.08%
5 years 6.06 5.09 -0.09
1 year 19.68 14.29 -0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.22%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $ 9,550 $10,000
4/11 $10,899 $10,789
4/12 $11,443 $11,546
4/13 $13,354 $11,853
4/14 $13,520 $11,377
4/15 $15,106 $11,487
4/16 $14,064 $11,629
4/17 $14,974 $11,819
4/18 $17,920 $11,802
Call 1-800-225-6292 or visit www.amundipioneer.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 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Performance Update | 4/30/18 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 Bloomberg Barclays U.S.
Treasury TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
U.S. Treasury
TIPS
If If 1-10 Year
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 7.38% 7.38% 2.08%
5 years 5.25 5.25 -0.09
1 year 18.75 18.75 -0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.97%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $10,000 $10,000
4/11 $11,323 $10,789
4/12 $11,798 $11,546
4/13 $13,674 $11,853
4/14 $13,744 $11,377
4/15 $15,229 $11,487
4/16 $14,076 $11,629
4/17 $14,874 $11,819
4/18 $17,663 $11,802
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 13
Performance Update | 4/30/18 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 Bloomberg Barclays U.S. Treasury
TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Fund
(5/3/2010) 7.86% 2.08%
5 years 5.54 -0.09
1 year 19.09 -0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.66%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $10,000 $10,000
4/11 $11,412 $10,789
4/12 $11,982 $11,546
4/13 $13,983 $11,853
4/14 $14,143 $11,377
4/15 $15,698 $11,487
4/16 $14,508 $11,629
4/17 $15,374 $11,819
4/18 $18,309 $11,802
Call 1-800-225-6292 or visit www.amundipioneer.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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Performance Update | 4/30/18 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 Bloomberg Barclays U.S. Treasury
TIPS 1-10 Year Index.
Average Annual Total Returns
(As of April 30, 2018)
--------------------------------------------------------------------------------
BBG
Barclays
Net U.S. Treasury
Asset TIPS
Value 1-10 Year
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(5/3/2010) 8.51% 2.08%
5 years 6.34 -0.09
1 year 19.89 -0.15
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2018)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.94%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer Flexible U.S. Treasury TIPS
Opportunities Fund 1-10 Year Index
5/10 $5,000,000 $5,000,000
4/11 $5,721,908 $5,394,326
4/12 $6,026,346 $5,773,063
4/13 $7,059,285 $5,926,355
4/14 $7,167,397 $5,688,294
4/15 $8,024,835 $5,743,736
4/16 $7,494,504 $5,814,486
4/17 $8,008,471 $5,909,640
4/18 $9,601,266 $5,900,899
Call 1-800-225-6292 or visit www.amundipioneer.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, 2019, for Class Y shares. There can be no assurance that
Amundi 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 15
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, 2017, through April 30, 2018.
-----------------------------------------------------------------------------------------------------
Share Class A C R Y
-----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/17
-----------------------------------------------------------------------------------------------------
Ending Account $1,067.30 $1,064.10 $1,065.20 $1,068.90
Value (after expenses)
on 4/30/18
-----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.84 $ 9.67 $ 8.55 $ 4.62
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%,
1.89%, 1.67% and 0.90% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
16 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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, 2017, through April 30, 2018.
-----------------------------------------------------------------------------------------------------
Share Class A C R Y
-----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 11/1/17
-----------------------------------------------------------------------------------------------------
Ending Account $1,019.14 $1,015.42 $1,016.51 $1,020.33
Value (after expenses)
on 4/30/18
-----------------------------------------------------------------------------------------------------
Expenses Paid $ 5.71 $ 9.44 $ 8.35 $ 4.51
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.14%,
1.89%, 1.67% and 0.90% for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 17
Schedule of Investments | 4/30/18 (Consolidated) (unaudited)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 96.0%
PREFERRED STOCK -- 0.0%+ of Net Assets
REAL ESTATE -- 0.0%+
Retail REIT -- 0.0%+
204+ Wheeler Real Estate Investment Trust, Inc. $ 124,348
---------------
Total Real Estate $ 124,348
-----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $195,245) $ 124,348
-----------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 79.2% of Net Assets
BANKS -- 12.2%
Diversified Banks -- 11.7%
1,572,052(a) Alpha Bank AE $ 4,159,239
3,965 Banco de Chile (A.D.R.) 388,570
640,000 Bangkok Bank PCL 3,911,336
15,591,600 Bank Rakyat Indonesia Persero Tbk PT 3,608,622
82,419 BBVA Banco Frances SA (A.D.R.) 1,833,823
8,062,000 China Construction Bank Corp., Class H 8,545,999
400,500 China Merchants Bank Co., Ltd., Class H 1,765,531
291,900 DBS Group Holdings, Ltd. 6,792,060
2,134,534(a) Eurobank Ergasias SA 2,705,088
262,532 FinecoBank Banca Fineco S.p.A. 3,141,201
61,269 Grupo Financiero Galicia SA (A.D.R.) 3,916,315
52,460 Grupo Supervielle SA (A.D.R.) 1,465,732
13,821 HDFC Bank, Ltd. 418,406
8,330,000 Industrial & Commercial Bank of China, Ltd., Class H 7,407,935
325,251 ING Groep NV 5,491,670
2,301,722 Intesa Sanpaolo S.p.A. 8,778,702
365,235 Itau Unibanco Holding SA 5,324,256
51,415 JPMorgan Chase & Co. 5,592,924
3,328,426(a) National Bank of Greece SA 1,391,291
314,600 Oversea-Chinese Banking Corp., Ltd. 3,275,600
202,600 Sumitomo Mitsui Financial Group, Inc. 8,435,101
309,100 United Overseas Bank, Ltd. 7,029,028
---------------
$ 95,378,429
-----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.5%
151,346 Carlyle Group LP $ 3,102,593
19,974 Indiabulls Housing Finance, Ltd. 393,181
---------------
$ 3,495,774
---------------
Total Banks $ 98,874,203
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 10.9%
Aerospace & Defense -- 6.5%
24,569 Boeing Co. $ 8,195,236
12,538 Huntington Ingalls Industries, Inc. 3,049,367
31,243 L3 Technologies, Inc. 6,119,879
21,371 Lockheed Martin Corp. 6,856,672
4,677 MTU Aero Engines AG 807,990
21,932 Northrop Grumman Corp. 7,062,981
35,677 Raytheon Co. 7,311,644
62,578 Safran SA 7,368,023
45,987 Thales SA 5,833,474
---------------
$ 52,605,266
-----------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.7%
114,438 Granite Construction, Inc. $ 5,994,263
-----------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.7%
322,974 Siemens Gamesa Renewable Energy SA $ 5,565,987
-----------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.0%
58,486 Honeywell International, Inc. $ 8,461,754
406,100 Keppel Corp., Ltd. 2,509,400
39,043 Rheinmetall AG 5,124,787
---------------
$ 16,095,941
-----------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
3,041 Georg Fischer AG $ 3,800,675
15,618 Illinois Tool Works, Inc. 2,218,068
75,200 Kurita Water Industries, Ltd. 2,442,787
---------------
$ 8,461,530
---------------
Total Capital Goods $ 88,722,987
-----------------------------------------------------------------------------------------------------------
COMMERCIAL & PROFESSIONAL SERVICES -- 0.8%
Diversified Support Services -- 0.1%
946,000 Greentown Service Group Co., Ltd. $ 791,869
-----------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.7%
3,987,000 China Everbright International, Ltd. $ 5,628,371
---------------
Total Commercial & Professional Services $ 6,420,240
-----------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Research & Consulting Services -- 0.4%
21,087 Teleperformance $ 3,385,655
---------------
Total Commercial Services & Supplies $ 3,385,655
-----------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.0%
Apparel, Accessories & Luxury Goods -- 2.8%
18,591 adidas AG $ 4,579,550
11,332 Kering SA 6,565,815
23,629 LVMH Moet Hennessy Louis Vuitton SE 8,258,414
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 19
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- (continued)
439,200 Samsonite International SA $ 1,992,090
30,440 Tapestry, Inc. 1,636,759
---------------
$ 23,032,628
-----------------------------------------------------------------------------------------------------------
Homebuilding -- 0.2%
82,970(a) Neinor Homes SA (144A) $ 1,609,791
---------------
Total Consumer Durables & Apparel $ 24,642,419
-----------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.7%
Education Services -- 0.0%+
559,000 China New Higher Education Group, Ltd. (144A) $ 416,643
-----------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 2.7%
453,648 Aitken Spence Hotel Holdings Plc $ 92,053
85,298(a) Hilton Grand Vacations, Inc. 3,667,814
104,400 Hilton Worldwide Holdings, Inc. 8,230,896
440,268 Melia Hotels International SA 6,563,495
143,844 TUI AG 3,258,336
---------------
$ 21,812,594
---------------
Total Consumer Services $ 22,229,237
-----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.6%
Asset Management & Custody Banks -- 2.5%
24,242 Banca Generali S.p.A. $ 788,400
166,505 Blackstone Group LP 5,153,330
334,241 KKR & Co. LP 6,999,006
263,102 St James's Place Plc 4,111,312
32,860 State Street Corp. 3,278,771
---------------
$ 20,330,819
-----------------------------------------------------------------------------------------------------------
Consumer Finance -- 2.2%
63,264 Capital One Financial Corp. $ 5,732,983
60,284 Discover Financial Services 4,295,235
236,199 Synchrony Financial 7,834,721
---------------
$ 17,862,939
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.5%
44,599 Macquarie Group, Ltd. $ 3,650,141
-----------------------------------------------------------------------------------------------------------
Financial Exchanges & Data -- 0.4%
18,713 S&P Global, Inc. $ 3,529,272
---------------
Total Diversified Financials $ 45,373,171
-----------------------------------------------------------------------------------------------------------
ENERGY -- 2.1%
Integrated Oil & Gas -- 0.5%
635,727(a) Petroleo Brasileiro SA $ 4,173,139
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.9%
131,936 Halliburton Co. $ 6,991,289
-----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.6%
44,748 EOG Resources, Inc. $ 5,287,871
-----------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.1%
1,366,000 China Suntien Green Energy Corp., Ltd., Class H $ 459,464
---------------
Total Energy $ 16,911,763
-----------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.3%
Packaged Foods & Meats -- 0.3%
29,876 Danone SA $ 2,421,493
---------------
Total Food, Beverage & Tobacco $ 2,421,493
-----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 6.5%
Health Care Equipment -- 3.4%
28,969 Becton Dickinson and Co. $ 6,717,042
113,729(a) Boston Scientific Corp. 3,266,297
39,370(a) Edwards Lifesciences Corp. 5,014,163
52,183 Hill-Rom Holdings, Inc. 4,478,867
19,348(a) Intuitive Surgical, Inc. 8,528,212
---------------
$ 28,004,581
-----------------------------------------------------------------------------------------------------------
Health Care Services -- 0.4%
48,528 Fleury SA $ 362,102
17,163(a) Laboratory Corp. of America Holdings 2,930,582
---------------
$ 3,292,684
-----------------------------------------------------------------------------------------------------------
Managed Health Care -- 2.7%
34,882 Anthem, Inc. $ 8,231,803
15,355 Humana, Inc. 4,517,134
37,208 UnitedHealth Group, Inc. 8,795,971
---------------
$ 21,544,908
---------------
Total Health Care Equipment & Services $ 52,842,173
-----------------------------------------------------------------------------------------------------------
INSURANCE -- 6.6%
Life & Health Insurance -- 3.4%
652,200 AIA Group, Ltd. $ 5,874,852
106,053 NN Group NV 5,085,187
788,500 Ping An Insurance Group Co. of China, Ltd., Class H 7,790,767
84,605 Poste Italiane S.p.A (144A) 828,525
22,402(a) Swiss Life Holding AG 7,881,578
---------------
$ 27,460,909
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 2.3%
34,547 Allianz SE $ 8,199,499
242,891 Assicurazioni Generali S.p.A. 4,912,129
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 21
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Multi-line Insurance -- (continued)
379,989 Aviva Plc $ 2,763,844
15,707 Baloise Holding AG 2,500,625
---------------
$ 18,376,097
-----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
21,743 Progressive Corp. $ 1,310,885
-----------------------------------------------------------------------------------------------------------
Reinsurance -- 0.8%
68,236 Swiss Re AG $ 6,520,842
---------------
Total Insurance $ 53,668,733
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Steel -- 0.9%
176,821(a) ArcelorMittal $ 6,001,582
45,643 thyssenkrupp AG 1,191,052
---------------
Total Materials $ 7,192,634
-----------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.6%
Biotechnology -- 0.1%
520,500(a) 3SBio, Inc. (144A) $ 1,126,043
-----------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 2.0%
71,248 Agilent Technologies, Inc. $ 4,683,844
7,286(a) Charles River Laboratories International, Inc. 759,128
33,122 Thermo Fisher Scientific, Inc. 6,967,213
19,630(a) Waters Corp. 3,698,488
---------------
$ 16,108,673
-----------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.5%
700,000 China Medical System Holdings, Ltd. $ 1,726,634
2,124,000 China Traditional Chinese Medicine
Holdings Co., Ltd. 1,837,473
---------------
$ 3,564,107
---------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 20,798,823
-----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 9.0%
Diversified Real Estate Activities -- 1.9%
1,168,300 CapitaLand, Ltd. $ 3,314,326
423,100 City Developments, Ltd. 4,044,573
1,196,500 UOL Group, Ltd. 7,953,195
---------------
$ 15,312,094
-----------------------------------------------------------------------------------------------------------
Diversified REITs -- 2.0%
41,211(a) ICADE $ 4,099,960
306,221 Lar Espana Real Estate Socimi SA 3,477,488
The accompanying notes are an integral part of these financial statements.
22 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Diversified REITs -- (continued)
4,183,900 Mapletree Greater China Commercial Trust $ 3,756,482
323,005 Merlin Properties Socimi SA 4,994,846
---------------
$ 16,328,776
-----------------------------------------------------------------------------------------------------------
Health Care REIT -- 0.2%
1,223,400 First Real Estate Investment Trust $ 1,264,568
-----------------------------------------------------------------------------------------------------------
Hotel & Resort REITs -- 1.0%
145,321 DiamondRock Hospitality Co. $ 1,605,797
86,033 Pebblebrook Hotel Trust 3,010,295
48,595 Ryman Hospitality Properties, Inc. 3,808,876
---------------
$ 8,424,968
-----------------------------------------------------------------------------------------------------------
Real Estate Development -- 2.0%
652,000 China Resources Land, Ltd. $ 2,471,333
2,850,000 CIFI Holdings Group Co., Ltd. 2,269,455
2,044,000 KWG Property Holding, Ltd. 2,802,141
1,201,800 Land & Houses PCL 418,613
794,500 Longfor Properties Co., Ltd. 2,399,048
1,538,000 Shimao Property Holdings, Ltd. 4,124,822
388,000 Sunac China Holdings, Ltd. 1,675,823
564,000(a) Supalai PCL 414,338
---------------
$ 16,575,573
-----------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 1.5%
186,338 Grand City Properties SA $ 4,502,299
145,585 Vonovia SE 7,318,418
---------------
$ 11,820,717
-----------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.3%
8,650,000 China Overseas Property Holdings, Ltd. $ 2,611,928
-----------------------------------------------------------------------------------------------------------
Retail REITs -- 0.1%
516,100 CapitaLand Mall Trust $ 817,723
---------------
Total Real Estate $ 73,156,347
-----------------------------------------------------------------------------------------------------------
RETAILING -- 1.6%
Home Improvement Retail -- 0.4%
388,910 Via Varejo SA $ 3,306,491
-----------------------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.1%
30,388 Maisons du Monde SA (144A) $ 1,236,452
-----------------------------------------------------------------------------------------------------------
Internet & Direct Marketing Retail -- 0.7%
361,845(a) Vipshop Holdings, Ltd. (A.D.R.) $ 5,601,361
-----------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.4%
28,880 Tiffany & Co. $ 2,969,730
---------------
Total Retailing $ 13,114,034
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 23
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.4%
Semiconductor Equipment -- 0.9%
40,043 Lam Research Corp. $ 7,410,357
-----------------------------------------------------------------------------------------------------------
Semiconductors -- 2.5%
32,040 Broadcom, Inc. $ 7,350,617
96,278(a) Micron Technology, Inc. 4,426,862
104,193 SK Hynix, Inc. 8,221,219
---------------
$ 19,998,698
---------------
Total Semiconductors & Semiconductor Equipment $ 27,409,055
-----------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 6.1%
Data Processing & Outsourced Services -- 1.5%
37,741 Amadeus IT Group SA $ 2,767,611
42,323 Mastercard, Inc., Class A 7,544,921
13,306 Visa, Inc., Class A 1,688,265
---------------
$ 12,000,797
-----------------------------------------------------------------------------------------------------------
Internet Software & Services -- 2.1%
44,816(a) 58.com, Inc. (A.D.R.) $ 3,916,470
47,474 Autohome, Inc. (A.D.R.) 4,631,089
159,603(a) Momo, Inc. (A.D.R.) 5,570,145
32,556(a) YY, Inc. (A.D.R.) 3,138,073
---------------
$ 17,255,777
-----------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.6%
203,097 Booz Allen Hamilton Holding Corp., Class A $ 8,048,734
79,139 Leidos Holdings, Inc. 5,083,098
---------------
$ 13,131,832
-----------------------------------------------------------------------------------------------------------
Systems Software -- 0.9%
74,470 Microsoft Corp. $ 6,964,434
---------------
Total Software & Services $ 49,352,840
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.1%
Communications Equipment -- 1.0%
52,953 Harris Corp. $ 8,282,908
-----------------------------------------------------------------------------------------------------------
Technology Hardware, Storage & Peripherals -- 1.1%
3,433 Samsung Electronics Co., Ltd. $ 8,494,946
---------------
Total Technology Hardware & Equipment $ 16,777,854
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.8%
Highways & Railtracks -- 0.8%
171,414 Atlantia S.p.A. $ 5,694,844
1,104,000 Shenzhen Expressway Co., Ltd., Class H 1,125,268
---------------
Total Transportation $ 6,820,112
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.6%
Gas Utilities -- 0.6%
780,933 Italgas S.p.A $ 5,062,526
-----------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
1,026,948 A2A S.p.A. $ 2,068,794
-----------------------------------------------------------------------------------------------------------
Renewable Electricity -- 0.2%
1,579,000(a) China Everbright Greentech, Ltd. (144A) $ 1,480,664
-----------------------------------------------------------------------------------------------------------
Water Utilities -- 0.5%
2,650,000 Guangdong Investment, Ltd. $ 4,125,854
---------------
Total Utilities $ 12,737,838
-----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $591,536,260) $ 642,851,611
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
-----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 4.4% of Net Assets
BANKS -- 1.2%
Diversified Banks -- 1.2%
2,829,000(b) Banco do Brasil SA, 3.875%, 10/10/22 $ 2,721,498
2,000,000 Industrial & Commercial Bank of China, Ltd.,
3.538%, 11/8/27 1,881,872
4,839,000(c)(d) Intesa Sanpaolo S.p.A., 7.7% (5 Year USD
Swap Rate + 546 bps) (144A) 5,117,243
---------------
Total Banks $ 9,720,613
-----------------------------------------------------------------------------------------------------------
ENERGY -- 1.2%
Integrated Oil & Gas -- 1.2%
4,035,000 Petrobras Global Finance BV, 4.375%, 5/20/23 $ 3,934,125
5,233,000 YPF SA, 8.5%, 3/23/21 (144A) 5,684,346
---------------
Total Energy $ 9,618,471
-----------------------------------------------------------------------------------------------------------
MATERIALS -- 1.5%
Commodity Chemicals -- 0.6%
4,540,000(b) Braskem Finance, Ltd., 6.45%, 2/3/24 $ 4,871,465
-----------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
2,000,000 Anglo American Capital Plc, 4.75%, 4/10/27 (144A) $ 1,999,164
2,637,000 MMC Norilsk Nickel OJSC via MMC Finance,
DAC, 4.1%, 4/11/23 (144A) 2,534,605
---------------
$ 4,533,769
-----------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
3,000,000 Sealed Air Corp., 5.125%, 12/1/24 (144A) $ 3,045,000
---------------
Total Materials $ 12,450,234
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 25
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.5%
Alternative Carriers -- 0.5%
4,400,000 CenturyLink, Inc., 7.65%, 3/15/42 $ 3,718,000
---------------
Total Telecommunication Services $ 3,718,000
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $35,078,906) $ 35,507,318
-----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 2.5% of Net Assets
12,090,000(e) U.S. Treasury Bills, 5/17/18 $ 12,081,430
6,516,886 U.S. Treasury Inflation Indexed Bond,
2.125%, 2/15/41 8,250,875
---------------
$ 20,332,305
-----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $20,253,279) $ 20,332,305
-----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS --
3.4% of Net Assets
Brazil -- 0.4%
3,167,000 Brazilian Government International Bond,
4.25%, 1/7/25 $ 3,116,328
-----------------------------------------------------------------------------------------------------------
Indonesia -- 1.3%
5,059,000 Indonesia Government International Bond,
3.375%, 4/15/23 (144A) $ 4,913,726
IDR 87,855,000,000 Indonesia Treasury Bond, 5.625%, 5/15/23 6,103,278
---------------
$ 11,017,004
-----------------------------------------------------------------------------------------------------------
Mexico -- 1.2%
MXN 179,307,000 Mexican Bonos, 7.75%, 5/29/31 $ 9,714,391
-----------------------------------------------------------------------------------------------------------
Russia -- 0.5%
4,200,000 Russian Foreign Bond - Eurobond, 4.25%, 6/23/27 $ 4,098,956
-----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $28,474,507) $ 27,946,679
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES --
3.7% of Net Assets
DIVERSIFIED FINANCIALS -- 3.7%
Asset Management & Custody Banks -- 2.0%
246,953 ProShares S&P 500 Dividend Aristocrats ETF $ 15,219,714
---------------
$ 15,219,714
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.7%
102,921 ETFMG Prime Cyber Security ETF $ 3,714,419
62,296 PowerShares International BuyBack
Achievers Portfolio 2,335,477
---------------
$ 6,049,896
-----------------------------------------------------------------------------------------------------------
Other Diversified Financial Services -- 1.0%
68,336 PowerShares Buyback Achievers Portfolio $ 3,889,685
28,596 PowerShares S&P Global Water Index Portfolio 973,980
115,256 SPDR S&P Euro Dividend Aristocrats UCITS ETF 3,268,677
---------------
$ 8,132,342
-----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
20,990 VanEck Vectors Vietnam ETF $ 375,301
---------------
Total Diversified Financials $ 29,777,253
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost $25,242,133) $ 29,777,253
-----------------------------------------------------------------------------------------------------------
EXCHANGE TRADED COMMODITY
DIVERSIFIED FINANCIALS -- 0.0%+
Asset Management & Custody Banks -- 0.0%+
3,411(a)(b) Xtrackers Physical Rhodium ETC PI21 $ 607,192
---------------
Total Diversified Financials $ 607,192
-----------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED COMMODITY
(Cost $534,086) $ 607,192
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Principal
Amount USD ($)
-----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS --
1.1% of Net Assets
REPURCHASE AGREEMENTS -- 1.1%
3,890,000 $3,890,000 ScotiaBank, 1.73%, dated
4/30/18 plus accrued interest on 5/1/18
collateralized by the following:
$155,840 Federal National Mortgage Association,
3.5% - 4.0%, 7/1/26 - 9/1/47
$3,812,151 Government National Mortgage
Association, 3.5% - 4.0%, 12/20/45 - 12/20/47. $ 3,890,000
2,590,000 $2,590,000 TD Securities USA LLC, 1.73%, dated
4/30/18 plus accrued interest on 5/1/18
collateralized by $2,641,832 U.S. Treasury Notes,
2.0%, 4/30/24. 2,590,000
2,590,000 $2,590,000 TD Securities USA LLC, 1.75%, dated
4/30/18 plus accrued interest on 5/1/18
collateralized by $2,641,832 U.S. Treasury Notes,
2.0%, 4/30/24. 2,590,000
---------------
$ 9,070,000
-----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $9,070,000) $ 9,070,000
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 27
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------------
Number of Strike Expiration
Contracts Description Counterparty Notional Price Date Value
---------------------------------------------------------------------------------------------------------------------
EXCHANGE-TRADED CALL OPTIONS
PURCHASED -- 0.1%
2,000 Blue Apron Citigroup Global USD 266,000 USD 7 1/18/19 $ 15,000
Holdings, Inc. Markets, Inc.
5,000 KKR & Co. LP Citigroup Global USD 590,000 USD 25 1/18/19 287,500
Markets, Inc.
5,000 KKR & Co. LP Citigroup Global USD 1,065,000 USD 22 1/18/19 737,500
Markets, Inc.
-------------
$ 1,040,000
---------------------------------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED CALL
OPTIONS PURCHASED
(Premium paid $1,921,000) $ 1,040,000
---------------------------------------------------------------------------------------------------------------------
OVER THE COUNTER (OTC) CALL OPTIONS
PURCHASED -- 1.6%
4,448 FTSE 100 Index Citibank NA GBP 781,824 GBP 7,476 10/19/18 $ 1,104,119
4,361 FTSE 100 Index Citibank NA GBP 766,532 GBP 7,622 1/21/19 1,021,908
4,544+ Mexbol Index Citibank NA MXN 375,388 MXN 51,798 10/24/18 412,916
3,633+ Mexbol Index Citibank NA MXN 375,390 MXN 50,799 10/24/18 412,848
1,068,600 MXCN Index Citibank NA HKD 431,045 HKD 95 7/10/18 136,450
2,645,843 MXCN Index Citibank NA HKD 788,173 HKD 94 7/20/18 483,429
1,068,600 MXCN Index Citibank NA HKD 589,517 HKD 97 10/10/18 256,249
1,477,549 MXCN Index Citibank NA HKD 788,173 HKD 94 10/22/18 547,619
60 Nikkei 225 Index Citibank NA JPY 539,194 JPY 20,888 9/14/18 1,050,474
53 Nikkei 225 Index Citibank NA JPY 668,728 JPY 21,298 9/13/19 1,049,515
48,961 Nikkei 225 Index JPMorgan JPY 434,787 JPY 20,698 9/15/18 925,448
Chase Bank NA
126,150 Nikkei 225 Index JPMorgan JPY 1,096,201 JPY 21,656 8/9/19 2,195,019
Chase Bank NA
48,019 Nikkei 225 Index JPMorgan JPY 590,763 JPY 21,104 9/13/19 1,000,590
Chase Bank NA
17,953 S&P 500 Index Citibank NA USD 1,122,890 USD 2,703 7/10/18 638,878
7,448 S&P 500 Index Citibank NA USD 397,496 USD 2,682 7/24/18 398,882
6,134 S&P 500 Index Citibank NA USD 397,519 USD 2,734 10/24/18 407,477
3,720,302 Topix Index Citigroup Global JPY 1,381,313 JPY 1,787 5/22/18 565,402
Markets, Inc.
-------------
$ 12,607,223
---------------------------------------------------------------------------------------------------------------------
TOTAL OVER THE COUNTER (OTC) CALL
OPTIONS PURCHASED
(Premium paid $11,524,933) $ 12,607,223
---------------------------------------------------------------------------------------------------------------------
TOTAL OPTIONS PURCHASED
(Premium paid $13,445,933) $ 13,647,223
---------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 96.0%
(Cost $723,830,349) $ 779,863,929
---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 4.0% $ 32,379,371
---------------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 812,243,300
=====================================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
bps Basis Points.
REIT Real Estate Investment Trust.
(A.D.R.) American Depositary Receipts.
(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, 2018, the value of these securities
amounted to $29,992,202, or 3.7% of net assets.
+ Amount rounds to less than 0.1%.
+ Securities that used significant unobservable inputs to
determine their value.
(a) Non-income producing security.
(b) All or a portion of this security is held by Flexible
Opportunities Commodity Fund Ltd. (formerly, Pioneer Cayman
Commodity Fund Ltd.)
(c) The interest rate is subject to change periodically. The
interest rate, reference index and spread shown at April 30, 2018.
(d) Security is perpetual in nature and has no stated maturity date.
(e) Security issued with a zero coupon. Income is recognized
through accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2018, were as follows:
-----------------------------------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 19,777,613 $ 11,720,423
Other Long-Term Securities $928,765,877 $790,808,297
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser"),
serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are affected at current market
prices. During the six months ended April 30, 2018, the Fund did not engage in
cross trade activity.
At April 30, 2018, the net unrealized depreciation on investments based on cost
for federal tax purposes of $731,625,303 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 66,992,848
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (19,601,731)
------------
Net unrealized appreciation $ 47,391,117
============
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 29
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
FUTURES CONTRACTS
COMMODITY FUTURE CONTRACT
------------------------------------------------------------------------------------------------
Number of Net
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value (Depreciation)
------------------------------------------------------------------------------------------------
168 Copper 09/26/18 $13,539,588 $12,994,800 $(544,788)
------------------------------------------------------------------------------------------------
CURRENCY FUTURE CONTRACT
-----------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Short Description Date Amount Value Appreciation
-----------------------------------------------------------------------------------------------
91 EURO 06/18/18 $14,219,319 $13,789,913 $429,406
-----------------------------------------------------------------------------------------------
INDEX FUTURES CONTRACTS
-----------------------------------------------------------------------------------------------
Number of
Contracts Expiration Notional Market Unrealized
Long Description Date Amount Value Appreciation
-----------------------------------------------------------------------------------------------
273 Dow Jones 06/15/18 $8,171,292 $8,173,620 $2,328
U.S. Real Estate
-----------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Net
Number of Unrealized
Contracts Expiration Notional Market Appreciation
Short Description Date Amount Value (Depreciation)
------------------------------------------------------------------------------------------------
1,160 Euro Stoxx 50 06/15/18 $ 46,224,164 $ 48,684,496 $ (2,460,332)
218 FTSE/JSE Top 40 06/21/18 9,238,548 9,064,008 174,540
775 MSCI China Free 06/15/18 37,078,387 36,165,375 913,012
370 Nasdaq 100 06/15/18 49,804,129 48,936,200 867,929
E-MINI
------------------------------------------------------------------------------------------------
$ 142,345,228 $ 142,850,079 $ (504,851)
------------------------------------------------------------------------------------------------
TOTAL INDEX FUTURES $(134,173,936) $(134,676,459) $ (502,523)
================================================================================================
TOTAL FUTURES CONTRACTS $(134,853,667) $(135,471,572) $ (617,905)
================================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
SWAP CONTRACTS
OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACTS -- SELL PROTECTION
---------------------------------------------------------------------------------------------------------------
Net
Unrealized
Notional Obligation Pay/ Expiration Appreciation Market
Amount Counterparty Reference/Index Receive Coupon Date (Depreciation) Value
---------------------------------------------------------------------------------------------------------------
415,832 Citibank NA ETFMG Prime Pay 3M LIBOR + 6/15/18 $(239,416) $(239,416)
Cyber Security ETF 20bps
26,483 Goldman Goldman Sachs Pay 3M LIBOR + 11/26/18 (118,757) (118,757)
Sachs Total Cash 39bps
International Return Index*
EUR 1,172 Societe Solactive European Pay 3M EURIBOR + 6/12/18 77,870 77,870
Generale SA Buyback Index 30bps
EUR 1,253 Societe Solactive European Pay 3M EURIBOR + 10/15/18 50,699 50,699
Generale SA Buyback Index 55bps
---------------------------------------------------------------------------------------------------------------
TOTAL SWAP CONTRACTS $(229,604) $(229,604)
===============================================================================================================
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise
noted.
GBP -- Great British Pound
HKD -- Hong Kong Dollar
IDR -- Indonesian Rupiah
JPY -- Japanese Yen
MXN -- Mexican Peso
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 31
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
* The following table shows the individual positions and related values of
the securities underlying the total return swap with Goldman Sachs
International, as of April 30, 2018.
-----------------------------------------------------------------------------------------------------
Index Description Shares Value % of basket
-----------------------------------------------------------------------------------------------------
American Airlines Group, Inc. 48 $ (2,077) 1.75%
Apple, Inc. 14 (2,373) 2.00%
AbbVie, Inc. 31 (3,020) 2.54%
AmerisourceBergen Corp. 25 (2,277) 1.92%
Archer-Daniels-Midland Co. 45 (2,046) 1.72%
AES Corp. 182 (2,232) 1.88%
American International Group, Inc. 34 (1,896) 1.60%
Assurant, Inc. 21 (1,989) 1.67%
Applied Materials, Inc. 51 (2,523) 2.12%
Ameriprise Financial, Inc. 16 (2,262) 1.90%
Boeing Co. 11 (3,722) 3.13%
CBS Corp. 31 (1,525) 1.28%
Capital One Financial Corp. 26 (2,325) 1.96%
CenturyLink, Inc. 80 (1,493) 1.26%
Discover Financial Services 33 (2,348) 1.98%
Quest Diagnostics, Inc. 20 (1,978) 1.67%
eBay, Inc. 62 (2,338) 1.97%
Equity Residential 32 (1,971) 1.66%
Express Scripts Holding Co. 34 (2,545) 2.14%
F5 Networks, Inc. 16 (2,605) 2.19%
General Electric Co. 71 (1,001) 0.84%
Gilead Sciences, Inc. 30 (2,173) 1.83%
Corning, Inc. 71 (1,932) 1.63%
HCA Healthcare, Inc. 24 (2,345) 1.97%
HP, Inc. 110 (2,355) 1.98%
Michael Kors Holdings Ltd. 55 (3,780) 3.18%
LyondellBasell Industries NV 24 (2,573) 2.17%
McDonald's Corp. 15 (2,468) 2.08%
Monster Beverage Corp. 45 (2,500) 2.10%
Motorola Solutions, Inc. 24 (2,635) 2.22%
Navient Corp. 136 (1,799) 1.52%
NRG Energy, Inc. 122 (3,783) 3.19%
NetApp, Inc. 52 (3,446) 2.90%
ONEOK, Inc. 39 (2,361) 1.99%
Procter & Gamble Co. 24 (1,709) 1.44%
PulteGroup, Inc. 91 (2,762) 2.33%
Qorvo, Inc. 30 (2,043) 1.72%
Seagate Technology PLC 49 (2,834) 2.39%
Sysco Corp. 39 (2,440) 2.05%
TransDigm Group, Inc. 8 (2,680) 2.26%
The accompanying notes are an integral part of these financial statements.
32 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
-----------------------------------------------------------------------------------------------------
Index Description Shares Value % of basket
-----------------------------------------------------------------------------------------------------
Target Corp. 37 $ (2,681) 2.26%
Tyson Foods, Inc. 32 (2,250) 1.89%
United Continental Holdings, Inc. 29 (1,984) 1.67%
Valero Energy Corp. 32 (3,541) 2.98%
Williams Cos, Inc. 67 (1,732) 1.46%
Western Union Co. 104 (2,051) 1.73%
Weyerhaeuser Co. 61 (2,240) 1.89%
XL Group Ltd. 49 (2,740) 2.31%
DENTSPLY SIRONA, Inc. 33 (1,642) 1.38%
Yum! Brands, Inc. 31 (2,732) 2.30%
-----------------------------------------------------------------------------------------------------
Totals $(118,757) 100.00%
=====================================================================================================
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, 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, 2018, in valuing
the Fund's investments.
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Preferred Stock
Real Estate
Retail REIT $ -- $ -- $124,348 $ 124,348
Common Stocks 642,851,611 -- -- 642,851,611
Corporate Bonds -- 35,507,318 -- 35,507,318
U.S. Government and
Agency Obligation -- 20,332,305 -- 20,332,305
Foreign Government Bonds -- 27,946,679 -- 27,946,679
Mutual Funds 30,384,445 -- -- 30,384,445
Repurchase Agreements -- 9,070,000 -- 9,070,000
Exchange-Traded Call
Options Purchased 1,040,000 -- -- 1,040,000
Over The Counter (OTC)
Call Options Purchased -- 12,607,223 -- 12,607,223
-------------------------------------------------------------------------------------------------
Total Investments
in Securities $674,276,056 $105,463,525 $124,348 $779,863,929
=================================================================================================
Other Financial Instruments
Unrealized depreciation
on futures contracts (617,905) -- -- (617,905)
Swap contracts, at value -- (229,604) -- (229,604)
-------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (617,905) $ (229,604) -- $ (847,509)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 33
Schedule of Investments | 4/30/18 (Consolidated) (unaudited) (continued)
The following is a reconciliation of assets valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Preferred
Stock
--------------------------------------------------------------------------------
Balance as of 10/31/17 $161,195
Realized gain (loss)(1) --
Changed in unrealized appreciation (depreciation)(2) (36,847)
Purchases --
Sales --
Transfers in to Level 3* --
Transfers out of Level 3* --
--------------------------------------------------------------------------------
Balance as of 4/30/18 $124,348
================================================================================
1 Realized gain (loss) on these securities is included in the realized gain
(loss) on investments on the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments on the
Statement of Operations.
* Transfers are calculated on the beginning of period values. During the six
months ended April 30, 2018, there were no transfers between Levels 1, 2
and 3.
Net change in unrealized appreciation (depreciation) of Level 3 investments
still held and considered Level 3 at April 30, 2018: $(36,847).
--------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Statement of Assets and Liabilities | 4/30/18 (Consolidated) (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $723,830,349) $779,863,929
Cash 6,631,716
Foreign currencies, at value (cost $17,542,086) 17,371,916
Swaps collateral 335,226
Futures collateral 11,177,000
Due from broker for futures and options 4,446,609
Receivables --
Investment securities sold 3,860,957
Fund shares sold 746,483
Dividends 1,275,861
Interest 1,012,400
Due from the Adviser 5,402
Other assets 239,898
----------------------------------------------------------------------------------------
Total assets $826,967,397
========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 8,080,949
Fund shares repurchased 1,717,994
Distributions 763
Trustees' fees 1,808
Options collateral 3,350,000
Variation margin for futures contracts 337,265
Net unrealized depreciation on futures contracts 617,905
Swap contracts, at value 229,604
Due to affiliates 111,200
Accrued expenses and other liabilities 276,609
----------------------------------------------------------------------------------------
Total liabilities $ 14,724,097
========================================================================================
NET ASSETS:
Paid-in capital $710,408,916
Distributions in excess of net investment income (5,702,680)
Accumulated net realized gain on investments 52,561,388
Net unrealized appreciation on investments 54,975,676
----------------------------------------------------------------------------------------
Net assets $812,243,300
========================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $157,204,264/11,274,461 shares) $ 13.94
Class C (based on $144,751,079/10,574,074 shares) $ 13.69
Class R (based on $363,014/26,203 shares) $ 13.85
Class Y (based on $509,924,943/36,412,408 shares) $ 14.00
MAXIMUM OFFERING PRICE:
Class A ($13.94 (divided by) 95.5%) $ 14.60
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 35
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/18
INVESTMENT INCOME:
Dividends from unaffiliated issuers (net of foreign
taxes withheld $236,495) $ 5,033,659
Interest from unaffiliated issuers 1,971,331
-----------------------------------------------------------------------------------------------
Total investment income $ 7,004,990
-----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,536,436
Administrative expense 134,117
Transfer agent fees
Class A 46,941
Class C 51,410
Class R 430
Class Y 205,325
Distribution fees
Class A 183,063
Class C 735,409
Class R 771
Shareowner communications expense 22,327
Custodian fees 120,399
Registration fees 30,080
Professional fees 47,640
Printing expense 26,449
Pricing expense 2,878
Trustees' fees 13,667
Insurance expense 4,013
Miscellaneous 41,107
-----------------------------------------------------------------------------------------------
Total expenses $ 4,202,462
Less fees waived and expenses reimbursed by the Adviser (36,692)
-----------------------------------------------------------------------------------------------
Net expenses $ 4,165,770
-----------------------------------------------------------------------------------------------
Net investment income $ 2,839,220
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 55,909,691
Futures contracts (10,293,370)
Swap contracts 7,482,349
Other assets and liabilities denominated
in foreign currencies 86,989 $ 53,185,659
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers (net of foreign capital
gain tax of $(24,506)) $(12,172,189)
Futures contracts 2,385,512
Swap contracts (2,166,239)
Other assets and liabilities denominated
in foreign currencies (241,357) $(12,194,273)
-----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 40,991,386
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 43,830,606
===============================================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Statements of Changes in Net Assets (Consolidated)
-------------------------------------------------------------------------------------------
Six Months
Ended
4/30/18 Year Ended
(unaudited) 10/31/17
-------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 2,839,220 $ 6,674,156
Net realized gain (loss) on investments 53,185,659 61,804,939
Change in net unrealized appreciation
(depreciation) on investments (12,194,273) 39,928,961
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 43,830,606 $ 108,408,056
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.24 and $0.12 per share, respectively) $ (2,455,866) $ (1,416,002)
Class C ($0.21 and $0.06 per share, respectively) (2,350,810) (820,498)
Class R ($0.24 and $0.08 per share, respectively) (4,761) (2,157)
Class Y ($0.25 and $0.16 per share, respectively) (7,197,137) (4,306,248)
Net realized gain:
Class A ($0.88 and $0.00 per share, respectively) (8,600,522) --
Class C ($0.88 and $0.00 per share, respectively) (9,238,153) --
Class R ($0.88 and $0.00 per share, respectively) (16,852) --
Class Y ($0.88 and $0.00 per share, respectively) (23,129,074) --
------------------------------------------------------------------------------------------
Total distributions to shareowners $(52,993,175) $ (6,544,905)
==========================================================================================
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $208,200,636 $ 127,803,029
Reinvestment of distributions 45,544,554 5,535,308
Cost of shares repurchased (91,033,188) (267,730,775)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $162,712,002 $(134,392,438)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $153,549,433 $ (32,529,287)
NET ASSETS:
Beginning of period $658,693,867 $ 691,223,154
------------------------------------------------------------------------------------------
End of period $812,243,300 $ 658,693,867
------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net
investment income $ (5,702,680) $ 3,466,674
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 37
Statements of Changes in Net Assets (Consolidated) (continued)
--------------------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
4/30/18 4/30/18 Year Ended Year Ended
Shares Amount 10/31/17 10/31/17
(unaudited) (unaudited) Shares Amount
--------------------------------------------------------------------------------------------------------------------------
Class A
Shares sold 2,221,108 $ 30,883,468 1,560,400 $ 19,940,069
Reinvestment of
distributions 742,316 9,963,263 100,053 1,248,365
Less shares repurchased (1,591,165) (22,115,265) (5,467,662) (68,177,267)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,372,259 $ 18,731,466 (3,807,209) $ (46,988,833)
==========================================================================================================================
Class C
Shares sold 704,190 $ 9,578,097 727,136 $ 9,039,802
Reinvestment of
distributions 718,096 9,473,250 53,726 643,644
Less shares repurchased (1,497,762) (20,551,952) (5,156,033) (64,137,045)
--------------------------------------------------------------------------------------------------------------------------
Net decrease (75,476) $ (1,500,605) (4,375,171) $ (54,453,599)
==========================================================================================================================
Class R
Shares sold 7,421 $ 102,050 8,525 $ 103,330
Reinvestment of
distributions 488 6,510 70 841
Less shares repurchased (1,460) (20,289) (12,309) (151,715)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 6,449 $ 88,271 (3,714) $ (47,544)
==========================================================================================================================
Class Y
Shares sold 11,966,221 $167,637,021 7,774,087 $ 98,719,828
Reinvestment of
distributions 1,936,791 26,101,531 288,109 3,642,458
Less shares repurchased (3,475,531) (48,345,682) (10,856,968) (135,264,748)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 10,427,481 $145,392,870 (2,794,772) $ (32,902,462)
==========================================================================================================================
The accompanying notes are an integral part of these financial statements.
38 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Financial Highlights (Consolidated)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.17 $ 12.03 $ 12.68 $ 12.94 $ 13.33 $ 11.76
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05(a) $ 0.14(a) $ 0.16(a) $ 0.17(a) $ 0.27 $ 0.21
Net realized and unrealized gain (loss) on
investments 0.84 2.12 (0.07) 0.20 (0.09) 1.51
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.89 $ 2.26 $ 0.09 $ 0.37 $ 0.18 $ 1.72
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.12) $ (0.18) $ (0.30) $ (0.08) $ (0.15)
Net realized gain (0.88) -- (0.56) (0.33) (0.49) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.12) $ (0.12) $ (0.74) $ (0.63) $ (0.57) $ (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.23) $ 2.14 $ (0.65) $ (0.26) $ (0.39) $ 1.57
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.94 $ 14.17 $ 12.03 $ 12.68 $ 12.94 $ 13.33
====================================================================================================================================
Total return (b) 6.73%(c) 18.96% 0.88% 2.85% 1.45% 14.72%
Ratio of net expenses to average net assets (d) 1.14%(e) 1.18% 1.19% 1.20% 1.23% 1.20%
Ratio of net investment income (loss) to average
net assets 0.77%(e) 1.08% 1.38% 1.33% 1.60% 1.82%
Portfolio turnover rate 125%(c) 292% 230% 295% 383% 288%
Net assets, end of period (in thousands) $157,204 $140,278 $164,898 $209,001 $227,251 $335,398
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 (d) 1.14%(e) 1.18% 1.19% 1.26% 1.23% 1.23%
Net investment income (loss) to average net assets 0.77%(e) 1.08% 1.38% 1.27% 1.60% 1.79%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.05% and 0.00%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 39
Financial Highlights (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.95 $ 11.88 $ 12.56 $ 12.78 $ 13.21 $ 11.66
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.00)(a)(b)(c) $ 0.04(b) $ 0.07(b) $ 0.07(b) $ 0.13 $ 0.12
Net realized and unrealized gain (loss)
on investments 0.83 2.09 (0.07) 0.20 (0.05) 1.50
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment
operations $ 0.83 $ 2.13 $ -- $ 0.27 $ 0.08 $ 1.62
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.06) $ (0.12) $ (0.16) $ (0.02) $ (0.07)
Net realized gain (0.88) -- (0.56) (0.33) (0.49) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.09) $ (0.06) $ (0.68) $ (0.49) $ (0.51) $ (0.07)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.26) $ 2.07 $ (0.68) $ (0.22) $ (0.43) $ 1.55
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.69 $ 13.95 $ 11.88 $ 12.56 $ 12.78 $ 13.21
====================================================================================================================================
Total return (d) 6.41%(e) 18.01% 0.09% 2.12% 0.60% 13.93%
Ratio of net expenses to average net assets (f) 1.89%(g) 1.93% 1.94% 2.01% 1.97% 1.98%
Ratio of net investment income (loss) to average
net assets (0.02)%(g) 0.34% 0.63% 0.52% 0.89% 1.05%
Portfolio turnover rate 125%(e) 292% 230% 295% 383% 288%
Net assets, end of period (in thousands) $144,751 $148,591 $ 178,457 $218,597 $238,164 $251,889
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) Amount rounds to less than $0.01 or $(0.01) per share.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) The amount shown for a share outstanding does not correspond with the net
investment income on the Statement of Operations for the period due to
timing of the sales and repurchase of shares.
(d) 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.
(e) Not annualized.
(f) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.05% and 0.00%,
respectively.
(g) Annualized.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
4/30/18 Ended Ended Ended Ended 9/13/13 to
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $14.11 $12.00 $12.69 $12.92 $13.32 $ 12.87(a)
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.02(b) $ 0.08(b) $ 0.10(b) $ 0.06(b) $ 0.15 $ 0.05
Net realized and unrealized gain (loss) on
investments 0.84 2.11 (0.08) 0.19 0.00(c) 0.44
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.86 $ 2.19 $ 0.02 $ 0.25 $ 0.15 $ 0.49
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.24) $(0.08) $(0.15) $(0.15) $(0.06) $ (0.04)
Net realized gain (0.88) -- (0.56) (0.33) (0.49) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(1.12) $(0.08) $(0.71) $(0.48) $(0.55) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.26) $ 2.11 $(0.69) $(0.23) $(0.40) $ 0.45
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.85 $14.11 $12.00 $12.69 $12.92 $ 13.32
====================================================================================================================================
Total return (d) 6.52%(e) 18.35% 0.34% 1.90% 1.19% 4.76%(e)
Ratio of net expenses to average net assets (f) 1.67%(g) 1.62% 1.71% 2.01% 1.55% 1.36%(g)
Ratio of net investment income (loss) to average
net assets 0.30%(g) 0.64% 0.86% 0.47% 1.40% 2.96%(g)
Portfolio turnover rate 125%(e) 292% 230% 295% 383% 288%
Net assets, end of period (in thousands) $ 363 $ 279 $ 282 $ 120 $ 74 $ 10
Ratios with no waiver of fees and assumption of expensed
by the Adviser and no reduction for fees
paid indirectly:
Total expense to average net assets (f) 1.67%(g) 1.62% 1.71% 2.01% 1.55% 1.36%(g)
Net investment income (loss) to average net assets 0.30%(g) 0.64% 0.86% 0.47% 1.40% 2.96%(g)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) Class R shares beginning capital was recorded on inception date at $10.00
per share.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) Amount rounds to less than $0.01 or $(0.01) per share.
(d) 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.
(e) Not annualized.
(f) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.05% and 0.00%,
respectively.
(g) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 41
Financial Highlights (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
4/30/18 Ended Ended Ended Ended Ended
(unaudited) 10/31/17 10/31/16* 10/31/15* 10/31/14* 10/31/13
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.22 $ 12.08 $ 12.72 $ 12.97 $ 13.37 $ 11.79
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07(a) $ 0.18(a) $ 0.20(a) $ 0.21(a) $ 0.27 $ 0.25
Net realized and unrealized gain (loss)
on investments 0.84 2.12 (0.08) 0.20 (0.05) 1.52
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.91 $ 2.30 $ 0.12 $ 0.41 $ 0.22 $ 1.77
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.25) $ (0.16) $ (0.20) $ (0.33) $ (0.13) $ (0.19)
Net realized gain (0.88) -- (0.56) (0.33) (0.49) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.13) $ (0.16) $ (0.76) $ (0.66) $ (0.62) $ (0.19)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.22) $ 2.14 $ (0.64) $ (0.25) $ (0.40) $ 1.58
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.00 $ 14.22 $ 12.08 $ 12.72 $ 12.97 $ 13.37
====================================================================================================================================
Total return (b) 6.89%(c) 19.24% 1.17% 3.20% 1.70% 15.07%
Ratio of net expenses to average net assets (d) 0.90%(e) 0.90% 0.90% 0.90% 0.95% 0.90%
Ratio of net investment income (loss) to average
net assets 1.06%(e) 1.37% 1.65% 1.63% 1.92% 2.11%
Portfolio turnover rate 125%(c) 292% 230% 295% 383% 288%
Net assets, end of period (in thousands) $509,925 $369,546 $347,586 $378,895 $401,336 $427,190
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Total expense to average net assets (d) 0.92%(e) 0.95% 0.96% 1.02% 1.00% 0.98%
Net investment income (loss) to average net assets 1.04%(e) 1.32% 1.59% 1.52% 1.92% 2.03%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) 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.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.05% and 0.00%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Notes to Financial Statements | 4/30/18 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Flexible Opportunities Fund (the "Fund") is one of two portfolios
comprising Pioneer Series Trust VI (the "Trust"), 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 six classes of shares designated as Class A, Class C, Class K,
Class R, Class T, and Class Y shares. Class Z shares converted to Class Y
shares as of the close of business on August 7, 2015. Class K and Class T
shares had not commenced operations as of April 30, 2018. 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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment
adviser, became an indirect wholly owned subsidiary of Amundi and Amundi's
wholly owned subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer
Investments was owned by Pioneer Global Asset Management S.p.A., a wholly owned
subsidiary of UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 43
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN),
the Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
investments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The consolidated financial statements of the Fund include the accounts of
Flexible Opportunities Commodity Fund Ltd. (formerly, Pioneer Cayman Commodity
Fund Ltd.) (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 the Adviser. 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, 2018, the Subsidiary
represented $5,729,680, or approximately 0.71%, of the net assets of the Fund.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles ("U.S. GAAP") that require the
management of the Fund to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. 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
44 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. 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. 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. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer-term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
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 Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 45
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Shares of exchange-listed closed-end funds are valued by using the last
sale price on the principal exchange where they are traded.
Securities for which independent pricing services or broker dealers 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 the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser'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.
At April 30, 2018, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
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 and net of income accrued on
defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
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
46 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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 income.
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 on 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. 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 provision for federal income taxes is
required. As of October 31, 2017, 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 on 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. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 47
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2017 was as follows:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $6,544,905
---------------------------------------------------------------------------
Total $6,544,905
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 35,164,458
Undistributed long term capital gain 16,457,500
Unrealized appreciation 59,374,995
---------------------------------------------------------------------------
Total $110,996,953
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
related to the mark-to-market of futures contracts, tax basis adjustments
on Real Estate Investment Trust ("REIT"), partnerships and swaps, and
common stock holdings.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $15,051 in underwriting commissions on the sale of Class
A shares during the six months ended April 30, 2018.
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, 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).
48 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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.
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's investments in
foreign markets and countries with limited developing markets may subject
the Fund to a greater degree of risk than investments in a developed
market. These risks include disruptive political or economic conditions and
the imposition of adverse governmental laws or currency exchange
restrictions. The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to that document when
considering the Fund's principal risks.
The Fund may gain exposure to commodities (such as oil and precious metals)
through investment in commodity-related investments, including
commodity-linked derivatives, ETFs and leveraged or unleveraged
commodity-linked notes (derivative debt instruments with principal and/or
coupon payments linked to the performance of commodity indices).The Fund
also may invest in equity securities of issuers in commodity-related
industries. The Fund's investments in commodity-related investments may
subject the Fund to greater market price volatility than investments in
traditional securities. The value of commodity-related investments may be
affected by changes in overall market movements, commodity index
volatility, changes in interest rates, or factors affecting particular
industries or commodities, such as weather, disease, embargoes, acts of war
or terrorism, or political and regulatory developments. Commodity-related
investments may be more volatile than the underlying commodities. In
addition, commodity-linked investments are subject to counterparty risk due
to there being a relatively small number of issuers. The Fund gains
exposure to
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 49
commodity-related investments by investing in 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 could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
The Fund invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business continuity
plans in the event of, and risk management systems to prevent, limit or
mitigate, such cyber-attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been
identified. Furthermore, the Fund cannot control the cybersecurity plans
and systems put in place by service providers to the Fund such as Brown
Brothers Harriman & Co., the Fund's custodian and accounting agent, and DST
Asset Manager Solutions, Inc., the Fund's transfer agent. In addition, many
beneficial owners of Fund shares hold them through accounts at
broker-dealers, retirement platforms and other financial market
participants, over which neither the Fund nor Amundi Pioneer exercises
control. Each of these may in turn rely on service providers to them, which
are also subject to the risk of cyber-attacks. Cybersecurity failures or
breaches at Amundi Pioneer or the Fund's service providers or
intermediaries have the ability to cause disruptions and impact business
operations, potentially resulting in financial losses, interference with
the Fund's ability to calculate its net asset value, impediments to
trading, the inability of Fund shareowners to effect share purchases,
redemptions or exchanges or receive distributions, loss of or
50 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
H. 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, 2018, is recorded as "Futures collateral" on the Statement of
Assets and Liabilities.
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 appreciation or
depreciation. Cash received from or paid to the broker related to previous
margin movement is held in a segregated account at the broker and is
recorded as either "Due from broker for futures" or "Due to broker for
futures" on the Statement of Assets and Liabilities. 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 absolute
market value of contracts open during the six months ended April 30, 2018
was $223,098,191.
Open futures contracts outstanding at April 30, 2018 are listed in the
Schedule of Investments.
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
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 51
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 sub-custodian of the
Fund. The Adviser 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. Open repurchase agreements as of April 30, 2018 are disclosed
in the Fund's Schedule of investments.
J. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price,
upon the exercise of the option. When the Fund writes an option, an amount
equal to the premium received by the Fund is recorded as "Written options
outstanding" on the Statement of Assets and Liabilities 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 on the Statement of
Operations. 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 on Statement of Operations, or, if the
premium is less than the amount paid for the closing purchase transaction,
as a realized loss on the Statement of Operations. 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 market value of written options open during the six
months ended April 30, 2018 was $122,188. There were no open written
options contracts at April 30, 2018.
K. Purchased Options
The Fund may purchase put and call options to seek to increase total
return. Purchased call and put options entitle the Fund to buy and sell a
specified number of shares or units of a particular security, currency or
index at a specified price at a specific date or within a specific period
of time. Upon the purchase of a call or put option, the premium paid by the
Fund is included on
52 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
the Statement of Assets and Liabilities as an investment. All premiums are
marked-to-market daily, and any unrealized appreciation or depreciation is
recorded on the Fund's Statement of Operations. 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 call and put
options which have expired are treated as realized losses on investments on
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 amount of cash deposited with
the broker as collateral at April 30, 2018 is recorded as "Options
collateral" on the Statement of Assets and Liabilities. The average market
value of purchased options open during the six months ended April 30, 2018
was $12,659,668.
Open purchased options at April 30, 2018 are listed on the Fund's Schedule
of Investments.
L. Total Return Swap Contracts
The Fund may enter into a total return swap contracts to attempt to manage
and/or gain exposure to a security or market. Pursuant to a total return
swap contracts, the Fund negotiates with a counterparty to exchange a
periodic stream of payments. One party makes payments based on the total
return of a reference asset (such as a security or a basket of securities
or securities index), and in return receives fixed or floating rate
interest payments. The total return of the reference asset typically
includes appreciation or depreciation on the reference asset, plus any
interest or dividend payments. To the extent that the total return of the
reference asset exceeds or falls short of the offsetting interest rate
obligation, the Fund will receive a payment from or make a payment to the
counterparty. Total return swap contracts are marked-to-market daily using
valuations supplied by independent sources, and the change in value, if
any, is recorded within the "Swap contracts, at value" on the Statement of
Assets and Liabilities. Payments received or made are recorded as realized
gains or losses on 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 53
The amount of cash deposited with the broker as collateral at April 30,
2018, is recorded as "Swaps collateral" on the Statement of Assets and
Liabilities. Open total return swap contracts outstanding at April 30, 2018
are listed in the Schedule of Investments. The average notional value of
total return swap contracts open during the six months ended April 30, 2018
was $62,571,884.
M. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Fund may buy or sell credit default swap contracts to
seek to increase the Fund's income, or to attempt to hedge the risk of
default on portfolio securities. A credit default swap index is used to
hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional
(or other agreed-upon) value of the referenced debt obligation to the
counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the
Fund. In return, the Fund would receive from the counterparty a periodic
stream of payments during the term of the contract, provided that no event
of default occurred. The maximum exposure of loss to the seller would be
the notional value of the credit default swaps outstanding. If no default
occurs, the Fund would keep the stream of payments and would have no
payment obligation. The Fund may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
As a buyer of protection, the Fund 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 within the "Swap contracts, at value" line item on 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 within the "Swap contracts, at value" line item on 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 on
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,
54 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin for
centrally cleared swaps on the Statement of Assets and Liabilities. Cash
received from or paid to the broker related to previous margin movement is
held in a segregated account at the broker and is recorded as either "Due
from broker for swaps" or "Due to broker for swaps" on the Statement of
Assets and Liabilities.
There were no credit default swap contracts held during the six months
ended April 30, 2018.
N. 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.
There were no forward foreign currency contracts outstanding at April 30,
2018.
2. Management Agreement
The Adviser 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 55
The Subsidiary has entered into a separate management contract with the
Adviser, pursuant to which the Adviser 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 the Adviser a fee
at the annual rate of 0.70% (annualized) of the Subsidiary's average daily net
assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than taxes,
brokerage commissions, acquired fund fees and expenses, and extraordinary
expenses, such as litigations) 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. Fees waived and expenses reimbursed during the
six months ended April 30, 2018 are reflected on the Statement of Operations.
These expense limitations are in effect through March 1, 2019. 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
the Adviser 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 in the Statement of Assets and Liabilities is
$85,955 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at April 30, 2018.
3. Transfer Agent
DST Asset Manager Solutions, Inc., serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended April 30, 2018, such out-of-pocket expenses by class of shares
were as follows:
-------------------------------------------------------------------------------
Shareowner Communications
-------------------------------------------------------------------------------
Class A $ 7,232
Class C 5,455
Class R 108
Class Y 9,532
-------------------------------------------------------------------------------
Total $22,327
===============================================================================
56 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "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 the Distributor 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 the
Distributor 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 $25,245 in distribution fees payable to the Distributor at April
30, 2018.
The Fund also has adopted a separate service plan for Class R shares (the
"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 0.50% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R 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 the Distributor. For the six months ended April 30, 2018,
CDSCs in the amount of $2,779 were paid to the Distributor.
5. 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 Fund
participates in a credit facility that is in the amount of $195 million. Under
such credit 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
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 57
borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing date or (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, 2018, the
Fund had no borrowings under the credit facility.
6. 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 Over the Counter ("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 a 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 setoff may be restricted or prohibited by the bankruptcy or
insolvency laws of the particular jurisdiction to which each specific ISDA of
each 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 "Swap
collateral" and/or "Futures collateral." Securities pledged by the Fund as
collateral, if any, are identified as such on the Schedule of Investments.
58 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
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. The following charts show gross assets and liabilities of the Fund
as of April 30, 2018.
--------------------------------------------------------------------------------------------------------------
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)
--------------------------------------------------------------------------------------------------------------
Societe Generale SA $128,569 $ -- $ -- $ -- $128,569
--------------------------------------------------------------------------------------------------------------
Total $128,569 $ -- $ -- $ -- $128,569
==============================================================================================================
---------------------------------------------------------------------------------------------------------------
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 $239,416 $ -- $ -- $ -- $239,416
Goldman Sachs
International 118,757 -- -- (118,757) --
---------------------------------------------------------------------------------------------------------------
Total $358,173 $ -- $ -- $(118,757) $239,416
===============================================================================================================
(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.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure 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 rate 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 59
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at April 30,
2018 was as follows:
---------------------------------------------------------------------------------------
Statement of Assets and Liabilities
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
---------------------------------------------------------------------------------------
Assets
Unrealized
appreciation on
futures contracts $ -- $ -- $429,406 $ -- $ --
---------------------------------------------------------------------------------------
Total Value $ -- $ -- $429,406 $ -- $ --
=======================================================================================
Liabilities
Unrealized
depreciation on
futures contracts $ -- $ -- $ -- $502,523 $544,788
Swap contracts,
at value -- -- -- 229,604 --
---------------------------------------------------------------------------------------
Total Value $ -- $ -- $ -- $732,127 $544,788
=======================================================================================
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, 2018 was as follows:
--------------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Rate Risk Risk
--------------------------------------------------------------------------------------------
Net realized gain
(loss) on
Futures contracts $(1,398,968) $ -- $(114,069) $(7,789,977) $ (990,356)
Swap contracts -- -- -- 7,482,349 --
--------------------------------------------------------------------------------------------
Total Value $(1,398,968) $ -- $(114,069) $ (307,628) $ (990,356)
============================================================================================
Change in net
unrealized
appreciation
(depreciation) on:
Futures contracts $ 64,832 $ -- $(978,976) $ 3,844,444 $ (544,788)
Swap contracts -- -- -- (2,166,239) --
--------------------------------------------------------------------------------------------
Total Value $ 64,832 $ -- $(978,976) $ 1,678,205 $ (544,788)
============================================================================================
60 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
ADDITIONAL INFORMATION
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an indirect,
wholly owned subsidiary of Amundi. Amundi is controlled by Credit Agricole S.A.
Amundi is headquartered in Paris, France, and, as of September 30, 2016, had
more than $1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered
public accounting firm, informed the Audit Committee and the Board that it
would no longer be independent with respect to the Fund upon the completion of
the Transaction as a result of certain services being provided to Amundi and
Credit Agricole, and, accordingly, that it intended to resign as the Fund's
independent registered public accounting firm upon the completion of the
Transaction. D&T's resignation was effective on July 3, 2017, when the
Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or
modified as to uncertainty, audit scope or accounting principles. Further,
there have been no disagreements with D&T on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of D&T, would have caused
D&T to make reference to the subject matter of the disagreement in connection
with its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended October 31, 2017.
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 61
during the period commencing July 1, 2016, that it determined to be
inconsistent with the auditor independence rules set forth by the Securities
and Exchange Commission ("SEC"): (a) project management support services to
UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in
relation to twenty-two projects, that were determined to be inconsistent with
Rule 2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two
engagements for UniCredit in Italy where fees were contingent/success based and
that were determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X
(contingent fees); (c) four engagements where legal and expert services were
provided to UniCredit in the Czech Republic and Germany, and twenty engagements
where the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Fund under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
62 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 63
This page is for your notes.
64 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 65
This page is for your notes.
66 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
This page is for your notes.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18 67
This page is for your notes.
68 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/18
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 24879-07-0618
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 Amudi Pioneer Asset Management, Inc, 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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. 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, 2018
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, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 28, 2018
* Print the name and title of each signing officer under his or her signature.
EX-99
2
cert.txt
CERTIFICATIONS
--------------
I, Lisa M. Jones, certify that:
1. I have reviewed this report on Form N-CSR of Pioneer Series
Trust VI;
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have:
a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external in accordance with generally accepted
accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred 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; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):
a) All significant deficiencies in the design or operation of internal
controls over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize,
and report financial information; and
b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: June 28, 2018 /s/ Lisa M. Jones
Lisa M. Jones
Trustee, President and
Chief Executive Officer
CERTIFICATIONS
--------------
I, Mark E. Bradley, certify that:
1. I have reviewed this report on Form N-CSR of Pioneer Series
Trust VI;
2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have:
a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external in accordance with generally accepted
accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred 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; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):
a) All significant deficiencies in the design or operation of internal
controls over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize,
and report financial information; and
b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: June 28, 2018 /s/ Mark E. Bradley
Mark E. Bradley
Treasurer & Chief Financial
& Accounting Officer
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer
Series Trust VI (the "Trust"), hereby certifies, to the best of
his knowledge, that the Trust's Report on Form N-CSR for the period
ended April 30, 2018 (the "Report") fully complies with the requirements
of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act
of 1934 and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of
operations of the Trust.
Dated: June 28, 2018
/s/ Lisa M. Jones
Lisa M. Jones
Trustee, President and Chief Executive Officer
This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350
and is not being filed as part of the Report or a separate disclosure document.
A signed original of this written statement required by section 906 has been
provided to the Trust and will be retained by the Trust and furnished to the SEC
or its staff upon request.
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Series
Trust VI (the "Trust"), hereby certifies, to the best of
his knowledge, that the Trust's Report on Form N-CSR for the period
ended April 30, 2018 (the "Report") fully complies with the requirements
of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act
of 1934 and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of
operations of the Trust.
Dated: June 28, 2018
/s/ Mark E. Bradley
Mark E. Bradley
Treasurer & Chief Financial & Accounting Officer
This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and
is not being filed as part of the Report or a separate disclosure document.
A signed original of this written statement required by section 906 has been
provided to the Trust and will be retained by the Trust and furnished to the SEC
or its staff upon request.
EX-99
3
CodeofEthics.txt
CODE OF ETHICS
FOR
SENIOR OFFICERS
POLICY
This Code of Ethics for Senior Officers (this "Code") sets forth the
policies, practices and values expected to be exhibited by Senior Officers
of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This
Code does not apply generally to officers and employees of service providers
to the Funds, including Pioneer Investment Management, Inc. ("Pioneer"),
unless such officers and employees are also Senior Officers.
The term "Senior Officers" shall mean the principal executive officer,
principal financial officer, principal accounting officer and controller of
the Funds, although one person may occupy more than one such office. Each
Senior Officer is identified by title in Exhibit A to this Code.
The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily
responsible for implementing and monitoring compliance with this Code,
subject to the overall supervision of the Board of Trustees of the Funds
(the "Board"). The CCO has the authority to interpret this Code and its
applicability to particular situations. Any questions about this Code should
be directed to the CCO or his or her designee.
PURPOSE
The purposes of this Code are to:
. Promote honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships;
. Promote full, fair, accurate, timely and understandable disclosure in
reports and documents that the Fund files with, or submits to, the
Securities and Exchange Commission ("SEC") and in other public
communications made by the Fund;
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. Promote compliance with applicable laws and governmental rules and
regulations;
. Promote the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and
. Establish accountability for adherence to the Code.
Each Senior Officer should adhere to a high standard of business ethics and
should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.
RESPONSIBILITIES OF SENIOR OFFICERS
Conflicts of Interest
A "conflict of interest" occurs when a Senior Officer's private interests
interfere in any way - or even appear to interfere - with the interests of
or his/her service to a Fund. A conflict can arise when a Senior Officer
takes actions or has interests that may make it difficult to perform his or
her Fund work objectively and effectively. Conflicts of interest also arise
when a Senior Officer or a member of his/her family receives improper
personal benefits as a result of the Senior Officer's position with the Fund.
Certain conflicts of interest arise out of the relationships between Senior
Officers and the Fund and already are subject to conflict of interest
provisions in the Investment Company Act of 1940, as amended (the "ICA"),
and the Investment Advisers Act of 1940, as amended (the "IAA"). For
example, Senior Officers may not individually engage in certain transactions
(such as the purchase or sale of securities or other property) with the
Funds because of their status as "affiliated persons" of the Funds. The
Fund's and Pioneer's compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions. This Code
does not, and is not intended to, repeat or replace such policies and
procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal
benefit, conflicts arise as a result of the contractual relationship between
the Fund and Pioneer because the Senior Officers are officers or employees
of both. As a result, this Code recognizes that Senior Officers will, in the
normal course of their duties (whether formally for a Fund or for Pioneer,
or for both), be involved in establishing policies and implementing
decisions that will have different effects on Pioneer and the Fund. The
participation of Senior Officers in such activities is inherent in the
contractual relationship between a Fund and Pioneer and is consistent with
the performance by the Senior Officers of their duties as officers of the
Fund and, if addressed in conformity with the provisions of the ICA and the
IAA, will be deemed to have been handled ethically. In addition, it is
recognized by the Board that Senior Officers may also be officers of
investment companies other than the Pioneer Funds.
Other conflicts of interest are covered by this Code, even if such conflicts
of interest are not subject to provisions of the ICA or the IAA. In reading
the following examples of conflicts of interest under this Code, Senior
Officers should keep in mind that such a list cannot ever be exhaustive or
cover every possible
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scenario. It follows that the overarching principle is that the personal
interest of a Senior Officer should not be placed improperly before the
interest of a Fund.
Each Senior Officer must:
. Not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting
by a Fund whereby the Senior Officer would benefit personally to the
detriment of the Fund;
. Not cause a Fund to take action, or fail to take action, for the
individual personal benefit of the Senior Officer rather than the
benefit of the Fund; and
. Report at least annually any affiliations or other relationships that
give rise to conflicts of interest.
Any material conflict of interest situation should be approved by the CCO,
his or her designee or the Board. Examples of these include:
. Service as a director on the board of any public or private company;
. The receipt of any gift with a value in excess of an amount
established from time to time by Pioneer's Business Gift and
Entertainment Policy from any single non-relative person or entity.
Customary business lunches, dinners and entertainment at which both
the Senior Officer and the giver are present, and promotional items
of insignificant value are exempt from this prohibition;
. The receipt of any entertainment from any company with which a Fund
has current or prospective business dealings unless such
entertainment is business-related, reasonable in cost, appropriate as
to time and place, and not so frequent as to raise any question of
impropriety;
. Any ownership interest in, or any consulting or employment
relationship with, any of a Fund's service providers other than its
investment adviser, principal underwriter, administrator or any
affiliated person thereof; and
. A direct or indirect financial interest in commissions, transaction
charges or spreads paid by a Fund for effecting portfolio
transactions or for selling or redeeming shares other than an
interest arising from the Senior Officer's employment, such as
compensation or equity ownership.
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Corporate Opportunities
Senior Officers may not (a) take for themselves personally opportunities
that are discovered through the use of a Fund's property, information or
position; (b) use a Fund's property, information, or position for personal
gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to
advance their legitimate interests when the opportunity to do so arises.
Confidentiality
Senior Officers should maintain the confidentiality of information entrusted
to them by the Funds, except when disclosure is authorized or legally
mandated. Confidential information includes all non-public information that
might be of use to competitors, or harmful to the Funds, if disclosed.
Fair dealing with Fund shareholders, suppliers, and competitors
Senior Officers should endeavor to deal fairly with the Funds' shareholders,
suppliers, and competitors. Senior Officers should not take unfair advantage
of anyone through manipulation, concealment, abuse of privileged
information, misrepresentation of material facts, or any other
unfair-dealing practice. Senior Officers should not knowingly misrepresent
or cause others to misrepresent facts about a Fund to others, whether within
or outside the Fund, including to the Board, the Funds' auditors or to
governmental regulators and self-regulatory organizations.
Compliance with Law
Each Senior Officer must not knowingly violate any law, rule and regulation
applicable to his or her activities as an officer of the Funds. In addition,
Senior Officers are responsible for understanding and promoting compliance
with the laws, rules and regulations applicable to his or her particular
position and by persons under the Senior Officer's supervision. Senior
Officers should endeavor to comply not only with the letter of the law, but
also with the spirit of the law.
Disclosure
Each Senior Officer should familiarize himself or herself with the
disclosure requirements generally applicable to the Funds. Each Senior
Officer should, to the extent appropriate within his or her area of
responsibility, consult with other officers of the Funds and Pioneer with
the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents a Fund files with, or submits to,
the SEC and in other public communications made by the Funds.
INITIAL AND ANNUAL CERTIFICATIONS
Upon becoming a Senior Officer the Senior Officer is required to certify
that he or she has received, read, and understands this Code. On an annual
basis, each Senior Officer must certify that he or she has complied with all
of the applicable requirements of this Code.
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ADMINISTRATION AND ENFORCEMENT OF THE CODE
Report of Violations
Pioneer relies on each Senior Officer to report promptly if he or she knows
of any conduct by a Senior Officer in violation of this Code. All violations
or suspected violations of this Code must be reported to the CCO or a member
of Pioneer's Legal and Compliance Department. Failure to do so is itself a
violation of this Code.
Investigation of Violations
Upon notification of a violation or suspected violation, the CCO or other
members of Pioneer's Compliance Department will take all appropriate action
to investigate the potential violation reported. If, after such
investigation, the CCO believes that no violation has occurred, the CCO and
Compliance Department is not required to take no further action. Any matter
the CCO believes is a violation will be reported to the Independent
Trustees. If the Independent Trustees concur that a violation has occurred,
they will inform and make a recommendation to the full Board. The Board
shall be responsible for determining appropriate action. The Funds, their
officers and employees, will not retaliate against any Senior Officer for
reports of potential violations that are made in good faith and without
malicious intent.
The CCO or his or her designee is responsible for applying this Code to
specific situations in which questions are presented under it and has the
authority to interpret this Code in any particular situation. The CCO or his
or her designee shall make inquiries regarding any potential conflict of
interest.
Violations and Sanctions
Compliance with this Code is expected and violations of its provisions will
be taken seriously and could result in disciplinary action. In response to
violations of the Code, the Board may impose such sanctions as it deems
appropriate within the scope of its authority over Senior Officers,
including termination as an officer of the Funds.
Waivers from the Code
The Independent Trustees will consider any approval or waiver sought by any
Senior Officer.
The Independent Trustees will be responsible for granting waivers, as
appropriate. Any change to or waiver of this Code will, to the extent
required, be disclosed as provided by SEC rules.
OTHER POLICIES AND PROCEDURES
This Code shall be the sole Code of Ethics adopted by the Funds for purposes
of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder. The Funds', Pioneer's, and
Pioneer Funds Distributor, Inc.'s Codes of Ethics under Rule 17j-1 under the
ICA and Rule 204A-1 of the IAA are separate requirements applying to the
Senior Officers and others, and are not a part of this Code. To the extent
any other policies and procedures of the Funds, Pioneer or Pioneer
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Fund Distributor, Inc. overlap or conflict with the provisions of the this
Code, they are superseded by this Code.
SCOPE OF RESPONSIBILITIES
A Senior Officer's responsibilities under this Code are limited to Fund
matters over which the Senior Officer has direct responsibility or control,
matters in which the Senior Officer routinely participates, and matters with
which the Senior Officer is otherwise involved. In addition, a Senior
Officer is responsible for matters of which the Senior Officer has actual
knowledge.
AMENDMENTS
This Code other than Exhibit A may not be amended except in a writing that
is specifically approved or ratified by a majority vote of the Board,
including a majority of the Independent Trustees.
CONFIDENTIALITY
All reports and records prepared or maintained pursuant to this Code will be
considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the Board and their counsel or to Pioneer's
Legal and Compliance Department.
INTERNAL USE
This Code is intended solely for the internal use by the Funds and does not
constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion.
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EXHIBIT A - SENIOR OFFICERS OF THE PIONEER FUNDS
President (Principal Executive Officer)
Treasurer (Principal Financial Officer)
Code of Ethics for Senior Officers
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