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Home Funds & Products Mutual Funds Printable Version

Pioneer Floating Rate Fund


Strategy

FUND STRATEGY

The Fund seeks a high level of current income.


PORTFOLIO MANAGEMENT PERSPECTIVE

"Our approach is to focus on higher quality loans than is typical for most bank loan funds, which we hope will allow for downside protection that will help manage risk. This may be an option for investors who want to diversify their fixed-income portfolios with a fund that may help protect their portfolios against a rise in interest rate."

Fund commentary with performance analysis

A WORD ABOUT RISK

Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative. Below investment grade debt securities involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities. The Fund may invest in high yield securities of any rating, including securities that are in default at the time of purchase. Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating rate investments. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. These risks may increase share price volatility.


Fund Facts

As of April 30, 2016

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 212 funds in the Bank Loan Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 4/30/16

The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Floating Rate Fund was rated exclusively against U.S.-domiciled bank loan funds as follows: 4 and 4 stars (load waived) and 2 and 2 stars (load adjusted) among 212 and 157 funds for the three- and five-year periods ended 4/30/16, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2016 Morningstar, Inc. All Rights Reserved.

ClassA SharesC SharesK SharesY Shares*
CUSIP72387S10072387S20972387S87872387S308
Nasdaq SymbolFLARXFLRCXFLRKXFLYRX
Inception Date/
Performance Inception Date
2/14/20072/14/20072/14/20072/14/2007
Total Net Assets (millions)$183.5$88.7$.7$370.1
Initial Minimum Invest.$1,000$1,000$5,000,000$5,000,000
Management Fee0.59%0.59%0.59%0.59%
Expense Ratio (Gross)1.10%1.84%0.73%0.82%
Expense Ratio (Net)1.10%1.84%0.73%0.70%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
The Net Expense Ratio reflects contractual expense limitations currently in effect through 3/1/2017 for Class Y Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of April 30, 2016

30-day SEC Yield With Expense Waiver
Class A
Class C
Class K
Class Y

3.48%
2.91%
3.90%
3.91%
30-day SEC Yield Without Expense Waiver
Class A
Class C
Class K
Class Y

3.48%
2.91%
3.90%
3.79%
Weighted Average Life of Securities3.30 Years
Weighted Average Maturity4.60 Years
Duration0.43 Years
Total Holdings499
Turnover24%

The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.

The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).


Portfolio Management


Jonathan Sharkey, Portfolio Manager
Mr. Sharkey, a senior vice president, joined Pioneer in 2006 and has been an investment professional since 1994.



Not FDIC insured May lose value No bank guarantee

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2016 Pioneer Investments.