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 811-09223
Pioneer Series Trust XIV
(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 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: September 30, 2021
Date of reporting period: October 1, 2020 through September 30, 2021
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.
Pioneer Strategic Income Fund
Annual Report | September 30, 2021
A: PSRAX | C: PSRCX | K: STRKX | R: STIRX | Y: STRYX |
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Strategic Income Fund | Annual Report | 9/30/21 1
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2021
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 Strategic Income Fund | Annual Report | 9/30/21 3
Portfolio Management Discussion | 9/30/21
In the following interview, Andrew Feltus and Jonathan Scott discuss the factors that affected the performance of Pioneer Strategic Income Fund during the 12-month period ended September 30, 2021. Mr. Feltus, CFA, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Scott, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund, along with Brad Komenda, Deputy Director of Investment-Grade Corporates, a senior vice president, and a portfolio manager at Amundi US, and Kenneth J. Taubes, Executive Vice President, Chief Investment Officer, US, and a portfolio manager at Amundi US.
Q | How did the Fund perform during the 12-month period ended September 30, 2021? |
A | Pioneer Strategic Income Fund’s Class A shares returned 8.04% at net asset value during the 12-month period ended September 30, 2021, while the Fund’s benchmark, the Bloomberg US Universal Index (the Bloomberg Index), returned 0.20%. During the same period, the average return of the 337 mutual funds in Morningstar’s Multisector Bond Funds category was 6.52%. |
Q | How would you describe the market environment for fixed-income investments during the 12-month period ended September 30, 2021? |
A | On the heels of a strong summer of 2020 in the market for so-called riskier assets, macroeconomic uncertainty returned in September 2020 and weighed on both investor sentiment and risk-asset performance. |
Factors such as the November US elections (and the related future of additional fiscal stimulus spending by the US government), and the ongoing COVID-19 situation, including a notable uptick in European cases that reignited fears of another wave of US infections and renewed economic lockdown measures, were among the key issues driving the uncertainty. But, as we moved beyond those issues, the market environment had improved by the end of 2020.
First, the US election season concluded with a clear picture of the political leadership situation in Washington, DC heading into 2021. Then, the US economic outlook received two “shots in the arm” during December, as a pair of COVID-19 vaccines were authorized for emergency use by the US Food and Drug Administration, and Congress finally reached agreement on a $900 billion COVID relief package (followed by an even larger stimulus package in January). Markets viewed the vaccines as bringing forward the timing of a return to economic normalcy, while the additional
4 Pioneer Strategic Income Fund | Annual Report | 9/30/21
spending was seen as offering much needed support for many individuals and businesses. Investors elected to focus attention on those positive developments and looked beyond regional surges in COVID-19 cases, as well as select data suggesting a slowing in the rate of economic recovery. As a result of the more optimistic views of market participants, riskier assets rallied and Treasury yields moved higher.
As the 12-month period progressed, the continued dovish posture of the US Federal Reserve (Fed) on monetary policy lent further support to the markets, as Federal Open Market Committee (FOMC) members hinted at a desire to remain “on the sidelines” with regard to major policy changes until at least 2023. The Fed based its projection on the view that near-term increases in inflation above the usual 2% target would be transitory, and not structural. The Fed also messaged that it would look at average inflation over time, rather than feeling compelled to raise interest rates based on an isolated uptick in prices for certain goods and services.
However, the “reflation trade” wobbled during June 2021, as market participants navigated around growing apprehension over the spread of COVID-19 variants and a somewhat “hawkish” FOMC meeting that month. Treasury-market investors reacted to the updated Fed “dot plot” displaying FOMC member forecasts that pointed to a median federal funds target rate of 0.625% by year-end 2023, or 50 basis points (bps) higher than the March forecast. The Treasury yield curve saw short-end yields rise and long-end yields decline, while longer-term inflation expectations moved lower. The movement suggested investors’ doubts regarding the Fed’s long-term commitment to its current average inflation-targeting framework. (The Fed’s “dot” plot/projection is a quarterly chart summarizing the outlook for the federal funds rate for each of the FOMC’s meeting participants. A basis point is equal to 1/100th of a percentage point.)
The hawks prevailed during the September FOMC debate as to when to start tapering the asset purchases the Fed had implemented shortly after the outset of the pandemic, and at what pace. The FOMC signaled, and Fed Chair Powell affirmed, that tapering could begin as early as November and be completed by the middle of next year.
The weak fixed-income performance over the 12-month period, as reflected in the 0.09% return of the Fund’s benchmark, the Bloomberg US Universal Index, owed mainly to a notable rise in Treasury yields. Returns for longer-maturity Treasuries were well into negative territory for the period, while investment-grade corporate bonds posted modest positive results. Securitized asset returns were slightly negative overall for the 12-month period, with asset-backed securities (ABS) holding up
Pioneer Strategic Income Fund | Annual Report | 9/30/21 5
somewhat better than other segments, given strong consumer spending. Outside of the investment-grade universe, high-yield corporate issues, which are less sensitive to interest-rate movements, delivered double-digit gains for the 12-month period. Other riskier asset classes, such as emerging markets debt and convertible bonds, also posted strong performance over the past year.
Within corporate bonds, sectors that had felt the worst effects of the COVID-19 crisis in the first half of 2020 led performance over the 12-month period, as investors anticipated a broader economic reopening. That scenario was most evident in two of the biggest “reopening” sectors, energy and air transportation, which led the way. In contrast, sectors that were more “up in quality,” or that had been relatively insulated from the worst effects of COVID-19, underperformed for the 12-month period, including telecommunications and food & drug retail. With respect to ratings, lower-quality debt outperformed higher quality over the period.
Q | What factors affected the Fund’s performance relative to the benchmark Bloomberg Index during the 12-month period ended September 30, 2021? |
A | As a multisector fixed-income portfolio, we have managed the Fund in a way that seeks to deliver strong returns, while trying to keep portfolio volatility at a level similar to that typically experienced by the Fund’s benchmark, by investing across a diversified* range of investment-grade and non-investment-grade global fixed-income asset classes. We seek to add relative value to the Fund’s performance versus the benchmark through both sector allocation and security selection, focusing on “spread” sectors that trade at a yield advantage relative to US |
Treasuries. (Spread sectors are defined as non-governmental fixed-income market sectors that offer higher yields, at greater risk, than governmental investments.)
Spread sectors include corporate bonds, agency mortgaged-backed securities (MBS), other securitized assets, and emerging markets issues, which have typically offered higher risk-adjusted returns than Treasuries as well as greater security selection opportunities. Taking a dynamic approach to sector allocation, we strive to increase the Fund’s risk profile when we believe markets are offering proper compensation for taking on additional risk, and reducing the risk profile if we feel values available in the markets are less attractive.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer Strategic Income Fund | Annual Report | 9/30/21
For the 12-month period, the largest positive contributor to the Fund’s benchmark-relative performance was asset allocation. After the pandemic-induced market sell-off in March of 2020, we had added credit risk to the portfolio; therefore, the Fund had an aggressive positioning within credit-sensitive securities as the period began, which benefited relative returns. Over the course of the 12-month period, we reduced the Fund’s exposure to investment-grade corporates, moving to an underweight versus the Bloomberg Index. We also trimmed the Fund’s high-yield corporate positions, but maintained an overweight relative to the benchmark.
Security selection also benefited the Fund’s relative returns over the period, highlighted by holdings in the industrials sector and, to a lesser extent, in financials (within corporate bonds). The portfolio’s corporate exposures fared well, most notably commodity-related issues, along with issuers in sectors that had experienced the most severe effects of the COVID-19 crisis, including domestic airlines. The Fund’s financials holdings rose in value on the strong performance of both surplus notes of US insurers and the convertible preferred issues of European banks. Outside of corporates, the Fund’s agency MBS exposures reflected strong results from the portfolio’s allocation to TBA (to be announced) securities and higher-coupon holdings that experienced declining prepayments.
The Fund’s short US-duration position versus the benchmark aided relative performance over the 12-month period as interest rates moved higher and the US yield curve steepened significantly. A short-duration position in German sovereign bonds also contributed positively to performance. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.)
Modest portfolio allocations to Treasury inflation-protected securities (TIPS) and non-US dollar (USD) securities benefited from rising inflation expectations, while a significant underweight to US Treasuries also proved beneficial for the Fund’s relative performance as interest rates rose over the period. Finally, the Fund’s allocation to non-agency MBS benefited from strong performance within holdings of credit-risk-transfer securities, which appreciated due to strong home-price appreciation.
The Fund outperformed its benchmark by a wide margin over the period, and so there were few detractors from relative returns. The most significant constraint on benchmark-relative results for the 12-month period was the portfolio’s cash position, which we maintain to help backstop overall liquidity. Some of the Fund’s convertible bond holdings also underperformed and weighed slightly on relative returns.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 7
Q | Did the Fund have any exposure to derivative securities during the 12-month period ended September 30, 2021? If so, did the derivatives have a material effect on performance? |
A | Yes, we invested the Fund in multiple types of derivatives during the period, including Treasury futures, credit-default swaps, and forward foreign currency contracts (“currency forwards”). The exposure to Treasury futures was part of our strategy to maintain a shorter-than-benchmark duration in the portfolio, which we discussed earlier. We used the investments in credit-default swaps to manage the Fund’s exposure to credit-sensitive sectors; the swaps that we used for hedging purposes (short risk) resulted in a negative effect on relative returns, while swap positions with long risk exposure aided relative performance. (A long position refers to the purchase of an asset with the expectation it will increase in value.) The Fund’s exposure to currency forwards was a technique used to manage the risks associated with the portfolio’s allocation to non-USD currencies; the tactic had a mixed effect on benchmark-relative results, as the hedges helped performance, and the longer exposures detracted from performance. |
Q | Did the Fund’s dividend** (or yield) to shareholders change during the 12-month period ended September 30, 2021? |
A | The Fund’s dividend yield declined over the 12-month period as spreads narrowed in the credit-oriented areas of the market. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) |
Q | What is your investment outlook? |
A | In our view, the COVID-19 situation remains a key driver of global economic activity and, in turn, of the performance of financial markets. |
Though the spread of the highly contagious “Delta” variant of the virus has led to an increase in infection rates, we do not expect that development to derail the recovery already underway in major developed economies, where vaccination rates have been relatively high. While vaccines do not provide 100 percent protection against infection, “breakthrough” infections appear to be less severe and have resulted in fewer hospitalizations and deaths. We believe it is important to keep that in mind as the pandemic eventually becomes endemic and the world transitions from “fighting” COVID to “living with” COVID.
** Dividends are not guaranteed.
8 Pioneer Strategic Income Fund | Annual Report | 9/30/21
We remain positive on the fundamental outlook for the performance of credit-oriented assets, given a backdrop of strong economic growth, low default rates, accommodative Fed monetary policy, and continued global demand for yield. Likewise, the US consumer appears to be in strong shape, with lower unemployment, rising wages, and higher overall net worth driven in significant part by the housing market. We view spreads for corporate credit as relatively tight, and see that as a limiting factor on return potential going forward. Currently, we prefer investments in securitized assets for the Fund, where the health of the consumer could continue to support performance. Within both sectors, we expect security selection to be a larger contributor to returns in the future, as opposed to pure “beta” exposures. (Beta measures an investment’s sensitivity to market movements in relation to an index. A beta of 1 indicates that the security’s price has moved with the market. A beta of less than 1 means that the security has been less volatile than the market. A beta of greater than 1 indicates that the security’s price has been more volatile than the market.)
As the Fed begins shifting to a more hawkish position, starting with the tapering of its asset purchases this fall, we believe market volatility could increase. In our view, inflation may not turn out to be transitory, and so the Fed will have to work to catch up.
We believe the Fund is currently positioned to take advantage of potential opportunities that may arise from any market dislocation driven by the perception that the Fed has erred on monetary policy, either by being too “tight” or too “loose”.
Please refer to the Schedule of Investments on pages 20–85 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 and heightened uncertainty. The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 9
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and financial markets generally.
When interest rates rise, the prices of fixed-income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities held by the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay 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 securities issued by U.S. government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. government.
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.
The Fund may invest in insurance-linked securities. The return of principal and the payment of interest on insurance-linked securities are contingent on the non-occurrence of a predefined “trigger” event that leads to physical or economic loss, such as a hurricane or an aerospace catastrophe. Insurance-linked securities may expose the Fund to other risks, including, but not limited to, issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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.
10 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Portfolio Diversification
(As a percentage of total investments)*
† Amount rounds to less than 0.1%.
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Fannie Mae, 2.5%, 10/1/51 (TBA) | 3.95% |
2. | Fannie Mae, 4.5%, 10/1/51 (TBA) | 2.95 |
3. | U.S. Treasury Note, 0.125%, 5/31/23 | 2.68 |
4. | U.S. Treasury Bills, 10/14/21 | 2.42 |
5. | U.S. Treasury Bills, 12/2/21 | 2.13 |
6. | Fannie Mae, 3.5%, 10/1/51 (TBA) | 2.11 |
7. | U.S. Treasury Bills, 10/5/21 | 1.94 |
8. | U.S. Treasury Bills, 11/23/21 | 1.94 |
9. | U.S. Treasury Bills, 11/26/21 | 1.94 |
10. | Wells Fargo & Co., 7.5% | 1.77 |
* | 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 securities. |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 11
Prices and Distributions | 9/30/21
Net Asset Value per Share | ||
Class | 9/30/21 | 9/30/20 |
A | $11.38 | $10.91 |
C | $11.14 | $10.67 |
K | $11.40 | $10.92 |
R | $11.58 | $11.09 |
Y | $11.38 | $10.91 |
Distributions per Share: 10/1/20–9/30/21 | ||||
Net Investment | Short-Term | Long-Term | Tax Return | |
Class | Income | Capital Gains | Capital Gains | of Capital |
A | $0.3980 | $ — | $ — | $ — |
C | $0.3106 | $ — | $ — | $ — |
K | $0.4461 | $ — | $ — | $ — |
R | $0.3645 | $ — | $ — | $ — |
Y | $0.4333 | $ — | $ — | $ — |
Index Definitions
The Bloomberg U.S. Universal Index is an unmanaged index that represents the union of the U.S. Aggregate Index, the U.S. High Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-ERISA portion of the CMBS Index, and the CMBS High Yield Index. Municipal debt, private placements and non-dollar-denominated issues are excluded. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 13–17.
12 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Strategic Income Fund at public offering price during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
Net | Public | Bloomberg | |
Asset | Offering | U.S. | |
Value | Price | Universal | |
Period | (NAV) | (POP) | Index |
10 years | 4.80% | 4.32% | 3.46% |
5 years | 4.42 | 3.47 | 3.30 |
1 year | 8.04 | 3.17 | 0.20 |
Expense Ratio |
(Per prospectus dated February 1, 2021) |
Gross |
1.06% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. NAV 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.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 13
Performance Update | 9/30/21 | 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 Strategic Income Fund during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
Bloomberg | |||
U.S. | |||
If | If | Universal | |
Period | Held | Redeemed | Index |
10 years | 4.10% | 4.10% | 3.46% |
5 years | 3.74 | 3.74 | 3.30 |
1 year | 7.37 | 7.37 | 0.20 |
Expense Ratio |
(Per prospectus dated February 1, 2021) |
Gross |
1.73% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. “If Redeemed” 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.
14 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Strategic Income Fund during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
Net | Bloomberg | |
Asset | U.S. | |
Value | Universal | |
Period | (NAV) | Index |
10 years | 5.21% | 3.46% |
5 years | 4.87 | 3.30 |
1 year | 8.58 | 0.20 |
Expense Ratio | |
(Per prospectus dated February 1, 2021) | |
Gross | Net |
0.62% | 0.59%* |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 20, 2012, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning December 20, 2012, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
* Effective October 1, 2021, Amundi US has contractually agreed to waive and/or reimburse ordinary operating expenses to the extent required to reduce Fund expenses to 0.59% of the average daily net assets attributable to Class K shares. This expense limitation will be in effect through February 1, 2025. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 15
Performance Update | 9/30/21 | 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 Strategic Income Fund during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
Net | Bloomberg | |
Asset | U.S. | |
Value | Universal | |
Period | (NAV) | Index |
10 years | 4.46% | 3.46% |
5 years | 4.11 | 3.30 |
1 year | 7.77 | 0.20 |
Expense Ratio |
(Per prospectus dated February 1, 2021) |
Gross |
1.40% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 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.
16 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Strategic Income Fund during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
Net | Bloomberg | |
Asset | U.S. | |
Value | Universal | |
Period | (NAV) | Index |
10 years | 5.13% | 3.46% |
5 years | 4.76 | 3.30 |
1 year | 8.37 | 0.20 |
Expense Ratio | |
(Per prospectus dated February 1, 2021) | |
Gross | Net |
0.74% | 0.69%* |
Call 1-800-225-6292 or visit www.amundi.com/us 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.
* Effective October 1, 2021, Amundi US has contractually agreed to waive and/or reimburse ordinary operating expenses to the extent required to reduce Fund expenses to 0.69% of the average daily net assets attributable to Class Y shares. This expense limitation will be in effect through February 1, 2025. There can be no assurance that Amundi US 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.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 17
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 ÷ $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 Strategic Income Fund
Based on actual returns from April 1, 2021 through September 30, 2021.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 4/1/21 | |||||
Ending Account Value | $1,033.88 | $1,030.52 | $1,035.97 | $1,032.77 | $1,035.35 |
(after expenses) | |||||
on 9/30/21 | |||||
Expenses Paid | $5.40 | $8.81 | $3.22 | $6.98 | $3.78 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.06%, 1.73%, 0.63%, 1.37%, and 0.74% for Class A, Class C, Class K, Class R and Class Y respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
18 Pioneer Strategic Income Fund | Annual Report | 9/30/21
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 Strategic Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2021 through September 30, 2021.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 4/1/21 | |||||
Ending Account Value | $1,019.75 | $1,016.39 | $1,021.91 | $1,018.20 | $1,021.36 |
(after expenses) | |||||
on 9/30/21 | |||||
Expenses Paid | $5.37 | $8.74 | $3.19 | $6.93 | $3.75 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 1.06%, 1.73%, 0.63%, 1.37%, and 0.74% for Class A, Class C, Class K, Class R and Class Y respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 19
Schedule of Investments | 9/30/21
Shares | Value | ||
UNAFFILIATED ISSUERS — 109.2% | |||
COMMON STOCKS — 0.0%† of Net Assets | |||
Auto Components — 0.0%† | |||
1,316 | Lear Corp. | $ 205,928 | |
Total Auto Components | $ 205,928 | ||
Household Durables — 0.0%† | |||
1,018,282(a) | Desarrolladora Homex SAB de CV | $ 3,455 | |
Total Household Durables | $ 3,455 | ||
Oil, Gas & Consumable Fuels — 0.0%† | |||
9,565,478+^(a) | Ascent CNR Corp. | $ 286,964 | |
2,013(a) | Frontera Energy Corp. | 12,038 | |
Total Oil, Gas & Consumable Fuels | $ 299,002 | ||
Paper & Forest Products — 0.0%† | |||
162,828 | Emerald Plantation Holdings, Ltd. | $ 1,954 | |
Total Paper & Forest Products | $ 1,954 | ||
Specialty Retail — 0.0%† | |||
111,548+^(a) | Targus Cayman SubCo, Ltd. | $ 170,668 | |
Total Specialty Retail | $ 170,668 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,215,239) | $ 681,007 | ||
CONVERTIBLE PREFERRED STOCK — 1.9% of | |||
Net Assets | |||
Banks — 1.9% | |||
61,824(b) | Wells Fargo & Co., 7.5% | $ 91,623,168 | |
Total Banks | $ 91,623,168 | ||
TOTAL CONVERTIBLE PREFERRED STOCK | |||
(Cost $83,234,702) | $ 91,623,168 | ||
PREFERRED STOCK — 0.1% of Net Assets | |||
Equity Real Estate Investment Trusts (REITs) — 0.1% | |||
3,250(b) | Firstar Realty LLC, 8.875% (144A) | $ 3,380,000 | |
Total Equity Real Estate Investment Trusts (REITs) | $ 3,380,000 | ||
TOTAL PREFERRED STOCK | |||
(Cost $4,200,625) | $ 3,380,000 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
ASSET BACKED SECURITIES — 9.1% of | ||
Net Assets | ||
500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | |
Class C, 9.36%, 1/15/48 (144A) | $ 588,799 | |
500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | |
Class D, 10.81%, 1/15/50 (144A) | 579,400 | |
4,000,000(c) | 522 Funding CLO, Ltd., Series 2019-4A, Class E, 7.134% | |
(3 Month USD LIBOR + 700 bps), 4/20/30 (144A) | 3,945,420 | |
5,314,685 | A10 Bridge Asset Financing LLC, Series 2019-B, | |
Class A1, 3.085%, 8/15/40 (144A) | 5,347,645 | |
3,500,000 | A10 Bridge Asset Financing LLC, Series 2019-B, | |
Class D, 4.523%, 8/15/40 (144A) | 3,510,887 | |
1,022,042 | Accelerated Assets LLC, Series 2018-1, Class B, 4.51%, | |
12/2/33 (144A) | 1,054,065 | |
1,444,795 | Accelerated Assets LLC, Series 2018-1, Class C, 6.65%, | |
12/2/33 (144A) | 1,519,504 | |
1,750,000(c) | AIG CLO, Ltd., Series 2019-2A, Class E, 7.375% (3 Month | |
USD LIBOR + 725 bps), 10/25/32 (144A) | 1,750,614 | |
1,513,000 | Amur Equipment Finance Receivables VI LLC, Series | |
2018-2A, Class E, 5.45%, 11/20/23 (144A) | 1,525,719 | |
3,000,000 | Amur Equipment Finance Receivables VII LLC, Series | |
2019-1A, Class E, 4.47%, 3/20/25 (144A) | 3,014,792 | |
2,000,000(c) | Apidos CLO XXXII, Series 2019-32A, Class E, 6.884% | |
(3 Month USD LIBOR + 675 bps), 1/20/33 (144A) | 2,000,322 | |
3,975,000(c) | Arbor Realty Commercial Real Estate Notes Ltd., Series | |
2021-FL3, Class D, 2.285% (1 Month USD LIBOR + | ||
220 bps), 8/15/34 (144A) | 3,972,519 | |
5,000,000(c) | Assurant CLO, Ltd., Series 2019-5A, Class E, 7.466% | |
(3 Month USD LIBOR + 734 bps), 1/15/33 (144A) | 4,999,750 | |
2,040,000 | Avid Automobile Receivables Trust, Series 2019-1, | |
Class D, 4.03%, 7/15/26 (144A) | 2,091,180 | |
3,295,000(c) | Battalion CLO IX, Ltd., Series 2015-9A, Class ER, 6.376% | |
(3 Month USD LIBOR + 625 bps), 7/15/31 (144A) | 3,226,784 | |
1,500,000(c) | Battalion CLO VII, Ltd., Series 2014-7A, Class CRR, | |
3.064% (3 Month USD LIBOR + 293 bps), 7/17/28 | ||
(144A) | 1,501,971 | |
2,000,000(c) | Battalion CLO VII, Ltd., Series 2014-7A, Class ERR, | |
8.714% (3 Month USD LIBOR + 858 bps), | ||
7/17/28 (144A) | 1,944,870 | |
1,500,000(c) | BDS, Ltd., Series 2020-FL5, Class C, 2.214% (SOFR30A + | |
216 bps), 2/16/37 (144A) | 1,500,477 | |
1,600,000(c) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
Class D, 3.926% (3 Month USD LIBOR + 380 bps), | ||
1/15/33 (144A) | 1,602,499 | |
4,000,000(c) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
Class E, 7.146% (3 Month USD LIBOR + 702 bps), | ||
1/15/33 (144A) | 3,982,308 | |
4,426,823 | Blackbird Capital Aircraft, Series 2021-1A, Class B, | |
3.446%, 7/15/46 (144A) | 4,447,761 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 21
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
ASSET BACKED SECURITIES — (continued) | ||
3,000,000(c) | Carlyle US CLO, Ltd., Series 2019-4A, Class C, 4.126% | |
(3 Month USD LIBOR + 400 bps), 1/15/33 (144A) | $ 3,007,230 | |
2,750,000 | Carvana Auto Receivables Trust, Series 2019-4A, | |
Class E, 4.7%, 10/15/26 (144A) | 2,872,778 | |
4,250,000(c) | Catskill Park CLO, Ltd., Series 2017-1A, Class D, 6.134% | |
(3 Month USD LIBOR + 600 bps), 4/20/29 (144A) | 4,221,049 | |
2,029,190(d) | Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1, | |
Class B2, 3.109%, 9/25/64 (144A) | 1,992,163 | |
98,836 | Commonbond Student Loan Trust, Series 2017-BGS, | |
Class C, 4.44%, 9/25/42 (144A) | 102,587 | |
5,951,762 | Conn’s Receivables Funding LLC, Series 2019-B, | |
Class C, 4.6%, 6/17/24 (144A) | 5,971,669 | |
3,155,000 | Continental Credit Card ABS LLC, Series 2019-1A, | |
Class C, 6.16%, 8/15/26 (144A) | 3,282,061 | |
1,000,000 | Crossroads Asset Trust, Series 2021-A, Class E, 5.48%, | |
1/20/28 (144A) | 996,591 | |
2,300,000 | DataBank Issuer, Series 2021-1A, Class C, 4.43%, | |
2/27/51 (144A) | 2,323,013 | |
2,450,135 | Diamond Resorts Owner Trust, Series 2019-1A, Class C, | |
4.02%, 2/20/32 (144A) | 2,515,457 | |
5,000,000(c) | Dryden 78 CLO, Ltd., Series 2020-78A, Class E, 6.734% | |
(3 Month USD LIBOR + 660 bps), 4/17/33 (144A) | 5,008,450 | |
745,000 | Encina Equipment Finance LLC, Series 2021-1A, | |
Class E, 4.36%, 3/15/29 (144A) | 758,881 | |
6,000,000 | ExteNet LLC, Series 2019-1A, Class C, 5.219%, | |
7/26/49 (144A) | 6,239,685 | |
1,250,000 | Fair Square Issuance Trust, Series 2020-AA, Class C, | |
5.4%, 9/20/24 (144A) | 1,261,330 | |
4,100,000 | Fair Square Issuance Trust, Series 2020-AA, Class D, | |
6.86%, 9/20/24 (144A) | 4,134,746 | |
8,000,000 | Finance of America Structured Securities Trust, | |
1.75%, 9/25/51 | 7,922,500 | |
6,748,070 | Finance of America Structured Securities Trust, Series | |
2019-A, Class JR2, 2.0%, 3/25/69 | 7,343,876 | |
5,873,527 | Finance of America Structured Securities Trust, Series | |
2019-JR3, Class JR2, 2.0%, 9/25/69 | 6,357,445 | |
8,091,535 | Finance of America Structured Securities Trust, Series | |
2021-JR1, Class JR2, 0.0%, 4/25/51 (144A) | 8,082,062 | |
2,250,000(c) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class C, | |
4.484% (3 Month USD LIBOR + 435 bps), | ||
1/20/33 (144A) | 2,252,653 | |
3,000,000(c) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class D, | |
7.834% (3 Month USD LIBOR + 770 bps), | ||
1/20/33 (144A) | 2,944,155 | |
3,300,000(c) | Fort Washington CLO, Series 2019-1A, Class E, 7.384% | |
(3 Month USD LIBOR + 725 bps), 10/20/32 (144A) | 3,300,264 | |
5,500,000 | Four Seas LP, Series 2017-1A, Class A2, 5.927%, | |
8/28/27 (144A) | 4,888,990 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
ASSET BACKED SECURITIES — (continued) | ||
1,000,000 | Foursight Capital Automobile Receivables Trust, | |
Series 2018-2, Class F, 6.48%, 6/15/26 (144A) | $ 1,033,893 | |
126,676(d) | Gold Key Resorts LLC, Series 2014-A, Class C, 5.87%, | |
3/17/31 (144A) | 128,330 | |
5,022,000(c) | Goldentree Loan Management US CLO 2, Ltd., Series | |
2017-2A, Class E, 4.834% (3 Month USD LIBOR + | ||
470 bps), 11/28/30 (144A) | 4,776,213 | |
5,230,000(c) | Goldentree Loan Management US CLO 6, Ltd., Series | |
2019-6A, Class D, 3.984% (3 Month USD LIBOR + | ||
385 bps), 1/20/33 (144A) | 5,250,449 | |
1,250,000(c) | Gulf Stream Meridian 3, Ltd., Series 2021-IIIA, Class D, | |
6.876% (3 Month USD LIBOR + 675 bps), | ||
4/15/34 (144A) | 1,242,199 | |
3,375,600 | Hardee’s Funding LLC, Series 2018-1A, Class A2II, | |
4.959%, 6/20/48 (144A) | 3,585,134 | |
3,000,000(c) | Harriman Park CLO, Ltd., Series 2020-1A, Class DR, | |
3.234% (3 Month USD LIBOR + 310 bps), | ||
4/20/34 (144A) | 3,000,423 | |
10,000,000 | Hertz Vehicle Financing III LP, Series 2021-2A, Class D, | |
4.34%, 12/27/27 (144A) | 10,051,328 | |
10,200,000 | HOA Funding LLC - HOA, Series 2021-1A, Class A2, | |
4.723%, 8/20/51 (144A) | 10,388,669 | |
670,865 | Home Partners of America Trust, Series 2019-1, | |
Class F, 4.101%, 9/17/39 (144A) | 684,419 | |
3,175,000(c) | ICG US CLO, Ltd., Series 2016-1A, Class DRR, 7.57% | |
(3 Month USD LIBOR + 744 bps), 4/29/34 (144A) | 3,134,744 | |
2,250,000(c) | ICG US CLO, Ltd., Series 2021-1A, Class E, 6.464% | |
(3 Month USD LIBOR + 633 bps), 4/17/34 (144A) | 2,202,739 | |
3,680,285 | Icon Brand Holdings LLC, Series 2012-1A, Class A, | |
4.229%, 1/25/43 (144A) | 1,573,690 | |
640,609 | JG Wentworth XXII LLC, Series 2010-3A, Class A, | |
3.82%, 12/15/48 (144A) | 669,150 | |
3,070,000 | JPMorgan Chase Bank N.A. - CACLN, Series 2021-2, | |
Class F, 4.393%, 12/26/28 (144A) | 3,063,703 | |
5,000,000(c) | Kayne CLO 7, Ltd., Series 2020-7A, Class E, 6.634% | |
(3 Month USD LIBOR + 650 bps), 4/17/33 (144A) | 5,004,385 | |
2,150,000(c) | KREF Ltd., Series 2021-FL2, Class C, 2.084% (1 Month | |
USD LIBOR + 200 bps), 2/15/39 (144A) | 2,150,000 | |
725,000(c) | KREF Ltd., Series 2021-FL2, Class E, 2.934% (1 Month | |
USD LIBOR + 285 bps), 2/15/39 (144A) | 725,000 | |
5,000,000(c) | Madison Park Funding XXII, Ltd., Series 2016-22A, | |
Class ER, 6.826% (3 Month USD LIBOR + 670 bps), | ||
1/15/33 (144A) | 4,993,410 | |
7,000,000(c) | Madison Park Funding XXXVI, Ltd., Series 2019-36A, | |
Class E, 7.376% (3 Month USD LIBOR + 725 bps), | ||
1/15/33 (144A) | 7,003,444 | |
7,750,000 | Mercury Financial Credit Card Master Trust, Series | |
2021-1A, Class B, 2.33%, 3/20/26 (144A) | 7,699,495 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 23
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
ASSET BACKED SECURITIES — (continued) | ||
4,500,000(c) | MF1 Ltd., Series 2021-FL7, Class D, 2.645% (1 Month | |
USD LIBOR + 255 bps), 10/18/36 (144A) | $ 4,499,982 | |
7,500,000(c) | MF1 Ltd., Series 2021-FL7, Class E, 2.895% (1 Month | |
USD LIBOR + 280 bps), 10/18/36 (144A) | 7,499,962 | |
2,968,040(d) | Mill City Mortgage Loan Trust, Series 2017-3, Class B2, | |
3.25%, 1/25/61 (144A) | 3,027,392 | |
2,196,686(d) | Mill City Mortgage Loan Trust, Series 2018-2, Class B1, | |
3.75%, 5/25/58 (144A) | 2,259,139 | |
4,989,363(d) | Mill City Mortgage Loan Trust, Series 2018-3, Class B1, | |
3.25%, 8/25/58 (144A) | 4,978,161 | |
4,011,540 | Mosaic Solar Loan Trust, Series 2019-2A, Class D, | |
6.18%, 9/20/40 (144A) | 3,929,356 | |
4,705,000 | Mosaic Solar Loan Trust, Series 2021-1A, Class D, | |
3.71%, 12/20/46 (144A) | 4,695,795 | |
5,000,000(c) | Neuberger Berman CLO XVII, Ltd., Series 2014-17A, | |
Class ER2, 7.338% (3 Month USD LIBOR + 720 bps), | ||
4/22/29 (144A) | 5,002,115 | |
4,500,000(c) | Newark BSL CLO 1, Ltd., Series 2016-1A, Class DR, | |
6.379% (3 Month USD LIBOR + 625 bps), | ||
12/21/29 (144A) | 4,499,784 | |
634,680(c) | Newtek Small Business Loan Trust, Series 2017-1, | |
Class B, 3.086% (1 Month USD LIBOR + 300 bps), | ||
2/25/43 (144A) | 640,619 | |
4,360,000 | NMEF Funding LLC, Series 2019-A, Class D, 4.39%, | |
8/17/26 (144A) | 4,443,373 | |
1,100,000 | NMEF Funding LLC, Series 2021-A, Class D, 5.78%, | |
12/15/27 (144A) | 1,096,464 | |
2,000,000(c) | Octagon Investment Partners XXI, Ltd., Series | |
2014-1A, Class DRR, 7.125% (3 Month USD LIBOR + | ||
700 bps), 2/14/31 (144A) | 1,980,948 | |
1,119,000 | Octane Receivables Trust, Series 2020-1A, Class D, | |
5.45%, 3/20/28 (144A) | 1,149,354 | |
3,238,658 | Orange Lake Timeshare Trust, Series 2019-A, Class D, | |
4.93%, 4/9/38 (144A) | 3,335,913 | |
5,600,000(c) | Palmer Square Loan Funding, Ltd., Series 2020-1A, | |
Class D, 4.981% (3 Month USD LIBOR + 485 bps), | ||
2/20/28 (144A) | 5,475,154 | |
4,300,000 | PG Receivables Finance, Series 2020-1, Class C, 5.44%, | |
7/20/25 (144A) | 4,313,438 | |
5,000,000(c) | Race Point VIII CLO, Ltd., Series 2013-8A, Class DR2, | |
3.631% (3 Month USD LIBOR + 350 bps), | ||
2/20/30 (144A) | 4,999,960 | |
2,200,000 | Republic Finance Issuance Trust, Series 2019-A, | |
Class B, 3.93%, 11/22/27 (144A) | 2,238,146 | |
3,000,000 | Republic Finance Issuance Trust, Series 2019-A, | |
Class C, 5.1%, 11/22/27 (144A) | 3,020,367 | |
1,500,000 | Rosy, Series 2018-1, Class A1, 6.25%, 12/15/25 (144A) | 1,425,000 |
2,475,277 | Sierra Timeshare Receivables Funding LLC, Series | |
2019-1A, Class D, 4.75%, 1/20/36 (144A) | 2,541,941 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
ASSET BACKED SECURITIES — (continued) | ||
2,198,337 | Sierra Timeshare Receivables Funding LLC, Series | |
2020-2A, Class D, 6.59%, 7/20/37 (144A) | $ 2,314,221 | |
2,939,471 | Sierra Timeshare Receivables Funding LLC, Series | |
2021-1A, Class D, 3.17%, 11/20/37 (144A) | 2,952,684 | |
3,500,000(c) | Signal Peak CLO 2 LLC, Series 2015-1A, Class DR2, | |
2.984% (3 Month USD LIBOR + 285 bps), | ||
4/20/29 (144A) | 3,467,940 | |
5,000,000 | Small Business Lending Trust, Series 2019-A, Class C, | |
4.31%, 7/15/26 (144A) | 4,969,650 | |
4,750,000(c) | Sound Point CLO XXI, Ltd., Series 2018-3A, Class C, | |
3.425% (3 Month USD LIBOR + 330 bps), | ||
10/26/31 (144A) | 4,685,828 | |
1,200,000(c) | Sound Point CLO XXV, Ltd., Series 2019-4A, Class D, | |
4.236% (3 Month USD LIBOR + 411 bps), | ||
1/15/33 (144A) | 1,203,254 | |
7,000,000(c) | Sound Point CLO XXV, Ltd., Series 2019-4A, Class E, | |
7.746% (3 Month USD LIBOR + 762 bps), | ||
1/15/33 (144A) | 7,014,140 | |
3,000,000(c) | Sound Point CLO XXVIII, Ltd., Series 2020-3A, Class E, | |
7.025% (3 Month USD LIBOR + 690 bps), | ||
1/25/32 (144A) | 3,002,979 | |
2,200,000(c) | Symphony CLO XXII, Ltd., Series 2020-22A, Class C, | |
2.284% (3 Month USD LIBOR + 215 bps), | ||
4/18/33 (144A) | 2,203,986 | |
6,600,000(c) | Symphony CLO XXII, Ltd., Series 2020-22A, Class D, | |
3.284% (3 Month USD LIBOR + 315 bps), | ||
4/18/33 (144A) | 6,631,178 | |
11,300,000(d) | Towd Point Mortgage Trust, Series 2015-2, Class 1B3, | |
3.384%, 11/25/60 (144A) | 11,658,372 | |
3,100,000(d) | Towd Point Mortgage Trust, Series 2016-5, Class B2, | |
3.614%, 10/25/56 (144A) | 3,262,924 | |
4,102,000(d) | Towd Point Mortgage Trust, Series 2017-1, Class B2, | |
3.799%, 10/25/56 (144A) | 4,345,038 | |
5,000,000(d) | Towd Point Mortgage Trust, Series 2017-1, Class B3, | |
3.799%, 10/25/56 (144A) | 5,198,594 | |
9,175,000(d) | Towd Point Mortgage Trust, Series 2017-2, Class B2, | |
4.127%, 4/25/57 (144A) | 9,690,463 | |
6,374,998(d) | Towd Point Mortgage Trust, Series 2017-3, Class B3, | |
3.873%, 7/25/57 (144A) | 6,647,657 | |
7,000,000(d) | Towd Point Mortgage Trust, Series 2017-4, Class B1, | |
3.427%, 6/25/57 (144A) | 7,393,122 | |
4,750,000(d) | Towd Point Mortgage Trust, Series 2018-1, Class B1, | |
3.779%, 1/25/58 (144A) | 5,078,617 | |
8,000,000(d) | Towd Point Mortgage Trust, Series 2018-3, Class M1, | |
3.875%, 5/25/58 (144A) | 8,491,282 | |
7,500,000(d) | Towd Point Mortgage Trust, Series 2018-3, Class M2, | |
3.875%, 5/25/58 (144A) | 7,916,031 | |
3,750,000(d) | Towd Point Mortgage Trust, Series 2019-4, Class M2B, | |
3.25%, 10/25/59 (144A) | 3,888,424 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 25
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
ASSET BACKED SECURITIES — (continued) | ||
2,750,000 | Tricolor Auto Securitization Trust, Series 2021-1A, | |
Class F, 5.08%, 5/15/28 (144A) | $ 2,742,226 | |
4,250,000 | Tricon American Homes Trust, Series 2020-SFR2, | |
Class E1, 2.73%, 11/17/39 (144A) | 4,211,455 | |
4,250,000 | United Auto Credit Securitization Trust, Series 2019-1, | |
Class F, 6.05%, 1/12/26 (144A) | 4,312,125 | |
1,000,000 | Upstart Securitization Trust, Series 2021-1, Class C, | |
4.06%, 3/20/31 (144A) | 1,026,999 | |
2,233,779 | Westgate Resorts LLC, Series 2018-1A, Class C, 4.1%, | |
12/20/31 (144A) | 2,250,385 | |
2,679,292 | Westgate Resorts LLC, Series 2020-1A, Class C, 6.213%, | |
3/20/34 (144A) | 2,815,303 | |
4,000,000(c) | Whitebox CLO II, Ltd., Series 2020-2A, Class E, 7.975% | |
(3 Month USD LIBOR + 785 bps), 10/24/31 (144A) | 3,999,704 | |
176,140 | WRG Debt Funding II LLC, Series 2017-1, Class A, | |
4.458%, 3/15/26 (144A) | 176,073 | |
219,143 | WRG Debt Funding II LLC, Series 2017-1, Class B, | |
5.926%, 3/15/26 (144A) | 219,187 | |
TOTAL ASSET BACKED SECURITIES | ||
(Cost $426,655,076) | $ 431,069,942 | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
13.4% of Net Assets | ||
2,500,000 | American Homes 4 Rent Trust, Series 2014-SFR2, | |
Class D, 5.149%, 10/17/36 (144A) | $ 2,676,181 | |
5,000,000 | American Homes 4 Rent Trust, Series 2014-SFR3, | |
Class C, 4.596%, 12/17/36 (144A) | 5,328,737 | |
4,100,000 | American Homes 4 Rent Trust, Series 2014-SFR3, | |
Class D, 5.04%, 12/17/36 (144A) | 4,392,449 | |
2,950,000 | American Homes 4 Rent Trust, Series 2015-SFR1, | |
Class C, 4.11%, 4/17/52 (144A) | 3,118,025 | |
4,629,000(d) | Angel Oak Mortgage Trust I LLC, Series 2019-1, | |
Class B1, 5.4%, 11/25/48 (144A) | 4,730,573 | |
4,460,000(d) | Angel Oak Mortgage Trust I LLC, Series 2019-2, | |
Class B1, 5.016%, 3/25/49 (144A) | 4,494,980 | |
1,054,000(d) | B2R Mortgage Trust, Series 2015-1, Class D, 4.831%, | |
5/15/48 (144A) | 1,031,736 | |
2,120,000(c) | Bellemeade Re, Ltd., Series 2019-1A, Class B1, 4.086% | |
(1 Month USD LIBOR + 400 bps), 3/25/29 (144A) | 2,119,998 | |
3,550,000(c) | Bellemeade Re, Ltd., Series 2019-1A, Class M2, 2.786% | |
(1 Month USD LIBOR + 270 bps), 3/25/29 (144A) | 3,568,003 | |
3,910,000(c) | Bellemeade Re, Ltd., Series 2019-2A, Class B1, 4.186% | |
(1 Month USD LIBOR + 410 bps), 4/25/29 (144A) | 3,910,013 | |
5,350,000(c) | Bellemeade Re, Ltd., Series 2019-2A, Class M2, 3.186% | |
(1 Month USD LIBOR + 310 bps), 4/25/29 (144A) | 5,410,455 | |
840,000(c) | Bellemeade Re, Ltd., Series 2020-3A, Class B1, 6.436% | |
(1 Month USD LIBOR + 635 bps), 10/25/30 (144A) | 890,059 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
3,630,000(c) | Bellemeade Re, Ltd., Series 2020-3A, Class M2, 4.936% | |
(1 Month USD LIBOR + 485 bps), 10/25/30 (144A) | $ 3,899,915 | |
1,450,000(c) | Bellemeade Re, Ltd., Series 2020-4A, Class B1, 5.086% | |
(1 Month USD LIBOR + 500 bps), 6/25/30 (144A) | 1,450,003 | |
8,610,000(c) | Bellemeade Re, Ltd., Series 2021-3A, Class M2, 3.2% | |
(SOFR30A + 315 bps), 9/25/31 (144A) | 8,632,670 | |
4,192,836(d) | Brean Asset Backed Securities Trust, Series 2021-RM1, | |
Class A, 1.4%, 10/25/63 (144A) | 4,014,455 | |
2,500,000(d) | Brean Asset Backed Securities Trust, Series 2021-RM2, | |
Class A, 1.75%, 10/25/61 (144A) | 2,452,051 | |
2,500,000 | Brean Asset Backed Securities Trust, Series 2021-RM2, | |
Class M1, 1.75%, 10/25/61 (144A) | 2,298,438 | |
3,116,894(d) | Cascade Funding Mortgage Trust, Series 2019-RM3, | |
Class C, 4.0%, 6/25/69 (144A) | 3,129,592 | |
2,150,000 | Cascade MH Asset Trust, Series 2021-MH1, Class B1, | |
4.573%, 2/25/46 (144A) | 2,223,647 | |
4,000,000(d) | Cascade MH Asset Trust, Series 2021-MH1, Class B3, | |
0.0%, 2/25/46 (144A) | 3,795,303 | |
1,000,000(d) | CFMT LLC, Series 2021-HB5, Class M4, 5.683%, | |
2/25/31 (144A) | 998,994 | |
6,000,000(d) | CIM Trust, Series 2019-R5, Class M3, 3.5%, | |
9/25/59 (144A) | 6,254,678 | |
2,717,689(d) | CIM Trust, Series 2021-J2, Class B2, 2.681%, | |
4/25/51 (144A) | 2,636,827 | |
3,215,767(d) | CIM Trust, Series 2021-J2, Class B3, 2.681%, | |
4/25/51 (144A) | 3,036,247 | |
5,264,850(d) | Citigroup Mortgage Loan Trust, Series 2018-RP3, | |
Class B2, 3.25%, 3/25/61 (144A) | 4,912,225 | |
9,069,508(d) | Citigroup Mortgage Loan Trust, Series 2021-INV2, | |
Class B1W, 2.993%, 5/25/51 (144A) | 9,221,837 | |
4,240,000(c) | Connecticut Avenue Securities Trust, Series 2019-R03, | |
Class 1B1, 4.186% (1 Month USD LIBOR + 410 bps), | ||
9/25/31 (144A) | 4,357,509 | |
3,920,000(c) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
Class 1M2, 3.736% (1 Month USD LIBOR + 365 bps), | ||
2/25/40 (144A) | 4,085,322 | |
4,940,000(c) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
Class 2M2, 3.736% (1 Month USD LIBOR + 365 bps), | ||
2/25/40 (144A) | 5,176,175 | |
563,634(d) | CSFB Mortgage-Backed Pass-Through Certificates, | |
Series 2003-17, Class B1, 5.5%, 6/25/33 | 6 | |
2,638,958(d) | CSMC Trust, Series 2021-RPL2, Class M3, 3.489%, | |
1/25/60 (144A) | 2,713,186 | |
11,200,000(c) | Eagle Re, Ltd., Series 2019-1, Class B1, 4.586% | |
(1 Month USD LIBOR + 450 bps), 4/25/29 (144A) | 11,540,329 | |
8,922,000(c) | Eagle Re, Ltd., Series 2020-2, Class B1, 7.086% | |
(1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 9,155,946 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 27
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
4,420,000(c) | Fannie Mae Connecticut Avenue Securities, Series | |
2018-C03, Class 1B1, 3.836% (1 Month USD LIBOR + | ||
375 bps), 10/25/30 | $ 4,610,245 | |
12,074,898(c)(e) | Federal Home Loan Mortgage Corp. REMICS, Series | |
4087, Class SB, 5.946% (1 Month USD LIBOR + | ||
603 bps), 7/15/42 | 2,345,409 | |
6,503,601(c)(e) | Federal Home Loan Mortgage Corp. REMICS, Series | |
4091, Class SH, 6.466% (1 Month USD LIBOR + | ||
655 bps), 8/15/42 | 1,354,801 | |
397,178 | Federal National Mortgage Association REMICs, Series | |
2009-36, Class HX, 4.5%, 6/25/29 | 416,656 | |
4,390,792(c)(e) | Federal National Mortgage Association REMICs, Series | |
2012-14, Class SP, 6.464% (1 Month USD LIBOR + | ||
655 bps), 8/25/41 | 585,149 | |
3,087,251(c)(e) | Federal National Mortgage Association REMICs, Series | |
2018-43, Class SM, 6.114% (1 Month USD LIBOR + | ||
620 bps), 6/25/48 | 655,844 | |
4,482,188(c)(e) | Federal National Mortgage Association REMICs, Series | |
2019-33, Class S, 5.964% (1 Month USD LIBOR + | ||
605 bps), 7/25/49 | 960,353 | |
3,346,922(c)(e) | Federal National Mortgage Association REMICs, Series | |
2019-41, Class PS, 5.964% (1 Month USD LIBOR + | ||
605 bps), 8/25/49 | 553,990 | |
3,022,317(c)(e) | Federal National Mortgage Association REMICs, Series | |
2019-41, Class SM, 5.964% (1 Month USD LIBOR + | ||
605 bps), 8/25/49 | 599,583 | |
7,214,702 | Finance of America Structured Securities Trust, Series | |
2018-A, Class JR2, 1.646%, 12/26/68 (144A) | 7,803,477 | |
8,250,598 | Finance of America Structured Securities Trust, Series | |
2019-JR2, 2.0%, 6/25/69 (144A) | 9,067,360 | |
9,327,975 | Finance of America Structured Securities Trust, Series | |
2019-JR4, Class HR2, 2.0%, 11/25/69 (144A) | 9,806,636 | |
6,877,789 | Finance of America Structured Securities Trust, Series | |
2020-JR2, Class JR2, 0.0%, 5/25/50 (144A) | 7,314,777 | |
249,244,264(d)(e) | Flagstar Mortgage Trust, Series 2021-4, Class AX1, | |
0.222%, 6/1/51 (144A) | 2,140,111 | |
1,500,000(c) | Freddie Mac Stacr, Series 2019-HQA3, Class B1, 3.086% | |
(1 Month USD LIBOR + 300 bps), 9/25/49 (144A) | 1,512,668 | |
3,900,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, | |
Class B1, 2.586% (1 Month USD LIBOR + 250 bps), | ||
2/25/50 (144A) | 3,909,535 | |
2,930,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA3, | |
Class B1, 5.186% (1 Month USD LIBOR + 510 bps), | ||
6/25/50 (144A) | 3,061,030 | |
6,630,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA4, | |
Class B1, 6.086% (1 Month USD LIBOR + 600 bps), | ||
8/25/50 (144A) | 7,046,406 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
4,120,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA4, | |
Class B2, 10.086% (1 Month USD LIBOR + | ||
1,000 bps), 8/25/50 (144A) | $ 5,149,258 | |
3,585,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA5, | |
Class B1, 4.85% (SOFR30A + 480 bps), | ||
10/25/50 (144A) | 3,827,944 | |
2,935,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA5, | |
Class B2, 11.55% (SOFR30A + 1,150 bps), | ||
10/25/50 (144A) | 3,872,216 | |
2,910,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA6, | |
Class B1, 3.05% (SOFR30A + 300 bps), | ||
12/25/50 (144A) | 2,946,438 | |
2,630,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA6, | |
Class B2, 5.7% (SOFR30A + 565 bps), | ||
12/25/50 (144A) | 2,852,891 | |
4,975,632(c) | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, | |
Class M2, 3.186% (1 Month USD LIBOR + 310 bps), | ||
3/25/50 (144A) | 5,048,008 | |
2,670,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-HQA3, | |
Class B2, 10.086% (1 Month USD LIBOR + 1,000 bps), | ||
7/25/50 (144A) | 3,330,829 | |
3,190,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-HQA4, | |
Class B1, 5.336% (1 Month USD LIBOR + 525 bps), | ||
9/25/50 (144A) | 3,349,797 | |
2,650,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-HQA4, | |
Class B2, 9.486% (1 Month USD LIBOR + 940 bps), | ||
9/25/50 (144A) | 3,212,188 | |
5,100,000(c) | Freddie Mac Stacr Remic Trust, Series 2021-DNA1, | |
Class B1, 2.7% (SOFR30A + 265 bps), | ||
1/25/51 (144A) | 5,124,386 | |
7,075,000(c) | Freddie Mac Stacr Remic Trust, Series 2021-DNA1, | |
Class B2, 4.8% (SOFR30A + 475 bps), | ||
1/25/51 (144A) | 7,233,585 | |
8,025,000(c) | Freddie Mac Stacr Remic Trust, Series 2021-DNA5, | |
Class B1, 3.1% (SOFR30A + 305 bps), | ||
1/25/34 (144A) | 8,195,957 | |
6,410,000(c) | Freddie Mac Stacr Remic Trust, Series 2021-HQA1, | |
Class B2, 5.05% (SOFR30A + 500 bps), | ||
8/25/33 (144A) | 6,605,718 | |
4,580,000(c) | Freddie Mac Stacr Trust, Series 2018-HQA2, Class M2, | |
2.386% (1 Month USD LIBOR + 230 bps), | ||
10/25/48 (144A) | 4,641,603 | |
3,000,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class B1, | |
4.486% (1 Month USD LIBOR + 440 bps), | ||
2/25/49 (144A) | 3,098,417 | |
5,530,748(c) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class M2, | |
2.436% (1 Month USD LIBOR + 235 bps), | ||
2/25/49 (144A) | 5,591,499 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 29
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
3,740,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class B1, | |
4.186% (1 Month USD LIBOR + 410 bps), | ||
4/25/49 (144A) | $ 3,855,038 | |
1,561,603(c) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class M2, | |
2.136% (1 Month USD LIBOR + 205 bps), | ||
4/25/49 (144A) | 1,571,002 | |
5,510,000(c) | Freddie Mac Stacr Trust, Series 2019-HRP1, Class B1, | |
4.136% (1 Month USD LIBOR + 405 bps), | ||
2/25/49 (144A) | 5,743,529 | |
3,630,000(c) | Freddie Mac Structured Agency Credit Risk Debt | |
Notes, Series 2017-HRP1, Class B1D, 2.586% (1 Month | ||
USD LIBOR + 250 bps), 12/25/42 | 3,561,243 | |
4,110,000(c) | Freddie Mac Structured Agency Credit Risk Debt | |
Notes, Series 2020-HQA5, Class B1, 4.05% (SOFR30A + | ||
400 bps), 11/25/50 (144A) | 4,318,082 | |
6,250,000(c) | Freddie Mac Structured Agency Credit Risk Debt | |
Notes, Series 2020-HQA5, Class B2, 7.45% (SOFR30A + | ||
740 bps), 11/25/50 (144A) | 7,427,457 | |
4,660,000(c) | Freddie Mac Structured Agency Credit Risk Debt | |
Notes, Series 2021-DNA2, Class B1, 3.45% (SOFR30A + | ||
340 bps), 8/25/33 (144A) | 4,829,471 | |
171,915 | Global Mortgage Securitization, Ltd., Series 2004-A, | |
Class B2, 5.25%, 11/25/32 (144A) | 3,442 | |
1,617,671 | Government National Mortgage Association, Series | |
2009-83, Class EB, 4.5%, 9/20/39 | 1,806,742 | |
584,141 | Government National Mortgage Association, Series | |
2012-130, Class PA, 3.0%, 4/20/41 | 593,500 | |
11,273,375(c)(e) | Government National Mortgage Association, Series | |
2019-90, Class SA, 3.213% (1 Month USD LIBOR + | ||
330 bps), 7/20/49 | 872,194 | |
3,135,622(c)(e) | Government National Mortgage Association, Series | |
2019-103, Class SB, 5.963% (1 Month USD LIBOR + | ||
605 bps), 8/20/49 | 627,149 | |
18,172,528(e) | Government National Mortgage Association, Series | |
2019-110, Class PI, 3.5%, 9/20/49 | 1,477,725 | |
26,446,800(c)(e) | Government National Mortgage Association, Series | |
2019-117, Class SB, 3.333% (1 Month USD LIBOR + | ||
342 bps), 9/20/49 | 1,991,463 | |
26,370,119(c)(e) | Government National Mortgage Association, Series | |
2019-121, Class SA, 3.263% (1 Month USD LIBOR + | ||
335 bps), 10/20/49 | 2,180,495 | |
37,824,858(e) | Government National Mortgage Association, Series | |
2019-128, Class IB, 3.5%, 10/20/49 | 4,928,469 | |
44,633,989(e) | Government National Mortgage Association, Series | |
2019-128, Class ID, 3.5%, 10/20/49 | 3,690,111 | |
16,393,424(e) | Government National Mortgage Association, Series | |
2019-159, Class CI, 3.5%, 12/20/49 | 2,191,221 | |
7,047,558(e) | Government National Mortgage Association, Series | |
2020-7, Class CI, 3.5%, 1/20/50 | 974,944 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
22,017,606(c)(e) | Government National Mortgage Association, Series | |
2020-9, Class SA, 3.263% (1 Month USD LIBOR + | ||
335 bps), 1/20/50 | $ 1,684,977 | |
2,879,091(e) | Government National Mortgage Association, Series | |
2020-15, Class IM, 3.5%, 2/20/50 | 356,458 | |
2,200,000(d) | GS Mortgage Securities Corp. Trust, Series 2021-IP, | |
Class E, 0.0%, 10/15/36 (144A) | 2,200,000 | |
2,509,833(d) | GS Mortgage-Backed Securities Corp. Trust, Series | |
2019-PJ3, Class B4, 4.02%, 3/25/50 (144A) | 2,692,388 | |
1,490,000(d) | GS Mortgage-Backed Securities Corp. Trust, Series | |
2019-PJ3, Class B5, 4.02%, 3/25/50 (144A) | 1,526,157 | |
4,900,000(d) | GS Mortgage-Backed Securities Corp. Trust, Series | |
2021-RPL1, Class B1, 2.75%, 12/25/60 (144A) | 4,785,757 | |
2,650,000(d) | GS Mortgage-Backed Securities Trust, Series 2021-PJ9, | |
Class B3, 2.947%, 2/26/52 (144A) | 2,649,172 | |
1,700,000(c) | Home Partners of America Trust, Series 2017-1, | |
Class E, 2.734% (1 Month USD LIBOR + 265 bps), | ||
7/17/34 (144A) | 1,702,308 | |
1,220,000(c) | Home Re, Ltd., Series 2020-1, Class B1, 7.086% | |
(1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 1,261,767 | |
2,870,000(c) | Home Re, Ltd., Series 2020-1, Class M2, 5.336% | |
(1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | 2,982,065 | |
4,685,000(d) | Home Re, Ltd., Series 2021-1, Class M2, 2.936%, | |
7/25/33 (144A) | 4,593,628 | |
90,696,154(d)(e) | Hundred Acre Wood Trust, Series 2021-INV1, | |
Class AX1, 0.236%, 7/25/51 (144A) | 870,892 | |
4,350,000(d) | Imperial Fund Mortgage Trust, Series 2021-NQM2, | |
Class B2, 4.327%, 9/25/56 (144A) | 4,298,850 | |
931,000(d) | JP Morgan Mortgage Trust, Series 2018-7FRB, | |
Class B5, 2.11%, 4/25/46 (144A) | 881,652 | |
3,555,422(d) | JP Morgan Mortgage Trust, Series 2019-2, Class B4, | |
4.561%, 8/25/49 (144A) | 3,635,245 | |
5,835,476(d) | JP Morgan Mortgage Trust, Series 2020-LTV1, Class B4, | |
4.353%, 6/25/50 (144A) | 6,039,164 | |
5,657,118(d) | JP Morgan Mortgage Trust, Series 2021-7, Class B1, | |
2.817%, 11/25/51 (144A) | 5,652,406 | |
6,734,948(d) | JP Morgan Mortgage Trust, Series 2021-7, Class B3, | |
2.82%, 11/25/51 (144A) | 6,631,270 | |
147,100,776(d)(e) | JP Morgan Mortgage Trust, Series 2021-8, Class AX1, | |
0.144%, 12/25/51 (144A) | 802,552 | |
8,639,252(d) | JP Morgan Mortgage Trust, Series 2021-8, Class B3, | |
2.869%, 12/25/51 (144A) | 8,535,481 | |
161,334,112(d)(e) | JP Morgan Mortgage Trust, Series 2021-10, Class AX1, | |
0.139%, 12/25/51 (144A) | 880,191 | |
8,965,778(d) | JP Morgan Mortgage Trust, Series 2021-10, Class B1, | |
2.827%, 12/25/51 (144A) | 9,006,493 | |
6,000,000(d) | JP Morgan Mortgage Trust, Series 2021-12, Class A3, | |
2.5%, 2/25/52 (144A) | 6,055,781 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 31
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
4,450,000(d) | JP Morgan Mortgage Trust, Series 2021-12, Class A15, | |
2.5%, 2/25/52 (144A) | $ 4,457,996 | |
4,192,337(d) | JP Morgan Mortgage Trust, Series 2021-INV4, Class B2, | |
3.24%, 1/25/52 (144A) | 4,364,979 | |
4,416,926(d) | JP Morgan Mortgage Trust, Series 2021-INV4, Class B3, | |
3.24%, 1/25/52 (144A) | 4,526,576 | |
2,079,847(d) | JP Mortgage Trust, Series 2021-INV1, Class B3, 3.011%, | |
10/25/51 (144A) | 2,072,711 | |
1,769,260(d) | JP Mortgage Trust, Series 2021-INV1, Class B4, 3.011%, | |
10/25/51 (144A) | 1,475,479 | |
8,088,145(c) | JPMorgan Chase Bank NA - CHASE, Series 2020-CL1, | |
Class M3, 3.436% (1 Month USD LIBOR + | ||
335 bps), 10/25/57 (144A) | 8,323,070 | |
3,019,295(c) | JPMorgan Chase Bank NA - JPMWM, Series 2021-CL1, | |
Class M3, 1.85% (SOFR30A + | ||
180 bps), 3/25/51 (144A) | 3,034,405 | |
1,360,809(c) | JPMorgan Chase Bank NA - JPMWM, Series 2021-CL1, | |
Class M4, 2.8% (SOFR30A + | ||
275 bps), 3/25/51 (144A) | 1,360,808 | |
1,274,702 | La Hipotecaria El Salvadorian Mortgage Trust, Series | |
2016-1A, Class A, 3.358%, 1/15/46 (144A) | 1,376,678 | |
2,303,354 | La Hipotecaria Mortgage Trust, Series 2019-2A, | |
Class BBB, 4.75%, 9/29/46 (144A) | 2,372,455 | |
433,399(c) | La Hipotecaria Panamanian Mortgage Trust, Series | |
2010-1GA, Class A, 2.75% (Panamanian Mortgage | ||
Reference Rate + -300 bps), 9/8/39 (144A) | 448,026 | |
7,172,000(d) | MFA Trust, Series 2021-RPL1, Class M2, 2.855%, | |
7/25/60 (144A) | 7,105,157 | |
6,145,000(d) | Mill City Mortgage Loan Trust, Series 2019-GS1, | |
Class M3, 3.25%, 7/25/59 (144A) | 6,326,824 | |
1,395,071(d) | Morgan Stanley Residential Mortgage Loan Trust, | |
Series 2021-1, Class B3, 2.961%, 3/25/51 (144A) | 1,365,473 | |
6,451,816(d) | Morgan Stanley Residential Mortgage Loan Trust, | |
Series 2021-2, Class B2, 2.912%, 5/25/51 (144A) | 6,415,713 | |
9,419,844(c) | New Residential Mortgage Loan Trust, Series 2020-2A, | |
Class B4A, 2.589% (1 Month USD LIBOR + 250 bps), | ||
10/25/46 (144A) | 9,318,225 | |
13,903,950(d) | New Residential Mortgage Loan Trust, Series | |
2020-RPL1, Class B1, 3.893%, 11/25/59 (144A) | 14,196,148 | |
1,000,000(c) | Oaktown Re II, Ltd., Series 2018-1A, Class B1, 4.136% | |
(1 Month USD LIBOR + 405 bps), 7/25/28 (144A) | 1,028,527 | |
4,070,000(c) | Oaktown Re II, Ltd., Series 2018-1A, Class M2, 2.936% | |
(1 Month USD LIBOR + 285 bps), 7/25/28 (144A) | 4,105,862 | |
2,630,000(c) | Oaktown Re V, Ltd., Series 2020-2A, Class M2, 5.336% | |
(1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | 2,757,938 | |
4,400,640(d) | Oceanview Mortgage Trust, Series 2021-1, Class B1, | |
2.735%, 5/25/51 (144A) | 4,413,647 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
2,841,132(d) | Oceanview Mortgage Trust, Series 2021-1, Class B2, | |
2.735%, 5/25/51 (144A) | $ 2,800,210 | |
3,218,238(d) | Oceanview Mortgage Trust, Series 2021-1, Class B3A, | |
3.248%, 6/25/51 (144A) | 3,281,825 | |
2,624,286(d) | Oceanview Mortgage Trust, Series 2021-3, Class B3, | |
2.733%, 6/25/51 (144A) | 2,379,072 | |
1,979,213(d) | PRMI Securitization Trust, Series 2021-1, Class B2, | |
2.482%, 4/25/51 (144A) | 1,902,227 | |
3,774,360(d) | PRMI Securitization Trust, Series 2021-1, Class B3, | |
2.482%, 4/25/51 (144A) | 3,560,709 | |
2,961,419(d) | Provident Funding Mortgage Trust, Series 2021-1, | |
Class B1, 2.388%, 4/25/51 (144A) | 2,858,598 | |
2,875,675(d) | Provident Funding Mortgage Trust, Series 2021-2, | |
Class B2, 2.359%, 4/25/51 (144A) | 2,732,598 | |
7,747,009(d) | Provident Funding Mortgage Trust, Series 2021-INV1, | |
Class A1, 2.5%, 8/25/51 (144A) | 7,893,171 | |
2,940,573(d) | Provident Funding Mortgage Trust, Series 2021-INV1, | |
Class B3, 2.817%, 8/25/51 (144A) | 2,877,615 | |
2,450,000(d) | Provident Funding Mortgage Trust, Series 2021-J1, | |
Class B2, 2.646%, 9/25/51 (144A) | 2,414,250 | |
3,593,000(d) | Provident Funding Mortgage Trust, Series 2021-J1, | |
Class B3, 0.0%, 9/25/51 (144A) | 3,495,863 | |
4,154,000(d) | PRPM LLC, Series 2021-RPL1, Class A2, 2.186%, | |
7/25/51 (144A) | 4,114,157 | |
3,470,000(c) | Radnor Re, Ltd., Series 2019-1, Class B1, 4.536% | |
(1 Month USD LIBOR + 445 bps), 2/25/29 (144A) | 3,555,033 | |
870,000(c) | Radnor Re, Ltd., Series 2020-2, Class B1, 7.686% | |
(1 Month USD LIBOR + 760 bps), 10/25/30 (144A) | 911,273 | |
2,540,000(c) | Radnor Re, Ltd., Series 2020-2, Class M1C, 4.686% | |
(1 Month USD LIBOR + 460 bps), 10/25/30 (144A) | 2,554,320 | |
4,480,820(d) | Rate Mortgage Trust, Series 2021-J1, Class B2, 2.717%, | |
7/25/51 (144A) | 4,438,335 | |
1,832,069(d) | Rate Mortgage Trust, Series 2021-J1, Class B3, 2.717%, | |
7/25/51 (144A) | 1,713,021 | |
2,079,292(d) | RCKT Mortgage Trust, Series 2021-2, Class B3, 2.567%, | |
6/25/51 (144A) | 1,976,822 | |
8,500,000(d) | RCKT Mortgage Trust, Series 2021-4, Class A21, 2.5%, | |
9/25/51 (144A) | 8,494,024 | |
1,185,000(d) | RMF Buyout Issuance Trust, Series 2020-1, Class M5, | |
6.0%, 2/25/30 (144A) | 1,183,117 | |
1,789,300(d) | Sequoia Mortgage Trust, Series 2013-2, Class B4, | |
3.657%, 2/25/43 | 1,803,940 | |
3,198,130(d) | Sequoia Mortgage Trust, Series 2021-1, Class B3, | |
2.672%, 3/25/51 (144A) | 3,133,080 | |
1,204,169(d) | Sequoia Mortgage Trust, Series 2021-2, Class B4, | |
2.558%, 4/25/51 (144A) | 944,825 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 33
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
1,232,330(d) | Sequoia Mortgage Trust, Series 2021-3, Class B4, | |
2.664%, 5/25/51 (144A) | $ 981,773 | |
2,510,424(d) | Sequoia Mortgage Trust, Series 2021-4, Class B4, | |
2.674%, 6/25/51 (144A) | 2,002,861 | |
1,569,123(d) | Sequoia Mortgage Trust, Series 2021-5, Class B4, | |
3.059%, 7/25/51 (144A) | 1,321,840 | |
4,541,885(c) | STACR Trust, Series 2018-DNA3, Class B1, 3.986% | |
(1 Month USD LIBOR + 390 bps), 9/25/48 (144A) | 4,753,759 | |
4,550,000(c) | STACR Trust, Series 2018-HRP2, Class B1, 4.286% | |
(1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 4,826,197 | |
5,000,000(d) | Towd Point HE Trust, Series 2021-HE1, Class M2, 2.5%, | |
2/25/63 (144A) | 5,038,283 | |
10,005,204(d) | Towd Point Mortgage Trust, Series 2021-R1, Class A1, | |
2.918%, 11/30/60 (144A) | 10,199,355 | |
830,000(c) | Triangle Re, Ltd., Series 2020-1, Class B1, 7.836% | |
(1 Month USD LIBOR + 775 bps), 10/25/30 (144A) | 869,664 | |
2,290,000(c) | Triangle Re, Ltd., Series 2020-1, Class M2, 5.686% | |
(1 Month USD LIBOR + 560 bps), 10/25/30 (144A) | 2,370,268 | |
1,830,000(c) | Triangle Re, Ltd., Series 2021-1, Class B1, 4.586% | |
(1 Month USD LIBOR + 450 bps), 8/25/33 (144A) | 1,845,043 | |
3,370,000(c) | Triangle Re, Ltd., Series 2021-1, Class M1C, 3.486% | |
(1 Month USD LIBOR + 340 bps), 8/25/33 (144A) | 3,377,757 | |
11,400,000(c) | Triangle Re, Ltd., Series 2021-1, Class M2, 3.986% | |
(1 Month USD LIBOR + 390 bps), 8/25/33 (144A) | 11,427,073 | |
1,200,000(d) | Verus Securitization Trust, Series 2020-2, Class B1, | |
5.36%, 5/25/60 (144A) | 1,240,482 | |
250,000(d) | Verus Securitization Trust, Series 2020-INV1, Class B1, | |
5.75%, 3/25/60 (144A) | 263,702 | |
340,000(d) | Verus Securitization Trust, Series 2020-INV1, Class B2, | |
6.0%, 3/25/60 (144A) | 351,799 | |
800,000(d) | Visio Trust, Series 2019-2, Class B1, 3.91%, | |
11/25/54 (144A) | 808,763 | |
1,134,324(d) | WinWater Mortgage Loan Trust, Series 2015-2, | |
Class B4, 3.924%, 2/20/45 (144A) | 1,121,251 | |
2,965,000 | ZH Trust, Series 2021-1, Class B, 3.262%, | |
2/18/27 (144A) | 2,963,070 | |
9,250,000 | ZH Trust, Series 2021-2, Class B, 3.506%, | |
10/17/27 (144A) | 9,249,980 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||
(Cost $659,327,990) | $ 634,726,961 | |
COMMERCIAL MORTGAGE-BACKED | ||
SECURITIES — 6.6% of Net Assets | ||
5,800,000(c) | Alen Mortgage Trust, Series 2021-ACEN, Class E, 4.084% | |
(1 Month USD LIBOR + 400 bps), 4/15/34 (144A) | $ 5,836,357 | |
2,000,000(c) | BAMLL Commercial Mortgage Securities Trust, Series | |
2021-JACX, Class E, 3.85% (1 Month USD LIBOR + | ||
375 bps), 9/15/38 (144A) | 1,999,995 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
COMMERCIAL MORTGAGE-BACKED | ||
SECURITIES — (continued) | ||
6,902,690(e)(f) | Bayview Commercial Asset Trust, Series 2007-2A, | |
Class IO, 0.0%, 7/25/37 (144A) | $ 1 | |
4,500,000 | Benchmark Mortgage Trust, Series 2018-B5, Class A3, | |
3.944%, 7/15/51 | 5,061,969 | |
2,025,000(d) | Benchmark Mortgage Trust, Series 2020-IG3, Class B, | |
3.389%, 9/15/48 (144A) | 2,093,314 | |
500,000(c) | BSREP Commercial Mortgage Trust, Series 2021-DC, | |
Class G, 3.934% (1 Month USD LIBOR + | ||
385 bps), 8/15/38 (144A) | 500,601 | |
4,325,000(c) | BX Commercial Mortgage Trust, Series 2021-VOLT, | |
Class F, 2.5% (1 Month USD LIBOR + 240 bps), | ||
9/15/36 (144A) | 4,330,424 | |
4,500,000(c) | Capital Funding Mortgage Trust, Series 2021-19, | |
Class B, 16.46% (1 Month USD LIBOR + 1,521 bps), | ||
11/6/23 (144A) | 4,500,810 | |
4,250,000 | CFCRE Commercial Mortgage Trust, Series 2016-C3, | |
Class A2, 3.597%, 1/10/48 | 4,560,332 | |
2,500,000 | CFCRE Commercial Mortgage Trust, Series 2018-TAN, | |
Class D, 6.099%, 2/15/33 (144A) | 2,580,684 | |
1,500,000(c) | CGDB Commercial Mortgage Trust, Series 2019-MOB, | |
Class F, 2.634% (1 Month USD LIBOR + | ||
255 bps), 11/15/36 (144A) | 1,483,050 | |
3,700,000(c) | CGDB Commercial Mortgage Trust, Series 2019-MOB, | |
Class G, 3.075% (1 Month USD LIBOR + | ||
299 bps), 11/15/36 (144A) | 3,588,905 | |
9,580,074(c) | CHC Commercial Mortgage Trust, Series 2019-CHC, | |
Class E, 2.434% (1 Month USD LIBOR + 235 bps), | ||
6/15/34 (144A) | 9,375,980 | |
1,750,000(d) | Citigroup Commercial Mortgage Trust, Series 2017-P8, | |
Class C, 4.408%, 9/15/50 | 1,903,098 | |
3,500,000 | Citigroup Commercial Mortgage Trust, Series 2018-B2, | |
Class A3, 3.744%, 3/10/51 | 3,836,412 | |
795,000 | Citigroup Commercial Mortgage Trust, Series | |
2020-GC46, Class A5, 2.717%, 2/15/53 | 833,217 | |
2,470,000(c) | CLNY Trust, Series 2019-IKPR, Class E, 2.805% (1 Month | |
USD LIBOR + 272 bps), 11/15/38 (144A) | 2,465,331 | |
5,897,943(c) | Cold Storage Trust, Series 2020-ICE5, Class D, 2.184% | |
(1 Month USD LIBOR + 210 bps), 11/15/37 (144A) | 5,907,404 | |
2,484,000(d) | COMM Mortgage Trust, Series 2015-CR24, Class D, | |
3.463%, 8/10/48 | 2,310,899 | |
5,227,225(d) | COMM Mortgage Trust, Series 2015-DC1, Class B, | |
4.035%, 2/10/48 | 5,555,643 | |
2,297,048 | COMM Mortgage Trust, Series 2016-CR28, Class AHR, | |
3.651%, 2/10/49 | 2,437,196 | |
2,411,000 | COMM Mortgage Trust, Series 2019-GC44, Class D, | |
2.5%, 8/15/57 (144A) | 2,158,834 | |
7,650,000(d) | COMM Mortgage Trust, Series 2020-CBM, Class E, | |
3.754%, 2/10/37 (144A) | 7,588,397 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 35
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
3,912,000(d) | COMM Mortgage Trust, Series 2020-CBM, Class F, | |
3.754%, 2/10/37 (144A) | $ 3,791,312 | |
3,750,000 | COMM Mortgage Trust, Series 2020-CX, Class A, | |
2.173%, 11/10/46 (144A) | 3,759,188 | |
7,000,000(c) | Credit Suisse Mortgage Capital Certificates, Series | |
2019-ICE4, Class E, 2.234% (1 Month USD LIBOR + | ||
215 bps), 5/15/36 (144A) | 7,011,201 | |
4,083,017(d) | CSAIL Commercial Mortgage Trust, Series 2015-C1, | |
Class C, 4.404%, 4/15/50 | 3,910,879 | |
2,680,000(d) | CSAIL Commercial Mortgage Trust, Series 2015-C4, | |
Class D, 3.713%, 11/15/48 | 2,697,245 | |
1,500,000(d) | CSAIL Commercial Mortgage Trust, Series 2016-C6, | |
Class D, 5.086%, 1/15/49 (144A) | 1,333,619 | |
4,106,000 | DBGS Mortgage Trust, Series 2018-C1, Class 7EB, | |
5.237%, 9/15/31 (144A) | 4,242,171 | |
2,750,000(c) | Freddie Mac Multifamily Structured Credit Risk, Series | |
2021-MN1, Class M2, 3.8% (SOFR30A + | ||
375 bps), 1/25/51 (144A) | 2,899,242 | |
2,340,000(d) | FREMF Mortgage Trust, Series 2017-K66, Class B, | |
4.173%, 7/25/27 (144A) | 2,582,279 | |
4,500,000(d) | FREMF Mortgage Trust, Series 2017-KW02, Class B, | |
3.916%, 12/25/26 (144A) | 4,678,724 | |
2,800,000(d) | FREMF Mortgage Trust, Series 2017-KW03, Class B, | |
4.2%, 7/25/27 (144A) | 2,947,853 | |
2,300,000(d) | FREMF Mortgage Trust, Series 2018-K154, Class B, | |
4.157%, 11/25/32 (144A) | 2,452,784 | |
1,875,000(d) | FREMF Mortgage Trust, Series 2018-K157, Class B, | |
4.454%, 8/25/33 (144A) | 2,035,466 | |
3,534,000(d) | FREMF Mortgage Trust, Series 2018-KBX1, Class B, | |
3.69%, 1/25/26 (144A) | 3,623,612 | |
6,364,000(d) | FREMF Mortgage Trust, Series 2018-KHG1, Class B, | |
3.939%, 12/25/27 (144A) | 6,519,021 | |
975,000(d) | FREMF Mortgage Trust, Series 2018-KW07, Class B, | |
4.221%, 10/25/31 (144A) | 1,040,121 | |
2,900,000(d) | FREMF Mortgage Trust, Series 2019-K88, Class C, | |
4.526%, 2/25/52 (144A) | 3,211,541 | |
8,219,592(d) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, | |
7.6%, 10/25/27 (144A) | 7,118,890 | |
8,500,000(c) | FREMF Mortgage Trust, Series 2019-KS12, Class C, | |
6.983% (1 Month USD LIBOR + 690 bps), 8/25/29 | 6,954,328 | |
3,900,000(d) | FREMF Mortgage Trust, Series 2020-K106, Class B, | |
3.707%, 3/25/53 (144A) | 4,170,373 | |
4,747,869(c) | FREMF Mortgage Trust, Series 2020-KF74, Class C, | |
6.333% (1 Month USD LIBOR + 625 bps), | ||
1/25/27 (144A) | 4,693,205 | |
6,500,000(c) | FREMF Mortgage Trust, Series 2020-KF83, Class C, | |
9.083% (1 Month USD LIBOR + 900 bps), | ||
7/25/30 (144A) | 6,597,013 |
The accompanying notes are an integral part of these financial statements.
36 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
5,000,000 | FREMF Mortgage Trust, Series 2021-K131, Class D, | |
0.0%, 9/25/31 (144A) | $ 2,517,342 | |
81,624,633(e) | FREMF Mortgage Trust, Series 2021-K131, Class X2A, | |
0.1%, 7/25/31 (144A) | 650,034 | |
18,374,996(e) | FREMF Mortgage Trust, Series 2021-K131, Class X2B, | |
0.1%, 9/25/31 (144A) | 132,631 | |
10,000,000 | FREMF Mortgage Trust, Series 2021-KG05, Class C, | |
0.0%, 1/25/31 (144A) | 4,866,466 | |
123,332,856(e) | FREMF Mortgage Trust, Series 2021-KG05, Class X2A, | |
0.1%, 1/25/31 (144A) | 903,228 | |
10,000,000(e) | FREMF Mortgage Trust, Series 2021-KG05, Class X2B, | |
0.1%, 1/25/31 (144A) | 64,670 | |
24,511,645(d)(e) | FRESB Mortgage Trust, Series 2020-SB79, Class X1, | |
1.214%, 7/25/40 | 1,704,706 | |
6,000,000(c) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |
Class E, 2.584% (1 Month USD LIBOR + 250 bps), | ||
12/15/36 (144A) | 5,843,072 | |
5,200,000(c) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |
Class G, 4.084% (1 Month USD LIBOR + 400 bps), | ||
12/15/36 (144A) | 4,764,219 | |
4,750,000 | JP Morgan Chase Commercial Mortgage Securities | |
Trust, Series 2018-WPT, Class BFX, 4.549%, | ||
7/5/33 (144A) | 4,985,350 | |
3,750,000(c) | JP Morgan Chase Commercial Mortgage Securities | |
Trust, Series 2019-BKWD, Class E, 2.684% (1 Month | ||
USD LIBOR + 260 bps), 9/15/29 (144A) | 3,688,844 | |
3,590,000(c) | JP Morgan Chase Commercial Mortgage Securities | |
Trust, Series 2019-MFP, Class D, 1.744% (1 Month | ||
USD LIBOR + 166 bps), 7/15/36 (144A) | 3,573,208 | |
1,500,000(c) | JP Morgan Chase Commercial Mortgage Securities | |
Trust, Series 2019-MFP, Class E, 2.244% (1 Month USD | ||
LIBOR + 216 bps), 7/15/36 (144A) | 1,482,093 | |
11,650,000(d) | JP Morgan Chase Commercial Mortgage Securities | |
Trust, Series 2020-LOOP, Class F, 3.99%, | ||
12/5/38 (144A) | 10,696,951 | |
5,600,000 | Key Commercial Mortgage Securities Trust, Series | |
2019-S2, Class A3, 3.469%, 6/15/52 (144A) | 5,871,958 | |
3,100,000(c) | KNDL Mortgage Trust, Series 2019-KNSQ, Class F, | |
2.084% (1 Month USD LIBOR + 200 bps), | ||
5/15/36 (144A) | 3,069,549 | |
4,000,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, | |
Series 2015-C20, Class C, 4.6%, 2/15/48 | 4,171,714 | |
1,250,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, | |
Series 2015-C24, Class C, 4.488%, 5/15/48 | 1,311,829 | |
2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust, | |
Series 2017-C33, Class D, 3.356%, 5/15/50 (144A) | 1,880,413 | |
3,350,000 | Morgan Stanley Capital I Trust, Series 2014-150E, | |
Class AS, 4.012%, 9/9/32 (144A) | 3,537,468 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 37
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||
(continued) | ||
2,140,000 | Morgan Stanley Capital I Trust, Series 2016-UBS9, | |
Class D, 3.0%, 3/15/49 (144A) | $ 2,040,012 | |
2,000,000(d) | Morgan Stanley Capital I Trust, Series 2018-MP, | |
Class A, 4.419%, 7/11/40 (144A) | 2,234,941 | |
11,900,000(c) | Multifamily Connecticut Avenue Securities Trust, | |
Series 2019-01, Class M10, 3.336% (1 Month USD | ||
LIBOR + 325 bps), 10/15/49 (144A) | 12,009,874 | |
1,030,000(d) | Natixis Commercial Mortgage Securities Trust, Series | |
2019-FAME, Class D, 4.544%, 8/15/36 (144A) | 943,524 | |
5,540,000 | Palisades Center Trust, Series 2016-PLSD, Class A, | |
2.713%, 4/13/33 (144A) | 5,170,233 | |
6,450,000(c) | Ready Capital Mortgage Financing LLC, Series | |
2019-FL3, Class D, 2.986% (1 Month USD LIBOR + | ||
290 bps), 3/25/34 (144A) | 6,261,146 | |
2,659,000(d) | Ready Capital Mortgage Trust, Series 2019-5, Class C, | |
5.054%, 2/25/52 (144A) | 2,797,200 | |
5,400,000(d) | Ready Capital Mortgage Trust, Series 2019-5, Class E, | |
5.538%, 2/25/52 (144A) | 5,572,379 | |
2,403,000(d) | ReadyCap Commercial Mortgage Trust, Series 2019-6, | |
Class C, 4.127%, 10/25/52 (144A) | 2,423,246 | |
8,350,000 | SLG Office Trust, Series 2021-OVA, Class E, 2.851%, | |
7/15/41 (144A) | 8,085,146 | |
10,350,000 | SLG Office Trust, Series 2021-OVA, Class F, 2.851%, | |
7/15/41 (144A) | 9,498,970 | |
1,771,189(c) | SLIDE, Series 2018-FUN, Class E, 2.634% (1 Month USD | |
LIBOR + 255 bps), 6/15/31 (144A) | 1,728,788 | |
3,000,000(d) | Soho Trust, Series 2021-SOHO, Class A, 2.786%, | |
8/10/38 (144A) | 2,961,740 | |
67,584,000(d)(e) | UBS Commercial Mortgage Trust, Series 2018-C9, | |
Class XB, 0.441%, 3/15/51 | 1,548,681 | |
3,912,000(d) | UBS-Barclays Commercial Mortgage Trust, Series | |
2013-C6, Class B, 3.875%, 4/10/46 (144A) | 3,946,207 | |
2,400,000(c) | XCALI Mortgage Trust, Series 2020-5, Class A, 4.25% | |
(1 Month USD LIBOR + 325 bps), 10/15/23 (144A) | 2,415,282 | |
5,200,000(c) | X-Caliber Funding LLC, Series 2021-CT2, Class A, 3.25% | |
(1 Month USD LIBOR + 225 bps), 4/6/23 (144A) | 5,205,828 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||
(Cost $306,491,065) | $ 309,737,862 | |
CONVERTIBLE CORPORATE BONDS — 0.9% of | ||
Net Assets | ||
Airlines — 0.2% | ||
2,595,000 | GOL Equity Finance SA, 3.75%, 7/15/24 (144A) | $ 2,359,723 |
5,156,000 | Spirit Airlines, Inc., 1.0%, 5/15/26 | 4,830,738 |
Total Airlines | $ 7,190,461 |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
Biotechnology — 0.1% | ||
3,493,000 | Insmed, Inc., 1.75%, 1/15/25 | $ 3,613,577 |
Total Biotechnology | $ 3,613,577 | |
Entertainment — 0.3% | ||
12,093,000(g) | DraftKings, Inc., 3/15/28 (144A) | $ 10,647,886 |
1,892,000 | IMAX Corp., 0.5%, 4/1/26 (144A) | 1,848,115 |
Total Entertainment | $ 12,496,001 | |
Leisure Time — 0.1% | ||
7,780,000(g) | Peloton Interactive, Inc., 2/15/26 (144A) | $ 6,848,622 |
Total Leisure Time | $ 6,848,622 | |
Pharmaceuticals — 0.1% | ||
7,025,000 | Tricida, Inc., 3.5%, 5/15/27 | $ 3,098,025 |
Total Pharmaceuticals | $ 3,098,025 | |
Software — 0.1% | ||
2,231,000 | Bentley Systems, Inc., 0.375%, 7/1/27 (144A) | $ 2,248,179 |
4,819,000 | Verint Systems, Inc., 0.25%, 4/15/26 (144A) | 4,655,215 |
Total Software | $ 6,903,394 | |
TOTAL CONVERTIBLE CORPORATE BONDS | ||
(Cost $44,019,176) | $ 40,150,080 | |
CORPORATE BONDS — 32.1% of Net Assets | ||
Advertising — 0.2% | ||
8,990,000 | Midas OpCo Holdings LLC, 5.625%, 8/15/29 (144A) | $ 9,302,403 |
600,000 | Summer BC Bidco B LLC, 5.5%, 10/31/26 (144A) | 614,940 |
Total Advertising | $ 9,917,343 | |
Aerospace & Defense — 1.0% | ||
25,979,000 | Boeing Co., 3.75%, 2/1/50 | $ 26,317,045 |
9,700,000 | Boeing Co., 5.805%, 5/1/50 | 12,883,838 |
10,337,000 | Howmet Aerospace, Inc., 3.0%, 1/15/29 | 10,401,606 |
Total Aerospace & Defense | $ 49,602,489 | |
Agriculture — 0.2% | ||
7,305,000 | Amaggi Luxembourg International S.a.r.l., 5.25%, | |
1/28/28 (144A) | $ 7,523,419 | |
Total Agriculture | $ 7,523,419 | |
Airlines — 1.2% | ||
1,920,000 | Air Canada, 3.875%, 8/15/26 (144A) | $ 1,936,224 |
12,447,288 | Alaska Airlines 2020-1 Class A Pass Through Trust, | |
4.8%, 8/15/27 (144A) | 13,855,560 | |
2,340,000 | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., | |
5.5%, 4/20/26 (144A) | 2,459,925 | |
1,955,000 | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., | |
5.75%, 4/20/29 (144A) | 2,106,610 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 39
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Airlines — (continued) | |||
5,343,908 | British Airways 2019-1 Class A Pass Through Trust, | ||
3.35%, 6/15/29 (144A) | $ 5,358,484 | ||
5,141,751 | British Airways 2019-1 Class AA Pass Through Trust, | ||
3.3%, 12/15/32 (144A) | 5,207,429 | ||
1,726,969 | British Airways 2020-1 Class A Pass Through Trust, | ||
4.25%, 11/15/32 (144A) | 1,860,726 | ||
2,545,705 | British Airways 2020-1 Class B Pass Through Trust, | ||
8.375%, 11/15/28 (144A) | 2,988,231 | ||
9,180,000 | Gol Finance SA, 8.0%, 6/30/26 (144A) | 9,212,474 | |
8,145,000 | Mileage Plus Holdings LLC/Mileage Plus Intellectual | ||
Property Assets, Ltd., 6.5%, 6/20/27 (144A) | 8,854,817 | ||
1,020,000 | United Airlines, Inc., 4.375%, 4/15/26 (144A) | 1,046,775 | |
1,020,000 | United Airlines, Inc., 4.625%, 4/15/29 (144A) | 1,054,119 | |
Total Airlines | $ 55,941,374 | ||
Apparel — 0.1% | |||
3,590,000 | Wolverine World Wide, Inc., 4.0%, 8/15/29 (144A) | $ 3,625,900 | |
Total Apparel | $ 3,625,900 | ||
Auto Manufacturers — 0.6% | |||
4,312,000 | Ford Motor Co., 5.291%, 12/8/46 | $ 4,802,490 | |
7,600,000 | Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | 7,647,500 | |
15,325,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 15,899,687 | |
Total Auto Manufacturers | $ 28,349,677 | ||
Auto Parts & Equipment — 0.1% | |||
3,940,000 | Dana, Inc., 4.25%, 9/1/30 | $ 4,052,093 | |
Total Auto Parts & Equipment | $ 4,052,093 | ||
Banks — 3.2% | |||
5,180,000 | Access Bank Plc, 6.125%, 9/21/26 (144A) | $ 5,212,116 | |
ARS | 78,000,000(c) | Banco de la Ciudad de Buenos Aires, 38.15% | |
(BADLARPP + 399 bps), 12/5/22 | 618,581 | ||
4,845,000 | Banco do Brasil SA, 3.25%, 9/30/26 (144A) | 4,842,577 | |
4,608,000(b)(d) | Banco Mercantil del Norte SA, 6.75% (5 Year CMT | ||
Index + 497 bps) (144A) | 4,866,094 | ||
3,460,000(b)(d) | Banco Mercantil del Norte SA, 8.375% (5 Year CMT | ||
Index + 776 bps) (144A) | 4,086,191 | ||
4,240,000 | Banco Santander Mexico SA Institucion de Banca | ||
Multiple Grupo Financiero Santand, 5.375%, | |||
4/17/25 (144A) | 4,739,048 | ||
10,000,000(d) | Banco Santander SA, 1.722% (1 Year CMT Index + | ||
90 bps), 9/14/27 | 9,948,904 | ||
2,405,000(b)(d) | Credit Suisse Group AG, 5.25% (5 Year CMT Index + | ||
489 bps) (144A) | 2,516,231 | ||
KZT | 1,923,750,000 | Development Bank of Kazakhstan JSC, 10.75%, 2/12/25 | 4,558,863 |
1,520,000 | Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | 1,478,200 | |
3,005,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 3,065,100 |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | |||
Amount | |||
USD ($) | Value | ||
Banks — (continued) | |||
EUR | 5,560,000(b)(d) | Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap | |
Rate + 719 bps) | $ 7,850,360 | ||
1,245,000 | Intesa Sanpaolo S.p.A., 4.198%, 6/1/32 (144A) | 1,272,626 | |
IDR | 15,039,758,000^ | PT Bakrie & Brothers Tbk, 0.0%, 12/22/22 | 105,081 |
3,895,000 | QNB Finansbank AS, 4.875%, 5/19/22 (144A) | 3,955,139 | |
6,000,000(b)(d) | Societe Generale SA, 4.75% (5 Year CMT Index + | ||
393 bps) (144A) | 6,131,280 | ||
4,635,000(b)(d) | Societe Generale SA, 5.375% (5 Year CMT Index + | ||
451 bps) (144A) | 4,962,370 | ||
EUR | 28,280,100(b)(f) | Stichting AK Rabobank Certificaten, 19.436% | 47,090,576 |
3,000,000(d) | Turkiye Garanti Bankasi AS, 6.125% (5 Year USD | ||
Swap Rate + 422 bps), 5/24/27 (144A) | 3,007,500 | ||
10,450,000(b)(d) | UBS Group AG, 7.0% (5 Year USD Swap Rate + | ||
434 bps) (144A) | 11,400,532 | ||
8,500,000(d) | UniCredit S.p.A., 5.459% (5 Year CMT Index + | ||
475 bps), 6/30/35 (144A) | 9,368,519 | ||
9,395,000(d) | UniCredit S.p.A., 7.296% (5 Year USD 1100 Run ICE | ||
Swap Rate + 491 bps), 4/2/34 (144A) | 11,380,438 | ||
Total Banks | $ 152,456,326 | ||
Biotechnology — 0.1% | |||
EUR | 985,000 | Cidron Aida Finco S.a.r.l., 5.0%, 4/1/28 (144A) | $ 1,149,332 |
EUR | 2,625,000 | Grifols Escrow Issuer, 3.875%, 10/15/28 (144A) | 3,074,439 |
2,185,000 | HCRX Investments Holdco LP, 4.5%, 8/1/29 (144A) | 2,195,925 | |
Total Biotechnology | $ 6,419,696 | ||
Building Materials — 0.5% | |||
5,530,000 | Builders FirstSource, Inc., 4.25%, 2/1/32 (144A) | $ 5,647,665 | |
5,970,000 | Cemex SAB de CV, 5.45%, 11/19/29 (144A) | 6,469,987 | |
4,365,000 | Patrick Industries, Inc., 4.75%, 5/1/29 (144A) | 4,452,300 | |
770,000 | PGT Innovations, Inc., 4.375%, 10/1/29 (144A) | 775,775 | |
6,575,000 | Standard Industries, Inc., 4.375%, 7/15/30 (144A) | 6,706,500 | |
950,000 | Standard Industries, Inc., 5.0%, 2/15/27 (144A) | 979,688 | |
495,000 | Summit Materials LLC/Summit Materials Finance | ||
Corp., 5.25%, 1/15/29 (144A) | 519,750 | ||
Total Building Materials | $ 25,551,665 | ||
Chemicals — 0.7% | |||
2,566,000 | NOVA Chemicals Corp., 5.25%, 6/1/27 (144A) | $ 2,700,792 | |
1,316,000 | OCI NV, 4.625%, 10/15/25 (144A) | 1,382,721 | |
2,268,000 | OCI NV, 5.25%, 11/1/24 (144A) | 2,332,865 | |
7,843,000 | Olin Corp., 5.0%, 2/1/30 | 8,293,972 | |
710,000 | Olin Corp., 5.625%, 8/1/29 | 780,553 | |
EUR | 1,180,000 | Olympus Water US Holding Corp., 3.875%, | |
10/1/28 (144A) | 1,367,067 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 41
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Chemicals — (continued) | |||
2,385,000 | Olympus Water US Holding Corp., 6.25%, | ||
10/1/29 (144A) | $ 2,363,416 | ||
5,055,000 | Trinseo Materials Operating SCA/Trinseo Materials | ||
Finance, Inc., 5.125%, 4/1/29 (144A) | 5,092,913 | ||
6,570,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 6,537,150 | |
Total Chemicals | $ 30,851,449 | ||
Commercial Services — 1.3% | |||
5,196,000 | Allied Universal Holdco LLC/Allied Universal Finance | ||
Corp., 6.625%, 7/15/26 (144A) | $ 5,493,627 | ||
EUR | 2,470,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
Corp./Atlas Luxco 4 S.a.r.l., 3.625%, 6/1/28 (144A) | 2,808,359 | ||
1,670,000 | Allied Universal Holdco LLC/Allied Universal Finance | ||
Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 1,667,411 | ||
1,025,000 | Allied Universal Holdco LLC/Allied Universal Finance | ||
Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 1,023,719 | ||
4,735,000 | Brink’s Co., 5.5%, 7/15/25 (144A) | 4,948,075 | |
5,270,000 | CoreLogic, Inc., 4.5%, 5/1/28 (144A) | 5,237,063 | |
5,375,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 5,375,000 | |
3,830,000 | Garda World Security Corp., 6.0%, 6/1/29 (144A) | 3,725,058 | |
437,000 | Garda World Security Corp., 9.5%, 11/1/27 (144A) | 471,361 | |
2,400,000 | HealthEquity, Inc., 4.5%, 10/1/29 (144A) | 2,442,360 | |
1,655,000 | Nielsen Finance LLC/Nielsen Finance Co., 4.5%, | ||
7/15/29 (144A) | 1,618,259 | ||
1,690,000 | Nielsen Finance LLC/Nielsen Finance Co., 4.75%, | ||
7/15/31 (144A) | 1,643,964 | ||
3,795,000 | Prime Security Services Borrower LLC/Prime | ||
Finance, Inc., 5.75%, 4/15/26 (144A) | 4,105,281 | ||
10,716,000 | Prime Security Services Borrower LLC/Prime | ||
Finance, Inc., 6.25%, 1/15/28 (144A) | 11,077,986 | ||
MXN | 77,000,000 | Red de Carreteras de Occidente SAB de CV, 9.0%, | |
6/10/28 (144A) | 3,785,995 | ||
4,035,000 | Sotheby’s, 7.375%, 10/15/27 (144A) | 4,267,013 | |
Total Commercial Services | $ 59,690,531 | ||
Computers — 0.2% | |||
3,915,000 | KBR, Inc., 4.75%, 9/30/28 (144A) | $ 3,963,938 | |
2,415,000 | NCR Corp., 5.0%, 10/1/28 (144A) | 2,467,671 | |
1,215,000 | NCR Corp., 5.25%, 10/1/30 (144A) | 1,273,964 | |
Total Computers | $ 7,705,573 | ||
Cosmetics/Personal Care — 0.1% | |||
5,445,000 | Edgewell Personal Care Co., 5.5%, 6/1/28 (144A) | $ 5,750,628 | |
Total Cosmetics/Personal Care | $ 5,750,628 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | |||
Amount | |||
USD ($) | Value | ||
Diversified Financial Services — 1.8% | |||
7,310,000 | Air Lease Corp., 3.125%, 12/1/30 | $ 7,480,758 | |
9,395,000 | Alliance Data Systems Corp., 7.0%, 1/15/26 (144A) | 10,052,650 | |
9,950,000 | B3 SA - Brasil Bolsa Balcao, 4.125%, 9/20/31 (144A) | 9,748,512 | |
9,010,000 | Credito Real SAB de CV SOFOM ER, 8.0%, | ||
1/21/28 (144A) | 7,729,544 | ||
17,245,453(h) | Global Aircraft Leasing Co., Ltd., 6.5% (7.25% PIK 6.50% | ||
cash), 9/15/24 (144A) | 16,943,658 | ||
KZT | 2,993,000,000 | International Finance Corp., 7.5%, 2/3/23 | 6,869,012 |
4,940,000 | Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.0%, | ||
8/15/28 (144A) | 5,014,100 | ||
2,745,000 | Nationstar Mortgage Holdings, Inc., 5.125%, | ||
12/15/30 (144A) | 2,782,936 | ||
1,180,000 | Nationstar Mortgage Holdings, Inc., 6.0%, | ||
1/15/27 (144A) | 1,231,625 | ||
5,575,000 | OneMain Finance Corp., 3.5%, 1/15/27 | 5,561,731 | |
11,749,000 | United Wholesale Mortgage LLC, 5.5%, 4/15/29 (144A) | 11,407,149 | |
Total Diversified Financial Services | $ 84,821,675 | ||
Electric — 2.1% | |||
3,625,000 | Adani Electricity Mumbai, Ltd., 3.949%, | ||
2/12/30 (144A) | $ 3,616,008 | ||
4,025,700 | Adani Renewable Energy RJ, Ltd./Kodangal Solar | ||
Parks Pvt, Ltd./Wardha Solar Maharash, 4.625%, | |||
10/15/39 (144A) | 4,045,828 | ||
4,301,000 | Adani Transmission, Ltd., 4.25%, 5/21/36 (144A) | 4,397,326 | |
1,605,000 | Calpine Corp., 4.625%, 2/1/29 (144A) | 1,580,925 | |
1,605,000 | Calpine Corp., 5.0%, 2/1/31 (144A) | 1,605,000 | |
4,030,000 | Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | 4,040,075 | |
1,340,000 | Clearway Energy Operating LLC, 3.75%, 1/15/32 (144A) | 1,338,325 | |
EUR | 3,240,000 | ContourGlobal Power Holdings SA, 2.75%, 1/1/26 (144A) | 3,820,857 |
EUR | 1,635,000 | ContourGlobal Power Holdings SA, 3.125%, | |
1/1/28 (144A) | 1,923,470 | ||
7,765,000(d) | Enel S.p.A., 8.75% (5 Year USD Swap Rate + | ||
588 bps), 9/24/73 (144A) | 8,852,100 | ||
9,225,000 | Light Servicos de Eletricidade SA/Light Energia SA, | ||
4.375%, 6/18/26 (144A) | 9,213,561 | ||
2,336,000 | NextEra Energy Operating Partners LP, 4.5%, | ||
9/15/27 (144A) | 2,511,200 | ||
1,645,000 | NRG Energy, Inc., 3.375%, 2/15/29 (144A) | 1,623,500 | |
2,285,000 | NRG Energy, Inc., 3.625%, 2/15/31 (144A) | 2,244,441 | |
8,980,000 | NRG Energy, Inc., 3.875%, 2/15/32 (144A) | 8,845,300 | |
20,059,000 | NRG Energy, Inc., 4.45%, 6/15/29 (144A) | 22,173,181 | |
2,867,000 | Talen Energy Supply LLC, 6.625%, 1/15/28 (144A) | 2,659,143 | |
5,946,000 | Talen Energy Supply LLC, 7.625%, 6/1/28 (144A) | 5,574,375 | |
1,913,000 | Vistra Operations Co. LLC, 4.3%, 7/15/29 (144A) | 2,036,970 | |
9,005,000 | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | 9,027,513 | |
Total Electric | $ 101,129,098 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 43
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Electrical Components & Equipment — 0.4% | |||
EUR | 7,865,000 | Belden, Inc., 3.375%, 7/15/31 (144A) | $ 9,338,873 |
EUR | 4,585,000 | Belden, Inc., 3.375%, 10/15/36 (144A) | 5,509,791 |
EUR | 6,020,000 | Energizer Gamma Acquisition BV, 3.5%, 6/30/29 (144A) | 6,918,995 |
Total Electrical Components & Equipment | $ 21,767,659 | ||
Electronics — 0.1% | |||
2,600,000 | Atkore, Inc., 4.25%, 6/1/31 (144A) | $ 2,678,000 | |
2,460,000 | Sensata Technologies BV, 4.0%, 4/15/29 (144A) | 2,504,157 | |
1,850,000 | Sensata Technologies, Inc., 3.75%, 2/15/31 (144A) | 1,862,654 | |
Total Electronics | $ 7,044,811 | ||
Energy-Alternate Sources — 0.1% | |||
674,274 | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) | $ 791,084 | |
1,105,000 | Atlantica Sustainable Infrastructure Plc, 4.125%, | ||
6/15/28 (144A) | 1,142,017 | ||
2,095,000 | TerraForm Power Operating LLC, 4.75%, 1/15/30 (144A) | 2,195,156 | |
Total Energy-Alternate Sources | $ 4,128,257 | ||
Engineering & Construction — 0.4% | |||
1,930,000 | Arcosa, Inc., 4.375%, 4/15/29 (144A) | $ 1,954,125 | |
7,985,000 | Artera Services LLC, 9.033%, 12/4/25 (144A) | 8,663,725 | |
6,138,000 | Dycom Industries, Inc., 4.5%, 4/15/29 (144A) | 6,174,521 | |
4,275,000 | TopBuild Corp., 4.125%, 2/15/32 (144A) | 4,317,750 | |
Total Engineering & Construction | $ 21,110,121 | ||
Entertainment — 0.5% | |||
1,795,000 | Caesars Entertainment, Inc., 4.625%, 10/15/29 (144A) | $ 1,819,681 | |
11,100,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., | ||
4.625%, 4/16/29 (144A) | 11,318,202 | ||
3,400,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., | ||
4.625%, 4/6/31 (144A) | 3,415,336 | ||
1,735,000 | Scientific Games International, Inc., 7.0%, | ||
5/15/28 (144A) | 1,871,631 | ||
1,735,000 | Scientific Games International, Inc., 7.25%, | ||
11/15/29 (144A) | 1,949,511 | ||
3,636,000 | Scientific Games International, Inc., 8.25%, | ||
3/15/26 (144A) | 3,858,705 | ||
Total Entertainment | $ 24,233,066 | ||
Environmental Control — 0.2% | |||
6,132,000 | Covanta Holding Corp., 6.0%, 1/1/27 | $ 6,356,615 | |
1,965,000 | Tervita Corp., 11.0%, 12/1/25 (144A) | 2,230,275 | |
Total Environmental Control | $ 8,586,890 | ||
Food — 0.7% | |||
GBP | 5,520,000 | Bellis Acquisition Co. Plc, 3.25%, 2/16/26 (144A) | $ 7,306,146 |
1,510,000 | Bimbo Bakeries USA, Inc., 4.0%, 5/17/51 (144A) | 1,632,095 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | |||
Amount | |||
USD ($) | Value | ||
Food — 0.7% | |||
3,583,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA | ||
Finance, Inc., 5.5%, 1/15/30 (144A) | $ 3,985,084 | ||
2,485,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA | ||
Finance, Inc., 6.5%, 4/15/29 (144A) | 2,776,987 | ||
6,485,000 | Minerva Luxembourg SA, 4.375%, 3/18/31 (144A) | 6,264,186 | |
7,401,000 | Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) | 7,918,700 | |
1,200,000 | Simmons Foods, Inc./Simmons Prepared Foods, Inc./ | ||
Simmons Pet Food, Inc./Simmons Feed, 4.625%, | |||
3/1/29 (144A) | 1,209,000 | ||
Total Food | $ 31,092,198 | ||
Forest Products & Paper — 0.2% | |||
2,288,000 | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $ 2,350,920 | |
3,004,000 | Inversiones CMPC SA, 3.85%, 1/13/30 (144A) | 3,170,512 | |
EUR | 1,950,000 | Spa Holdings, 3.625%, 2/4/28 (144A) | 2,297,082 |
Total Forest Products & Paper | $ 7,818,514 | ||
Gas — 0.0%† | |||
2,195,000 | Promigas SA ESP/Gases del Pacifico SAC, 3.75%, | ||
10/16/29 (144A) | $ 2,203,802 | ||
Total Gas | $ 2,203,802 | ||
Hand/Machine Tools — 0.1% | |||
EUR | 3,950,000 | Sofima Holding SPA, 3.75%, 1/15/28 (144A) | $ 4,609,600 |
Total Hand/Machine Tools | $ 4,609,600 | ||
Healthcare-Services — 0.4% | |||
4,195,000 | Auna SAA, 6.5%, 11/20/25 (144A) | $ 4,404,750 | |
EUR | 2,272,000 | IQVIA, Inc., 2.25%, 1/15/28 (144A) | 2,647,790 |
2,655,000 | ModivCare Escrow Issuer, Inc., 5.0%, 10/1/29 (144A) | 2,752,040 | |
3,390,000 | Mozart Debt Merger, 3.875%, 4/1/29 (144A) | 3,390,000 | |
1,495,000 | Mozart Debt Merger, 5.25%, 10/1/29 (144A) | 1,495,000 | |
3,421,000 | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 3,634,812 | |
Total Healthcare-Services | $ 18,324,392 | ||
Home Builders — 0.1% | |||
1,657,000 | KB Home, 6.875%, 6/15/27 | $ 1,980,115 | |
913,000 | M/I Homes, Inc., 3.95%, 2/15/30 (144A) | 917,565 | |
Total Home Builders | $ 2,897,680 | ||
Household Products/Wares — 0.1% | |||
1,130,000 | Central Garden & Pet Co., 4.125%, 10/15/30 | $ 1,155,425 | |
1,790,000 | Central Garden & Pet Co., 4.125%, 4/30/31 (144A) | 1,817,792 | |
Total Household Products/Wares | $ 2,973,217 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 45
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Insurance — 1.2% | |||
13,080,000(d) | Farmers Insurance Exchange, 4.747% (3 Month USD | ||
LIBOR + 323 bps), 11/1/57 (144A) | $ 14,876,682 | ||
EUR | 2,650,000(d) | Liberty Mutual Group, Inc., 3.625% (5 Year EUR Swap | |
Rate + 370 bps), 5/23/59 (144A) | 3,206,088 | ||
22,651,000 | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | 34,888,271 | |
3,800,000 | Liberty Mutual Insurance Co., 8.5%, 5/15/25 (144A) | 4,680,535 | |
Total Insurance | $ 57,651,576 | ||
Iron & Steel — 0.3% | |||
1,925,000 | Allegheny Technologies, Inc., 4.875%, 10/1/29 | $ 1,932,219 | |
1,100,000 | Allegheny Technologies, Inc., 5.125%, 10/1/31 | 1,108,470 | |
2,889,000 | Cleveland-Cliffs, Inc., 4.875%, 3/1/31 (144A) | 2,982,892 | |
1,985,000 | Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | 2,116,506 | |
774,000 | Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A) | 888,165 | |
2,675,000 | Metinvest BV, 7.65%, 10/1/27 (144A) | 2,902,054 | |
2,215,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 2,314,675 | |
Total Iron & Steel | $ 14,244,981 | ||
Leisure Time — 0.4% | |||
560,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | $ 597,800 | |
EUR | 660,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | 824,107 |
1,130,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 1,172,375 | |
5,295,000 | Royal Caribbean Cruises, Ltd., 5.5%, 4/1/28 (144A) | 5,415,774 | |
300,000 | Viking Ocean Cruises Ship VII, Ltd., 5.625%, | ||
2/15/29 (144A) | 298,875 | ||
10,582,000 | VOC Escrow, Ltd., 5.0%, 2/15/28 (144A) | 10,441,259 | |
Total Leisure Time | $ 18,750,190 | ||
Lodging — 0.5% | |||
3,115,000 | Genting New York LLC/GENNY Capital, Inc., 3.3%, | ||
2/15/26 (144A) | $ 3,090,467 | ||
2,335,000 | Hilton Domestic Operating Co., Inc., 3.625%, | ||
2/15/32 (144A) | 2,299,975 | ||
4,040,000 | Hilton Domestic Operating Co., Inc., 3.75%, | ||
5/1/29 (144A) | 4,080,400 | ||
3,860,000 | Hilton Domestic Operating Co., Inc., 4.0%, | ||
5/1/31 (144A) | 3,917,900 | ||
555,000 | Hilton Domestic Operating Co., Inc., 5.75%, | ||
5/1/28 (144A) | 597,735 | ||
3,125,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton | ||
Grand Vacations Borrower Esc, 5.0%, 6/1/29 (144A) | 3,187,500 | ||
4,500,000 | Sands China, Ltd., 4.375%, 6/18/30 | 4,705,020 | |
Total Lodging | $ 21,878,997 | ||
Machinery-Construction & Mining — 0.1% | |||
6,305,000 | Weir Group Plc, 2.2%, 5/13/26 (144A) | $ 6,364,924 | |
Total Machinery-Construction & Mining | $ 6,364,924 |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
Media — 0.7% | ||
3,910,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, | |
6/1/33 (144A) | $ 3,979,285 | |
6,000,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, | |
3/1/30 (144A) | 6,268,920 | |
6,200,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 5,874,500 |
2,305,000 | CSC Holdings LLC, 5.0%, 11/15/31 (144A) | 2,212,108 |
1,345,000 | CSC Holdings LLC, 5.5%, 4/15/27 (144A) | 1,397,415 |
2,034,000 | Diamond Sports Group LLC/Diamond Sports Finance | |
Co., 6.625%, 8/15/27 (144A) | 889,875 | |
7,835,000 | Gray Television, Inc., 7.0%, 5/15/27 (144A) | 8,403,037 |
2,735,000 | News Corp., 3.875%, 5/15/29 (144A) | 2,810,213 |
2,025,000 | Sinclair Television Group, Inc., 4.125%, 12/1/30 (144A) | 1,979,438 |
Total Media | $ 33,814,791 | |
Metal Fabricate/Hardware — 0.1% | ||
3,030,000 | Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $ 3,026,213 |
340,000 | Roller Bearing Co. of America, Inc., 4.375%, | |
10/15/29 (144A) | 348,500 | |
Total Metal Fabricate/Hardware | $ 3,374,713 | |
Mining — 1.0% | ||
3,200,000 | Alcoa Nederland Holding BV, 4.125%, 3/31/29 (144A) | $ 3,336,000 |
4,776,000 | AngloGold Ashanti Holdings Plc, 3.75%, 10/1/30 | 4,900,080 |
11,678,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | 11,211,464 |
6,744,000 | First Quantum Minerals, Ltd., 7.25%, 4/1/23 (144A) | 6,862,020 |
9,524,000 | FMG Resources August 2006 Pty, Ltd., 4.375%, | |
4/1/31 (144A) | 9,845,435 | |
4,720,000 | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | 4,649,200 |
2,387,000 | Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A) | 2,646,586 |
1,685,000 | Novelis Corp., 3.25%, 11/15/26 (144A) | 1,708,893 |
2,590,000 | Novelis Corp., 3.875%, 8/15/31 (144A) | 2,561,640 |
Total Mining | $ 47,721,318 | |
Miscellaneous Manufacturers — 0.1% | ||
3,040,000 | Hillenbrand, Inc., 3.75%, 3/1/31 | $ 3,017,808 |
Total Miscellaneous Manufacturers | $ 3,017,808 | |
Multi-National — 1.1% | ||
12,922,000 | Africa Finance Corp., 4.375%, 4/17/26 (144A) | $ 14,149,590 |
4,880,000 | African Export-Import Bank, 3.994%, 9/21/29 (144A) | 5,152,392 |
8,430,000 | Banque Ouest Africaine de Developpement, 4.7%, | |
10/22/31 (144A) | 9,256,646 | |
2,860,000 | Banque Ouest Africaine de Developpement, 5.0%, | |
7/27/27 (144A) | 3,203,057 | |
IDR 189,000,300,000 | European Bank for Reconstruction & Development, | |
6.45%, 12/13/22 | 13,498,418 | |
IDR 113,010,000,000 | Inter-American Development Bank, 7.875%, 3/14/23 | 8,261,475 |
Total Multi-National | $ 53,521,578 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 47
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Oil & Gas — 2.6% | |||
28,023,000 | Cenovus Energy, Inc., 6.75%, 11/15/39 | $ 38,061,373 | |
2,145,000 | EQT Corp., 3.125%, 5/15/26 (144A) | 2,198,882 | |
2,230,000 | EQT Corp., 3.625%, 5/15/31 (144A) | 2,323,660 | |
1,080,000 | EQT Corp., 5.0%, 1/15/29 | 1,216,026 | |
2,880,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.0%, | ||
2/1/31 (144A) | 2,959,200 | ||
8,060,000 | MC Brazil Downstream Trading S.A.R.L., 7.25%, | ||
6/30/31 (144A) | 8,104,330 | ||
905,000 | MEG Energy Corp., 5.875%, 2/1/29 (144A) | 925,362 | |
715,000 | MEG Energy Corp., 6.5%, 1/15/25 (144A) | 735,714 | |
3,815,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 4,005,025 | |
8,985,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 9,243,319 | |
9,125,000 | Occidental Petroleum Corp., 4.4%, 4/15/46 | 9,086,584 | |
4,667,000 | Petroleos Mexicanos, 5.35%, 2/12/28 | 4,610,483 | |
2,455,000 | Petroleos Mexicanos, 6.875%, 10/16/25 (144A) | 2,688,225 | |
2,500,000 | Precision Drilling Corp., 6.875%, 1/15/29 (144A) | 2,611,112 | |
2,814,000 | Precision Drilling Corp., 7.125%, 1/15/26 (144A) | 2,889,190 | |
2,315,000 | Rockcliff Energy II LLC, 5.5%, 10/15/29 (144A) | 2,349,725 | |
2,217,000 | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | 2,272,425 | |
3,955,000 | Southwestern Energy Co., 5.375%, 2/1/29 (144A) | 4,231,099 | |
13,220,000 | Southwestern Energy Co., 5.375%, 3/15/30 | 14,271,783 | |
6,025,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 6,291,666 | |
4,020,000 | YPF SA, 6.95%, 7/21/27 (144A) | 2,964,750 | |
ARS | 22,175,000 | YPF SA, 16.5%, 5/9/22 (144A) | 213,351 |
Total Oil & Gas | $ 124,253,284 | ||
Packaging & Containers — 0.3% | |||
7,630,000 | Greif, Inc., 6.5%, 3/1/27 (144A) | $ 7,983,956 | |
6,145,000 | TriMas Corp., 4.125%, 4/15/29 (144A) | 6,283,262 | |
Total Packaging & Containers | $ 14,267,218 | ||
Pharmaceuticals — 1.1% | |||
2,570,000 | AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $ 2,571,311 | |
1,720,000 | Bausch Health Cos., Inc., 5.0%, 1/30/28 (144A) | 1,631,798 | |
4,124,389 | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) | 4,867,488 | |
619,854 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 723,226 | |
821,153 | CVS Pass-Through Trust, 8.353%, 7/10/31 (144A) | 1,067,743 | |
4,600,000 | Jazz Securities, DAC, 4.375%, 1/15/29 (144A) | 4,766,980 | |
2,930,000 | Organon & Co./Organon Foreign Debt Co.-Issuer BV, | ||
4.125%, 4/30/28 (144A) | 2,988,600 | ||
2,424,000 | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | 2,469,450 | |
EUR | 340,000 | Teva Pharmaceutical Finance Netherlands II BV, | |
6.0%, 1/31/25 | 425,367 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
Pharmaceuticals — (continued) | ||
22,867,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
3.15%, 10/1/26 | $ 21,923,736 | |
7,500,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
6.75%, 3/1/28 | 8,568,750 | |
Total Pharmaceuticals | $ 52,004,449 | |
Pipelines — 2.4% | ||
5,495,000 | DCP Midstream Operating LP, 5.6%, 4/1/44 | $ 6,401,675 |
1,415,000 | Enable Midstream Partners LP, 4.15%, 9/15/29 | 1,532,331 |
1,262,000 | Energy Transfer LP, 6.125%, 12/15/45 | 1,602,753 |
1,694,000(b)(d) | Energy Transfer LP, 6.625% (3 Month USD | |
LIBOR + 416 bps) | 1,647,415 | |
32,377,000(b)(d) | Energy Transfer LP, 7.125% (5 Year CMT | |
Index + 531 bps) | 33,712,551 | |
796,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 840,098 |
15,145,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 14,612,502 |
3,862,000 | EnLink Midstream Partners LP, 5.6%, 4/1/44 | 3,688,210 |
2,410,000 | Hess Midstream Operations LP, 4.25%, 2/15/30 (144A) | 2,441,451 |
3,600,000 | Hess Midstream Operations LP, 5.125%, 6/15/28 (144A) | 3,760,380 |
4,224,000 | Midwest Connector Capital Co. LLC, 4.625%, | |
4/1/29 (144A) | 4,536,561 | |
9,425,000 | ONEOK, Inc., 6.875%, 9/30/28 | 11,754,978 |
1,665,000 | Venture Global Calcasieu Pass LLC, 3.875%, | |
8/15/29 (144A) | 1,715,033 | |
2,465,000 | Venture Global Calcasieu Pass LLC, 4.125%, | |
8/15/31 (144A) | 2,569,763 | |
8,175,000 | Williams Cos., Inc., 7.5%, 1/15/31 | 11,357,366 |
8,690,000 | Williams Cos., Inc., 7.75%, 6/15/31 | 12,080,665 |
Total Pipelines | $ 114,253,732 | |
Real Estate — 0.1% | ||
6,210,000 | Kennedy-Wilson, Inc., 4.75%, 2/1/30 | $ 6,318,675 |
Total Real Estate | $ 6,318,675 | |
REITs — 1.2% | ||
7,615,000 | HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, | |
6/15/26 (144A) | $ 7,729,225 | |
12,750,000 | iStar, Inc., 4.25%, 8/1/25 | 13,243,808 |
3,345,000 | iStar, Inc., 4.75%, 10/1/24 | 3,537,338 |
1,740,000 | iStar, Inc., 5.5%, 2/15/26 | 1,818,300 |
6,440,000 | MPT Operating Partnership LP/MPT Finance Corp., | |
3.5%, 3/15/31 | 6,568,800 | |
9,521,000 | MPT Operating Partnership LP/MPT Finance Corp., | |
4.625%, 8/1/29 | 10,216,033 | |
8,337,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL | |
Capital LLC, 7.875%, 2/15/25 (144A) | 8,808,874 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 49
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
REITs — (continued) | ||
2,975,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL | |
Capital LLC, 6.5%, 2/15/29 (144A) | $ 3,060,278 | |
Total REITs | $ 54,982,656 | |
Retail — 0.4% | ||
465,000 | Asbury Automotive Group, Inc., 4.5%, 3/1/28 | $ 478,078 |
435,000 | Asbury Automotive Group, Inc., 4.75%, 3/1/30 | 454,031 |
3,155,000 | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 3,135,281 |
1,010,000 | Gap, Inc., 3.625%, 10/1/29 (144A) | 1,011,263 |
1,010,000 | Gap, Inc., 3.875%, 10/1/31 (144A) | 1,011,263 |
3,805,000 | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | 3,904,196 |
8,825,000 | Penske Automotive Group, Inc., 3.75%, 6/15/29 | 8,867,095 |
615,000 | SRS Distribution, Inc., 6.125%, 7/1/29 (144A) | 633,450 |
Total Retail | $ 19,494,657 | |
Telecommunications — 1.5% | ||
475,000 | Altice France SA, 5.125%, 1/15/29 (144A) | $ 465,500 |
1,835,000 | Altice France SA, 5.125%, 7/15/29 (144A) | 1,802,025 |
9,874,000 | Altice France SA, 5.5%, 1/15/28 (144A) | 9,966,865 |
4,600,000 | CommScope Technologies LLC, 5.0%, 3/15/27 (144A) | 4,375,336 |
4,120,000 | CommScope, Inc., 4.75%, 9/1/29 (144A) | 4,125,150 |
1,976,217 | Digicel International Finance, Ltd./Digicel international | |
Holdings, Ltd., 8.0%, 12/31/26 (144A) | 1,912,010 | |
4,950,371 | Digicel International Finance, Ltd./Digicel international | |
Holdings, Ltd., 8.75%, 5/25/24 (144A) | 5,123,634 | |
1,240,000 | Level 3 Financing, Inc., 3.75%, 7/15/29 (144A) | 1,198,435 |
4,351,000 | Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | 4,476,309 |
4,235,000 | LogMeIn, Inc., 5.5%, 9/1/27 (144A) | 4,313,898 |
3,010,000 | Lumen Technologies, Inc., 4.0%, 2/15/27 (144A) | 3,075,618 |
4,250,000 | Lumen Technologies, Inc., 4.5%, 1/15/29 (144A) | 4,118,165 |
1,346,400 | Millicom International Cellular SA, 6.25%, 3/25/29 (144A) | 1,474,308 |
4,425,000 | MTN Mauritius Investment, Ltd., 6.5%, 10/13/26 (144A) | 5,043,438 |
6,300,000 | Plantronics, Inc., 4.75%, 3/1/29 (144A) | 5,898,879 |
6,900,000 | Total Play Telecomunicaciones SA de CV, 6.375%, | |
9/20/28 (144A) | 6,882,750 | |
4,270,000 | Windstream Escrow LLC/Windstream Escrow Finance | |
Corp., 7.75%, 8/15/28 (144A) | 4,459,801 | |
Total Telecommunications | $ 68,712,121 | |
Transportation — 0.3% | ||
4,910,000 | Hidrovias International Finance S.a.r.l., 4.95%, | |
2/8/31 (144A) | $ 4,848,674 | |
4,510,000 | Seaspan Corp., 5.5%, 8/1/29 (144A) | 4,601,192 |
6,290,000 | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 7,044,737 |
Total Transportation | $ 16,494,603 | |
TOTAL CORPORATE BONDS | ||
(Cost $1,446,847,102) | $1,521,301,414 |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | |||
Amount | |||
USD ($) | Value | ||
FOREIGN GOVERNMENT BONDS — 4.0% of Net | |||
Assets | |||
Argentina — 0.2% | |||
351,880 | Argentine Republic Government International Bond, | ||
1.0%, 7/9/29 | $ 134,562 | ||
5,955,800(f) | Argentine Republic Government International Bond, | ||
1.125%, 7/9/35 | 1,935,695 | ||
8,500,000 | Ciudad Autonoma De Buenos Aires, 7.5%, | ||
6/1/27 (144A) | 7,777,585 | ||
243,312 | Province of Salta Argentina, 9.5%, 3/16/22 (144A) | 223,847 | |
Total Argentina | $ 10,071,689 | ||
Bahamas — 0.1% | |||
5,815,000 | Bahamas Government International Bond, 8.95%, | ||
10/15/32 (144A) | $ 5,466,100 | ||
Total Bahamas | $ 5,466,100 | ||
Bahrain — 0.3% | |||
7,000,000 | Bahrain Government International Bond, 5.625%, | ||
9/30/31 (144A) | $ 6,930,000 | ||
5,010,000 | Bahrain Government International Bond, 7.0%, | ||
10/12/28 (144A) | 5,473,425 | ||
Total Bahrain | $ 12,403,425 | ||
Colombia — 0.1% | |||
4,800,000 | Colombia Government International Bond, | ||
3.125%, 4/15/31 | $ 4,489,440 | ||
Total Colombia | $ 4,489,440 | ||
Egypt — 0.5% | |||
EGP | 197,044,000 | Egypt Government Bond, 15.7%, 11/7/27 | $ 13,101,324 |
2,520,000 | Egypt Government International Bond, 5.875%, | ||
2/16/31 (144A) | 2,315,300 | ||
5,560,000 | Egypt Government International Bond, 7.053%, | ||
1/15/32 (144A) | 5,384,082 | ||
2,000,000 | Egypt Government International Bond, 8.875%, | ||
5/29/50 (144A) | 1,978,328 | ||
Total Egypt | $ 22,779,034 | ||
Ghana — 0.2% | |||
4,780,000 | Ghana Government International Bond, 7.875%, | ||
2/11/35 (144A) | $ 4,296,646 | ||
GHS | 33,444,000 | Republic of Ghana Government Bonds, 20.75%, 1/16/23 | 5,817,331 |
Total Ghana | $ 10,113,977 | ||
Guatemala — 0.2% | |||
7,305,000 | Republic of Guatemala, 3.7%, 10/7/33 (144A) | $ 7,131,798 | |
Total Guatemala | $ 7,131,798 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 51
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Indonesia — 0.3% | |||
IDR | 219,632,000,000 | Indonesia Treasury Bond, 6.125%, 5/15/28 | $ 15,652,377 |
Total Indonesia | $ 15,652,377 | ||
Ivory Coast — 0.4% | |||
EUR | 8,965,000 | Ivory Coast Government International Bond, 4.875%, | |
1/30/32 (144A) | $ 10,100,734 | ||
EUR | 3,270,000 | Ivory Coast Government International Bond, 5.875%, | |
10/17/31 (144A) | 3,947,782 | ||
2,500,000 | Ivory Coast Government International Bond, 6.125%, | ||
6/15/33 (144A) | 2,638,750 | ||
Total Ivory Coast | $ 16,687,266 | ||
Mexico — 0.7% | |||
MXN | 620,140,000 | Mexican Bonos, 8.5%, 5/31/29 | $ 32,153,170 |
Total Mexico | $ 32,153,170 | ||
Nigeria — 0.1% | |||
5,445,000 | Nigeria Government International Bond, 7.375%, | ||
9/28/33 (144A) | $ 5,488,560 | ||
Total Nigeria | $ 5,488,560 | ||
Oman — 0.1% | |||
3,550,000 | Oman Government International Bond, 6.25%, | ||
1/25/31 (144A) | $ 3,794,496 | ||
1,910,000 | Oman Government International Bond, 6.75%, | ||
10/28/27 (144A) | 2,122,736 | ||
Total Oman | $ 5,917,232 | ||
Rwanda — 0.1% | |||
5,525,000 | Rwanda International Government Bond, 5.5%, | ||
8/9/31 (144A) | $ 5,740,309 | ||
Total Rwanda | $ 5,740,309 | ||
Serbia — 0.1% | |||
EUR | 6,600,000 | Serbia International Bond, 2.05%, 9/23/36 (144A) | $ 7,168,204 |
Total Serbia | $ 7,168,204 | ||
Trinidad — 0.1% | |||
4,440,000 | Trinidad & Tobago Government International Bond, | ||
4.5%, 6/26/30 (144A) | $ 4,646,505 | ||
Total Trinidad | $ 4,646,505 | ||
Ukraine — 0.3% | |||
EUR | 4,490,000 | Ukraine Government International Bond, 4.375%, | |
1/27/30 (144A) | $ 4,823,971 | ||
9,575,000 | Ukraine Government International Bond, 7.375%, | ||
9/25/32 (144A) | 9,802,502 | ||
Total Ukraine | $ 14,626,473 |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
Uzbekistan — 0.2% | ||
UZS 76,270,000,000 | Republic of Uzbekistan International Bond, 14.0%, | |
7/19/24 (144A) | $ 7,276,038 | |
UZS 33,340,000,000 | Republic of Uzbekistan International Bond, 14.5%, | |
11/25/23 (144A) | 3,087,037 | |
Total Uzbekistan | $ 10,363,075 | |
TOTAL FOREIGN GOVERNMENT BONDS | ||
(Cost $195,386,784) | $ 190,898,634 | |
INSURANCE-LINKED SECURITIES — 2.7% of | ||
Net Assets# | ||
Event Linked Bonds — 0.6% | ||
Earthquakes – California — 0.1% | ||
1,800,000(c) | Ursa Re, 5.78% (3 Month U.S. Treasury Bill + | |
575 bps), 12/10/22 (144A) | $ 1,842,840 | |
3,000,000(c) | Ursa Re II, 3.78% (3 Month U.S. Treasury Bill + | |
375 bps), 12/7/23 (144A) | 3,108,300 | |
$ 4,951,140 | ||
Earthquakes – Mexico — 0.0%† | ||
250,000(c) | International Bank for Reconstruction & Development, | |
3.534% (3 Month USD LIBOR + 350 bps), | ||
3/13/24 (144A) | $ 253,050 | |
Health – U.S. — 0.0%† | ||
1,500,000(c) | Vitality Re X, 1.78% (3 Month U.S. Treasury Bill + | |
175 bps), 1/10/23 (144A) | $ 1,473,750 | |
Inland Flood – U.S. — 0.1% | ||
1,000,000(c) | FloodSmart Re, 13.03% (3 Month U.S. Treasury Bill + | |
1,300 bps), 3/1/24 (144A) | $ 945,000 | |
750,000(c) | FloodSmart Re, 15.11% (3 Month U.S. Treasury Bill + | |
1,508 bps), 2/27/23 (144A) | 729,375 | |
$ 1,674,375 | ||
Multiperil – Florida — 0.0%† | ||
250,000(c) | Sanders Re II, 5.46% (3 Month U.S. Treasury Bill + | |
543 bps), 6/7/23 (144A) | $ 256,650 | |
Multiperil – U.S. — 0.2% | ||
900,000(c) | Easton Re Pte, 4.03% (3 Month U.S. Treasury Bill + | |
400 bps), 1/8/24 (144A) | $ 911,160 | |
1,500,000(c) | Four Lakes Re, 7.03% (3 Month U.S. Treasury Bill + | |
700 bps), 1/5/24 (144A) | 1,523,700 | |
1,500,000(c) | Four Lakes Re, 9.53% (3 Month U.S. Treasury Bill + | |
950 bps), 1/5/24 (144A) | 1,528,500 | |
500,000(c) | Herbie Re, 9.03% (3 Month U.S. Treasury Bill + | |
900 bps), 1/8/25 (144A) | 530,400 | |
1,500,000(c) | Residential Reinsurance 2020, 6.54% (3 Month U.S. | |
Treasury Bill + 651 bps), 12/6/24 (144A) | 1,539,450 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 53
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
Multiperil – U.S. — (continued) | ||
1,250,000(c) | Residential Reinsurance 2020 Ltd., 8.27% (3 Month U.S. | |
Treasury Bill + 824 bps), 12/6/24 (144A) | $ 1,258,625 | |
250,000(c) | Sanders Re, 2.93% (6 Month USD LIBOR + 293 bps), | |
12/6/21 (144A) | 250,350 | |
750,000(c) | Sussex Capital UK Pcc, Ltd., 7.78% (3 Month U.S. | |
Treasury Bill + 775 bps), 1/8/25 (144A) | 775,650 | |
$ 8,317,835 | ||
Multiperil – U.S. & Canada — 0.0%† | ||
1,000,000(c) | Hypatia, Ltd., 10.405% (3 Month U.S. Treasury Bill + | |
1,038 bps), 6/7/23 (144A) | $ 1,064,400 | |
500,000(c) | Mona Lisa Re, 8.03% (3 Month U.S. Treasury Bill + | |
800 bps), 1/9/23 (144A) | 510,000 | |
$ 1,574,400 | ||
Multiperil – U.S. Regional — 0.1% | ||
2,600,000(c) | Longpoint Re III, 2.78% (3 Month U.S. Treasury Bill + | |
275 bps), 6/1/22 (144A) | $ 2,622,360 | |
Multiperil – Worldwide — 0.0%† | ||
500,000(c) | Northshore Re II, 5.78% (3 Month U.S. Treasury Bill + | |
575 bps), 1/8/24 (144A) | $ 519,550 | |
Pandemic – U.S. — 0.0%† | ||
500,000(c) | Vitality Re XI, 1.83% (3 Month U.S. Treasury Bill + | |
180 bps), 1/9/24 (144A) | $ 488,450 | |
Windstorm – U.S. — 0.0%† | ||
750,000(c) | Bonanza Re, 4.78% (3 Month U.S. Treasury Bill + | |
475 bps), 12/23/24 (144A) | $ 762,825 | |
Windstorm – U.S. Regional — 0.1% | ||
1,250,000(g) | Matterhorn Re, 12/7/21 (144A) | $ 1,229,750 |
1,500,000(c) | Matterhorn Re, 4.326% (3 Month USD LIBOR + | |
425 bps), 12/7/22 (144A) | 1,528,500 | |
2,000,000(c) | Matterhorn Re, 5.576% (3 Month USD LIBOR + | |
550 bps), 12/7/22 (144A) | 2,021,800 | |
250,000(c) | Matterhorn Re, 7.03% (3 Month U.S. Treasury Bill + | |
700 bps), 12/7/21 (144A) | 252,250 | |
1,250,000(c) | Matterhorn Re, 10.03% (3 Month U.S. Treasury Bill + | |
1,000 bps), 12/7/21 (144A) | 1,266,125 | |
$ 6,298,425 | ||
Total Event Linked Bonds | $ 29,192,810 |
Face | ||
Amount | ||
USD ($) | ||
Collateralized Reinsurance — 0.6% | ||
Earthquakes – California — 0.0%† | ||
1,800,000+(a)(i) | Adare Re 2021, 9/30/27 | $ 1,800,000 |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Face | ||
Amount | ||
USD ($) | Value | |
Multiperil – Massachusetts — 0.1% | ||
2,600,000+(a)(i) | Denning Re 2021, 7/31/25 | $ 2,572,833 |
Multiperil – U.S. — 0.3% | ||
6,000,000+(a)(i) | Ballybunion Re, 2/28/23 | $ 1,857,000 |
3,000,000+(a)(i) | Ballybunion Re 2021, 1/31/25 | 3,083,462 |
3,000,000+(a)(i) | Ballybunion Re 2021-2, 6/30/25 | 3,000,000 |
3,406,059+(a)(i) | Ballybunion Re 2021-3, 7/31/25 | 3,406,059 |
600,000+(i) | Dingle Re 2019, 2/1/23 | 12,315 |
550,000+(a)(i) | Dingle Re 2020, 12/31/22 | 568,971 |
500,000+(i) | Port Royal Re 2021, 5/31/25 | 490,039 |
$ 12,417,846 | ||
Multiperil – Worldwide — 0.1% | ||
140,000+(i) | Limestone Re, 3/1/23 (144A) | $ 55,118 |
480,000+(a)(i) | Limestone Re, 3/1/24 (144A) | 85,680 |
20,000+(i) | Limestone Re 2019-B, 9/9/22 (144A) | — |
1,020,000+(a)(i) | Limestone Re 2020-1, 3/1/24 (144A) | 182,070 |
250,000+(i) | Merion Re 2021-1, 12/31/24 | 242,308 |
600,000+(a)(i) | Old Head Re 2021, 12/31/24 | 565,838 |
500,000+(a)(i) | Pine Valley Re 2021, 12/31/24 | 489,940 |
4,500,000+(a)(i) | Resilience Re, 10/10/21 | — |
850,864+(a)(i) | Seminole Re 2018, 1/31/23 | 21,023 |
608,616+(a)(i) | Walton Health Re 2018, 6/15/22 | 60,862 |
300,000+(a)(i) | Walton Health Re 2019, 6/30/22 | 252,101 |
$ 1,954,940 | ||
Windstorm – Florida — 0.0%† | ||
1,750,000+(a)(i) | Formby Re 2018, 2/28/23 | $ 214,900 |
2,200,000+(a)(i) | Portrush Re 2017, 6/15/22 | 1,403,820 |
$ 1,618,720 | ||
Windstorm – North Carolina — 0.0%† | ||
1,500,000+(a)(i) | Isosceles Re 2021, 5/1/25 | $ 1,487,700 |
Windstorm – U.S. — 0.0%† | ||
500,000+(i) | Shadow Creek Re 2021, 7/31/25 | $ 491,914 |
Windstorm – U.S. Multistate — 0.0%† | ||
1,500,000+(a)(i) | White Heron Re 2021, 6/30/25 | $ 1,492,452 |
Windstorm – U.S. Regional — 0.1% | ||
1,500,000+(i) | Isosceles Insurance, Ltd., 7/10/23 | $ 1,425,000 |
1,250,000+(a)(i) | Oakmont Re 2017, 4/30/23 | 36,750 |
2,000,000+(a)(i) | Oakmont Re 2020, 4/30/24 | 1,615,079 |
$ 3,076,829 | ||
Total Collateralized Reinsurance | $ 26,913,234 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 55
Schedule of Investments | 9/30/21 (continued)
Face | ||
Amount | ||
USD ($) | Value | |
Industry Loss Warranties — 0.0%† | ||
Windstorm – U.S. — 0.0%† | ||
2,000,000+(i) | Ballylifin Re 2021, 9/15/25 | $ 1,754,133 |
Total Industry Loss Warranties | $ 1,754,133 | |
Reinsurance Sidecars — 1.5% | ||
Multiperil – U.S. — 0.1% | ||
10,188,000+(a)(i) | Carnoustie Re 2017, 11/30/23 | $ 1,342,778 |
1,750,000+(a)(i) | Carnoustie Re 2020, 12/31/23 | 237,300 |
1,390,289+(a)(i) | Carnoustie Re 2021, 12/31/24 | 1,409,608 |
2,800,000+(a)(i) | Castle Stuart Re 2018, 12/1/21 | 24,360 |
3,000,000+(a)(j) | Harambee Re 2018, 12/31/22 | 3,000 |
5,000,000+(j) | Harambee Re 2019, 12/31/22 | 18,000 |
3,000,000+(a)(j) | Harambee Re 2020, 12/31/23 | 167,700 |
692,491+(c)(i) | Sector Re V, 3/1/26 (144A) | 696,858 |
$ 3,899,604 | ||
Multiperil – Worldwide — 1.4% | ||
2,201+(i) | Alturas Re 2019-1, 3/10/23 (144A) | $ 10,891 |
33,410+(j) | Alturas Re 2019-2, 3/10/23 | 44,292 |
357,085+(i) | Alturas Re 2020-1B, 3/10/23 (144A) | 50,777 |
360,465+(j) | Alturas Re 2020-2, 3/10/23 | 310,288 |
250,000+(a)(j) | Alturas Re 2020-3, 9/30/24 | 14,550 |
2,639,535+(a)(j) | Alturas Re 2021-2, 12/31/24 | 2,679,128 |
236,951+(a)(j) | Alturas Re 2021-3, 7/31/25 | 232,638 |
4,000,000+(a)(i) | Bantry Re 2016, 3/31/23 | 322,400 |
3,000,000+(a)(i) | Bantry Re 2017, 3/31/23 | 175,323 |
2,500,000+(a)(i) | Bantry Re 2018, 12/31/22 | 28,500 |
4,000,000+(a)(i) | Bantry Re 2019, 12/31/22 | 135,855 |
3,821,406+(a)(i) | Bantry Re 2020, 12/31/23 | 558,690 |
3,932,000+(a)(i) | Bantry Re 2021, 12/31/24 | 4,072,403 |
13,924,181+(a)(i) | Berwick Re 2018-1, 12/31/22 | 1,076,339 |
9,947,951+(a)(i) | Berwick Re 2019-1, 12/31/22 | 1,188,780 |
2,000,000+(i) | Berwick Re 2020-1, 12/31/23 | 200 |
3,000,000+(a)(i) | Berwick Re 2021-1, 12/31/24 | 3,144,050 |
155,000+(i) | Eden Re II, 3/22/23 (144A) | 46,088 |
232,500+(i) | Eden Re II, 3/22/23 (144A) | 73,118 |
73,625+(i) | Eden Re II, 3/22/23 (144A) | 269,693 |
700,000+(a)(i) | Eden Re II, 3/22/24 (144A) | 645,960 |
6,300,000+(a)(i) | Eden Re II, 3/21/25 (144A) | 6,351,660 |
1,500,000+(a)(i) | Gleneagles Re 2018, 12/31/22 | 177,450 |
1,156,688+(a)(i) | Gleneagles Re 2019, 12/31/22 | 25,849 |
1,270,798+(a)(i) | Gleneagles Re 2020, 12/31/23 | 127,007 |
1,250,000+(a)(i) | Gleneagles Re 2021, 12/31/24 | 1,289,577 |
2,737,878+(a)(i) | Gullane Re 2018, 12/31/22 | 380,291 |
5,000,000+(a)(i) | Gullane Re 2021, 12/31/24 | 5,300,616 |
The accompanying notes are an integral part of these financial statements.
56 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Face | ||
Amount | ||
USD ($) | Value | |
Multiperil – Worldwide — (continued) | ||
5,941+(i) | Limestone Re 2018, 3/1/23 | $ 1 |
500,000+(j) | Lion Rock Re 2019, 1/31/23 | — |
500,000+(j) | Lion Rock Re 2020, 1/31/23 | — |
500,000+(a)(j) | Lion Rock Re 2021, 12/31/24 | 550,200 |
6,000,000+(a)(j) | Lorenz Re 2018, 7/1/22 | 45,887 |
2,545,246+(a)(j) | Lorenz Re 2019, 6/30/22 | 198,020 |
1,282,713+(a)(j) | Lorenz Re 2020, 6/30/23 | 59,133 |
1,717,287+(a)(j) | Lorenz Re 2020, 6/30/23 | 79,167 |
8,500,000+(a)(i) | Merion Re 2018-2, 12/31/22 | 1,406,750 |
9,000,000+(a)(i) | Merion Re 2021-2, 12/31/24 | 8,955,000 |
6,150,000+(a)(i) | Pangaea Re 2016-2, 11/30/22 | 10,967 |
4,750,000+(a)(i) | Pangaea Re 2018-1, 12/31/22 | 100,009 |
7,100,000+(a)(i) | Pangaea Re 2018-3, 7/1/22 | 147,278 |
3,891,425+(a)(i) | Pangaea Re 2019-1, 2/1/23 | 81,087 |
5,220,725+(a)(i) | Pangaea Re 2019-3, 7/1/23 | 187,794 |
3,850,570+(i) | Pangaea Re 2020-1, 2/1/24 | 81,717 |
4,500,000+(a)(i) | Pangaea Re 2020-1, 12/31/24 | 4,609,156 |
3,500,000+(i) | Pangaea Re 2020-3, 7/1/24 | 290,525 |
1,000,000+(a)(i) | Phoenix One Re, 1/4/27 | 1,048,100 |
1,800,000+(a)(i) | Sector Re V, 12/1/23 (144A) | 346,309 |
155,997+(i) | Sector Re V, 12/1/24 (144A) | 447,006 |
575+(i) | Sector Re V, 3/1/25 (144A) | 36,952 |
756+(i) | Sector Re V, 3/1/25 (144A) | 48,583 |
6,578+(i) | Sector Re V, 3/1/25 (144A) | 106,441 |
2,753,972+(a)(i) | Sector Re V, 12/1/25 (144A) | 2,820,545 |
2,253,960+(c)(i) | Sector Re V, 3/1/26 (144A) | 2,279,523 |
540,031+(a)(i) | Sector Re V, 12/1/23 (144A) | 118,575 |
360,000+(i) | Sector Re V, 3/1/24 (144A) | 234,513 |
150,0006+(i) | Sector Re V, 12/1/24 (144A) | 429,822 |
3,608+(i) | Sector Re V, 3/1/24 (144A) | 67,889 |
3,609,700+(i) | Sussex Re 2020-1, 12/31/22 | 142,944 |
1,000,000+(a)(i) | Sussex Re 2021-1, 12/31/24 | 955,000 |
1,000,000+(a)(j) | Thopas Re 2018, 12/31/22 | 13,600 |
3,000,000+(a)(j) | Thopas Re 2019, 12/31/22 | 119,400 |
4,000,000+(j) | Thopas Re 2020, 12/31/23 | 32,000 |
5,000,000+(a)(j) | Thopas Re 2021, 12/31/24 | 4,923,000 |
2,818,951+(a)(j) | Torricelli Re 2021, 7/31/25 | 2,961,308 |
3,000,000+(i) | Versutus Re 2018, 12/31/22 | — |
2,647,642+(i) | Versutus Re 2019-A, 12/31/22 | — |
852,358+(i) | Versutus Re 2019-B, 12/31/22 | — |
1,250,000+(a)(j) | Viribus Re 2018, 12/31/22 | — |
3,650,000+(a)(j) | Viribus Re 2019, 12/31/22 | 152,570 |
4,139,570+(a)(j) | Viribus Re 2020, 12/31/23 | 32,703 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 57
Schedule of Investments | 9/30/21 (continued)
Face | ||
Amount | ||
USD ($) | Value | |
Multiperil – Worldwide — (continued) | ||
3,717,666+(a)(j) | Viribus Re 2021, 12/31/24 | $ 3,993,517 |
1,826,168+(a)(i) | Woburn Re 2018, 12/31/22 | 128,808 |
3,539,362+(a)(i) | Woburn Re 2019, 12/31/22 | 919,664 |
$ 67,893,876 | ||
Total Reinsurance Sidecars | $ 71,793,480 | |
TOTAL INSURANCE-LINKED SECURITIES | ||
(Cost $131,413,764) | $ 129,653,657 |
Principal | |||
Amount | |||
USD ($) | |||
SENIOR SECURED FLOATING RATE LOAN | |||
INTERESTS — 1.0% of Net Assets*(c) | |||
Aerospace & Defense — 0.1% | |||
3,036,667^ | Grupo Aeroméxico, SAB de CV, DIP Tranche 1 Term | ||
Loan, 9.0% (LIBOR + 800 bps), 12/30/21 | $ 3,059,442 | ||
Total Aerospace & Defense | $ 3,059,442 | ||
Airlines — 0.0%† | |||
720,021^ | Grupo Aeroméxico, SAB de CV, DIP Tranche 2 Term | ||
Loan, 0.0% ((15.5% PIK 0% Cash) + 1,450 bps), 12/30/21 | $ 738,922 | ||
Total Airlines | $ 738,922 | ||
Buildings & Real Estate — 0.1% | |||
1,960,137 | WireCo WorldGroup, Inc. (WireCo WorldGroup | ||
Finance LP), First Lien Initial Term Loan, 6.0% (LIBOR + | |||
500 bps), 9/29/23 | $ 1,965,241 | ||
Total Buildings & Real Estate | $ 1,965,241 | ||
Computers & Electronics — 0.0%† | |||
1,373,548 | Energy Acquisition LP, First Lien Initial Term Loan, | ||
4.349% (LIBOR + 425 bps), 6/26/25 | $ 1,366,395 | ||
Total Computers & Electronics | $ 1,366,395 | ||
Diversified & Conglomerate Manufacturing — 0.0%† | |||
1,272,263 | Pelican Products, Inc., First Lien Term Loan, 4.5% | ||
(LIBOR + 350 bps), 5/1/25 | $ 1,270,672 | ||
Total Diversified & Conglomerate Manufacturing | $ 1,270,672 | ||
Electronics — 0.2% | |||
7,721,572 | Scientific Games International, Inc., Initial Term B-5 | ||
Loan, 2.834% (LIBOR + 275 bps), 8/14/24 | $ 7,694,068 | ||
Total Electronics | $ 7,694,068 | ||
Entertainment & Leisure — 0.1% | |||
3,771,068 | Sabre GLBL, Inc., 2018 Other Term B Loan, 2.084% | ||
(LIBOR + 200 bps), 2/22/24 | $ 3,731,943 | ||
Total Entertainment & Leisure | $ 3,731,943 |
The accompanying notes are an integral part of these financial statements.
58 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
Finance — 0.2% | ||
11,320,000 | Bank of Industry, Ltd., 6.119% (LIBOR + | |
600 bps), 12/11/23 | $ 11,237,364 | |
Total Finance | $ 11,237,364 | |
Healthcare, Education & Childcare — 0.0%† | ||
443,408 | KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 | |
Loan, 4.75% (LIBOR + 375 bps), 2/21/25 | $ 439,852 | |
Total Healthcare, Education & Childcare | $ 439,852 | |
Leisure & Entertainment — 0.1% | ||
2,711,800 | Fitness International LLC, Term B Loan, 4.25% | |
(LIBOR + 325 bps), 4/18/25 | $ 2,528,268 | |
Total Leisure & Entertainment | $ 2,528,268 | |
Machinery — 0.1% | ||
4,465,000 | Grinding Media, Inc., First Lien Initial Term Loan, | |
4.75% (LIBOR + 400 bps), 10/12/28 | $ 4,442,675 | |
Total Machinery | $ 4,442,675 | |
Retail — 0.0%† | ||
1,368,500 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, | |
4.626% (LIBOR + 450 bps), 9/12/24 | $ 1,335,356 | |
Total Retail | $ 1,335,356 | |
Securities & Trusts — 0.1% | ||
1,920,000 | LSF11 A5 Holdco LLC, Term Loan, 4.25% (LIBOR + | |
375 bps), 10/15/28 | $ 1,910,400 | |
Total Machinery | $ 1,910,400 | |
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS | ||
(Cost $41,789,359) | $ 41,720,598 | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS — 37.4% of Net Assets | ||
198,000,000 | Fannie Mae, 2.5%, 10/1/51 (TBA) | $ 204,032,812 |
76,331 | Fannie Mae, 3.0%, 10/1/39 | 80,053 |
87,938 | Fannie Mae, 3.0%, 5/1/46 | 93,882 |
87,620 | Fannie Mae, 3.0%, 10/1/46 | 93,152 |
156,928 | Fannie Mae, 3.0%, 11/1/46 | 164,822 |
240,148 | Fannie Mae, 3.0%, 11/1/46 | 255,366 |
41,788 | Fannie Mae, 3.0%, 1/1/47 | 44,430 |
50,871 | Fannie Mae, 3.0%, 3/1/47 | 54,924 |
451,424 | Fannie Mae, 3.0%, 3/1/47 | 474,559 |
2,375,348 | Fannie Mae, 3.0%, 5/1/48 | 2,542,326 |
301,560 | Fannie Mae, 3.0%, 7/1/49 | 324,333 |
63,000,000 | Fannie Mae, 3.0%, 10/1/51 (TBA) | 65,894,062 |
1,927,419 | Fannie Mae, 3.5%, 7/1/42 | 2,092,956 |
3,604,680 | Fannie Mae, 3.5%, 6/1/45 | 3,879,834 |
1,305,782 | Fannie Mae, 3.5%, 9/1/45 | 1,434,553 |
5,970,958 | Fannie Mae, 3.5%, 9/1/45 | 6,534,515 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 59
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
875,892 | Fannie Mae, 3.5%, 6/1/46 | $ 953,250 |
747,431 | Fannie Mae, 3.5%, 9/1/46 | 817,184 |
324,035 | Fannie Mae, 3.5%, 10/1/46 | 348,760 |
206,265 | Fannie Mae, 3.5%, 7/1/47 | 222,580 |
910,069 | Fannie Mae, 3.5%, 4/1/50 | 963,457 |
103,000,000 | Fannie Mae, 3.5%, 10/1/51 (TBA) | 108,976,816 |
3,480 | Fannie Mae, 4.0%, 12/1/23 | 3,720 |
4,718 | Fannie Mae, 4.0%, 12/1/30 | 5,124 |
389,849 | Fannie Mae, 4.0%, 9/1/37 | 427,552 |
4,999,741 | Fannie Mae, 4.0%, 10/1/40 | 5,631,890 |
2,048,353 | Fannie Mae, 4.0%, 12/1/40 | 2,307,328 |
3,198 | Fannie Mae, 4.0%, 11/1/41 | 3,525 |
700,164 | Fannie Mae, 4.0%, 11/1/41 | 774,240 |
12,321 | Fannie Mae, 4.0%, 12/1/41 | 13,212 |
1,046,703 | Fannie Mae, 4.0%, 12/1/41 | 1,155,570 |
5,428,709 | Fannie Mae, 4.0%, 12/1/41 | 6,003,904 |
594,338 | Fannie Mae, 4.0%, 1/1/42 | 655,121 |
1,941,459 | Fannie Mae, 4.0%, 1/1/42 | 2,147,384 |
710,900 | Fannie Mae, 4.0%, 2/1/42 | 786,156 |
1,313,390 | Fannie Mae, 4.0%, 2/1/42 | 1,445,773 |
1,251,001 | Fannie Mae, 4.0%, 4/1/42 | 1,383,234 |
1,934,083 | Fannie Mae, 4.0%, 4/1/42 | 2,132,519 |
93,835 | Fannie Mae, 4.0%, 5/1/42 | 102,814 |
1,871,235 | Fannie Mae, 4.0%, 5/1/42 | 2,059,585 |
141,528 | Fannie Mae, 4.0%, 6/1/42 | 153,998 |
77,141 | Fannie Mae, 4.0%, 7/1/42 | 85,325 |
3,379,232 | Fannie Mae, 4.0%, 8/1/42 | 3,752,562 |
120,457 | Fannie Mae, 4.0%, 10/1/42 | 134,030 |
157,381 | Fannie Mae, 4.0%, 11/1/42 | 168,560 |
1,057,210 | Fannie Mae, 4.0%, 8/1/43 | 1,160,079 |
654,596 | Fannie Mae, 4.0%, 11/1/43 | 728,049 |
879,985 | Fannie Mae, 4.0%, 2/1/44 | 978,933 |
52,287 | Fannie Mae, 4.0%, 6/1/44 | 56,028 |
226,356 | Fannie Mae, 4.0%, 10/1/44 | 243,229 |
33,510 | Fannie Mae, 4.0%, 6/1/45 | 36,219 |
130,405 | Fannie Mae, 4.0%, 7/1/45 | 144,206 |
2,056,551 | Fannie Mae, 4.0%, 4/1/47 | 2,254,306 |
2,181,085 | Fannie Mae, 4.0%, 4/1/47 | 2,374,425 |
245,671 | Fannie Mae, 4.0%, 6/1/47 | 268,994 |
736,795 | Fannie Mae, 4.0%, 6/1/47 | 803,258 |
1,434,816 | Fannie Mae, 4.0%, 7/1/47 | 1,564,808 |
82,382 | Fannie Mae, 4.0%, 6/1/49 | 90,213 |
73,000,000 | Fannie Mae, 4.0%, 10/1/51 (TBA) | 78,212,656 |
1,629,760 | Fannie Mae, 4.5%, 11/1/40 | 1,820,369 |
4,560,271 | Fannie Mae, 4.5%, 12/1/40 | 5,107,197 |
211,409 | Fannie Mae, 4.5%, 3/1/41 | 237,016 |
The accompanying notes are an integral part of these financial statements.
60 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
4,145 | Fannie Mae, 4.5%, 4/1/41 | $ 4,629 |
2,194,815 | Fannie Mae, 4.5%, 5/1/41 | 2,455,084 |
984,633 | Fannie Mae, 4.5%, 7/1/41 | 1,103,910 |
3,664,313 | Fannie Mae, 4.5%, 8/1/41 | 4,070,322 |
299,193 | Fannie Mae, 4.5%, 9/1/41 | 335,348 |
1,261,973 | Fannie Mae, 4.5%, 9/1/43 | 1,402,925 |
492,745 | Fannie Mae, 4.5%, 1/1/47 | 542,598 |
141,000,000 | Fannie Mae, 4.5%, 10/1/51 (TBA) | 152,478,281 |
3,626 | Fannie Mae, 5.0%, 2/1/22 | 3,776 |
360 | Fannie Mae, 5.0%, 4/1/22 | 375 |
1,238 | Fannie Mae, 5.0%, 6/1/22 | 1,289 |
2,043 | Fannie Mae, 5.0%, 6/1/22 | 2,127 |
1,265,450 | Fannie Mae, 5.0%, 6/1/35 | 1,442,769 |
339,428 | Fannie Mae, 5.0%, 7/1/35 | 387,190 |
878,802 | Fannie Mae, 5.0%, 7/1/35 | 1,002,725 |
377,388 | Fannie Mae, 5.0%, 8/1/35 | 426,831 |
133,942 | Fannie Mae, 5.0%, 5/1/38 | 152,374 |
446,161 | Fannie Mae, 5.0%, 1/1/39 | 503,034 |
107,231 | Fannie Mae, 5.0%, 7/1/39 | 121,073 |
279,817 | Fannie Mae, 5.0%, 7/1/39 | 319,940 |
282,349 | Fannie Mae, 5.0%, 7/1/39 | 322,406 |
108,409 | Fannie Mae, 5.0%, 6/1/40 | 123,986 |
754,960 | Fannie Mae, 5.0%, 6/1/40 | 863,922 |
525,236 | Fannie Mae, 5.0%, 7/1/40 | 586,952 |
256,430 | Fannie Mae, 5.0%, 10/1/40 | 293,244 |
129,658 | Fannie Mae, 5.0%, 5/1/41 | 148,174 |
136,429 | Fannie Mae, 5.0%, 7/1/41 | 155,733 |
129,374 | Fannie Mae, 5.0%, 12/1/41 | 142,560 |
3,055,159 | Fannie Mae, 5.0%, 9/1/43 | 3,414,658 |
9,935,573 | Fannie Mae, 5.0%, 11/1/44 | 11,354,073 |
5,622 | Fannie Mae, 5.5%, 5/1/33 | 6,296 |
4,756 | Fannie Mae, 5.5%, 6/1/33 | 5,395 |
18,510 | Fannie Mae, 5.5%, 7/1/33 | 21,319 |
36,661 | Fannie Mae, 5.5%, 4/1/34 | 41,910 |
5,920 | Fannie Mae, 5.5%, 10/1/35 | 6,853 |
56,278 | Fannie Mae, 5.5%, 12/1/35 | 65,391 |
32,978 | Fannie Mae, 5.5%, 3/1/36 | 37,887 |
40,843 | Fannie Mae, 5.5%, 4/1/36 | 45,656 |
525 | Fannie Mae, 6.0%, 3/1/32 | 615 |
880 | Fannie Mae, 6.0%, 10/1/32 | 1,031 |
3,180 | Fannie Mae, 6.0%, 11/1/32 | 3,572 |
19,229 | Fannie Mae, 6.0%, 12/1/32 | 21,668 |
4,348 | Fannie Mae, 6.0%, 1/1/33 | 5,095 |
2,174 | Fannie Mae, 6.0%, 3/1/33 | 2,547 |
10,372 | Fannie Mae, 6.0%, 5/1/33 | 11,646 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 61
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
32,919 | Fannie Mae, 6.0%, 12/1/33 | $ 38,645 |
26,929 | Fannie Mae, 6.0%, 1/1/34 | 31,578 |
129,619 | Fannie Mae, 6.0%, 6/1/37 | 152,705 |
52,391 | Fannie Mae, 6.0%, 12/1/37 | 61,838 |
80,562 | Fannie Mae, 6.0%, 4/1/38 | 95,228 |
43,871 | Fannie Mae, 6.0%, 7/1/38 | 49,626 |
109 | Fannie Mae, 6.5%, 4/1/29 | 122 |
412 | Fannie Mae, 6.5%, 5/1/31 | 463 |
119 | Fannie Mae, 6.5%, 6/1/31 | 134 |
283 | Fannie Mae, 6.5%, 2/1/32 | 322 |
1,719 | Fannie Mae, 6.5%, 3/1/32 | 1,931 |
870 | Fannie Mae, 6.5%, 8/1/32 | 985 |
10,240 | Fannie Mae, 6.5%, 10/1/32 | 11,505 |
315 | Fannie Mae, 7.0%, 5/1/28 | 353 |
177 | Fannie Mae, 7.0%, 2/1/29 | 203 |
266 | Fannie Mae, 7.0%, 7/1/31 | 273 |
287 | Fannie Mae, 7.5%, 1/1/28 | 308 |
356,925 | Federal Home Loan Mortgage Corp., 3.0%, 12/1/37 | 376,450 |
553,433 | Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 | 596,145 |
2,304,764 | Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 | 2,488,371 |
635,496 | Federal Home Loan Mortgage Corp., 3.0%, 4/1/47 | 684,112 |
135,453 | Federal Home Loan Mortgage Corp., 3.0%, 11/1/47 | 145,853 |
2,405,418 | Federal Home Loan Mortgage Corp., 4.0%, 10/1/42 | 2,640,066 |
1,183,138 | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 1,292,394 |
1,645,625 | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 1,801,301 |
167,995 | Federal Home Loan Mortgage Corp., 4.0%, 5/1/49 | 179,862 |
130,447 | Federal Home Loan Mortgage Corp., 4.5%, 10/1/35 | 145,229 |
392,723 | Federal Home Loan Mortgage Corp., 4.5%, 7/1/40 | 436,554 |
253,801 | Federal Home Loan Mortgage Corp., 4.5%, 11/1/40 | 284,611 |
6,493 | Federal Home Loan Mortgage Corp., 4.5%, 9/1/43 | 7,026 |
146,905 | Federal Home Loan Mortgage Corp., 4.5%, 10/1/43 | 162,813 |
628,380 | Federal Home Loan Mortgage Corp., 4.5%, 11/1/43 | 701,734 |
7,454 | Federal Home Loan Mortgage Corp., 4.5%, 3/1/44 | 8,339 |
22,052 | Federal Home Loan Mortgage Corp., 4.5%, 5/1/44 | 24,429 |
82 | Federal Home Loan Mortgage Corp., 5.0%, 12/1/21 | 86 |
14,626 | Federal Home Loan Mortgage Corp., 5.0%, 4/1/23 | 15,244 |
9,748 | Federal Home Loan Mortgage Corp., 5.0%, 5/1/34 | 11,070 |
14,663 | Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 | 16,744 |
60,517 | Federal Home Loan Mortgage Corp., 5.0%, 12/1/34 | 69,049 |
48,264 | Federal Home Loan Mortgage Corp., 5.0%, 7/1/35 | 54,916 |
104,238 | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 | 119,205 |
151,661 | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 | 173,451 |
5,295 | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38 | 6,055 |
750 | Federal Home Loan Mortgage Corp., 5.0%, 5/1/39 | 859 |
The accompanying notes are an integral part of these financial statements.
62 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
2,531,554 | Federal Home Loan Mortgage Corp., 5.0%, 11/1/39 | $ 2,897,728 |
1,345 | Federal Home Loan Mortgage Corp., 5.0%, 12/1/39 | 1,539 |
1,104,143 | Federal Home Loan Mortgage Corp., 5.5%, 6/1/41 | 1,285,838 |
18,301 | Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 | 20,550 |
2,205 | Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 | 2,476 |
11,942 | Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 | 13,412 |
25,561 | Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 | 30,015 |
50,474 | Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 | 56,691 |
23,057 | Federal Home Loan Mortgage Corp., 6.0%, 12/1/36 | 26,391 |
2,288 | Federal Home Loan Mortgage Corp., 6.0%, 10/1/37 | 2,645 |
58,564 | Federal Home Loan Mortgage Corp., 6.0%, 12/1/37 | 69,244 |
1,785 | Federal Home Loan Mortgage Corp., 6.5%, 9/1/32 | 2,006 |
49,000,000 | Government National Mortgage Association, 2.5%, | |
10/1/51 (TBA) | 50,554,219 | |
47,000,000 | Government National Mortgage Association, 3.0%, | |
10/1/51 (TBA) | 49,085,625 | |
546,261 | Government National Mortgage Association I, | |
3.5%, 10/15/42 | 583,339 | |
2,708 | Government National Mortgage Association I, | |
4.0%, 3/15/39 | 2,981 | |
3,810 | Government National Mortgage Association I, | |
4.0%, 4/15/39 | 4,163 | |
4,061 | Government National Mortgage Association I, | |
4.0%, 4/15/39 | 4,432 | |
5,974 | Government National Mortgage Association I, | |
4.0%, 7/15/39 | 6,527 | |
4,450 | Government National Mortgage Association I, | |
4.0%, 1/15/40 | 4,878 | |
77,648 | Government National Mortgage Association I, | |
4.0%, 4/15/40 | 84,921 | |
142,737 | Government National Mortgage Association I, | |
4.0%, 7/15/40 | 156,874 | |
43,793 | Government National Mortgage Association I, | |
4.0%, 8/15/40 | 48,049 | |
100,240 | Government National Mortgage Association I, | |
4.0%, 8/15/40 | 111,290 | |
24,049 | Government National Mortgage Association I, | |
4.0%, 9/15/40 | 26,566 | |
4,581 | Government National Mortgage Association I, | |
4.0%, 10/15/40 | 4,996 | |
9,611 | Government National Mortgage Association I, | |
4.0%, 10/15/40 | 10,641 | |
29,699 | Government National Mortgage Association I, | |
4.0%, 10/15/40 | 32,872 | |
3,396 | Government National Mortgage Association I, | |
4.0%, 11/15/40 | 3,733 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 63
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY | |||
OBLIGATIONS— (continued) | |||
31,345 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | $ 34,129 | ||
102,594 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | 112,564 | ||
125,348 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | 137,765 | ||
3,739 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 4,152 | ||
4,095 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 4,492 | ||
470,924 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 520,916 | ||
2,497 | Government National Mortgage Association I, | ||
4.0%, 1/15/41 | 2,734 | ||
19,246 | Government National Mortgage Association I, | ||
4.0%, 1/15/41 | 21,332 | ||
32,114 | Government National Mortgage Association I, | ||
4.0%, 1/15/41 | 34,690 | ||
7,185 | Government National Mortgage Association I, | ||
4.0%, 2/15/41 | 7,883 | ||
340,967 | Government National Mortgage Association I, | ||
4.0%, 2/15/41 | 374,105 | ||
31,810 | Government National Mortgage Association I, | ||
4.0%, 3/15/41 | 34,961 | ||
7,177 | Government National Mortgage Association I, | ||
4.0%, 4/15/41 | 7,974 | ||
4,854 | Government National Mortgage Association I, | ||
4.0%, 5/15/41 | 5,216 | ||
32,230 | Government National Mortgage Association I, | ||
4.0%, 5/15/41 | 35,583 | ||
786 | Government National Mortgage Association I, | ||
4.0%, 6/15/41 | 844 | ||
2,994 | Government National Mortgage Association I, | ||
4.0%, 6/15/41 | 3,220 | ||
732,313 | Government National Mortgage Association I, | ||
4.0%, 6/15/41 | 803,493 | ||
3,150 | Government National Mortgage Association I, | ||
4.0%, 7/15/41 | 3,383 | ||
5,107 | Government National Mortgage Association I, | ||
4.0%, 7/15/41 | 5,526 | ||
18,421 | Government National Mortgage Association I, | ||
4.0%, 7/15/41 | 20,211 | ||
46,683 | Government National Mortgage Association I, | ||
4.0%, 7/15/41 | 51,337 | ||
77,595 | Government National Mortgage Association I, | ||
4.0%, 7/15/41 | 85,282 |
The accompanying notes are an integral part of these financial statements.
64 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
112,939 | Government National Mortgage Association I, | |
4.0%, 7/15/41 | $ 125,469 | |
3,738 | Government National Mortgage Association I, | |
4.0%, 8/15/41 | 4,010 | |
3,964 | Government National Mortgage Association I, | |
4.0%, 8/15/41 | 4,349 | |
40,543 | Government National Mortgage Association I, | |
4.0%, 8/15/41 | 45,014 | |
3,224 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 3,479 | |
3,480 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 3,859 | |
5,594 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 6,201 | |
6,087 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 6,598 | |
16,919 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 18,784 | |
33,656 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 37,277 | |
148,669 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 165,061 | |
243,636 | Government National Mortgage Association I, | |
4.0%, 9/15/41 | 269,134 | |
2,063 | Government National Mortgage Association I, | |
4.0%, 10/15/41 | 2,278 | |
4,524 | Government National Mortgage Association I, | |
4.0%, 10/15/41 | 4,877 | |
5,261 | Government National Mortgage Association I, | |
4.0%, 10/15/41 | 5,811 | |
5,989 | Government National Mortgage Association I, | |
4.0%, 10/15/41 | 6,432 | |
10,730 | Government National Mortgage Association I, | |
4.0%, 10/15/41 | 11,519 | |
4,318 | Government National Mortgage Association I, | |
4.0%, 11/15/41 | 4,794 | |
8,908 | Government National Mortgage Association I, | |
4.0%, 11/15/41 | 9,774 | |
88,550 | Government National Mortgage Association I, | |
4.0%, 11/15/41 | 95,695 | |
6,041 | Government National Mortgage Association I, | |
4.0%, 12/15/41 | 6,712 | |
6,352 | Government National Mortgage Association I, | |
4.0%, 12/15/41 | 6,970 | |
12,600 | Government National Mortgage Association I, | |
4.0%, 12/15/41 | 13,506 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 65
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
564,150 | Government National Mortgage Association I, | |
4.0%, 1/15/42 | $ 626,972 | |
1,066 | Government National Mortgage Association I, | |
4.0%, 2/15/42 | 1,144 | |
3,315 | Government National Mortgage Association I, | |
4.0%, 2/15/42 | 3,680 | |
7,290 | Government National Mortgage Association I, | |
4.0%, 2/15/42 | 8,097 | |
27,521 | Government National Mortgage Association I, | |
4.0%, 2/15/42 | 29,734 | |
93,548 | Government National Mortgage Association I, | |
4.0%, 2/15/42 | 103,601 | |
948,915 | Government National Mortgage Association I, | |
4.0%, 5/15/42 | 1,054,243 | |
33,896 | Government National Mortgage Association I, | |
4.0%, 6/15/42 | 37,571 | |
45,059 | Government National Mortgage Association I, | |
4.0%, 6/15/42 | 49,440 | |
58,214 | Government National Mortgage Association I, | |
4.0%, 6/15/42 | 62,999 | |
7,853 | Government National Mortgage Association I, | |
4.0%, 10/15/42 | 8,713 | |
492,570 | Government National Mortgage Association I, | |
4.0%, 4/15/43 | 540,465 | |
2,893 | Government National Mortgage Association I, | |
4.0%, 5/15/43 | 3,174 | |
119,369 | Government National Mortgage Association I, | |
4.0%, 5/15/43 | 129,355 | |
24,205 | Government National Mortgage Association I, | |
4.0%, 6/15/43 | 25,986 | |
204,373 | Government National Mortgage Association I, | |
4.0%, 8/15/43 | 224,377 | |
5,050 | Government National Mortgage Association I, | |
4.0%, 9/15/43 | 5,580 | |
67,747 | Government National Mortgage Association I, | |
4.0%, 9/15/43 | 73,297 | |
650 | Government National Mortgage Association I, | |
4.0%, 10/15/43 | 698 | |
7,275 | Government National Mortgage Association I, | |
4.0%, 11/15/43 | 7,830 | |
46,882 | Government National Mortgage Association I, | |
4.0%, 2/15/44 | 50,349 | |
34,419 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | 36,972 | |
36,613 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | 40,408 |
The accompanying notes are an integral part of these financial statements.
66 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
45,468 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | $ 50,484 | |
64,033 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | 68,768 | |
254,320 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | 277,216 | |
790,796 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | 878,555 | |
1,492,626 | Government National Mortgage Association I, | |
4.0%, 3/15/44 | 1,640,567 | |
3,731 | Government National Mortgage Association I, | |
4.0%, 4/15/44 | 4,120 | |
36,983 | Government National Mortgage Association I, | |
4.0%, 4/15/44 | 39,768 | |
297,695 | Government National Mortgage Association I, | |
4.0%, 4/15/44 | 330,762 | |
479,743 | Government National Mortgage Association I, | |
4.0%, 4/15/44 | 526,395 | |
74,660 | Government National Mortgage Association I, | |
4.0%, 5/15/44 | 80,453 | |
14,459 | Government National Mortgage Association I, | |
4.0%, 8/15/44 | 15,514 | |
36,129 | Government National Mortgage Association I, | |
4.0%, 8/15/44 | 38,800 | |
114,850 | Government National Mortgage Association I, | |
4.0%, 8/15/44 | 126,913 | |
468,169 | Government National Mortgage Association I, | |
4.0%, 8/15/44 | 513,696 | |
468,259 | Government National Mortgage Association I, | |
4.0%, 8/15/44 | 514,562 | |
4,114 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 4,570 | |
55,804 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 60,544 | |
88,827 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 96,160 | |
106,263 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 118,051 | |
117,170 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 126,004 | |
122,702 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 133,168 | |
124,082 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 134,274 | |
224,478 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 240,965 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 67
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
318,933 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | $ 348,512 | |
531,026 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 577,207 | |
785,230 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 872,384 | |
1,255,221 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 1,393,702 | |
1,663,601 | Government National Mortgage Association I, | |
4.0%, 9/15/44 | 1,825,410 | |
14,161 | Government National Mortgage Association I, | |
4.0%, 10/15/44 | 15,194 | |
30,866 | Government National Mortgage Association I, | |
4.0%, 10/15/44 | 33,554 | |
201,549 | Government National Mortgage Association I, | |
4.0%, 10/15/44 | 216,762 | |
7,555 | Government National Mortgage Association I, | |
4.0%, 11/15/44 | 8,107 | |
9,956 | Government National Mortgage Association I, | |
4.0%, 11/15/44 | 10,900 | |
10,672 | Government National Mortgage Association I, | |
4.0%, 11/15/44 | 11,855 | |
58,320 | Government National Mortgage Association I, | |
4.0%, 11/15/44 | 62,591 | |
3,879 | Government National Mortgage Association I, | |
4.0%, 12/15/44 | 4,177 | |
33,454 | Government National Mortgage Association I, | |
4.0%, 12/15/44 | 36,708 | |
51,838 | Government National Mortgage Association I, | |
4.0%, 12/15/44 | 57,232 | |
90,432 | Government National Mortgage Association I, | |
4.0%, 12/15/44 | 97,055 | |
184,692 | Government National Mortgage Association I, | |
4.0%, 12/15/44 | 200,794 | |
347,332 | Government National Mortgage Association I, | |
4.0%, 12/15/44 | 385,654 | |
60,533 | Government National Mortgage Association I, | |
4.0%, 1/15/45 | 64,984 | |
241,149 | Government National Mortgage Association I, | |
4.0%, 1/15/45 | 263,023 | |
301,634 | Government National Mortgage Association I, | |
4.0%, 1/15/45 | 324,420 | |
553,605 | Government National Mortgage Association I, | |
4.0%, 1/15/45 | 609,402 | |
44,433 | Government National Mortgage Association I, | |
4.0%, 2/15/45 | 47,699 |
The accompanying notes are an integral part of these financial statements.
68 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY | |||
OBLIGATIONS— (continued) | |||
57,522 | Government National Mortgage Association I, | ||
4.0%, 2/15/45 | $ 61,742 | ||
72,963 | Government National Mortgage Association I, | ||
4.0%, 2/15/45 | 78,562 | ||
89,439 | Government National Mortgage Association I, | ||
4.0%, 2/15/45 | 98,529 | ||
138,032 | Government National Mortgage Association I, | ||
4.0%, 2/15/45 | 148,163 | ||
347,449 | Government National Mortgage Association I, | ||
4.0%, 2/15/45 | 373,609 | ||
159,213 | Government National Mortgage Association I, | ||
4.0%, 3/15/45 | 170,907 | ||
117,272 | Government National Mortgage Association I, | ||
4.0%, 4/15/45 | 126,085 | ||
74,036 | Government National Mortgage Association I, | ||
4.0%, 5/15/45 | 82,130 | ||
16,355 | Government National Mortgage Association I, | ||
4.0%, 7/15/45 | 17,893 | ||
105,413 | Government National Mortgage Association I, | ||
4.0%, 9/15/45 | 116,084 | ||
81,260 | Government National Mortgage Association I, | ||
4.5%, 9/15/33 | 91,928 | ||
69,100 | Government National Mortgage Association I, | ||
4.5%, 10/15/33 | 78,256 | ||
44,177 | Government National Mortgage Association I, | ||
4.5%, 4/15/35 | 49,951 | ||
649,375 | Government National Mortgage Association I, | ||
4.5%, 3/15/38 | 732,559 | ||
244,312 | Government National Mortgage Association I, | ||
4.5%, 1/15/40 | 279,480 | ||
333,169 | Government National Mortgage Association I, | ||
4.5%, 6/15/40 | 376,862 | ||
99,516 | Government National Mortgage Association I, | ||
4.5%, 9/15/40 | 112,640 | ||
633,545 | Government National Mortgage Association I, | ||
4.5%, 11/15/40 | 715,789 | ||
111,796 | Government National Mortgage Association I, | ||
4.5%, 6/15/41 | 124,889 | ||
754,465 | Government National Mortgage Association I, | ||
4.5%, 6/15/41 | 853,586 | ||
228,736 | Government National Mortgage Association I, | ||
4.5%, 7/15/41 | 258,969 | ||
405,627 | Government National Mortgage Association I, | ||
4.5%, 8/15/41 | 459,244 | ||
212,350 | Government National Mortgage Association I, | ||
5.0%, 9/15/33 | 246,681 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 69
Schedule of Investments | 9/30/21 (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY | |||
OBLIGATIONS— (continued) | |||
52,506 | Government National Mortgage Association I, | ||
5.125%, 10/15/38 | $ 59,365 | ||
37,748 | Government National Mortgage Association I, | ||
5.5%, 7/15/33 | 43,279 | ||
67,009 | Government National Mortgage Association I, | ||
5.5%, 1/15/34 | 77,630 | ||
49,864 | Government National Mortgage Association I, | ||
5.5%, 4/15/34 | 57,772 | ||
86,721 | Government National Mortgage Association I, | ||
5.5%, 7/15/34 | 100,471 | ||
94,109 | Government National Mortgage Association I, | ||
5.5%, 10/15/34 | 106,337 | ||
61,049 | Government National Mortgage Association I, | ||
5.5%, 1/15/35 | 70,455 | ||
80,807 | Government National Mortgage Association I, | ||
5.5%, 2/15/35 | 90,147 | ||
120,902 | Government National Mortgage Association I, | ||
5.5%, 2/15/35 | 140,211 | ||
38,516 | Government National Mortgage Association I, | ||
5.5%, 6/15/35 | 44,450 | ||
25,711 | Government National Mortgage Association I, | ||
5.5%, 12/15/35 | 28,692 | ||
5 | Government National Mortgage Association I, | ||
5.5%, 2/15/37 | 6 | ||
12,266 | Government National Mortgage Association I, | ||
5.5%, 3/15/37 | 13,703 | ||
47,414 | Government National Mortgage Association I, | ||
5.5%, 3/15/37 | 52,854 | ||
17,566 | Government National Mortgage Association I, | ||
5.75%, 10/15/38 | 19,762 | ||
132,898 | Government National Mortgage Association I, | ||
5.75%, 10/15/38 | 148,578 | ||
53,937 | Government National Mortgage Association I, | ||
6.0%, 8/15/32 | 63,714 | ||
38,373 | Government National Mortgage Association I, | ||
6.0%, 1/15/33 | 45,323 | ||
30,659 | Government National Mortgage Association I, | ||
6.0%, 2/15/33 | 35,633 | ||
57,929 | Government National Mortgage Association I, | ||
6.0%, 2/15/33 | 68,311 | ||
2,261 | Government National Mortgage Association I, | ||
6.0%, 3/15/33 | 2,541 | ||
16,681 | Government National Mortgage Association I, | ||
6.0%, 3/15/33 | 19,416 | ||
43,889 | Government National Mortgage Association I, | ||
6.0%, 3/15/33 | 51,626 |
The accompanying notes are an integral part of these financial statements.
70 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY | |||
OBLIGATIONS— (continued) | |||
7,175 | Government National Mortgage Association I, | ||
6.0%, 5/15/33 | $ 8,025 | ||
48,921 | Government National Mortgage Association I, | ||
6.0%, 5/15/33 | 55,024 | ||
115,989 | Government National Mortgage Association I, | ||
6.0%, 5/15/33 | 130,330 | ||
32,274 | Government National Mortgage Association I, | ||
6.0%, 6/15/33 | 37,909 | ||
76,566 | Government National Mortgage Association I, | ||
6.0%, 6/15/33 | 89,101 | ||
28,253 | Government National Mortgage Association I, | ||
6.0%, 7/15/33 | 32,110 | ||
68,070 | Government National Mortgage Association I, | ||
6.0%, 7/15/33 | 78,729 | ||
6,491 | Government National Mortgage Association I, | ||
6.0%, 9/15/33 | 7,275 | ||
18,077 | Government National Mortgage Association I, | ||
6.0%, 9/15/33 | 20,255 | ||
65,700 | Government National Mortgage Association I, | ||
6.0%, 11/15/33 | 73,715 | ||
20,035 | Government National Mortgage Association I, | ||
6.0%, 1/15/34 | 23,289 | ||
137,181 | Government National Mortgage Association I, | ||
6.0%, 10/15/37 | 161,745 | ||
171,860 | Government National Mortgage Association I, | ||
6.0%, 7/15/38 | 203,118 | ||
4,755 | Government National Mortgage Association I, | ||
6.5%, 1/15/29 | 5,313 | ||
582 | Government National Mortgage Association I, | ||
6.5%, 5/15/29 | 663 | ||
529 | Government National Mortgage Association I, | ||
6.5%, 10/15/31 | 592 | ||
1,060 | Government National Mortgage Association I, | ||
6.5%, 10/15/31 | 1,184 | ||
157 | Government National Mortgage Association I, | ||
6.5%, 12/15/31 | 182 | ||
1,087 | Government National Mortgage Association I, | ||
6.5%, 2/15/32 | 1,264 | ||
610 | Government National Mortgage Association I, | ||
6.5%, 3/15/32 | 712 | ||
2,909 | Government National Mortgage Association I, | ||
6.5%, 5/15/32 | 3,250 | ||
2,465 | Government National Mortgage Association I, | ||
6.5%, 6/15/32 | 2,755 | ||
2,472 | Government National Mortgage Association I, | ||
6.5%, 6/15/32 | 2,762 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 71
Schedule of Investments | 9/30/21 (continued)
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
1,334 | Government National Mortgage Association I, | |
6.5%, 7/15/32 | $ 1,490 | |
3,708 | Government National Mortgage Association I, | |
6.5%, 7/15/32 | 4,148 | |
1,496 | Government National Mortgage Association I, | |
6.5%, 8/15/32 | 1,679 | |
1,534 | Government National Mortgage Association I, | |
6.5%, 8/15/32 | 1,714 | |
12,859 | Government National Mortgage Association I, | |
6.5%, 8/15/32 | 14,512 | |
16,303 | Government National Mortgage Association I, | |
6.5%, 9/15/32 | 18,217 | |
28,658 | Government National Mortgage Association I, | |
6.5%, 9/15/32 | 32,023 | |
9,568 | Government National Mortgage Association I, | |
6.5%, 10/15/32 | 10,691 | |
20,485 | Government National Mortgage Association I, | |
6.5%, 11/15/32 | 23,946 | |
19,230 | Government National Mortgage Association I, | |
6.5%, 7/15/35 | 22,141 | |
91 | Government National Mortgage Association I, | |
7.0%, 5/15/29 | 96 | |
269 | Government National Mortgage Association I, | |
7.0%, 5/15/29 | 298 | |
180 | Government National Mortgage Association I, | |
7.0%, 5/15/31 | 181 | |
636,083 | Government National Mortgage Association II, | |
3.5%, 4/20/45 | 686,606 | |
758,167 | Government National Mortgage Association II, | |
3.5%, 4/20/45 | 818,706 | |
1,260,958 | Government National Mortgage Association II, | |
3.5%, 4/20/45 | 1,361,090 | |
1,521,914 | Government National Mortgage Association II, | |
3.5%, 3/20/46 | 1,658,040 | |
3,175,172 | Government National Mortgage Association II, | |
4.0%, 10/20/46 | 3,424,062 | |
1,283,332 | Government National Mortgage Association II, | |
4.0%, 2/20/48 | 1,413,013 | |
1,559,597 | Government National Mortgage Association II, | |
4.0%, 4/20/48 | 1,716,802 | |
223,939 | Government National Mortgage Association II, | |
4.5%, 12/20/34 | 247,797 | |
189,322 | Government National Mortgage Association II, | |
4.5%, 1/20/35 | 209,420 | |
156,961 | Government National Mortgage Association II, | |
4.5%, 3/20/35 | 173,621 |
The accompanying notes are an integral part of these financial statements.
72 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Principal | ||
Amount | ||
USD ($) | Value | |
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS— (continued) | ||
1,472,908 | Government National Mortgage Association II, | |
4.5%, 9/20/41 | $ 1,645,821 | |
2,122,709 | Government National Mortgage Association II, | |
4.5%, 9/20/44 | 2,306,609 | |
937,001 | Government National Mortgage Association II, | |
4.5%, 10/20/44 | 1,040,015 | |
1,963,197 | Government National Mortgage Association II, | |
4.5%, 11/20/44 | 2,179,251 | |
49,474 | Government National Mortgage Association II, | |
5.5%, 3/20/34 | 57,983 | |
1,995 | Government National Mortgage Association II, | |
5.5%, 10/20/37 | 2,213 | |
20,074 | Government National Mortgage Association II, | |
6.0%, 5/20/32 | 23,079 | |
73,629 | Government National Mortgage Association II, | |
6.0%, 10/20/33 | 86,342 | |
91 | Government National Mortgage Association II, | |
6.5%, 1/20/28 | 102 | |
1,786 | Government National Mortgage Association II, | |
7.0%, 1/20/29 | 2,025 | |
100,000,000(g) | U.S. Treasury Bills, 10/5/21 | 99,999,720 |
125,000,000(g) | U.S. Treasury Bills, 10/14/21 | 124,998,984 |
100,000,000(g) | U.S. Treasury Bills, 11/23/21 | 99,995,215 |
100,000,000(g) | U.S. Treasury Bills, 11/26/21 | 99,993,972 |
110,000,000(g) | U.S. Treasury Bills, 12/2/21 | 109,994,316 |
50,000,000(g) | U.S. Treasury Bills, 12/9/21 | 49,997,580 |
42,730,387 | U.S. Treasury Inflation Indexed Bonds, 0.125%, 1/15/31 | 46,845,412 |
4,368,216 | U.S. Treasury Inflation Indexed Bonds, 0.125%, 2/15/51 | 4,759,649 |
28,321,614 | U.S. Treasury Inflation Indexed Bonds, 0.25%, 2/15/50 | 31,724,633 |
65,250,827 | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/49 | 86,990,057 |
138,775,000 | U.S. Treasury Note, 0.125%, 5/31/23 | 138,547,323 |
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS | ||
(Cost $1,745,985,243) | $1,770,900,179 | |
RIGHTS/WARRANTS — 0.0%† of Net Assets | ||
Oil, Gas & Consumable Fuels — 0.0%† | ||
365(a)(k) | Alpha Metallurgical Resources, Inc., 7/25/23 | $ 6,552 |
1,880,020(l) | ANR, Inc., 3/31/23 | 4,700 |
Total Oil, Gas & Consumable Fuels | $ 11,252 | |
Real Estate Management & Development — 0.0%† | ||
86^+(a) | Fujian Thai Hot Investment Co., Ltd. 10/13/27 | $ 96,291 |
Total Real Estate Management & Development | $ 96,291 | |
TOTAL RIGHTS/WARRANTS | ||
(Cost $234,627) | $ 107,543 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 73
Schedule of Investments | 9/30/21 (continued)
Number of | Strike | Expiration | |||||
Contracts | Description | Counterparty Amount | Price | Date | Value | ||
OVER THE COUNTER (OTC) CALL OPTIONS | |||||||
PURCHASED — 0.0% | |||||||
209,523^(m) | Desarrolladora | Bank of | MXN — | MXN 0.01(n) | 10/23/22 | $ — | |
Homex | New York | ||||||
SAB de CV | Mellon Corp. | ||||||
209,523^(o) | Desarrolladora | Bank of | MXN — | MXN 0.01(n) | 10/23/22 | — | |
Homex | New York | ||||||
SAB de CV | Mellon Corp. | ||||||
$ — | |||||||
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS | |||||||
PURCHASED | |||||||
(Premiums paid $0) | $ — | ||||||
OVER THE COUNTER (OTC) CURRENCY PUT | |||||||
OPTION PURCHASED — 0.0%† | |||||||
39,800,000 | Put EUR | Bank of | EUR 353,636 EUR 1.15 | 2/15/22 | $ 398,445 | ||
Call USD | America NA | ||||||
TOTAL OVER THE COUNTER (OTC) CURRENCY PUT | |||||||
OPTION PURCHASED | |||||||
(Premiums paid $353,636) | $ 398,445 | ||||||
TOTAL OPTIONS PURCHASED | |||||||
(Premiums paid $353,636) | $ 398,445 | ||||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 109.2% | |||||||
(Cost $5,087,154,388) | $5,166,349,490 | ||||||
OVER THE COUNTER (OTC) CURRENCY CALL | |||||||
OPTION WRITTEN — (0.0)%† | |||||||
(39,800,000) | Call EUR | Bank of | |||||
Put USD | America NA | EUR 353,636 EUR 1.20 | 2/15/22 | $ (117,694) | |||
TOTAL OVER THE COUNTER (OTC) CURRENCY CALL | |||||||
OPTION WRITTEN | |||||||
(Premiums received $(353,636)) | $ (117,694) | ||||||
OTHER ASSETS AND LIABILITIES — (9.2)% | $ (433,409,784) | ||||||
NET ASSETS — 100.0% | $4,732,822,012 |
bps | Basis Points. |
BADLARPP | Argentine Deposit Rate Badlar Private Banks 30-35 Days. |
CMT | Constant Maturity Treasury Index. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
FRESB | Freddie Mac Multifamily SB Certificates. |
ICE | Intercontinental Exchange. |
LIBOR | London Interbank Offered Rate. |
REIT | Real Estate Investment Trust. |
REMICS | Real Estate Mortgage Investment Conduits. |
The accompanying notes are an integral part of these financial statements.
74 Pioneer Strategic Income Fund | Annual Report | 9/30/21
(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 September 30, 2021, the value of these securities amounted to $2,499,073,349, or 52.8% of net assets. |
(TBA) | “To Be Announced” Securities. |
† | 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 September 30, 2021. |
+ | Security that used significant unobservable inputs to determine its value. |
^ | Security is valued using fair value methods (other than supplied by independent pricing services). |
(a) | Non-income producing security. |
(b) | Security is perpetual in nature and has no stated maturity date. |
(c) | Floating rate note. Coupon rate, reference index and spread shown at September 30, 2021. |
(d) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2021. |
(e) | Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
(f) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at September 30, 2021. |
(g) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(h) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(i) | Issued as participation notes. (j) Issued as preference shares. |
(k) | Alpha Metallurgical Resources, Inc., warrants are exercisable into 365 shares. (l) ANR, Inc., warrants are exercisable into 1,880,020 shares. |
(m) | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 12.5 billion. |
(n) | Strike price is 1 Mexican Peso (MXN). |
(o) | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 15.5 billion. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Adare Re 2021 | 9/29/2021 | $1,800,000 | $ 1,800,000 |
Alturas Re 2019-1 | 12/20/2018 | 2,201 | 10,891 |
Alturas Re 2019-2 | 12/19/2018 | 33,410 | 44,292 |
Alturas Re 2020-1B | 1/1/2020 | 357,085 | 50,777 |
Alturas Re 2020-2 | 1/1/2020 | 360,465 | 310,288 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 75
Schedule of Investments | 9/30/21 (continued)
Restricted Securities | Acquisition date | Cost | Value |
Alturas Re 2020-3 | 7/1/2020 | $ 13,050 | $ 14,550 |
Alturas Re 2021-2 | 2/16/2021 | 2,639,535 | 2,679,128 |
Alturas Re 2021-3 | 8/16/2021 | 236,951 | 232,638 |
Ballybunion Re | 12/31/2019 | 1,590,888 | 1,857,000 |
Ballybunion Re 2021 | 8/13/2021 | 3,000,000 | 3,083,462 |
Ballybunion Re 2021-2 | 8/2/2021 | 3,000,000 | 3,000,000 |
Ballybunion Re 2021-3 | 8/2/2021 | 3,406,059 | 3,406,059 |
Ballylifin Re 2021 | 9/15/2021 | 1,629,535 | 1,754,133 |
Bantry Re 2016 | 2/6/2019 | 322,400 | 322,400 |
Bantry Re 2017 | 2/6/2019 | 175,393 | 175,323 |
Bantry Re 2018 | 2/6/2019 | 28,446 | 28,500 |
Bantry Re 2019 | 2/1/2019 | — | 135,855 |
Bantry Re 2020 | 2/4/2020 | 212,369 | 558,690 |
Bantry Re 2021 | 1/11/2021 | 3,932,000 | 4,072,403 |
Berwick Re 2018-1 | 1/10/2018 | 2,033,862 | 1,076,339 |
Berwick Re 2019-1 | 12/31/2018 | 1,188,696 | 1,188,780 |
Berwick Re 2020-1 | 9/24/2020 | — | 200 |
Berwick Re 2021-1 | 12/28/2020 | 3,000,000 | 3,144,050 |
Bonanza Re | 12/15/2020 | 750,000 | 762,825 |
Carnoustie Re 2017 | 1/5/2017 | 2,422,271 | 1,342,778 |
Carnoustie Re 2020 | 7/16/2020 | 79,638 | 237,300 |
Carnoustie Re 2021 | 1/25/2021 | 1,390,289 | 1,409,608 |
Castle Stuart Re 2018 | 12/20/2017 | 588,510 | 24,360 |
Denning Re 2021 | 7/28/2021 | 2,543,559 | 2,572,833 |
Dingle Re 2019 | 3/4/2019 | — | 12,315 |
Dingle Re 2020 | 2/13/2020 | 512,325 | 568,971 |
Easton Re Pte | 12/15/2020 | 900,000 | 911,160 |
Eden Re II | 12/15/2017 | 9,263 | 46,088 |
Eden Re II | 1/22/2019 | 8,633 | 269,693 |
Eden Re II | 12/23/2019 | 700,000 | 645,960 |
Eden Re II | 1/23/2018 | 5,374 | 73,118 |
Eden Re II | 1/25/2021 | 6,300,000 | 6,351,660 |
FloodSmart Re | 2/16/2021 | 1,000,000 | 945,000 |
FloodSmart Re | 2/9/2021 | 756,871 | 729,375 |
Formby Re 2018 | 7/9/2018 | 164,296 | 214,900 |
Four Lakes Re | 11/5/2020 | 1,500,000 | 1,528,500 |
Four Lakes Re | 11/5/2020 | 1,500,000 | 1,523,700 |
Gleneagles Re 2018 | 12/27/2017 | 120,409 | 177,450 |
Gleneagles Re 2019 | 12/31/2018 | — | 25,849 |
Gleneagles Re 2020 | 6/24/2020 | 10,002 | 127,007 |
Gleneagles Re 2021 | 1/13/2021 | 1,250,000 | 1,289,577 |
Gullane Re 2018 | 3/26/2018 | 196,286 | 380,291 |
Gullane Re 2021 | 1/13/2021 | 5,000,000 | 5,300,616 |
Harambee Re 2018 | 12/19/2017 | 108,206 | 3,000 |
Harambee Re 2019 | 12/20/2018 | — | 18,000 |
Harambee Re 2020 | 2/27/2020 | 79,303 | 167,700 |
Herbie Re | 10/19/2020 | 500,000 | 530,400 |
Hypatia, Ltd. | 7/10/2020 | 1,000,000 | 1,064,400 |
International Bank for Reconstruction & | |||
Development | 2/28/2020 | 250,000 | 253,050 |
The accompanying notes are an integral part of these financial statements.
76 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Restricted Securities | Acquisition date | Cost | Value |
Isosceles Insurance, Ltd. | 6/25/2021 | $1,500,000 | $ 1,425,000 |
Isosceles Re 2021 | 8/12/2021 | 1,461,710 | 1,487,700 |
Limestone Re | 12/15/2016 | 36,129 | 85,680 |
Limestone Re | 6/20/2018 | 1,675 | 55,118 |
Limestone Re 2018 | 6/20/2018 | 5,941 | 1 |
Limestone Re 2019-B | 12/15/2016 | 11,622 | — |
Limestone Re 2020-1 | 12/27/2019 | 76,774 | 182,070 |
Lion Rock Re 2019 | 12/17/2018 | �� | — |
Lion Rock Re 2020 | 3/27/2020 | — | — |
Lion Rock Re 2021 | 3/1/2021 | 500,000 | 550,200 |
Longpoint Re III | 5/17/2018 | 2,600,000 | 2,622,360 |
Lorenz Re 2018 | 6/26/2018 | 1,145,809 | 45,887 |
Lorenz Re 2019 | 7/10/2019 | 803,319 | 198,020 |
Lorenz Re 2020 | 8/11/2020 | 77,411 | 59,133 |
Lorenz Re 2020 | 8/12/2020 | 103,638 | 79,167 |
Matterhorn Re | 6/25/2020 | 1,227,001 | 1,229,750 |
Matterhorn Re | 11/24/2020 | 1,500,000 | 1,528,500 |
Matterhorn Re | 6/25/2020 | 1,250,000 | 1,266,125 |
Matterhorn Re | 4/30/2020 | 250,000 | 252,250 |
Matterhorn Re | 11/24/2020 | 2,000,000 | 2,021,800 |
Merion Re 2018-2 | 12/28/2017 | 349,793 | 1,406,750 |
Merion Re 2021-1 | 1/8/2021 | 216,277 | 242,308 |
Merion Re 2021-2 | 12/28/2020 | 9,000,000 | 8,955,000 |
Mona Lisa Re | 12/30/2019 | 500,000 | 510,000 |
Northshore Re II | 12/2/2020 | 500,000 | 519,550 |
Oakmont Re 2017 | 5/10/2017 | — | 36,750 |
Oakmont Re 2020 | 12/3/2020 | 1,367,741 | 1,615,079 |
Old Head Re 2021 | 1/22/2021 | 455,564 | 565,838 |
Pangaea Re 2016-2 | 5/31/2016 | — | 10,967 |
Pangaea Re 2018-1 | 12/26/2017 | 679,284 | 100,009 |
Pangaea Re 2018-3 | 5/31/2018 | 1,710,114 | 147,278 |
Pangaea Re 2019-1 | 1/9/2019 | 40,855 | 81,087 |
Pangaea Re 2019-3 | 7/25/2019 | 156,622 | 187,794 |
Pangaea Re 2020-1 | 1/21/2020 | — | 81,717 |
Pangaea Re 2020-1 | 1/19/2021 | 4,500,000 | 4,609,156 |
Pangaea Re 2020-3 | 9/15/2020 | — | 290,525 |
Phoenix One Re | 12/21/2020 | 1,000,000 | 1,048,100 |
Pine Valley Re 2021 | 12/30/2020 | 464,984 | 489,940 |
Port Royal Re 2021 | 6/17/2021 | 477,435 | 490,039 |
Portrush Re 2017 | 6/12/2017 | 1,687,367 | 1,403,820 |
Residential Reinsurance 2020 | 10/30/2020 | 1,500,000 | 1,539,450 |
Residential Reinsurance 2020 Ltd. | 10/30/2020 | 1,250,000 | 1,258,625 |
Resilience Re | 4/13/2017 | 14,703 | — |
Sanders Re | 6/12/2020 | 248,464 | 250,350 |
Sanders Re II | 5/20/2020 | 250,000 | 256,650 |
Sector Re V | 12/4/2018 | 566,699 | 346,309 |
Sector Re V | 5/21/2021 | 692,491 | 696,858 |
Sector Re V | 4/24/2020 | 756 | 48,583 |
Sector Re V | 4/29/2020 | 575 | 36,952 |
Sector Re V | 4/29/2020 | 6,578 | 106,441 |
Sector Re V | 12/21/2020 | 2,753,972 | 2,820,545 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 77
Schedule of Investments | 9/30/21 (continued)
Restricted Securities | Acquisition date | Cost | Value |
Sector Re V | 5/21/2021 | $2,253,960 | $ 2,279,523 |
Sector Re V | 1/1/2020 | 155,997 | 447,006 |
Sector Re V, Series 8, Class D | 12/14/2018 | 184,770 | 118,575 |
Sector Re V, Series 9, Class A | 4/23/2019 | 360,000 | 234,513 |
Sector Re V, Series 9, Class C | 12/4/2019 | 150,000 | 429,822 |
Sector Re V, Series 9, Class G | 5/1/2019 | 3,608 | 67,889 |
Seminole Re 2018 | 1/2/2018 | 7,257 | 21,023 |
Shadow Creek Re 2021 | 8/31/2021 | 484,496 | 491,914 |
Sussex Capital UK Pcc, Ltd. | 12/7/2020 | 750,000 | 775,650 |
Sussex Re 2020-1 | 1/21/2020 | — | 142,944 |
Sussex Re 2021-1 | 1/26/2021 | 1,000,000 | 955,000 |
Thopas Re 2018 | 12/12/2017 | 130,810 | 13,600 |
Thopas Re 2019 | 12/21/2018 | 62,887 | 119,400 |
Thopas Re 2020 | 12/30/2019 | — | 32,000 |
Thopas Re 2021 | 12/30/2020 | 5,000,000 | 4,923,000 |
Torricelli Re 2021 | 7/2/2021 | 2,818,951 | 2,961,308 |
Ursa Re | 11/20/2019 | 1,800,000 | 1,842,840 |
Ursa Re II | 10/8/2020 | 3,000,000 | 3,108,300 |
Versutus Re 2018 | 1/31/2018 | — | — |
Versutus Re 2019-A | 1/28/2019 | — | — |
Versutus Re 2019-B | 12/24/2018 | — | — |
Viribus Re 2018 | 12/22/2017 | 98,624 | — |
Viribus Re 2019 | 12/27/2018 | — | 152,570 |
Viribus Re 2020 | 3/12/2020 | 421,904 | 32,703 |
Viribus Re 2021 | 2/1/2021 | 3,717,666 | 3,993,517 |
Vitality Re X | 2/3/2020 | 1,499,198 | 1,473,750 |
Vitality Re XI | 1/31/2020 | 497,499 | 488,450 |
Walton Health Re 2018 | 6/25/2018 | 401,162 | 60,862 |
Walton Health Re 2019 | 7/18/2019 | 185,097 | 252,101 |
White Heron Re 2021 | 6/9/2021 | 1,442,898 | 1,492,452 |
Woburn Re 2018 | 3/20/2018 | 640,939 | 128,808 |
Woburn Re 2019 | 1/30/2019 | 797,158 | 919,664 |
Total Restricted Securities | $129,653,657 | ||
% of Net assets | 2.7% |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||
Unrealized | ||||||
Currency | In | Currency | Settlement | Appreciation | ||
Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) |
AUD | 31,670,000 | USD | (23,347,406) | Bank of | 11/24/21 | $(445,080) |
America NA | ||||||
EGP | 88,658,254 | USD | (5,525,600) | Bank of | 11/24/21 | 40,711 |
America NA | ||||||
NOK | 183,950,000 | EUR | (18,131,906) | Bank of | 1/10/22 | (22,747) |
America NA | ||||||
NOK | 195,650,000 | USD | (22,137,487) | Bank of | 11/4/21 | 242,469 |
America NA | ||||||
PLN | 82,980,000 | EUR | (18,073,706) | Bank of | 11/23/21 | (104,146) |
America NA |
The accompanying notes are an integral part of these financial statements.
78 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Unrealized | ||||||
Currency | In | Currency | Settlement | Appreciation | ||
Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) |
PLN | 92,700,000 | USD | (23,580,586) | Bank of | 11/24/21 | $(286,987) |
America NA | ||||||
SGD | 1,659 | USD | (1,235) | Bank of | 12/3/21 | (13) |
America NA | ||||||
USD | 73,788,884 | EUR | (62,790,500) | Bank of | 11/24/21 | 985,434 |
America NA | ||||||
SGD | 30,238,341 | USD | (22,507,792) | Bank of | 12/3/21 | (246,350) |
New York | ||||||
Mellon Corp. | ||||||
USD | 23,749,963 | EUR | (20,300,000) | Citibank NA | 12/21/21 | 195,406 |
USD | 29,108,797 | MXN | (588,347,000) | Citibank NA | 10/28/21 | 695,499 |
USD | 2,272 | SEK | (19,630) | Citibank NA | 10/28/21 | 30 |
AUD | 63,340,000 | USD | (45,561,095) | Goldman Sachs | 11/24/21 | 243,556 |
International | ||||||
SEK | 231,340,000 | EUR | (22,744,746) | Goldman Sachs | 12/3/21 | 54,216 |
International | ||||||
EUR | 47,900,000 | USD | (56,442,864) | HSBC Bank | 10/27/21 | (935,464) |
USA NA | ||||||
KRW | 26,325,550,000 | USD | (22,533,211) | HSBC Bank | 12/2/21 | (316,651) |
USA NA | ||||||
PEN | 80,225,000 | USD | (19,488,643) | HSBC Bank | 11/24/21 | (102,781) |
USA NA | ||||||
SEK | 255,469,630 | USD | (29,575,201) | HSBC Bank | 10/28/21 | (395,176) |
USA NA | ||||||
USD | 40,216,551 | CNY | (260,000,000) | HSBC Bank | 11/4/21 | (21,099) |
USA NA | ||||||
USD | 4,781,029 | IDR | (70,000,000,000) | HSBC Bank | 11/30/21 | (80,817) |
USA NA | ||||||
EGP | 16,746 | USD | (1,047) | JPMorgan | 11/24/21 | 5 |
Chase Bank NA | ||||||
INR | 1,726,000,000 | USD | (22,955,119) | JPMorgan | 10/28/21 | 251,129 |
Chase Bank NA | ||||||
NOK | 183,950,000 | EUR | (17,977,737) | JPMorgan | 10/5/21 | 222,111 |
Chase Bank NA | ||||||
USD | 5,424,985 | EUR | (4,585,000) | State Street | 10/27/21 | 111,802 |
Bank & Trust Co. | ||||||
USD | 588 | EUR | (500) | State Street | 11/24/21 | 8 |
Bank & Trust Co. | ||||||
USD | 42,640,931 | EUR | (36,290,000) | State Street | 12/21/21 | 532,810 |
Bank & Trust Co. | ||||||
USD | 7,382,991 | GBP | (5,405,000) | State Street | 11/23/21 | 99,262 |
Bank & Trust Co. | ||||||
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $717,137 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 79
Schedule of Investments | 9/30/21 (continued)
FUTURES CONTRACTS | |||||
FIXED INCOME INDEX FUTURES CONTRACTS | |||||
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Long | Description | Date | Amount | Value | (Depreciation) |
189 | U.S. 10 Year | 12/21/21 | $ 25,179,313 | $ 24,874,172 | $ (305,141) |
Note (CBT) | |||||
1,049 | U.S. Ultra | 12/21/21 | 206,178,156 | 200,424,562 | (5,753,594) |
Bond (CBT) | |||||
$ 231,357,469 | $ 225,298,734 | $ (6,058,735) |
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Short | Description | Date | Amount | Value | Appreciation |
2,673 | Euro-Bund | 12/8/21 | $(532,557,876) | $(525,785,783) | $ 6,772,093 |
246 | U.S. 5 Year | 12/31/21 | (30,392,859) | (30,194,578) | 198,281 |
Note (CBT) | |||||
601 | U.S. 10 Year | 12/21/21 | (88,778,969) | (87,295,250) | 1,483,719 |
Note (CBT) | |||||
1,230 | U.S. Long | 12/21/21 | (200,209,797) | (195,839,062) | 4,370,735 |
Bond (CBT) | |||||
$(851,939,501) | $(839,114,673) | $12,824,828 | |||
TOTAL FUTURES CONTRACTS | $(620,582,032) | $(613,815,939) | $ 6,766,093 |
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT — BUY PROTECTION
Annual | |||||||
Notional | Reference | Pay/ | Fixed | Expiration | Premiums | Unrealized | Market |
Amount ($)(1) | Obligation/Index | Receive(2) | Rate | Date | Paid | (Depreciation) | Value |
422,400,000 | Markit CDX North | ||||||
America High Yield | |||||||
Index Series 34 | Receive | 5.00% | 12/20/26 | $645,334 | $(40,616,107) | $(39,970,773) | |
TOTAL CENTRALLY CLEARED CREDIT DEFAULT | |||||||
SWAP CONTRACT – BUY PROTECTION | $645,334 | $(40,616,107) | $(39,970,773) |
The accompanying notes are an integral part of these financial statements.
80 Pioneer Strategic Income Fund | Annual Report | 9/30/21
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS — SELL PROTECTION
Obligation | Annual | |||||||
Notional | Reference/ | Pay/ | Fixed | Expiration | Premiums | Unrealized | Market | |
Amount ($)(1) | Counterparty | Index | Receive(2) Rate | Date | (Received) | Appreciation | Value | |
7,280,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | $(275,022) | $ 658,175 | $ 383,153 |
Chase | Airlines | |||||||
Bank NA | Holdings, | |||||||
Inc. | ||||||||
1,455,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (58,402) | 134,980 | 76,578 |
Chase | Airlines | |||||||
Bank NA | Holdings, | |||||||
Inc. | ||||||||
2,425,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (94,306) | 222,609 | 128,303 |
Chase | Airlines | |||||||
Bank NA | Holdings, | |||||||
Inc. | ||||||||
4,860,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (213,300) | 469,086 | 255,786 |
Chase | Airlines | |||||||
Bank NA | Holdings, | |||||||
Inc. | ||||||||
2,000,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (105,278) | 210,540 | 105,262 |
Chase | Airlines | |||||||
Bank NA | Holdings, | |||||||
Inc. | ||||||||
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT | ||||||||
SWAP CONTRACTS — SELL PROTECTION | $(746,308) | $1,695,390 | $ 949,082 |
OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACT — SELL PROTECTION
Obligation | Annual | |||||||
Notional | Reference/ | Pay/ | Fixed | Expiration Premiums | Unrealized | Market | ||
Amount ($) | Counterparty Index | Receive(2) | Rate | Date | (Received) | Appreciation | Value | |
887,210,000 | JP Morgan | TRS China | Receive | 5.00% | 11/21/30 | $137,928,820 | $ 4,992,537 | $142,921,357 |
Chase | Govern- | |||||||
Bank NA | ment Bond |
TOTAL OVER THE COUNTER (OTC) TOTAL RETURN SWAP | |||
CONTRACT — SELL PROTECTION | $137,928,820 | $ 4,992,537 | $142,921,357 |
TOTAL SWAP CONTRACTS | $137,827,846 | $(33,928,180) | $103,899,666 |
(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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 81
Schedule of Investments | 9/30/21 (continued)
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
ARS — Argentine Peso
AUD — Australian Dollar
CNY — China Yuan Renminbi
EGP — Egyptian Pound
EUR — Euro
GBP — Great British Pound
GHS — Cedi
IDR — Indonesian Rupiah
INR — Indian Rupee
KRW — Korean Won
KZT — Kazakhstan Tenge
MXN — Mexican Peso
NOK — Norwegian Krone
PEN — Peruvian Sol
PLN — Polish Zloty
SEK — Swedish Krona
SGD — Singapore Dollar
UZS — Uzbekistan Som
Purchases and sales of securities (excluding temporary cash investments) for the year ended September 30, 2021 were as follows:
Purchases | Sales | |
Long-Term U.S. Government Securities | $ 508,537,274 | $ 422,733,532 |
Other Long-Term Securities | $2,160,232,680 | $2,680,323,229 |
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 effected at current market prices. During the year ended September 30, 2021, the Fund did not engage in any cross trade activity.
At September 30, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $5,204,012,850 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 205,533,465 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (131,931,623) |
Net unrealized appreciation | $ 73,601,842 |
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 – | unadjusted 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 accompanying notes are an integral part of these financial statements.
82 Pioneer Strategic Income Fund | Annual Report | 9/30/21
The following is a summary of the inputs used as of September 30, 2021, in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Oil, Gas & | ||||
Consumable Fuels | $ 12,038 | $ — | $ 286,964 | $ 299,002 |
Paper & Forest Products | — | 1,954 | — | 1,954 |
Specialty Retail | — | — | 170,668 | 170,668 |
All Other | ||||
Common Stocks | 209,383 | — | — | 209,383 |
Convertible Preferred | ||||
Stock | 91,623,168 | — | — | 91,623,168 |
Preferred Stock | — | 3,380,000 | — | 3,380,000 |
Asset Backed Securities | — | 431,069,942 | — | 431,069,942 |
Collateralized Mortgage | ||||
Obligations | — | 634,726,961 | — | 634,726,961 |
Commercial Mortgage- | ||||
Backed Securities | — | 309,737,862 | — | 309,737,862 |
Convertible Corporate | ||||
Bonds | — | 40,150,080 | — | 40,150,080 |
Corporate Bonds | — | 1,521,301,414 | — | 1,521,301,414 |
Foreign Government Bonds | — | 190,898,634 | — | 190,898,634 |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Earthquakes – California | — | — | 1,800,000 | 1,800,000 |
Multiperil – Massachusetts | — | — | 2,572,833 | 2,572,833 |
Multiperil – U.S. | — | — | 12,417,846 | 12,417,846 |
Multiperil – Worldwide | — | — | 1,954,940 | 1,954,940 |
Windstorm – Florida | — | — | 1,618,720 | 1,618,720 |
Windstorm – North | ||||
Carolina | — | — | 1,487,700 | 1,487,700 |
Windstorm – U.S. | — | — | 491,914 | 491,914 |
Windstorm – U.S. | ||||
Multistate | — | — | 1,492,452 | 1,492,452 |
Windstorm – U.S. | ||||
Regional | — | — | 3,076,829 | 3,076,829 |
Industry Loss Warranties | ||||
Windstorm – U.S. | — | — | 1,754,133 | 1,754,133 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 3,899,604 | 3,899,604 |
Multiperil – Worldwide | — | — | 67,893,876 | 67,893,876 |
All Other Insurance- | ||||
Linked Securities | — | 29,192,810 | — | 29,192,810 |
Senior Secured Floating | ||||
Rate Loan Interests | — | 41,720,598 | — | 41,720,598 |
U.S. Government and | ||||
Agency Obligations | — | 1,770,900,179 | — | 1,770,900,179 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 83
Schedule of Investments | 9/30/21 (continued)
Level 1 | Level 2 | Level 3 | Total | |
Rights/Warrants | ||||
Oil, Gas & | ||||
Consumable Fuels | $ 6,552 | $ 4,700 | $ — | $ 11,252 |
Real Estate | ||||
Management & | ||||
Development | — | — | 96,291 | 96,291 |
Over The Counter (OTC) | ||||
Call Option Purchased | — | —* | — | —* |
Over The Counter (OTC) | ||||
Currency Put Option | ||||
Purchased | — | 398,445 | — | 398,445 |
Total Investments | ||||
in Securities | $ 91,851,141 | $4,973,483,579 | $101,014,770 | $5,166,349,490 |
Other Financial Instruments | ||||
Over The Counter (OTC) | ||||
Currency Call Option | ||||
Written | $ — | $ (117,694) | $ — | $ (117,694) |
Net unrealized | ||||
appreciation on forward | ||||
foreign currency | ||||
exchange contracts | — | 717,137 | — | 717,137 |
Net unrealized | ||||
appreciation on | ||||
futures contracts | 6,766,093 | — | — | 6,766,093 |
Swap contracts, at value | — | 103,899,666 | — | 103,899,666 |
Total Other | ||||
Financial Instruments | $ 6,766,093 | $ 104,499,109 | $ — | $ 111,265,202 |
* Securities valued at $0. |
The accompanying notes are an integral part of these financial statements.
84 Pioneer Strategic Income Fund | Annual Report | 9/30/21
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Common | Insurance-Linked | Rights/ | ||
Stocks | Securities | Warrants | Total | |
Balance as of 9/30/20 | $434,207 | $115,767,812 | $ — | $116,202,019 |
Realized gain (loss)(1) | — | (682,182) | — | (682,182) |
Changed in unrealized | ||||
appreciation (depreciation)(2) | 23,425 | (1,307,563) | 96,291 | (1,187,847) |
Accrued discounts/premiums | — | 1,555 | — | 1,555 |
Purchases | — | 80,599,485 | — | 80,599,485 |
Sales | — | (93,918,260) | — | (93,918,260) |
Transfers in to Level 3* | — | — | — | |
Transfers out of Level 3* | — | — | — | — |
Balance as of 9/30/21 | $457,632 | $100,460,847 | $96,291 | $101,014,770 |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. |
* | Transfers are calculated on the beginning of period values. During the year ended September 30, 2021 there were no transfers in or out of Level 3. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at September 30, 2021: $503,988
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 85
Statement of Assets and Liabilities | 9/30/21
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $5,087,154,388) | $5,166,349,490 |
Cash | 102,028,830 |
Foreign currencies, at value (cost $20,015,293) | 19,854,402 |
Forwards collateral | 290,000 |
Futures collateral | 886,262 |
Swaps collateral | 22,934,641 |
Due from broker for futures | 3,327,205 |
Due from broker for swaps | 39,480,367 |
Variation margin for futures contracts | 606,209 |
Variation margin for centrally cleared swap contracts | 894,746 |
Net unrealized appreciation on forward foreign currency exchange contracts | 717,137 |
Net unrealized appreciation on futures contracts | 6,766,093 |
Swap contracts, at value (net premiums paid $137,827,846) | 103,899,666 |
Receivables — | |
Investment securities sold | 131,604,426 |
Fund shares sold | 9,925,938 |
Interest | 32,235,292 |
Other assets | 108,946 |
Total assets | $5,641,909,650 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 892,875,363 |
Fund shares repurchased | 7,180,333 |
Distributions | 1,655,842 |
Trustees’ fees | 2,496 |
Forwards collateral | 90,000 |
Swaps collateral | 4,840,000 |
Written options outstanding (net premiums received $(353,636)) | 117,694 |
Reserve for repatriation taxes | 587,459 |
Due to affiliates | 257,958 |
Accrued expenses | 1,480,493 |
Total liabilities | $ 909,087,638 |
NET ASSETS: | |
Paid-in capital | $4,522,768,393 |
Distributable earnings | 210,053,619 |
Net assets | $4,732,822,012 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $855,855,743/75,185,144 shares) | $ 11.38 |
Class C (based on $112,804,108/10,125,999 shares) | $ 11.14 |
Class K (based on $465,148,710/40,802,614 shares) | $ 11.40 |
Class R (based on $94,135,690/8,130,204 shares) | $ 11.58 |
Class Y (based on $3,204,877,761/281,619,279 shares) | $ 11.38 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $11.38 net asset value per share/100%-4.50% | |
maximum sales charge) | $ 11.92 |
The accompanying notes are an integral part of these financial statements.
86 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Statement of Operations
FOR THE YEAR ENDED 9/30/21
INVESTMENT INCOME: | ||
Interest from unaffiliated issuers (net of foreign taxes | ||
withheld $579,086) | $180,860,527 | |
Dividends from unaffiliated issuers | 9,993,587 | |
Total investment income | $190,854,114 | |
EXPENSES: | ||
Management fees | $ 25,619,956 | |
Administrative expense | 1,213,387 | |
Transfer agent fees | ||
Class A | 1,445,530 | |
Class C | 125,644 | |
Class K | 6,895 | |
Class R | 236,111 | |
Class Y | 3,244,219 | |
Distribution fees | ||
Class A | 2,134,671 | |
Class C | 1,357,643 | |
Class R | 497,112 | |
Shareowner communications expense | 332,398 | |
Custodian fees | 338,409 | |
Registration fees | 159,682 | |
Professional fees | 394,756 | |
Printing expense | 115,132 | |
Pricing fees | 174,108 | |
Trustees’ fees | 216,946 | |
Insurance expense | 7,462 | |
Miscellaneous | 214,124 | |
Total expenses | $ 37,834,185 | |
Net investment income | $153,019,929 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers (net of foreign capital | ||
gains tax of $221,428) | $140,642,336 | |
Short sales | 510,426 | |
Written options | 2,064,697 | |
Forward foreign currency exchange contracts | 5,217,876 | |
Futures contracts | 3,894,055 | |
Swap contracts | 53,260,490 | |
Other assets and liabilities denominated in | ||
foreign currencies | (1,908,986) | $203,680,894 |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $ 34,137,247 | |
Written options | 162,921 | |
Forward foreign currency exchange contracts | 3,400,814 | |
Futures contracts | 8,022,616 | |
Swap contracts | (44,665,347) | |
Unfunded loan commitments | 303 | |
Other assets and liabilities denominated in foreign currencies | 175,062 | $ 1,233,616 |
Net realized and unrealized gain (loss) on investments | $204,914,510 | |
Net increase in net assets resulting from operations | $357,934,439 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 87
Statements of Changes in Net Assets
Year | Year | |
Ended | Ended | |
9/30/21 | 9/30/20 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 153,019,929 | $ 169,344,286 |
Net realized gain (loss) on investments | 203,680,894 | 41,266,796 |
Change in net unrealized appreciation (depreciation) | ||
on investments | 1,233,616 | (90,617,652) |
Net increase in net assets resulting from operations | $ 357,934,439 | $ 119,993,430 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.40 and $0.34 per share, respectively) | $ (30,042,869) | $ (24,660,237) |
Class C ($0.31 and $0.27 per share, respectively) | (3,819,157) | (6,454,194) |
Class K ($0.45 and $0.39 per share, respectively) | (17,473,836) | (14,676,179) |
Class R ($0.36 and $0.31 per share, respectively) | (3,154,062) | (3,330,824) |
Class Y ($0.43 and $0.38 per share, respectively) | (115,935,153) | (103,573,428) |
Total distributions to shareowners | $ (170,425,077) | $ (152,694,862) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 1,252,373,259 | $ 1,322,110,291 |
Reinvestment of distributions | 141,146,069 | 125,813,471 |
Cost of shares repurchased | (1,248,166,526) | (1,674,309,428) |
Net increase (decrease) in net assets resulting | ||
from Fund share transactions | $ 145,352,802 | $ (226,385,666) |
Net increase (decrease) in net assets | $ 332,862,164 | $ (259,087,098) |
NET ASSETS: | ||
Beginning of year | $ 4,399,959,848 | $ 4,659,046,946 |
End of year | $ 4,732,822,012 | $ 4,399,959,848 |
The accompanying notes are an integral part of these financial statements.
88 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Year | Year | Year | Year | |
Ended | Ended | Ended | Ended | |
9/30/21 | 9/30/21 | 9/30/20 | 9/30/20 | |
Shares | Amount | Shares | Amount | |
Class A | ||||
Shares sold | 15,734,474 | $ 178,146,681 | 17,894,552 | $ 191,819,073 |
Reinvestment of distributions | 2,199,892 | 24,922,612 | 1,974,424 | 21,080,155 |
Less shares repurchased | (16,076,390) | (181,901,606) | (20,261,286) | (214,492,936) |
Net increase (decrease) | 1,857,976 | $ 21,167,687 | (392,310) | $ (1,593,708) |
Class C | ||||
Shares sold | 1,381,370 | $ 15,316,120 | 1,954,802 | $ 20,476,627 |
Reinvestment of distributions | 316,836 | 3,506,210 | 482,311 | 5,039,074 |
Less shares repurchased | (8,967,163) | (99,262,767) | (14,297,915) | (149,756,299) |
Net decrease | (7,268,957) | $ (80,440,437) | (11,860,802) | $ (124,240,598) |
Class K | ||||
Shares sold | 16,029,442 | $ 182,309,915 | 15,342,569 | $ 163,693,231 |
Reinvestment of distributions | 1,393,552 | 15,806,486 | 1,195,696 | 12,789,793 |
Less shares repurchased | (14,571,104) | (164,783,637) | (15,414,913) | (162,058,515) |
Net increase | 2,851,890 | $ 33,332,764 | 1,123,352 | $ 14,424,509 |
Class R | ||||
Shares sold | 1,403,543 | $ 16,144,689 | 2,167,102 | $ 23,612,372 |
Reinvestment of distributions | 271,864 | 3,131,259 | 297,936 | 3,235,307 |
Less shares repurchased | (2,883,839) | (33,123,339) | (4,970,929) | (53,871,495) |
Net decrease | (1,208,432) | $ (13,847,391) | (2,505,891) | $ (27,023,816) |
Class Y | ||||
Shares sold | 75,931,285 | $ 860,455,854 | 86,449,522 | $ 922,508,988 |
Reinvestment of distributions | 8,281,184 | 93,779,502 | 7,836,310 | 83,669,142 |
Less shares repurchased | (68,157,839) | (769,095,177) | (105,061,141) | (1,094,130,183) |
Net increase (decrease) | 16,054,630 | $ 185,140,179 | (10,775,309) | $ (87,952,053) |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 89
Financial Highlights
Year | Year | Year | Year | Year | |
Ended | Ended | Ended | Ended | Ended | |
9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | |
Class A | |||||
Net asset value, beginning of period | $ 10.91 | $ 10.89 | $ 10.42 | $ 10.82 | $ 10.76 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ 0.35 | $ 0.38 | $ 0.36 | $ 0.35 | $ 0.37 |
Net realized and unrealized gain (loss) on investments | 0.52 | (0.02) | 0.42 | (0.42) | 0.04 |
Net increase (decrease) from investment operations | $ 0.87 | $ 0.36 | $ 0.78 | $ (0.07) | $ 0.41 |
Distributions to shareowners: | |||||
Net investment income | $ (0.40) | $ (0.34) | $ (0.27) | $ (0.31) | $ (0.33) |
Tax return of capital | — | — | (0.04) | (0.02) | (0.02) |
Total distributions | $ (0.40) | $ (0.34) | $ (0.31) | $ (0.33) | $ (0.35) |
Net increase (decrease) in net asset value | $ 0.47 | $ 0.02 | $ 0.47 | $ (0.40) | $ 0.06 |
Net asset value, end of period | $ 11.38 | $ 10.91 | $ 10.89 | $ 10.42 | $ 10.82 |
Total return (b) | 8.04% | 3.44% | 7.64% | (0.67)% | 3.90% |
Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.10% | 1.03% | 1.06% |
Ratio of net investment income (loss) to average net assets | 3.12% | 3.59% | 3.39% | 3.28% | 3.41% |
Portfolio turnover rate | 67% | 69% | 53% | 44% | 52% |
Net assets, end of period (in thousands) | $855,856 | $799,974 | $803,174 | $861,517 | $ 1,038,090 |
(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. |
The accompanying notes are an integral part of these financial statements.
90 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Year | Year | Year | Year | Year | |
Ended | Ended | Ended | Ended | Ended | |
9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | |
Class C | |||||
Net asset value, beginning of period | $ 10.67 | $ 10.66 | $ 10.20 | $ 10.59 | $ 10.53 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ 0.27 | $ 0.30 | $ 0.28 | $ 0.27 | $ 0.29 |
Net realized and unrealized gain (loss) on investments | 0.51 | (0.02) | 0.42 | (0.41) | 0.04 |
Net increase (decrease) from investment operations | $ 0.78 | $ 0.28 | $ 0.70 | $ (0.14) | $ 0.33 |
Distributions to shareowners: | |||||
Net investment income | $ (0.31) | $ (0.27) | $ (0.20) | $ (0.23) | $ (0.25) |
Tax return of capital | — | — | (0.04) | (0.02) | (0.02) |
Total distributions | $ (0.31) | $ (0.27) | $ (0.24) | $ (0.25) | $ (0.27) |
Net increase (decrease) in net asset value | $ 0.47 | $ 0.01 | $ 0.46 | $ (0.39) | $ 0.06 |
Net asset value, end of period | $ 11.14 | $ 10.67 | $ 10.66 | $ 10.20 | $ 10.59 |
Total return (b) | 7.37% | 2.67% | 6.96% | (1.30)% | 3.23% |
Ratio of net expenses to average net assets | 1.73% | 1.73% | 1.74% | 1.69% | 1.72% |
Ratio of net investment income (loss) to average net assets | 2.49% | 2.89% | 2.75% | 2.62% | 2.75% |
Portfolio turnover rate | 67% | 69% | 53% | 44% | 52% |
Net assets, end of period (in thousands) | $112,804 | $185,623 | $311,801 | $466,033 | $697,820 |
(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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 91
Financial Highlights (continued)
Year | Year | Year | Year | Year | |
Ended | Ended | Ended | Ended | Ended | |
9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | |
Class K | |||||
Net asset value, beginning of period | $ 10.92 | $ 10.92 | $ 10.44 | $ 10.84 | $ 10.78 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ 0.40 | $ 0.43 | $ 0.41 | $ 0.39 | $ 0.41 |
Net realized and unrealized gain (loss) on investments | 0.53 | (0.04) | 0.43 | (0.41) | 0.05 |
Net increase (decrease) from investment operations | $ 0.93 | $ 0.39 | $ 0.84 | $ (0.02) | $ 0.46 |
Distributions to shareowners: | |||||
Net investment income | $ (0.45) | $ (0.39) | $ (0.32) | $ (0.36) | $ (0.38) |
Tax return of capital | — | — | (0.04) | (0.02) | (0.02) |
Total distributions | $ (0.45) | $ (0.39) | $ (0.36) | $ (0.38) | $ (0.40) |
Net increase (decrease) in net asset value | $ 0.48 | $ — | $ 0.48 | $ (0.40) | $ 0.06 |
Net asset value, end of period | $ 11.40 | $ 10.92 | $ 10.92 | $ 10.44 | $ 10.84 |
Total return (b) | 8.58% | 3.73% | 8.19% | (0.23)% | 4.36% |
Ratio of net expenses to average net assets | 0.63% | 0.62% | 0.63% | 0.62% | 0.62% |
Ratio of net investment income (loss) to average net assets | 3.55% | 4.02% | 3.86% | 3.70% | 3.83% |
Portfolio turnover rate | 67% | 69% | 53% | 44% | 52% |
Net assets, end of period (in thousands) | $465,149 | $414,610 | $402,042 | $379,474 | $400,888 |
(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. |
The accompanying notes are an integral part of these financial statements.
92 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Year | Year | Year | Year | Year | |
Ended | Ended | Ended | Ended | Ended | |
9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | |
Class R | |||||
Net asset value, beginning of period | $ 11.09 | $ 11.08 | $ 10.59 | $ 11.00 | $ 10.93 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ 0.33 | $ 0.35 | $ 0.33 | $ 0.32 | $ 0.33 |
Net realized and unrealized gain (loss) on investments | 0.52 | (0.03) | 0.44 | (0.43) | 0.05 |
Net increase (decrease) from investment operations | $ 0.85 | $ 0.32 | $ 0.77 | $ (0.11) | $ 0.38 |
Distributions to shareowners: | |||||
Net investment income | $ (0.36) | $ (0.31) | $ (0.24) | $ (0.28) | $ (0.29) |
Tax return of capital | — | — | (0.04) | (0.02) | (0.02) |
Total distributions | $ (0.36) | $ (0.31) | $ (0.28) | $ (0.30) | $ (0.31) |
Net increase (decrease) in net asset value | $ 0.49 | $ 0.01 | $ 0.49 | $ (0.41) | $ 0.07 |
Net asset value, end of period | $ 11.58 | $ 11.09 | $ 11.08 | $ 10.59 | $ 11.00 |
Total return (b) | 7.77% | 3.03% | 7.43% | (1.02)% | 3.57% |
Ratio of net expenses to average net assets | 1.37% | 1.40% | 1.39% | 1.34% | 1.41% |
Ratio of net investment income (loss) to average net assets | 2.83% | 3.23% | 3.10% | 2.97% | 3.05% |
Portfolio turnover rate | 67% | 69% | 53% | 44% | 52% |
Net assets, end of period (in thousands) | $94,136 | $103,585 | $131,214 | $168,043 | $223,372 |
(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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 93
Financial Highlights (continued)
Year | Year | Year | Year | Year | |
Ended | Ended | Ended | Ended | Ended | |
9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | |
Class Y | |||||
Net asset value, beginning of period | $ 10.91 | $ 10.90 | $ 10.42 | $ 10.82 | $ 10.76 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ 0.39 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.40 |
Net realized and unrealized gain (loss) on investments | 0.51 | (0.03) | 0.42 | (0.42) | 0.05 |
Net increase (decrease) from investment operations | $ 0.90 | $ 0.39 | $ 0.82 | $ (0.04) | $ 0.45 |
Distributions to shareowners: | |||||
Net investment income | $ (0.43) | $ (0.38) | $ (0.30) | $ (0.34) | $ (0.37) |
Tax return of capital | — | — | (0.04) | (0.02) | (0.02) |
Total distributions | $ (0.43) | $ (0.38) | $ (0.34) | $ (0.36) | $ (0.39) |
Net increase (decrease) in net asset value | $ 0.47 | $ 0.01 | $ 0.48 | $ (0.40) | $ 0.06 |
Net asset value, end of period | $ 11.38 | $ 10.91 | $ 10.90 | $ 10.42 | $ 10.82 |
Total return (b) | 8.37% | 3.71% | 8.09% | (0.34)% | 4.23% |
Ratio of net expenses to average net assets | 0.74% | 0.74% | 0.73% | 0.72% | 0.74% |
Ratio of net investment income (loss) to average net assets | 3.44% | 3.91% | 3.75% | 3.60% | 3.72% |
Portfolio turnover rate | 67% | 69% | 53% | 44% | 52% |
Net assets, end of period (in thousands) | $ 3,204,878 | $ 2,896,168 | $ 3,010,817 | $ 3,208,774 | $ 3,560,072 |
(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. |
The accompanying notes are an integral part of these financial statements.
94 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Notes to Financial Statements | 9/30/21
1. Organization and Significant Accounting Policies
Pioneer Strategic Income Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (formerly known as Pioneer Strategic Income Fund), 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 R and Class Y shares. 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 K and Class Y shares.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of Amundi Asset Management US, Inc., serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the year ended September 30, 2021. The
Pioneer Strategic Income Fund | Annual Report | 9/30/21 95
impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires 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 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.
96 Pioneer Strategic Income Fund | Annual Report | 9/30/21
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 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 are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance 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.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 97
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.
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.
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
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.
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.
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.
98 Pioneer Strategic Income Fund | Annual Report | 9/30/21
At September 30, 2021, eight 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 pricing model) representing 0.01% of net assets. The value of these fair valued securities was $4,457,368.
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 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 exchange 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
Pioneer Strategic Income Fund | Annual Report | 9/30/21 99
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 September 30, 2021, 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.
In determining the daily net asset value, the Fund estimates the reserve for the repatriation of taxes, if any, associated with its investments in certain countries. The estimated reserve for capital gains is based on the net unrealized appreciation on certain portfolio securities, the holding period of such securities and the related tax rates, tax loss carryforwards (if applicable) and other such factors. As of September 30, 2021, the Fund had accrued $587,459 in reserve for repatriation taxes related to capital gains.
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.
A portion of the dividend income recorded by the Fund is from distributions by publicly traded Real Estate Investment Trusts (“REITs”), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Fund as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations.
100 Pioneer Strategic Income Fund | Annual Report | 9/30/21
At September 30, 2021, the Fund reclassified $1,575,425 to increase distributable earnings and $1,575,425 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
During the year ended September 30, 2021, a capital loss carryforward of $27,545,927 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the years ended September 30, 2021 and September 30, 2020, were as follows:
2021 | 2020 | |
Distributions paid from: | ||
Ordinary income | $170,425,077 | $152,694,862 |
Total | $170,425,077 | $152,694,862 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2021:
2021 | |
Distributable earnings: | |
Current year dividend payable | $ (1,655,842) |
Undistributed long term capital gain | 91,271,341 |
Undistributed ordinary income | 76,236,780 |
Current year late year loss | (28,647,683) |
Net unrealized appreciation | 72,849,023 |
Total | $ 210,053,619 |
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to catastrophe bonds and credit default swaps, the mark to market on forward foreign currency exchange contracts, futures contracts, credit default swaps, interest on defaulted bonds.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $48,090 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2021.
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.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 101
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 5). Class K and 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 4).
The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class 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, recessions, the spread of infectious illness or other public health issues, 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. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities.
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 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
102 Pioneer Strategic Income Fund | Annual Report | 9/30/21
considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. The UK Financial Conduct Authority (“FCA”) and LIBOR’s administrator, ICE Benchmark Administration (“IBA”), have announced that most LIBOR rates will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying markets. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication, such as SONIA in the United Kingdom. Markets are slowly developing in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The effect of any changes to — or discontinuation of — LIBOR on the portfolio will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could materialize prior to the end of 2021.
The Portfolio 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.
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
Pioneer Strategic Income Fund | Annual Report | 9/30/21 103
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 the Adviser 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 the Adviser 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 or sales or receive distributions, loss of or 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.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
104 Pioneer Strategic Income Fund | Annual Report | 9/30/21
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
H. Restricted Securities
Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at September 30, 2021 are listed in the Schedule of Investments.
I. Insurance-Linked Securities (“ILS”)
The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS 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 event-linked bonds. ILS also 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
Pioneer Strategic Income Fund | Annual Report | 9/30/21 105
the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS 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 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. 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 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 average market value of purchased options contracts open during the year ended September 30, 2021, was $206,457. Open purchased options at September 30, 2021, are listed in the Schedule of Investments.
106 Pioneer Strategic Income Fund | Annual Report | 9/30/21
K. 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 the 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 for the year ended September 30, 2021, was $962,761. Open written options contracts at September 30, 2021, are listed in the Schedule of Investments.
L. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange 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 8).
During the year ended September 30, 2021, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 107
The average market value of forward foreign currency exchange contracts open during the year ended September 30, 2021, was $219,465,760. Open forward foreign currency exchange contracts outstanding at September 30, 2021, are listed in the Schedule of Investments.
M. 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 September 30, 2021, 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 reduced 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 market value of futures contracts open during the year ended September 30, 2021, was $514,446,161. Open futures contracts outstanding at September 30, 2021, are listed in the Schedule of Investments.
N. 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 or 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
108 Pioneer Strategic Income Fund | Annual Report | 9/30/21
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 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 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, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. In addition, obligations under sell protection credit default swaps may be partially offset by net
Pioneer Strategic Income Fund | Annual Report | 9/30/21 109
amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty.
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 swap contracts” 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. The amount of cash deposited with a broker as collateral at September 30, 2021, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the year ended September 30, 2021, was $(7,215,442). Open credit default swap contracts at September 30, 2021, are listed in the Schedule of Investments.
O. Total Return Swap 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 September 30, 2021, is recorded as “Futures collateral” on the Statement of Assets and Liabilities. 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
110 Pioneer Strategic Income Fund | Annual Report | 9/30/21
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 “Swap contracts, at value” on the Statement of Assets and Liabilities. Payments received or made are recorded as realized gains or losses on Statement of Operations. Total return swap contracts are subject to counterparty risk and unanticipated movements in value of exchange interest rates, securities or the index.
The average market value of total return swap contracts open during the year ended September 30, 2021, was $60,950,591. Open total return swap contracts at September 30, 2021, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.60% of the Fund’s average daily net assets up to $1 billion, 0.55% on the next $9 billion and 0.50% on assets over $10 billion. For the year ended September 30, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.56% of the Fund’s average daily net assets.
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 $219,737 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2021, the Fund paid $216,946 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $2,496.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 111
4. 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 year ended September 30, 2021, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: | |
Class A | $131,044 |
Class C | 19,439 |
Class K | 14,758 |
Class R | 5,070 |
Class Y | 162,087 |
Total | $332,398 |
5. 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. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $38,221 in distribution fees payable to the Distributor at September 30, 2021.
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
112 Pioneer Strategic Income Fund | Annual Report | 9/30/21
provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C 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 K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended September 30, 2021, CDSCs in the amount of $17,039 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit (“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 credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 3, 2021, the Fund participates in a facility in the amount of $450 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended September 30, 2021, the Fund had no borrowings under the credit facility.
7. Master Netting Agreements
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
Pioneer Strategic Income Fund | Annual Report | 9/30/21 113
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 set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement 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 on the Statement of Assets and Liabilities as “Swaps collateral”. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
114 Pioneer Strategic Income Fund | Annual Report | 9/30/21
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 September 30, 2021.
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 America NA | $ 1,667,059 | $(976,667) | $ — | $ — | $ 690,392 |
Bank of New York | |||||
Mellon Corp. | —* | —* | — | — | —* |
Citibank NA | 890,935 | — | — | — | 890,935 |
Goldman Sachs | |||||
International | 297,772 | — | — | — | 297,772 |
HSBC Bank NA | — | — | — | — | — |
JPMorgan Chase | |||||
Bank NA | 473,245 | — | — | — | 473,245 |
State Street | |||||
Bank & Trust Co. | 743,882 | — | — | — | 743,882 |
Total | $4,072,893 | $(976,667) | $ — | $ — | $3,096,226 |
Derivative | |||||
Liabilities | |||||
Subject to | Derivatives | Non-Cash | Cash | Net Amount | |
Master Netting | Available | Collateral | Collateral | of Derivative | |
Counterparty | Agreement | for Offset | Pledged (a) | Pledged (a) | Liabilities (c) |
Bank of | |||||
America NA | $ 976,667 | $(976,667) | $ — | $ — | $ — |
Bank of New York | |||||
Mellon Corp. | 246,350* | —* | — | — | 246,350* |
Citibank NA | — | — | — | — | — |
Goldman Sachs | |||||
International | — | — | — | — | — |
HSBC Bank NA | 1,851,988 | — | — | — | 1,851,988 |
JPMorgan Chase | |||||
Bank NA | — | — | — | — | — |
State Street | |||||
Bank & Trust Co. | — | — | — | — | — |
Total | $ 3,075,005 | $(976,667) | $ — | $ — | $ 2,098,338 |
* | Includes securities that are valued at $0. |
(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. |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 115
8. 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.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2021, was as follows:
Statement of Assets and Liabilities | |||||||
Foreign | |||||||
Interest | Credit | Exchange | Equity | Commodity | |||
Rate Risk | Risk | Rate Risk | Risk | Risk | |||
Assets: | |||||||
Options purchased* | $ — | $ — | $ 398,445 | $ —** | $ — | ||
Net unrealized | |||||||
appreciation on | |||||||
forward foreign | |||||||
currency contracts | — | — | 717,137 | — | — | ||
Net unrealized | |||||||
appreciation on | |||||||
futures contracts | 6,766,093 | — | — | — | — | ||
Swap contracts, at value | — | 103,899,666 | — | — | — | ||
Total Value | $6,766,093 | $103,899,666 | $ 1,115,582 | $ —** | $ — | ||
Liabilities | |||||||
Written options | |||||||
outstanding | $ — | $ — | $ 117,694 | $ — | $ — | ||
Total Value | $ — | $ — | $ 117,694 | $ — | $ — |
* | Reflects the market value of purchased option contracts (see Note 1J.). These amounts are included in investments in unaffiliated issuers, at value, on the Statement of Assets and Liabilities. |
** | Includes securities that are valued at $0. |
116 Pioneer Strategic Income Fund | Annual Report | 9/30/21
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at September 30, 2021, was as follows:
Statement of Operations | ||||||
Foreign | ||||||
Interest | Credit | Exchange | Equity | Commodity | ||
Rate Risk | Risk | Rate Risk | Risk | Risk | ||
Net realized gain (loss) on: | ||||||
Options purchased* | $ — | $ — | $(2,064,697) | $ — | $ — | |
Written options | — | — | 2,064,697 | — | — | |
Forward foreign | ||||||
currency exchange | ||||||
contracts | — | — | 5,217,876 | — | — | |
Futures contracts | 3,894,055 | — | — | — | — | |
Swap contracts | — | 53,260,490 | — | — | — | |
Total Value | $3,894,055 | $ 53,260,490 | $ 5,217,876 | $ — | $ — | |
Change in net unrealized | ||||||
appreciation | ||||||
(depreciation) on: | ||||||
Options purchased** | $ — | $ — | $ 1,078,393 | $ —*** | $ — | |
Written options | — | — | 162,921 | — | — | |
Forward foreign | ||||||
currency exchange | ||||||
contracts | — | — | 3,400,814 | — | — | |
Futures contracts | 8,022,616 | — | — | — | — | |
Swap contracts | (44,665,347) | — | — | — | ||
Total Value | $8,022,616 | $(44,665,347) | $ 4,642,128 | $ —*** | $ — |
* | Reflects the net realized gain (loss) on purchased option contracts (see Note 1J). These amounts are included in Net realized gain (loss) on investments in unaffiliated issuers, on the Statement of Operations. |
** | Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1J.). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the statements of operations. |
*** | Includes securities that are valued at $0. |
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 loan commitment and is recorded as interest income on the Statement of Operations.
As of September 30, 2021, the Fund had the following unfunded loan commitments outstanding:
Unrealized | ||||
Appreciation/ | ||||
Loan | Principal | Cost | Value | (Depreciation) |
Medline Industries, Inc., | ||||
Bridge Facility Term Loan | $11,568,462 | $11,568,462 | $11,568,462 | $ — |
Medline Industries, Inc., | ||||
Unsecured Bridge Facility | ||||
Term Loan | 12,171,538 | 12,171,538 | 12,171,538 | — |
Total Value Bridge Loans | $23,740,000 | $23,740,000 | $23,740,000 | $ — |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 117
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareholders of Pioneer Strategic Income Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Strategic Income Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”), including the schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Strategic Income Fund at September 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
118 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
December 2, 2021
Pioneer Strategic Income Fund | Annual Report | 9/30/21 119
Additional Information (unaudited)
The percentages of the Fund’s ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 63.09%.
120 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s
Pioneer Strategic Income Fund | Annual Report | 9/30/21 121
holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
122 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Strategic Income Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2021 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2021, July 2021 and September 2021. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2021, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2021, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2021.
At a meeting held on September 21, 2021, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment management agreement for another
Pioneer Strategic Income Fund | Annual Report | 9/30/21 123
year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered Amundi US’s oversight of the process for transitioning custodian, transfer agent and sub-administration services to new service providers. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group
124 Pioneer Strategic Income Fund | Annual Report | 9/30/21
of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the third quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees also considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the third quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund, effective October 1, 2021.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management
Pioneer Strategic Income Fund | Annual Report | 9/30/21 125
fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund.
126 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $2.12 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 127
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
128 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Independent Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Thomas J. Perna (70) | Trustee since 2006. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
and Trustee | trustee is elected | (technology products for securities lending industry); and Senior Executive | communications and securities |
or earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial | |
or removal. | (1986 – 2004) | services industry) (2009 – present); | |
Director, Quadriserv, Inc. (2005 – | |||
2013); and Commissioner, New | |||
Jersey State Civil Service | |||
Commission (2011 – 2015) | |||
John E. | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
Baumgardner, Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
Trustee | trustee is elected or | community newspaper group) | |
earlier retirement | (2015-present) | ||
or removal. | |||
Diane Durnin (64) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | ||
earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | ||
or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | ||
Asset Management (2005-2007); Executive Vice President Head of Products, | |||
Marketing and Client Service, Dreyfus Corporation (investment management | |||
firm) (2000-2005); and Senior Vice President Strategic Product and Business | |||
Development, Dreyfus Corporation (1994-2000) |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 129
Independent Trustees (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Benjamin M. Friedman (77) | Trustee since 2008. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
trustee is elected or | Institutional Funds Master Portfolio | ||
earlier retirement | (oversaw 17 portfolios in fund | ||
or removal. | complex) (1989 - 2008) | ||
Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – | |
earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, | |
or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); | |
Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal | ||
(financial market information | |||
publisher) (2015 – 2016); Board | |||
Co-Chairman and Chief Executive | |||
Officer, Danis Transportation | |||
Company (privately-owned | |||
commercial carrier) (2000 – 2003); | |||
Board Member and Chief Financial | |||
Officer, Customer Access Resources | |||
(privately-owned teleservices | |||
company) (1998 – 2000); Board | |||
Member, Federation of Protestant | |||
Welfare Agencies (human services | |||
agency) (1993 – present); and Board | |||
Treasurer, Harlem Dowling Westside | |||
Center (foster care agency) | |||
(1999 – 2018) |
130 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lorraine H. Monchak (65) | Trustee since 2017. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
2014 - 2017). Serves until | Group, American International Group, Inc. (insurance company) | ||
a successor trustee is | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | ||
elected or earlier | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability | ||
retirement or removal. | Management Group, Federal Farm Funding Corporation | ||
(government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |||
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |||
(1987 – 1988); and Mortgage Strategies Group, Drexel Burnham | |||
Lambert, Ltd. (investment bank) (1986 – 1987) | |||
Marguerite A. Piret (73) | Trustee since 1999. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) | |
earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | (2004 – present); and Member, | |
or removal. | Board of Governors, Investment | ||
Company Institute (2000 – 2006) | |||
Fred J. Ricciardi (74) | Trustee since 2014. | Private investor (2020 – present); Consultant (investment company | None |
Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and | |
trustee is elected or | investment company services) (1969 – 2012); Director, BNY International | ||
earlier retirement | Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas | ||
or removal. | Investment Corp. (financial services) (2009 – 2012); Director, Financial Models | ||
(technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore | |||
investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities | |||
Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY | |||
Alternative Investment Services, Inc. (financial services) (2005-2007) |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 131
Interested Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lisa M. Jones (59)* | Trustee since 2017. | Director, CEO and President of Amundi US, Inc. (investment management | None |
Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi | |
Chief Executive Officer | trustee is elected or | Asset Management US, Inc. (since September 2014); Director, CEO and | |
earlier retirement | President of Amundi Distributor US, Inc. (since September 2014); Director, | ||
or removal | CEO and President of Amundi Asset Management US, Inc. (since | ||
September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |||
Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |||
Director, Morgan Stanley Investment Management (investment management | |||
firm) (2010 – 2013); Director of Institutional Business, CEO of International, | |||
Eaton Vance Management (investment management firm) (2005 – 2010); | |||
and Director of Amundi Holdings US, Inc. (since 2017) | |||
Kenneth J. Taubes (63)* | Trustee since 2014. | Director and Executive Vice President (since 2008) and Chief Investment | None |
Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | ||
earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | ||
or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); | ||
Portfolio Manager of Amundi US (since 1999); and Director of Amundi | |||
Holdings US, Inc. (since 2017) |
* | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
132 Pioneer Strategic Income Fund | Annual Report | 9/30/21
Fund Officers
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Christopher J. Kelley (56) | Since 2010. Serves at the | Vice President and Associate General Counsel of Amundi US since | None |
Secretary and | discretion of the Board | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
Chief Legal Officer | since June 2010; Assistant Secretary of all of the Pioneer Funds from | ||
September 2003 to May 2010; and Vice President and Senior Counsel of | |||
Amundi US from July 2002 to December 2007 | |||
Thomas Reyes (58) | Since 2010. Serves at the | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
Assistant Secretary | discretion of the Board | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
Amundi US from June 2007 to May 2013 | |||
Anthony J. Koenig, Jr. (57) | Since 2021. Serves at the | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of | None |
Treasurer and | discretion of the Board | the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
Chief Financial and | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | ||
Accounting Officer | Management of Amundi US from May 2008 to January 2021 | ||
Luis I. Presutti (56) | Since 2000. Serves at the | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
Assistant Treasurer | discretion of the Board | of all of the Pioneer Funds since 1999 | |
Gary Sullivan (63) | Since 2002. Serves at the | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
Assistant Treasurer | discretion of the Board | Treasurer of all of the Pioneer Funds since 2002 | |
Antonio Furtado (39) | Since 2020. Serves at the | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
Assistant Treasurer | discretion of the Board | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund | |
Treasury Analyst from 2012 - 2020 | |||
Michael Melnick (50) | Since July 2021. | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
Assistant Treasurer | Serves at the discretion | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
of the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax | ||
of Amundi US from 2000 - 2001 |
Pioneer Strategic Income Fund | Annual Report | 9/30/21 133
Fund Officers (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
John Malone (50) | Since 2018. Serves at the | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
Chief Compliance Officer | discretion of the Board | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
Funds since September 2018; and Chief Compliance Officer of Amundi | |||
Distributor US, Inc. since January 2014. | |||
Kelly O’Donnell (50) | Since 2006. Serves at the | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
Anti-Money | discretion of the Board | Officer of all the Pioneer Funds since 2006 | |
Laundering Officer |
134 Pioneer Strategic Income Fund | Annual Report | 9/30/21
This page was intentionally left blank.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 135
This page was intentionally left blank.
136 Pioneer Strategic Income Fund | Annual Report | 9/30/21
This page was intentionally left blank.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 137
This page was intentionally left blank.
138 Pioneer Strategic Income Fund | Annual Report | 9/30/21
This page was intentionally left blank.
Pioneer Strategic Income Fund | Annual Report | 9/30/21 139
This page was intentionally left blank.
140 Pioneer Strategic Income Fund | Annual Report | 9/30/21
How to Contact Amundi
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 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 19437-15-1121
Pioneer Emerging Markets Equity Fund
Annual Report | September 30, 2021
A: PEMEX | C: PEMNX | Y: PEMSX |
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 1
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2021
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 Emerging Markets Equity Fund | Annual Report | 9/30/21 3
Portfolio Management Discussion | 9/30/21
In the following interview, portfolio managers Patrice Lemonnier and Mickaël Tricot discuss the investment environment for emerging markets equities and the performance of Pioneer Emerging Markets Equity Fund during the 12-month period ended September 30, 2021. Mr. Lemonnier, Head of Emerging Markets Equity and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Tricot, Head of Global Emerging Markets Equity and portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
Q | How did the Fund perform in the 12-month period ended on September 30, 2021? |
A | Pioneer Emerging Markets Equity Fund’s Class A shares returned 20.55% at net asset value over the 12-month period ended September 30, 2021, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index1, returned 18.20%. During the same 12-month period, the average return of the 784 mutual funds in Morningstar’s Diversified Emerging Markets Funds category was 21.59%. |
Q | How would you describe the investment backdrop for investors in emerging markets equities during the 12-month period ended September 30, 2021? |
A | Emerging markets stocks delivered strong returns for the full 12-month period, but all of the gain was achieved over the first half of the period, from October 2020 through March 2021. During those first six months of the period, a steady recovery in global economic growth from pandemic-induced lows, strength in commodities prices, and accommodative monetary policies from central banks around the world boosted the performance of emerging markets equities. Weakness in the US dollar |
1 | The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. |
4 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
(USD) was an additional tailwind for the asset class. Together, those factors helped the MSCI Emerging Markets Index (the MSCI Index), the Fund’s benchmark, achieve an all-time high in mid-February 2021.
However, the investment environment grew less favorable from that point, leading to elevated market volatility and a general downtrend in the performance of emerging markets equities. The weak showing for China’s market – which represents nearly 40% of the MSCI Index’s components – was the primary factor weighing on the broader emerging markets equities asset class over the second half of the period. Chinese companies, and their shares, came under pressure from the Beijing government’s tighter regulation of the technology sector, as well as worries that the debt problems of a large Chinese property developer could have a larger contagion effect across that nation’s economy.
Despite the downturn in China, most emerging markets nations delivered strong gains for the full 12-month period. The Eastern European markets performed very well, as did oil-price-sensitive countries such as Russia, Saudi Arabia, and other Middle Eastern nations. Mexico was a top performer in Latin America, thanks in part to its close ties with the US economy, which staged a strong bounce-back from 2020’s pandemic-driven slump. A number of Asian countries produced healthy gains as well. India strongly outpaced the broader region, as did the technology-sensitive markets of South Korea and Taiwan.
Q | What were the principal factors that affected the Fund’s benchmark-relative performance during the 12-month period ended September 30, 2021? |
A | We believe our multifaceted investment process played a key role in the Fund’s benchmark-relative outperformance over the past 12 months. In managing the portfolio, we start with a top-down evaluation of each country in the emerging markets universe, which we view as critical, given the wide divergence in the economic fundamentals and return drivers for individual nations. We then analyze the prospects for specific sectors in each country in an attempt to capture another layer of return potential. Finally, we drill down to what we think are the best company ideas in the countries and sectors in which we want to invest the portfolio. |
During the past 12 months, country allocation and stock selection both contributed to the Fund’s positive relative performance. Sector allocation results, however, detracted from benchmark-relative returns.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 5
Looking first at country selection, an overweight to Russia versus the benchmark made the largest positive contribution to the Fund’s relative results for the period. Stocks in that country strongly outperformed as oil prices rallied. The Fund’s relative performance also benefited from an underweight to China. The portfolio entered the reporting period with a below-benchmark allocation to the country, and we subsequently reduced the Fund’s exposure even further, due to both valuation concerns and wariness about the effects of the Chinese government’s increased regulations on certain businesses. As a result, the Fund was able to avoid the full negative impact of having exposure to one of the worst-performing countries in the emerging markets asset class over the 12-month period. Overweights in Hong Kong and India also helped the Fund’s benchmark-relative performance. On the other hand, the Fund’s underweights to Taiwan and Saudi Arabia were modest detractors from relative returns for the 12-month period.
Among individual stocks, many of the leading positive contributors to the Fund’s benchmark-relative performance for the period were shares of companies that are not heavily represented in the MSCI Index. Whereas the MSCI Index is made up of approximately 1,400 companies, the Fund’s typical investment universe encompasses more than 1,900 companies. We believe that broader approach provides us with the latitude to take advantage of potential opportunities in the frontier markets, as well as in mid- and small-cap equities. (A frontier market, or country, is a developing economy that is more advanced than the economy of a less-developed country, but still considered too small to be generally classified as an emerging markets economy.) That approach is reflected in the roster of top positive contributors to the Fund’s benchmark-relative performance for the 12-month period, which included positions in Xtep International, a sportswear company based in Hong Kong, Li Ning, a Chinese sportswear and sports equipment company, and JBS S.A., a large meat-processing company based in Brazil.
On the negative side, a portfolio underweight position versus the benchmark in the strong-performing Chinese electric-car maker Nio detracted from the Fund’s benchmark-relative performance, as did overweights to the underperforming stocks of Ping An Insurance and Chinese equipment-manufacturer Flying Technology, Ltd.
In addition, as noted earlier, sector allocations detracted from the Fund’s benchmark-relative results for the period, and offset some of the positive contributions from country positioning and stock selection. The largest adverse effect came from portfolio underweights to certain sectors within China that outpaced the broader market, such as health care and financials.
6 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Q | Did the Fund have any exposure to derivative securities during the 12-month period ended September 30, 2021? |
A | No. The Fund had no derivatives exposure during the period. |
Q | What are some of the notable overweights and underweights in the Fund’s portfolio at the country and sector levels as of September 30, 2021? |
A | Russia remains a key overweight in the portfolio versus the benchmark, due to what we view as attractive valuations in the country as well as much-improved fiscal and monetary management. We also favor companies in Brazil, a country that has benefited from the resumption of positive global growth after the pandemic-induced lows, moderate fiscal relief, and a currency that has received support from solid external accounts and rising interest rates. In addition, the Brazilian market appears attractively valued, in our opinion. However, we are closely watching for possible disruptions driven by the upcoming 2022 Brazilian presidential election and the risk of water rationing. India is another notable Fund overweight versus the MSCI Index, as past structural reforms aimed at improving competitiveness have begun to show signs of gaining traction. We believe the significant drop in COVID-19 cases across most of the country, together with a possible shift in the global supply chain away from China, are additional positives for investments in India. We also hold a favorable view of South Korea. The nation’s market has become increasingly driven by what we view as competitive companies in sectors and market segments with above-average, long-term growth potential, such as semiconductors, electric-vehicle batteries, and health care. We also believe steady improvements in corporate governance, including a higher dividend** payout ratio, could provide further support for Korean equities. |
China remains an important portfolio underweight versus the MSCI Index. Since the country’s economy rebounded from the impact of COVID-19 more quickly than others, we saw more compelling opportunities in other countries that seemed poised to “catch up” with China with regard to economic recovery. We believe the ongoing tensions with the United States remain another potential source of risk for investing in China. The Fund is also underweight to Taiwan, where we believe valuations have remained elevated despite the possibility of slower economic growth and softer end-market demand in the technology sector; however, we do see opportunities in Taiwanese sectors that could benefit from resilient
** Dividends are not guaranteed.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 7
domestic demand. The Fund is underweight to Malaysia, due to lingering political issues and what we view as unattractive valuations, as well as to Thailand, also due to political tensions.
At the sector level, consumer discretionary, real estate, and communication services are the Fund’s largest overweights versus the benchmark, while health care, financials, and materials are the most significant underweights.
Q | How would you characterize market conditions at the end of September 2021? |
A | We have a cautious, but constructive view on emerging markets equities as of the close of the 12-month period. Although emerging countries have clearly lagged the United States and Europe in terms of COVID-19 vaccine distributions, we have seen increased efforts to accelerate vaccination programs as the 2021 calendar year has progressed. We believe that could set the stage for a return to economic conditions that might be regarded as closer to “normal” as we move into 2022. |
During the summer, the US Federal Reserve (Fed) changed course, at least with regard to messaging, and indicated that an increase in the federal funds rate’s target range could occur as early as 2022, compared to earlier messaging that 2023 would see the first rate hike. The Fed also announced that the tapering of its latest bond-purchasing program was likely to begin in November of this year. We see a more “hawkish” Fed as a positive development, as we think it reduces the likelihood of a sustained period of economic overheating and could help keep inflation expectations at lower levels, while also reinforcing the Fed’s view that current inflation pressures may turn out to be temporary. We believe that scenario could lend support to the emerging markets, as such conditions could decrease the risk of a spike in bond yields. In addition, we believe valuations in the emerging equity markets are more attractive for long-term investors following the recent correction.
We believe valuations appear particularly compelling in light of corporations’ improved capital-expenditure discipline, the lack of major macroeconomic imbalances, and increasing dividend payout ratios. We believe those factors could provide a continued foundation for longer-term performance for emerging markets equities, notwithstanding the recent uptick in market volatility.
8 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Please refer to the Schedule of Investments on pages 17–26 for a full listing of Fund securities.
The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
To the extent the Fund invests in issuers located within specific countries or regions, the Fund may be particularly affected by adverse markets, rates, and events which may occur in those countries and regions.
Investing in other investment companies, including exchange traded funds (ETFs), subjects the Fund to the risks of investing in the underlying securities or assets held by those funds.
Investments in real estate securities, such as REITs, are affected by economic conditions, interest rates, governmental actions and other factors.
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.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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 Emerging Markets Equity Fund | Annual Report | 9/30/21 9
Sector Distribution
(As a percentage of total investments)*
Geographical Distribution
(As a percentage of total investments based on country of domicile)*
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 6.95% |
2. | Samsung Electronics Co., Ltd. | 3.43 |
3. | Alibaba Group Holding, Ltd. (A.D.R.) | 3.35 |
4. | Tencent Holdings, Ltd. | 3.18 |
5. | Samsung Electronics Co., Ltd., Class Preferen | 2.38 |
6. | Sberbank of Russia PJSC | 2.31 |
7. | Housing Development Finance Corp. Ltd. | 1.72 |
8. | JBS S.A. | 1.52 |
9. | Saudi National Bank | 1.52 |
10. | Prosus NV | 1.37 |
* | 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 securities. |
10 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Prices and Distributions | 9/30/21
Net Asset Value per Share
Class | 9/30/21 | 9/30/20 |
A | $13.24 | $11.08 |
C | $13.14 | $11.02 |
Y | $13.27 | $11.10 |
Distributions per Share: 10/1/20–9/30/21
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $0.1141 | $ — | $ — |
C | $0.0472 | $ — | $ — |
Y | $0.1562 | $ — | $ — |
Index Definitions
The Morgan Stanley Capital International (MSCI) Emerging Markets NR Index measures the free-float weighted equity index that captures large and mid-cap representation across emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot 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 Emerging Markets Equity Fund | Annual Report | 9/30/21 11
Performance Update | 9/30/21 | 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 Emerging Markets Equity Fund at public offering price during the periods shown, compared to that of the MSCI Emerging Markets NR Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
Net | Public | MSCI | |
Asset | Offering | Emerging | |
Value | Price | Markets NR | |
Period | (NAV) | (POP) | Index |
Life-of-Class | |||
(10/2/19) | 15.93% | 12.54% | 14.46% |
1 year | 20.55 | 13.62 | 18.20 |
Expense Ratio | |
(Per prospectus dated February 1, 2021) | |
Gross | Net |
4.45% | 1.30% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through February 1, 2022 for Class A shares. There can be no assurance that Amundi 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 more current expense ratios.
12 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Emerging Markets Equity Fund at public offering price during the periods shown, compared to that of the MSCI Emerging Markets NR Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
MSCI | |||
Emerging | |||
If | If | Markets NR | |
Period | Held | Redeemed | Index |
Life-of-Class | |||
(10/2/19) | 15.10% | 15.10% | 14.46% |
1 year | 19.68 | 19.68 | 18.20 |
Expense Ratio | |
(Per prospectus dated February 1, 2021) | |
Gross | Net |
5.17% | 2.05% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. “If Redeemed” 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 net expense ratio reflects the contractual expense limitation currently in effect through February 1, 2022 for Class C shares. There can be no assurance that Amundi 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 more current expense ratios.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 13
Performance Update | 9/30/21 | 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 Emerging Markets Equity Fund at public offering price during the periods shown, compared to that of the MSCI Emerging Markets NR Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
Net | MSCI | |
Asset | Emerging | |
Value | Markets NR | |
Period | (NAV) | Index |
Life-of-Class | ||
(10/2/19) | 16.29% | 14.46% |
1 year | 21.00 | 18.20 |
Expense Ratio | |
(Per prospectus dated February 1, 2021) | |
Gross | Net |
4.16% | 0.99% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 February 1, 2022 for Class Y shares. There can be no assurance that Amundi 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 more current expense ratios.
14 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
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 ÷ $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 Emerging Markets Equity Fund
Based on actual returns from April 1, 2021 through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 4/1/21 | |||
Ending Account Value | $959.41 | $955.68 | $960.21 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $6.39 | $9.85 | $4.86 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.01%, and 0.99% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365, (to reflect the partial year period). |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 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 Emerging Markets Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2021 through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 4/1/21 | |||
Ending Account Value | $1,018.55 | $1,014.99 | $1,020.10 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $6.58 | $10.15 | $5.01 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.01%, and 0.99% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365, (to reflect the partial year period). |
16 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Schedule of Investments | 9/30/21
Shares | Value | ||
UNAFFILIATED ISSUERS — 96.9% | |||
COMMON STOCKS — 96.9% of Net Assets | |||
Air Freight & Logistic — 0.1% | |||
1,419(a) | InPost S.A. | $ 23,406 | |
Total Air Freight & Logistic | $ 23,406 | ||
Auto Components — 0.9% | |||
4,160 | Hanon Systems | $ 54,376 | |
34,000 | Xinyi Glass Holdings Ltd. | 100,989 | |
Total Auto Components | $ 155,365 | ||
Automobiles — 1.5% | |||
56,000(a) | Brilliance China Automotive Holdings Ltd. | $ 22,401 | |
1,950 | Eicher Motors Ltd. | 72,751 | |
8,500 | Great Wall Motor Co. Ltd., Class H | 30,893 | |
1,738 | Kia Corp. | 117,451 | |
Total Automobiles | $ 243,496 | ||
Banks — 15.2% | |||
483,000 | Agricultural Bank of China, Ltd., Class H | $ 165,111 | |
27,865(a) | Alpha Services and Holdings S.A. | 34,920 | |
18,889 | Banco Bradesco S.A. (A.D.R.) | 72,345 | |
11,938 | Banco Bradesco S.A., Class Preferen | 45,677 | |
7,386 | Banco do Brasil S.A. | 39,208 | |
74,800 | Bank Central Asia Tbk PT | 182,961 | |
12,500 | China Merchants Bank Co., Ltd., Class H | 99,206 | |
145 | Credicorp, Ltd. | 16,086 | |
111,000 | CTBC Financial Holding Co. Ltd. | 90,610 | |
16,413 | First Abu Dhabi Bank PJSC | 79,416 | |
8,606 | Grupo Financiero Banorte S.A.B de CV, Class O | 55,188 | |
1,778 | HDFC Bank, Ltd. (A.D.R.) | 129,954 | |
10,634 | ICICI Bank Ltd. (A.D.R.) | 200,664 | |
8,689 | ICICI Bank, Ltd. | 81,860 | |
15,258 | Itausa - Investimentos Itau S.A. | 31,222 | |
2,100(a) | Komercni banka as | 85,039 | |
1,892(a) | OTP Bank Nyrt | 110,861 | |
8,548(a) | Powszechna Kasa Oszczednosci Bank Polski S.A. | 90,659 | |
14,868 | Saudi National Bank | 243,267 | |
2,798 | Sberbank of Russia PJSC (A.D.R.) | 52,462 | |
29,685 | Sberbank of Russia PJSC | 129,934 | |
51,685 | Sberbank of Russia PJSC | 241,157 | |
2,373 | Shinhan Financial Group Co., Ltd. | 79,719 | |
8,027 | State Bank of India | 49,074 | |
1,213 | TCS Group Holding Plc (G.D.R.) | 110,441 | |
Total Banks | $ 2,517,041 | ||
Beverages — 1.4% | |||
4,983(a) | Distell Group Holdings Ltd. | $ 62,674 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 17
Schedule of Investments | 9/30/21 (continued)
Shares | Value | ||
Beverages (continued) | |||
MXN | 3,833 | Fomento Economico Mexicano S.A.B de CV | $ 33,272 |
153,300 | Thai Beverage PCL | 73,488 | |
8,000 | Tsingtao Brewery Co. Ltd., Class H | 62,422 | |
Total Beverages | $ 231,856 | ||
Biotechnology — 0.2% | |||
285(a) | Hugel, Inc. | $ 41,448 | |
Total Biotechnology | $ 41,448 | ||
Capital Market — 0.1% | |||
2,111 | Warsaw Stock Exchange | $ 22,018 | |
Total Capital Market | $ 22,018 | ||
Chemicals — 1.2% | |||
2,983(a) | OCI NV | $ 86,965 | |
24,700 | PTT Global Chemical PCL | 46,434 | |
1,344 | SABIC Agri-Nutrients Co. | 61,996 | |
Total Chemicals | $ 195,395 | ||
Commercial Services & Supplies — 0.9% | |||
2,800 | Ambipar Participacoes e Empreendimentos S.A. | $ 24,086 | |
101,000 | China Everbright International, Ltd. | 76,130 | |
44,000 | Greentown Service Group Co., Ltd. | 47,293 | |
Total Commercial Services & Supplies | $ 147,509 | ||
Construction & Engineering — 1.0% | |||
38,500 | IJM Corp. Bhd | $ 16,564 | |
6,199 | Larsen & Toubro Ltd. | 141,712 | |
Total Construction & Engineering | $ 158,276 | ||
Construction Materials — 0.5% | |||
3,909(a) | Cemex S.A.B de CV (A.D.R.) | $ 28,028 | |
2,618 | Grasim Industries Ltd. | 58,432 | |
Total Construction Materials | $ 86,460 | ||
Distributors — 0.7% | |||
6,200 | Jardine Cycle & Carriage Ltd. | $ 88,106 | |
1,893 | Sendas Distribuidora S.A. (A.D.R.) | 32,995 | |
Total Distributors | $ 121,101 | ||
Diversified Consumer Services — 0.3% | |||
16,000 | China Education Group Holdings Ltd. | $ 27,484 | |
3,400 | YDUQS Participacoes S.A. | 14,839 | |
Total Diversified Consumer Services | $ 42,323 | ||
Diversified Financial Service — 0.4% | |||
8,400 | Chailease Holding Co. Ltd. | $ 73,889 | |
Total Diversified Financial Service | $ 73,889 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Shares | Value | ||
Diversified Telecommunication Service — 0.4% | |||
241,400 | Telekomunikasi Indonesia Persero Tbk PT | $ 61,963 | |
Total Diversified Telecommunication Service | $ 61,963 | ||
Electric Utility — 0.5% | |||
11,200 | Centrais Eletricas Brasileiras S.A. | $ 79,226 | |
Total Electric Utility | $ 79,226 | ||
Electrical Equipment — 0.2% | |||
8,700(a) | Zhuzhou CRRC Times Electric Co. Ltd., Class H | $ 40,124 | |
Total Electrical Equipment | $ 40,124 | ||
Electronic Equipment, Instruments & Components — 2.0% | |||
7,000 | Chroma ATE, Inc. | $ 43,888 | |
18,000 | Delta Electronics, Inc. | 162,104 | |
6,000 | Elite Material Co. Ltd. | 46,736 | |
479 | Samsung Electro-Mechanics Co. Ltd. | 70,478 | |
Total Electronic Equipment, Instruments & Components | $ 323,206 | ||
Entertainment — 2.1% | |||
123 | NCSoft Corp. | $ 62,285 | |
1,447 | NetEase, Inc. (A.D.R.) | 123,574 | |
378(a) | Sea Ltd. (A.D.R.) | 120,480 | |
6,272(a) | Tencent Music Entertainment Group (A.D.R.) | 45,472 | |
Total Entertainment | $ 351,811 | ||
Food & Staples Retailing — 0.7% | |||
18,900 | Atacadao Distribuicao Comercio e Industria Ltd. | $ 61,656 | |
1,893 | Compania Brasileira de Distribuicao (A.D.R.) | 8,916 | |
4,000 | President Chain Store Corp. | 40,187 | |
Total Food & Staples Retailing | $ 110,759 | ||
Food Products — 2.0% | |||
3,000 | Health & Happiness H&H International Holdings, Ltd. | $ 7,133 | |
35,733 | JBS S.A. | 243,313 | |
34,000 | Uni-President Enterprises Corp. | 82,777 | |
Total Food Products | $ 333,223 | ||
Health Care Provider & Service — 0.4% | |||
977 | Apollo Hospitals Enterprise Ltd. | $ 58,741 | |
Total Health Care Provider & Service | $ 58,741 | ||
Hotels, Restaurants & Leisure — 0.8% | |||
7,000(a) | Galaxy Entertainment Group, Ltd. | $ 35,316 | |
1,538 | Yum China Holdings, Inc. | 89,373 | |
Total Hotels, Restaurants & Leisure | $ 124,689 | ||
Household Durables — 0.7% | |||
277 | Dixon Technologies India Ltd. | $ 17,086 | |
24,300(a) | NavInfo Co. Ltd. | 41,527 | |
1,017 | Woongjin Coway Co. Ltd. | 63,293 | |
Total Household Durables | $ 121,906 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 19
Schedule of Investments | 9/30/21 (continued)
Shares | Value | ||
Independent Power & Renewable Electricity | |||
Producer — 0.7% | |||
50,000 | China Longyuan Power Group Corp. Ltd., Class H | $ 122,168 | |
Total Independent Power & Renewable Electricity | |||
Producer | $ 122,168 | ||
Industrial Conglomerates — 0.6% | |||
2,680 | Ayala Corp. | $ 42,831 | |
4,908 | Bidvest Group Ltd. | 63,365 | |
Total Industrial Conglomerates | $ 106,196 | ||
Insurance — 0.8% | |||
20,900(a) | Caixa Seguridade Participacoes S/A | $ 31,749 | |
8,414 | ICICI Prudential Life Insurance Co., Ltd. (144A) | 75,396 | |
5,000 | Ping An Insurance Group Co. of China, Ltd., Class H | 33,925 | |
Total Insurance | $ 141,070 | ||
Interactive Media & Services — 4.5% | |||
683(a) | Mail.Ru Group Ltd. (G.D.R.) | $ 13,952 | |
530 | NAVER Corp. | 172,731 | |
8,700 | Tencent Holdings, Ltd. | 510,082 | |
136(a) | Yandex NV | 10,838 | |
511(a) | Yandex NV | 40,893 | |
Total Interactive Media & Services | $ 748,496 | ||
Internet & Direct Marketing Retail — 9.2% | |||
3,629(a) | Alibaba Group Holding, Ltd. (A.D.R.) | $ 537,273 | |
4,100(a) | Alibaba Group Holding, Ltd. | 76,255 | |
4,997(a) | Americanas S.A. | 28,381 | |
1,442(a) | Baozun, Inc. (A.D.R.) | 25,278 | |
184(a) | Delivery Hero SE (144A) | 23,561 | |
2,928(a) | JD.com, Inc. (A.D.R.) | 211,519 | |
1,544(a) | MakeMyTrip Ltd. | 41,981 | |
4,000(a) | Meituan Dianping, Class B (144A) | 124,898 | |
338 | Naspersm, Ltd., Class N | 55,632 | |
719(a) | Ozon Holdings PLC (A.D.R.) | 36,274 | |
422(a) | Pinduoduo, Inc. (A.D.R.) | 38,263 | |
2,790(a) | Prosus NV | 219,726 | |
3,504(a) | Trip.com Group Ltd. (A.D.R.) | 107,748 | |
Total Internet & Direct Marketing Retail | $ 1,526,789 | ||
IT Services — 2.9% | |||
22,146(a) | Fawry for Banking & Payment Technology Services S.A.E | $ 19,967 | |
6,086 | HCL Technologies, Ltd. | 104,642 | |
3,678 | Infosys Ltd. | 82,153 | |
7,919 | Infosys Ltd. (A.D.R.) | 176,198 | |
5,285 | Tech Mahindra Ltd. | 98,039 | |
Total IT Services | $ 480,999 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Shares | Value | ||
Leisure Product — 0.6% | |||
9,000 | Giant Manufacturing Co. Ltd. | $ 101,811 | |
Total Leisure Product | $ 101,811 | ||
Machinery — 2.0% | |||
24,423 | Ashok Leyland Ltd. | $ 43,594 | |
21,500 | China Conch Venture Holdings Ltd. | 99,003 | |
14,500 | Hangzhou Oxygen Plant Group Co. Ltd. | 63,414 | |
1,311 | Hiwin Technologies Corp. | 14,414 | |
23,175(a) | Iochpe Maxion S.A. | 75,092 | |
38,800 | Zoomlion Heavy Industry Science & Technology Co., | ||
Ltd., Class H | 34,640 | ||
Total Machinery | $ 330,157 | ||
Media — 0.3% | |||
MXN | 19,300 | Grupo Televisa S.A.B | $ 42,494 |
Total Media | $ 42,494 | ||
Metals & Mining — 3.7% | |||
4,298 | Bradespar S.A., Class Preferen | $ 41,266 | |
18,754 | Grupo Mexico S.A.B de CV | 74,620 | |
28,424 | Hindalco Industries Ltd. | 186,301 | |
3,001 | Impala Platinum Holdings Ltd. | 33,536 | |
105 | MMC Norilsk Nickel PJSC | 31,444 | |
814 | MMC Norilsk Nickel PJSC (A.D.R.) | 24,355 | |
9,203 | Sibanye Stillwater Ltd. | 28,325 | |
2,409 | Tata Steel Ltd. | 41,005 | |
976 | Ternium S.A. (A.D.R.) | 41,285 | |
108,440(a) | United Co. RUSAL International PJSC | 104,375 | |
Total Metals & Mining | $ 606,512 | ||
Multiline Retail — 0.3% | |||
7,100 | El Puerto de Liverpool S.A.B de CV | $ 29,179 | |
16,096 | Lojas Americanas S.A. | 13,039 | |
Total Multiline Retail | $ 42,218 | ||
Oil, Gas & Consumable Fuels — 6.4% | |||
172,000 | CNOOC Ltd. | $ 190,587 | |
1,868 | Cosan S.A. (A.D.R.) | 31,289 | |
2,322 | Gazprom PJSC (A.D.R.) | 23,081 | |
3,050 | Gazprom PJSC | 15,110 | |
10,366 | Gazprom PJSC (A.D.R.) | 102,038 | |
18,956 | Gazprom PJSC | 94,223 | |
1,792 | LUKOIL PJSC | 170,036 | |
386 | Novatek PJSC (G.D.R.) | 100,382 | |
66,000 | PetroChina Co. Ltd., Class H | 30,892 | |
9,500 | Petroleo Brasileiro S.A. | 49,122 | |
6,225 | Petroleo Brasileiro S.A. (A.D.R.) | 62,250 | |
14,155 | Rosneft Oil Co. PJSC (G.D.R.) | 118,016 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 21
Schedule of Investments | 9/30/21 (continued)
Shares | Value | ||
Oil, Gas & Consumable Fuels (continued) | |||
112(a) | SK Innovation Co. Ltd. | $ 24,705 | |
10,114 | Surgutneftegas PJSC | 5,604 | |
27,630 | Surgutneftegas PJSC | 13,919 | |
5,775(a) | Vista Oil & Gas S.A.B de CV (A.D.R.) | 29,048 | |
Total Oil, Gas & Consumable Fuels | $ 1,060,302 | ||
Paper & Forest Product — 0.4% | |||
5,900(a) | Suzano S.A. | $ 59,086 | |
Total Paper & Forest Product | $ 59,086 | ||
Real Estate Management & Development — 3.6% | |||
79,526 | Aldar Properties PJSC | $ 88,311 | |
81,800 | Ayala Land, Inc. | 53,373 | |
19,900(a) | BR Malls Participacoes S.A. | 29,535 | |
32,000 | China Overseas Land & Investment Ltd. | 72,753 | |
20,000 | China Resources Land, Ltd. | 84,117 | |
60,000 | CIFI Holdings Group Co., Ltd. | 40,671 | |
7,277 | Corp. Inmobiliaria Vesta S.A.B de CV | 12,720 | |
19,349 | DLF Ltd. | 107,228 | |
91,880(a) | Emaar Malls PJSC | 49,962 | |
13,000 | Longfor Group Holdings, Ltd. (144A) | 59,738 | |
Total Real Estate Management & Development | $ 598,408 | ||
Semiconductors & Semiconductor Equipment — 9.3% | |||
5,000 | Global Unichip Corp. | $ 88,346 | |
5,000 | LandMark Optoelectronics Corp. | 40,390 | |
2,000 | MediaTek, Inc. | 64,535 | |
1,764 | SK Hynix, Inc. | 152,140 | |
9,985 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 1,114,825 | |
42,000 | Xinyi Solar Holdings, Ltd. | 85,510 | |
Total Semiconductors & Semiconductor Equipment | $ 1,545,746 | ||
Software — 0.6% | |||
23,600 | Kingsoft Corp. Ltd. | $ 93,033 | |
Total Software | $ 93,033 | ||
Specialty Retail — 3.0% | |||
36,729 | Abu Dhabi National Oil Co. for Distribution PJSC | $ 41,713 | |
3,400 | China International Travel Service Corp. Ltd. | 137,138 | |
67,500 | China Yongda Automobiles Services Holdings, Ltd. | 97,164 | |
18,625 | Detsky Mir PJSC (144A) | 33,355 | |
1,213 | Jarir Marketing Co. | 67,793 | |
13,800 | Petrobras Distribuidora S.A. | 59,544 | |
1,436 | United Electronics Co. | 54,573 | |
4,600(a) | Via S/A | 6,514 | |
Total Specialty Retail | $ 497,794 | ||
Technology Hardware, Storage & Peripherals — 6.3% | |||
67 | Samsung Electronics Co. Ltd. (G.D.R.) | $ 104,147 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Shares | Value | ||
Technology Hardware, Storage & Peripherals (continued) | |||
8,839 | Samsung Electronics Co., Ltd. | $ 550,236 | |
6,513 | Samsung Electronics Co., Ltd., Class Preferen | 381,296 | |
Total Technology Hardware, Storage & Peripherals | $ 1,035,679 | ||
Textiles, Apparel & Luxury Goods — 3.0% | |||
6,425 | Cie Financiere Richemont S.A. | $ 66,186 | |
2,401 | Fila Holdings Corp. | 85,864 | |
14,500 | Li Ning Co. Ltd. | 167,259 | |
39,300(a) | Samsonite International S.A. (144A) | 84,205 | |
68,500 | Xtep International Holdings Ltd. | 94,592 | |
Total Textiles, Apparel & Luxury Goods | $ 498,106 | ||
Thrift & Mortgage Finance — 1.7% | |||
7,550 | Housing Development Finance Corp. Ltd. | $ 275,571 | |
Total Thrift & Mortgage Finance | $ 275,571 | ||
Trading Company & Distributor — 0.2% | |||
110,300 | AKR Corporindo Tbk PT | $ 33,474 | |
Total Trading Company & Distributor | $ 33,474 | ||
Water Utility — 0.2% | |||
4,648 | Compania de Saneamento Basico do Estado de Sao Paulo | ||
(A.D.R.) | $ 32,908 | ||
Total Water Utility | $ 32,908 | ||
Wireless Telecommunication Services — 2.4% | |||
14,130(a) | Bharti Airtel, Ltd. | $ 129,482 | |
15,967(a) | MTN Group Ltd. | 149,677 | |
127,200 | Sistema PJSFC | 47,054 | |
276 | SK Telecom Co. Ltd. | 75,275 | |
Total Wireless Telecommunication Services | $ 401,488 | ||
TOTAL COMMON STOCKS | |||
(Cost $12,474,416) | $16,045,736 | ||
RIGHT/WARRANT — 0.0%† of Net Assets | |||
INR | 1,071(a) | Bharti Airtel Ltd. | $ 2,213 |
TOTAL RIGHT/WARRANT | |||
(Cost $–) | $ 2,213 | ||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.9% | |||
(Cost $12,474,416)(b) | $16,047,949 | ||
OTHER ASSETS AND LIABILITIES — 3.1% | $ 505,825 | ||
NET ASSETS — 100.0% | $16,553,774 |
(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 September 30, 2021, the value of these securities amounted to $401,153, or 2.4% of net assets. |
(A.D.R.) | American Depositary Receipts. |
(G.D.R.) | Global Depositary Receipts. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 23
Schedule of Investments | 9/30/21 (continued)
† | Amount rounds to less than 0.1%. |
(a) | Non-income producing security. |
(b) | Distribution of investments by country of domicile (excluding temporary cash investments) as a percentage of total investments in securities, is as follows: |
China | 23.2% |
India | 13.5% |
South Korea | 12.7% |
Taiwan | 12.2% |
Russia | 8.6% |
Brazil | 7.3% |
Saudi Arabia | 2.7% |
Honk Kong | 2.7% |
South Africa | 2.5% |
Netherlands | 1.9% |
Mexico | 1.9% |
Indonesia | 1.7% |
United Arab Emirates | 1.6% |
Singapore | 1.3% |
Other (individually less than 1%) | 6.2% |
100.0% |
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.
INR — Indian Rupee
MXN — Mexican Peso
Purchases and sales of securities (excluding temporary cash investments) for the year ended September 30, 2021, aggregated $6,818,549 and $5,814,209, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 effected at current market prices. During the year ended September 30, 2021, the Fund did not engage in any cross trade activity.
At September 30, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $12,702,058 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 4,261,851 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (915,960) |
Net unrealized appreciation/depreciation | $ 3,345,891 |
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 – | unadjusted 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 accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
The following is a summary of the inputs used as of September 30, 2021, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Air Freight & Logistics | $ — | $ 23,406 | $ — | $ 23,406 |
Auto Components | — | 155,365 | — | 155,365 |
Automobiles | — | 243,496 | — | 243,496 |
Banks | 471,511 | 2,045,530 | — | 2,517,041 |
Beverages | — | 231,856 | — | 231,856 |
Biotechnology | — | 41,448 | — | 41,448 |
Capital Markets | — | 22,018 | — | 22,018 |
Chemicals | — | 195,395 | — | 195,395 |
Commercial Services & Supplies | — | 147,509 | — | 147,509 |
Construction & Engineering | — | 158,276 | — | 158,276 |
Construction Materials | 28,028 | 58,432 | — | 86,460 |
Distributors | 32,995 | 88,106 | — | 121,101 |
Diversified Consumer Services | — | 42,323 | — | 42,323 |
Diversified Financial Services | — | 73,889 | — | 73,889 |
Diversified Telecommunication | ||||
Services | — | 61,963 | — | 61,963 |
Electric Utilities | — | 79,226 | — | 79,226 |
Electrical Equipment | — | 40,124 | — | 40,124 |
Electronic Equipment, | ||||
Instruments & Components | — | 323,206 | — | 323,206 |
Entertainment | 289,526 | 62,285 | — | 351,811 |
Food & Staples Retailing | 8,916 | 101,843 | — | 110,759 |
Food Products | — | 333,223 | — | 333,223 |
Health Care Providers & Services | — | 58,741 | — | 58,741 |
Hotels, Restaurants & Leisure | 89,373 | 35,316 | — | 124,689 |
Household Durables | — | 121,906 | — | 121,906 |
Independent Power & Renewable | ||||
Electricity Producers | — | 122,168 | — | 122,168 |
Industrial Conglomerates | — | 106,196 | — | 106,196 |
Insurance | — | 141,070 | — | 141,070 |
Interactive Media & Services | 10,838 | 737,658 | — | 748,496 |
Internet & Direct Marketing Retail | 998,336 | 528,453 | — | 1,526,789 |
IT Services | 176,198 | 304,801 | — | 480,999 |
Leisure Products | — | 101,811 | — | 101,811 |
Machinery | — | 330,157 | — | 330,157 |
Media | — | 42,494 | — | 42,494 |
Metals & Mining | 65,640 | 540,872 | — | 606,512 |
Multiline Retail | — | 42,218 | — | 42,218 |
Oil, Gas & Consumable Fuels | 145,668 | 914,634 | — | 1,060,302 |
Paper & Forest Products | — | 59,086 | — | 59,086 |
Real Estate Management & | ||||
Development | — | 598,408 | — | 598,408 |
Semiconductors & Semiconductor | ||||
Equipment | 1,114,825 | 430,921 | — | 1,545,746 |
Software | — | 93,033 | — | 93,033 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 25
Schedule of Investments | 9/30/21 (continued)
Level 1 | Level 2 | Level 3 | Total | |
Specialty Retail | $ — | $ 497,794 | $ — | $ 497,794 |
Technology Hardware, Storage & | ||||
Peripherals | — | 1,035,679 | — | 1,035,679 |
Textiles, Apparel & Luxury Goods | — | 498,106 | — | 498,106 |
Thrifts & Mortgage Finance | — | 275,571 | — | 275,571 |
Trading Companies & Distributors | — | 33,474 | — | 33,474 |
Wireless Telecommunication | ||||
Services | — | 401,488 | — | 401,488 |
All Other Common Stock | 32,908 | — | — | 32,908 |
Right/Warrant | — | 2,213 | — | 2,213 |
Total Investments in Securities | $3,464,762 | $12,583,187 | $ — | $16,047,949 |
During the year ended September 30, 2021, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Statement of Assets and Liabilities | 9/30/21
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $12,474,416) | $16,047,949 |
Cash | 251,073 |
Foreign currencies, at value (cost $249,790) | 249,070 |
Receivables — | |
Investment securities sold | 100,062 |
Fund shares sold | 2,078 |
Dividends | 31,465 |
Due from the Adviser | 63,544 |
Other assets | 27,738 |
Total assets | $16,772,979 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 32,477 |
Trustees' fees | 99 |
Administrative fees | 9,458 |
Professional fees | 32,410 |
Printing expense | 8,921 |
Custodian fees | 34,927 |
Reserve for repatriation taxes | 81,850 |
Due to affiliates | |
Management fees | 12,997 |
Other due to affiliates | 450 |
Accrued expenses | 5,616 |
Total liabilities | $ 219,205 |
NET ASSETS: | |
Paid-in capital | $12,939,086 |
Distributable earnings | 3,614,688 |
Net assets | $16,553,774 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $6,052,988/457,158 shares) | $ 13.24 |
Class C (based on $4,574,171/348,107 shares) | $ 13.14 |
Class Y (based on $5,926,615/446,757 shares) | $ 13.27 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $13.24 net asset value per share/100%-5.75% | |
maximum sales charge) | $ 14.05 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 27
Statement of Operations
FOR THE YEAR ENDED 9/30/21
INVESTMENT INCOME: | ||
Dividends from unaffiliated issuers (net of foreign | ||
taxes withheld $48,169) | $ 382,380 | |
Interest from unaffiliated issuers | 62 | |
Total investment income | $ 382,442 | |
EXPENSES: | ||
Management fees | $ 132,187 | |
Administrative expense | 58,977 | |
Transfer agent fees | ||
Class A | 2,134 | |
Class C | 363 | |
Class Y | 74 | |
Distribution fees | ||
Class A | 14,806 | |
Class C | 45,968 | |
Shareowner communications expense | 1,544 | |
Custodian fees | 165,068 | |
Registration fees | 81,222 | |
Professional fees | 63,235 | |
Printing expense | 24,623 | |
Pricing fees | 10,295 | |
Trustees' fees | 7,428 | |
Insurance expense | 22 | |
Miscellaneous | 504 | |
Total expenses | $ 608,450 | |
Less fees waived and expenses reimbursed | ||
by the Adviser | (379,966) | |
Net expenses | $ 228,484 | |
Net investment income | $ 153,958 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $ 745,799 | |
Other assets and liabilities denominated in | ||
foreign currencies | 3,091 | $ 748,890 |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers (net of foreign | ||
capital gains tax of $77,171) | $1,643,739 | |
Other assets and liabilities denominated in | ||
foreign currencies | (1,338) | $1,642,401 |
Net realized and unrealized gain (loss) on investments | $2,391,291 | |
Net increase in net assets resulting from operations | $2,545,249 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Statements of Changes in Net Assets
Year | 10/2/19* | |
Ended | to | |
9/30/21 | 9/30/20 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 153,958 | $ 71,094 |
Net realized gain (loss) on investments | 748,890 | (658,331) |
Change in net unrealized appreciation (depreciation) | ||
on investments | 1,642,401 | 1,848,540 |
Net increase in net assets resulting from operations | $ 2,545,249 | $ 1,261,303 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.11 and $0.06 per share, respectively) | $ (44,319) | $ (21,270) |
Class C ($0.05 and $0.04 per share, respectively) | (15,846) | (14,728) |
Class Y ($0.16 and $0.07 per share, respectively) | (68,842) | (31,140) |
Total distributions to shareowners | $ (129,007) | $ (67,138) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 2,275,872 | $12,039,534 |
Reinvestment of distributions | 129,007 | 67,138 |
Cost of shares repurchased | (1,080,825) | (487,359) |
Net increase in net assets resulting from | ||
Fund share transactions | $ 1,324,054 | $11,619,313 |
Net increase in net assets | $ 3,740,296 | $12,813,478 |
NET ASSETS: | ||
Beginning of period | $12,813,478 | $ — |
End of period | $16,553,774 | $12,813,478 |
* The fund commenced operations on October 2, 2019. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 29
Statements of Changes in Net Assets
(continued)
Year | Year | |||
Ended | Ended | 10/2/19* to | 10/2/19* to | |
9/30/21 | 9/30/21 | 9/30/20 | 9/30/20 | |
Shares | Amount | Shares | Amount | |
Class A | ||||
Shares sold | 140,157 | $1,936,659 | 425,930 | $ 4,281,156 |
Reinvestment of | ||||
distributions | 3,455 | 44,319 | 1,949 | 21,270 |
Less shares repurchased | (68,363) | (919,821) | (45,970) | (453,804) |
Net increase | 75,249 | $1,061,157 | 381,909 | $ 3,848,622 |
Class C | ||||
Shares sold | 23,982 | $ 329,170 | 336,915 | $ 3,379,378 |
Reinvestment of | ||||
distributions | 1,235 | 15,846 | 1,360 | 14,728 |
Less shares repurchased | (11,904) | (161,004) | (3,481) | (33,555) |
Net increase | 13,313 | $ 184,012 | 334,794 | $ 3,360,551 |
Class Y | ||||
Shares sold | 684 | $ 10,043 | 437,900 | $ 4,379,000 |
Reinvestment of | ||||
distributions | 5,345 | 68,842 | 2,828 | 31,140 |
Less shares repurchased | — | — | — | — |
Net increase | 6,029 | $ 78,885 | 440,728 | $ 4,410,140 |
* The fund commenced operations on October 2, 2019. |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Financial Highlights
Year | 10/2/19* | |
Ended | to | |
9/30/21 | 9/30/20 | |
Class A | ||
Net asset value, beginning of period | $ 11.08 | $ 10.00 |
Increase (decrease) from investment operations: | ||
Net investment income (loss) (a) | $ 0.14 | $ 0.07 |
Net realized and unrealized gain (loss) on investments | 2.13 | 1.07 |
Net increase (decrease) from investment operations | $ 2.27 | $ 1.14 |
Distributions to shareowners: | ||
Net investment income | $ (0.11) | $ (0.06) |
Total distributions | $ (0.11) | $ (0.06) |
Net increase (decrease) in net asset value | $ 2.16 | $ 1.08 |
Net asset value, end of period | $ 13.24 | $ 11.08 |
Total return (b) | 20.55% | 11.43%(c) |
Ratio of net expenses to average net assets | 1.30% | 1.28%(d) |
Ratio of net investment income (loss) to average net assets | 1.05% | 0.72%(d) |
Portfolio turnover rate | 37% | 61%(c) |
Net assets, end of period (in thousands) | $ 6,053 | $ 4,232 |
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 | 3.60% | 4.45%(d) |
Net investment income (loss) to average net assets | (1.25)% | (2.45)%(d) |
* | Class A commenced operations on October 2, 2019. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 31
Financial Highlights (continued)
Year | 10/2/19* | |
Ended | to | |
9/30/21 | 9/30/20 | |
Class C | ||
Net asset value, beginning of period | $ 11.02 | $ 10.00 |
Increase (decrease) from investment operations: | ||
Net investment income (loss) (a) | $ 0.04 | $ (0.00)(b) |
Net realized and unrealized gain (loss) on investments | 2.13 | 1.06 |
Net increase (decrease) from investment operations | $ 2.17 | $ 1.06 |
Distributions to shareowners: | ||
Net investment income | $ (0.05) | $ (0.04) |
Total distributions | $ (0.05) | $ (0.04) |
Net increase (decrease) in net asset value | $ 2.12 | $ 1.02 |
Net asset value, end of period | $ 13.14 | $ 11.02 |
Total return (c) | 19.68% | 10.66%(d) |
Ratio of net expenses to average net assets | 2.01% | 2.01%(e) |
Ratio of net investment income (loss) to average net assets | 0.30% | (0.02)%(e) |
Portfolio turnover rate | 37% | 61%(d) |
Net assets, end of period (in thousands) | $ 4,574 | $ 3,689 |
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 | 4.30% | 5.17%(e) |
Net investment income (loss) to average net assets | (1.99)% | (3.18)%(e) |
* | Class C commenced operations on October 2, 2019. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods presented. |
(b) | Amount rounds to less than $0.01 or $(0.01) per-share. |
(c) | 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. |
(d) | Not annualized. |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Year | 10/2/19* | |
Ended | to | |
9/30/21 | 9/30/20 | |
Class Y | ||
Net asset value, beginning of period | $ 11.10 | $ 10.00 |
Increase (decrease) from investment operations: | ||
Net investment income (loss) (a) | $ 0.18 | $ 0.10 |
Net realized and unrealized gain (loss) on investments | 2.15 | 1.07 |
Net increase (decrease) from investment operations | $ 2.33 | $ 1.17 |
Distributions to shareowners: | ||
Net investment income | $ (0.16) | $ (0.07) |
Total distributions | $ (0.16) | $ (0.07) |
Net increase (decrease) in net asset value | $ 2.17 | $ 1.10 |
Net asset value, end of period | $ 13.27 | $ 11.10 |
Total return (b) | 21.00% | 11.72%(c) |
Ratio of net expenses to average net assets | 0.99% | 0.99%(d) |
Ratio of net investment income (loss) to average net assets | 1.30% | 0.99%(d) |
Portfolio turnover rate | 37% | 61%(c) |
Net assets, end of period (in thousands) | $ 5,927 | $ 4,893 |
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 | 3.29% | 4.16%(d) |
Net investment income (loss) to average net assets | (1.00)% | (2.18)%(d) |
* | Class Y commenced operations on October 2, 2019. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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 Emerging Markets Equity Fund | Annual Report | 9/30/21 33
Notes to Financial Statements | 9/30/21
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Equity Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (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 long-term capital growth.
The Fund offers four classes of shares designated as Class A, Class C, Class K and Class Y shares. Class A, Class C and Class Y commenced operations on October 2, 2019. Class K has not yet commenced operations. 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 Trust 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.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The
34 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Fund has adopted ASU 2018-13 for the year ended September 30, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 35
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 principal exchanges and markets for non-U.S. equity securities have closing times prior to the close of the NYSE. However, the value of these securities may be influenced by changes in global markets occurring after the closing times of the local exchanges and markets up to the time the Fund determines its net asset value. Consequently, the Fund uses a fair value model developed by an independent pricing service to value non-U.S. equity securities. On a daily basis, the pricing service recommends changes, based on a proprietary model, to the closing market prices of each non-U.S. security held by the Fund to reflect the security’s fair value at the time the Fund determines its net asset value. The Fund applies these recommendations in accordance with procedures approved by the Board of Trustees.
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.
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 September 30, 2021, 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).
36 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
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.
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 exchange 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 September 30, 2021, 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.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 37
In determining the daily net asset value, the Fund estimates the reserve for the repatriation of taxes, if any, associated with its investments in certain countries. The estimated reserve for capital gains is based on the net unrealized appreciation on certain portfolio securities, the holding period of such securities and the related tax rates, tax loss carryforwards (if applicable) and other such factors. As of September 30, 2021, the Fund had accrued $81,850 in reserve for repatriation taxes related to capital gains.
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.
The tax character of distributions paid during the years ended September 30, 2021 and September 30, 2020, were as follows:
2021 | 2020 | |
Distributions paid from: | ||
Ordinary income | $129,007 | $67,138 |
Total | $129,007 | $67,138 |
The following shows the components of distributable earnings on a federal income tax-basis at September 30, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 222,866 |
Undistributed long term capital gain | 128,523 |
Unrealized appreciation | 3,263,299 |
Total | $3,614,688 |
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales and adjustments relating to passive foreign investment companies.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $509 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2021.
38 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 5). 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 4).
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.
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, recessions, the spread of infectious illness or other public health issues, 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. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities.
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. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 39
depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
To the extent that the fund invests from time to time more than 25% of its assets in issuers organized or located in a particular geographic region, including but not limited to issuers organized or located in China and other developing market Asia-Pacific countries, the fund may be particularly affected by adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in those regions.
Markets in China and other Asian countries are relatively new and undeveloped. China’s economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China’s growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs, which could adversely affect China’s economy. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats.
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 the Fund’s custodian and accounting agent and 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 the Adviser 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 the Adviser 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 unauthorized access to private shareowner
40 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
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.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
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.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.80% of the fund’s average daily net assets up to $1 billion and 0.75% of the fund’s average daily net assets over $1 billion. For the year ended September 30, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.80% 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 1.30%, 2.05% and 0.99% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 41
expense limitations are in effect through February 1, 2022. 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. Fees waived and expenses reimbursed during the year ended September 30, 2021 are reflected on the Statement of Operations.
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 $12,945 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2021, the Fund paid $7,428 in Trustees' compensation, which is reflected on the Statement of Operations as Trustees' fees. At September 30, 2021, the Fund had a payable for Trustees' fees on its Statement of Assets and Liabilities of $99.
4. Transfer Agent
During the period covered by the report, DST Asset Manager Solutions, Inc. served 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 year ended September 30, 2021, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: | |
Class A | $1,274 |
Class C | 241 |
Class Y | 29 |
Total | $1,544 |
5. Distribution Plan
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
42 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
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. Pursuant to the Plan, the Fund further pays for the distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $502 in distribution fees payable to the Distributor at September 30, 2021.
In addition, redemptions of Class A and Class C 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 year ended September 30, 2021, CDSCs in the amount of $0 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of 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 credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 3, 2021, the Fund participates in a facility in the amount of $450 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended September 30, 2021, the Fund had no borrowings under the credit facility.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 43
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareholders of Pioneer Emerging Markets Equity Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Emerging Markets Equity Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Emerging Markets Equity Fund at September 30, 2021, and the results of its operations for the year then ended, the changes in its net assets and financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
44 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 30, 2021
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 45
ADDITIONAL INFORMATION (unaudited)
For the year ended September 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2021 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 0%.
For the fiscal year ending September 30, 2021, the Fund has elected to pass through foreign tax credits of $46,542.
46 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 47
funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
48 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Emerging Markets Equity Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2021 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2021, July 2021 and September 2021. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2021, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2021, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2021.
At a meeting held on September 21, 2021, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement,
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 49
the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered Amundi US’s oversight of the process for transitioning custodian, transfer agent and sub-administration services to new service providers. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the
50 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
performance of the Fund’s benchmark index. They also discuss the Fund’s performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US’s explanation of the reasons that the Fund’s management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the first quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 51
instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability.
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees noted the breakpoint in the management fee schedule. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund.
52 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $2.12 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 53
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
54 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Independent Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Thomas J. Perna (70) | Trustee since 2019. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
and Trustee | trustee is elected | (technology products for securities lending industry); and Senior Executive | communications and securities |
or earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial | |
or removal. | (1986 – 2004) | services industry) (2009 – present); | |
Director, Quadriserv, Inc. (2005 – | |||
2013); and Commissioner, New | |||
Jersey State Civil Service | |||
Commission (2011 – 2015) | |||
John E. | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
Baumgardner, Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
Trustee | trustee is elected or | community newspaper group) | |
earlier retirement | (2015-present) | ||
or removal. | |||
Diane Durnin (64) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | ||
earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | ||
or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | ||
Asset Management (2005-2007); Executive Vice President Head of Products, | |||
Marketing and Client Service, Dreyfus Corporation (investment management | |||
firm) (2000-2005); and Senior Vice President Strategic Product and Business | |||
Development, Dreyfus Corporation (1994-2000) |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 55
Independent Trustees (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Benjamin M. Friedman (77) | Trustee since 2019. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
trustee is elected or | Institutional Funds Master Portfolio | ||
earlier retirement | (oversaw 17 portfolios in fund | ||
or removal. | complex) (1989 - 2008) | ||
Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – | |
earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, | |
or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); | |
Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal | ||
(financial market information | |||
publisher) (2015 – 2016); Board | |||
Co-Chairman and Chief Executive | |||
Officer, Danis Transportation | |||
Company (privately-owned | |||
commercial carrier) (2000 – 2003); | |||
Board Member and Chief Financial | |||
Officer, Customer Access Resources | |||
(privately-owned teleservices | |||
company) (1998 – 2000); Board | |||
Member, Federation of Protestant | |||
Welfare Agencies (human services | |||
agency) (1993 – present); and Board | |||
Treasurer, Harlem Dowling Westside | |||
Center (foster care agency) | |||
(1999 – 2018) |
56 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lorraine H. Monchak (65) | Trustee since 2019. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
2014 - 2017). Serves until | Group, American International Group, Inc. (insurance company) | ||
a successor trustee is | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | ||
elected or earlier | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability | ||
retirement or removal. | Management Group, Federal Farm Funding Corporation | ||
(government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |||
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |||
(1987 – 1988); and Mortgage Strategies Group, Drexel Burnham | |||
Lambert, Ltd. (investment bank) (1986 – 1987) | |||
Marguerite A. Piret (73) | Trustee since 2019. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) | |
earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | (2004 – present); and Member, | |
or removal. | Board of Governors, Investment | ||
Company Institute (2000 – 2006) | |||
Fred J. Ricciardi (74) | Trustee since 2019. | Private investor (2020 – present); Consultant (investment company | None |
Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and | |
trustee is elected or | investment company services) (1969 – 2012); Director, BNY International | ||
earlier retirement | Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas | ||
or removal. | Investment Corp. (financial services) (2009 – 2012); Director, Financial Models | ||
(technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore | |||
investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities | |||
Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY | |||
Alternative Investment Services, Inc. (financial services) (2005-2007) |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 57
Interested Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lisa M. Jones (59)* | Trustee since 2019. | Director, CEO and President of Amundi US, Inc. (investment management | None |
Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi | |
Chief Executive Officer | trustee is elected or | Asset Management US, Inc. (since September 2014); Director, CEO and | |
earlier retirement | President of Amundi Distributor US, Inc. (since September 2014); Director, | ||
or removal | CEO and President of Amundi Asset Management US, Inc. (since | ||
September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |||
Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |||
Director, Morgan Stanley Investment Management (investment management | |||
firm) (2010 – 2013); Director of Institutional Business, CEO of International, | |||
Eaton Vance Management (investment management firm) (2005 – 2010); | |||
and Director of Amundi Holdings US, Inc. (since 2017) | |||
Kenneth J. Taubes (63)* | Trustee since 2019. | Director and Executive Vice President (since 2008) and Chief Investment | None |
Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | ||
earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | ||
or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); | ||
Portfolio Manager of Amundi US (since 1999); and Director of Amundi | |||
Holdings US, Inc. (since 2017) |
* | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
58 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
Fund Officers
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Christopher J. Kelley (56) | Since 2019. Serves at the | Vice President and Associate General Counsel of Amundi US since | None |
Secretary and | discretion of the Board | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
Chief Legal Officer | since June 2010; Assistant Secretary of all of the Pioneer Funds from | ||
September 2003 to May 2010; and Vice President and Senior Counsel of | |||
Amundi US from July 2002 to December 2007 | |||
Thomas Reyes (58) | Since 2019. Serves at the | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
Assistant Secretary | discretion of the Board | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
Amundi US from June 2007 to May 2013 | |||
Anthony J. Koenig, Jr. (57) | Since 2021. Serves at the | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of | None |
Treasurer and | discretion of the Board | the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
Chief Financial and | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | ||
Accounting Officer | Management of Amundi US from May 2008 to January 2021 | ||
Luis I. Presutti (56) | Since 2019. Serves at the | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
Assistant Treasurer | discretion of the Board | of all of the Pioneer Funds since 1999 | |
Gary Sullivan (63) | Since 2019. Serves at the | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
Assistant Treasurer | discretion of the Board | Treasurer of all of the Pioneer Funds since 2002 | |
Antonio Furtado (39) | Since 2020. Serves at the | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
Assistant Treasurer | discretion of the Board | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund | |
Treasury Analyst from 2012 - 2020 | |||
Michael Melnick (50) | Since July 2021. | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
Assistant Treasurer | Serves at the discretion | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
of the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax | ||
of Amundi US from 2000 - 2001 |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21 59
Fund Officers (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
John Malone (50) | Since 2019. Serves at the | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
Chief Compliance Officer | discretion of the Board | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
Funds since September 2018; and Chief Compliance Officer of Amundi | |||
Distributor US, Inc. since January 2014. | |||
Kelly O’Donnell (50) | Since 2019. Serves at the | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
Anti-Money | discretion of the Board | Officer of all the Pioneer Funds since 2006 | |
Laundering Officer |
60 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/21
How to Contact Amundi
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 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 32311-01-1121
Pioneer Global Sustainable Growth Fund
Annual Report | September 30, 2021
A: SUGAX | C: SUGCX | Y: SUGYX |
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 1
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2021
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 Global Sustainable Growth Fund | Annual Report | 9/30/21 3
Portfolio Management Discussion | 9/30/21
In the following discussion, portfolio managers John Peckham, Brian Chen, and Jeff Sacknowitz discuss the market environment during the abbreviated annual reporting period for Pioneer Global Sustainable Growth Fund between the commencement of investment operations on May 10, 2021, and September 30, 2021, as well as the Fund’s performance during the period. Ms. Peckham, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Chen, a vice president and a portfolio manager at Amundi US, and Mr. Sacknowitz, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
Q | How did the Fund perform in the abbreviated reporting period ended on September 30, 2021? |
A | Pioneer Global Sustainable Growth Fund’s Class A shares returned -1.60% at net asset value during the abbreviated annual reporting period, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country World (ACWI) Growth Index1, returned 3.69%. |
Q | How would you describe the investment backdrop during the Fund’s annual reporting period ended September 30, 2021? |
A | Global equities moved slightly higher during the abbreviated reporting period between early May and September 30, 2021. Equities had performed reasonably well in the span between May and August, thanks to the same factors that drove returns beginning in November 2020: namely, the gradual resumption of near-normal business conditions after the pandemic-induced shutdowns and restrictions, strong economic growth, and rising corporate earnings. Investors also remained encouraged by the accommodative monetary policies of the US Federal Reserve (Fed) and other central banks around the globe. |
1 | The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. |
4 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
However, the environment changed in the latter part of the period, leading to a sell-off that erased the previous gains. The spread of COVID-19 variants and a resulting spike in case numbers, China’s aggressive tightening of its regulatory policies, and the debt problems of a large Chinese property developer combined to depress investors’ sentiment for riskier assets (such as equities) over the final weeks of the reporting period. In addition, amid signs of rising inflation, the Fed indicated its intention to begin tightening its monetary policies, starting with the tapering of its bond-purchase program before the end of this year, and potentially increasing the target range of the federal funds rate in 2022, earlier than initially anticipated. The persistent issues with the global supply chain also raised questions about the sustainability of earnings growth for the companies affected by the delays. Emerging markets stocks, and shares of Chinese companies, in particular, were hit especially hard in the resulting downturn. Still, the Fund’s benchmark, the MSCI All Country World Growth Index, finished the abbreviated reporting period in positive territory, as growth stocks outperformed value and remained above water due to the strength of the earlier gains.
Q | Could you give a brief description of the Fund’s objectives and principal investment strategies? |
A | The Fund’s primary investment objective it to seek long-term capital growth. The Fund seeks to hold a portfolio of what we believe to be stocks of quality growth-oriented companies globally, across any market capitalization. The Fund’s managers adhere to an Environment, Social, and Governance (ESG) mandate. |
In managing the Fund, we seek to invest the portfolio mainly in shares of companies located around the world that we feel have above-average potential for earnings and revenue growth as well as sustainable business models. Our investment process includes evaluating individual companies’ ESG practices. In keeping with that focus, we apply the ESG criteria when considering which investments to include in the Fund’s portfolio. Under normal circumstances, we will seek to invest at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities of issuers that we believe adhere to the ESG criteria described above. For purposes of the 80% investment policy, we define “ESG criteria” as the exclusion of investments in companies significantly involved in the production of alcohol, tobacco products, certain controversial military weapons, the operation of thermal coal mines and gambling casinos, as well as other gaming-related businesses.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 5
Q | What were the principal factors that affected the Fund’s benchmark-relative performance during the abbreviated annual reporting period ended September 30, 2021? |
A | The Fund underperformed its benchmark during the abbreviated reporting period, with relative results dragged down, for the most part, by weak stock selection in the consumer discretionary, financials, and information technology sectors. |
The Fund’s benchmark-relative shortfall in consumer discretionary was almost entirely the result of a position in the Chinese internet retail giant Alibaba Group. The company’s stock price declined by more than 30% during the period due to ongoing regulatory scrutiny by that nation’s government. We have retained the Fund’s Alibaba investment, based on our belief that the company remains an attractive opportunity, given its strong market position and potential for continued growth. In the financials sector, another notable laggard for the Fund versus the MSCI ACWI Growth Index during the period was Ping An Insurance Company of China. The company’s stock price slid during the period, due to the combination of Ping An’s exposure to China’s real estate market, the effect of the government’s regulatory crackdown on its spinoffs, and a slowdown in its life insurance business. Finally, lack of exposure to the shares of NVIDIA, which staged a strong rally during the period, detracted from the Fund’s relative performance within the information technology sector.
On the positive side, the Fund’s sector allocations were a tailwind for benchmark-relative performance during the reporting period. A portfolio underweight in materials, the worst-performing sector in the MSCI ACWI Growth Index for the period, aided the Fund’s relative results. The health care sector was also home to several positions that contributed positively to the Fund’s benchmark-relative returns for the period, including Hoya, Thermo Fisher Scientific, and Edwards Life Sciences.
Q | Did the Fund have any exposure to derivative securities during the abbreviated reporting period ended September 30, 2021? |
A | No. The Fund had no derivatives exposure during the reporting period. |
Q | How would you characterize your outlook and the Fund’s overall positioning as of September 30, 2021? |
A | Despite the recent economic slowdown driven in part by a resurgence of COVID-19 cases, we remain optimistic that the recovery could continue, given that COVID-19 vaccination rates have been rising in many |
6 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
countries. However, we believe the recovery may not move in a straight line, as various regions of the globe tend to feel the effects of certain developments in different ways. In addition, we think increased inflationary pressures could turn out to be persistent rather than transitory, driven by the combination of unprecedented monetary and fiscal stimulus from central banks and governments, coupled with the rebound in economic growth due to the broader reopening and the adaptation of the global economy following the pandemic-related lockdowns. Furthermore, we think disruptions in supply chains may linger for longer than initially anticipated, and that labor shortages may contribute to higher-than-expected inflation in the near term.
From a geographic standpoint, the Fund closed the reporting period with a benchmark-relative overweight exposure to the United States. The positioning reflects our consideration of a number of positive macro factors, including the strength of the US economic recovery, accommodative monetary and fiscal policies from the Fed and the US government, and healthy consumer balance sheets. From a bottom-up perspective, we find that US companies have tended to be better stewards of capital than their global peers.
With respect to sector allocation, the Fund’s largest overweights versus the MSCI ACWI Growth Index are in financials and health care. In financials, the portfolio features holdings of insurance companies, where we have seen an improving pricing environment and continued demand. The Fund also has exposure to stocks of two exchange operators, which we believe could benefit from global consolidation and increased trading volumes. In health care, the portfolio’s relative overweight is expressed not through pipeline-based pharmaceutical stocks, but rather in shares of companies in the eyeglass lens/eye care industry, and those in the device/testing area, which we think may be able to capitalize on the reopening of hospitals as the worst effects of the pandemic begin to wane. The Fund is underweight in information technology, primarily due to a below-benchmark allocation to mega-cap stocks such as Apple and Microsoft, two of the portfolio’s biggest positions, but also much larger components of the MSCI ACWI Growth Index as of period-end. Likewise, while the Fund is overweight in the consumer dictionary sector through positions in shares of companies in the hotel/leisure and consumer durables industries, the portfolio has an underweight position in Amazon.com, which is one of the larger components within the benchmark. Finally, utilities is one of the largest underweights in the portfolio, given a general lack of growth in the sector.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 7
Please refer to the Schedule of Investments on pages 16–20 for a full listing of Fund securities.
The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment.
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund is subject to currency risk, meaning that the fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar.
The Fund generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG standards.
Investing in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.
When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise.
The Fund may use derivatives, which may have a potentially large impact on Fund performance.
The Fund may invest in IPOs (initial public offerings), which involve additional risks.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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.
8 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Portfolio Summary | 9/30/21
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Alphabet, Inc., Class C | 5.60% |
2. | Microsoft Corp. | 4.51 |
3. | Apple, Inc. | 4.29 |
4. | Amazon.com, Inc. | 3.62 |
5. | Seven & i Holdings Co., Ltd. | 2.95 |
6. | Euronext NV | 2.94 |
7. | Sony Corp. | 2.78 |
8. | Mastercard, Inc. | 2.78 |
9. | Unilever Plc | 2.61 |
10. | Alibaba Group Holding, Ltd. | 2.51 |
* | 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 securities. |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 9
Prices and Distributions | 9/30/21
Net Asset Value per Share | |||
Class | 9/30/21 | ||
A | $9.84 | ||
C | $9.81 | ||
Y | $9.85 |
Distributions per Share: 5/10/21*–9/30/21 | |||
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $ — | $ — | $ — |
C | $ — | $ — | $ — |
Y | $ — | $ — | $ — |
* The Fund commenced operations on May 10, 2021.
Index Definitions
The Morgan Stanley Capital International (MSCI) All Country World Growth NR Index measures the free-float weighted equity index that captures large and mid-cap representation across emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot 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 11–13.
10 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Global Sustainable Growth Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Growth NR Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
MSCI All | |||
Net | Public | Country | |
Asset | Offering | World | |
Value | Price | Growth | |
Period | (NAV) | (POP) | NR Index |
Life-of-Class | |||
(5/10/2021) | -1.60% | -7.26% | 3.69% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
2.09% | 1.00% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through June 1, 2022 for Class A shares. There can be no assurance that Amundi US 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 more current expense ratios.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 11
Performance Update | 9/30/21 | 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 Global Sustainable Growth Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Growth NR Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
MSCI All | |||
Country | |||
World | |||
If | If | Growth | |
Period | Held | Redeemed | NR Index |
Life-of-Class | |||
(5/10/2021) | -1.90% | -2.88% | 3.69% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
2.84% | 1.75% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. “If Redeemed” returns reflect the deduction of the 1% CDSC that would apply for a complete redemption on the last price calculated on the last business day of the period. 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 June 1, 2022 for Class C shares. There can be no assurance that Amundi US 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 more current expense ratios.
12 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Global Sustainable Growth Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Growth NR Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
MSCI All | ||
Net | Country | |
Asset | World | |
Value | Growth | |
Period | (NAV) | NR Index |
Life-of-Class | ||
(5/10/2021) | -1.50% | 3.69% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
1.70% | 0.70% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 June 1, 2022 for Class Y shares. There can be no assurance that Amundi US 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 more current expense ratios.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $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 Global Sustainable Growth Fund
Based on actual returns from May 10, 2021 (commencement of operations) through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 5/10/21 | |||
Ending Account Value | $984.00 | $981.00 | $985.00 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $2.98 | $6.70 | $2.78 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.69% and 0.70% for Class A. Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 146/365, (to reflect the partial year period). |
14 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
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 Global Sustainable Growth Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from May 10, 2021 (commencement of operations) through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 5/10/21 | |||
Ending Account Value | $1,017.00 | $1,013.24 | $1,017.20 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $3.03 | $6.80 | $2.82 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 0.75%, 1.69% and 0.70% for Class A. Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 146/365, (to reflect the partial year period). |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 15
Schedule of Investments | 9/30/21
Shares | Value | ||
UNAFFILIATED ISSUERS — 92.7% | |||
COMMON STOCKS — 92.7% of Net Assets | |||
Aerospace & Defense — 2.1% | |||
2,922 | Hensoldt AG | $ 46,215 | |
Total Aerospace & Defense | $ 46,215 | ||
Capital Markets — 2.7% | |||
520 | Euronext NV (144A) | $ 58,677 | |
Total Capital Markets | $ 58,677 | ||
Commercial Services & Supplies — 1.4% | |||
220(a) | Copart, Inc. | $ 30,518 | |
Total Commercial Services & Supplies | $ 30,518 | ||
Communications Equipment — 1.4% | |||
132 | Motorola Solutions, Inc. | $ 30,666 | |
Total Communications Equipment | $ 30,666 | ||
Consumer Discretionary — 1.4% | |||
282 | Ross Stores, Inc. | $ 30,696 | |
Total Consumer Discretionary | $ 30,696 | ||
Consumer Staples — 1.5% | |||
208 | PepsiCo., Inc. | $ 31,285 | |
Total Consumer Staples | $ 31,285 | ||
Electrical Equipment — 0.5% | |||
37 | Rockwell Automation, Inc. | $ 10,879 | |
Total Electrical Equipment | $ 10,879 | ||
Energy Equipment & Services — 1.3% | |||
961 | Schlumberger, Ltd. | $ 28,484 | |
Total Energy Equipment & Services | $ 28,484 | ||
Entertainment — 1.6% | |||
239 | Electronic Arts, Inc. | $ 33,998 | |
Total Entertainment | $ 33,998 | ||
Financials — 4.3% | |||
498 | Charles Schwab Corp. | $ 36,274 | |
392 | Intercontinental Exchange, Inc. | 45,010 | |
75 | Marsh & McLennan Cos., Inc. | 11,357 | |
Total Financials | $ 92,641 | ||
Food & Staples Retailing — 2.7% | |||
1,300 | Seven & i Holdings Co., Ltd. | $ 58,946 | |
Total Food & Staples Retailing | $ 58,946 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Shares | Value | ||
Health Care — 3.4% | |||
153 | Johnson & Johnson | $ 24,710 | |
85 | Thermo Fisher Scientific, Inc. | 48,563 | |
Total Health Care | $ 73,273 | ||
Health Care Equipment & Supplies — 6.9% | |||
76 | Cooper Cos., Inc. | $ 31,412 | |
342(a) | Edwards Lifesciences Corp. | 38,718 | |
300 | Hoya Corp. | 46,881 | |
206 | Medtronic Plc | 25,822 | |
37 | Zimmer Biomet Holdings, Inc. | 5,415 | |
Total Health Care Equipment & Supplies | $ 148,248 | ||
Health Care Providers & Services — 1.1% | |||
62 | Humana, Inc. | $ 24,127 | |
Total Health Care Providers & Services | $ 24,127 | ||
Hotels, Restaurants & Leisure — 4.1% | |||
2,086(a) | Compass Group Plc | $ 42,685 | |
337(a) | Hilton Worldwide Holdings, Inc. | 44,521 | |
Total Hotels, Restaurants & Leisure | $ 87,206 | ||
Household Durables — 2.6% | |||
500 | Sony Corp. | $ 55,636 | |
Total Household Durables | $ 55,636 | ||
Information Technology — 18.7% | |||
51(a) | Adobe, Inc. | $ 29,362 | |
42(a) | Alphabet, Inc., Class C | 111,943 | |
436 | Amphenol Corp. | 31,928 | |
231 | CDW Corp. | 42,046 | |
160 | Mastercard, Inc. | 55,629 | |
320 | Microsoft Corp. | 90,214 | |
378 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 42,204 | |
Total Information Technology | $ 403,326 | ||
Insurance — 2.9% | |||
4,000 | Ping An Insurance Group Co. of China, Ltd., Class H | $ 27,140 | |
396 | Progressive Corp. | 35,795 | |
Total Insurance | $ 62,935 | ||
Interactive Media & Services — 1.9% | |||
700 | Tencent Holdings, Ltd. | $ 41,041 | |
Total Interactive Media & Services | $ 41,041 | ||
Internet & Direct Marketing Retail — 5.7% | |||
2,700(a) | Alibaba Group Holding, Ltd. | $ 50,216 | |
22(a) | Amazon.com, Inc. | 72,271 | |
Total Internet & Direct Marketing Retail | $ 122,487 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 17
Schedule of Investments | 9/30/21 (continued)
Shares | Value | ||
IT Services — 3.5% | |||
74 | Accenture Plc | $ 23,674 | |
172 | Fidelity National Information Services, Inc. | 20,929 | |
117(a) | PayPal Holdings, Inc. | 30,445 | |
Total IT Services | $ 75,048 | ||
Machinery — 2.5% | |||
92 | Illinois Tool Works, Inc. | $ 19,010 | |
196 | Stanley Black & Decker, Inc. | 34,361 | |
Total Machinery | $ 53,371 | ||
Personal Products — 2.4% | |||
964 | Unilever Plc | $ 52,118 | |
Total Personal Products | $ 52,118 | ||
Pharmaceuticals — 2.5% | |||
300 | Eisai Co., Ltd. | $ 22,573 | |
137 | Eli Lilly & Co. | 31,654 | |
Total Pharmaceuticals | $ 54,227 | ||
Professional Services — 2.7% | |||
1,588 | RELX Plc | $ 45,767 | |
63 | Verisk Analytics, Inc. | 12,617 | |
Total Professional Services | $ 58,384 | ||
Semiconductors & Semiconductor Equipment — 1.6% | |||
272 | QUALCOMM, Inc. | $ 35,083 | |
Total Semiconductors & Semiconductor Equipment | $ 35,083 | ||
Software & Services — 1.6% | |||
130(a) | salesforce.com, Inc. | $ 35,259 | |
Total Software & Services | $ 35,259 | ||
Specialty Retail — 1.5% | |||
475 | TJX Cos., Inc. | $ 31,340 | |
Total Specialty Retail | $ 31,340 | ||
Technology Hardware, Storage & Peripherals — 4.0% | |||
606 | Apple, Inc. | $ 85,749 | |
Total Technology Hardware, Storage & Peripherals | $ 85,749 | ||
Textiles, Apparel & Luxury Goods — 2.2% | |||
65 | LVMH Moet Hennessy Louis Vuitton SE | $ 46,477 | |
Total Textiles, Apparel & Luxury Goods | $ 46,477 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,025,645) | $1,998,340 | ||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 92.7% | |||
(Cost $2,025,645)(b) | $1,998,340 | ||
OTHER ASSETS AND LIABILITIES — 7.3% | $ 157,357 | ||
NET ASSETS — 100.0% | $2,155,697 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
(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 September 30, 2021, the value of these securities amounted to | |
$58,677, or 2.7% of net assets. | |
(A.D.R.) | American Depositary Receipts. |
(a) | Non-income producing security. |
(b) | Distribution of investments by country of domicile (excluding temporary cash |
investments) as a percentage of total investments in securities, is as follows: |
United States | 65.7% |
Japan | 9.2% |
United Kingdom | 7.0% |
China | 5.9% |
Netherlands | 3.0% |
Ireland | 2.5% |
France | 2.3% |
Germany | 2.3% |
Taiwan | 2.1% |
100.0% |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding temporary cash investments) for the period ended September 30, 2021, aggregated $2,255,992 and $217,952, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 effected at current market prices. During the period ended September 30, 2021, the Fund did not engage in any cross trade activity.
At September 30, 2021, the net unrealized depreciation on investments based on cost for federal tax purposes of $2,026,039 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 103,358 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (131,057) |
Net unrealized depreciation | $ (27,699) |
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 - unadjusted 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.).
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 19
Schedule of Investments | 9/30/21 (continued)
The following is a summary of the inputs used as of September 30, 2021, in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Aerospace & Defense | $ — | $ 46,215 | $ — | $ 46,215 |
Capital Markets | — | 58,677 | — | 58,677 |
Food & Staples Retailing | — | 58,946 | — | 58,946 |
Health Care Equipment & Supplies | 101,367 | 46,881 | — | 148,248 |
Hotels, Restaurants & Leisure | 44,521 | 42,685 | — | 87,206 |
Household Durables | — | 55,636 | — | 55,636 |
Insurance | 35,795 | 27,140 | — | 62,935 |
Interactive Media & Services | — | 41,041 | — | 41,041 |
Internet & Direct Marketing Retail | 72,271 | 50,216 | — | 122,487 |
Personal Products | — | 52,118 | — | 52,118 |
Pharmaceuticals | 31,654 | 22,573 | — | 54,227 |
Professional Services | 12,617 | 45,767 | — | 58,384 |
Textiles, Apparel & Luxury Goods | — | 46,477 | — | 46,477 |
All Other Common Stocks | 1,105,743 | — | — | 1,105,743 |
Total Investments in Securities | $1,403,968 | $594,372 | $ — | $1,998,340 |
During the period ended September 30, 2021, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Statement of Assets and Liabilities | 9/30/21
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $2,025,645) | $1,998,340 |
Cash | 140,771 |
Receivables — | |
Dividends | 2,206 |
Due from the Adviser | 13,103 |
Other assets | 57,733 |
Total assets | $2,212,153 |
LIABILITIES: | |
Payables — | |
Administrative fees | $ 6,101 |
Professional fees | 39,189 |
Printing expense | 5,700 |
Custodian fees | 2,243 |
Due to affiliates | 1,460 |
Accrued expenses | 1,763 |
Total liabilities | $ 56,456 |
NET ASSETS: | |
Paid-in capital | $2,194,900 |
Distributable earnings (loss) | (39,203) |
Net assets | $2,155,697 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $769,962/78,223 shares) | $ 9.84 |
Class C (based on $598,062/60,984 shares) | $ 9.81 |
Class Y (based on $787,673/80,000 shares) | $ 9.85 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $9.84 net asset value per share/100%-5.75% | |
maximum sales charge) | $ 10.44 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 21
Statement of Operations | |||
FOR THE PERIOD FROM 5/10/21* to 9/30/21 | |||
INVESTMENT INCOME: | |||
Dividends from unaffiliated issuers (net of foreign | |||
taxes withheld $336) | $ 8,903 | ||
Interest from unaffiliated issuers | 56 | ||
Total investment income | $ 8,959 | ||
EXPENSES: | |||
Management fees | $ 5,569 | ||
Administrative expense | 19,559 | ||
Transfer agent fees | |||
Class A | 7 | ||
Class C | 7 | ||
Class Y | 7 | ||
Distribution fees | |||
Class A | 721 | ||
Class C | 2,448 | ||
Custodian fees | 11,133 | ||
Registration fees | 6,405 | ||
Professional fees | 46,005 | ||
Printing expense | 8,491 | ||
Pricing fees | 4,390 | ||
Trustees’ fees | 3,977 | ||
Miscellaneous | 2,180 | ||
Total expenses | $ 110,899 | ||
Less fees waived and expenses reimbursed | |||
by the Adviser | (102,334) | ||
Net expenses | $ 8,565 | ||
Net investment income | $ 394 | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||
Net realized gain (loss) on: | |||
Investments in unaffiliated issuers | $ (12,520) | ||
Other assets and liabilities denominated in | |||
foreign currencies | (182) | $ (12,702) | |
Change in net unrealized appreciation (depreciation) on: | |||
Investments in unaffiliated issuers | $ (27,305) | ||
Other assets and liabilities denominated in | |||
foreign currencies | (5) | $ (27,310) | |
Net realized and unrealized gain (loss) on investments | $ (40,012) | ||
Net decrease in net assets resulting from operations | $ (39,618) | ||
* The Fund commenced operations on May 10, 2021. |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Statement of Changes in Net Assets | |
5/10/21* to | |
9/30/21 | |
FROM OPERATIONS: | |
Net investment income (loss) | $ 394 |
Net realized gain (loss) on investments | (12,702) |
Change in net unrealized appreciation (depreciation) on investments | (27,310) |
Net decrease in net assets resulting from operations | $ (39,618) |
FROM FUND SHARE TRANSACTIONS: | |
Net proceeds from sales of shares | $2,195,315 |
Net increase in net assets resulting from Fund share transactions | $2,195,315 |
Net increase in net assets | $2,155,697 |
NET ASSETS: | |
Beginning of period | $ — |
End of period | $2,155,697 |
* The Fund commenced operations on May 10, 2021. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 23
Statement of Changes in Net Assets
(continued)
5/10/21* to | 5/10/21* to | |
9/30/21 | 9/30/21 | |
Shares | Amount | |
Class A | ||
Shares sold | 78,223 | $785,315 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 78,223 | $785,315 |
Class C | ||
Shares sold | 60,984 | $610,000 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 60,984 | $610,000 |
Class Y | ||
Shares sold | 80,000 | $800,000 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 80,000 | $800,000 |
* The Fund commenced operations on May 10, 2021. |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Financial Highlights | |
5/10/21* to | |
9/30/21 | |
Class A | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.01 |
Net realized and unrealized gain (loss) on investments | (0.17) |
Net increase (decrease) from investment operations | $ (0.16) |
Net increase (decrease) in net asset value | $ (0.16) |
Net asset value, end of period | $ 9.84 |
Total return (b) | (1.60)%(c) |
Ratio of net expenses to average net assets | 0.75%(d) |
Ratio of net investment income (loss) to average net assets | 0.28%(d) |
Portfolio turnover rate | 11%(c) |
Net assets, end of period (in thousands) | $ 770 |
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 | 12.69%(d) |
Net investment income (loss) to average net assets | (11.66)%(d) |
* | Class A commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 25
Financial Highlights (continued) | |
5/10/21* to | |
9/30/21 | |
Class C | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ (0.03) |
Net realized and unrealized gain (loss) on investments | (0.16) |
Net increase (decrease) from investment operations | $ (0.19) |
Net increase (decrease) in net asset value | $ (0.19) |
Net asset value, end of period | $ 9.81 |
Total return (b) | (1.90)%(c) |
Ratio of net expenses to average net assets | 1.69%(d) |
Ratio of net investment income (loss) to average net assets | (0.64)%(d) |
Portfolio turnover rate | 11%(c) |
Net assets, end of period (in thousands) | $ 598 |
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 | 13.63%(d) |
Net investment income (loss) to average net assets | (12.58)%(d) |
* | Class C commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
5/10/21* to | |
9/30/21 | |
Class Y | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.01 |
Net realized and unrealized gain (loss) on investments | (0.16) |
Net increase (decrease) from investment operations | $ (0.15) |
Net increase (decrease) in net asset value | $ (0.15) |
Net asset value, end of period | $ 9.85 |
Total return (b) | (1.50)%(c) |
Ratio of net expenses to average net assets | 0.70%(d) |
Ratio of net investment income (loss) to average net assets | 0.35%(d) |
Portfolio turnover rate | 11%(c) |
Net assets, end of period (in thousands) | $ 788 |
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 | 12.64%(d) |
Net investment income (loss) to average net assets | (11.59)%(d) |
* | Class Y commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 27
Notes to Financial Statements | 9/30/21
1. Organization and Significant Accounting Policies
Pioneer Global Sustainable Growth Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (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 long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class A, Class C and Class Y commenced operations on May 10, 2021. 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 Trust 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.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the period ended September 30, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to
28 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. | Security Valuation |
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 29
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.
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.
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 September 30, 2021, 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.
30 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
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.
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 exchange 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 September 30, 2021, 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
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 31
purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
At September 30, 2021, the Fund reclassified $415 to increase distributable earnings and $415 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
At September 30, 2021, the Fund was permitted to carry forward indefinitely $12,126 of short-term losses.
The tax character of distributions paid during the period ended September 30, 2021 was as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $— |
Total | $— |
The following shows the components of distributable earnings on a federal income tax basis at September 30, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 627 |
Capital loss carryforward | (12,126) |
Net unrealized depreciation | (27,704) |
Total | $(39,203) |
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales.
E. | Fund Shares |
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $0 in underwriting commissions on the sale of Class A shares during the period ended September 30, 2021.
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.
32 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
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 5). 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 4).
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.
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, recessions, the spread of infectious illness or other public health issues, 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. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities.
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.
Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 33
The Fund generally excludes corporate issuers that are significantly involved in certain business activities (ESG criteria). Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG criteria.
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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 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.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy
34 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
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.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.65% of the Fund’s average daily net assets up to $1 billion and 0.60% of the Fund’s average daily net assets over $1 billion. For the period ended September 30, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive and/or reimburse 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 1.00%, 1.75% and 0.70% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through June 1, 2022. 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. Fees waived and expenses reimbursed during the period ended September 30, 2021 are reflected on the Statement of Operations.
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 $1,394 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2021.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 35
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the period ended September 30, 2021, the Fund paid $3,977 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
4. Transfer Agent
During the period covered by the report DST Asset Manager Solutions, Inc. served 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.
5. Distribution Plan
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. Pursuant to the Plan, the Fund further pays for the distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $66 in distribution fees payable to the Distributor at September 30, 2021.
In addition, redemptions of Class A and Class C 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 period ended September 30, 2021, CDSCs in the amount of $0 were paid to the Distributor.
36 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareowners of Pioneer Global Sustainable Growth Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Global Sustainable Growth Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2021, and the related statements of operations, changes in net assets and the financial highlights for the period from May 10, 2021 (commencement of operations) through September 30, 2021 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Global Sustainable Growth Fund at September 30, 2021, and the results of its operations, the changes in its net assets and its financial highlights for the period from May 10, 2021 (commencement of operations) through September 30, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 37
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 30, 2021
38 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
ADDITIONAL INFORMATION (unaudited)
For the year ended September 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2021 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100.00%.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 39
Approval of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Global Sustainable Growth Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. Based on their evaluation of the information provided by Amundi US, the Trustees, including the Independent Trustees voting separately, unanimously approved an investment management agreement for the Fund. In approving the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that would be provided by Amundi US to the Fund under the investment management agreement. The Trustees reviewed Amundi US’s investment approach for the Fund and its research process, and considered the resources of Amundi US and the personnel of Amundi US who would provide investment management services to the Fund. The Trustees also considered that, as administrator, Amundi US would be responsible for the administration of the Fund’s business and other affairs. The Trustees considered the quality of such services provided by Amundi US to the other Pioneer Funds. The Trustees considered the implementation and effectiveness of Amundi US’s business continuity plan in response to the COVID-19 pandemic. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Amundi US would provide to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
The Trustees did not consider the Fund’s performance in approving the investment management agreement because the Fund was newly-offered and did not have a performance history.
Management Fee and Expenses
The Trustees considered information presented by Amundi US that compared the Fund’s proposed management fee and anticipated expense ratio with a peer group of funds, as classified by Morningstar, Inc. The Trustees considered that the Fund’s proposed management fee would rank
40 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
in the top 20th percentile of the peer group. The Trustees also considered that the Fund’s anticipated net expense ratios would rank in the top 20th percentile of the peer group across all share classes. The Trustees concluded that the proposed management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of services to be provided by Amundi US.
Profitability
The Trustees did not consider Amundi US’s profitability with respect to the management of the Fund in approving the investment management agreement because the Fund was newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered Amundi US’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Funds.
Other Benefits
The Trustees considered the other potential benefits to Amundi US from its relationship with the Fund, including the character and amount of fees that would be paid by the Fund, other than under the investment management agreement, for services that would be provided by Amundi US and its affiliates, and the revenues and profitability of Amundi US’s businesses other than the fund business. The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $1.7 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that would derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 41
management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund would receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the investment management agreement.
42 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program. The Fund is newly-organized and commenced operations on May 10, 2021. Accordingly, the Board did not review the Program with respect to the Fund during the most recent fiscal half-year.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 43
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
44 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Independent Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Thomas J. Perna (70) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
and Trustee | trustee is elected | (technology products for securities lending industry); and Senior Executive | communications and securities |
or earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial | |
or removal. | (1986 – 2004) | services industry) (2009 – present); | |
Director, Quadriserv, Inc. (2005 – | |||
2013); and Commissioner, New | |||
Jersey State Civil Service | |||
Commission (2011 – 2015) | |||
John E. | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
Baumgardner, Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
Trustee | trustee is elected or | community newspaper group) | |
earlier retirement | (2015-present) | ||
or removal. | |||
Diane Durnin (64) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | ||
earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | ||
or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | ||
Asset Management (2005-2007); Executive Vice President Head of Products, | |||
Marketing and Client Service, Dreyfus Corporation (investment management | |||
firm) (2000-2005); and Senior Vice President Strategic Product and Business | |||
Development, Dreyfus Corporation (1994-2000) |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 45
Independent Trustees (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Benjamin M. Friedman (77) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
trustee is elected or | Institutional Funds Master Portfolio | ||
earlier retirement | (oversaw 17 portfolios in fund | ||
or removal. | complex) (1989 - 2008) | ||
Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – | |
earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, | |
or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); | |
Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal | ||
(financial market information | |||
publisher) (2015 – 2016); Board | |||
Co-Chairman and Chief Executive | |||
Officer, Danis Transportation | |||
Company (privately-owned | |||
commercial carrier) (2000 – 2003); | |||
Board Member and Chief Financial | |||
Officer, Customer Access Resources | |||
(privately-owned teleservices | |||
company) (1998 – 2000); Board | |||
Member, Federation of Protestant | |||
Welfare Agencies (human services | |||
agency) (1993 – present); and Board | |||
Treasurer, Harlem Dowling Westside | |||
Center (foster care agency) | |||
(1999 – 2018) |
46 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lorraine H. Monchak (65) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
2014 - 2017). Serves until | Group, American International Group, Inc. (insurance company) | ||
a successor trustee is | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | ||
elected or earlier | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability | ||
retirement or removal. | Management Group, Federal Farm Funding Corporation | ||
(government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |||
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |||
(1987 – 1988); and Mortgage Strategies Group, Drexel Burnham | |||
Lambert, Ltd. (investment bank) (1986 – 1987) | |||
Marguerite A. Piret (73) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) | |
earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | (2004 – present); and Member, | |
or removal. | Board of Governors, Investment | ||
Company Institute (2000 – 2006) | |||
Fred J. Ricciardi (74) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and | |
trustee is elected or | investment company services) (1969 – 2012); Director, BNY International | ||
earlier retirement | Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas | ||
or removal. | Investment Corp. (financial services) (2009 – 2012); Director, Financial Models | ||
(technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore | |||
investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities | |||
Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY | |||
Alternative Investment Services, Inc. (financial services) (2005-2007) |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 47
Interested Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lisa M. Jones (59)* | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment management | None |
Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi | |
Chief Executive Officer | trustee is elected or | Asset Management US, Inc. (since September 2014); Director, CEO and | |
earlier retirement | President of Amundi Distributor US, Inc. (since September 2014); Director, | ||
or removal | CEO and President of Amundi Asset Management US, Inc. (since | ||
September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |||
Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |||
Director, Morgan Stanley Investment Management (investment management | |||
firm) (2010 – 2013); Director of Institutional Business, CEO of International, | |||
Eaton Vance Management (investment management firm) (2005 – 2010); | |||
and Director of Amundi Holdings US, Inc. (since 2017) | |||
Kenneth J. Taubes (63)* | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | ||
earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | ||
or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); | ||
Portfolio Manager of Amundi US (since 1999); and Director of Amundi | |||
Holdings US, Inc. (since 2017) |
* | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
48 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
Fund Officers
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Christopher J. Kelley (56) | Since 2021. Serves at the | Vice President and Associate General Counsel of Amundi US since | None |
Secretary and | discretion of the Board | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
Chief Legal Officer | since June 2010; Assistant Secretary of all of the Pioneer Funds from | ||
September 2003 to May 2010; and Vice President and Senior Counsel of | |||
Amundi US from July 2002 to December 2007 | |||
Thomas Reyes (58) | Since 2021. Serves at the | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
Assistant Secretary | discretion of the Board | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
Amundi US from June 2007 to May 2013 | |||
Anthony J. Koenig, Jr. (57) | Since 2021. Serves at the | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of | None |
Treasurer and | discretion of the Board | the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
Chief Financial and | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | ||
Accounting Officer | Management of Amundi US from May 2008 to January 2021 | ||
Luis I. Presutti (56) | Since 2021. Serves at the | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
Assistant Treasurer | discretion of the Board | of all of the Pioneer Funds since 1999 | |
Gary Sullivan (63) | Since 2021. Serves at the | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
Assistant Treasurer | discretion of the Board | Treasurer of all of the Pioneer Funds since 2002 | |
Antonio Furtado (39) | Since 2021. Serves at the | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
Assistant Treasurer | discretion of the Board | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund | |
Treasury Analyst from 2012 - 2020 | |||
Michael Melnick (50) | Since July 2021. | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
Assistant Treasurer | Serves at the discretion | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
of the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax | ||
of Amundi US from 2000 - 2001 |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 49
Fund Officers (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
John Malone (50) | Since 2021. Serves at the | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
Chief Compliance Officer | discretion of the Board | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
Funds since September 2018; and Chief Compliance Officer of Amundi | |||
Distributor US, Inc. since January 2014. | |||
Kelly O’Donnell (50) | Since 2021. Serves at the | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
Anti-Money | discretion of the Board | Officer of all the Pioneer Funds since 2006 | |
Laundering Officer |
50 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
This page was intentionally left blank.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21 51
This page was intentionally left blank.
52 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/21
How to Contact Amundi
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 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 32715-00-1121
Pioneer Global Sustainable Value Fund
Annual Report | September 30, 2021
A: PGSVX | C: GBVCX | Y: PSUYX |
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 1
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2021
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 Global Sustainable Value Fund | Annual Report | 9/30/21 3
Portfolio Management Discussion | 9/30/21
In the following discussion, portfolio managers John Peckham, Brian Chen, and Jeff Sacknowitz discuss the market environment during the abbreviated annual reporting period for Pioneer Global Sustainable Value Fund between the commencement of investment operations on May 10, 2021, and September 30, 2021, as well as the Fund’s performance during the period. Ms. Peckham, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Chen, a vice president and a portfolio manager at Amundi US, and Mr. Sacknowitz, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
Q | How did the Fund perform in the abbreviated reporting period ended on September 30, 2021? |
A | Pioneer Global Sustainable Value Fund’s Class A shares returned -3.60% at net asset value during the abbreviated annual reporting period, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country World (ACWI) Value Index1, returned -2.52%. |
Q | How would you describe the investment backdrop during the Fund’s annual reporting period ended September 30, 2021? |
A | Global equities moved slightly higher during the abbreviated reporting period between early May and September 30, 2021, but value stocks lagged the overall market. Equities had performed reasonably well in the span between May and August, thanks to the same factors that drove returns beginning in November 2020: namely, the gradual resumption of near-normal business conditions after the pandemic-induced shutdowns and restrictions, strong economic growth, and rising corporate earnings. |
Investors also remained encouraged by the accommodative monetary policies of the US Federal Reserve (Fed) and other central banks around the globe.
1 | The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. |
4 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
However, the environment changed in the latter part of the period, leading to a sell-off that erased the previous gains. The spread of COVID-19 variants and a resulting spike in case numbers, China’s aggressive tightening of its regulatory policies, and the debt problems of a large Chinese property developer combined to depress investors’ sentiment for riskier assets (such as equities) over the final weeks of the reporting period. In addition, amid signs of rising inflation, the Fed indicated its intention to begin tightening its monetary policies, starting with the tapering of its bond-purchase program before the end of this year, and potentially increasing the target range of the federal funds rate in 2022, earlier than initially anticipated. The persistent issues with the global supply chain also raised questions about the sustainability of earnings growth for the companies affected by the delays.
Emerging markets stocks, and shares of Chinese companies, in particular, were hit especially hard in the resulting downturn. As a result, the Fund’s benchmark, the MSCI ACWI Value Index, finished the abbreviated reporting period in negative territory, despite a favorable showing in the early part of the period.
Q | Could you give a brief description of the Fund’s objectives and principal investment strategies? |
A | The Fund’s primary objective is to seek long-term capital growth. The Fund seeks to hold a portfolio of what we believe to be quality value stocks globally, across any market capitalization. The Fund’s managers adhere to an Environmental, Social, and Governance (ESG) mandate. |
In managing the Fund, we seek to invest the portfolio in companies around the world that we feel have strong business prospects as well as sustainable business models, with shares that trade at attractive valuations, in our view. Our investment process includes evaluating individual companies’ ESG practices. In keeping with that focus, we apply the ESG criteria when considering which investments to include in the Fund’s portfolio. Under normal circumstances, we will seek to invest at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities of issuers that we believe adhere to the ESG criteria described above. For purposes of the 80% investment policy, we define “ESG criteria” as the exclusion of investments in companies significantly involved in the production of alcohol, tobacco products, certain controversial military weapons, the operation of thermal coal mines and gambling casinos, as well as other gaming-related businesses.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 5
Q | What were the principal factors that affected the Fund’s benchmark-relative performance during the abbreviated annual reporting period ended September 30, 2021? |
A | The Fund underperformed its benchmark during the abbreviated reporting period, with relative results dragged down, for the most part, by weak stock selection in the information technology sector. Meanwhile, positive selection results in energy, consumer staples, and health care aided the Fund’s benchmark-relative returns for the period. |
Individual positions within information technology that detracted from the Fund’s benchmark-relative performance included shares of Samsung Electronics, which was the portfolio’s biggest laggard during the period. The company’s stock struggled due to concerns about a potential slowdown in the global semiconductor cycle. Other notable detractors from the Fund’s relative returns for the period included positions in KB Financial (South Korea) and First Quantum Minerals (Canada).
Individual portfolio positions that contributed positively to the Fund’s benchmark-relative performance during the reporting period included, in energy, shares of the global oil & gas producer Royal Dutch Shell, which rallied thanks to rising oil prices, the company’s sale of its assets in the Permian basin, and its plan to increase dividends* and stock buybacks, and shares of Japanese beverage company Asahi Group, and HCA Healthcare, an operator of US health care facilities.
Finally, sector and regional allocations made a small positive contribution to the Fund’s benchmark-relative performance over the period, led by an overweight in financials versus the MSCI ACWI Value Index. On a geographic basis, the Fund’s returns benefited from an overweight exposure to the Pacific region.
Q | Did the Fund have any exposure to derivative securities during the abbreviated reporting period ended September 30, 2021? |
A | No. The Fund had no derivatives exposure during the reporting period. |
* | Dividends are not guaranteed. |
6 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Q | How would you characterize your outlook and the Fund’s overall positioning as of September 30, 2021? |
A | Despite the recent economic slowdown driven in part by a resurgence of COVID-19 cases, we remain optimistic that the recovery could continue, given that COVID-19 vaccination rates have been rising in many countries. However, we believe the recovery may not move in a straight line, as various regions of the globe tend to feel the effects of certain developments in different ways. In addition, we think increased inflationary pressures could turn out to be persistent rather than transitory, driven by the combination of unprecedented monetary and fiscal stimulus from central banks and governments, coupled with the rebound in economic growth due to the broader reopening and the adaptation of the global economy following the pandemic-related lockdowns. Furthermore, we think disruptions in supply chains may linger for longer than initially anticipated, and that labor shortages may contribute to higher-than-expected inflation in the near term. |
Our primary focus in managing the Fund has been seeking to identify stock-specific investment ideas, particularly companies that we believe meet our investment criteria and that could benefit from the broader economic reopening as well as from changes in the business cycle. At the same time, we have sought to avoid investing in companies that we view as having above-average risk and weak balance sheets.
From a geographic standpoint, we have maintained a neutral portfolio weighting in Europe versus the MSCI ACWI Value Index. In general, we have sought to take advantage of what we view as attractive valuations in a region where the local economy could benefit from a continued increase in COVID-19 vaccination rates. We also believe economies in Developed Asia could continue to gain strength, and we have retained the Fund’s positions in companies in that region within the financials and information technology sectors that we feel have been trading at attractive valuations. The United States remains the Fund’s largest country weighting on an absolute basis. The positioning reflects our consideration of a number of positive macro factors, including the strength of the US economic recovery, accommodative monetary and fiscal policies from the Fed and the US government, and healthy consumer balance sheets. However, we have maintained underweight positions in US large-cap, technology-oriented stocks.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 7
As of period-end, the Fund was overweight versus the benchmark in financials, energy, and materials, as we believe a number of companies in those areas have continued to offer compelling valuations. On the other hand, the Fund was underweight in real estate and utilities at the end of the reporting period.
Please refer to the Schedule of Investments on pages 16–20 for a full listing of Fund securities.
The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment.
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund is subject to currency risk, meaning that the fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar.
The Fund generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG standards.
Investing in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.
When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise.
The Fund may use derivatives, which may have a potentially large impact on Fund performance.
The Fund may invest in IPOs (initial public offerings), which involve additional risks.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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.
8 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Royal Dutch Shell Plc, Class B (A.D.R.) | 5.02% |
2. | KB Financial Group, Inc. (A.D.R.) | 4.09 |
3. | Wells Fargo & Co. | 3.70 |
4. | Pfizer, Inc. | 3.56 |
5. | Alibaba Group Holding, Ltd. | 2.81 |
6. | Deutsche Telekom AG | 2.65 |
7. | International Business Machines Corp. | 2.52 |
8. | ABN AMRO Bank NV (144A) | 2.40 |
9. | Asahi Group Holdings, Ltd. | 2.35 |
10. | Cisco Systems, Inc. | 2.24 |
* | 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 securities. |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 9
Prices and Distributions | 9/30/21
Net Asset Value per Share | |
Class | 9/30/21 |
A | $9.64 |
C | $9.61 |
Y | $9.65 |
Distributions per Share: 5/10/21*–9/30/21
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $ — | $ — | $ — |
C | $ — | $ — | $ — |
Y | $ — | $ — | $ — |
* The Fund commenced operations on May 10, 2021.
Index Definitions
The Morgan Stanley Capital International (MSCI) All Country World Value NR Index measures the free-float weighted equity index that captures large and mid-cap representation across emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot 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 11–13.
10 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Global Sustainable Value Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Value NR Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
MSCI All | |||
Net | Public | Country | |
Asset | Offering | World | |
Value | Price | Value | |
Period | (NAV) | (POP) | NR Index |
Life-of-Class | |||
(5/10/21) | -3.60% | -9.14% | -2.52% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
2.09% | 1.00% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through June 1, 2022 for Class A shares. There can be no assurance that Amundi US 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 more current expense ratios.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 11
Performance Update | 9/30/21 | 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 Global Sustainable Value Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Value NR Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
MSCI All | |||
Country | |||
World | |||
If | If | Value | |
Period | Held | Redeemed | NR Index |
Life-of-Class | |||
(5/10/21) | -3.90% | -4.86% | -2.52% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
2.84% | 1.75% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. “If Redeemed” returns reflect the deduction of the 1% CDSC that would apply for a complete redemption on the last price calculated on the last business day of the period. 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 June 1, 2022 for Class C shares. There can be no assurance that Amundi US 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 more current expense ratios.
12 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Global Sustainable Value Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Value NR Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
MSCI All | ||
Net | Country | |
Asset | World | |
Value | Value | |
Period | (NAV) | NR Index |
Life-of-Class | ||
(5/10/21) | -3.50% | -2.52% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
1.70% | 0.70% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 June 1, 2022 for Class Y shares. There can be no assurance that Amundi US 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 more current expense ratios.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $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 Global Sustainable Value Fund
Based on actual returns from May 10, 2021 (commencement of operations) through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 5/10/21 | |||
Ending Account Value | $964.00 | $961.00 | $965.00 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $3.69 | $6.71 | $2.75 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 0.94%, 1.71% and 0.70% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 146/365, (to reflect the partial year period). |
14 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
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 Global Sustainable Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from May 10, 2021 (commencement of operations) through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 5/10/21 | |||
Ending Account Value | $1,016.24 | $1,013.16 | $1,017.20 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $3.79 | $6.89 | $2.82 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 0.94%, 1.71% and 0.70% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 146/365, (to reflect the partial year period). |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 15
Schedule of Investments | 9/30/21
Shares | Value | ||
UNAFFILIATED ISSUERS — 95.2% | |||
COMMON STOCKS — 95.2% of Net Assets | |||
Aerospace & Defense — 1.0% | |||
1,192 | Hensoldt AG | $ 18,853 | |
Total Aerospace & Defense | $ 18,853 | ||
Air Freight & Logistics — 0.7% | |||
63 | FedEx Corp. | $ 13,815 | |
Total Air Freight & Logistics | $ 13,815 | ||
Automobiles — 1.9% | |||
1,900 | Stellantis NV | $ 36,279 | |
Total Automobiles | $ 36,279 | ||
Banks — 20.0% | |||
3,086(a) | ABN AMRO Bank NV (144A) | $ 44,402 | |
943 | Bank of America Corp. | 40,030 | |
418 | BNP Paribas S.A. | 26,774 | |
5,100 | Grupo Financiero Banorte S.A.B de CV, Class O | 32,705 | |
1,634 | KB Financial Group, Inc. (A.D.R.) | 75,834 | |
7,000 | Mitsubishi UFJ Financial Group, Inc. | 40,836 | |
7,292 | Natwest Group PLC | 22,130 | |
1,100 | Sumitomo Mitsui Financial Group, Inc. | 38,453 | |
1,479 | Wells Fargo & Co. | 68,640 | |
Total Banks | $ 389,804 | ||
Beverage — 2.2% | |||
900 | Asahi Group Holdings, Ltd. | $ 43,563 | |
Total Beverage | $ 43,563 | ||
Biotechnology — 1.9% | |||
337 | AbbVie, Inc. | $ 36,352 | |
Total Biotechnology | $ 36,352 | ||
Capital Market — 1.0% | |||
425 | Lazard, Ltd. | $ 19,465 | |
Total Capital Market | $ 19,465 | ||
Chemical — 1.2% | |||
634 | Mosaic Co. | $ 22,646 | |
Total Chemical | $ 22,646 | ||
Construction & Engineering — 0.8% | |||
31,500 | Sinopec Engineering Group, Class H | $ 15,988 | |
Total Construction & Engineering | $ 15,988 | ||
Construction Materials — 1.9% | |||
777 | CRH Plc | $ 36,198 | |
Total Construction Materials | $ 36,198 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Shares | Value | ||
Consumer Finance — 1.1% | |||
168 | Discover Financial Services | $ 20,639 | |
Total Consumer Finance | $ 20,639 | ||
Diversified Telecommunication Service — 2.5% | |||
2,440 | Deutsche Telekom AG | $ 49,194 | |
Total Diversified Telecommunication Service | $ 49,194 | ||
Electric Utility — 0.9% | |||
515 | FirstEnergy Corp. | $ 18,344 | |
Total Electric Utility | $ 18,344 | ||
Electrical Equipment — 1.8% | |||
2,600 | Mitsubishi Electric Corp. | $ 36,133 | |
Total Electrical Equipment | $ 36,133 | ||
Electronic Equipment, Instruments & Component — 0.8% | |||
159 | SYNNEX Corp. | $ 16,552 | |
Total Electronic Equipment, Instruments & Component | $ 16,552 | ||
Energy — 1.0% | |||
117 | Pioneer Natural Resources Co. | $ 19,482 | |
Total Energy | $ 19,482 | ||
Financial — 1.9% | |||
527 | Citigroup, Inc. | $ 36,985 | |
Total Financial | $ 36,985 | ||
Food & Staples Retailing — 2.3% | |||
1,341 | Magnit PJSC (G.D.R.) | $ 22,473 | |
500 | Seven & i Holdings Co., Ltd. | 22,671 | |
Total Food & Staples Retailing | $ 45,144 | ||
Health Care — 5.5% | |||
588 | Gilead Sciences, Inc. | $ 41,072 | |
1,533 | Pfizer, Inc. | 65,934 | |
Total Health Care | $ 107,006 | ||
Health Care Providers & Services — 4.0% | |||
75 | Anthem, Inc. | $ 27,960 | |
321 | Cardinal Health, Inc. | 15,877 | |
75 | Cigna Corp. | 15,012 | |
235 | CVS Health Corp. | 19,942 | |
Total Health Care Providers & Services | $ 78,791 | ||
Household Durable — 0.8% | |||
688 | Newell Brands, Inc. | $ 15,232 | |
Total Household Durable | $ 15,232 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 17
Schedule of Investments | 9/30/21 (continued)
Shares | Value | ||
Industrial Conglomerate — 1.1% | |||
500 | Toshiba Corp. | $ 20,950 | |
Total Industrial Conglomerate | $ 20,950 | ||
Information Technology — 6.7% | |||
763 | Cisco Systems, Inc. | $ 41,530 | |
542 | eBay, Inc. | 37,761 | |
2,800(a) | Alibaba Group Holding, Ltd. | 52,076 | |
Total Information Technology | $ 131,367 | ||
Insurance — 7.0% | |||
352 | Aflac, Inc. | $ 18,350 | |
227 | Chubb, Ltd. | 39,380 | |
311 | Hartford Financial Services Group, Inc. | 21,848 | |
2,500 | Ping An Insurance Group Co. of China, Ltd., Class H | 16,962 | |
207 | Progressive Corp. | 18,711 | |
90 | Willis Towers Watson Plc | 20,921 | |
Total Insurance | $ 136,172 | ||
IT Service — 2.4% | |||
336 | International Business Machines Corp. | $ 46,681 | |
Total IT Service | $ 46,681 | ||
Material — 1.0% | |||
343 | Sealed Air Corp. | $ 18,793 | |
Total Material | $ 18,793 | ||
Media — 1.0% | |||
4,657(a) | Atresmedia Corp. de Medios de Comunicacion S.A. | $ 19,816 | |
Total Media | $ 19,816 | ||
Metals & Mining — 2.9% | |||
1,000 | First Quantum Minerals Ltd. | $ 18,525 | |
217 | Rio Tinto Plc | 14,329 | |
919 | Teck Resources, Ltd., Class B | 22,893 | |
Total Metals & Mining | $ 55,747 | ||
Multi-Utilities — 1.0% | |||
804 | CenterPoint Energy, Inc. | $ 19,778 | |
Total Multi-Utilities | $ 19,778 | ||
Oil, Gas & Consumable Fuels — 8.8% | |||
320 | Exxon Mobil Corp. | $ 18,822 | |
3,000 | Inpex Corp. | 23,460 | |
348 | Marathon Petroleum Corp. | 21,510 | |
1,815 | Rosneft Oil Co. PJSC (G.D.R.) | 15,132 | |
2,103 | Royal Dutch Shell Plc, Class B (A.D.R.) | 93,100 | |
Total Oil, Gas & Consumable Fuels | $ 172,024 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Shares | Value | ||
Pharmaceutical — 0.8% | |||
200 | Eisai Co., Ltd. | $ 15,049 | |
Total Pharmaceutical | $ 15,049 | ||
Semiconductor & Semiconductor Equipment — 0.9% | |||
119 | MKS Instruments, Inc. | $ 17,958 | |
Total Semiconductor & Semiconductor Equipment | $ 17,958 | ||
Specialty Retail — 2.3% | |||
187(a) | AutoNation, Inc. | $ 22,769 | |
13(a) | AutoZone, Inc. | 22,074 | |
Total Specialty Retail | $ 44,843 | ||
Technology Hardware, Storage & Peripheral — 0.9% | |||
1,223 | Hewlett Packard Enterprise Co. | $ 17,428 | |
Total Technology Hardware, Storage & Peripheral | $ 17,428 | ||
Trading Companies & Distributors — 3.1% | |||
324(a) | AerCap Holdings NV | $ 18,731 | |
700 | Mitsubishi Corp. | 21,880 | |
900 | Mitsui & Co., Ltd. | 19,508 | |
Total Trading Companies & Distributors | $ 60,119 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,918,195) | $1,853,190 | ||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 95.2% | |||
(Cost $1,918,195)(b) | $1,853,190 | ||
OTHER ASSETS AND LIABILITIES — 4.8% | $ 93,541 | ||
NET ASSETS — 100.0% | $1,946,731 |
(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 September 30, 2021, the value of these securities amounted to | |
$44,402, or 2.3% of net assets. | |
(A.D.R.) | American Depositary Receipts. |
(G.D.R.) | Global Depositary Receipts. |
(a) | Non-income producing security. |
(b) | Distribution of investments by country of domicile (excluding temporary cash |
investments) as a percentage of total investments in securities, is as follows: |
United States | 46.3% |
Japan | 15.2% |
Netherlands | 9.4% |
China | 4.6% |
South Korea | 4.1% |
Germany | 3.7% |
United Kingdom | 3.1% |
Ireland | 3.0% |
Canada | 2.2% |
Switzerland | 2.1% |
Russia | 2.0% |
Mexico | 1.8% |
France | 1.4% |
Spain | 1.1% |
100.0% |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 19
Schedule of Investments | 9/30/21 (continued)
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.
Purchases and sales of securities (excluding temporary cash investments) for the year ended September 30, 2021, aggregated $2,439,801 and $499,173, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 effected at current market prices. During the year ended September 30, 2021, the Fund did not engage in any cross trade activity.
At September 30, 2021, the net unrealized depreciation on investments based on cost for federal tax purposes of $1,918,710 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 54,318 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (119,838) |
Net unrealized depreciation | $ (65,520) |
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 – | unadjusted 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.). |
Level 3 – | significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). |
The following is a summary of the inputs used as of September 30, 2021, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Aerospace & Defense | $ — | $ 18,853 | $ — | $ 18,853 |
Automobiles | — | 36,279 | — | 36,279 |
Banks | 184,504 | 205,300 | — | 389,804 |
Beverages | — | 43,563 | — | 43,563 |
Construction & Engineering | — | 15,988 | — | 15,988 |
Construction Materials | — | 36,198 | — | 36,198 |
Diversified Telecommunication | ||||
Services | — | 49,194 | — | 49,194 |
Electrical Equipment | — | 36,133 | — | 36,133 |
Energy | 19,482 | — | — | 19,482 |
Food & Staples Retailing | — | 45,144 | — | 45,144 |
Industrial Conglomerates | — | 20,950 | — | 20,950 |
Information Technology | 79,291 | 52,077 | — | 131,368 |
Insurance | 119,210 | 16,962 | — | 136,172 |
Media | — | 19,816 | — | 19,816 |
Metals & Mining | 22,893 | 32,854 | — | 55,747 |
Oil, Gas & Consumable Fuels | 133,432 | 38,592 | — | 172,024 |
Pharmaceuticals | — | 15,049 | — | 15,049 |
Trading Companies & Distributors | 18,731 | 41,388 | — | 60,119 |
All Other Common Stocks | 551,307 | — | — | 551,307 |
Total Investments in Securities | $1,128,850 | $724,340 | $ — | $ 1,853,190 |
During the period ended September 30, 2021, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Statement of Assets and Liabilities | 9/30/21
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $1,918,195) | $1,853,190 |
Cash | 62,052 |
Foreign currencies, at value (cost $551) | 552 |
Receivables — | |
Investment securities sold | 18,510 |
Dividends | 5,623 |
Due from the Adviser | 14,977 |
Other assets | 57,708 |
Total assets | $2,012,612 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 9,523 |
Administrative fees | 6,099 |
Professional fees | 39,188 |
Printing expense | 6,893 |
Due to affiliates | 1,282 |
Accrued expenses | 2,896 |
Total liabilities | $ 65,881 |
NET ASSETS: | |
Paid-in capital | $2,019,279 |
Distributable earnings (loss) | (72,548) |
Net assets | $1,946,731 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $588,331/61,022 shares) | $ 9.64 |
Class C (based on $576,706/60,000 shares) | $ 9.61 |
Class Y (based on $781,694/81,000 shares) | $ 9.65 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $9.64 net asset value per share/100%-5.75% | |
maximum sales charge) | $ 10.23 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 21
Statement of Operations
FOR THE PERIOD FROM 5/10/21* to 9/30/21
INVESTMENT INCOME: | ||
Dividends from unaffiliated issuers (net of foreign | ||
taxes withheld $1,365) | $ 22,920 | |
Total investment income | $ 22,920 | |
EXPENSES: | ||
Management fees | $ 5,096 | |
Administrative expense | 19,542 | |
Transfer agent fees | ||
Class A | 9 | |
Class C | 9 | |
Class Y | 18 | |
Distribution fees | ||
Class A | 588 | |
Class C | 2,333 | |
Custodian fees | 8,205 | |
Registration fees | 6,405 | |
Professional fees | 45,970 | |
Printing expense | 9,684 | |
Pricing fees | 4,365 | |
Trustees’ fees | 3,998 | |
Miscellaneous | 2,617 | |
Total expenses | $ 108,839 | |
Less fees waived and expenses reimbursed | ||
by the Adviser | (100,440) | |
Net expenses | $ 8,399 | |
Net investment income | $ 14,521 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $ (22,558) | |
Other assets and liabilities denominated in | ||
foreign currencies | (221) | $ (22,779) |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $ (65,005) | |
Other assets and liabilities denominated in | ||
foreign currencies | (6) | $ (65,011) |
Net realized and unrealized gain (loss) on investments | $ (87,790) | |
Net decrease in net assets resulting from operations | $ (73,269) |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Statement of Changes in Net Assets
5/10/21* | ||
to | ||
9/30/21 | ||
FROM OPERATIONS: | ||
Net investment income (loss) | $ 14,521 | |
Net realized gain (loss) on investments | (22,779) | |
Change in net unrealized appreciation (depreciation) on investments | (65,011) | |
Net decrease in net assets resulting from operations | $ (73,269) | |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $2,020,000 | |
Net increase in net assets resulting from Fund share transactions | $2,020,000 | |
Net increase in net assets | $1,946,731 | |
NET ASSETS: | ||
Beginning of period | $ — | |
End of period | $1,946,731 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 23
Statement of Changes in Net Assets
(continued)
5/10/21* to | 5/10/21* to | |
9/30/21 | 9/30/21 | |
Shares | Amount | |
Class A | ||
Shares sold | 61,022 | $610,000 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 61,022 | $610,000 |
Class C | ||
Shares sold | 60,000 | $600,000 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 60,000 | $600,000 |
Class Y | ||
Shares sold | 81,000 | $810,000 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 81,000 | $810,000 |
* The Fund commenced operations on May 10, 2021. |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Financial Highlights | |
5/10/21* to | |
9/30/21 | |
Class A | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.08 |
Net realized and unrealized gain (loss) on investments | (0.44) |
Net increase (decrease) from investment operations | $ (0.36) |
Net increase (decrease) in net asset value | $ (0.36) |
Net asset value, end of period | $ 9.64 |
Total return (b) | (3.60)%(c) |
Ratio of net expenses to average net assets | 0.94%(d) |
Ratio of net investment income (loss) to average net assets | 1.99%(d) |
Portfolio turnover rate | 26%(c) |
Net assets, end of period (in thousands) | $ 588 |
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 | 13.75%(d) |
Net investment income (loss) to average net assets | (10.82)%(d) |
* | Class A commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 25
Financial Highlights (continued) | |
5/10/21* to | |
9/30/21 | |
Class C | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.05 |
Net realized and unrealized gain (loss) on investments | (0.44) |
Net increase (decrease) from investment operations | $ (0.39) |
Net increase (decrease) in net asset value | $ (0.39) |
Net asset value, end of period | $ 9.61 |
Total return (b) | (3.90)%(c) |
Ratio of net expenses to average net assets | 1.71%(d) |
Ratio of net investment income (loss) to average net assets | 1.22%(d) |
Portfolio turnover rate | 26%(c) |
Net assets, end of period (in thousands) | $ 577 |
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 | 14.52%(d) |
Net investment income (loss) to average net assets | (11.59)%(d) |
* | Class C commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
5/10/21* to | |
9/30/21 | |
Class Y | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.09 |
Net realized and unrealized gain (loss) on investments | (0.44) |
Net increase (decrease) from investment operations | $ (0.35) |
Net increase (decrease) in net asset value | $ (0.35) |
Net asset value, end of period | $ 9.65 |
Total return (b) | (3.50)%(c) |
Ratio of net expenses to average net assets | 0.70%(d) |
Ratio of net investment income (loss) to average net assets | 2.22%(d) |
Portfolio turnover rate | 26%(c) |
Net assets, end of period (in thousands) | $ 782 |
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 | 13.51%(d) |
Net investment income (loss) to average net assets | (10.59)%(d) |
* | Class Y commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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 Global Sustainable Value Fund | Annual Report | 9/30/21 27
Notes to Financial Statements | 9/30/21
1. Organization and Significant Accounting Policies
Pioneer Global Sustainable Value Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (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 long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class A, Class C and Class Y commenced operations on May 10, 2021. 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 Trust 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.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the period ended September 30, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to
28 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. | Security Valuation |
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 29
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.
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.
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 September 30, 2021, 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 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.
30 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
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 exchange 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 September 30, 2021, 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.
At September 30, 2021, the Fund reclassified $721 to increase distributable earnings and $721 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 31
At September 30, 2021, the Fund was permitted to carry forward indefinitely $22,043 of short-term losses.
The tax character of current period distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the period ended September 30, 2021 was as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $ — |
Total | $ — |
The following shows the components of distributable earnings on a federal income tax basis at September 30, 2021:
2021 | |
Distributable earnings/(losses): | |
Capital loss carryforward | $(22,043) |
Undistributed ordinary income | 15,021 |
Net unrealized depreciation | (65,526) |
Total | $(72,548) |
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales.
E. | Fund Shares |
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $0 in underwriting commissions on the sale of Class A shares during the period ended September 30, 2021.
F. | Class Allocations |
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 5). 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 4).
32 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
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.
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, recessions, the spread of infectious illness or other public health issues, 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. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities.
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.
Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
The Fund generally excludes corporate issuers that are significantly involved in certain business activities (ESG criteria). Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG criteria.
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
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 33
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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 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.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
34 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
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.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.65% of the Fund’s average daily net assets up to $1 billion and 0.60% of the Fund’s average daily net assets over $1 billion. For the period ended September 30, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive and/or reimburse 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 1.00%, 1.75% and 0.70% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through June 1, 2022. 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. Fees waived and expenses reimbursed during the period ended September 30, 2021 are reflected on the Statement of Operations.
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 $1,222 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the period ended September 30, 2021, the Fund paid $3,998 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 35
4. Transfer Agent
During the period covered by the report, DST Asset Manager Solutions, Inc. served 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.
5. Distribution Plan
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. Pursuant to the Plan, the Fund further pays for the distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $60 in distribution fees payable to the Distributor at September 30, 2021.
In addition, redemptions of Class A and Class C 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 period ended September 30, 2021, CDSCs in the amount of $0 were paid to the Distributor.
36 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareowners of Pioneer Global Sustainable Value Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Global Sustainable Value Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2021, and the related statements of operations, changes in net assets and the financial highlights for the period from May 10, 2021 (commencement of operations) through September 30, 2021 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Global Sustainable Value Fund at September 30, 2021, and the results of its operations, the changes in its net assets and its financial highlights for the period from May 10, 2021 (commencement of operations) through September 30, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 37
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 30, 2021
38 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
ADDITIONAL INFORMATION (unaudited)
For the year ended September 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2021 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 58.73%.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 39
Approval of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Global Sustainable Value Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. Based on their evaluation of the information provided by Amundi US, the Trustees, including the Independent Trustees voting separately, unanimously approved an investment management agreement for the Fund. In approving the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that would be provided by Amundi US to the Fund under the investment management agreement. The Trustees reviewed Amundi US’s investment approach for the Fund and its research process, and considered the resources of Amundi US and the personnel of Amundi US who would provide investment management services to the Fund. The Trustees also considered that, as administrator, Amundi US would be responsible for the administration of the Fund’s business and other affairs. The Trustees considered the quality of such services provided by Amundi US to the other Pioneer Funds. The Trustees considered the implementation and effectiveness of Amundi US’s business continuity plan in response to the COVID-19 pandemic. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Amundi US would provide to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
The Trustees did not consider the Fund’s performance in approving the investment management agreement because the Fund was newly-offered and did not have a performance history.
Management Fee and Expenses
The Trustees considered information presented by Amundi US that compared the Fund’s proposed management fee and anticipated expense ratio with a peer group of funds, as classified by Morningstar, Inc. The Trustees considered that the Fund’s proposed management fee would rank
40 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
in the top 20th percentile of the peer group. The Trustees also considered that the Fund’s anticipated net expense ratios would rank in the top 20th percentile of the peer group across all share classes. The Trustees concluded that the proposed management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of services to be provided by Amundi US.
Profitability
The Trustees did not consider Amundi US’s profitability with respect to the management of the Fund in approving the investment management agreement because the Fund was newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered Amundi US’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Funds.
Other Benefits
The Trustees considered the other potential benefits to Amundi US from its relationship with the Fund, including the character and amount of fees that would be paid by the Fund, other than under the investment management agreement, for services that would be provided by Amundi US and its affiliates, and the revenues and profitability of Amundi US’s businesses other than the fund business. The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $1.7 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that would derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 41
Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund would receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the investment management agreement.
42 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program. The Fund is newly-organized and commenced operations on May 10, 2021. Accordingly, the Board did not review the Program with respect to the Fund during the most recent fiscal half-year.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 43
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
44 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Independent Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Thomas J. Perna (70) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
and Trustee | trustee is elected | (technology products for securities lending industry); and Senior Executive | communications and securities |
or earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial | |
or removal. | (1986 – 2004) | services industry) (2009 – present); | |
Director, Quadriserv, Inc. (2005 – | |||
2013); and Commissioner, New | |||
Jersey State Civil Service | |||
Commission (2011 – 2015) | |||
John E. | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
Baumgardner, Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
Trustee | trustee is elected or | community newspaper group) | |
earlier retirement | (2015-present) | ||
or removal. | |||
Diane Durnin (64) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | ||
earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | ||
or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | ||
Asset Management (2005-2007); Executive Vice President Head of Products, | |||
Marketing and Client Service, Dreyfus Corporation (investment management | |||
firm) (2000-2005); and Senior Vice President Strategic Product and Business | |||
Development, Dreyfus Corporation (1994-2000) |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 45
Independent Trustees (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Benjamin M. Friedman (77) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
trustee is elected or | Institutional Funds Master Portfolio | ||
earlier retirement | (oversaw 17 portfolios in fund | ||
or removal. | complex) (1989 - 2008) | ||
Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – | |
earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, | |
or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); | |
Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal | ||
(financial market information | |||
publisher) (2015 – 2016); Board | |||
Co-Chairman and Chief Executive | |||
Officer, Danis Transportation | |||
Company (privately-owned | |||
commercial carrier) (2000 – 2003); | |||
Board Member and Chief Financial | |||
Officer, Customer Access Resources | |||
(privately-owned teleservices | |||
company) (1998 – 2000); Board | |||
Member, Federation of Protestant | |||
Welfare Agencies (human services | |||
agency) (1993 – present); and Board | |||
Treasurer, Harlem Dowling Westside | |||
Center (foster care agency) | |||
(1999 – 2018) |
46 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lorraine H. Monchak (65) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
2014 - 2017). Serves until | Group, American International Group, Inc. (insurance company) | ||
a successor trustee is | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | ||
elected or earlier | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability | ||
retirement or removal. | Management Group, Federal Farm Funding Corporation | ||
(government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |||
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |||
(1987 – 1988); and Mortgage Strategies Group, Drexel Burnham | |||
Lambert, Ltd. (investment bank) (1986 – 1987) | |||
Marguerite A. Piret (73) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) | |
earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | (2004 – present); and Member, | |
or removal. | Board of Governors, Investment | ||
Company Institute (2000 – 2006) | |||
Fred J. Ricciardi (74) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and | |
trustee is elected or | investment company services) (1969 – 2012); Director, BNY International | ||
earlier retirement | Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas | ||
or removal. | Investment Corp. (financial services) (2009 – 2012); Director, Financial Models | ||
(technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore | |||
investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities | |||
Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY | |||
Alternative Investment Services, Inc. (financial services) (2005-2007) |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 47
Interested Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lisa M. Jones (59)* | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment management | None |
Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi | |
Chief Executive Officer | trustee is elected or | Asset Management US, Inc. (since September 2014); Director, CEO and | |
earlier retirement | President of Amundi Distributor US, Inc. (since September 2014); Director, | ||
or removal | CEO and President of Amundi Asset Management US, Inc. (since | ||
September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |||
Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |||
Director, Morgan Stanley Investment Management (investment management | |||
firm) (2010 – 2013); Director of Institutional Business, CEO of International, | |||
Eaton Vance Management (investment management firm) (2005 – 2010); | |||
and Director of Amundi Holdings US, Inc. (since 2017) | |||
Kenneth J. Taubes (63)* | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | ||
earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | ||
or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); | ||
Portfolio Manager of Amundi US (since 1999); and Director of Amundi | |||
Holdings US, Inc. (since 2017) |
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
48 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
Fund Officers
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Christopher J. Kelley (56) | Since 2021. Serves at the | Vice President and Associate General Counsel of Amundi US since | None |
Secretary and | discretion of the Board | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
Chief Legal Officer | since June 2010; Assistant Secretary of all of the Pioneer Funds from | ||
September 2003 to May 2010; and Vice President and Senior Counsel of | |||
Amundi US from July 2002 to December 2007 | |||
Thomas Reyes (58) | Since 2021. Serves at the | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
Assistant Secretary | discretion of the Board | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
Amundi US from June 2007 to May 2013 | |||
Anthony J. Koenig, Jr. (57) | Since 2021. Serves at the | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of | None |
Treasurer and | discretion of the Board | the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
Chief Financial and | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | ||
Accounting Officer | Management of Amundi US from May 2008 to January 2021 | ||
Luis I. Presutti (56) | Since 2021. Serves at the | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
Assistant Treasurer | discretion of the Board | of all of the Pioneer Funds since 1999 | |
Gary Sullivan (63) | Since 2021. Serves at the | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
Assistant Treasurer | discretion of the Board | Treasurer of all of the Pioneer Funds since 2002 | |
Antonio Furtado (39) | Since 2021. Serves at the | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
Assistant Treasurer | discretion of the Board | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund | |
Treasury Analyst from 2012 - 2020 | |||
Michael Melnick (50) | Since July 2021. | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
Assistant Treasurer | Serves at the discretion | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
of the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax | ||
of Amundi US from 2000 - 2001 |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 49
Fund Officers (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
John Malone (50) | Since 2021. Serves at the | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
Chief Compliance Officer | discretion of the Board | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
Funds since September 2018; and Chief Compliance Officer of Amundi | |||
Distributor US, Inc. since January 2014. | |||
Kelly O’Donnell (50) | Since 2021. Serves at the | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
Anti-Money | discretion of the Board | Officer of all the Pioneer Funds since 2006 | |
Laundering Officer |
50 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
This page was intentionally left blank.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21 51
This page was intentionally left blank.
52 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/21
How to Contact Amundi
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 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 32714-00-1121
Pioneer Intrinsic Value Fund
Annual Report | September 30, 2021
A: PISVX | C: PVCCX | Y: PISYX |
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 1
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2021
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 Intrinsic Value Fund | Annual Report | 9/30/21 3
Portfolio Management Discussion | 9/30/21
In the following discussion, portfolio managers Sammi Truong and Timothy Stanish discuss the market environment during the abbreviated annual reporting period for Pioneer Intrinsic Value Fund between the commencement of investment operations on May 10, 2021, and September 30, 2021, as well as the Fund’s performance during the period. Ms. Truong, a vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Stanish, a vice president, EVA (economic value added) analyst, and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
Q | How did the Fund perform during the abbreviated annual reporting period ended September 30, 2021? |
A | Pioneer Intrinsic Value Fund’s Class A shares returned -3.20% at net asset value during the abbreviated annual reporting period, while the Fund’s benchmark, the Russell 1000 Value Index, returned -2.35%. |
Q | How would you describe the investment backdrop during the Fund’s annual reporting period ended September 30, 2021? |
A | Global equities moved slightly higher during the abbreviated reporting period between early May and September 30, 2021, but value stocks lagged the overall market. Equities had performed reasonably well in the span between May and August, thanks to the same factors that drove returns beginning in November 2020: namely, the gradual resumption of near-normal business conditions after the pandemic-induced shutdowns and restrictions, strong economic growth, and rising corporate profits. |
Investors also remained encouraged by the accommodative monetary policies of the US Federal Reserve (Fed) and other central banks around the globe.
However, the environment changed in the latter part of the period, leading to a sell-off that erased the previous gains. The spread of COVID-19 variants and a resulting spike in case numbers, China’s aggressive tightening of its regulatory policies, and the debt problems of a large Chinese property developer combined to depress investors’ sentiment for riskier assets (such as equities) over the final weeks of the reporting period. In addition, amid signs of rising inflation, the Fed indicated its intention to begin tightening its monetary policies, starting with the tapering of its bond-purchase program before the end of this year, and potentially increasing the target range of the federal funds rate in 2022, earlier than initially anticipated. The persistent issues with the
4 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
global supply chain also raised questions about the sustainability of earnings growth for the companies affected by the delays. As a result, the Russell 1000 Value Index (the Russell Index), the Fund’s benchmark, finished the abbreviated reporting period in negative territory, despite a favorable showing in the early part of the period.
Q | What is the Fund's main investment objective, and how do you seek to meet that objective when managing the portfolio? |
A | The Fund’s main objective is to seek long-term capital growth. In striving to attain that objective, we seek to create an investment portfolio primarily composed of what we view as undervalued domestic equities. |
Our philosophy is that investing in undervalued stocks of companies with, in our view, underappreciated long-term growth potential, may deliver positive returns over time. We adhere to a disciplined valuation process to identify companies for inclusion in the portfolio, particularly companies with below-average price-to-earnings ratios. We apply rigorous fundamental analysis to seek out quality companies with shares that we believe are mispriced in relation to the potential earnings power of the companies in question. We believe attempting to take advantage of shorter-term influences on stock prices to buy shares of out-of-favor companies, and hold them in the portfolio over a long-term horizon, may provide competitive risk-adjusted returns over a full market cycle. We have at times seen higher-quality companies trading at market valuations that we believe do not fully reflect their true, intrinsic values, and our goal in managing the Fund is to deliver longer-term performance by buying and then holding such stocks as those valuation gaps narrow.
Q | What were the principal factors that affected the Fund’s benchmark-relative performance during the abbreviated annual reporting period ended September 30, 2021? |
A | The Fund’s return lagged that of the Russell Index for the abbreviated reporting period, although we believe it is important to remember that our emphasis is on generating longer-term results rather than trying to capture short-term performance. |
The largest detractor from the Fund’s benchmark-relative performance during the period was a position in delivery specialist FedEx. The stock sold off after the company warned that its earnings and profit margins would miss expectations due to the effects of labor-market shortages on its operations. We believe the issue is not only short-term in nature, but also one that is affecting a wide range of companies across the United States, not just FedEx. We have retained the Fund’s FedEx position, as
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 5
we view it as a well-managed company whose current stock price does not take into account its healthy balance sheet and solid underlying fundamentals. A position in health insurer Anthem was another detractor from the Fund’s relative performance. The company’s stock struggled during the period due to what we see as a short-term concern: in this case, the adverse effect of costs (claims) associated with the persistence of COVID-19 cases. In our view, there is room for the stock to rise back toward its intrinsic value if that headwind eventually dissipates. Another detractor from benchmark-relative results during the period was Progressive, the large property-and-casualty insurer. The stock price came under pressure due to some external issues, including claims payouts related to damage caused by Hurricane Ida, the potential for loss ratios to rise as miles driven by motorists pick up again after COVID-19 restrictions caused a sharp decline last year, and concerns that the company’s policy pricing would not keep pace with the rate of inflation. We view Progressive as a leading, well-managed company whose shares currently trade below fair value, and so we have retained the Fund’s position.
On the positive side, stock selection in energy was a key contributor to the Fund’s relative performance for the period. Shares of the global oil & gas producer Royal Dutch Shell rallied and boosted relative returns, thanks to rising oil prices, the company’s sale of its assets in the Permian basin, and its plan to increase dividends* and share buybacks. Several holdings in the health care sector also aided the Fund’s relative results, including HCA Healthcare and Pfizer. Shares of HCA, an operator of health care facilities, rallied after second-quarter revenues and earnings exceeded consensus estimates. In addition, management raised its 2021 guidance to well above previous expectations. The company experienced a rebound in demand for its services, including a recovery in the number of procedures performed after distribution of the COVID-19 vaccines began and people generally felt more comfortable returning to hospitals. The company further benefited from cost-cutting measures it had instituted in 2020. Shares of Pfizer gained ground over the period, driven by strong second-quarter profits, the growing need for its COVID-19 vaccine booster shots, and rising revenues for its non-COVID-related core products.
* Dividends are not guaranteed.
6 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
The Fund’s sector allocations also added value to relative returns during the abbreviated reporting period, as a portfolio underweight versus the Russell Index in industrials and an overweight in financials aided relative performance. We anticipate that the portfolio’s sector positioning will typically vary quite a bit from that of the Russell Index as well as the broader market, due to our bottom-up security selection approach.
Q | Did the Fund have any exposure to derivative securities during the abbreviated reporting period ended September 30, 2021? |
A | No. The Fund had no derivatives exposure during the reporting period. |
Q | How would you characterize your outlook and the Fund’s overall positioning as of September 30, 2021? |
A | Although we believe value-style equities will inevitably drift in and out of favor with investors, we view the portfolio as well-positioned from a long-term standpoint, based on the underlying fundamentals of the Fund’s holdings. The valuation disconnect between the most expensive stocks in the market and the cheapest was again near historic highs as of period-end, which created opportunities for us to invest the Fund in what we view as high-quality companies with shares trading at attractive prices. |
The Fund was overweight in financials versus the Russell Index at the close of the period. Financials stocks have traded at a significant discount to the broader market, and we think companies in the sector could benefit from an improvement in loan growth if the economy continues to recover. The portfolio was also overweight in the consumer discretionary sector, with a focus on companies that we believe can successfully manage through the global supply constraints and potentially profit from continued strength in consumer demand. Finally the Fund was underweight to consumer staples and industrials, where we think valuations have remained relatively full.
Please refer to the Schedule of Investments on pages 16–19 for a full listing of Fund securities.
The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 7
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The portfolios invests 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.
The Fund may invest in IPOs (initial public offerings), which involve additional risks.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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.
8 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Bank of America Corp. | 4.69% |
2. | Wells Fargo & Co. | 4.46 |
3. | Pfizer, Inc. | 4.29 |
4. | Royal Dutch Shell Plc, Class B (A.D.R.) | 3.59 |
5. | Exxon Mobil Corp. | 3.41 |
6. | Morgan Stanley | 3.33 |
7. | Gilead Sciences, Inc. | 3.08 |
8. | Anthem, Inc. | 3.07 |
9. | Cisco Systems, Inc. | 3.04 |
10. | Intel Corp. | 2.94 |
* | 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 securities. |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 9
Prices and Distributions | 9/30/21
Net Asset Value per Share
Class | 9/30/21 |
A | $9.68 |
C | $9.65 |
Y | $9.69 |
Distributions per Share: 5/10/21* - 9/30/21
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $ — | $ — | $ — |
C | $ — | $ — | $ — |
Y | $ — | $ — | $ — |
* The Fund commenced operations on May 10, 2021.
Index Definitions
The Russell 1000 Value Index is an unmanaged measure of the performance of large-cap U.S. value stocks. 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 11–13.
10 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Intrinsic Value Fund at public offering price during the periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
Net | Public | Russell | |
Asset | Offering | 1000 | |
Value | Price | Value | |
Period | (NAV) | (POP) | Index |
Life of Fund | |||
(5/10/21) | -3.20% | -8.77% | -2.35% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
1.89% | 0.85% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through June 1, 2022 for Class A shares. There can be no assurance that Amundi US 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 more current expense ratios.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 11
Performance Update | 9/30/21 | 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 Intrinsic Value Fund at public offering price during the periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns | |||
(As of September 30, 2021) | |||
Russell | |||
1000 | |||
If | If | Value | |
Period | Held | Redeemed | Index |
Life of Fund | |||
(5/10/21) | -3.50% | -4.47% | -2.35% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
2.64% | 1.60% |
Call 1-800-225-6292 or visit www.amundi.com/us 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. “If Redeemed” returns reflect the deduction of the 1% CDSC that would apply for a complete redemption on the last price calculated on the last business day of the period. 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 June 1, 2022 for Class C shares. There can be no assurance that Amundi US 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 more current expense ratios.
12 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Performance Update | 9/30/21 | 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 Intrinsic Value Fund at public offering price during the periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns | ||
(As of September 30, 2021) | ||
Net | Russell | |
Asset | 1000 | |
Value | Value | |
Period | (NAV) | Index |
Life of Fund | ||
(5/10/21) | -3.10% | -2.35% |
Expense Ratio | |
(Per prospectus dated May 7, 2021) | |
Gross | Net |
1.50% | 0.55% |
Call 1-800-225-6292 or visit www.amundi.com/us 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 June 1, 2022 for Class Y shares. There can be no assurance that Amundi US 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 more current expense ratios.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $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 Intrinsic Value Fund
Based on actual returns from May 10, 2021 (commencement of operations) through September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 5/10/21 | |||
Ending Account Value | $968.00 | $965.00 | $969.00 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $3.15 | $6.29 | $2.17 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 0.80%, 1.60% and 0.55% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 146/365, (to reflect the partial year period). |
14 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
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 Intrinsic Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from May 10, 2021 through (commencement of operations) September 30, 2021.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 5/10/21 | |||
Ending Account Value | $1,016.80 | $1,013.60 | $1,017.80 |
(after expenses) | |||
on 9/30/21 | |||
Expenses Paid | $3.23 | $6.44 | $2.22 |
During Period* |
* | Expenses are equal to the Fund's annualized expense ratio of 0.80%, 1.60% and 0.55% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 146/365, (to reflect the partial year period). |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 15
Schedule of Investments | 9/30/21
Shares | Value | ||
UNAFFILIATED ISSUERS — 98.2% | |||
COMMON STOCKS — 98.2% of Net Assets | |||
Automobile — 2.2% | |||
442(a) | General Motors Co. | $ 23,298 | |
Total Automobile | $ 23,298 | ||
Banks — 13.7% | |||
1,153 | Bank of America Corp. | $ 48,945 | |
222 | Citizens Financial Group, Inc. | 10,430 | |
260 | East West Bancorp, Inc. | 20,160 | |
128 | M&T Bank Corp. | 19,116 | |
1,003 | Wells Fargo & Co. | 46,549 | |
Total Banks | $ 145,200 | ||
Capital Markets — 5.1% | |||
433 | Lazard, Ltd. | $ 19,831 | |
357 | Morgan Stanley | 34,740 | |
Total Capital Markets | $ 54,571 | ||
Consumer Durables & Apparel — 3.0% | |||
198 | Lennar Corp. | $ 18,548 | |
619 | Newell Brands, Inc. | 13,705 | |
Total Consumer Durables & Apparel | $ 32,253 | ||
Consumer Finance — 2.6% | |||
222 | Discover Financial Services | $ 27,273 | |
Total Consumer Finance | $ 27,273 | ||
Diversified Telecommunication Service — 2.8% | |||
548 | Verizon Communications, Inc. | $ 29,598 | |
Total Diversified Telecommunication Service | $ 29,598 | ||
Electronic Equipment, Instruments & Component — 1.6% | |||
164 | SYNNEX Corp. | $ 17,072 | |
Total Electronic Equipment, Instruments & Component | $ 17,072 | ||
Energy — 6.9% | |||
606 | Exxon Mobil Corp. | $ 35,645 | |
847 | Royal Dutch Shell Plc, Class B (A.D.R.) | 37,497 | |
Total Energy | $ 73,142 | ||
Financial — 2.7% | |||
175 | JPMorgan Chase & Co. | $ 28,646 | |
Total Financial | $ 28,646 | ||
Health Care — 7.2% | |||
461 | Gilead Sciences, Inc. | $ 32,201 | |
1,041 | Pfizer, Inc. | 44,773 | |
Total Health Care | $ 76,974 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Shares | Value | ||
Health Care Equipment & Services — 4.4% | |||
86 | Anthem, Inc. | $ 32,061 | |
75 | Cigna Corp. | 15,012 | |
Total Health Care Equipment & Services | $ 47,073 | ||
Health Care Providers & Services — 6.1% | |||
378 | Cardinal Health, Inc. | $ 18,696 | |
253 | CVS Health Corp. | 21,469 | |
101 | HCA Healthcare, Inc. | 24,515 | |
Total Health Care Providers & Services | $ 64,680 | ||
Information Technology — 5.2% | |||
583 | Cisco Systems, Inc. | $ 31,733 | |
337 | eBay, Inc. | 23,479 | |
Total Information Technology | $ 55,212 | ||
Insurance — 6.5% | |||
389 | Aflac, Inc. | $ 20,279 | |
159 | Chubb, Ltd. | 27,583 | |
234 | Progressive Corp. | 21,151 | |
Total Insurance | $ 69,013 | ||
IT Service — 1.5% | |||
113 | International Business Machines Corp. | $ 15,699 | |
Total IT Service | $ 15,699 | ||
Machinery — 0.8% | |||
45 | Stanley Black & Decker, Inc. | $ 7,889 | |
Total Machinery | $ 7,889 | ||
Materials — 4.8% | |||
213 | Crown Holdings, Inc. | $ 21,466 | |
313 | Freeport-McMoRan, Inc. | 10,182 | |
357 | Sealed Air Corp. | 19,560 | |
Total Materials | $ 51,208 | ||
Pharmaceutical — 1.0% | |||
322 | Organon & Co. | $ 10,558 | |
Total Pharmaceutical | $ 10,558 | ||
Pharmaceuticals, Biotechnology & Life Sciences — 1.7% | |||
167 | AbbVie, Inc. | $ 18,014 | |
Total Pharmaceuticals, Biotechnology & Life Sciences | $ 18,014 | ||
Retailing — 2.2% | |||
14(a) | AutoZone, Inc. | $ 23,772 | |
Total Retailing | $ 23,772 | ||
Semiconductor & Semiconductor Equipment — 2.9% | |||
576 | Intel Corp. | $ 30,689 | |
Total Semiconductor & Semiconductor Equipment | $ 30,689 |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 17
Schedule of Investments | 9/30/21 (continued)
Shares | Value | ||
Software — 2.6% | |||
321 | Oracle Corp. | $ 27,969 | |
Total Software | $ 27,969 | ||
Technology Hardware & Equipment — 2.0% | |||
1,489 | Hewlett Packard Enterprise Co. | $ 21,218 | |
Total Technology Hardware & Equipment | $ 21,218 | ||
Trading Company & Distributor — 1.9% | |||
349(a) | AerCap Holdings NV | $ 20,176 | |
Total Trading Company & Distributor | $ 20,176 | ||
Transportation — 2.5% | |||
122 | FedEx Corp. | $ 26,753 | |
Total Transportation | $ 26,753 | ||
Utilities — 4.3% | |||
283 | American Electric Power Co., Inc. | $ 22,974 | |
942 | CenterPoint Energy, Inc. | 23,173 | |
Total Utilities | $ 46,147 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,083,759) | $1,044,097 | ||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.2% | |||
(Cost $1,083,759) | $1,044,097 | ||
OTHER ASSETS AND LIABILITIES — 1.8% | $ 19,373 | ||
NET ASSETS — 100.0% | $1,063,470 |
(A.D.R.) | American Depositary Receipts. |
(a) | Non-income producing security. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding temporary cash investments) for the period ended September 30, 2021, aggregated $1,094,058 and $10,551, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 effected at current market prices. During the period ended September 30, 2021, the Fund did not engage in any cross trade activity.
At September 30, 2021, the net unrealized depreciation on investments based on cost for federal tax purposes of $1,083,759 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 25,433 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (65,095) |
Net unrealized depreciation | $ (39,662) |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
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 – unadjusted 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.).
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The following is a summary of the inputs used as of September 30, 2021, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $1,044,097 | $ — | $ — | $1,044,097 |
Total Investments in Securities | $1,044,097 | $ — | $ — | $1,044,097 |
During the period ended September 30, 2021, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 19
Statement of Assets and Liabilities | 9/30/21
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $1,083,759) | $1,044,097 |
Cash | 14,241 |
Receivables — | |
Fund shares sold | 350 |
Dividends | 583 |
Due from the Adviser | 747 |
Prepaid registration fees | 57,672 |
Other assets | 6,086 |
Total assets | $1,123,776 |
LIABILITIES: | |
Payables — | |
Administrative fees | $ 6,154 |
Professional fees | 42,171 |
Printing expense | 6,983 |
Due to affiliates | |
Management fees | 4,279 |
Other due to affiliates | 36 |
Accrued expenses | 683 |
Total liabilities | $ 60,306 |
NET ASSETS: | |
Paid-in capital | $1,097,263 |
Distributable earnings (loss) | (33,793) |
Net assets | $1,063,470 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $291,460/30,107 shares) | $ 9.68 |
Class C (based on $368,323/38,163 shares) | $ 9.65 |
Class Y (based on $403,687/41,657 shares) | $ 9.69 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $9.68 net asset value per share/100%-5.75% | |
maximum sales charge) | $ 10.27 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Statement of Operations
FOR THE PERIOD FROM 5/10/21* to 9/30/21
INVESTMENT INCOME: | ||
Dividends from unaffiliated issuers | $ 8,993 | |
Total investment income | $ 8,993 | |
EXPENSES: | ||
Management fees | $ 1,799 | |
Administrative expense | 18,671 | |
Transfer agent fees | ||
Class A | 14 | |
Class C | 9 | |
Class Y | 18 | |
Distribution fees | ||
Class A | 295 | |
Class C | 1,183 | |
Custodian fees | 1,079 | |
Registration fees | 6,417 | |
Professional fees | 48,314 | |
Printing expense | 9,774 | |
Trustees' fees | 3,976 | |
Miscellaneous | 1,470 | |
Total expenses | $ 93,019 | |
Less fees waived and expenses reimbursed | ||
by the Adviser | (89,281) | |
Net expenses | $ 3,738 | |
Net investment income | $ 5,255 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $ 253 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $ (39,662) | |
Net realized and unrealized gain (loss) on investments | $ (39,409) | |
Net decrease in net assets resulting from operations | $ (34,154) |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 21
Statement of Changes in Net Assets
5/10/21* to | |
9/30/21 | |
FROM OPERATIONS: | |
Net investment income (loss) | $ 5,255 |
Net realized gain (loss) on investments | 253 |
Change in net unrealized appreciation (depreciation) on investments | (39,662) |
Net decrease in net assets resulting from operations | $ (34,154) |
FROM FUND SHARE TRANSACTIONS: | |
Net proceeds from sales of shares | $1,097,624 |
Net increase in net assets resulting from Fund share transactions | $1,097,624 |
Net increase in net assets | $1,063,470 |
NET ASSETS: | |
Beginning of period | $ – |
End of period | $1,063,470 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
5/10/21* to | 5/10/21* to | |
9/30/21 | 9/30/21 | |
Shares | Amount | |
Class A | ||
Shares sold | 30,107 | $301,050 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 30,107 | $301,050 |
Class C | ||
Shares sold | 38,163 | $380,000 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 38,163 | $380,000 |
Class Y | ||
Shares sold | 41,657 | $416,574 |
Reinvestment of distributions | — | — |
Less shares repurchased | — | — |
Net increase | 41,657 | $416,574 |
* The Fund commenced operations on May 10, 2021. |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 23
Financial Highlights
5/10/21* to | |
9/30/21 | |
Class A | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.06 |
Net realized and unrealized gain (loss) on investments | (0.38) |
Net increase (decrease) from investment operations | $ (0.32) |
Distributions to shareowners: | |
Total distributions | $ — |
Net increase (decrease) in net asset value | $ (0.32) |
Net asset value, end of period | $ 9.68 |
Total return (b) | (3.20)%(c) |
Ratio of net expenses to average net assets | 0.80%(d) |
Ratio of net investment income (loss) to average net assets | 1.45%(d) |
Portfolio turnover rate | 1%(c) |
Net assets, end of period (in thousands) | $ 291 |
Total expenses to average net assets | 23.11%(d) |
Net investment income (loss) to average net assets | (20.86)%(d) |
* | Class A commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
5/10/21* to | |
9/30/21 | |
Class C | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.03 |
Net realized and unrealized gain (loss) on investments | (0.38) |
Net increase (decrease) from investment operations | $ (0.35) |
Distributions to shareowners: | |
Total distributions | $ — |
Net increase (decrease) in net asset value | $ (0.35) |
Net asset value, end of period | $ 9.65 |
Total return (b) | (3.50)%(c) |
Ratio of net expenses to average net assets | 1.60%(d) |
Ratio of net investment income (loss) to average net assets | 0.65%(d) |
Portfolio turnover rate | 1%(c) |
Net assets, end of period (in thousands) | $ 368 |
Total expenses to average net assets | 23.98%(d) |
Net investment income (loss) to average net assets | (21.73)%(d) |
* | Class C commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 25
Financial Highlights (continued)
5/10/21* to | |
9/30/21 | |
Class Y | |
Net asset value, beginning of period | $ 10.00 |
Increase (decrease) from investment operations: | |
Net investment income (loss) (a) | $ 0.07 |
Net realized and unrealized gain (loss) on investments | (0.38) |
Net increase (decrease) from investment operations | $ (0.31) |
Distributions to shareowners: | |
Total distributions | $ — |
Net increase (decrease) in net asset value | $ (0.31) |
Net asset value, end of period | $ 9.69 |
Total return (b) | (3.10)%(c) |
Ratio of net expenses to average net assets | 0.55%(d) |
Ratio of net investment income (loss) to average net assets | 1.70%(d) |
Portfolio turnover rate | 1%(c) |
Net assets, end of period (in thousands) | $ 404 |
Total expenses to average net assets | 22.87%(d) |
Net investment income (loss) to average net assets | (20.62)%(d) |
* | Class Y commenced operations on May 10, 2021. |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods 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) | Annualized. |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Notes to Financial Statements | 9/30/21
1. Organization and Significant Accounting Policies
Pioneer Intrinsic Value Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (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 long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class A, Class C and Class Y commenced operations on May 10, 2021. 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 Trust 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.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the period ended September 30, 2021.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 27
The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. | Security Valuation |
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case
28 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
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.
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.
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 September 30, 2021, 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.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 29
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.
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 exchange 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 September 30, 2021, 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.
30 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
At September 30, 2021, the Fund reclassified $361 to increase distributable earnings and $361 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
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 period ended September 30, 2021 was as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $— |
Total | $— |
The following shows the components of distributable earnings on a federal income tax basis at September 30, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 5,869 |
Net unrealized depreciation | (39,662) |
Total | $(33,793) |
E. | Fund Shares |
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $0 in underwriting commissions on the sale of Class A shares during the period ended September 30, 2021.
F. | Class Allocations |
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 5). 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 4).
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 31
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.
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, recessions, the spread of infectious illness or other public health issues, 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. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities.
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.
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 the Fund’s custodian and accounting agent, and 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 the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also
32 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser 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 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.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 33
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and 0.40% of the Fund’s average daily net assets over $1 billion. For the period ended September 30, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.45% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive and/or reimburse 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) to the extent required to reduce fund expenses to 0.85%, 1.60% and 0.55% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through June 1, 2022. 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. Fees waived and expenses reimbursed during the period ended September 30, 2021 are reflected on the Statement of Operations.
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 $4,279 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the period ended September 30, 2021, the Fund paid $3,976 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
34 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
4. Transfer Agent
During the period covered by the report, DST Asset Manager Solutions, Inc. served 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.
5. Distribution Plan
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. Pursuant to the Plan, the Fund further pays for the distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $36 in distribution fees payable to the Distributor at September 30, 2021.
In addition, redemptions of Class A and Class C 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 period ended September 30, 2021, CDSCs in the amount of $0 were paid to the Distributor.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 35
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareowners of Pioneer Intrinsic Value Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Intrinsic Value Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2021, and the related statements of operations, changes in net assets and the financial highlights for the period from May 10, 2021 (commencement of operations) through September 30, 2021 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Intrinsic Value Fund at September 30, 2021, and the results of its operations, the changes in its net assets and its financial highlights for the period from May 10, 2021 (commencement of operations) through September 30, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
36 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 30, 2021
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 37
ADDITIONAL INFORMATION (unaudited)
For the year ended September 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2021 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.
38 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Approval of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Intrinsic Value Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. Based on their evaluation of the information provided by Amundi US, the Trustees, including the Independent Trustees voting separately, unanimously approved an investment management agreement for the Fund. In approving the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that would be provided by Amundi US to the Fund under the investment management agreement. The Trustees reviewed Amundi US’s investment approach for the Fund and its research process, and considered the resources of Amundi US and the personnel of Amundi US who would provide investment management services to the Fund. The Trustees also considered that, as administrator, Amundi US would be responsible for the administration of the Fund’s business and other affairs. The Trustees considered the quality of such services provided by Amundi US to the other Pioneer Funds. The Trustees considered the implementation and effectiveness of Amundi US’s business continuity plan in response to the COVID-19 pandemic. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that Amundi US would provide to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
The Trustees did not consider the Fund’s performance in approving the investment management agreement because the Fund was newly-offered and did not have a performance history.
Management Fee and Expenses
The Trustees considered information presented by Amundi US that compared the Fund’s proposed management fee and anticipated expense ratio with a peer group of funds, as classified by Morningstar, Inc. The Trustees considered that the Fund’s proposed management fee would rank
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 39
in the top 20th percentile of the peer group. The Trustees also considered that the Fund’s anticipated net expense ratios would rank in the top 20th percentile of the peer group across all share classes. The Trustees concluded that the proposed management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of services to be provided by Amundi US.
Profitability
The Trustees did not consider Amundi US’s profitability with respect to the management of the Fund in approving the investment management agreement because the Fund was newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered Amundi US’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Funds.
Other Benefits
The Trustees considered the other potential benefits to Amundi US from its relationship with the Fund, including the character and amount of fees that would be paid by the Fund, other than under the investment management agreement, for services that would be provided by Amundi US and its affiliates, and the revenues and profitability of Amundi US’s businesses other than the fund business. The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $1.7 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that would derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted
40 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund would receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the investment management agreement.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 41
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program. The Fund is newly-organized and commenced operations on May 10, 2021. Accordingly, the Board did not review the Program with respect to the Fund during the most recent fiscal half-year.
42 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 43
Independent Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Thomas J. Perna (70) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
and Trustee | trustee is elected | (technology products for securities lending industry); and Senior Executive | communications and securities |
or earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial | |
or removal. | (1986 – 2004) | services industry) (2009 – present); | |
Director, Quadriserv, Inc. (2005 – | |||
2013); and Commissioner, New | |||
Jersey State Civil Service | |||
Commission (2011 – 2015) | |||
John E. | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
Baumgardner, Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
Trustee | trustee is elected or | community newspaper group) | |
earlier retirement | (2015-present) | ||
or removal. | |||
Diane Durnin (64) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | ||
earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | ||
or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | ||
Asset Management (2005-2007); Executive Vice President Head of Products, | |||
Marketing and Client Service, Dreyfus Corporation (investment management | |||
firm) (2000-2005); and Senior Vice President Strategic Product and Business | |||
Development, Dreyfus Corporation (1994-2000) |
44 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Benjamin M. Friedman (77) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
trustee is elected or | Institutional Funds Master Portfolio | ||
earlier retirement | (oversaw 17 portfolios in fund | ||
or removal. | complex) (1989 - 2008) | ||
Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – | |
earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, | |
or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); | |
Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal | ||
(financial market information | |||
publisher) (2015 – 2016); Board | |||
Co-Chairman and Chief Executive | |||
Officer, Danis Transportation | |||
Company (privately-owned | |||
commercial carrier) (2000 – 2003); | |||
Board Member and Chief Financial | |||
Officer, Customer Access Resources | |||
(privately-owned teleservices | |||
company) (1998 – 2000); Board | |||
Member, Federation of Protestant | |||
Welfare Agencies (human services | |||
agency) (1993 – present); and Board | |||
Treasurer, Harlem Dowling Westside | |||
Center (foster care agency) | |||
(1999 – 2018) |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 45
Independent Trustees (continued)
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lorraine H. Monchak (65) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
2014 - 2017). Serves until | Group, American International Group, Inc. (insurance company) | ||
a successor trustee is | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | ||
elected or earlier | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability | ||
retirement or removal. | Management Group, Federal Farm Funding Corporation | ||
(government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |||
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |||
(1987 – 1988); and Mortgage Strategies Group, Drexel Burnham | |||
Lambert, Ltd. (investment bank) (1986 – 1987) | |||
Marguerite A. Piret (73) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) | |
earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | (2004 – present); and Member, | |
or removal. | Board of Governors, Investment | ||
Company Institute (2000 – 2006) | |||
Fred J. Ricciardi (74) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and | |
trustee is elected or | investment company services) (1969 – 2012); Director, BNY International | ||
earlier retirement | Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas | ||
or removal. | Investment Corp. (financial services) (2009 – 2012); Director, Financial Models | ||
(technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore | |||
investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities | |||
Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY | |||
Alternative Investment Services, Inc. (financial services) (2005-2007) |
46 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Interested Trustees
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Trustee During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Lisa M. Jones (59)* | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment management | None |
Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi | |
Chief Executive Officer | trustee is elected or | Asset Management US, Inc. (since September 2014); Director, CEO and | |
earlier retirement | President of Amundi Distributor US, Inc. (since September 2014); Director, | ||
or removal | CEO and President of Amundi Asset Management US, Inc. (since | ||
September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |||
Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |||
Director, Morgan Stanley Investment Management (investment management | |||
firm) (2010 – 2013); Director of Institutional Business, CEO of International, | |||
Eaton Vance Management (investment management firm) (2005 – 2010); | |||
and Director of Amundi Holdings US, Inc. (since 2017) | |||
Kenneth J. Taubes (63)* | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | ||
earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | ||
or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); | ||
Portfolio Manager of Amundi US (since 1999); and Director of Amundi | |||
Holdings US, Inc. (since 2017) |
* | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 47
Fund Officers
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
Christopher J. Kelley (56) | Since 2021. Serves at the | Vice President and Associate General Counsel of Amundi US since | None |
Secretary and | discretion of the Board | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
Chief Legal Officer | since June 2010; Assistant Secretary of all of the Pioneer Funds from | ||
September 2003 to May 2010; and Vice President and Senior Counsel of | |||
Amundi US from July 2002 to December 2007 | |||
Thomas Reyes (58) | Since 2021. Serves at the | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
Assistant Secretary | discretion of the Board | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
Amundi US from June 2007 to May 2013 | |||
Anthony J. Koenig, Jr. (57) | Since 2021. Serves at the | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of | None |
Treasurer and | discretion of the Board | the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
Chief Financial and | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | ||
Accounting Officer | Management of Amundi US from May 2008 to January 2021 | ||
Luis I. Presutti (56) | Since 2021. Serves at the | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
Assistant Treasurer | discretion of the Board | of all of the Pioneer Funds since 1999 | |
Gary Sullivan (63) | Since 2021. Serves at the | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
Assistant Treasurer | discretion of the Board | Treasurer of all of the Pioneer Funds since 2002 | |
Antonio Furtado (39) | Since 2021. Serves at the | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
Assistant Treasurer | discretion of the Board | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund | |
Treasury Analyst from 2012 - 2020 | |||
Michael Melnick (50) | Since July 2021. | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
Assistant Treasurer | Serves at the discretion | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
of the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax | ||
of Amundi US from 2000 - 2001 |
48 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
Name, Age and | Other Directorships | ||
Position Held With | Term of Office and | Held by Officer During At | |
the Fund | Length of Service | Principal Occupation(s) During At Least The Past Five Years | Least The Past Five Years |
John Malone (50) | Since 2021. Serves at the | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
Chief Compliance Officer | discretion of the Board | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
Funds since September 2018; and Chief Compliance Officer of Amundi | |||
Distributor US, Inc. since January 2014. | |||
Kelly O’Donnell (50) | Since 2021. Serves at the | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
Anti-Money | discretion of the Board | Officer of all the Pioneer Funds since 2006 | |
Laundering Officer |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 49
This page was intentionally left blank.
50 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
This page was intentionally left blank.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/21 51
This page was intentionally left blank.
52 Pioneer Intrinsic Value Fund | Annual Report | 9/30/21
How to Contact Amundi
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 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 32713-00-1121
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)).
Mr. Fred J. Ricciardi, 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.
The audit fees for the Trust were $202,680 payable to Ernst & Young LLP for the year ended September 30, 2021 and $124,680 for the year ended September 30, 2020.
(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.
There were no audit-related services in 2021 or 2020.
(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.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $49,860 and $25,293 during the fiscal years ended September 30, 2021 and 2020, respectively.
(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.
There were no other fees in 2021 or 2020.
(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 Amundi Asset Management US, 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 CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | |
I. AUDIT SERVICES | Services that are directly | o Accounting research assistance | |
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. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures | |
SERVICES | prohibited under Rule | o Technology control assessments | |
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 DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
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 DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
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 DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
SUBCATEGORIES | ||
PROHIBITED SERVICES | Services which result | 1. Bookkeeping or other services |
in the auditors losing | related to the accounting records or | |
independence status | financial statements of the audit | |
under the Rule. | client* | |
2. Financial information systems design | ||
and implementation* | ||
3. Appraisal or valuation services, | ||
fairness* opinions, or | ||
contribution-in-kind reports | ||
4. Actuarial services (i.e., setting | ||
actuarial reserves versus actuarial | ||
audit work)* | ||
5. Internal audit outsourcing services* | ||
6. Management functions or human | ||
resources | ||
7. Broker or dealer, investment | ||
advisor, or investment banking services | ||
8. Legal services and expert services | ||
unrelated to the audit | ||
9. Any other service that the Public | ||
Company Accounting Oversight Board | ||
determines, by regulation, is | ||
impermissible |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o These services are not to be | o A summary of all |
performed with the exception of the(*) | services and related |
services that may be permitted | fees reported at each |
if they would not be subject to audit | regularly scheduled |
procedures at the audit client (as | Audit Committee meeting |
defined in rule 2-01(f)(4)) level | will serve as continual |
the firm providing the service. | confirmation that has |
not provided any | |
restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended September 30, 2021 and 2020, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $49,860 and $25,293 during the fiscal years ended September 30, 2021 and 2020, respectively.
(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.
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:
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 XIV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date December 6, 2021
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 and Chief Executive Officer
Date December 6, 2021
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer
Date December 6, 2021
* Print the name and title of each signing officer under his or her signature.