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, 2022
Date of reporting period: October 1, 2021 through March 31, 2022
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
Semiannual Report | March 31, 2022
| | | | | |
| A: PSRAX | C: PSRCX | K: STRKX | R: STIRX | Y: STRYX |
visit us: www.amundi.com/us
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, 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. With 2022 now well underway, 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 most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment, as volatility has remained high. Concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative 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. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
Despite those issues, 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. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
2 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. 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 frequently with the management teams of the companies and other entities 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.
May 2022
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 | Semiannual Report | 3/31/22 3
Portfolio Management Discussion | 3/31/22
In the following interview, Andrew Feltus and Jonathan Scott discuss the factors that affected the performance of Pioneer Strategic Income Fund during the six-month period ended March 31, 2022. 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 senior vice president, Deputy Director of Multi-Sector Fixed Income, and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund, along with Brad Komenda, Managing Director, Deputy Director of Investment-Grade Corporates, 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 six-month period ended March 31, 2022? |
| A | | Pioneer Strategic Income Fund’s Class A shares returned -5.01% at net asset value during the six-month period ended March 31, 2022, while the Fund’s benchmark, the Bloomberg US Universal Index (the Bloomberg Index), returned -6.14%. During the same period, the average return of the 352 mutual funds in Morningstar’s Multisector Bond Funds category was -4.21%. |
| Q | | How would you describe the market environment for fixed-income investments during the six-month period ended March 31, 2022? |
| A | | As the period opened in October 2021, credit-sensitive categories of the fixed-income market received support from the market’s apparent willingness to shrug off concerns over the prospect of tighter Federal Reserve (Fed) monetary policy and the rapidly spreading Omicron variant of COVID-19. |
However, the first quarter of 2022 saw a trifecta of concerns have a negative effect on the markets and lead to losses across most asset classes: increased geopolitical tensions driven by Russia’s invasion of Ukraine in late February; a worsening growth/inflation mix arising from a spike in commodity prices; and the prospect of rising interest rates, due to changing monetary policies by the Fed and other central banks. Russia’s invasion of Ukraine led to economic sanctions placed on Russia by the US and many European countries, which contributed to a dramatic rise in energy, metals, and food prices, while adding downside risk to real economic growth and upside risk to inflation. In addition, another round
4 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
of lockdowns in China in the wake of increasing COVID-19 infection rates exacerbated the already prevalent supply chain disruptions and raised concerns among investors about further risks to global economic growth.
During the first quarter of 2022, the Fed began to move away from its highly accommodative monetary policy stance. At its mid-March meeting, the Federal Open Market Committee (FOMC) raised the federal funds rate target range by a quarter point, to 0.25%-0.50%, and indicated that further increases in the benchmark overnight lending rate would follow, and rapidly. The Fed also completed the tapering of its monthly bond purchases, thus ending its pandemic-era quantitative easing program, and signaled it would soon begin reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS) by reinvesting only part of the proceeds from maturing securities.
The weak returns in the fixed-income markets over the six-month period, as reflected by the Fund’s benchmark, the Bloomberg Index, derived mainly from a notable rise in Treasury yields. Returns for investment-grade corporate bonds were well into negative territory for the period, while securitized assets held up somewhat better, given continued consumer strength. High-yield corporates, which have tended to be less sensitive to interest-rate moves, outperformed their investment-grade counterparts, while emerging markets bonds finished the six-month period sharply lower.
Sectors that had felt some of the worst effects of the COVID-19 crisis and the related restrictions on economic activity were among the top performers in the corporate bond segment over the six-month period, as investors anticipated a further economic reopening. This was most evident in the performance of 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 effects of COVID-19, underperformed over the six-month period. Those sectors included telecommunications, and food and drug retail. With respect to ratings, lower-quality securities outperformed higher-quality securities during the period.
| Q | | What factors affected the Fund’s performance relative to the benchmark Bloomberg Index during the six-month period ended March 31, 2022? |
| A | | As a multisector fixed-income portfolio, we have managed the Fund in a way that seeks to deliver strong returns, while working 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 |
* Diversification does not assure a profit nor protect against loss.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 5
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.)
We believe investments such as corporate bonds, agency MBS, securitized-credit assets, and emerging markets bonds have typically offered higher risk-adjusted returns than Treasuries, and greater security selection opportunities. In taking a dynamic approach to sector allocation, we have often increased the Fund’s risk profile during times when the markets have offered suitable compensation for taking on risk, in our view, and have reduced the risk profile when we have felt the markets have offered less attractive values.
While the Fund generated a negative absolute return over the six-month period, it did outperform the Bloomberg Index. The largest positive contribution to benchmark-relative returns over the period was the Fund’s stance with respect to overall portfolio duration and corresponding interest-rate sensitivity. Specifically, the Fund held an underweight to Treasuries and an overall short-duration position versus the Bloomberg Index, which aided relative performance as Treasury yields moved higher during the six-month period. (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.)
Security selection was positive for the Fund’s relative returns overall. Within investment-grade corporates, positions in Dutch bank Rabobank and US insurer Liberty Mutual were key positive contributors. Energy credits within industrials also outperformed, as rising prices for oil and other commodities buoyed the sector. In addition, an overweight portfolio allocation to, and selection results within, the Fund’s allocation to below-investment-grade, high-yield corporates aided relative performance. In particular, a focus on issuers perceived by the market as poised for an upgrade to investment grade, benefited the Fund’s results. Portfolio exposure to issuers viewed as beneficiaries of the economic reopening also helped performance, most notably bonds issued by Global Aircraft Leasing.
With respect to securitized assets, within agency MBS, the Fund’s overweight to higher-coupon issues that have typically been less susceptible to mortgage prepayments benefited relative performance
6 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
during the period. An allocation to Treasury inflation-protected securities (TIPS) was another positive contributor to the Fund’s relative results, as rising inflation expectations boosted performance for the asset category during the period.
The Fund’s holdings within overseas fixed-income markets had a negative impact on relative results for the period. Leading detractors in this area included emerging markets bonds that had exposure to the Russia-Ukraine conflict, including the sovereign bonds of Ukraine and corporate bonds issued by Ukrainian mining and steel company Metinvest, and Russian bank Sovcom. The latter was placed on the US “strict sanction” list as a result of Russia’s invasion of Ukraine. Exposure to non-agency MBS also weighed on the Fund’s relative performance, as the outlook for higher borrowing costs led to concerns about less-liquid bonds in the MBS space.
| Q | | Did the Fund have any exposure to derivative securities during the six-month period ended March 31, 2022? |
| 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-US dollar 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 distributions* (or yield) to shareholders change during the six-month period ended March 31, 2022? |
| A | | The Fund’s monthly distribution rate declined over the six-month period, as spreads narrowed for 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.) |
* Distributions are not guaranteed.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 7
| Q | | What is your investment outlook? |
| A | | We believe it will be difficult for the Fed to achieve a “soft” economic landing as it works to try to bring inflation back down to its stated long-term target of 2% (year-over-year, core personal consumption expenditure inflation). To the extent that domestic core inflation readouts may not decline as much as the Fed expects throughout 2022, the US central bank will then face a tough decision. The Fed would have to decide whether to continue to increase the federal funds target range to well above the 3.0% peak priced in by the market, at the risk of causing a recession, or increase the stated inflation target from 2% to 2.5%, or even to 3.0%. The potential benefit of a higher inflation target, in our view, is that the Fed could then raise the “neutral” federal funds rate target range and thus provide more room to eventually cut rates before hitting zero if, and when, the next recession arrives. We believe the Fed may deem such a change as the lesser of two evils, but it will have to message that change very carefully in order to maintain its long-term credibility. |
Overall, we see continued upside risk for yields, as we expect the terminal (or peak) federal funds rate target range to be higher than currently implied by market pricing. We would not be surprised, however, to see yields consolidate in the current range, before moving higher as it becomes clearer that the Fed may have to raise rates to a greater extent than reflected in the pricing environment we saw at the end of the first quarter of 2022.
We remain positive on the fundamental outlook for credit-oriented assets, given a backdrop of strong economic growth, low defaults, still-accommodative (for now) monetary policy, and continued global demand for yield among investors. Likewise, consumers have remained in strong shape, given low unemployment, rising wages, and higher net worth’s driven in significant part by the housing market.
With that said, we view spreads for corporate credit as relatively tight, and as a limiting factor on return potential going forward. We currently have a preference for exposure to securitized assets in the portfolio, where we think the health of the consumer could continue to support performance. In addition, we expect security selection to be a larger contributor to returns, as opposed to pure “beta” exposures in the portfolio. (Beta measures an investment’s sensitivity to market movements in relation to an index.)
8 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
Please refer to the Schedule of Investments on pages 20–91 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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.
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-
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 9
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 | Semiannual Report | 3/31/22
Portfolio Summary | 3/31/22
Portfolio Diversification
(As a percentage of total investments)*
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | U.S. Treasury Bills, 4/5/22 | 7.02% |
| 2. | Fannie Mae, 3.00%, 4/1/52 (TBA) | 3.73 |
| 3. | Fannie Mae, 4.50%, 4/1/52 (TBA) | 3.08 |
| 4. | Fannie Mae, 3.50%, 4/1/52 (TBA) | 2.82 |
| 5. | U.S. Treasury Bills, 4/26/22 | 2.81 |
| 6. | U.S. Treasury Bills, 4/14/22 | 2.21 |
| 7. | U.S. Treasury Bills, 4/21/22 | 2.01 |
| 8. | Wells Fargo & Co., 7.50% | 1.64 |
| 9. | Fannie Mae, 4.00%, 4/1/52 (TBA) | 0.98 |
| 10. | Fannie Mae, 4.00%, 5/1/52 (TBA) | 0.88 |
| * | | Excludes short term 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 | Semiannual Report | 3/31/22 11
Prices and Distributions | 3/31/22
Net Asset Value per Share
| Class | 3/31/22 | 9/30/21 |
| A | $10.15 | $11.38 |
| C | $ 9.93 | $11.14 |
| K | $10.17 | $11.40 |
| R | $10.33 | $11.58 |
| Y | $10.15 | $11.38 |
| | | | |
| Distributions per Share: 10/1/21–3/31/22 | |
| |
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.1570 | $0.2730 | $0.2598 |
| C | $0.1176 | $0.2730 | $0.2598 |
| K | $0.1786 | $0.2730 | $0.2598 |
| R | $0.1448 | $0.2730 | $0.2598 |
| Y | $0.1731 | $0.2730 | $0.2598 |
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | | |
| | Net | Public | Bloomberg |
| | Asset | Offering | U.S. |
| | Value | Price | Universal |
| Period | (NAV) | (POP) | Index |
| 10 years | 3.61% | 3.13% | 2.57% |
| 5 years | 3.10 | 2.17 | 2.31 |
| 1 year | -1.80 | -6.24 | -4.23 |
| |
| Expense Ratio |
| (Per prospectus dated February 1, 2022) |
| 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 | Semiannual Report | 3/31/22 13
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| |
| | | | Bloomberg |
| | | | U.S. |
| | If | If | Universal |
| Period | Held | Redeemed | Index |
| 10 years | 2.93% | 2.93% | 2.57% |
| 5 years | 2.44 | 2.44 | 2.31 |
| 1 year | -2.40 | -3.30 | -4.23 |
| |
| Expense Ratio |
| (Per prospectus dated February 1, 2022) |
| 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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the five- and 10-year periods. 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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| | Net | Bloomberg |
| | Asset | U.S. |
| | Value | Universal |
| Period | (NAV) | Index |
| 10 years | 4.04% | 2.57% |
| 5 years | 3.55 | 2.31 |
| 1 year | -1.40 | -4.23 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 0.63% | 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.
The net expense ratio reflects the contractual expense limitation in effect through February 1, 2025 for Class K shares. 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 more current expense ratios.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 15
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| |
| | Net | Bloomberg |
| | Asset | U.S. |
| | Value | Universal |
| Period | (NAV) | Index |
| 10 years | 3.28% | 2.57% |
| 5 years | 2.79 | 2.31 |
| 1 year | -2.19 | -4.23 |
| |
| Expense Ratio |
| (Per prospectus dated February 1, 2022) |
| Gross |
| 1.37% |
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 at public offering price during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
| Average Annual Total Returns | |
| (As of March 31, 2022) | |
| |
| | Net | Bloomberg |
| | Asset | U.S. |
| | Value | Universal |
| Period | (NAV) | Index |
| 10 years | 3.94% | 2.57% |
| 5 years | 3.44 | 2.31 |
| 1 year | -1.50 | -4.23 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| 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.
The net expense ratio reflects the contractual expense limitation in effect through February 1, 2025 for Class Y shares. 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 more current expense ratios.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 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 October 1, 2021 through March 31, 2022.
| | | | | | |
| 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 10/1/21 | | | | | |
| Ending Account Value | $949.90 | $947.10 | $951.90 | $947.90 | $951.30 |
| (after expenses) | | | | | |
| on 3/31/22 | | | | | |
| Expenses Paid | $4.91 | $8.16 | $2.87 | $6.51 | $3.36 |
| During Period* | | | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.01%, 1.68%, 0.59%, 1.34%, and 0.69% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
18 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
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 October 1, 2021 through March 31, 2022.
| | | | | | |
| 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 10/1/21 | | | | | |
| Ending Account Value | $1,019.90 | $1,016.55 | $1,021.99 | $1,018.25 | $1,021.49 |
| (after expenses) | | | | | |
| on 3/31/22 | | | | | |
| Expenses Paid | $5.09 | $8.45 | $2.97 | $6.74 | $3.48 |
| During Period* | | | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.01%, 1.68%, 0.59%, 1.34%, and 0.69% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 19
Schedule of Investments | 3/31/22
(unaudited)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | UNAFFILIATED ISSUERS — 115.5% | |
| | SENIOR SECURED FLOATING RATE LOAN | |
| | INTERESTS — 1.1% of Net Assets*(a) |
| | Airlines — 0.1% | |
| 3,935,000(b) | LATAM Airlines Group SA, PIK Term Loan A, (Term | |
| | SOFR + 750 bps), 8/8/22 | $ 3,952,216 |
| | Total Airlines | $ 3,952,216 |
| | Chemicals-Diversified — 0.1% | |
| 1,920,000 | LSF11 A5 HoldCo LLC, Term Loan, 4.114% (SOFR + | |
| | 375 bps), 10/15/28 | $ 1,894,401 |
| | Total Chemicals-Diversified | $ 1,894,401 |
| | Distribution & Wholesale — 0.1% | |
| 3,510,000(b) | Owens & Minor, Inc., Term B-1 Facility, 3/29/29 | $ 3,505,612 |
| | Total Distribution & Wholesale | $ 3,505,612 |
| | Electronic Composition — 0.0%† | |
| 1,366,358 | Energy Acquisition LP, First Lien Initial Term Loan, | |
| | 4.699% (LIBOR + 425 bps), 6/26/25 | $ 1,338,461 |
| | Total Electronic Composition | $ 1,338,461 |
| | Finance-Special Purpose Banks — 0.2% | |
| 8,804,696 | Bank of Industry, Ltd., 6.803% (LIBOR + | |
| | 600 bps), 12/11/23 | $ 8,876,604 |
| | Total Finance-Special Purpose Banks | $ 8,876,604 |
| | Gambling (Non-Hotel) — 0.2% | |
| 7,681,564 | Scientific Games International, Inc., Initial Term B-5 | |
| | Loan, 3.207% (LIBOR + 275 bps), 8/14/24 | $ 7,653,825 |
| | Total Gambling (Non-Hotel) | $ 7,653,825 |
| | Metal Processors & Fabrication — 0.1% | |
| 4,442,675 | Grinding Media, Inc. (Molycop, Ltd.), First Lien | |
| | Term Loan, 4.796% (LIBOR + 400 bps), 10/12/28 | $ 4,412,132 |
| 1,124,491 | WireCo WorldGroup, Inc., Initial Term Loan, 4.75% | |
| | (LIBOR + 425 bps), 11/13/28 | 1,116,057 |
| | Total Metal Processors & Fabrication | $ 5,528,189 |
| | Oil-Field Services — 0.2% | |
| 8,270,000 | ProFrac Holdings II LLC, Term Loan, 9.50% (Term | |
| | SOFR + 850 bps), 3/4/25 | $ 8,063,250 |
| | Total Oil-Field Services | $ 8,063,250 |
| | Recreational Centers — 0.1% | |
| 2,711,800 | Fitness International LLC, Term B Loan, 4.256% | |
| | (LIBOR + 325 bps), 4/18/25 | $ 2,521,296 |
| | Total Recreational Centers | $ 2,521,296 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Rental Auto & Equipment — 0.0%† | |
| 1,782,532 | PECF USS Intermediate Holding III Corp., Initial | |
| | Term Loan, 4.758% (LIBOR + 425 bps), 12/15/28 | $ 1,768,527 |
| | Total Rental Auto & Equipment | $ 1,768,527 |
| | Retail — 0.0%† | |
| 1,361,500 | Staples, Inc., 2019 Refinancing New Term B-2 | |
| | Loan, 4.817% (LIBOR + 450 bps), 9/12/24 | $ 1,328,597 |
| | Total Retail | $ 1,328,597 |
| | Schools — 0.0%† | |
| 441,117 | KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 | |
| | Loan, 4.756% (LIBOR + 375 bps), 2/21/25 | $ 435,878 |
| | Total Schools | $ 435,878 |
| | TOTAL SENIOR SECURED FLOATING RATE | |
| | LOAN INTERESTS | |
| | (Cost $46,883,653) | $ 46,866,856 |
| Shares | | |
| | COMMON STOCKS — 0.1% of Net Assets |
| | Airlines — 0.1% | |
| 128,171(c) | Grupo Aeromexico SAB de CV | $ 2,191,795 |
| | Total Airlines | $ 2,191,795 |
| | Household Durables — 0.0%† | |
| 1,018,282(c) | Desarrolladora Homex SAB de CV | $ 2,201 |
| | Total Household Durables | $ 2,201 |
| | Oil, Gas & Consumable Fuels — 0.0%† | |
| 9,565,478(c)^ | Ascent CNR Corp., Class A | $ 956,548 |
| 2,013(c) | Frontera Energy Corp. | 23,255 |
| | Total Oil, Gas & Consumable Fuels | $ 979,803 |
| | Paper & Forest Products — 0.0%† | |
| 162,828(c) | Emerald Plantation Holdings, Ltd. | $ 3,257 |
| | Total Paper & Forest Products | $ 3,257 |
| | Specialty Retail — 0.0%† | |
| 111,548(c)+^ | Targus Cayman SubCo., Ltd. | $ 170,668 |
| | Total Specialty Retail | $ 170,668 |
| | TOTAL COMMON STOCKS | |
| | (Cost $3,156,517) | $ 3,347,724 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 21
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — 7.9% of |
| | Net Assets | | |
| 500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | | |
| | Class C, 9.36%, 1/15/48 (144A) | $ 549,481 |
| 500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | | |
| | Class D, 10.81%, 1/15/50 (144A) | | 568,104 |
| 4,000,000(a) | 522 Funding CLO, Ltd., Series 2019-4A, Class E, 7.254% | |
| | (3 Month USD LIBOR + 700 bps), 4/20/30 (144A) | | 3,928,984 |
| 4,750,000(a) | 522 Funding CLO, Ltd., Series 2019-5A, Class ER, 6.982% | |
| | (3 Month Term SOFR + 676 bps), 4/15/35 (144A) | | 4,679,600 |
| 791,084 | A10 Bridge Asset Financing LLC, Series 2019-B, Class A1, | |
| | 3.085%, 8/15/40 (144A) | | 791,170 |
| 3,500,000 | A10 Bridge Asset Financing LLC, Series 2019-B, Class D, | |
| | 4.523%, 8/15/40 (144A) | | 3,341,898 |
| 881,799 | Accelerated Assets LLC, Series 2018-1, Class B, 4.51%, | |
| | 12/2/33 (144A) | | 872,538 |
| 1,246,542 | Accelerated Assets LLC, Series 2018-1, Class C, 6.65%, | |
| | 12/2/33 (144A) | | 1,256,485 |
| 2,500,000 | American Homes 4 Rent Trust, Series 2014-SFR2, | | |
| | Class D, 5.149%, 10/17/36 (144A) | | 2,528,085 |
| 5,000,000 | American Homes 4 Rent Trust, Series 2014-SFR3, | | |
| | Class C, 4.596%, 12/17/36 (144A) | | 5,017,088 |
| 4,100,000 | American Homes 4 Rent Trust, Series 2014-SFR3, | | |
| | Class D, 5.04%, 12/17/36 (144A) | | 4,132,780 |
| 2,950,000 | American Homes 4 Rent Trust, Series 2015-SFR1, | | |
| | Class C, 4.11%, 4/17/52 (144A) | | 2,937,361 |
| 1,513,000 | Amur Equipment Finance Receivables VI LLC, | | |
| | Series 2018-2A, Class E, 5.45%, 11/20/23 (144A) | | 1,513,933 |
| 3,000,000 | Amur Equipment Finance Receivables VII LLC, | | |
| | Series 2019-1A, Class E, 4.47%, 3/20/25 (144A) | | 2,952,086 |
| 1,000,000 | Amur Equipment Finance Receivables X LLC, | | |
| | Series 2022-1A, Class E, 5.02%, 12/20/28 (144A) | | 964,628 |
| 2,000,000(a) | Apidos CLO XXXII, Series 2019-32A, Class E, 7.004% | | |
| | (3 Month USD LIBOR + 675 bps), 1/20/33 (144A) | | 1,964,992 |
| 3,975,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., Series | |
| | 2021-FL3, Class D, 2.597% (1 Month USD LIBOR |
| | + 220 bps), 8/15/34 (144A) | | 3,866,765 |
| 8,000,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., Series | |
| | 2021-FL4, Class D, 3.297% (1 Month USD LIBOR |
| | + 290 bps), 11/15/36 (144A) | | 7,894,888 |
| 5,400,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., Series | |
| | 2021-FL4, Class E, 3.797% (1 Month USD LIBOR |
| | + 340 bps), 11/15/36 (144A) | | 5,324,713 |
| 1,054,000(d) | B2R Mortgage Trust, Series 2015-1, Class D, 4.831%, | |
| | 5/15/48 (144A) | | 1,033,570 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 3,295,000(a) | Battalion CLO IX, Ltd., Series 2015-9A, Class ER, 6.491% | |
| | (3 Month USD LIBOR + 625 bps), 7/15/31 (144A) | $ 3,160,475 |
| 1,500,000(a) | BDS, Ltd., Series 2020-FL5, Class C, 2.214% | |
| | (SOFR30A + 216 bps), 2/16/37 (144A) | 1,483,552 |
| 1,600,000(a) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
| | Class D, 4.041% (3 Month USD LIBOR + | |
| | 380 bps), 1/15/33 (144A) | 1,588,232 |
| 4,000,000(a) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
| | Class E, 7.261% (3 Month USD LIBOR + | |
| | 702 bps), 1/15/33 (144A) | 3,934,368 |
| 4,281,138 | Blackbird Capital Aircraft, Series 2021-1A, Class B, | |
| | 3.446%, 7/15/46 (144A) | 3,553,136 |
| 3,000,000(a) | Carlyle US CLO, Ltd., Series 2019-4A, Class CR, 3.433% | |
| | (3 Month Term SOFR + 320 bps), 4/15/35 (144A) | 2,984,496 |
| 2,750,000 | Carvana Auto Receivables Trust, Series 2019-4A, | |
| | Class E, 4.70%, 10/15/26 (144A) | 2,743,559 |
| 4,250,000(a) | Catskill Park CLO, Ltd., Series 2017-1A, Class D, 6.254% | |
| | (3 Month USD LIBOR + 600 bps), 4/20/29 (144A) | 3,985,824 |
| 2,029,190(d) | Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1, | |
| | Class B2, 3.142%, 9/25/64 (144A) | 1,793,811 |
| 7,465,000 | Cologix Canadian Issuer LP, Series 2022-1CAN, | |
| | Class A2, 4.94%, 1/25/52 (144A) | 5,767,340 |
| 2,500,000 | Commercial Equipment Finance LLC, Series 2021-A, | |
| | Class D, 6.49%, 12/17/29 (144A) | 2,385,591 |
| 83,852 | Commonbond Student Loan Trust, Series 2017-BGS, | |
| | Class C, 4.44%, 9/25/42 (144A) | 84,242 |
| 4,155,000 | Continental Credit Card ABS LLC, Series 2019-1A, | |
| | Class C, 6.16%, 8/15/26 (144A) | 4,153,659 |
| 1,000,000 | Crossroads Asset Trust, Series 2021-A, Class E, 5.48%, | |
| | 1/20/28 (144A) | 957,406 |
| 2,300,000 | DataBank Issuer, Series 2021-1A, Class C, 4.43%, | |
| | 2/27/51 (144A) | 2,094,502 |
| 1,845,114 | Diamond Resorts Owner Trust, Series 2019-1A, Class C, | |
| | 4.02%, 2/20/32 (144A) | 1,810,562 |
| 5,000,000(a) | Dryden 78 CLO, Ltd., Series 2020-78A, Class E, 6.841% | |
| | (3 Month USD LIBOR + 660 bps), 4/17/33 (144A) | 4,885,445 |
| 745,000 | Encina Equipment Finance LLC, Series 2021-1A, | |
| | Class E, 4.36%, 3/15/29 (144A) | 727,446 |
| 6,000,000 | ExteNet LLC, Series 2019-1A, Class C, 5.219%, | |
| | 7/26/49 (144A) | 6,001,646 |
| 9,460,000(d) | Finance of America HECM Buyout, Series 2022-HB1, | |
| | Class M6, 9.317%, 2/25/32 (144A) | 9,126,422 |
| 6,201,294 | Finance of America Structured Securities Trust, Series | |
| | 2019-JR2, 2.00%, 5/25/50 | 6,363,918 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 23
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 7,844,366 | Finance of America Structured Securities Trust, Series | |
| | 2021-S2, Class A2, 1.75%, 9/25/51 | $ 7,438,578 |
| 15,032,185 | Finance of America Structured Securities Trust, Series | |
| | 2021-S3, Class A2, 2.25%, 12/25/51 | 14,255,479 |
| 2,250,000(a) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class C, | |
| | 4.604% (3 Month USD LIBOR + 435 bps), 1/20/33 | |
| | (144A) | 2,235,375 |
| 3,000,000(a) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class D, | |
| | 7.954% (3 Month USD LIBOR + 770 bps), 1/20/33 | |
| | (144A) | 2,902,389 |
| 3,300,000(a) | Fort Washington CLO, Series 2019-1A, Class ER, | |
| | 7.004% (3 Month USD LIBOR + 675 bps), | |
| | 10/20/32 (144A) | 3,222,773 |
| 5,500,000 | Four Seas LP, Series 2017-1A, Class A2, 5.927%, | |
| | 8/28/27 (144A) | 4,727,504 |
| 86,335(d) | Gold Key Resorts LLC, Series 2014-A, Class C, 5.87%, | |
| | 3/17/31 (144A) | 86,225 |
| 5,022,000(a) | Goldentree Loan Management US CLO 2, Ltd., | |
| | Series 2017-2A, Class E, 4.954% (3 Month USD |
| | LIBOR + 470 bps), 11/28/30 (144A) | 4,645,551 |
| 4,250,000(a) | Goldentree Loan Management US CLO 6, Ltd., | |
| | Series 2019-6A, Class DR, 3.341% (3 Month Term | |
| | SOFR + 310 bps), 4/20/35 (144A) | 4,207,929 |
| 1,250,000(a) | Gulf Stream Meridian 3, Ltd., Series 2021-IIIA, Class D, | |
| | 6.991% (3 Month USD LIBOR + 675 bps), 4/15/34 | |
| | (144A) | 1,231,261 |
| 3,358,200 | Hardee’s Funding LLC, Series 2018-1A, Class A2II, | |
| | 4.959%, 6/20/48 (144A) | 3,379,142 |
| 10,000,000 | Hertz Vehicle Financing III LP, Series 2021-2A, Class D, | |
| | 4.34%, 12/27/27 (144A) | 9,004,383 |
| 10,149,000 | HOA Funding LLC - HOA, Series 2021-1A, Class A2, | |
| | 4.723%, 8/20/51 (144A) | 9,401,486 |
| 649,460 | Home Partners of America Trust, Series 2019-1, Class F, | |
| | 4.101%, 9/17/39 (144A) | 608,010 |
| 3,175,000(a) | ICG US CLO, Ltd., Series 2016-1A, Class DRR, | |
| | 7.739% (3 Month USD LIBOR + 744 bps), | |
| | 4/29/34 (144A) | 3,004,001 |
| 2,250,000(a) | ICG US CLO, Ltd., Series 2021-1A, Class E, 6.571% | |
| | (3 Month USD LIBOR + 633 bps), 4/17/34 (144A) | 2,111,879 |
| 3,680,285 | Icon Brand Holdings LLC, Series 2012-1A, Class A, | |
| | 4.229%, 1/25/43 (144A) | 1,405,844 |
| 562,540 | JG Wentworth XXII LLC, Series 2010-3A, Class A, | |
| | 3.82%, 12/15/48 (144A) | 566,586 |
| 3,070,000 | JPMorgan Chase Bank NA - CACLN, Series 2021-2, | |
| | Class F, 4.393%, 12/26/28 (144A) | 2,943,729 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 2,150,000(a) | KREF Ltd., Series 2021-FL2, Class C, 2.441% | |
| | (1 Month USD LIBOR + 200 bps), 2/15/39 (144A) | $ 2,100,109 |
| 725,000(a) | KREF Ltd., Series 2021-FL2, Class E, 3.291% | |
| | (1 Month USD LIBOR + 285 bps), 2/15/39 (144A) | 707,000 |
| 5,000,000(a) | Madison Park Funding XXII, Ltd., Series 2016-22A, | |
| | Class ER, 6.941% (3 Month USD LIBOR + | |
| | 670 bps), 1/15/33 (144A) | 4,953,815 |
| 7,750,000 | Mercury Financial Credit Card Master Trust, | |
| | Series 2021-1A, Class B, 2.33%, 3/20/26 (144A) | 7,535,502 |
| 4,500,000(a) | MF1, Ltd., Series 2021-FL7, Class D, 2.981% | |
| | (1 Month USD LIBOR + 255 bps), 10/16/36 (144A) | 4,391,807 |
| 7,500,000(a) | MF1, Ltd., Series 2021-FL7, Class E, 3.231% | |
| | (1 Month USD LIBOR + 280 bps), 10/16/36 (144A) | 7,232,940 |
| 2,964,669(d) | Mill City Mortgage Loan Trust, Series 2017-3, Class B2, | |
| | 3.25%, 1/25/61 (144A) | 2,794,303 |
| 3,183,372 | Mosaic Solar Loan Trust, Series 2019-2A, Class D, | |
| | 6.18%, 9/20/40 (144A) | 3,076,625 |
| 4,499,620 | Mosaic Solar Loan Trust, Series 2021-1A, Class D, | |
| | 3.71%, 12/20/46 (144A) | 4,304,888 |
| 5,000,000(a) | Neuberger Berman CLO XVII, Ltd., Series 2014-17A, | |
| | Class ER2, 7.459% (3 Month USD LIBOR + | |
| | 720 bps), 4/22/29 (144A) | 4,821,910 |
| 4,500,000(a) | Newark BSL CLO 1, Ltd., Series 2016-1A, Class DR, | |
| | 6.518% (3 Month USD LIBOR + 625 bps), | |
| | 12/21/29 (144A) | 4,365,000 |
| 534,200(a) | Newtek Small Business Loan Trust, Series 2017-1, | |
| | Class B, 3.457% (1 Month USD LIBOR + | |
| | 300 bps), 2/25/43 (144A) | 534,964 |
| 4,360,000 | NMEF Funding LLC, Series 2019-A, Class D, | |
| | 4.39%, 8/17/26 (144A) | 4,326,284 |
| 1,100,000 | NMEF Funding LLC, Series 2021-A, Class D, 5.78%, | |
| | 12/15/27 (144A) | 1,077,102 |
| 2,000,000(a) | Octagon Investment Partners XXI, Ltd., Series 2014-1A, | |
| | Class DRR, 7.395% (3 Month USD LIBOR + |
| | 700 bps), 2/14/31 (144A) | 1,962,162 |
| 1,119,000 | Octane Receivables Trust, Series 2020-1A, Class D, | |
| | 5.45%, 3/20/28 (144A) | 1,114,159 |
| 2,696,605 | Orange Lake Timeshare Trust, Series 2019-A, Class D, | |
| | 4.93%, 4/9/38 (144A) | 2,590,761 |
| 5,600,000(a) | Palmer Square Loan Funding, Ltd., Series 2020-1A, | |
| | Class D, 5.33% (3 Month USD LIBOR + | |
| | 485 bps), 2/20/28 (144A) | 5,542,589 |
| 1,900,000(a) | Palmer Square Loan Funding, Ltd., Series 2022-1A, | |
| | Class C, 2.834% (3 Month Term SOFR + | |
| | 260 bps), 4/15/30 (144A) | 1,889,054 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 25
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 6,400,000 | PEAR LLC, Series 2021-1, Class B, 0.000%, | |
| | 1/15/34 (144A) | $ 4,739,200 |
| 4,300,000 | PG Receivables Finance, Series 2020-1, Class C, 5.44%, | |
| | 7/20/25 (144A) | 4,232,813 |
| 2,000,000(a) | PPM CLO 5, Ltd., Series 2021-5A, Class E, 6.619% | |
| | (3 Month USD LIBOR + 650 bps), 10/18/34 (144A) | 1,921,396 |
| 5,000,000(a) | Race Point VIII CLO, Ltd., Series 2013-8A, Class DR2, | |
| | 3.98% (3 Month USD LIBOR + 350 bps), 2/20/30 | |
| | (144A) | 4,945,640 |
| 5,000,000(a) | Rad CLO 7, Ltd., Series 2020-7A, Class E, 6.741% | |
| | (3 Month USD LIBOR + 650 bps), 4/17/33 (144A) | 4,848,355 |
| 9,600,000 | Republic Finance Issuance Trust, Series 2021-A, Class D, | |
| | 5.23%, 12/22/31 (144A) | 9,054,940 |
| 1,500,000 | Rosy Blue Carat SA, Series 2018-1, Class A1, 6.25%, | |
| | 12/15/25 (144A) | 1,500,000 |
| 1,955,819 | Sierra Timeshare Receivables Funding LLC, | |
| | Series 2019-1A, Class D, 4.75%, 1/20/36 (144A) | 1,930,193 |
| 1,727,223 | Sierra Timeshare Receivables Funding LLC, | |
| | Series 2020-2A, Class D, 6.59%, 7/20/37 (144A) | 1,734,884 |
| 2,258,533 | Sierra Timeshare Receivables Funding LLC, | |
| | Series 2021-1A, Class D, 3.17%, 11/20/37 (144A) | 2,171,299 |
| 3,500,000(a) | Signal Peak CLO 2 LLC, Series 2015-1A, Class DR2, | |
| | 3.104% (3 Month USD LIBOR + 285 bps), | |
| | 4/20/29 (144A) | 3,487,278 |
| 2,765,015 | Small Business Lending Trust, Series 2019-A, Class C, | |
| | 4.31%, 7/15/26 (144A) | 2,768,744 |
| 4,750,000(a) | Sound Point CLO XXI, Ltd., Series 2018-3A, Class C, | |
| | 3.567% (3 Month USD LIBOR + 330 bps), 10/26/31 | |
| | (144A) | 4,644,693 |
| 2,000,000(a) | Sound Point CLO XXV, Ltd., Series 2019-4A, Class ER, | |
| | 0.000% (3 Month Term SOFR + 725 bps), 4/25/33 | |
| | (144A) | 1,973,186 |
| 3,000,000(a) | Sound Point CLO XXVIII, Ltd., Series 2020-3A, Class E, | |
| | 7.158% (3 Month USD LIBOR + 690 bps), 1/25/32 | |
| | (144A) | 2,952,357 |
| 5,000,000(d) | Towd Point HE Trust, Series 2021-HE1, Class M2, 2.50%, | |
| | 2/25/63 (144A) | 4,775,467 |
| 2,750,000 | Tricolor Auto Securitization Trust, Series 2021-1A, | |
| | Class F, 5.08%, 5/15/28 (144A) | 2,632,212 |
| 4,250,000 | Tricon American Homes Trust, Series 2020-SFR2, | |
| | Class E1, 2.73%, 11/17/39 (144A) | 3,803,684 |
| 1,000,000 | Upstart Securitization Trust, Series 2021-1, Class C, | |
| | 4.06%, 3/20/31 (144A) | 947,577 |
| 1,294,000 | VFI ABS LLC, Series 2022-1A, Class D, 6.68%, | |
| | 11/26/29 (144A) | 1,266,815 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 2,088,747 | Westgate Resorts LLC, Series 2020-1A, Class C, 6.213%, | |
| | 3/20/34 (144A) | $ 2,135,587 |
| 4,565,934 | Westgate Resorts LLC, Series 2022-1A, Class C, 2.488%, | |
| | 8/20/36 (144A) | 4,433,426 |
| 2,883,748 | Westgate Resorts LLC, Series 2022-1A, Class D, 3.838%, | |
| | 8/20/36 (144A) | 2,754,364 |
| 4,000,000(a) | Whitebox CLO II, Ltd., Series 2020-2A, Class ER, 7.359% | |
| | (3 Month USD LIBOR + 710 bps), 10/24/34 (144A) | 3,822,148 |
| | TOTAL ASSET BACKED SECURITIES | |
| | (Cost $361,004,460) | $ 347,880,137 |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — 15.6% of Net Assets |
| 4,629,000(d) | Angel Oak Mortgage Trust I LLC, Series 2019-1, | |
| | Class B1, 5.40%, 11/25/48 (144A) | $ 4,492,887 |
| 4,460,000(d) | Angel Oak Mortgage Trust I LLC, Series 2019-2, | |
| | Class B1, 5.016%, 3/25/49 (144A) | 4,329,289 |
| 2,120,000(a) | Bellemeade Re, Ltd., Series 2019-1A, Class B1, 4.457% | |
| | (1 Month USD LIBOR + 400 bps), 3/25/29 (144A) | 2,104,958 |
| 3,550,000(a) | Bellemeade Re, Ltd., Series 2019-1A, Class M2, 3.157% | |
| | (1 Month USD LIBOR + 270 bps), 3/25/29 (144A) | 3,514,031 |
| 840,000(a) | Bellemeade Re, Ltd., Series 2020-3A, Class B1, 6.807% | |
| | (1 Month USD LIBOR + 635 bps), 10/25/30 (144A) | 853,679 |
| 3,630,000(a) | Bellemeade Re, Ltd., Series 2020-3A, Class M2, 5.307% | |
| | (1 Month USD LIBOR + 485 bps), 10/25/30 (144A) | 3,690,135 |
| 1,450,000(a) | Bellemeade Re, Ltd., Series 2020-4A, Class B1, 5.457% | |
| | (1 Month USD LIBOR + 500 bps), 6/25/30 (144A) | 1,433,622 |
| 8,610,000(a) | Bellemeade Re, Ltd., Series 2021-3A, Class M2, 3.249% | |
| | (SOFR30A + 315 bps), 9/25/31 (144A) | 8,184,791 |
| 5,270,000(a) | Bellemeade Re, Ltd., Series 2022-1, Class M1C, 3.799% | |
| | (SOFR30A + 370 bps), 1/26/32 (144A) | 5,062,046 |
| 8,062,000(d) | BINOM Securitization Trust, Series 2022-RPL1, Class M3, | |
| | 3.00%, 2/25/61 (144A) | 7,471,949 |
| 3,684,300(d) | Brean Asset Backed Securities Trust, Series 2021-RM1, | |
| | Class A, 1.40%, 10/25/63 (144A) | 3,333,079 |
| 2,521,465 | Brean Asset Backed Securities Trust, Series 2021-RM2, | |
| | Class M1, 1.75%, 10/25/61 (144A) | 2,168,272 |
| 3,179,754(d) | Cascade Funding Mortgage Trust, Series 2019-RM3, | |
| | Class C, 4.00%, 6/25/69 (144A) | 3,083,973 |
| 2,150,000 | Cascade MH Asset Trust, Series 2021-MH1, Class B1, | |
| | 4.573%, 2/25/46 (144A) | 2,033,026 |
| 4,000,000(d) | Cascade MH Asset Trust, Series 2021-MH1, Class B3, | |
| | 7.595%, 2/25/46 (144A) | 3,551,803 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 27
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 1,250,000(d) | CFMT LLC, Series 2021-HB5, Class M4, 5.682%, | |
| | 2/25/31 (144A) | $ 1,215,808 |
| 12,000,000(d) | CFMT LLC, Series 2021-HB7, Class M4, 5.072%, | |
| | 10/27/31 (144A) | 11,497,530 |
| 6,000,000(d) | CIM Trust, Series 2019-R5, Class M3, 3.50%, 9/25/59 | |
| | (144A) | 5,839,679 |
| 2,684,656(d) | CIM Trust, Series 2021-J2, Class B2, 2.674%, 4/25/51 | |
| | (144A) | 2,456,412 |
| 3,176,680(d) | CIM Trust, Series 2021-J2, Class B3, 2.674%, 4/25/51 | |
| | (144A) | 2,910,728 |
| 5,264,850(d) | Citigroup Mortgage Loan Trust, Series 2018-RP3, | |
| | Class B2, 3.25%, 3/25/61 (144A) | 4,274,517 |
| 8,962,989(d) | Citigroup Mortgage Loan Trust, Series 2021-INV2, | |
| | Class B1W, 2.988%, 5/25/51 (144A) | 8,280,544 |
| 3,920,000(a) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
| | Class 1M2, 4.107% (1 Month USD LIBOR + | |
| | 365 bps), 2/25/40 (144A) | 3,836,766 |
| 4,940,000(a) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
| | Class 2M2, 4.107% (1 Month USD LIBOR + | |
| | 365 bps), 2/25/40 (144A) | 4,917,837 |
| 21,230,000(a) | Connecticut Avenue Securities Trust, Series 2022-R02, | |
| | Class 2B1, 4.599% (SOFR30A + | |
| | 450 bps), 1/25/42 (144A) | 20,033,208 |
| 534,696(d) | CSFB Mortgage-Backed Pass-Through Certificates, | |
| | Series 2003-17, Class B1, 5.50%, 6/25/33 | 5 |
| 2,638,958(d) | CSMC, Series 2021-RPL2, Class M3, 3.445%, | |
| | 1/25/60 (144A) | 2,213,892 |
| 11,200,000(a) | Eagle Re, Ltd., Series 2019-1, Class B1, 4.957% (1 Month | |
| | USD LIBOR + 450 bps), 4/25/29 (144A) | 11,064,228 |
| 8,922,000(a) | Eagle Re, Ltd., Series 2020-2, Class B1, 7.457% (1 Month | |
| | USD LIBOR + 700 bps), 10/25/30 (144A) | 9,058,712 |
| 10,620,000(a) | Eagle Re, Ltd., Series 2021-2, Class M2, 4.349% | |
| | (SOFR30A + 425 bps), 4/25/34 (144A) | 10,079,173 |
| 4,420,000(a) | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2018-C03, Class 1B1, 4.207% (1 Month USD | |
| | LIBOR + 375 bps), 10/25/30 | 4,364,653 |
| 1,170,000(a) | Fannie Mae Connecticut Avenue Securities, | |
| | Series 2021-R02, Class 2B2, 6.299% (SOFR30A + | |
| | 620 bps), 11/25/41 (144A) | 1,082,191 |
| 322,526 | Fannie Mae REMICS, Series 2009-36, Class HX, 4.50%, | |
| | 6/25/29 | 328,879 |
| 2,484,816(e) | Fannie Mae REMICS, Series 2020-83, Class EI, 4.00%, | |
| | 11/25/50 | 470,419 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 10,853,304(a)(e) | Federal Home Loan Mortgage Corp. REMICS, | |
| | Series 4087, Class SB, 5.633% (1 Month USD LIBOR + | |
| | 603 bps), 7/15/42 | $ 1,791,913 |
| 5,689,723(a)(e) | Federal Home Loan Mortgage Corp. REMICS, | |
| | Series 4091, Class SH, 6.153% (1 Month USD LIBOR + | |
| | 655 bps), 8/15/42 | 1,056,501 |
| 3,509,726(a)(e) | Federal National Mortgage Association REMICS, | |
| | Series 2012-14, Class SP, 6.093% (1 Month USD LIBOR | |
| | + 655 bps), 8/25/41 | 414,411 |
| 2,354,957(a)(e) | Federal National Mortgage Association REMICS, | |
| | Series 2018-43, Class SM, 5.743% (1 Month USD LIBOR | |
| | + 620 bps), 6/25/48 | 317,260 |
| 3,234,197(a)(e) | Federal National Mortgage Association REMICS, | |
| | Series 2019-33, Class S, 5.593% (1 Month USD LIBOR + | |
| | 605 bps), 7/25/49 | 293,090 |
| 2,461,011(a)(e) | Federal National Mortgage Association REMICS, | |
| | Series 2019-41, Class PS, 5.593% (1 Month USD LIBOR | |
| | + 605 bps), 8/25/49 | 387,387 |
| 2,283,134(a)(e) | Federal National Mortgage Association REMICS, | |
| | Series 2019-41, Class SM, 5.593% (1 Month USD LIBOR | |
| | + 605 bps), 8/25/49 | 342,453 |
| 236,701,484(d)(e) | Flagstar Mortgage Trust, Series 2021-4, Class AX1, | |
| | 0.214%, 6/1/51 (144A) | 2,217,041 |
| 2,800,145(e) | Freddie Mac REMICS, Series 4999, Class QI, 4.00%, | |
| | 5/25/50 | 514,108 |
| 5,692,626(e) | Freddie Mac REMICS, Series 5018, Class EI, 4.00%, | |
| | 10/25/50 | 1,050,795 |
| 3,404,344(e) | Freddie Mac REMICS, Series 5067, Class GI, 4.00%, | |
| | 12/25/50 | 656,823 |
| 1,240,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, | |
| | Class B1, 2.957% (1 Month USD LIBOR + | |
| | 250 bps), 2/25/50 (144A) | 1,168,183 |
| 2,849,333(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA3, | |
| | Class B1, 5.557% (1 Month USD LIBOR + | |
| | 510 bps), 6/25/50 (144A) | 2,949,444 |
| 6,630,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA4, | |
| | Class B1, 6.457% (1 Month USD LIBOR + | |
| | 600 bps), 8/25/50 (144A) | 6,962,471 |
| 4,120,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA4, | |
| | Class B2, 10.457% (1 Month USD LIBOR + | |
| | 1,000 bps), 8/25/50 (144A) | 4,956,786 |
| 3,585,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA5, | |
| | Class B1, 4.899% (SOFR30A + | |
| | 480 bps), 10/25/50 (144A) | 3,638,819 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 29
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 2,935,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA5, | |
| | Class B2, 11.599% (SOFR30A + | |
| | 1,150 bps), 10/25/50 (144A) | $ 3,529,686 |
| 2,910,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA6, | |
| | Class B1, 3.099% (SOFR30A + | |
| | 300 bps), 12/25/50 (144A) | 2,720,714 |
| 2,630,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA6, | |
| | Class B2, 5.749% (SOFR30A + | |
| | 565 bps), 12/25/50 (144A) | 2,419,478 |
| 3,272,631(a) | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, | |
| | Class M2, 3.557% (1 Month USD LIBOR + | |
| | 310 bps), 3/25/50 (144A) | 3,286,947 |
| 2,670,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-HQA3, | |
| | Class B2, 10.457% (1 Month USD LIBOR + | |
| | 1,000 bps), 7/25/50 (144A) | 3,177,862 |
| 3,190,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-HQA4, | |
| | Class B1, 5.707% (1 Month USD LIBOR + | |
| | 525 bps), 9/25/50 (144A) | 3,261,834 |
| 2,650,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-HQA4, | |
| | Class B2, 9.857% (1 Month USD LIBOR + | |
| | 940 bps), 9/25/50 (144A) | 3,100,574 |
| 9,920,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-DNA1, | |
| | Class B1, 2.749% (SOFR30A + | |
| | 265 bps), 1/25/51 (144A) | 8,784,291 |
| 7,075,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-DNA1, | |
| | Class B2, 4.849% (SOFR30A + | |
| | 475 bps), 1/25/51 (144A) | 6,154,064 |
| 8,025,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-DNA5, | |
| | Class B1, 3.149% (SOFR30A + | |
| | 305 bps), 1/25/34 (144A) | 7,481,708 |
| 6,410,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-HQA1, | |
| | Class B2, 5.099% (SOFR30A + | |
| | 500 bps), 8/25/33 (144A) | 5,696,045 |
| 8,890,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-HQA4, | |
| | Class B1, 3.849% (SOFR30A + | |
| | 375 bps), 12/25/41 (144A) | 7,990,288 |
| 3,650,000(a) | Freddie Mac Stacr Remic Trust, Series 2022-DNA1, | |
| | Class B1, 3.499% (SOFR30A + | |
| | 340 bps), 1/25/42 (144A) | 3,312,182 |
| 4,440,000(a) | Freddie Mac Stacr Remic Trust, Series 2022-HQA1, | |
| | Class M1B, 3.55% (SOFR30A + | |
| | 350 bps), 3/25/42 (144A) | 4,544,292 |
| 10,680,000(a) | Freddie Mac Stacr Remic Trust, Series 2022-HQA1, | |
| | Class M2, 5.30% (SOFR30A + | |
| | 525 bps), 3/25/42 (144A) | 10,878,596 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 4,580,000(a) | Freddie Mac Stacr Trust, Series 2018-HQA2, Class M2, | |
| | 2.757% (1 Month USD LIBOR + 230 bps), 10/25/48 | |
| | (144A) | $ 4,569,261 |
| 3,000,000(a) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class B1, | |
| | 4.857% (1 Month USD LIBOR + 440 bps), 2/25/49 | |
| | (144A) | 3,039,226 |
| 1,561,603(a) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class M2, | |
| | 2.507% (1 Month USD LIBOR + 205 bps), 4/25/49 | |
| | (144A) | 1,560,683 |
| 5,510,000(a) | Freddie Mac Stacr Trust, Series 2019-HRP1, Class B1, | |
| | 4.507% (1 Month USD LIBOR + 405 bps), 2/25/49 | |
| | (144A) | 5,372,187 |
| 3,630,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2017-HRP1, Class B1D, 2.957% (1 Month USD | |
| | LIBOR + 250 bps), 12/25/42 | 3,285,478 |
| 4,110,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2020-HQA5, Class B1, 4.099% (SOFR30A + | |
| | 400 bps), 11/25/50 (144A) | 4,007,177 |
| 6,250,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2020-HQA5, Class B2, 7.499% (SOFR30A + | |
| | 740 bps), 11/25/50 (144A) | 6,578,585 |
| 4,660,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2021-DNA2, Class B1, 3.499% (SOFR30A + | |
| | 340 bps), 8/25/33 (144A) | 4,339,025 |
| 2,040,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2021-DNA2, Class B2, 6.099% (SOFR30A + | |
| | 600 bps), 8/25/33 (144A) | 1,912,359 |
| 5,240,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2021-DNA7, Class B1, 3.749% (SOFR30A + | |
| | 365 bps), 11/25/41 (144A) | 4,960,830 |
| 21,610,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2022-DNA2, Class B1, 4.849% (SOFR30A + | |
| | 475 bps), 2/25/42 (144A) | 20,231,381 |
| 171,915 | Global Mortgage Securitization, Ltd., Series 2004-A, | |
| | Class B2, 5.25%, 11/25/32 (144A) | 1,429 |
| 1,390,859 | Government National Mortgage Association, | |
| | Series 2009-83, Class EB, 4.50%, 9/20/39 | 1,465,809 |
| 2,454,392(a)(e) | Government National Mortgage Association, | |
| | Series 2019-103, Class SB, 5.601% (1 Month USD | |
| | LIBOR + 605 bps), 8/20/49 | 311,892 |
| 12,987,855(e) | Government National Mortgage Association, | |
| | Series 2019-110, Class PI, 3.50%, 9/20/49 | 1,336,146 |
| 20,294,267(a)(e) | Government National Mortgage Association, | |
| | Series 2019-117, Class SB, 2.971% (1 Month USD | |
| | LIBOR + 342 bps), 9/20/49 | 1,160,576 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 31
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 20,190,312(a)(e) | Government National Mortgage Association, | |
| | Series 2019-121, Class SA, 2.901% (1 Month USD | |
| | LIBOR + 335 bps), 10/20/49 | $ 1,309,766 |
| 30,089,938(e) | Government National Mortgage Association, | |
| | Series 2019-128, Class IB, 3.50%, 10/20/49 | 4,557,220 |
| 31,225,569(e) | Government National Mortgage Association, | |
| | Series 2019-128, Class ID, 3.50%, 10/20/49 | 3,237,879 |
| 13,592,536(e) | Government National Mortgage Association, | |
| | Series 2019-159, Class CI, 3.50%, 12/20/49 | 2,136,176 |
| 8,821,616(a)(e) | Government National Mortgage Association, | |
| | Series 2019-90, Class SA, 2.851% (1 Month USD |
| | LIBOR + 330 bps), 7/20/49 | 437,347 |
| 2,300,767(e) | Government National Mortgage Association, | |
| | Series 2020-15, Class IM, 3.50%, 2/20/50 | 343,149 |
| 5,632,843(e) | Government National Mortgage Association, | |
| | Series 2020-7, Class CI, 3.50%, 1/20/50 | 979,053 |
| 16,980,553(a)(e) | Government National Mortgage Association, | |
| | Series 2020-9, Class SA, 2.901% (1 Month USD |
| | LIBOR + 335 bps), 1/20/50 | 935,759 |
| 374,029 | Government National Mortgage Association, | |
| | Series 2012-130, Class PA, 3.00%, 4/20/41 | 376,707 |
| 2,509,833(d) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2019-PJ3, Class B4, 3.986%, 3/25/50 (144A) | 2,451,471 |
| 1,490,000(d) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2019-PJ3, Class B5, 3.986%, 3/25/50 (144A) | 1,441,119 |
| 4,900,000(d) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2021-RPL1, Class B1, 2.75%, 12/25/60 (144A) | 4,428,017 |
| 1,987,199(d) | GS Mortgage-Backed Securities Trust, | |
| | Series 2021-GR3, Class B2, 3.395%, 4/25/52 (144A) | 1,794,627 |
| 2,618,098(d) | GS Mortgage-Backed Securities Trust, | |
| | Series 2021-PJ9, Class B3, 2.94%, 2/26/52 (144A) | 2,270,652 |
| 2,993,555(d) | GS Mortgage-Backed Securities Trust, | |
| | Series 2022-MM1, Class B3, 2.82%, 7/25/52 (144A) | 2,585,750 |
| 4,771,512(d) | GS Mortgage-Backed Securities Trust, | |
| | Series 2022-PJ1, Class B3, 2.837%, 5/28/52 (144A) | 4,091,742 |
| 2,870,000(a) | Home Re Ltd., Series 2020-1, Class M2, 5.707% | |
| | (1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | 2,898,135 |
| 5,640,000(a) | Home Re Ltd., Series 2021-1, Class M2, 3.307% | |
| | (1 Month USD LIBOR + 285 bps), 7/25/33 (144A) | 5,184,990 |
| 1,220,000(a) | Home Re, Ltd., Series 2020-1, Class B1, 7.457% | |
| | (1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 1,246,054 |
| 84,394,760(d)(e) | Hundred Acre Wood Trust, Series 2021-INV1, Class AX1, | |
| | 0.231%, 7/25/51 (144A) | 754,303 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 2,677,433(d) | Hundred Acre Wood Trust, Series 2021-INV1, Class B2, | |
| | 3.231%, 7/25/51 (144A) | $ 2,392,538 |
| 4,350,000(d) | Imperial Fund Mortgage Trust, Series 2021-NQM2, | |
| | Class B2, 4.353%, 9/25/56 (144A) | 3,798,882 |
| 931,000(d) | JP Morgan Mortgage Trust, Series 2018-7FRB, Class B5, | |
| | 2.106%, 4/25/46 (144A) | 871,413 |
| 152,563,780(d)(e) | JP Morgan Mortgage Trust, Series 2021-10, Class AX1, | |
| | 0.13%, 12/25/51 (144A) | 804,179 |
| 8,861,594(d) | JP Morgan Mortgage Trust, Series 2021-10, Class B1, | |
| | 2.817%, 12/25/51 (144A) | 7,836,029 |
| 4,668,110(d) | JP Morgan Mortgage Trust, Series 2021-14, Class B1, | |
| | 3.167%, 5/25/52 (144A) | 4,268,432 |
| 3,084,134(d) | JP Morgan Mortgage Trust, Series 2021-15, Class B1, | |
| | 3.125%, 6/25/52 (144A) | 2,807,791 |
| 6,656,870(d) | JP Morgan Mortgage Trust, Series 2021-7, Class B3, | |
| | 2.82%, 11/25/51 (144A) | 5,517,475 |
| 135,194,665(d)(e) | JP Morgan Mortgage Trust, Series 2021-8, Class AX1, | |
| | 0.127%, 12/25/51 (144A) | 672,296 |
| 8,539,483(d) | JP Morgan Mortgage Trust, Series 2021-8, Class B3, | |
| | 2.869%, 12/25/51 (144A) | 7,091,332 |
| 2,055,122(d) | JP Morgan Mortgage Trust, Series 2021-INV1, Class B3, | |
| | 2.99%, 10/25/51 (144A) | 1,726,667 |
| 1,748,227(d) | JP Morgan Mortgage Trust, Series 2021-INV1, Class B4, | |
| | 2.99%, 10/25/51 (144A) | 1,221,696 |
| 4,145,727(d) | JP Morgan Mortgage Trust, Series 2021-INV4, Class B2, | |
| | 3.232%, 1/25/52 (144A) | 3,663,896 |
| 4,367,820(d) | JP Morgan Mortgage Trust, Series 2021-INV4, Class B3, | |
| | 3.232%, 1/25/52 (144A) | 3,722,553 |
| 4,656,209(d) | JP Morgan Mortgage Trust, Series 2021-INV6, Class A5A, | |
| | 2.50%, 4/25/52 (144A) | 4,263,993 |
| 6,177,684(d) | JP Morgan Mortgage Trust, Series 2022-1, Class B1, | |
| | 3.105%, 7/25/52 (144A) | 5,609,609 |
| 4,750,000(d) | JP Morgan Mortgage Trust, Series 2022-3, Class B3, | |
| | 3.122%, 8/25/52 (144A) | 4,035,489 |
| 8,764,819(d) | JP Morgan Mortgage Trust, Series 2022-INV1, Class B3, | |
| | 3.302%, 3/25/52 (144A) | 7,704,918 |
| 6,204,000(d) | JP Morgan Mortgage Trust, Series 2022-INV3, Class B3, | |
| | 3.401%, 9/25/52 (144A) | 5,288,249 |
| 6,833,751(a) | JPMorgan Chase Bank NA - CHASE, Series 2020-CL1, | |
| | Class M3, 3.807% (1 Month USD LIBOR + | |
| | 335 bps), 10/25/57 (144A) | 6,923,584 |
| 2,597,390(a) | JPMorgan Chase Bank NA - JPMWM, Series 2021-CL1, | |
| | Class M3, 1.899% (SOFR30A + | |
| | 180 bps), 3/25/51 (144A) | 2,527,622 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 33
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | | |
| | OBLIGATIONS — (continued) | | |
| 2,304,726(a) | JPMorgan Chase Bank NA - JPMWM, Series 2021-CL1, | |
| | Class M4, 2.849% (SOFR30A + | | |
| | 275 bps), 3/25/51 (144A) | $ 2,222,522 |
| 1,213,111 | La Hipotecaria El Salvadorian Mortgage Trust, | | |
| | Series 2016-1A, Class A, 3.358%, 1/15/46 (144A) | | 1,264,668 |
| 2,217,407 | La Hipotecaria Mortgage Trust, Series 2019-2A, | | |
| | Class BBB, 4.75%, 9/29/46 (144A) | | 2,245,125 |
| 390,956(a) | La Hipotecaria Panamanian Mortgage Trust, | | |
| | Series 2010-1GA, Class A, 2.75% (Panamanian |
| | Mortgage Reference Rate -300 bps), 9/8/39 (144A) | 397,797 |
| 7,028,329 | La Hipotecaria Panamanian Mortgage Trust, | | |
| | Series 2021-1, Class GA, 4.35%, 7/13/52 (144A) | | 7,098,612 |
| 3,172,660(d) | Mello Mortgage Capital Acceptance, Series 2021-MTG1, | |
| | Class B2, 2.652%, 4/25/51 (144A) | | 2,750,909 |
| 4,112,461(d) | Mello Mortgage Capital Acceptance, Series 2021-MTG2, | |
| | Class B2, 2.682%, 6/25/51 (144A) | | 3,577,725 |
| 4,391,391(d) | MFA Trust, Series 2021-AEI2, Class B3, 3.299%, 10/25/51 | |
| | (144A) | | 3,883,290 |
| 7,172,000(d) | MFA Trust, Series 2021-RPL1, Class M2, 2.855%, 7/25/60 | |
| | (144A) | | 6,501,711 |
| 6,145,000(d) | Mill City Mortgage Loan Trust, Series 2019-GS1, | | |
| | Class M3, 3.25%, 7/25/59 (144A) | | 5,695,757 |
| 1,377,814(d) | Morgan Stanley Residential Mortgage Loan Trust, | | |
| | Series 2021-1, Class B3, 2.951%, 3/25/51 (144A) | | 1,192,719 |
| 6,374,959(d) | Morgan Stanley Residential Mortgage Loan Trust, | | |
| | Series 2021-2, Class B2, 2.904%, 5/25/51 (144A) | | 5,607,402 |
| 9,088,994(a) | New Residential Mortgage Loan Trust, Series 2020-2A, | |
| | Class B4A, 2.687% (1 Month USD LIBOR + | | |
| | 250 bps), 10/25/46 (144A) | | 8,950,259 |
| 13,903,950(d) | New Residential Mortgage Loan Trust, Series 2020-RPL1, | |
| | Class B1, 3.877%, 11/25/59 (144A) | | 12,899,169 |
| 3,500,000 | NYMT Loan Trust, Series 2022-CP1, Class M2, 3.514%, | |
| | 7/25/61 (144A) | | 3,323,158 |
| 2,630,000(a) | Oaktown Re V, Ltd., Series 2020-2A, Class M2, 5.707% | |
| | (1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | | 2,647,588 |
| 2,802,042(d) | Oceanview Mortgage Trust, Series 2021-1, Class B2, | |
| | 2.733%, 5/25/51 (144A) | | 2,472,376 |
| 3,182,153(d) | Oceanview Mortgage Trust, Series 2021-1, Class B3A, | |
| | 3.246%, 6/25/51 (144A) | | 2,810,931 |
| 2,588,588(d) | Oceanview Mortgage Trust, Series 2021-3, Class B3, | |
| | 2.724%, 6/25/51 (144A) | | 2,132,271 |
| 1,953,865(d) | PRMI Securitization Trust, Series 2021-1, Class B2, | | |
| | 2.479%, 4/25/51 (144A) | | 1,674,917 |
| 3,726,020(d) | PRMI Securitization Trust, Series 2021-1, Class B3, | | |
| | 2.479%, 4/25/51 (144A) | | 3,126,231 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | | |
| | OBLIGATIONS — (continued) | | |
| 2,922,128(d) | Provident Funding Mortgage Trust, Series 2021-1, | | |
| | Class B1, 2.385%, 4/25/51 (144A) | $ 2,586,835 |
| 2,837,096(d) | Provident Funding Mortgage Trust, Series 2021-2, | | |
| | Class B2, 2.365%, 4/25/51 (144A) | | 2,408,482 |
| 2,900,963(d) | Provident Funding Mortgage Trust, Series 2021-INV1, | |
| | Class B3, 2.781%, 8/25/51 (144A) | | 2,495,923 |
| 2,415,186(d) | Provident Funding Mortgage Trust, Series 2021-J1, | | |
| | Class B2, 2.639%, 10/25/51 (144A) | | 2,120,082 |
| 3,541,944(d) | Provident Funding Mortgage Trust, Series 2021-J1, | | |
| | Class B3, 2.639%, 10/25/51 (144A) | | 3,031,101 |
| 870,000(a) | Radnor Re, Ltd., Series 2020-2, Class B1, 8.057% | | |
| | (1 Month USD LIBOR + 760 bps), 10/25/30 (144A) | | 879,868 |
| 4,680,000(a) | Radnor Re, Ltd., Series 2021-2, Class M2, 5.099% | | |
| | (SOFR30A + 500 bps), 11/25/31 (144A) | | 4,428,583 |
| 3,472,779(d) | Rate Mortgage Trust, Series 2021-HB1, Class B2, | | |
| | 2.708%, 12/25/51 (144A) | | 3,014,242 |
| 1,899,114(d) | Rate Mortgage Trust, Series 2021-HB1, Class B3, | | |
| | 2.708%, 12/25/51 (144A) | | 1,601,718 |
| 4,421,018(d) | Rate Mortgage Trust, Series 2021-J1, Class B2, 2.708%, | |
| | 7/25/51 (144A) | | 3,892,776 |
| 1,807,618(d) | Rate Mortgage Trust, Series 2021-J1, Class B3, 2.708%, | |
| | 7/25/51 (144A) | | 1,449,514 |
| 2,319,513(d) | Rate Mortgage Trust, Series 2021-J3, Class B3, 2.715%, | |
| | 10/25/51 (144A) | | 1,980,711 |
| 1,723,000(d) | Rate Mortgage Trust, Series 2021-J4, Class B4, 2.634%, | |
| | 11/25/51 (144A) | | 952,106 |
| 4,092,302(d) | Rate Mortgage Trust, Series 2022-J1, Class B3, 2.751%, | |
| | 1/25/52 (144A) | | 3,867,225 |
| 2,052,895(d) | RCKT Mortgage Trust, Series 2021-2, Class B3, 2.565%, | |
| | 6/25/51 (144A) | | 1,736,016 |
| 3,000,000(d) | RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, | |
| | 4.704%, 11/25/31 (144A) | | 2,833,800 |
| 6,000,000(d) | RMF Buyout Issuance Trust, Series 2021-HB1, Class M5, | |
| | 6.00%, 11/25/31 (144A) | | 5,646,000 |
| 3,159,589(d) | Sequoia Mortgage Trust, Series 2021-1, Class B3, 2.665%, | |
| | 3/25/51 (144A) | | 2,622,628 |
| 1,188,986(d) | Sequoia Mortgage Trust, Series 2021-2, Class B4, 2.553%, | |
| | 4/25/51 (144A) | | 766,898 |
| 1,219,376(d) | Sequoia Mortgage Trust, Series 2021-3, Class B4, 2.654%, | |
| | 5/25/51 (144A) | | 797,973 |
| 2,479,045(d) | Sequoia Mortgage Trust, Series 2021-4, Class B4, 2.67%, | |
| | 6/25/51 (144A) | | 1,623,892 |
| 1,551,029(d) | Sequoia Mortgage Trust, Series 2021-5, Class B4, 3.054%, | |
| | 7/25/51 (144A) | | 1,073,283 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 35
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 1,783,000(d) | Sequoia Mortgage Trust, Series 2021-9, Class B4, | |
| | 2.867%, 1/25/52 (144A) | $ 1,055,529 |
| 2,743,712(d) | Sequoia Mortgage Trust, Series 2022-1, Class B4, | |
| | 2.949%, 2/25/52 (144A) | 1,864,102 |
| 4,541,885(a) | STACR Trust, Series 2018-DNA3, Class B1, 4.357% | |
| | (1 Month USD LIBOR + 390 bps), 9/25/48 (144A) | 4,451,083 |
| 4,550,000(a) | STACR Trust, Series 2018-HRP2, Class B1, 4.657% | |
| | (1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 4,413,581 |
| 11,300,000(d) | Towd Point Mortgage Trust, Series 2015-2, Class 1B3, | |
| | 3.306%, 11/25/60 (144A) | 10,699,628 |
| 2,122,000(d) | Towd Point Mortgage Trust, Series 2017-1, Class B2, | |
| | 3.752%, 10/25/56 (144A) | 2,071,328 |
| 5,000,000(d) | Towd Point Mortgage Trust, Series 2017-1, Class B3, | |
| | 3.752%, 10/25/56 (144A) | 4,786,712 |
| 6,374,998(d) | Towd Point Mortgage Trust, Series 2017-3, Class B3, | |
| | 3.828%, 7/25/57 (144A) | 6,153,240 |
| 3,750,000(d) | Towd Point Mortgage Trust, Series 2019-4, Class M2B, | |
| | 3.25%, 10/25/59 (144A) | 3,440,773 |
| 5,750,000(d) | Towd Point Mortgage Trust, Series 2021-1, Class M2, | |
| | 3.50%, 11/25/61 (144A) | 5,412,449 |
| 9,783,960(d) | Towd Point Mortgage Trust, Series 2021-R1, Class A1, | |
| | 2.918%, 11/30/60 (144A) | 9,519,118 |
| 830,000(a) | Traingle Re, Ltd., Series 2020-1, Class B1, 8.207% | |
| | (1 Month USD LIBOR + 775 bps), 10/25/30 (144A) | 842,669 |
| 2,290,000(a) | Traingle Re, Ltd., Series 2020-1, Class M2, 6.057% | |
| | (1 Month USD LIBOR + 560 bps), 10/25/30 (144A) | 2,301,233 |
| 1,830,000(a) | Traingle Re, Ltd., Series 2021-1, Class B1, 4.957% | |
| | (1 Month USD LIBOR + 450 bps), 8/25/33 (144A) | 1,828,879 |
| 3,370,000(a) | Traingle Re, Ltd., Series 2021-1, Class M1C, 3.857% | |
| | (1 Month USD LIBOR + 340 bps), 8/25/33 (144A) | 3,372,557 |
| 11,400,000(a) | Traingle Re, Ltd., Series 2021-1, Class M2, 4.357% | |
| | (1 Month USD LIBOR + 390 bps), 8/25/33 (144A) | 11,363,583 |
| 3,500,000(a) | Triangle Re, Ltd., Series 2021-3, Class B1, 5.049% | |
| | (SOFR30A + 495 bps), 2/25/34 (144A) | 3,341,920 |
| 3,576,147(d) | UWM Mortgage Trust, Series 2021-INV4, Class B1, | |
| | 3.234%, 12/25/51 (144A) | 3,216,878 |
| 7,102,625(d) | UWM Mortgage Trust, Series 2021-INV4, Class B2, | |
| | 3.234%, 12/25/51 (144A) | 6,365,477 |
| 1,200,000(d) | Verus Securitization Trust, Series 2020-2, Class B1, | |
| | 5.36%, 5/25/60 (144A) | 1,178,930 |
| 250,000(d) | Verus Securitization Trust, Series 2020- INV1, Class B1, | |
| | 5.75%, 3/25/60 (144A) | 249,978 |
| 340,000(d) | Verus Securitization Trust, Series 2020- INV1, Class B2, | |
| | 6.00%, 3/25/60 (144A) | 336,917 |
The accompanying notes are an integral part of these financial statements.
36 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 800,000(d) | Visio Trust, Series 2019-2, Class B1, 3.91%, 11/25/54 | |
| | (144A) | $ 768,130 |
| 2,965,000 | ZH Trust, Series 2021-1, Class B, 3.262%, | |
| | 2/18/27 (144A) | 2,845,155 |
| 5,770,000 | ZH Trust, Series 2021-2, Class B, 3.506%, 10/17/27 | |
| | (144A) | 5,505,146 |
| | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |
| | (Cost $761,511,401) | $ 686,299,158 |
| | COMMERCIAL MORTGAGE-BACKED |
| | SECURITIES — 9.1% of Net Assets | |
| 5,800,000(a) | Alen Mortgage Trust, Series 2021-ACEN, Class E, 4.397% | |
| | (1 Month USD LIBOR + 400 bps), 4/15/34 (144A) | $ 5,672,089 |
| 3,600,000(a) | AREIT Trust, Series 2022-CRE6, Class D, 2.90% | |
| | (SOFR30A + 285 bps), 12/17/24 (144A) | 3,528,702 |
| 2,000,000(a) | BAMLL Commercial Mortgage Securities Trust, | |
| | Series 2021-JACX, Class E, 4.147% (1 Month USD | |
| | LIBOR + 375 bps), 9/15/38 (144A) | 1,963,301 |
| 6,231,064(e)(f) | Bayview Commercial Asset Trust, Series 2007-2A, | |
| | Class IO, 0.000%, 7/25/37 (144A) | 1 |
| 4,500,000 | Benchmark Mortgage Trust, Series 2018-B5, Class A3, | |
| | 3.944%, 7/15/51 | 4,615,926 |
| 2,025,000(d) | Benchmark Mortgage Trust, Series 2020-IG3, Class B, | |
| | 3.289%, 9/15/48 (144A) | 1,891,395 |
| 2,000,000(a) | BSREP Commercial Mortgage Trust, Series 2021-DC, | |
| | Class G, 4.247% (1 Month USD LIBOR + | |
| | 385 bps), 8/15/38 (144A) | 1,927,722 |
| 4,325,000(a) | BX Commercial Mortgage Trust, Series 2021-VOLT, | |
| | Class F, 2.797% (1 Month USD LIBOR + 240 bps), | |
| | 9/15/36 (144A) | 4,171,654 |
| 5,375,000(a) | BX Commercial Mortgage Trust, Series 2021-VOLT, | |
| | Class G, 3.247% (1 Month USD LIBOR + 285 bps), | |
| | 9/15/36 (144A) | 5,164,119 |
| 24,700,000(a) | BX Trust, Series 2021-ARIA, Class E, 2.642% | |
| | (1 Month USD LIBOR + 224 bps), 10/15/36 (144A) | 24,049,982 |
| 4,500,000(a) | Capital Funding Mortgage Trust, Series 2021-19, | |
| | Class B, 16.46% (1 Month USD LIBOR + | |
| | 1,521 bps), 11/6/23 (144A) | 4,462,452 |
| 4,138,077 | CFCRE Commercial Mortgage Trust, Series 2016-C3, | |
| | Class A2, 3.597%, 1/10/48 | 4,144,012 |
| 2,500,000 | CFCRE Commercial Mortgage Trust, Series 2018-TAN, | |
| | Class D, 6.099%, 2/15/33 (144A) | 2,504,480 |
| 1,500,000(a) | CGDB Commercial Mortgage Trust, Series 2019-MOB, | |
| | Class F, 2.947% (1 Month USD LIBOR + | |
| | 255 bps), 11/15/36 (144A) | 1,439,654 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 37
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 3,700,000(a) | CGDB Commercial Mortgage Trust, Series 2019-MOB, | |
| | Class G, 3.388% (1 Month USD LIBOR + | |
| | 299 bps), 11/15/36 (144A) | $ 3,524,040 |
| 9,580,074(a) | CHC Commercial Mortgage Trust, Series 2019-CHC, | |
| | Class E, 2.747% (1 Month USD LIBOR + 235 bps), | |
| | 6/15/34 (144A) | 9,233,520 |
| 3,500,000 | Citigroup Commercial Mortgage Trust, Series 2018-B2, | |
| | Class A3, 3.744%, 3/10/51 | 3,516,205 |
| 795,000 | Citigroup Commercial Mortgage Trust, | |
| | Series 2020-GC46, Class A5, 2.717%, 2/15/53 | 756,810 |
| 2,470,000(a) | CLNY Trust, Series 2019-IKPR, Class E, 3.118% | |
| | (1 Month USD LIBOR + 272 bps), 11/15/38 (144A) | 2,401,967 |
| 5,897,943(a) | Cold Storage Trust, Series 2020-ICE5, Class D, 2.497% | |
| | (1 Month USD LIBOR + 210 bps), 11/15/37 (144A) | 5,831,597 |
| 5,615,000(d) | COLEM Mortgage Trust, Series 2022-HLNE, Class D, | |
| | 2.543%, 4/12/42 (144A) | 4,888,610 |
| 2,484,000(d) | COMM Mortgage Trust, Series 2015-CR24, Class D, | |
| | 3.463%, 8/10/48 | 2,237,530 |
| 5,227,225(d) | COMM Mortgage Trust, Series 2015-DC1, Class B, | |
| | 4.035%, 2/10/48 | 5,172,613 |
| 2,272,912 | COMM Mortgage Trust, Series 2016-CR28, Class AHR, | |
| | 3.651%, 2/10/49 | 2,269,869 |
| 7,650,000(d) | COMM Mortgage Trust, Series 2020-CBM, Class E, | |
| | 3.633%, 2/10/37 (144A) | 7,062,218 |
| 3,912,000(d) | COMM Mortgage Trust, Series 2020-CBM, Class F, | |
| | 3.633%, 2/10/37 (144A) | 3,515,283 |
| 3,750,000 | COMM Mortgage Trust, Series 2020-CX, Class A, | |
| | 2.173%, 11/10/46 (144A) | 3,348,015 |
| 7,000,000(a) | Credit Suisse Mortgage Capital Certificates, | |
| | Series 2019-ICE4, Class E, 2.547% (1 Month USD |
| | LIBOR + 215 bps), 5/15/36 (144A) | 6,868,559 |
| 4,083,017(d) | CSAIL Commercial Mortgage Trust, Series 2015-C1, | |
| | Class C, 4.261%, 4/15/50 | 3,682,326 |
| 2,680,000(d) | CSAIL Commercial Mortgage Trust, Series 2015-C4, | |
| | Class D, 3.561%, 11/15/48 | 2,492,367 |
| 1,500,000(d) | CSAIL Commercial Mortgage Trust, Series 2016-C6, | |
| | Class D, 4.921%, 1/15/49 (144A) | 1,309,074 |
| 4,106,000 | DBGS Mortgage Trust, Series 2018-C1, Class 7EB, | |
| | 5.237%, 9/15/31 (144A) | 4,097,713 |
| 1,455,000(a) | Freddie Mac Multifamily Structured Credit Risk, | |
| | Series 2021-MN1, Class B1, 7.849% (SOFR30A + |
| | 775 bps), 1/25/51 (144A) | 1,556,354 |
| 2,750,000(a) | Freddie Mac Multifamily Structured Credit Risk, | |
| | Series 2021-MN1, Class M2, 3.849% (SOFR30A + |
| | 375 bps), 1/25/51 (144A) | 2,608,819 |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 6,000,000(a) | Freddie Mac Multifamily Structured Credit Risk, | |
| | Series 2021-MN3, Class M2, 4.099% (SOFR30A + |
| | 400 bps), 11/25/51 (144A) | $ 5,707,540 |
| 2,340,000(d) | FREMF Mortgage Trust, Series 2017-K66, Class B, | |
| | 4.036%, 7/25/27 (144A) | 2,361,628 |
| 4,500,000(d) | FREMF Mortgage Trust, Series 2017-KW02, Class B, | |
| | 3.791%, 12/25/26 (144A) | 4,332,559 |
| 2,800,000(d) | FREMF Mortgage Trust, Series 2017-KW03, Class B, | |
| | 4.064%, 7/25/27 (144A) | 2,750,665 |
| 2,300,000(d) | FREMF Mortgage Trust, Series 2018-K154, Class B, | |
| | 4.024%, 11/25/32 (144A) | 2,230,440 |
| 1,875,000(d) | FREMF Mortgage Trust, Series 2018-K157, Class B, | |
| | 4.303%, 8/25/33 (144A) | 1,855,523 |
| 3,534,000(d) | FREMF Mortgage Trust, Series 2018-KBX1, Class B, | |
| | 3.576%, 1/25/26 (144A) | 3,387,215 |
| 6,364,000(d) | FREMF Mortgage Trust, Series 2018-KHG1, Class B, | |
| | 3.812%, 12/25/27 (144A) | 6,088,545 |
| 2,353,008(a) | FREMF Mortgage Trust, Series 2018-KSW4, Class C, | |
| | 5.241% (1 Month USD LIBOR + 500 bps), 10/25/28 | 2,264,237 |
| 975,000(d) | FREMF Mortgage Trust, Series 2018-KW07, Class B, | |
| | 4.082%, 10/25/31 (144A) | 956,316 |
| 2,900,000(d) | FREMF Mortgage Trust, Series 2019-K88, Class C, | |
| | 4.382%, 2/25/52 (144A) | 2,929,172 |
| 6,650,687(d) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, | |
| | 7.60%, 10/25/27 (144A) | 5,520,098 |
| 8,500,000(a) | FREMF Mortgage Trust, Series 2019-KS12, Class C, | |
| | 7.141% (1 Month USD LIBOR + 690 bps), 8/25/29 | 7,518,796 |
| 3,900,000(d) | FREMF Mortgage Trust, Series 2020-K106, Class B, | |
| | 3.585%, 3/25/53 (144A) | 3,778,008 |
| 4,736,922(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, | |
| | 6.491% (1 Month USD LIBOR + 625 bps), | |
| | 1/25/27 (144A) | 4,825,457 |
| 3,996,564(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, | |
| | 9.241% (1 Month USD LIBOR + 900 bps), | |
| | 7/25/30 (144A) | 4,101,183 |
| 5,000,000(g) | FREMF Mortgage Trust, Series 2021-K131, | |
| | Class D, 0.000%, 9/25/54 (144A) | 2,536,888 |
| 81,584,964 | FREMF Mortgage Trust, Series 2021-K131, | |
| | Class X2A, 0.10%, 9/25/54 (144A) | 596,696 |
| 18,374,996 | FREMF Mortgage Trust, Series 2021-K131, | |
| | Class X2B, 0.10%, 9/25/54 (144A) | 123,039 |
| 10,000,000(g) | FREMF Mortgage Trust, Series 2021-KG05, Class C, | |
| | 0.000%, 1/25/31 (144A) | 4,915,590 |
| 123,332,856 | FREMF Mortgage Trust, Series 2021-KG05, | |
| | Class X2A, 0.10%, 1/25/31 (144A) | 828,649 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 39
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 10,000,000 | FREMF Mortgage Trust, Series 2021-KG05, | |
| | Class X2B, 0.10%, 1/25/31 (144A) | $ 60,039 |
| 23,937,230(d) | FRESB Mortgage Trust, Series 2020-SB79, | |
| | Class X1, 1.102%, 7/25/40 | 1,450,407 |
| 7,310,000(a) | Great Wolf Trust, Series 2019-WOLF, Class E, 3.129% | |
| | (1 Month USD LIBOR + 273 bps), 12/15/36 (144A) | 7,008,453 |
| 6,000,000(a) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |
| | Class E, 2.897% (1 Month USD LIBOR + 250 bps), | |
| | 12/15/36 (144A) | 5,869,397 |
| 5,200,000(a) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |
| | Class G, 4.397% (1 Month USD LIBOR + | |
| | 400 bps), 12/15/36 (144A) | 4,904,230 |
| 2,200,000(a) | GS Mortgage Securities Corp. Trust, Series 2021-IP, | |
| | Class E, 3.947% (1 Month USD LIBOR + | |
| | 355 bps), 10/15/36 (144A) | 2,138,973 |
| 4,750,000 | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | Series 2018-WPT, Class BFX, 4.549%, 7/5/33 (144A) | 4,796,025 |
| 3,750,000(a) | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | Series 2019-BKWD, Class E, 2.997% (1 Month USD | |
| | LIBOR + 260 bps), 9/15/29 (144A) | 3,606,651 |
| 3,590,000(a) | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | Series 2019-MFP, Class D, 2.057% (1 Month USD |
| | LIBOR + 166 bps), 7/15/36 (144A) | 3,502,070 |
| 1,500,000(a) | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | Series 2019-MFP, Class E, 2.557% (1 Month USD |
| | LIBOR + 216 bps), 7/15/36 (144A) | 1,458,875 |
| 11,650,000(d) | JP Morgan Chase Commercial Mortgage Securities Trust, | |
| | Series 2020-LOOP, Class F, 3.861%, 12/5/38 (144A) | 9,893,526 |
| 5,600,000 | Key Commercial Mortgage Securities Trust, | |
| | Series 2019-S2, Class A3, 3.469%, 6/15/52 (144A) | 5,413,076 |
| 3,100,000(a) | KNDL Mortgage Trust, Series 2019-KNSQ, | |
| | Class F, 2.397% (1 Month USD LIBOR + 200 bps), | |
| | 5/15/36 (144A) | 3,017,940 |
| 34,000,000(a) | Med Trust, Series 2021-MDLN, Class F, 4.397% | |
| | (1 Month USD LIBOR + 400 bps), 11/15/38 (144A) | 33,189,392 |
| 4,000,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, | |
| | Series 2015-C20, Class C, 4.453%, 2/15/48 | 3,897,614 |
| 1,250,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, | |
| | Series 2015-C24, Class C, 4.343%, 5/15/48 | 1,217,245 |
| 2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust, | |
| | Series 2017-C33, Class D, 3.356%, 5/15/50 (144A) | 1,734,194 |
| 3,350,000 | Morgan Stanley Capital I Trust, Series 2014-150E, | |
| | Class AS, 4.012%, 9/9/32 (144A) | 3,274,259 |
| 3,040,000 | Morgan Stanley Capital I Trust, Series 2016-UBS9, | |
| | Class D, 3.00%, 3/15/49 (144A) | 2,683,988 |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 2,000,000(d) | Morgan Stanley Capital I Trust, Series 2018-MP, | |
| | Class A, 4.276%, 7/11/40 (144A) | $ 2,044,500 |
| 11,900,000(a) | Multifamily Connecticut Avenue Securities Trust, | |
| | Series 2019-01, Class M10, 3.707% (1 Month USD | |
| | LIBOR + 325 bps), 10/15/49 (144A) | 11,257,927 |
| 1,030,000(d) | Natixis Commercial Mortgage Securities Trust, | |
| | Series 2019-FAME, Class D, 4.398%, 8/15/36 (144A) | 942,508 |
| 3,190,000 | Palisades Center Trust, Series 2016-PLSD, Class A, | |
| | 2.713%, 4/13/33 (144A) | 2,938,774 |
| 7,050,000(d) | RBS Commercial Funding, Inc. Trust, Series 2013-SMV, | |
| | Class E, 3.584%, 3/11/31 (144A) | 6,898,303 |
| 5,600,000(a) | Ready Capital Mortgage Financing LLC, Series 2021-FL7, | |
| | Class D, 3.407% (1 Month USD LIBOR + | |
| | 295 bps), 11/25/36 (144A) | 5,508,269 |
| 5,230,000(a) | Ready Capital Mortgage Financing LLC, Series 2022-FL8, | |
| | Class D, 3.806% (SOFR30A + | |
| | 370 bps), 1/25/37 (144A) | 5,224,229 |
| 2,500,000(a) | Ready Capital Mortgage Financing LLC, Series 2022-FL8, | |
| | Class E, 4.356% (SOFR30A + | |
| | 425 bps), 1/25/37 (144A) | 2,497,236 |
| 2,659,000(d) | Ready Capital Mortgage Trust, Series 2019-5, Class C, | |
| | 5.054%, 2/25/52 (144A) | 2,632,132 |
| 5,400,000(d) | Ready Capital Mortgage Trust, Series 2019-5, Class E, | |
| | 5.489%, 2/25/52 (144A) | 5,267,164 |
| 6,450,000(a) | Ready Captial Mortgage Financing LLC, Series 2019-FL3, | |
| | Class D, 3.357% (1 Month USD LIBOR + | |
| | 290 bps), 3/25/34 (144A) | 6,295,639 |
| 2,403,000(d) | ReadyCap Commercial Mortgage Trust, Series 2019-6, | |
| | Class C, 4.127%, 10/25/52 (144A) | 2,289,398 |
| 8,350,000 | SLG Office Trust, Series 2021-OVA, Class E, 2.851%, | |
| | 7/15/41 (144A) | 7,147,824 |
| 12,900,000 | SLG Office Trust, Series 2021-OVA, Class F, 2.851%, | |
| | 7/15/41 (144A) | 10,493,518 |
| 1,755,427(a) | SLIDE, Series 2018-FUN, Class E, 2.947% (1 Month USD | |
| | LIBOR + 255 bps), 6/15/31 (144A) | 1,702,155 |
| 3,000,000(d) | Soho Trust, Series 2021-SOHO, Class A, 2.697%, 8/10/38 | |
| | (144A) | 2,705,215 |
| 67,584,000(d) | UBS Commercial Mortgage Trust, Series 2018-C9, | |
| | Class XB, 0.324%, 3/15/51 | 1,380,592 |
| 3,912,000(d) | UBS-Barclays Commercial Mortgage Trust, | |
| | Series 2013-C6, Class B, 3.875%, 4/10/46 (144A) | 3,863,239 |
| 2,400,000(a) | XCALI Mortgage Trust, Series 2020-5, Class A, 4.25% | |
| | (1 Month USD LIBOR + 325 bps), 10/15/23 (144A) | 2,398,139 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 41
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 5,200,000(a) | XCALI Mortgage Trust, Series 2021-CT2, Class A, 3.25% | |
| | (1 Month USD LIBOR + 225 bps), 4/6/23 (144A) | $ 5,166,701 |
| | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |
| | (Cost $417,718,687) | $ 399,287,038 |
| | CONVERTIBLE CORPORATE BONDS — 0.7% of | |
| | Net Assets | |
| | Airlines — 0.1% | |
| 2,595,000 | GOL Equity Finance SA, 3.75%, 7/15/24 (144A) | $ 2,118,169 |
| 5,156,000 | Spirit Airlines, Inc., 1.00%, 5/15/26 | 4,624,932 |
| | Total Airlines | $ 6,743,101 |
| | Banks — 0.0%† | |
| IDR 15,039,758,000 | PT Bakrie & Brothers Tbk, 12/22/22 | $ 104,715 |
| | Total Banks | $ 104,715 |
| | Beverages — 0.0%† | |
| 1,935,000 | MGP Ingredients, Inc., 1.875%, 11/15/41 (144A) | $ 2,176,321 |
| | Total Beverages | $ 2,176,321 |
| | Biotechnology — 0.1% | |
| 3,493,000 | Insmed, Inc., 1.75%, 1/15/25 | $ 3,486,049 |
| | Total Biotechnology | $ 3,486,049 |
| | Entertainment — 0.2% | |
| 12,093,000(g) | DraftKings, Inc., 3/15/28 | $ 8,688,821 |
| 1,892,000 | IMAX Corp., 0.50%, 4/1/26 (144A) | 1,797,400 |
| | Total Entertainment | $ 10,486,221 |
| | Pharmaceuticals — 0.1% | |
| 7,025,000 | Tricida, Inc., 3.50%, 5/15/27 | $ 3,447,870 |
| | Total Pharmaceuticals | $ 3,447,870 |
| | Software — 0.2% | |
| 2,231,000 | Bentley Systems, Inc., 0.375%, 7/1/27 (144A) | $ 1,936,508 |
| 4,819,000 | Verint Systems, Inc., 0.25%, 4/15/26 (144A) | 5,025,170 |
| | Total Software | $ 6,961,678 |
| | TOTAL CONVERTIBLE CORPORATE BONDS |
| | (Cost $40,266,931) | $ 33,405,955 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | CORPORATE BONDS — 32.1% of Net Assets | |
| | Advertising — 0.2% | |
| 11,354,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | $ 10,760,526 |
| | Total Advertising | $ 10,760,526 |
| | Aerospace & Defense — 1.0% | |
| 25,979,000 | Boeing Co., 3.75%, 2/1/50 | $ 23,120,318 |
| 18,950,000 | Boeing Co., 5.805%, 5/1/50 | 21,871,910 |
| | Total Aerospace & Defense | $ 44,992,228 |
| | Agriculture — 0.2% | |
| 7,305,000 | Amaggi Luxembourg International S.a.r.l., | |
| | 5.25%, 1/28/28 (144A) | $ 7,085,923 |
| | Total Agriculture | $ 7,085,923 |
| | Airlines — 1.2% | |
| 1,920,000 | Air Canada, 3.875%, 8/15/26 (144A) | $ 1,812,000 |
| 7,177,585 | Alaska Airlines 2020-1 Class A Pass Through Trust, | |
| | 4.80%, 8/15/27 (144A) | 7,347,347 |
| 1,630,000 | American Airlines 2021-1 Class B Pass Through Trust, | |
| | 3.95%, 7/11/30 | 1,476,484 |
| 4,999,139 | British Airways 2019-1 Class A Pass Through Trust, | |
| | 3.35%, 6/15/29 (144A) | 4,738,528 |
| 5,010,403 | British Airways 2019-1 Class AA Pass Through Trust, | |
| | 3.30%, 12/15/32 (144A) | 4,741,263 |
| 1,672,228 | British Airways 2020-1 Class A Pass Through Trust, | |
| | 4.25%, 11/15/32 (144A) | 1,672,308 |
| 2,382,801 | British Airways 2020-1 Class B Pass Through Trust, | |
| | 8.375%, 11/15/28 (144A) | 2,632,984 |
| 9,180,000 | Gol Finance SA, 8.00%, 6/30/26 (144A) | 8,249,056 |
| 11,390,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | 11,276,100 |
| 8,145,000 | Mileage Plus Holdings LLC/Mileage Plus Intellectual | |
| | Property Assets, Ltd., 6.50%, 6/20/27 (144A) | 8,491,163 |
| 1,020,000 | United Airlines, Inc., 4.375%, 4/15/26 (144A) | 1,004,063 |
| 1,020,000 | United Airlines, Inc., 4.625%, 4/15/29 (144A) | 969,969 |
| | Total Airlines | $ 54,411,265 |
| | Auto Manufacturers — 0.6% | |
| 4,312,000 | Ford Motor Co., 5.291%, 12/8/46 | $ 4,185,249 |
| 7,600,000 | Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | 6,889,628 |
| 15,325,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 14,551,317 |
| | Total Auto Manufacturers | $ 25,626,194 |
| | Auto Parts & Equipment — 0.1% | |
| 3,940,000 | Dana, Inc., 4.25%, 9/1/30 | $ 3,605,888 |
| | Total Auto Parts & Equipment | $ 3,605,888 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 43
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Banks — 4.9% | |
| | 20,800,000(d) | ABN AMRO Bank NV, 3.324% (5 Year CMT Index + | |
| | | 190 bps), 3/13/37 (144A) | $ 18,905,991 |
| | 5,180,000 | Access Bank Plc, 6.125%, 9/21/26 (144A) | 4,869,200 |
| ARS | 58,500,000(a) | Banco de la Ciudad de Buenos Aires, 44.974% | |
| | | (BADLARPP + 399 bps), 12/5/22 | 103,965 |
| | 4,845,000 | Banco do Brasil SA, 3.25%, 9/30/26 (144A) | 4,663,361 |
| | 4,608,000(d)(h) | Banco Mercantil del Norte SA, 6.75% (5 Year CMT | |
| | | Index + 497 bps) (144A) | 4,527,360 |
| | 3,460,000(d)(h) | Banco Mercantil del Norte SA, 8.375% (5 Year CMT | |
| | | Index + 776 bps) (144A) | 3,611,410 |
| | 4,240,000 | Banco Santander Mexico SA Institucion de Banca Multiple | |
| | | Grupo Financiero Santand, 5.375%, 4/17/25 (144A) | 4,394,060 |
| | 8,400,000(d) | Banco Santander SA, 3.225% (1 Year CMT Index + | |
| | | 160 bps), 11/22/32 | 7,540,341 |
| | 14,450,000(d) | BPCE SA, 3.116% (SOFR + 173 bps), 10/19/32 (144A) | 13,080,292 |
| | 7,445,000(d) | BPCE SA, 3.648% (5 Year CMT Index + 190 bps), | |
| | | 1/14/37 (144A) | 6,961,885 |
| | 2,405,000(d)(h) | Credit Suisse Group AG, 5.25% (5 Year CMT Index + | |
| | | 489 bps) (144A) | 2,224,625 |
| KZT | 1,923,750,000 | Development Bank of Kazakhstan JSC, 10.75%, 2/12/25 | 3,424,791 |
| | 1,520,000 | Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | 1,409,374 |
| | 3,005,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 2,995,925 |
| | 1,600,000(d) | ING Groep NV, 4.252% (SOFR + 207 bps), 3/28/33 | 1,647,248 |
| | 19,337,000(d)(h) | ING Groep NV, 4.25% (5 Year CMT Index + 286 bps) | 16,460,621 |
| | 1,245,000(d) | Intesa Sanpaolo S.p.A., 4.198% (1 Year CMT Index + | |
| | | 260 bps), 6/1/32 (144A) | 1,102,728 |
| EUR | 5,560,000(d)(h) | Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap + | |
| | | 719 bps) | 6,830,064 |
| | 11,185,000(d) | Macquarie Group, Ltd., 2.871% (SOFR + 153 bps), | |
| | | 1/14/33 (144A) | 9,928,941 |
| | 9,814,000(d)(h) | Nordea Bank Abp, 3.75% (5 Year CMT Index + | |
| | | 260 bps) (144A) | 8,423,651 |
| | 8,000,000(d) | Societe Generale SA, 4.027% (1 Year CMT Index + | |
| | | 190 bps), 1/21/43 (144A) | 6,961,550 |
| | 4,635,000(d)(h) | Societe Generale SA, 5.375% (5 Year CMT Index + | |
| | | 451 bps) (144A) | 4,316,344 |
| | 5,010,000(d)(h)+^ | Sovcombank Via SovCom Capital DAC, 7.60% (5 Year | |
| | | CMT Index + 636 bps) (144A) | 250,500 |
| | 21,130,000(d) | Standard Chartered Plc, 3.603% (1 Year CMT Index + | |
| | | 190 bps), 1/12/33 (144A) | 19,558,776 |
| EUR | 28,280,100(f)(h) | Stichting AK Rabobank Certificaten, 6.50% | 36,501,611 |
| | 17,459,000(d) | UniCredit S.p.A., 5.459% (5 Year CMT Index + | |
| | | 475 bps), 6/30/35 (144A) | 16,684,855 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Banks — (continued) | |
| | 9,395,000(d) | UniCredit S.p.A., 7.296% (5 Year USD 1100 Run | |
| | | ICE Swap Rate + 491 bps), 4/2/34 (144A) | $ 9,952,024 |
| | | Total Banks | $ 217,331,493 |
| | | Beverages — 0.1% | |
| | 5,655,000 | Central American Bottling Corp./CBC Bottling | |
| | | Holdco SL/Beliv Holdco SL, 5.25%, 4/27/29 (144A) | $ 5,626,725 |
| | | Total Beverages | $ 5,626,725 |
| | | Biotechnology — 0.4% | |
| | 2,100,000 | Amgen, Inc., 4.20%, 2/22/52 | $ 2,170,612 |
| | 5,195,000 | Amgen, Inc., 4.40%, 2/22/62 | 5,389,977 |
| | 6,430,000 | Bio-Rad Laboratories, Inc., 3.70%, 3/15/32 | 6,355,048 |
| EUR | 2,405,000 | Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A) | 2,491,375 |
| EUR | 2,625,000 | Grifols Escrow Issuer SA, 3.875%, 10/15/28 (144A) | 2,756,969 |
| | | Total Biotechnology | $ 19,163,981 |
| | | Building Materials — 0.8% | |
| | 5,970,000 | Cemex SAB de CV, 5.45%, 11/19/29 (144A) | $ 6,037,222 |
| | 5,550,000 | Fortune Brands Home & Security, Inc., 4.50%, 3/25/52 | 5,429,003 |
| | 960,000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, | |
| | | 2/1/30 (144A) | 892,944 |
| | 4,365,000 | Patrick Industries, Inc., 4.75%, 5/1/29 (144A) | 3,753,900 |
| | 9,325,000 | Standard Industries, Inc., 4.375%, 7/15/30 (144A) | 8,579,000 |
| | 11,730,000 | Summit Materials LLC/Summit Materials Finance | |
| | | Corp., 5.25%, 1/15/29 (144A) | 11,621,615 |
| | | Total Building Materials | $ 36,313,684 |
| | | Chemicals — 0.7% | |
| | 2,700,000 | Braskem Idesa SAPI, 6.99%, 2/20/32 (144A) | $ 2,646,162 |
| | 2,566,000 | NOVA Chemicals Corp., 5.25%, 6/1/27 (144A) | 2,569,131 |
| | 7,843,000 | Olin Corp., 5.00%, 2/1/30 | 7,705,747 |
| | 710,000 | Olin Corp., 5.625%, 8/1/29 | 723,458 |
| | 3,800,000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, | |
| | | 11/1/26 (144A) | 3,496,000 |
| | 5,055,000 | Trinseo Materials Operating SCA/Trinseo Materials | |
| | | Finance, Inc., 5.125%, 4/1/29 (144A) | 4,664,400 |
| | 11,740,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 10,976,900 |
| | | Total Chemicals | $ 32,781,798 |
| | | Commercial Services — 1.2% | |
| | 5,196,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp., 6.625%, 7/15/26 (144A) | $ 5,257,469 |
| 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) | 2,493,349 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 45
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Commercial Services — (continued) | |
| 1,670,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | $ 1,586,500 |
| 1,025,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 958,068 |
| 5,270,000 | CoreLogic, Inc., 4.50%, 5/1/28 (144A) | 4,968,556 |
| 5,375,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 5,149,519 |
| 3,830,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 3,450,753 |
| 437,000 | Garda World Security Corp., 9.50%, 11/1/27 (144A) | 447,925 |
| 2,835,000 | HealthEquity, Inc., 4.50%, 10/1/29 (144A) | 2,686,163 |
| 1,655,000 | Nielsen Finance LLC/Nielsen Finance Co., 4.50%, | |
| | 7/15/29 (144A) | 1,650,863 |
| 1,690,000 | Nielsen Finance LLC/Nielsen Finance Co., 4.75%, | |
| | 7/15/31 (144A) | 1,688,952 |
| 3,795,000 | Prime Security Services Borrower LLC/Prime | |
| | Finance, Inc., 5.75%, 4/15/26 (144A) | 3,871,564 |
| 10,716,000 | Prime Security Services Borrower LLC/Prime | |
| | Finance, Inc., 6.25%, 1/15/28 (144A) | 10,495,250 |
| MXN 73,500,000 | Red de Carreteras de Occidente SAB de CV, | |
| | 9.00%, 6/10/28 (144A) | 3,644,976 |
| 4,035,000 | Sotheby’s, 7.375%, 10/15/27 (144A) | 4,132,203 |
| | Total Commercial Services | $ 52,482,110 |
| | Computers — 0.2% | |
| 990,000 | CA Magnum Holdings, 5.375%, 10/31/26 (144A) | $ 975,150 |
| 3,915,000 | KBR, Inc., 4.75%, 9/30/28 (144A) | 3,814,345 |
| 2,415,000 | NCR Corp., 5.00%, 10/1/28 (144A) | 2,312,362 |
| 1,215,000 | NCR Corp., 5.25%, 10/1/30 (144A) | 1,145,138 |
| | Total Computers | $ 8,246,995 |
| | Cosmetics/Personal Care — 0.1% | |
| 5,445,000 | Edgewell Personal Care Co., 5.50%, 6/1/28 (144A) | $ 5,435,662 |
| | Total Cosmetics/Personal Care | $ 5,435,662 |
| | Diversified Financial Services — 2.2% | |
| 8,250,000 | AerCap Ireland Capital DAC/AerCap Global | |
| | Aviation Trust, 3.30%, 1/30/32 | $ 7,438,151 |
| 16,065,000 | Air Lease Corp., 2.875%, 1/15/32 | 14,385,762 |
| 7,310,000 | Air Lease Corp., 3.125%, 12/1/30 | 6,759,158 |
| 9,950,000 | B3 SA - Brasil Bolsa Balcao, 4.125%, 9/20/31 (144A) | 8,917,787 |
| 8,607,000 | Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | 8,746,864 |
| 6,660,000 | Credito Real SAB de CV SOFOM ER, 8.00%, | |
| | 1/21/28 (144A) | 765,967 |
| 17,245,453(i) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or | |
| | 6.50% Cash), 9/15/24 (144A) | 15,684,222 |
| 5,575,000 | OneMain Finance Corp., 3.50%, 1/15/27 | 5,156,875 |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Diversified Financial Services — (continued) |
| | 2,500,000(a) | OWS Cre Funding I LLC, 5.355% (1 Month USD LIBOR + | |
| | | 490 bps), 9/1/23 (144A) | $ 2,491,496 |
| EUR | 3,215,000 | Sherwood Financing Plc, 4.50%, 11/15/26 (144A) | 3,391,802 |
| GBP | 5,170,000 | Sherwood Financing Plc, 6.00%, 11/15/26 (144A) | 6,418,034 |
| | 8,705,000 | United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | 7,756,329 |
| | 8,185,000 | VistaJet Malta Finance PLC/XO Management | |
| | | Holding, Inc., 6.375%, 2/1/30 (144A) | 7,734,825 |
| | | Total Diversified Financial Services | $ 95,647,272 |
| | | Electric — 1.7% | |
| | 3,967,125 | Adani Renewable Energy RJ, Ltd./Kodangal Solar | |
| | | Parks Pvt, Ltd./Wardha Solar Maharash, 4.625%, | |
| | | 10/15/39 (144A) | $ 3,455,929 |
| | 7,670,000(d) | Algonquin Power & Utilities Corp., 4.75% (5 Year | |
| | | CMT Index + 325 bps), 1/18/82 | 7,141,154 |
| | 1,605,000 | Calpine Corp., 4.625%, 2/1/29 (144A) | 1,476,600 |
| | 1,605,000 | Calpine Corp., 5.00%, 2/1/31 (144A) | 1,460,550 |
| | 4,030,000 | Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | 3,768,433 |
| | 1,340,000 | Clearway Energy Operating LLC, 3.75%, 1/15/32 (144A) | 1,232,800 |
| EUR | 3,240,000 | ContourGlobal Power Holdings SA, 2.75%, | |
| | | 1/1/26 (144A) | 3,377,295 |
| EUR | 1,635,000 | ContourGlobal Power Holdings SA, 3.125%, | |
| | | 1/1/28 (144A) | 1,672,721 |
| | 9,225,000 | Light Servicos de Eletricidade SA/Light Energia SA, | |
| | | 4.375%, 6/18/26 (144A) | 8,648,438 |
| | 2,336,000 | NextEra Energy Operating Partners LP, 4.50%, | |
| | | 9/15/27 (144A) | 2,338,920 |
| | 1,645,000 | NRG Energy, Inc., 3.375%, 2/15/29 (144A) | 1,462,257 |
| | 2,285,000 | NRG Energy, Inc., 3.625%, 2/15/31 (144A) | 2,009,863 |
| | 8,980,000 | NRG Energy, Inc., 3.875%, 2/15/32 (144A) | 7,902,400 |
| | 20,059,000 | NRG Energy, Inc., 4.45%, 6/15/29 (144A) | 20,080,961 |
| | 1,913,000 | Vistra Operations Co. LLC, 4.30%, 7/15/29 (144A) | 1,846,708 |
| | 9,005,000 | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | 8,509,725 |
| | | Total Electric | $ 76,384,754 |
| | | Electrical Components & Equipments — 0.5% |
| EUR | 7,865,000 | Belden, Inc., 3.375%, 7/15/27 (144A) | $ 8,488,952 |
| EUR | 4,585,000 | Belden, Inc., 3.375%, 7/15/31 (144A) | 4,720,412 |
| EUR | 6,020,000 | Energizer Gamma Acquisition BV, 3.50%, | |
| | | 6/30/29 (144A) | 5,852,428 |
| | 1,025,000 | Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) | 1,014,750 |
| | | Total Electrical Components & Equipments | $ 20,076,542 |
| | | Electronics — 0.1% | |
| | 2,600,000 | Atkore, Inc., 4.25%, 6/1/31 (144A) | $ 2,418,000 |
| | | Total Electronics | $ 2,418,000 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 47
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Energy-Alternate Sources — 0.0%† | |
| 646,312 | Alta Wind Holdings LLC, 7.00%, 6/30/35 (144A) | $ 704,491 |
| | Total Energy-Alternate Sources | $ 704,491 |
| | Engineering & Construction — 0.6% | |
| 1,930,000 | Arcosa, Inc., 4.375%, 4/15/29 (144A) | $ 1,831,088 |
| 7,985,000 | Artera Services LLC, 9.033%, 12/4/25 (144A) | 7,885,187 |
| 8,087,000 | Dycom Industries, Inc., 4.50%, 4/15/29 (144A) | 7,621,997 |
| 1,615,000 | IHS Holding, Ltd., 5.625%, 11/29/26 (144A) | 1,528,598 |
| 1,425,000 | IHS Holding, Ltd., 6.25%, 11/29/28 (144A) | 1,336,650 |
| 4,275,000 | TopBuild Corp., 4.125%, 2/15/32 (144A) | 3,874,219 |
| | Total Engineering & Construction | $ 24,077,739 |
| | Entertainment — 0.7% | |
| 1,795,000 | Caesars Entertainment, Inc., 4.625%, 10/15/29 (144A) | $ 1,684,410 |
| 5,180,000 | CDI Escrow Issuer, Inc., 5.75%, 4/1/30 (144A) | 5,231,800 |
| 11,100,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., | |
| | 4.625%, 4/16/29 (144A) | 10,040,787 |
| 3,400,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., | |
| | 4.625%, 4/6/31 (144A) | 2,982,969 |
| 2,910,000 | Scientific Games Holdings LP/Scientific Games US | |
| | FinCo, Inc., 6.625%, 3/1/30 (144A) | 2,868,620 |
| 1,735,000 | Scientific Games International, Inc., 7.00%, | |
| | 5/15/28 (144A) | 1,798,310 |
| 1,735,000 | Scientific Games International, Inc., 7.25%, | |
| | 11/15/29 (144A) | 1,819,581 |
| 3,636,000 | Scientific Games International, Inc., 8.25%, | |
| | 3/15/26 (144A) | 3,785,985 |
| | Total Entertainment | $ 30,212,462 |
| | Food — 0.4% | |
| GBP 5,520,000 | Bellis Acquisition Co. Plc, 3.25%, 2/16/26 (144A) | $ 6,690,543 |
| 1,510,000 | Bimbo Bakeries USA, Inc., 4.00%, 5/17/51 (144A) | 1,411,865 |
| 2,830,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA | |
| | Finance, Inc., 3.00%, 5/15/32 (144A) | 2,525,803 |
| 1,791,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA | |
| | Finance, Inc., 5.50%, 1/15/30 (144A) | 1,830,904 |
| 5,735,000 | Minerva Luxembourg SA, 4.375%, 3/18/31 (144A) | 5,188,455 |
| 2,170,000 | US Foods, Inc., 4.625%, 6/1/30 (144A) | 2,012,675 |
| | Total Food | $ 19,660,245 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Forest Products & Paper — 0.2% | |
| EUR | 1,950,000 | Ahlstrom-Munksjo Holding 3 Oy, 3.625%, 2/4/28 (144A) | $ 2,005,943 |
| | 2,288,000 | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | 2,124,980 |
| | 3,004,000 | Inversiones CMPC SA, 3.85%, 1/13/30 (144A) | 2,918,416 |
| | | Total Forest Products & Paper | $ 7,049,339 |
| | | Gas — 0.0%† | |
| | 2,195,000 | Promigas SA ESP/Gases del Pacifico SAC, 3.75%, | |
| | | 10/16/29 (144A) | $ 1,987,594 |
| | | Total Gas | $ 1,987,594 |
| | | Hand/Machine Tools — 0.1% | |
| EUR | 3,950,000 | IMA Industria Macchine Automatiche S.p.A., | |
| | | 3.75%, 1/15/28 (144A) | $ 4,091,120 |
| | | Total Hand/Machine Tools | $ 4,091,120 |
| | | Healthcare-Services — 0.5% | |
| | 4,195,000 | Auna SAA, 6.50%, 11/20/25 (144A) | $ 4,048,175 |
| EUR | 3,860,000 | CAB SELAS, 3.375%, 2/1/28 (144A) | 4,056,140 |
| EUR | 2,272,000 | IQVIA, Inc., 2.25%, 1/15/28 (144A) | 2,384,236 |
| | 2,655,000 | ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29 (144A) | 2,475,018 |
| | 7,950,000 | Tenet Healthcare Corp., 4.375%, 1/15/30 (144A) | 7,631,443 |
| | 3,421,000 | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 3,258,503 |
| | | Total Healthcare-Services | $ 23,853,515 |
| | | Home Builders — 0.0%† | |
| | 913,000 | M/I Homes, Inc., 3.95%, 2/15/30 | $ 803,468 |
| | | Total Home Builders | $ 803,468 |
| | | Insurance — 1.2% | |
| | 2,094,000 | Aon Corp./Aon Global Holdings Plc, 2.60%, 12/2/31 | $ 1,926,717 |
| | 13,080,000(d) | Farmers Insurance Exchange, 4.747% (3 Month | |
| | | USD LIBOR + 323 bps), 11/1/57 (144A) | 13,700,119 |
| EUR | 2,650,000(d) | Liberty Mutual Group, Inc., 3.625% (5 Year EUR Swap + | |
| | | 370 bps), 5/23/59 (144A) | 2,894,918 |
| | 22,651,000 | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | 30,657,817 |
| | 3,800,000 | Liberty Mutual Insurance Co., 8.50%, 5/15/25 (144A) | 4,351,632 |
| | | Total Insurance | $ 53,531,203 |
| | | Internet — 0.1% | |
| EUR | 4,985,000 | United Group BV, 5.25%, 2/1/30 (144A) | $ 5,149,983 |
| | | Total Internet | $ 5,149,983 |
| | | Iron & Steel — 0.3% | |
| | 2,889,000 | Cleveland-Cliffs, Inc., 4.875%, 3/1/31 (144A) | $ 2,850,634 |
| | 1,985,000 | Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | 2,084,250 |
| | 4,350,000 | Commercial Metals Co., 4.375%, 3/15/32 | 4,040,063 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 49
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Iron & Steel — (continued) | |
| | 2,675,000 | Metinvest BV, 7.65%, 10/1/27 (144A) | $ 1,177,000 |
| | 4,375,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 4,156,250 |
| | | Total Iron & Steel | $ 14,308,197 |
| | | Leisure Time — 0.3% | |
| | 560,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | $ 564,289 |
| EUR | 660,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | 746,918 |
| | 1,130,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 1,047,900 |
| | 300,000 | Viking Ocean Cruises Ship VII, Ltd., 5.625%, | |
| | | 2/15/29 (144A) | 273,826 |
| | 10,582,000 | VOC Escrow, Ltd., 5.00%, 2/15/28 (144A) | 9,881,424 |
| | | Total Leisure Time | $ 12,514,357 |
| | | Lodging — 0.2% | |
| | 3,115,000 | Genting New York LLC/GENNY Capital, Inc., | |
| | | 3.30%, 2/15/26 (144A) | $ 2,949,722 |
| | 3,125,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton | |
| | | Grand Vacations Borrower Esc, 5.00%, 6/1/29 (144A) | 2,994,483 |
| | 4,500,000 | Sands China, Ltd., 4.375%, 6/18/30 | 4,063,455 |
| | | Total Lodging | $ 10,007,660 |
| | | Media — 0.7% | |
| | 3,910,000 | CCO Holdings LLC/CCO Holdings Capital Corp., | |
| | | 4.50%, 6/1/33 (144A) | $ 3,489,675 |
| | 6,000,000 | CCO Holdings LLC/CCO Holdings Capital Corp., | |
| | | 4.75%, 3/1/30 (144A) | 5,757,870 |
| | 5,955,000 | Charter Communications Operating LLC/Charter | |
| | | Communications Operating Capital, 4.40%, 4/1/33 | 5,938,321 |
| | 6,200,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 5,184,998 |
| | 2,305,000 | CSC Holdings LLC, 5.00%, 11/15/31 (144A) | 1,931,267 |
| | 1,345,000 | CSC Holdings LLC, 5.50%, 4/15/27 (144A) | 1,333,231 |
| | 2,034,000 | Diamond Sports Group LLC/Diamond Sports | |
| | | Finance Co., 6.625%, 8/15/27 (144A) | 422,055 |
| | 2,025,000 | Sinclair Television Group, Inc., 4.125%, 12/1/30 (144A) | 1,805,632 |
| | 4,205,000 | VZ Secured Financing BV, 5.00%, 1/15/32 (144A) | 3,931,675 |
| | | Total Media | $ 29,794,724 |
| | | Metal Fabricate/Hardware — 0.1% | |
| | 5,023,000 | Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $ 4,206,763 |
| | | Total Metal Fabricate/Hardware | $ 4,206,763 |
| | | Mining — 0.8% | |
| | 4,776,000 | AngloGold Ashanti Holdings Plc, 3.75%, 10/1/30 | $ 4,467,948 |
| | 11,678,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | 10,138,840 |
| | 8,750,000 | FMG Resources August 2006 Pty, Ltd., 4.375%, | |
| | | 4/1/31 (144A) | 8,276,625 |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Mining — (continued) | |
| 11,990,000 | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | $ 10,880,925 |
| 2,590,000 | Novelis Corp., 3.875%, 8/15/31 (144A) | 2,368,969 |
| | Total Mining | $ 36,133,307 |
| | Miscellaneous Manufacturing — 0.1% | |
| 2,287,000 | Hillenbrand, Inc., 3.75%, 3/1/31 | $ 2,092,605 |
| | Total Miscellaneous Manufacturing | $ 2,092,605 |
| | Multi-National — 1.0% | |
| 4,880,000 | African Export-Import Bank, 3.994%, 9/21/29 (144A) | $ 4,619,330 |
| 8,430,000 | Banque Ouest Africaine de Developpement, | |
| | 4.70%, 10/22/31 (144A) | 8,314,509 |
| 2,860,000 | Banque Ouest Africaine de Developpement, | |
| | 5.00%, 7/27/27 (144A) | 2,879,505 |
| IDR 189,000,300,000 | European Bank for Reconstruction & | |
| | Development, 6.45%, 12/13/22 | 13,417,211 |
| IDR 113,010,000,000 | Inter-American Development Bank Series | |
| | GDP, 7.875%, 3/14/23 | 8,139,080 |
| KZT 2,993,000,000 | International Finance Corp., 7.50%, 2/3/23 | 5,524,331 |
| | Total Multi-National | $ 42,893,966 |
| | Oil & Gas — 2.1% | |
| 18,480,000 | Cenovus Energy, Inc., 6.75%, 11/15/39 | $ 22,835,522 |
| 7,175,000 | Harbour Energy Plc, 5.50%, 10/15/26 (144A) | 7,085,313 |
| 4,737,000 | International Petroleum Corp., 7.25%, 2/1/27 (144A) | 4,654,103 |
| 8,060,000 | MC Brazil Downstream Trading S.a.r.l, 7.25%, | |
| | 6/30/31 (144A) | 7,404,722 |
| 905,000 | MEG Energy Corp., 5.875%, 2/1/29 (144A) | 914,765 |
| 309,000 | MEG Energy Corp., 6.50%, 1/15/25 (144A) | 314,021 |
| 3,815,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 3,994,305 |
| 8,985,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 8,996,680 |
| 9,125,000 | Occidental Petroleum Corp., 4.40%, 4/15/46 | 8,668,750 |
| 4,435,000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 4,213,250 |
| 2,217,000 | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | 2,261,340 |
| 6,025,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 6,138,752 |
| 6,425,000 | Valero Energy Corp., 4.00%, 6/1/52 | 6,034,910 |
| 12,895,000 | YPF SA, 6.95%, 7/21/27 (144A) | 9,606,904 |
| ARS 22,175,000 | YPF SA, 16.50%, 5/9/22 (144A) | 106,893 |
| | Total Oil & Gas | $ 93,230,230 |
| | Pharmaceuticals — 0.8% | |
| 2,570,000 | AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $ 2,386,887 |
| 1,720,000 | Bausch Health Cos., Inc., 5.00%, 1/30/28 (144A) | 1,416,540 |
| 3,993,524 | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) | 4,371,378 |
| 584,499 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 626,547 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 51
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Pharmaceuticals — (continued) | |
| | 793,171 | CVS Pass-Through Trust, 8.353%, 7/10/31 (144A) | $ 952,134 |
| | 2,424,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | 2,261,956 |
| EUR | 1,625,000 | Teva Pharmaceutical Finance Netherlands II BV, | |
| | | 3.75%, 5/9/27 | 1,695,628 |
| EUR | 2,725,000 | Teva Pharmaceutical Finance Netherlands II BV, | |
| | | 4.375%, 5/9/30 | 2,799,324 |
| | 16,473,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
| | | 3.15%, 10/1/26 | 14,930,798 |
| | 1,478,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
| | | 4.75%, 5/9/27 | 1,425,808 |
| | 1,328,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
| | | 5.125%, 5/9/29 | 1,276,367 |
| | | Total Pharmaceuticals | $ 34,143,367 |
| | | Pipelines — 2.1% | |
| | 4,597,000 | DCP Midstream Operating LP, 5.60%, 4/1/44 | $ 4,830,344 |
| | 1,262,000 | Energy Transfer LP, 6.125%, 12/15/45 | 1,392,276 |
| | 1,694,000(d)(h) | Energy Transfer LP, 6.625% (3 Month USD LIBOR + | |
| | | 416 bps) | 1,516,130 |
| | 40,923,000(d)(h) | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 40,104,540 |
| | 796,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 796,000 |
| | 15,145,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 12,797,525 |
| | 3,862,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | 3,330,975 |
| | 4,224,000 | Midwest Connector Capital Co. LLC, 4.625%, | |
| | | 4/1/29 (144A) | 4,269,035 |
| | 9,425,000 | ONEOK, Inc., 6.875%, 9/30/28 | 10,648,086 |
| | 8,690,000 | Williams Cos., Inc., 7.75%, 6/15/31 | 10,888,433 |
| | | Total Pipelines | $ 90,573,344 |
| | | Real Estate — 0.3% | |
| EUR | 5,800,000 | ADLER Real Estate AG, 3.00%, 4/27/26 | $ 5,823,132 |
| | 6,210,000 | Kennedy-Wilson, Inc., 4.75%, 2/1/30 | 5,905,151 |
| | | Total Real Estate | $ 11,728,283 |
| | | REITs — 0.4% | |
| | 2,359,000 | GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | $ 2,140,321 |
| | 7,615,000 | HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, | |
| | | 6/15/26 (144A) | 7,234,250 |
| | 1,890,000 | iStar, Inc., 4.25%, 8/1/25 | 1,868,199 |
| | 2,213,000 | Starwood Property Trust, Inc., 4.375%, 1/15/27 (144A) | 2,146,610 |
| | 2,975,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL | |
| | | Capital LLC, 6.50%, 2/15/29 (144A) | 2,779,993 |
| | | Total REITs | $ 16,169,373 |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Retail — 0.4% | |
| | 465,000 | Asbury Automotive Group, Inc., 4.50%, 3/1/28 | $ 446,679 |
| | 435,000 | Asbury Automotive Group, Inc., 4.75%, 3/1/30 | 410,531 |
| | 978,000 | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 903,486 |
| EUR | 4,500,000 | Food Service Project SA, 5.50%, 1/21/27 (144A) | 4,872,888 |
| | 3,805,000 | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | 3,593,746 |
| | 6,089,000 | Penske Automotive Group, Inc., 3.75%, 6/15/29 | 5,466,948 |
| | | Total Retail | $ 15,694,278 |
| | | Semiconductors — 0.2% | |
| | 6,940,000 | Broadcom, Inc., 4.15%, 4/15/32 (144A) | $ 6,924,801 |
| | | Total Semiconductors | $ 6,924,801 |
| | | Software — 0.1% | |
| | 6,525,000 | Minerva Merger Sub, Inc., 6.50%, 2/15/30 (144A) | $ 6,344,910 |
| | | Total Software | $ 6,344,910 |
| | | Telecommunications — 1.8% | |
| | 475,000 | Altice France SA, 5.125%, 1/15/29 (144A) | $ 422,011 |
| | 1,835,000 | Altice France SA, 5.125%, 7/15/29 (144A) | 1,644,619 |
| | 9,874,000 | Altice France SA, 5.50%, 1/15/28 (144A) | 9,156,160 |
| | 4,600,000 | CommScope Technologies LLC, 5.00%, 3/15/27 (144A) | 4,002,529 |
| | 4,120,000 | CommScope, Inc., 4.75%, 9/1/29 (144A) | 3,800,700 |
| | 1,976,217 | Digicel International Finance Ltd/Digicel international | |
| | | Holdings, Ltd., 8.00%, 12/31/26 (144A) | 1,832,961 |
| | 4,950,371 | Digicel International Finance Ltd/Digicel international | |
| | | Holdings, Ltd., 8.75%, 5/25/24 (144A) | 4,925,619 |
| | 1,240,000 | Level 3 Financing, Inc., 3.75%, 7/15/29 (144A) | 1,098,925 |
| | 4,351,000 | Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | 4,127,641 |
| | 4,235,000 | LogMeIn, Inc., 5.50%, 9/1/27 (144A) | 3,952,780 |
| EUR | 6,915,000 | Lorca Telecom Bondco SA, 4.00%, 9/18/27 (144A) | 7,362,854 |
| | 3,010,000 | Lumen Technologies, Inc., 4.00%, 2/15/27 (144A) | 2,806,825 |
| | 4,250,000 | Lumen Technologies, Inc., 4.50%, 1/15/29 (144A) | 3,654,979 |
| | 1,346,400 | Millicom International Cellular SA, 6.25%, | |
| | | 3/25/29 (144A) | 1,428,699 |
| | 3,825,000 | MTN Mauritius Investments, Ltd., 6.50%, | |
| | | 10/13/26 (144A) | 4,021,223 |
| | 12,551,000 | Plantronics, Inc., 4.75%, 3/1/29 (144A) | 12,925,773 |
| | 6,900,000 | Total Play Telecomunicaciones SA de CV, | |
| | | 6.375%, 9/20/28 (144A) | 6,147,072 |
| | 4,270,000 | Windstream Escrow LLC/Windstream Escrow | |
| | | Finance Corp., 7.75%, 8/15/28 (144A) | 4,323,375 |
| | | Total Telecommunications | $ 77,634,745 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 53
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Transportation — 0.4% | |
| 4,910,000 | Hidrovias International Finance SARL, 4.95%, | |
| | 2/8/31 (144A) | $ 4,135,889 |
| 3,172,000 | Seaspan Corp., 5.50%, 8/1/29 (144A) | 2,965,820 |
| 2,785,000 | Simpar Europe SA, 5.20%, 1/26/31 (144A) | 2,495,360 |
| 6,290,000 | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 6,761,750 |
| | Total Transportation | $ 16,358,819 |
| | TOTAL CORPORATE BONDS | |
| | (Cost $1,481,863,411) | $1,410,265,928 |
Shares | | |
| | CONVERTIBLE PREFERRED STOCKS — 2.1% of | |
| | Net Assets | |
| | Banks — 2.1% | |
| 6,897(h) | Bank of America Corp., 7.25% | $ 9,052,312 |
| 61,824(h) | Wells Fargo & Co., 7.50% | 81,916,800 |
| | Total Banks | $ 90,969,112 |
| | TOTAL CONVERTIBLE PREFERRED STOCKS |
| | (Cost $92,359,687) | $ 90,969,112 |
| | RIGHTS/WARRANTS — 0.0%† of Net Assets | |
| | Metals & Mining — 0.0%† | |
| 1,880,020(j) | ANR, Inc., 3/31/23 | $ 8,460 |
| | Total Metals & Mining | $ 8,460 |
| | Oil, Gas & Consumable Fuels — 0.0%† | |
| 365(c)(k) | Alpha Metallurgical Resources, Inc., 7/26/23 | $ 36,865 |
| | Total Oil, Gas & Consumable Fuels | $ 36,865 |
| | RIGHTS/WARRANTS | |
| | (Cost $234,627) | $ 45,325 |
| |
| Principal | | |
| Amount | | |
| USD ($) | | |
| | INSURANCE-LINKED SECURITIES — 3.1% of | |
| | Net Assets# | |
| | Event Linked Bonds — 1.0% | |
| | Earthquakes – California — 0.1% | |
| 750,000(a) | Phoenician Re, 3.155%, (3 Month U.S. Treasury Bill + | |
| | 250 bps), 12/14/24 (144A) | $ 745,200 |
| 3,000,000(a) | Ursa Re II, 4.405%, (3 Month U.S. Treasury Bill + | |
| | 375 bps), 12/7/23 (144A) | 2,989,500 |
| | | $ 3,734,700 |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Earthquakes – Mexico — 0.0%† | |
| 250,000(a) | International Bank for Reconstruction & Development, | |
| | 4.223%, (3 Month USD LIBOR + 350 bps), | |
| | 3/13/24 (144A) | $ 252,600 |
| | Health – U.S. — 0.0%† | |
| 1,500,000(a) | Vitality Re X, 2.405%, (3 Month U.S. Treasury Bill + | |
| | 175 bps), 1/10/23 (144A) | $ 1,486,650 |
| | Inland Flood – U.S. — 0.1% | |
| 1,500,000(a) | FloodSmart Re, 11.905%, (3 Month U.S. Treasury Bill + | |
| | 1,125 bps), 2/25/25 (144A) | $ 1,492,350 |
| 1,000,000(a) | FloodSmart Re, 14.235%, (3 Month U.S. Treasury Bill + | |
| | 1,358 bps), 3/1/24 (144A) | 981,500 |
| 750,000(a) | FloodSmart Re, 15.588%, (3 Month U.S. Treasury Bill + | |
| | 1,508 bps), 2/27/23 (144A) | 730,425 |
| | | $ 3,204,275 |
| | Multiperil – Florida — 0.0%† | |
| 250,000(a) | Sanders Re II, 6.085%, (3 Month U.S. Treasury Bill + | |
| | 543 bps), 6/7/23 (144A) | $ 253,325 |
| | Multiperil – Japan — 0.0%† | |
| 500,000(a) | Akibare Re, 2.897%, (3 Month USD LIBOR + 193 | |
| | bps), 4/7/22 | $ 498,500 |
| | Multiperil – Texas — 0.0%† | |
| 1,500,000(a) | Alamo Re, 5.695%, (1 Month U.S. Treasury Bill + | |
| | 504 bps), 6/8/22 (144A) | $ 1,504,200 |
| | Multiperil – U.S. — 0.3% | |
| 900,000(a) | Easton Re Pte, 4.681%, (3 Month U.S. Treasury Bill + | |
| | 400 bps), 1/8/24 (144A) | $ 897,750 |
| 500,000(a) | Four Lakes Re, 5.405%, (3 Month U.S. Treasury Bill + | |
| | 475 bps), 1/7/25 (144A) | 496,000 |
| 1,500,000(a) | Four Lakes Re, 7.655%, (3 Month U.S. Treasury Bill + | |
| | 700 bps), 1/5/24 (144A) | 1,504,050 |
| 1,500,000(a) | Four Lakes Re, 10.155%, (3 Month U.S. Treasury Bill + | |
| | 950 bps), 1/5/24 (144A) | 1,497,300 |
| 500,000(a) | Herbie Re, 10.375%, (3 Month U.S. Treasury Bill + | |
| | 900 bps), 1/8/25 (144A) | 510,750 |
| 1,750,000(a) | Matterhorn Re, 5.875%, (SOFR + 525 bps), | |
| | 3/24/25 (144A) | 1,749,125 |
| 750,000(a) | Matterhorn Re, 8.371%, (SOFR + 775 bps), | |
| | 3/24/25 (144A) | 749,625 |
| 1,500,000(a) | Residential Reinsurance 2020, 7.165%, (3 Month | |
| | U.S. Treasury Bill + 651 bps), 12/6/24 (144A) | 1,518,750 |
| 1,250,000(a) | Residential Reinsurance 2020, 8.895%, (3 Month | |
| | U.S. Treasury Bill + 824 bps), 12/6/24 (144A) | 1,245,625 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 55
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – U.S. — (continued) | |
| 2,250,000(a) | Sanders Re II, 3.905%, (3 Month U.S. Treasury Bill + | |
| | 325 bps), 4/7/25 (144A) | $ 2,241,900 |
| 750,000(a) | Sussex Capital UK Pcc, Ltd., 8.85%, (3 Month | |
| | U.S. Treasury Bill + 775 bps), 1/8/25 (144A) | 760,500 |
| | | $ 13,171,375 |
| | Multiperil – U.S. & Canada — 0.0%† | |
| 1,000,000(a) | Hypatia, Ltd., 11.03%, (3 Month U.S. Treasury Bill + | |
| | 1,038 bps), 6/7/23 (144A) | $ 1,038,900 |
| 250,000(a) | Matterhorn Re, 6.017%, (SOFR + 592 bps), | |
| | 12/8/25 (144A) | 248,275 |
| 500,000(a) | Mona Lisa Re, 8.508%, (3 Month U.S. Treasury Bill + | |
| | 800 bps), 1/9/23 (144A) | 500,600 |
| | | $ 1,787,775 |
| | Multiperil – U.S. Regional — 0.2% | |
| 6,400,000(a) | Long Point Re III, 3.405%, (3 Month U.S. Treasury Bill + | |
| | 275 bps), 6/1/22 (144A) | $ 6,396,800 |
| | Multiperil – Worldwide — 0.0%† | |
| 500,000(a) | Northshore Re II, 6.403%, (3 Month U.S. Treasury Bill + | |
| | 575 bps), 1/8/24 (144A) | $ 506,500 |
| | Pandemic – U.S — 0.0%† | |
| 500,000(a) | Vitality Re XI, 2.455%, (3 Month U.S. Treasury Bill + | |
| | 180 bps), 1/9/24 (144A) | $ 490,000 |
| | Windstorm – Florida — 0.1% | |
| 3,000,000(a) | Integrity Re, 4.38%, (3 Month USD LIBOR + | |
| | 438 bps), 6/10/22 (144A) | $ 3,004,500 |
| | Windstorm – North Carolina — 0.1% | |
| 2,750,000(a) | Cape Lookout Re, 6.885%, (1 Month U.S. Treasury Bill + | |
| | 623 bps), 5/9/22 (144A) | $ 2,758,525 |
| | Windstorm – U.S — 0.0%† | |
| 750,000(a) | Bonanza Re, 5.405%, (3 Month U.S. Treasury Bill + | |
| | 475 bps), 12/23/24 (144A) | $ 749,550 |
| 250,000(a) | Bonanza Re, 5.75%, (3 Month U.S. Treasury Bill + | |
| | 575 bps), 3/16/25 (144A) | 249,875 |
| | | $ 999,425 |
| | Windstorm – U.S. Regional — 0.1% | |
| 1,500,000(a) | Matterhorn Re, 4.793%, (3 Month USD LIBOR + | |
| | 425 bps), 12/7/22 (144A) | $ 1,492,800 |
| 2,000,000(a) | Matterhorn Re, 6.043%, (3 Month USD LIBOR + | |
| | 550 bps), 12/7/22 (144A) | 1,981,800 |
| | | $ 3,474,600 |
| | Total Event Linked Bonds | $ 43,523,750 |
The accompanying notes are an integral part of these financial statements.
56 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Collateralized Reinsurance — 0.5% | |
| | Earthquakes – California — 0.1% | |
| 1,800,000(c)(l)+ | Adare Re 2021, 9/30/27 | $ 1,848,154 |
| 754,500(l)+ | Adare Re 2022, 12/31/27 | 763,553 |
| | | $ 2,611,707 |
| | Multiperil – Massachusetts — 0.1% | |
| 2,600,000(c)(l)+ | Denning Re 2021, 7/31/25 | $ 2,604,334 |
| | Multiperil – U.S. — 0.2% | |
| 6,000,000(c)(l)+ | Ballybunion Re 2020, 2/28/23 | $ 677,844 |
| 3,000,000(c)(l)+ | Ballybunion Re 2021-2, 6/30/25 | 3,104,400 |
| 3,406,059(c)(l)+ | Ballybunion Re 2021-3, 7/31/25 | 3,453,744 |
| 1,506,560(c)(l)+ | Ballybunion Re 2022, 12/31/27 | 1,521,626 |
| 550,000(c)(l)+ | Dingle Re 2020, 12/31/22 | 52,950 |
| 500,000(l)+ | Port Royal Re 2021, 5/31/25 | 506,825 |
| | | $ 9,317,389 |
| | Multiperil – Worldwide — 0.0%† | |
| 20,000(c)(l)+ | Limestone Re, 9/9/22 (144A) | $ — |
| 140,000(l)+ | Limestone Re, 3/1/23 (144A) | — |
| 1,020,000(c)(l)+ | Limestone Re 2020-1, 3/1/24 (144A) | 43,044 |
| 480,000(c)(l)+ | Limestone Re 2020-1, 3/1/24 (144A) | 20,256 |
| 250,000(c)(l)+ | Merion Re 2022-1, 12/31/27 | 222,804 |
| 250,000(c)(l)+ | Old Head Re 2022, 12/31/27 | 203,516 |
| 500,000(c)(l)+ | Pine Valley Re 2022, 12/31/27 | 461,525 |
| 608,616(c)(l)+ | Walton Health Re 2018, 6/15/22 | 48,448 |
| 300,000(c)(l)+ | Walton Health Re 2019, 6/30/22 | 250,380 |
| | | $ 1,249,973 |
| | Windstorm – Florida — 0.0%† | |
| 1,750,000(c)(l)+ | Formby Re 2018, 2/28/23 | $ 214,900 |
| 2,200,000(c)(l)+ | Portrush Re 2017, 6/15/22 | 1,403,820 |
| | | $ 1,618,720 |
| | Windstorm – North Carolina — 0.0%† | |
| 1,500,000(c)(l)+ | Isosceles Re 2021-A1, 5/31/25 | $ 11,850 |
| | Windstorm – U.S — 0.0%† | |
| 500,000(l)+ | Shadow Creek Re 2021, 7/31/25 | $ 7,593 |
| | Windstorm – U.S. Multistate — 0.0%† | |
| 1,500,000(c)(l)+ | White Heron Re 2021, 6/30/25 | $ 32,100 |
| | Windstorm – U.S. Regional — 0.1% | |
| 1,500,000(l)+ | Isosceles Insurance, Ltd., 7/10/23 | $ 1,485,000 |
| 1,250,000(c)(l)+ | Oakmont Re 2017, 4/30/23 | 36,750 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 57
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Windstorm – U.S. Regional — (continued) |
| 5,804,192(c)(l)+ | Oakmont Re 2020, 4/30/24 | $ 4,687,114 |
| | | $ 6,208,864 |
| | Total Collateralized Reinsurance | $ 23,662,530 |
| | Reinsurance Sidecars — 1.5% | |
| | Multiperil – U.S. — 0.1% | |
| 1,750,000(c)(l)+ | Carnoustie Re 2020, 12/31/23 | $ 237,300 |
| 1,390,289(c)(l)+ | Carnoustie Re 2021, 12/31/24 | 65,899 |
| 1,000,000(c)(l)+ | Carnoustie Re 2022, 12/31/27 | 1,021,302 |
| 3,000,000(c)(m)+ | Harambee Re 2018, 12/31/22 | 2,400 |
| 5,000,000(m)+ | Harambee Re 2019, 12/31/22 | 3,500 |
| 3,000,000(c)(m)+ | Harambee Re 2020, 12/31/23 | 102,300 |
| 692,491(a)(l)+ | Sector Re V, 3/1/26 (144A) | 737,097 |
| | | $ 2,169,798 |
| | Multiperil – Worldwide — 1.4% | |
| 2,201(l)+ | Alturas Re 2019-1, 3/10/23 (144A) | $ 10,065 |
| 33,410(m)+ | Alturas Re 2019-2, 3/10/23 | 11,506 |
| 357,085(l)+ | Alturas Re 2020-1B, 3/10/23 (144A) | 12,284 |
| 360,465(m)+ | Alturas Re 2020-2, 3/10/23 | 170,455 |
| 250,000(c)(m)+ | Alturas Re 2020-3, 9/30/24 | 3,801 |
| 2,639,535(c)(m)+ | Alturas Re 2021-2, 12/31/24 | — |
| 236,951(c)(m)+ | Alturas Re 2021-3, 7/31/25 | 216,455 |
| 2,501,600(c)(m)+ | Alturas Re 2022-2, 12/31/27 | 2,534,121 |
| 4,000,000(c)(l)+ | Bantry Re 2016, 3/31/23 | 241,800 |
| 4,000,000(c)(l)+ | Bantry Re 2019, 12/31/22 | 135,855 |
| 3,821,406(c)(l)+ | Bantry Re 2020, 12/31/23 | 248,691 |
| 3,932,000(c)(l)+ | Bantry Re 2021, 12/31/24 | 595,305 |
| 3,280,525(c)(l)+ | Bantry Re 2022, 12/31/27 | 3,336,733 |
| 13,924,181(c)(l)+ | Berwick Re 2018-1, 12/31/22 | 1,076,339 |
| 9,947,951(c)(l)+ | Berwick Re 2019-1, 12/31/22 | 1,188,780 |
| 2,000,000(l)+ | Berwick Re 2020-1, 12/31/23 | 200 |
| 3,500,000(l)+ | Berwick Re 2022, 12/31/27 | 3,551,501 |
| 73,625(g)(l)+ | Eden Re II, 3/22/23 (144A) | 182,465 |
| 700,000(l)+ | Eden Re II, 3/22/24 (144A) | 372,400 |
| 1,890,000(c)(l)+ | Eden Re II, 3/21/25 (144A) | 1,634,850 |
| 4,400,000(l)+ | Eden Re II, 3/20/26 (144A) | 4,400,000 |
| 1,500,000(c)(l)+ | Gleneagles Re 2018, 12/31/22 | 177,450 |
| 1,156,688(c)(l)+ | Gleneagles Re 2019, 12/31/22 | 25,849 |
| 1,270,798(c)(l)+ | Gleneagles Re 2020, 12/31/23 | 127,007 |
| 1,250,000(c)(l)+ | Gleneagles Re 2021, 12/31/24 | 299,430 |
The accompanying notes are an integral part of these financial statements.
58 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – Worldwide — (continued) | |
| 1,250,000(c)(l)+ | Gleneagles Re 2022, 12/31/27 | $ 1,266,317 |
| 2,737,878(c)(l)+ | Gullane Re 2018, 12/31/22 | 169,487 |
| 5,000,000(c)(l)+ | Gullane Re 2022, 12/31/27 | 5,186,061 |
| 500,000(m)+ | Lion Rock Re 2019, 1/31/23 | — |
| 500,000(m)+ | Lion Rock Re 2020, 1/31/23 | — |
| 500,000(c)(m)+ | Lion Rock Re 2021, 12/31/24 | 320,000 |
| 2,545,246(c)(m)+ | Lorenz Re 2019, 6/30/22 | 295,249 |
| 1,282,713(c)(m)+ | Lorenz Re 2020, 6/30/23 | 87,866 |
| 1,717,287(c)(m)+ | Lorenz Re 2020, 6/30/23 | 117,806 |
| 8,500,000(c)(l)+ | Merion Re 2018-2, 12/31/22 | 1,406,750 |
| 9,000,000(c)(l)+ | Merion Re 2021-2, 12/31/24 | 1,953,900 |
| 6,551,154(c)(l)+ | Merion Re 2022-2, 12/31/27 | 6,639,303 |
| 6,150,000(c)(l)+ | Pangaea Re 2016-2, 11/30/22 | 10,967 |
| 4,750,000(c)(l)+ | Pangaea Re 2018-1, 12/31/22 | 100,009 |
| 7,100,000(c)(l)+ | Pangaea Re 2018-3, 7/1/22 | 147,278 |
| 3,891,425(c)(l)+ | Pangaea Re 2019-1, 2/1/23 | 81,087 |
| 5,220,725(c)(l)+ | Pangaea Re 2019-3, 7/1/23 | 187,794 |
| 3,850,570(l)+ | Pangaea Re 2020-1, 2/1/24 | 81,717 |
| 3,500,000(l)+ | Pangaea Re 2020-3, 7/1/24 | 49,273 |
| 4,500,000(c)(l)+ | Pangaea Re 2021-1, 12/31/24 | 129,829 |
| 4,254,521(c)(l)+ | Pangaea Re 2022-1, 12/31/27 | 4,254,521 |
| 1,000,000(c)(l)+ | Phoenix One Re, 1/4/27 | 1,068,000 |
| 1,800,000(c)(l)+ | Sector Re V, 12/1/23 (144A) | 218,989 |
| 540,031(c)(l)+ | Sector Re V, 12/1/23 (144A) | 80,460 |
| 360,000(l)+ | Sector Re V, 3/1/24 (144A) | 273,022 |
| 3,608(l)+ | Sector Re V, 3/1/24 (144A) | 85,643 |
| 155,997(l)+ | Sector Re V, 12/1/24 (144A) | 452,421 |
| 150,000(l)+ | Sector Re V, 12/1/24 (144A) | 435,028 |
| 756(l)+ | Sector Re V, 3/1/25 (144A) | 40,892 |
| 575(l)+ | Sector Re V, 3/1/25 (144A) | 31,102 |
| 6,578(l)+ | Sector Re V, 3/1/25 (144A) | 88,449 |
| 6,106(c)(l)+ | Sector Re V, 12/1/25 (144A) | 296,203 |
| 2,253,960(l)+ | Sector Re V, 3/1/26 (144A) | 2,476,889 |
| 2,753,972(l)+ | Sector Re V, 12/1/26 (144A) | 2,805,435 |
| 3,609,700(l)+ | Sussex Re 2020-1, 12/31/22 | 77,248 |
| 1,000,000(c)(l)+ | Sussex Re 2021-1, 12/31/24 | 154,000 |
| 3,000,000(c)(m)+ | Thopas Re 2019, 12/31/22 | — |
| 4,000,000(m)+ | Thopas Re 2020, 12/31/23 | — |
| 5,000,000(c)(m)+ | Thopas Re 2021, 12/31/24 | — |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 59
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – Worldwide — (continued) | |
| 3,000,000(c)(l)+ | Thopas Re 2022, 12/31/27 | $ 3,061,800 |
| 2,818,951(c)(m)+ | Torricelli Re 2021, 7/31/25 | 2,751,578 |
| 3,000,000(l)+ | Versutus Re 2018, 12/31/22 | 3,600 |
| 2,647,642(l)+ | Versutus Re 2019-A, 12/31/22 | 1,589 |
| 852,358(l)+ | Versutus Re 2019-B, 12/31/22 | — |
| 1,250,000(c)(m)+ | Viribus Re 2018, 12/31/22 | — |
| 3,650,000(c)(m)+ | Viribus Re 2019, 12/31/22 | 95,630 |
| 4,139,570(c)(m)+ | Viribus Re 2020, 12/31/23 | 182,141 |
| 3,717,666(c)(m)+ | Viribus Re 2021, 12/31/24 | 3,763,021 |
| 1,826,168(c)(l)+ | Woburn Re 2018, 12/31/22 | 101,048 |
| 3,539,362(c)(l)+ | Woburn Re 2019, 12/31/22 | 799,335 |
| | | $ 62,382,079 |
| | Total Reinsurance Sidecars | $ 64,551,877 |
| | Industry Loss Warranties — 0.1%† | |
| | Earthquakes – U.S. — 0.1% | |
| 1,750,000(l)+ | Vermillion Re 2022, 12/31/27 | $ 1,691,543 |
| | Windstorm – U.S — 0.0%† | |
| 2,000,000(l)+ | Ballylifin Re 2021, 9/15/25 | $ 1,526,400 |
| | Total Industry Loss Warranties | $ 3,217,943 |
| | TOTAL INSURANCE-LINKED SECURITIES | |
| | (Cost $136,785,448) | $ 134,956,100 |
| |
| Principal | | |
| Amount | | |
| USD ($) | | |
| | FOREIGN GOVERNMENT BONDS — 4.1% of | |
| | Net Assets | |
| | Argentina — 0.2% | |
| 351,880 | Argentine Republic Government International Bond, | |
| | 1.000%, 7/9/29 | $ 119,330 |
| 5,955,800(f) | Argentine Republic Government International Bond, | |
| | 1.125%, 7/9/35 | 1,808,538 |
| 8,500,000 | Ciudad Autonoma De Buenos Aires, 7.500%, | |
| | 6/1/27 (144A) | 7,618,210 |
| | Total Argentina | $ 9,546,078 |
| | Bahamas — 0.1% | |
| 5,815,000 | Bahamas Government International Bond, 8.950%, | |
| | 10/15/32 (144A) | $ 4,649,151 |
| | Total Bahamas | $ 4,649,151 |
The accompanying notes are an integral part of these financial statements.
60 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Colombia — 0.1% | |
| | 4,800,000 | Colombia Government International Bond, | |
| | | 3.125%, 4/15/31 | $ 4,064,400 |
| | | Total Colombia | $ 4,064,400 |
| | | Egypt — 0.4% | |
| EGP | 197,044,000 | Egypt Government Bond, 15.700%, 11/7/27 | $ 10,581,947 |
| | 2,520,000 | Egypt Government International Bond, 5.875%, | |
| | | 2/16/31 (144A) | 2,110,959 |
| | 5,560,000 | Egypt Government International Bond, 7.053%, | |
| | | 1/15/32 (144A) | 4,884,460 |
| | 2,000,000 | Egypt Government International Bond, 8.875%, | |
| | | 5/29/50 (144A) | 1,727,760 |
| | | Total Egypt | $ 19,305,126 |
| | | Gabon — 0.1% | |
| | 5,045,000 | Gabon Government International Bond, 7.000%, | |
| | | 11/24/31 (144A) | $ 4,839,063 |
| | | Total Gabon | $ 4,839,063 |
| | | Ghana — 0.1% | |
| | 4,780,000 | Ghana Government International Bond, 7.875%, | |
| | | 2/11/35 (144A) | $ 3,325,828 |
| | | Total Ghana | $ 3,325,828 |
| | | Guatemala — 0.2% | |
| | 7,305,000 | Republic of Guatemala, 3.700%, 10/7/33 (144A) | $ 6,757,125 |
| | | Total Guatemala | $ 6,757,125 |
| | | Indonesia — 0.3% | |
| IDR | 219,632,000,000 | Indonesia Treasury Bond, 6.125%, 5/15/28 | $ 15,076,427 |
| | | Total Indonesia | $ 15,076,427 |
| | | Ivory Coast — 0.3% | |
| EUR | 8,965,000 | Ivory Coast Government International Bond, | |
| | | 4.875%, 1/30/32 (144A) | $ 8,719,097 |
| EUR | 3,270,000 | Ivory Coast Government International Bond, | |
| | | 5.875%, 10/17/31 (144A) | 3,345,840 |
| | 2,500,000 | Ivory Coast Government International Bond, | |
| | | 6.125%, 6/15/33 (144A) | 2,416,200 |
| | | Total Ivory Coast | $ 14,481,137 |
| | | Mexico — 0.9% | |
| MXN | 620,140,000 | Mexican Bonos, 8.500%, 5/31/29 | $ 31,378,647 |
| | 6,315,000 | Mexico Government International Bond, | |
| | | 3.500%, 2/12/34 | 5,868,530 |
| | | Total Mexico | $ 37,247,177 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 61
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Nigeria — 0.2% | |
| | 5,445,000 | Nigeria Government International Bond, 7.375%, | |
| | | 9/28/33 (144A) | $ 4,944,060 |
| | 4,015,000 | Nigeria Government International Bond, 8.375%, | |
| | | 3/24/29 (144A) | 4,030,056 |
| | | Total Nigeria | $ 8,974,116 |
| | | Rwanda — 0.1% | |
| | 5,525,000 | Rwanda International Government Bond, 5.500%, | |
| | | 8/9/31 (144A) | $ 5,034,380 |
| | | Total Rwanda | $ 5,034,380 |
| | | Serbia — 0.1% | |
| EUR | 6,600,000 | Serbia International Bond, 2.050%, 9/23/36 (144A) | $ 5,610,281 |
| | | Total Serbia | $ 5,610,281 |
| | | South Africa — 0.6% | |
| ZAR | 404,250,000 | Republic of South Africa Government Bond, | |
| | | 8.250%, 3/31/32 | $ 24,685,186 |
| | | Total South Africa | $ 24,685,186 |
| | | Trinidad — 0.1% | |
| | 4,440,000 | Trinidad & Tobago Government International Bond, | |
| | | 4.500%, 6/26/30 (144A) | $ 4,306,800 |
| | | Total Trinidad | $ 4,306,800 |
| | | Ukraine — 0.1% | |
| EUR | 4,490,000 | Ukraine Government International Bond, 4.375%, | |
| | | 1/27/30 (144A) | $ 2,060,089 |
| | 9,575,000 | Ukraine Government International Bond, 7.375%, | |
| | | 9/25/32 (144A) | 3,963,954 |
| | | Total Ukraine | $ 6,024,043 |
| | | Uzbekistan — 0.2% | |
| UZS | 76,270,000,000 | Republic of Uzbekistan International Bond, | |
| | | 14.000%, 7/19/24 (144A) | $ 5,824,700 |
| UZS | 33,340,000,000 | Republic of Uzbekistan International Bond, | |
| | | 14.500%, 11/25/23 (144A) | 2,670,931 |
| | | Total Uzbekistan | $ 8,495,631 |
| | | TOTAL FOREIGN GOVERNMENT BONDS | |
| | | (Cost $209,566,491) | $ 182,421,949 |
The accompanying notes are an integral part of these financial statements.
62 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — 37.4% of Net Assets |
| 35,177,542 | Fannie Mae, 1.500%, 11/1/41 | $ 31,899,410 |
| 8,913,889 | Fannie Mae, 1.500%, 1/1/42 | 8,082,662 |
| 5,930,179 | Fannie Mae, 1.500%, 1/1/42 | 5,377,620 |
| 7,940,472 | Fannie Mae, 1.500%, 2/1/42 | 7,201,101 |
| 2,989,710 | Fannie Mae, 1.500%, 3/1/42 | 2,710,972 |
| 9,659,496 | Fannie Mae, 2.500%, 10/1/51 | 9,240,689 |
| 6,901,566 | Fannie Mae, 2.500%, 12/1/51 | 6,611,733 |
| 13,935,559 | Fannie Mae, 2.500%, 1/1/52 | 13,358,857 |
| 24,000,000 | Fannie Mae, 2.500%, 4/1/52 (TBA) | 22,927,500 |
| 61,757 | Fannie Mae, 3.000%, 10/1/39 | 61,132 |
| 80,711 | Fannie Mae, 3.000%, 5/1/46 | 80,338 |
| 75,053 | Fannie Mae, 3.000%, 10/1/46 | 74,882 |
| 217,684 | Fannie Mae, 3.000%, 11/1/46 | 216,558 |
| 130,875 | Fannie Mae, 3.000%, 11/1/46 | 128,983 |
| 41,122 | Fannie Mae, 3.000%, 1/1/47 | 41,028 |
| 45,028 | Fannie Mae, 3.000%, 3/1/47 | 44,804 |
| 445,647 | Fannie Mae, 3.000%, 3/1/47 | 439,170 |
| 2,151,251 | Fannie Mae, 3.000%, 5/1/48 | 2,130,998 |
| 232,130 | Fannie Mae, 3.000%, 7/1/49 | 229,450 |
| 4,000,000 | Fannie Mae, 3.000%, 3/1/52 | 3,926,508 |
| 190,000,000 | Fannie Mae, 3.000%, 4/1/52 (TBA) | 186,056,193 |
| 3,000,000 | Fannie Mae, 3.000%, 5/1/52 (TBA) | 2,930,036 |
| 1,624,981 | Fannie Mae, 3.500%, 7/1/42 | 1,658,649 |
| 3,074,572 | Fannie Mae, 3.500%, 6/1/45 | 3,130,562 |
| 5,526,231 | Fannie Mae, 3.500%, 9/1/45 | 5,655,308 |
| 1,061,910 | Fannie Mae, 3.500%, 9/1/45 | 1,080,080 |
| 743,909 | Fannie Mae, 3.500%, 6/1/46 | 757,049 |
| 665,839 | Fannie Mae, 3.500%, 9/1/46 | 677,057 |
| 259,617 | Fannie Mae, 3.500%, 10/1/46 | 263,509 |
| 170,364 | Fannie Mae, 3.500%, 7/1/47 | 172,180 |
| 800,071 | Fannie Mae, 3.500%, 4/1/50 | 804,247 |
| 140,000,000 | Fannie Mae, 3.500%, 4/1/52 (TBA) | 140,352,734 |
| 16,000,000 | Fannie Mae, 3.500%, 5/1/52 (TBA) | 15,979,688 |
| 1,488 | Fannie Mae, 4.000%, 12/1/23 | 1,520 |
| 4,084 | Fannie Mae, 4.000%, 12/1/30 | 4,205 |
| 381,572 | Fannie Mae, 4.000%, 9/1/37 | 397,021 |
| 4,563,860 | Fannie Mae, 4.000%, 10/1/40 | 4,779,421 |
| 1,830,534 | Fannie Mae, 4.000%, 12/1/40 | 1,916,921 |
| 2,610 | Fannie Mae, 4.000%, 11/1/41 | 2,723 |
| 573,288 | Fannie Mae, 4.000%, 11/1/41 | 598,106 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 63
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 913,782 | Fannie Mae, 4.000%, 12/1/41 | $ 946,979 |
| 4,787,304 | Fannie Mae, 4.000%, 12/1/41 | 5,011,912 |
| 12,043 | Fannie Mae, 4.000%, 12/1/41 | 12,317 |
| 1,660,704 | Fannie Mae, 4.000%, 1/1/42 | 1,738,483 |
| 537,594 | Fannie Mae, 4.000%, 1/1/42 | 562,776 |
| 1,071,741 | Fannie Mae, 4.000%, 2/1/42 | 1,119,358 |
| 595,184 | Fannie Mae, 4.000%, 2/1/42 | 623,116 |
| 1,704,548 | Fannie Mae, 4.000%, 4/1/42 | 1,784,501 |
| 797,031 | Fannie Mae, 4.000%, 4/1/42 | 823,064 |
| 1,685,383 | Fannie Mae, 4.000%, 5/1/42 | 1,764,453 |
| 87,820 | Fannie Mae, 4.000%, 5/1/42 | 91,732 |
| 80,260 | Fannie Mae, 4.000%, 6/1/42 | 82,248 |
| 75,557 | Fannie Mae, 4.000%, 7/1/42 | 78,940 |
| 2,871,315 | Fannie Mae, 4.000%, 8/1/42 | 3,019,132 |
| 98,808 | Fannie Mae, 4.000%, 10/1/42 | 103,336 |
| 938,416 | Fannie Mae, 4.000%, 8/1/43 | 980,084 |
| 607,906 | Fannie Mae, 4.000%, 11/1/43 | 635,622 |
| 728,014 | Fannie Mae, 4.000%, 2/1/44 | 761,131 |
| 51,555 | Fannie Mae, 4.000%, 6/1/44 | 52,708 |
| 223,593 | Fannie Mae, 4.000%, 10/1/44 | 229,070 |
| 32,708 | Fannie Mae, 4.000%, 6/1/45 | 33,629 |
| 128,567 | Fannie Mae, 4.000%, 7/1/45 | 134,279 |
| 1,803,412 | Fannie Mae, 4.000%, 4/1/47 | 1,872,028 |
| 1,639,628 | Fannie Mae, 4.000%, 4/1/47 | 1,697,638 |
| 673,494 | Fannie Mae, 4.000%, 6/1/47 | 698,213 |
| 243,057 | Fannie Mae, 4.000%, 6/1/47 | 250,871 |
| 1,176,236 | Fannie Mae, 4.000%, 7/1/47 | 1,216,934 |
| 50,352 | Fannie Mae, 4.000%, 6/1/48 | 51,700 |
| 82,201 | Fannie Mae, 4.000%, 8/1/48 | 84,134 |
| 451,199 | Fannie Mae, 4.000%, 8/1/48 | 462,516 |
| 49,340 | Fannie Mae, 4.000%, 8/1/48 | 50,697 |
| 53,381 | Fannie Mae, 4.000%, 6/1/49 | 54,928 |
| 16,930 | Fannie Mae, 4.000%, 9/1/49 | 17,340 |
| 81,159 | Fannie Mae, 4.000%, 5/1/50 | 83,050 |
| 32,673 | Fannie Mae, 4.000%, 6/1/50 | 33,400 |
| 179,361 | Fannie Mae, 4.000%, 7/1/50 | 184,245 |
| 67,269 | Fannie Mae, 4.000%, 10/1/50 | 68,815 |
| 139,563 | Fannie Mae, 4.000%, 11/1/50 | 142,654 |
| 1,271,627 | Fannie Mae, 4.000%, 11/1/50 | 1,300,184 |
| 521,990 | Fannie Mae, 4.000%, 12/1/50 | 533,548 |
The accompanying notes are an integral part of these financial statements.
64 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 46,761 | Fannie Mae, 4.000%, 1/1/51 | $ 47,994 |
| 12,262 | Fannie Mae, 4.000%, 1/1/51 | 12,559 |
| 281,087 | Fannie Mae, 4.000%, 1/1/51 | 287,313 |
| 127,448 | Fannie Mae, 4.000%, 2/1/51 | 130,497 |
| 346,029 | Fannie Mae, 4.000%, 2/1/51 | 353,743 |
| 447,681 | Fannie Mae, 4.000%, 4/1/51 | 457,624 |
| 65,887 | Fannie Mae, 4.000%, 5/1/51 | 67,667 |
| 888,055 | Fannie Mae, 4.000%, 6/1/51 | 907,889 |
| 164,044 | Fannie Mae, 4.000%, 7/1/51 | 167,651 |
| 1,107,415 | Fannie Mae, 4.000%, 7/1/51 | 1,136,775 |
| 2,349,366 | Fannie Mae, 4.000%, 7/1/51 | 2,401,310 |
| 99,902 | Fannie Mae, 4.000%, 8/1/51 | 102,459 |
| 3,117,180 | Fannie Mae, 4.000%, 8/1/51 | 3,186,714 |
| 91,522 | Fannie Mae, 4.000%, 9/1/51 | 93,573 |
| 44,747 | Fannie Mae, 4.000%, 10/1/51 | 45,834 |
| 48,000,000 | Fannie Mae, 4.000%, 4/1/52 (TBA) | 49,035,000 |
| 43,000,000 | Fannie Mae, 4.000%, 5/1/52 (TBA) | 43,761,032 |
| 1,340,118 | Fannie Mae, 4.500%, 11/1/40 | 1,422,594 |
| 3,835,526 | Fannie Mae, 4.500%, 12/1/40 | 4,083,155 |
| 188,880 | Fannie Mae, 4.500%, 3/1/41 | 201,170 |
| 3,774 | Fannie Mae, 4.500%, 4/1/41 | 4,019 |
| 2,003,396 | Fannie Mae, 4.500%, 5/1/41 | 2,134,163 |
| 824,294 | Fannie Mae, 4.500%, 7/1/41 | 877,836 |
| 3,059,430 | Fannie Mae, 4.500%, 8/1/41 | 3,249,587 |
| 292,885 | Fannie Mae, 4.500%, 9/1/41 | 311,121 |
| 1,224,404 | Fannie Mae, 4.500%, 9/1/43 | 1,307,085 |
| 236,427 | Fannie Mae, 4.500%, 1/1/47 | 245,994 |
| 148,000,000 | Fannie Mae, 4.500%, 4/1/52 (TBA) | 153,526,875 |
| 45 | Fannie Mae, 5.000%, 4/1/22 | 45 |
| 691 | Fannie Mae, 5.000%, 6/1/22 | 704 |
| 210 | Fannie Mae, 5.000%, 6/1/22 | 214 |
| 1,091,076 | Fannie Mae, 5.000%, 6/1/35 | 1,179,925 |
| 296,150 | Fannie Mae, 5.000%, 7/1/35 | 320,360 |
| 793,257 | Fannie Mae, 5.000%, 7/1/35 | 858,327 |
| 363,087 | Fannie Mae, 5.000%, 8/1/35 | 392,743 |
| 115,183 | Fannie Mae, 5.000%, 5/1/38 | 124,688 |
| 387,930 | Fannie Mae, 5.000%, 1/1/39 | 413,750 |
| 244,716 | Fannie Mae, 5.000%, 7/1/39 | 264,553 |
| 245,003 | Fannie Mae, 5.000%, 7/1/39 | 265,079 |
| 39,882 | Fannie Mae, 5.000%, 7/1/39 | 42,049 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 65
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 659,292 | Fannie Mae, 5.000%, 6/1/40 | $ 713,890 |
| 67,875 | Fannie Mae, 5.000%, 6/1/40 | 72,666 |
| 449,872 | Fannie Mae, 5.000%, 7/1/40 | 483,811 |
| 213,757 | Fannie Mae, 5.000%, 10/1/40 | 231,299 |
| 114,143 | Fannie Mae, 5.000%, 5/1/41 | 122,522 |
| 115,539 | Fannie Mae, 5.000%, 7/1/41 | 124,888 |
| 127,546 | Fannie Mae, 5.000%, 12/1/41 | 134,716 |
| 2,783,099 | Fannie Mae, 5.000%, 9/1/43 | 3,005,266 |
| 8,410,727 | Fannie Mae, 5.000%, 11/1/44 | 9,099,232 |
| 5,420 | Fannie Mae, 5.500%, 5/1/33 | 5,772 |
| 3,631 | Fannie Mae, 5.500%, 6/1/33 | 3,875 |
| 17,784 | Fannie Mae, 5.500%, 7/1/33 | 19,465 |
| 32,187 | Fannie Mae, 5.500%, 4/1/34 | 34,921 |
| 5,243 | Fannie Mae, 5.500%, 10/1/35 | 5,718 |
| 50,647 | Fannie Mae, 5.500%, 12/1/35 | 54,968 |
| 22,039 | Fannie Mae, 5.500%, 3/1/36 | 23,566 |
| 474 | Fannie Mae, 6.000%, 3/1/32 | 525 |
| 783 | Fannie Mae, 6.000%, 10/1/32 | 866 |
| 3,052 | Fannie Mae, 6.000%, 11/1/32 | 3,260 |
| 18,627 | Fannie Mae, 6.000%, 12/1/32 | 19,965 |
| 3,753 | Fannie Mae, 6.000%, 1/1/33 | 4,155 |
| 1,917 | Fannie Mae, 6.000%, 3/1/33 | 2,122 |
| 10,062 | Fannie Mae, 6.000%, 5/1/33 | 10,747 |
| 29,316 | Fannie Mae, 6.000%, 12/1/33 | 32,515 |
| 24,144 | Fannie Mae, 6.000%, 1/1/34 | 26,746 |
| 105,773 | Fannie Mae, 6.000%, 6/1/37 | 116,113 |
| 45,775 | Fannie Mae, 6.000%, 12/1/37 | 51,068 |
| 72,483 | Fannie Mae, 6.000%, 4/1/38 | 80,987 |
| 14,529 | Fannie Mae, 6.000%, 7/1/38 | 15,505 |
| 102 | Fannie Mae, 6.500%, 4/1/29 | 114 |
| 325 | Fannie Mae, 6.500%, 5/1/31 | 349 |
| 113 | Fannie Mae, 6.500%, 6/1/31 | 121 |
| 267 | Fannie Mae, 6.500%, 2/1/32 | 291 |
| 1,657 | Fannie Mae, 6.500%, 3/1/32 | 1,780 |
| 790 | Fannie Mae, 6.500%, 8/1/32 | 851 |
| 268 | Fannie Mae, 7.000%, 5/1/28 | 286 |
| 147 | Fannie Mae, 7.000%, 2/1/29 | 159 |
| 256 | Fannie Mae, 7.000%, 7/1/31 | 262 |
| 239 | Fannie Mae, 7.500%, 1/1/28 | 250 |
The accompanying notes are an integral part of these financial statements.
66 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 482,506 | Federal Home Loan Mortgage Corp., 3.000%, 4/1/43 | $ 482,720 |
| 573,786 | Federal Home Loan Mortgage Corp., 3.000%, 4/1/47 | 570,740 |
| 122,509 | Federal Home Loan Mortgage Corp., 3.000%, 11/1/47 | 121,833 |
| 2,177,840 | Federal Home Loan Mortgage Corp., 4.000%, 10/1/42 | 2,281,829 |
| 1,290,396 | Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | 1,334,398 |
| 999,018 | Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | 1,035,796 |
| 166,486 | Federal Home Loan Mortgage Corp., 4.000%, 5/1/49 | 170,498 |
| 111,037 | Federal Home Loan Mortgage Corp., 4.500%, 10/1/35 | 118,378 |
| 334,710 | Federal Home Loan Mortgage Corp., 4.500%, 7/1/40 | 356,794 |
| 222,180 | Federal Home Loan Mortgage Corp., 4.500%, 11/1/40 | 236,237 |
| 6,409 | Federal Home Loan Mortgage Corp., 4.500%, 9/1/43 | 6,660 |
| 134,744 | Federal Home Loan Mortgage Corp., 4.500%, 10/1/43 | 143,959 |
| 507,802 | Federal Home Loan Mortgage Corp., 4.500%, 11/1/43 | 538,902 |
| 5,414 | Federal Home Loan Mortgage Corp., 4.500%, 3/1/44 | 5,729 |
| 18,808 | Federal Home Loan Mortgage Corp., 4.500%, 5/1/44 | 20,057 |
| 8,318 | Federal Home Loan Mortgage Corp., 5.000%, 4/1/23 | 8,492 |
| 9,392 | Federal Home Loan Mortgage Corp., 5.000%, 5/1/34 | 10,146 |
| 11,879 | Federal Home Loan Mortgage Corp., 5.000%, 11/1/34 | 12,835 |
| 48,128 | Federal Home Loan Mortgage Corp., 5.000%, 12/1/34 | 51,842 |
| 40,273 | Federal Home Loan Mortgage Corp., 5.000%, 7/1/35 | 43,626 |
| 90,837 | Federal Home Loan Mortgage Corp., 5.000%, 9/1/38 | 98,339 |
| 132,709 | Federal Home Loan Mortgage Corp., 5.000%, 9/1/38 | 143,676 |
| 4,623 | Federal Home Loan Mortgage Corp., 5.000%, 10/1/38 | 5,005 |
| 694 | Federal Home Loan Mortgage Corp., 5.000%, 5/1/39 | 752 |
| 1,875,361 | Federal Home Loan Mortgage Corp., 5.000%, 11/1/39 | 2,011,356 |
| 1,170 | Federal Home Loan Mortgage Corp., 5.000%, 12/1/39 | 1,268 |
| 942,007 | Federal Home Loan Mortgage Corp., 5.500%, 6/1/41 | 1,036,857 |
| 17,447 | Federal Home Loan Mortgage Corp., 6.000%, 1/1/33 | 18,640 |
| 2,085 | Federal Home Loan Mortgage Corp., 6.000%, 3/1/33 | 2,228 |
| 11,552 | Federal Home Loan Mortgage Corp., 6.000%, 3/1/33 | 12,343 |
| 23,470 | Federal Home Loan Mortgage Corp., 6.000%, 1/1/34 | 26,055 |
| 49,296 | Federal Home Loan Mortgage Corp., 6.000%, 6/1/35 | 52,670 |
| 18,938 | Federal Home Loan Mortgage Corp., 6.000%, 12/1/36 | 20,473 |
| 1,657 | Federal Home Loan Mortgage Corp., 6.000%, 10/1/37 | 1,791 |
| 52,333 | Federal Home Loan Mortgage Corp., 6.000%, 12/1/37 | 58,516 |
| 1,727 | Federal Home Loan Mortgage Corp., 6.500%, 9/1/32 | 1,856 |
| 6,870,347 | Freddie Mac Pool, 1.500%, 12/1/41 | 6,229,034 |
| 992,908 | Freddie Mac Pool, 1.500%, 1/1/42 | 900,252 |
| 992,964 | Freddie Mac Pool, 1.500%, 1/1/42 | 900,304 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 67
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 7,902,915 | Freddie Mac Pool, 1.500%, 1/1/42 | $ 7,165,193 |
| 2,971,580 | Freddie Mac Pool, 1.500%, 2/1/42 | 2,694,284 |
| 4,943,313 | Freddie Mac Pool, 1.500%, 2/1/42 | 4,482,016 |
| 994,330 | Freddie Mac Pool, 1.500%, 3/1/42 | 901,540 |
| 4,764,624 | Freddie Mac Pool, 2.500%, 8/1/51 | 4,558,518 |
| 286,895 | Freddie Mac Pool, 3.000%, 12/1/37 | 286,325 |
| 2,099,832 | Freddie Mac Pool, 3.000%, 2/1/47 | 2,098,669 |
| 3,000,000 | Freddie Mac Pool, 3.000%, 3/1/52 | 2,944,882 |
| 457,642 | Freddie Mac Pool, 4.000%, 12/1/48 | 468,729 |
| 683,119 | Freddie Mac Pool, 4.000%, 12/1/48 | 699,061 |
| 22,813 | Freddie Mac Pool, 4.000%, 3/1/49 | 23,363 |
| 109,484 | Freddie Mac Pool, 4.000%, 5/1/50 | 112,019 |
| 202,034 | Freddie Mac Pool, 4.000%, 6/1/50 | 207,430 |
| 124,831 | Freddie Mac Pool, 4.000%, 8/1/50 | 127,673 |
| 110,373 | Freddie Mac Pool, 4.000%, 10/1/50 | 113,027 |
| 209,558 | Freddie Mac Pool, 4.000%, 2/1/51 | 215,193 |
| 150,732 | Freddie Mac Pool, 4.000%, 4/1/51 | 154,190 |
| 93,607 | Freddie Mac Pool, 4.000%, 9/1/51 | 95,680 |
| 579,460 | Freddie Mac Pool, 4.000%, 9/1/51 | 595,554 |
| 1,464,324 | Freddie Mac Pool, 4.000%, 10/1/51 | 1,496,729 |
| 239,639 | Freddie Mac Pool, 4.000%, 10/1/51 | 245,523 |
| 375,140 | Freddie Mac Pool, 4.000%, 10/1/51 | 385,518 |
| 22,000,000 | Ginnie Mae, 2.500%, 4/20/52 (TBA) | 21,360,625 |
| 38,000,000 | Ginnie Mae, 3.000%, 4/20/52 (TBA) | 37,591,239 |
| 464,443 | Government National Mortgage Association I, | |
| | 3.500%, 10/15/42 | 478,442 |
| 2,226 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/39 | 2,358 |
| 3,556 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/39 | 3,717 |
| 3,211 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/39 | 3,387 |
| 4,924 | Government National Mortgage Association I, | |
| | 4.000%, 7/15/39 | 5,146 |
| 3,858 | Government National Mortgage Association I, | |
| | 4.000%, 1/15/40 | 4,032 |
| 65,448 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/40 | 69,042 |
| 115,057 | Government National Mortgage Association I, | |
| | 4.000%, 7/15/40 | 120,002 |
The accompanying notes are an integral part of these financial statements.
68 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | Value | |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS— (continued) | | |
| 85,480 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/40 | $ 88,134 |
| 38,838 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/40 | | 40,603 |
| 20,092 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/40 | | 21,196 |
| 25,111 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/40 | | 26,575 |
| 7,127 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/40 | | 7,459 |
| 3,167 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/40 | | 3,288 |
| 2,664 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 2,800 |
| 30,676 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 32,110 |
| 91,910 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 96,054 |
| 93,585 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 97,344 |
| 461,078 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/40 | | 486,545 |
| 3,148 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/40 | | 3,322 |
| 2,944 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/40 | | 3,062 |
| 1,189 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/41 | | 1,228 |
| 16,362 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/41 | | 17,329 |
| 31,564 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/41 | | 32,674 |
| 5,976 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/41 | | 6,246 |
| 317,554 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/41 | | 331,985 |
| 31,262 | Government National Mortgage Association I, | | |
| | 4.000%, 3/15/41 | | 33,123 |
| 6,303 | Government National Mortgage Association I, | | |
| | 4.000%, 4/15/41 | | 6,679 |
| 23,936 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/41 | | 24,839 |
| 4,776 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/41 | | 4,928 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 69
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | Value | |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS— (continued) | | |
| 1,981 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/41 | $ 2,043 |
| 773 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/41 | | 798 |
| 645,062 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/41 | | 674,388 |
| 17,555 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 18,602 |
| 3,854 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 3,991 |
| 104,528 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 110,754 |
| 61,701 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 64,370 |
| 3,096 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 3,195 |
| 31,654 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 32,925 |
| 3,660 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/41 | | 3,775 |
| 39,827 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/41 | | 41,640 |
| 2,985 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/41 | | 3,106 |
| 33,019 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 34,476 |
| 4,756 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 5,039 |
| 14,796 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 15,674 |
| 5,969 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 6,202 |
| 1,522 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 1,570 |
| 211,920 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 223,657 |
| 127,455 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 133,936 |
| 3,004 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 3,180 |
| 3,645 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 3,761 |
| 2,025 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 2,117 |
The accompanying notes are an integral part of these financial statements.
70 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | Value | |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS— (continued) | | |
| 5,895 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | $ 6,084 |
| 6,273 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 6,469 |
| 4,394 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 4,636 |
| 4,227 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/41 | | 4,479 |
| 87,034 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/41 | | 89,993 |
| 6,958 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/41 | | 7,314 |
| 12,397 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/41 | | 12,775 |
| 5,920 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/41 | | 6,273 |
| 6,119 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/41 | | 6,458 |
| 474,546 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/42 | | 502,745 |
| 2,589 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 2,712 |
| 84,387 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 88,107 |
| 27,099 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 28,089 |
| 1,048 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 1,081 |
| 6,058 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 6,416 |
| 783,291 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/42 | | 818,380 |
| 38,164 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/42 | | 39,376 |
| 34,788 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/42 | | 36,208 |
| 27,896 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/42 | | 29,478 |
| 7,710 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/42 | | 8,160 |
| 402,850 | Government National Mortgage Association I, | | |
| | 4.000%, 4/15/43 | | 426,127 |
| 117,489 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/43 | | 122,070 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 71
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 1,795 | Government National Mortgage Association I, | |
| | 4.000%, 5/15/43 | $ 1,863 |
| 23,871 | Government National Mortgage Association I, | |
| | 4.000%, 6/15/43 | 24,619 |
| 149,010 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/43 | 155,952 |
| 65,910 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/43 | 68,220 |
| 4,680 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/43 | 4,957 |
| 2,317 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/43 | 2,388 |
| 45,818 | Government National Mortgage Association I, | |
| | 4.000%, 2/15/44 | 47,271 |
| 31,619 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 33,471 |
| 776,667 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 819,649 |
| 1,326,894 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 1,400,300 |
| 44,856 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 47,534 |
| 33,971 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 35,056 |
| 251,014 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 262,643 |
| 413,098 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 431,736 |
| 243,094 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 253,947 |
| 2,857 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 2,971 |
| 36,504 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 37,741 |
| 73,247 | Government National Mortgage Association I, | |
| | 4.000%, 5/15/44 | 75,655 |
| 360,432 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 373,576 |
| 14,276 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 14,722 |
| 340,112 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 355,961 |
| 97,083 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 101,356 |
The accompanying notes are an integral part of these financial statements.
72 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 35,663 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | $ 36,785 |
| 1,147,518 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 1,210,985 |
| 69,964 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 72,267 |
| 219,954 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 226,898 |
| 3,083 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 3,207 |
| 122,437 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 127,065 |
| 120,481 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 125,540 |
| 523,841 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 542,889 |
| 60,433 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 62,326 |
| 50,591 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 52,172 |
| 34,741 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 35,857 |
| 94,277 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 98,558 |
| 619,921 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 650,372 |
| 1,558,881 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 1,637,111 |
| 103,552 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/44 | 106,768 |
| 30,456 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/44 | 31,566 |
| 13,979 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/44 | 14,415 |
| 10,169 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 10,774 |
| 7,112 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 7,334 |
| 57,580 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 59,393 |
| 7,107 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 7,365 |
| 289,288 | Government National Mortgage Association I, | |
| | 4.000%, 12/15/44 | 306,501 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 73
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | Value | |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS— (continued) | | |
| 44,538 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/44 | $ 46,548 |
| 30,642 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/44 | | 32,339 |
| 3,830 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/44 | | 3,955 |
| 121,245 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/44 | | 125,144 |
| 193,596 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/45 | | 200,882 |
| 342,286 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/45 | | 354,639 |
| 59,790 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/45 | | 61,661 |
| 296,735 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/45 | | 306,385 |
| 72,064 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 74,510 |
| 342,882 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 354,090 |
| 88,344 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 93,503 |
| 43,844 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 45,216 |
| 136,349 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 140,609 |
| 56,821 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 58,596 |
| 115,846 | Government National Mortgage Association I, | | |
| | 4.000%, 4/15/45 | | 119,644 |
| 73,105 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/45 | | 77,451 |
| 16,148 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/45 | | 16,872 |
| 83,131 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/45 | | 86,553 |
| 59,309 | Government National Mortgage Association I, | | |
| | 4.500%, 9/15/33 | | 63,707 |
| 57,884 | Government National Mortgage Association I, | | |
| | 4.500%, 10/15/33 | | 62,158 |
| 41,922 | Government National Mortgage Association I, | | |
| | 4.500%, 4/15/35 | | 44,912 |
| 550,656 | Government National Mortgage Association I, | | |
| | 4.500%, 3/15/38 | | 592,800 |
The accompanying notes are an integral part of these financial statements.
74 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 228,508 | Government National Mortgage Association I, | |
| | 4.500%, 1/15/40 | $ 246,311 |
| 284,565 | Government National Mortgage Association I, | |
| | 4.500%, 6/15/40 | 306,832 |
| 95,614 | Government National Mortgage Association I, | |
| | 4.500%, 9/15/40 | 103,293 |
| 538,820 | Government National Mortgage Association I, | |
| | 4.500%, 11/15/40 | 581,403 |
| 606,583 | Government National Mortgage Association I, | |
| �� | 4.500%, 6/15/41 | 652,907 |
| 110,092 | Government National Mortgage Association I, | |
| | 4.500%, 6/15/41 | 117,311 |
| 191,870 | Government National Mortgage Association I, | |
| | 4.500%, 7/15/41 | 206,488 |
| 322,539 | Government National Mortgage Association I, | |
| | 4.500%, 8/15/41 | 346,189 |
| 170,236 | Government National Mortgage Association I, | |
| | 5.000%, 9/15/33 | 187,557 |
| 51,562 | Government National Mortgage Association I, | |
| | 5.125%, 10/15/38 | 55,602 |
| 36,122 | Government National Mortgage Association I, | |
| | 5.500%, 7/15/33 | 39,721 |
| 59,594 | Government National Mortgage Association I, | |
| | 5.500%, 1/15/34 | 65,929 |
| 39,523 | Government National Mortgage Association I, | |
| | 5.500%, 4/15/34 | 43,490 |
| 77,231 | Government National Mortgage Association I, | |
| | 5.500%, 7/15/34 | 85,449 |
| 79,807 | Government National Mortgage Association I, | |
| | 5.500%, 10/15/34 | 86,085 |
| 58,777 | Government National Mortgage Association I, | |
| | 5.500%, 1/15/35 | 64,354 |
| 97,555 | Government National Mortgage Association I, | |
| | 5.500%, 2/15/35 | 107,723 |
| 78,655 | Government National Mortgage Association I, | |
| | 5.500%, 2/15/35 | 84,054 |
| 34,173 | Government National Mortgage Association I, | |
| | 5.500%, 6/15/35 | 37,868 |
| 25,093 | Government National Mortgage Association I, | |
| | 5.500%, 12/15/35 | 26,824 |
| 4 | Government National Mortgage Association I, | |
| | 5.500%, 2/15/37 | 5 |
| 9,275 | Government National Mortgage Association I, | |
| | 5.500%, 3/15/37 | 9,910 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 75
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Principal | | | |
| Amount | | | |
| USD ($) | | Value | |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS— (continued) | | |
| 45,835 | Government National Mortgage Association I, | | |
| | 5.500%, 3/15/37 | $ 48,956 |
| 130,673 | Government National Mortgage Association I, | | |
| | 5.750%, 10/15/38 | | 139,602 |
| 17,272 | Government National Mortgage Association I, | | |
| | 5.750%, 10/15/38 | | 18,573 |
| 45,188 | Government National Mortgage Association I, | | |
| | 6.000%, 8/15/32 | | 49,256 |
| 34,234 | Government National Mortgage Association I, | | |
| | 6.000%, 1/15/33 | | 38,135 |
| 28,433 | Government National Mortgage Association I, | | |
| | 6.000%, 2/15/33 | | 31,319 |
| 52,178 | Government National Mortgage Association I, | | |
| | 6.000%, 2/15/33 | | 58,015 |
| 2,121 | Government National Mortgage Association I, | | |
| | 6.000%, 3/15/33 | | 2,269 |
| 13,742 | Government National Mortgage Association I, | | |
| | 6.000%, 3/15/33 | | 15,015 |
| 40,814 | Government National Mortgage Association I, | | |
| | 6.000%, 3/15/33 | | 44,734 |
| 6,867 | Government National Mortgage Association I, | | |
| | 6.000%, 5/15/33 | | 7,325 |
| 47,364 | Government National Mortgage Association I, | | |
| | 6.000%, 5/15/33 | | 50,774 |
| 110,197 | Government National Mortgage Association I, | | |
| | 6.000%, 5/15/33 | | 117,966 |
| 26,869 | Government National Mortgage Association I, | | |
| | 6.000%, 6/15/33 | | 29,580 |
| 68,952 | Government National Mortgage Association I, | | |
| | 6.000%, 6/15/33 | | 75,844 |
| 65,159 | Government National Mortgage Association I, | | |
| | 6.000%, 7/15/33 | | 71,325 |
| 26,166 | Government National Mortgage Association I, | | |
| | 6.000%, 7/15/33 | | 28,059 |
| 17,210 | Government National Mortgage Association I, | | |
| | 6.000%, 9/15/33 | | 18,375 |
| 6,231 | Government National Mortgage Association I, | | |
| | 6.000%, 9/15/33 | | 6,654 |
| 63,633 | Government National Mortgage Association I, | | |
| | 6.000%, 11/15/33 | | 68,043 |
| 19,359 | Government National Mortgage Association I, | | |
| | 6.000%, 1/15/34 | | 21,461 |
The accompanying notes are an integral part of these financial statements.
76 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 134,004 | Government National Mortgage Association I, | |
| | 6.000%, 10/15/37 | $ 148,555 |
| 156,613 | Government National Mortgage Association I, | |
| | 6.000%, 7/15/38 | 175,657 |
| 4,340 | Government National Mortgage Association I, | |
| | 6.500%, 1/15/29 | 4,638 |
| 513 | Government National Mortgage Association I, | |
| | 6.500%, 5/15/29 | 556 |
| 499 | Government National Mortgage Association I, | |
| | 6.500%, 10/15/31 | 533 |
| 1,022 | Government National Mortgage Association I, | |
| | 6.500%, 10/15/31 | 1,105 |
| 106 | Government National Mortgage Association I, | |
| | 6.500%, 12/15/31 | 114 |
| 1,035 | Government National Mortgage Association I, | |
| | 6.500%, 2/15/32 | 1,133 |
| 524 | Government National Mortgage Association I, | |
| | 6.500%, 3/15/32 | 576 |
| 2,813 | Government National Mortgage Association I, | |
| | 6.500%, 5/15/32 | 3,052 |
| 2,335 | Government National Mortgage Association I, | |
| | 6.500%, 6/15/32 | 2,495 |
| 875 | Government National Mortgage Association I, | |
| | 6.500%, 6/15/32 | 935 |
| 3,574 | Government National Mortgage Association I, | |
| | 6.500%, 7/15/32 | 3,820 |
| 1,292 | Government National Mortgage Association I, | |
| | 6.500%, 7/15/32 | 1,380 |
| 1,477 | Government National Mortgage Association I, | |
| | 6.500%, 8/15/32 | 1,579 |
| 12,377 | Government National Mortgage Association I, | |
| | 6.500%, 8/15/32 | 13,257 |
| 1,446 | Government National Mortgage Association I, | |
| | 6.500%, 8/15/32 | 1,545 |
| 15,779 | Government National Mortgage Association I, | |
| | 6.500%, 9/15/32 | 16,862 |
| 27,404 | Government National Mortgage Association I, | |
| | 6.500%, 9/15/32 | 29,285 |
| 9,072 | Government National Mortgage Association I, | |
| | 6.500%, 10/15/32 | 9,695 |
| 18,561 | Government National Mortgage Association I, | |
| | 6.500%, 11/15/32 | 20,517 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 77
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | |
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS— (continued) | |
| 18,808 | Government National Mortgage Association I, | |
| | 6.500%, 7/15/35 | $ 20,438 |
| 253 | Government National Mortgage Association I, | |
| | 7.000%, 5/15/29 | 268 |
| 86 | Government National Mortgage Association I, | |
| | 7.000%, 5/15/29 | 89 |
| 173 | Government National Mortgage Association I, | |
| | 7.000%, 5/15/31 | 174 |
| 670,878 | Government National Mortgage Association II, | |
| | 3.500%, 4/20/45 | 684,384 |
| 1,176,193 | Government National Mortgage Association II, | |
| | 3.500%, 4/20/45 | 1,192,758 |
| 517,056 | Government National Mortgage Association II, | |
| | 3.500%, 4/20/45 | 526,555 |
| 1,299,674 | Government National Mortgage Association II, | |
| | 3.500%, 3/20/46 | 1,326,076 |
| 2,554,793 | Government National Mortgage Association II, | |
| | 4.000%, 10/20/46 | 2,662,073 |
| 1,152,107 | Government National Mortgage Association II, | |
| | 4.000%, 2/20/48 | 1,206,011 |
| 1,542,839 | Government National Mortgage Association II, | |
| | 4.000%, 4/20/48 | 1,615,010 |
| 161,770 | Government National Mortgage Association II, | |
| | 4.500%, 12/20/34 | 172,097 |
| 169,332 | Government National Mortgage Association II, | |
| | 4.500%, 1/20/35 | 180,457 |
| 147,295 | Government National Mortgage Association II, | |
| | 4.500%, 3/20/35 | 156,952 |
| 1,293,075 | Government National Mortgage Association II, | |
| | 4.500%, 9/20/41 | 1,378,958 |
| 1,822,773 | Government National Mortgage Association II, | |
| | 4.500%, 9/20/44 | 1,926,172 |
| 803,093 | Government National Mortgage Association II, | |
| | 4.500%, 10/20/44 | 855,454 |
| 1,637,019 | Government National Mortgage Association II, | |
| | 4.500%, 11/20/44 | 1,749,280 |
| 44,534 | Government National Mortgage Association II, | |
| | 5.500%, 3/20/34 | 49,443 |
| 1,926 | Government National Mortgage Association II, | |
| | 5.500%, 10/20/37 | 2,047 |
| 17,791 | Government National Mortgage Association II, | |
| | 6.000%, 5/20/32 | 19,432 |
| 67,541 | Government National Mortgage Association II, | |
| | 6.000%, 10/20/33 | 74,983 |
The accompanying notes are an integral part of these financial statements.
78 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | | | | |
| Principal | | | | | | |
| Amount | | | | | | |
| USD ($) | | | | | Value |
| | U.S. GOVERNMENT AND AGENCY | | | |
| | OBLIGATIONS— (continued) | | | |
| 79 | Government National Mortgage Association II, | |
| | 6.500%, 1/20/28 | | | $ 84 |
| 1,588 | Government National Mortgage Association II, | |
| | 7.000%, 1/20/29 | | | | 1,720 |
| 350,000,000(g) | U.S. Treasury Bills, 4/5/22 | | | 349,994,554 |
| 110,000,000(g) | U.S. Treasury Bills, 4/14/22 | | | 109,993,446 |
| 100,000,000(g) | U.S. Treasury Bills, 4/21/22 | | | 99,992,917 |
| 140,000,000(g) | U.S. Treasury Bills, 4/26/22 | | | 139,987,604 |
| | TOTAL U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS | | | | |
| | (Cost $1,659,107,936) | | | $1,646,656,015 |
| |
| Shares | | | | | | |
| |
| | SHORT TERM INVESTMENTS — 2.2% of |
| | Net Assets | | | | |
| | Open-End Fund — 2.2% | | | |
| 95,549,793(n) | Dreyfus Government Cash Management, | | |
| | Institutional Shares, 0.19% | | $ 95,549,793 |
| | | | | | $ 95,549,793 |
| | TOTAL SHORT TERM INVESTMENTS | | | |
| | (Cost $95,549,793) | | | $ 95,549,793 |
| |
| Number of | | | | Strike | Expiration | |
| Contracts | Description | Counterparty | Amount | Price | Date | |
| | OVER THE COUNTER (OTC) CALL OPTION | |
| | PURCHASED — 0.0%† | | | |
| 209,523(o)^ | Desarrolladora | Bank of | MXN — | MXN 0.01(p) | 10/23/22 | $ — |
| | Homex | New York | | | | |
| | SAB de CV | Mellon Corp. | | | | |
| 209,523(q)^ | Desarrolladora | Bank of | MXN — | MXN 0.01(p) | 10/23/22 | — |
| | Homex | New York | | | | |
| | SAB de CV | Mellon Corp. | | | | |
| | | | | | $ — |
| | TOTAL OVER THE COUNTER (OTC) CALL OPTION |
| | PURCHASED | | | | |
| | (Premiums paid $0) | | | $ — |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 79
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | | | | |
| Number of | | | | Strike | Expiration | | |
| Contracts | Description | Counterparty | Amount | Price | Date | Value | |
| | OVER THE COUNTER (OTC) CURRENCY PUT | | |
| | OPTION PURCHASED — 0.0%† | | | |
| 42,000,000 | Put EUR | Bank of | EUR 645,437 | EUR 1.15 | 10/19/22 | $ 1,641,732 |
| | Call USD | America NA | | | |
| | TOTAL OVER THE COUNTER (OTC) CURRENCY PUT | | |
| | OPTION PURCHASED | | | |
| | (Premiums paid $ 645,437) | | $ 1,641,732 |
| | TOTAL OPTIONS PURCHASED | | | |
| | (Premiums paid $ 645,437) | | $ 1,641,732 |
| | TOTAL INVESTMENTS IN UNAFFILIATED | | | |
| | ISSUERS — 115.5% | | | |
| | (Cost $5,306,654,479) | | $5,079,592,822 |
| | OVER THE COUNTER (OTC) CURRENCY CALL | | |
| | OPTION WRITTEN — (0.0)%† | | | |
| (42,000,000) | Call EUR | Bank of | EUR 645,437 | EUR 1.20 | 10/19/22 | $ (96,675) |
| | Put USD | America NA | | | |
| | TOTAL OVER THE COUNTER (OTC) CURRENCY CALL | | |
| | OPTION WRITTEN | | | | |
| | (Premiums received $(645,437)) | | $ (96,675) |
| | OTHER ASSETS AND LIABILITIES — (15.5)% | | $ (682,537,201) |
| | NET ASSETS — 100.0% | | $4,396,958,946 |
| (TBA) | | “To Be Announced” Securities. |
| 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 Small Balance Certificates. |
| ICE | | Intercontinental Exchange. |
| LIBOR | | London Interbank Offered Rate. |
| REIT | | Real Estate Investment Trust. |
| REMICS | | Real Estate Mortgage Investment Conduits. |
| SOFR | | Secured Overnight Financing Rate. |
| SOFR30A | | Secured Overnight Financing Rate 30 Day Average. |
| (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 March 31, 2022, the value of these securities amounted to $2,450,454,323, or 55.7% of net assets. |
| (a) | | Floating rate note. Coupon rate, reference index and spread shown at March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
80 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| (b) | | This term loan will settle after March 31, 2022, at which time the interest rate will be determined. |
| (c) | | Non-income producing security. |
| (d) | | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at March 31, 2022. |
| (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 March 31, 2022. |
| (g) | | Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (h) | | Security is perpetual in nature and has no stated maturity date. |
| (i) | | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (j) | | ANR, Inc., warrants are exercisable into 1,880,020 shares. |
| (k) | | Alpha Metallurgical Resources, Inc., warrants are exercisable into 365 shares. |
| (l) | | Issued as participation notes. |
| (m) | | Issued as preference shares. |
| (n) | | Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2022. |
| (o) | | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 12.5 billion. |
| (p) | | Strike price is 1 Mexican Peso (MXN). |
| (q) | | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 15.5 billion. |
| * | | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined 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 March 31, 2022. |
| † | | Amount rounds to less than 0.1%. |
| ^ | | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
| + | | Security that used significant unobservable inputs to determine its value. |
| # | | Securities are restricted as to resale. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 81
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Restricted Securities | Acquisition date | Cost | Value |
| Adare Re 2021 | 9/29/2021 | $1,800,000 | $ 1,848,154 |
| Adare Re 2022 | 12/30/2021 | 754,500 | 763,553 |
| Akibare Re | 1/24/2022 | 499,916 | 498,500 |
| Alamo Re | 11/9/2021 | 1,508,278 | 1,504,200 |
| Alturas Re 2019-1 | 12/20/2018 | 2,201 | 10,065 |
| Alturas Re 2019-2 | 12/19/2018 | 33,410 | 11,506 |
| Alturas Re 2020-1B | 1/1/2020 | 357,085 | 12,284 |
| Alturas Re 2020-2 | 1/1/2020 | 360,465 | 170,455 |
| Alturas Re 2020-3 | 7/1/2020 | — | 3,801 |
| Alturas Re 2021-2 | 2/16/2021 | 137,935 | — |
| Alturas Re 2021-3 | 8/16/2021 | 236,951 | 216,455 |
| Alturas Re 2022-2 | 1/18/2022 | 2,501,600 | 2,534,121 |
| Ballybunion Re 2020 | 12/31/2019 | 411,732 | 677,844 |
| Ballybunion Re 2021-2 | 8/2/2021 | 3,000,000 | 3,104,400 |
| Ballybunion Re 2021-3 | 8/2/2021 | 3,406,059 | 3,453,744 |
| Ballybunion Re 2022 | 3/9/2022 | 1,506,560 | 1,521,626 |
| Ballylifin Re 2021 | 9/15/2021 | 1,636,133 | 1,526,400 |
| Bantry Re 2016 | 2/6/2019 | 241,800 | 241,800 |
| Bantry Re 2019 | 2/1/2019 | — | 135,855 |
| Bantry Re 2020 | 2/4/2020 | — | 248,691 |
| Bantry Re 2021 | 1/11/2021 | 651,475 | 595,305 |
| Bantry Re 2022 | 2/2/2022 | 3,280,525 | 3,336,733 |
| 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 2022 | 12/28/2021 | 3,500,000 | 3,551,501 |
| Bonanza Re | 12/15/2020 | 750,000 | 749,550 |
| Bonanza Re | 3/11/2022 | 250,000 | 249,875 |
| Cape Lookout Re | 11/10/2021 | 2,762,204 | 2,758,525 |
| Carnoustie Re 2020 | 7/16/2020 | 79,639 | 237,300 |
| Carnoustie Re 2021 | 1/25/2021 | 46,580 | 65,899 |
| Carnoustie Re 2022 | 1/20/2022 | 1,000,000 | 1,021,302 |
| Denning Re 2021 | 7/28/2021 | 2,543,559 | 2,604,334 |
| Dingle Re 2020 | 2/13/2020 | — | 52,950 |
| Easton Re Pte | 12/15/2020 | 900,000 | 897,750 |
| Eden Re II | 1/22/2019 | 8,633 | 182,465 |
| Eden Re II | 12/23/2019 | 700,000 | 372,400 |
| Eden Re II | 1/25/2021 | 1,890,000 | 1,634,850 |
| Eden Re II | 1/21/2022 | 4,400,000 | 4,400,000 |
| FloodSmart Re | 2/9/2021 | 754,502 | 730,425 |
| FloodSmart Re | 2/16/2021 | 1,000,000 | 981,500 |
| FloodSmart Re | 2/14/2022 | 1,500,000 | 1,492,350 |
| Formby Re 2018 | 7/9/2018 | 164,296 | 214,900 |
| Four Lakes Re | 11/5/2020 | 1,500,000 | 1,504,050 |
| Four Lakes Re | 11/5/2020 | 1,500,000 | 1,497,300 |
| Four Lakes Re | 12/15/2021 | 500,000 | 496,000 |
The accompanying notes are an integral part of these financial statements.
82 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Restricted Securities | Acquisition date | Cost | Value |
| 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 | 322,305 | 299,430 |
| Gleneagles Re 2022 | 1/18/2022 | 1,250,000 | 1,266,317 |
| Gullane Re 2018 | 3/26/2018 | — | 169,487 |
| Gullane Re 2022 | 2/14/2022 | 5,000,000 | 5,186,061 |
| Harambee Re 2018 | 12/19/2017 | 63,696 | 2,400 |
| Harambee Re 2019 | 12/20/2018 | — | 3,500 |
| Harambee Re 2020 | 2/27/2020 | 28,590 | 102,300 |
| Herbie Re | 10/19/2020 | 500,000 | 510,750 |
| Hypatia, Ltd. | 7/10/2020 | 1,000,000 | 1,038,900 |
| Integrity Re | 11/29/2021 | 3,011,320 | 3,004,500 |
| International Bank for | | | |
| Reconstruction & Development | 2/28/2020 | 250,000 | 252,600 |
| Isosceles Insurance, Ltd. | 6/25/2021 | 1,500,000 | 1,485,000 |
| Isosceles Re 2021-A1 | 8/12/2021 | — | 11,850 |
| Limestone Re | 6/20/2018 | 1,675 | — |
| Limestone Re | 12/15/2016 | 11,622 | — |
| Limestone Re 2020-1 | 12/27/2019 | 5,100 | 43,044 |
| Limestone Re 2020-1 | 12/15/2016 | 2,400 | 20,256 |
| Lion Rock Re 2019 | 12/17/2018 | — | — |
| Lion Rock Re 2020 | 3/27/2020 | — | — |
| Lion Rock Re 2021 | 3/1/2021 | 429,564 | 320,000 |
| Long Point Re III | 5/17/2018 | 6,403,835 | 6,396,800 |
| Lorenz Re 2019 | 7/10/2019 | 798,855 | 295,249 |
| Lorenz Re 2020 | 8/11/2020 | 77,411 | 87,866 |
| Lorenz Re 2020 | 8/12/2020 | 103,638 | 117,806 |
| Matterhorn Re | 11/24/2020 | 1,500,000 | 1,492,800 |
| Matterhorn Re | 11/24/2020 | 2,000,000 | 1,981,800 |
| Matterhorn Re | 12/15/2021 | 250,000 | 248,275 |
| Matterhorn Re | 3/10/2022 | 1,750,000 | 1,749,125 |
| Matterhorn Re | 3/10/2022 | 750,000 | 749,625 |
| Merion Re 2018-2 | 12/28/2017 | 349,793 | 1,406,750 |
| Merion Re 2021-2 | 12/28/2020 | 2,448,845 | 1,953,900 |
| Merion Re 2022-1 | 1/25/2022 | 214,942 | 222,804 |
| Merion Re 2022-2 | 3/1/2022 | 6,551,154 | 6,639,303 |
| Mona Lisa Re | 12/30/2019 | 500,000 | 500,600 |
| Northshore Re II | 12/2/2020 | 500,000 | 506,500 |
| Oakmont Re 2017 | 5/10/2017 | — | 36,750 |
| Oakmont Re 2020 | 12/3/2020 | 4,525,221 | 4,687,114 |
| Old Head Re 2022 | 1/6/2022 | 188,288 | 203,516 |
| 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 | 1,710,113 | 147,278 |
| Pangaea Re 2019-1 | 1/9/2019 | 40,855 | 81,087 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 83
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Restricted Securities | Acquisition date | Cost | Value |
| Pangaea Re 2019-3 | 7/25/2019 | $ 156,622 | $ 187,794 |
| Pangaea Re 2020-1 | 1/21/2020 | — | 81,717 |
| Pangaea Re 2020-3 | 9/15/2020 | — | 49,273 |
| Pangaea Re 2021-1 | 1/19/2021 | 245,479 | 129,829 |
| Pangaea Re 2022-1 | 1/11/2022 | 4,254,521 | 4,254,521 |
| Phoenician Re | 12/1/2021 | 750,000 | 745,200 |
| Phoenix One Re | 12/21/2020 | 1,000,000 | 1,068,000 |
| Pine Valley Re 2022 | 1/12/2022 | 455,757 | 461,525 |
| Port Royal Re 2021 | 6/17/2021 | 477,894 | 506,825 |
| Portrush Re 2017 | 6/12/2017 | 1,687,367 | 1,403,820 |
| Residential Reinsurance 2020 | 10/30/2020 | 1,500,000 | 1,518,750 |
| Residential Reinsurance 2020 | 10/30/2020 | 1,250,000 | 1,245,625 |
| Sanders Re II | 5/20/2020 | 250,000 | 253,325 |
| Sanders Re II | 3/1/2022 | 2,255,484 | 2,241,900 |
| Sector Re V | 12/4/2018 | 369,145 | 218,989 |
| Sector Re V | 1/1/2020 | 155,997 | 452,421 |
| Sector Re V | 12/14/2018 | 125,505 | 80,460 |
| Sector Re V | 4/23/2019 | 360,000 | 273,022 |
| Sector Re V | 5/1/2019 | 3,608 | 85,643 |
| Sector Re V | 12/4/2019 | 150,000 | 435,028 |
| Sector Re V | 4/24/2020 | 756 | 40,892 |
| Sector Re V | 4/29/2020 | 575 | 31,102 |
| Sector Re V | 4/29/2020 | 6,578 | 88,449 |
| Sector Re V | 12/21/2020 | 6,106 | 296,203 |
| Sector Re V | 5/21/2021 | 2,253,960 | 2,476,889 |
| Sector Re V | 5/21/2021 | 692,491 | 737,097 |
| Sector Re V | 1/5/2022 | 2,753,972 | 2,805,435 |
| Shadow Creek Re 2021 | 8/31/2021 | — | 7,593 |
| Sussex Capital UK Pcc, Ltd. | 12/7/2020 | 750,000 | 760,500 |
| Sussex Re 2020-1 | 1/21/2020 | — | 77,248 |
| Sussex Re 2021-1 | 1/26/2021 | 136,988 | 154,000 |
| Thopas Re 2019 | 12/21/2018 | — | — |
| Thopas Re 2020 | 12/30/2019 | — | — |
| Thopas Re 2021 | 12/30/2020 | — | — |
| Thopas Re 2022 | 2/15/2022 | 3,000,000 | 3,061,800 |
| Torricelli Re 2021 | 7/2/2021 | 2,818,951 | 2,751,578 |
| Ursa Re II | 10/8/2020 | 3,000,000 | 2,989,500 |
| Vermillion Re 2022 | 2/22/2022 | 1,672,125 | 1,691,543 |
| Versutus Re 2018 | 1/31/2018 | — | 3,600 |
| Versutus Re 2019-A | 1/28/2019 | — | 1,589 |
| Versutus Re 2019-B | 12/24/2018 | — | — |
| Viribus Re 2018 | 12/22/2017 | 98,624 | — |
| Viribus Re 2019 | 12/27/2018 | — | 95,630 |
| Viribus Re 2020 | 3/12/2020 | 421,904 | 182,141 |
| Viribus Re 2021 | 2/1/2021 | 3,717,666 | 3,763,021 |
| Vitality Re X | 2/3/2020 | 1,499,504 | 1,486,650 |
| Vitality Re XI | 1/31/2020 | 498,036 | 490,000 |
The accompanying notes are an integral part of these financial statements.
84 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | |
| Restricted Securities | Acquisition date | Cost | Value |
| Walton Health Re 2018 | 6/25/2018 | $ 388,749 | $ 48,448 |
| Walton Health Re 2019 | 7/18/2019 | 183,361 | 250,380 |
| White Heron Re 2021 | 6/9/2021 | — | 32,100 |
| Woburn Re 2018 | 3/20/2018 | 613,243 | 101,048 |
| Woburn Re 2019 | 1/30/2019 | 676,967 | 799,335 |
| Total Restricted Securities | | | $134,956,100 |
| % of Net assets | | | 3.1% |
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | |
| | | | | | | Unrealized |
| Currency | In | Currency | | | Settlement | Appreciation |
| Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) |
| NOK | 394,950,000 | USD | 44,091,794 | Bank of | 5/4/22 | $ 751,625 |
| | | | | America NA | | |
| SEK | 263,630,000 | USD | 28,339,170 | Bank of | 4/28/22 | (286,420) |
| | | | | America NA | | |
| USD | 25,002,109 | ZAR | 368,630,000 | Bank of | 6/24/22 | 47,955 |
| | | | | America NA | | |
| USD | 45,282,092 | EUR | 39,800,000 | Brown Brothers | 4/28/22 | 1,217,077 |
| | | | | Harriman & Co. | | |
| INR | 1,791,850,000 | USD | 23,803,103 | Citibank NA | 4/28/22 | (310,008) |
| KRW | 28,244,700,000 | USD | 23,311,517 | Citibank NA | 6/3/22 | (79,917) |
| NOK | 220,735,000 | USD | 24,999,204 | Citibank NA | 5/4/22 | 63,492 |
| PEN | 80,225,000 | USD | 21,278,712 | Citibank NA | 5/24/22 | 426,817 |
| PLN | 140,690,000 | EUR | 30,860,325 | Citibank NA | 5/25/22 | (907,230) |
| USD | 38,002,644 | IDR | 546,250,000,000 | Citibank NA | 6/24/22 | 31,172 |
| EGP | 88,675,000 | USD | 5,540,456 | Goldman | 5/24/22 | (722,945) |
| | | | | Sachs & Co. | | |
| USD | 35,361,972 | MXN | 739,600,000 | Goldman | 4/28/22 | (1,640,326) |
| | | | | Sachs & Co. | | |
| USD | 28,504,229 | SEK | 263,630,000 | Goldman | 4/28/22 | 451,480 |
| | | | | Sachs & Co. | | |
| AUD | 31,850,000 | NZD | 34,322,015 | HSBC Bank | 6/28/22 | 121,624 |
| | | | | USA NA | | |
| CZK | 520,000,000 | EUR | 20,949,217 | HSBC Bank | 4/11/22 | 353,420 |
| | | | | USA NA | | |
| EUR | 4,295,000 | USD | 4,893,441 | HSBC Bank | 4/28/22 | (138,184) |
| | | | | USA NA | | |
| NOK | 183,950,000 | EUR | 18,237,061 | HSBC Bank | 4/11/22 | 710,546 |
| | | | | USA NA | | |
| PLN | 92,700,000 | USD | 23,058,744 | HSBC Bank | 5/26/22 | (1,120,026) |
| | | | | USA NA | | |
| SGD | 32,465,000 | USD | 23,930,622 | HSBC Bank | 6/2/22 | 21,075 |
| | | | | USA NA | | |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 85
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | | | | |
| | | | | | | Unrealized |
| Currency | In | Currency | | | Settlement | Appreciation |
| Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) |
| EUR | 30,275,000 | USD | 34,300,358 | JPMorgan Chase | 4/27/22 | $ (782,065) |
| | | | | Bank NA | | |
| EUR | 8,300,000 | USD | 9,359,410 | JPMorgan Chase | 5/26/22 | (158,915) |
| | | | | Bank NA | | |
| AUD | 65,815,000 | USD | 47,458,150 | State Street | 5/26/22 | 1,835,335 |
| | | | | Bank & Trust Co. | | |
| EUR | 10,645,000 | USD | 11,675,643 | State Street | 5/26/22 | 124,269 |
| | | | | Bank & Trust Co. | | |
| USD | 5,849,080 | CAD | 7,465,000 | State Street | 5/13/22 | (121,303) |
| | | | | Bank & Trust Co. | | |
| USD | 82,264,465 | EUR | 72,496,000 | State Street | 5/26/22 | 1,903,131 |
| | | | | Bank & Trust Co. | | |
| USD | 13,743,341 | GBP | 10,465,000 | State Street | 6/23/22 | (165) |
| | | | | Bank & Trust Co. | | |
| USD | 76,705,919 | EUR | 69,200,000 | State Street | 6/24/22 | (108,118) |
| | | | | Bank & Trust Co. | | |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | $ 1,683,396 |
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
| | | | | | |
| Number of | | | | | |
| Contracts | | Expiration | Notional | Market | Unrealized |
| Long | Description | Date | Amount | Value | (Depreciation) |
| 343 | U.S. 2 Year | 6/30/22 | $ 73,635,946 | $ 72,689,204 | $ (946,742) |
| | Note (CBT) | | | | |
| 2,894 | U.S. 5 Year | 6/30/22 | 340,560,190 | 331,905,625 | (8,654,565) |
| | Note (CBT) | | | | |
| 626 | U.S. 10 Year | 6/21/22 | 77,937,621 | 76,919,750 | (1,017,871) |
| | Note (CBT) | | | | |
| 1,632 | U.S. Ultra | 6/21/22 | 299,244,286 | 289,068,000 | (10,176,286) |
| | Bond (CBT) | | | | |
| | | | $ 791,378,043 | $ 770,582,579 | $ (20,795,464) |
| | | | | | |
| Number of | | | | | |
| Contracts | | Expiration | Notional | Market | Unrealized |
| Short | Description | Date | Amount | Value | Appreciation |
| 1,958 | Euro-Bund | 6/8/22 | $(359,540,421) | $(343,663,510) | $15,876,911 |
| 952 | U.S. 10 Year | 6/21/22 | (131,994,363) | (128,966,250) | 3,028,113 |
| | Ultra Bond | | | | |
| | (CBT) | | | | |
| 1,332 | U.S. Long Bond | 6/21/22 | (205,551,230) | (199,883,250) | 5,667,980 |
| | (CBT) | | | | |
| | | | $(697,086,014) | $(672,513,010) | $24,573,004 |
| TOTAL FUTURES CONTRACTS | $ 94,292,029 | $ 98,069,569 | $ 3,777,540 |
The accompanying notes are an integral part of these financial statements.
86 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS — BUY PROTECTION
| | | | | | | | |
| | | | Annual | | | | |
| Notional | Reference | Pay/ | Fixed | Expiration | Premiums | Unrealized | Market |
| Amount ($)(1) | Obligation/Index | Receive(2) | Rate | Date | Paid | (Depreciation) | Value |
| 672,400,000 | Markit CDX North | | | | | | |
| | America High Yield | | | | | | |
| | Index Series 38 | Pay | 5.00% | 6/20/27 | $(38,147,030) | $944,632 | $(37,202,398) |
| TOTAL CENTRALLY CLEARED CREDIT DEFAULT | | | | | |
| SWAP CONTRACTS – BUY PROTECTION | | | $(38,147,030) | $944,632 | $(37,202,398) |
| OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS — SELL PROTECTION | |
| | | Obligation | | Annual | | | | Unrealized |
| Notional | | Reference/ Pay/ | Fixed | Expiration | Premiums | Appreciation | Market |
| Amount ($)(1) | Counterparty | Index | Receive(3) Rate | Date | (Received) | (Depreciation) | Value |
| 7,280,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 $ | (247,029) | $ 91,203 | $ (155,826) |
| | Chase | Airlines | | | | | | | |
| | Bank NA | Holdings, | | | | | | | |
| | | Inc. | | | | | | | |
| 1,455,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | | (52,457) | 21,313 | (31,144) |
| | Chase | Airlines | | | | | | | |
| | Bank NA | Holdings, | | | | | | | |
| | | Inc. | | | | | | | |
| 2,425,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | | (84,707) | 32,801 | (51,906) |
| | Chase | Airlines | | | | | | | |
| | Bank NA | Holdings, | | | | | | | |
| | | Inc. | | | | | | | |
| 4,860,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | | (191,589) | 87,563 | (104,026) |
| | Chase | Airlines | | | | | | | |
| | Bank NA | Holdings, | | | | | | | |
| | | Inc. | | | | | | | |
| 2,000,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | | (94,562) | 51,753 | (42,809) |
| | Chase | Airlines | | | | | | | |
| | Bank NA | Holdings, | | | | | | | |
| | | Inc. | | | | | | | |
| |
| 2,650,000 | JPMorgan | Delta Air | Receive | 5.00% | 12/20/26 | | 265,870 | (61,820) | 204,050 |
| | Chase | Lines, Inc. | | | | | | | |
| | Bank NA | | | | | | | | |
| |
| TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT | | | | | |
| SWAP CONTRACTS — SELL PROTECTION | | | $ (404,474) $ 222,813 | $ (181,661) |
| |
| TOTAL SWAP CONTRACTS | | | | | $(38,551,504) $1,167,445 | $(37,384,059) |
| (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. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 87
Schedule of Investments | 3/31/22
(unaudited) (continued)
| ARS | — Argentine Peso |
| AUD | — Australia Dollar |
| CAD | — Canada Dollar |
| CZK | — Czech Republic Koruna |
| EGP | — Egypt Pound |
| EUR | — Euro |
| GBP | — Great British Pound |
| IDR | — Indonesian Rupiah |
| INR | — Indian Rupee |
| KRW | — Korean Won |
| KZT | — Kazakhstan Tenge |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | — Peru Nuevo Sol |
| PLN | — Poland Zloty |
| SEK | — Sweden Krona |
| SGD | — Singapore Dollar |
| USD | — United States Dollar |
| UZS | — Uzbekistan Som |
| ZAR | — South Africa Rand |
Purchases and sales of securities (excluding short term investments) for the six months ended March 31, 2022 were as follows:
| | Purchases | Sales |
| Long-Term U.S. Government Securities | $ 87,711,161 | $392,921,428 |
| Other Long-Term Securities | $1,213,613,769 | $945,055,618 |
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 six months ended March 31, 2022, the Fund engaged in purchases of $0 and sales of $11,588,308 pursuant to these procedures, which resulted in a net realized gain/(loss) of $3,796,375.
At March 31, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $5,150,599,076 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 87,671,043 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (190,697,095) |
| Net unrealized depreciation | $(103,026,052) |
The accompanying notes are an integral part of these financial statements.
88 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
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 following is a summary of the inputs used as of March 31, 2022, in valuing the Fund's investments:
| | Level 1 | Level 2 | Level 3 | Total |
| Senior Secured Floating | | | | | |
| Rate Loan Interests | $ — | $ 46,866,856 | $ — | $ 46,866,856 |
| Common Stocks | | | | | |
| Oil, Gas & | | | | | |
| Consumable Fuels | | 23,255 | 956,548 | — | 979,803 |
| Paper & Forest Products | | — | 3,257 | — | 3,257 |
| Specialty Retail | | — | — | 170,668 | 170,668 |
| All Other | | | | | |
| Common Stocks | | 2,193,996 | — | — | 2,193,996 |
| Asset Backed Securities | | — | 347,880,137 | — | 347,880,137 |
| Collateralized Mortgage | | | | | |
| Obligations | | — | 686,299,158 | — | 686,299,158 |
| Commercial Mortgage- | | | | | |
| Backed Securities | | — | 399,287,038 | — | 399,287,038 |
| Convertible Corporate | | | | | |
| Bonds | | — | 33,405,955 | — | 33,405,955 |
| Corporate Bonds | | | | | |
| Banks | | — | — | 250,500 | 250,500 |
| All other Corporate Bonds | | — | 1,410,015,428 | — | 1,410,015,428 |
| Convertible Preferred | | | | | |
| Stocks | 90,969,112 | — | — | 90,969,112 |
| Rights/Warrants | | 45,325 | — | — | 45,325 |
| Insurance-Linked Securities | | | | | |
| Event Linked Bonds | | | | | |
| Collateralized Reinsurance | | | | | |
| Earthquakes – California | | — | — | 2,611,707 | 2,611,707 |
| Multiperil – Massachusetts | | — | — | 2,604,334 | 2,604,334 |
| Multiperil – U.S. | | — | — | 9,317,389 | 9,317,389 |
| Multiperil – Worldwide | | — | — | 1,249,973 | 1,249,973 |
| Windstorm – Florida | | — | — | 1,618,720 | 1,618,720 |
| Windstorm - North Carolina | — | — | 11,850 | 11,850 |
| Windstorm – U.S | | — | — | 7,593 | 7,593 |
| Windstorm – U.S. Multistate | — | — | 32,100 | 32,100 |
| Windstorm – U.S. Regional | — | — | 6,208,864 | 6,208,864 |
| Reinsurance Sidecars | | | | | |
| Multiperil – U.S. | | — | — | 2,169,798 | 2,169,798 |
| Multiperil – Worldwide | | — | — | 62,382,079 | 62,382,079 |
| Industry Loss Warranties | | | | | |
| Earthquakes - U.S. | | — | — | 1,691,543 | 1,691,543 |
| Windstorm – U.S | | — | — | 1,526,400 | 1,526,400 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 89
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| All Other Insurance- | | | | | |
| Linked Securities | $ — | $ 43,523,750 | $ — | $ 43,523,750 |
| Foreign Government Bonds | — | 182,421,949 | | — | 182,421,949 |
| U.S. Government and | | | | | |
| Agency Obligations | — | 1,646,656,015 | | — | 1,646,656,015 |
| Open-End Fund | 95,549,793 | — | | — | 95,549,793 |
| Over The Counter (OTC) | | | | | |
| Call Option Purchased | — | —* | | — | —* |
| Over The Counter (OTC) | | | | | |
| Currency Put Option | | | | | |
| Purchased | — | 1,641,732 | | — | 1,641,732 |
| Total Investments | | | | | |
| in Securities | $188,781,481 | $4,798,957,823 | $ 91,853,518 | $5,079,592,822 |
| Other Financial Instruments | | | | | |
| Over The Counter (OTC) | | | | | |
| Currency Call Option | | | | | |
| Written | $ — | $ (96,675) | $ — | $ (96,675) |
| Net unrealized | | | | | |
| appreciation on forward | | | | | |
| foreign currency | | | | | |
| exchange contracts | — | 1,683,396 | | — | 1,683,396 |
| Net unrealized | | | | | |
| appreciation on | | | | | |
| futures contracts | 3,777,540 | — | | — | 3,777,540 |
| Swap contracts, at value | — | (37,384,059) | | — | (37,384,059) |
| Total Other | | | | | |
| Financial Instruments | $ 3,777,540 | $ (35,797,338) | $ — | $ (32,019,798) |
| * Securities valued at $0. | | | | | |
The accompanying notes are an integral part of these financial statements.
90 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | | | Insurance- | | |
| | Common | Corporate | Linked | Rights/ | |
| | Stocks | Bonds | Securities | Warrants | Total |
| Balance as of 9/30/21 | $ 457,632 | $ — | $100,460,847 | $96,291 | $101,014,770 |
| Realized gain (loss)(1) | — | — | (3,688,384) | 96,291 | (3,592,093) |
| Changed in unrealized | | | | | |
| appreciation | | | | | |
| (depreciation)(2) | — | (4,759,500) | (746,645) | (96,291) | (5,602,436) |
| Accrued discounts/ | | | | | |
| premiums | — | — | (31,062,577) | — | (31,062,577) |
| Purchases | — | 5,010,000 | 45,441,424 | — | 50,451,424 |
| Sales | — | — | (18,972,315) | (96,291) | (19,068,606) |
| Transfers in to Level 3* | — | — | — | — | — |
| Transfers out of Level 3* | (286,964) | — | — | — | (286,964) |
| Balance as of 3/31/22 | $ 170,668 | $ 250,500 | $ 91,432,350 | $ — | $ 91,853,518 |
| (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 value. For the six months ended March 31, 2022, an investment having a value of $286,964 was transferred out of Level 3 to Level 2 as there were significant observable inputs available to determine its value. There were no other transfers in or out of Level 3. |
| | |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held | |
| and considered Level 3 at March 31, 2022: | $(6,407,025) |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 91
Statement of Assets and Liabilities | 3/31/22
(unaudited)
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $5,306,654,479) | $5,079,592,822 |
| Cash | 5,579,511 |
| Foreign currencies, at value (cost $9,150,225) | 7,479,716 |
| Futures collateral | 15,091,620 |
| Swaps collateral | 73,645,736 |
| Variation margin for futures contracts | 719,253 |
| Variation margin for centrally cleared swap contracts | 1,018,064 |
| Net unrealized appreciation on forward foreign currency | |
| exchange contracts | 1,683,396 |
| Receivables — | |
| Investment securities sold | 341,660,883 |
| Fund shares sold | 10,425,471 |
| Dividends | 125,008 |
| Interest | 29,564,127 |
| Due from the Adviser | 7,062 |
| Other assets | 164,790 |
| Total assets | $5,566,757,459 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $1,115,888,722 |
| Fund shares repurchased | 12,865,876 |
| Distributions | 1,800,505 |
| Swap contracts, at value (net premiums paid $(38,551,504)) | 37,384,059 |
| Written options outstanding (net premiums received $645,437) | 96,675 |
| Reserve for repatriation taxes | 326,493 |
| Due to affiliates | 339,681 |
| Accrued expenses | 1,096,502 |
| Total liabilities | $1,169,798,513 |
| NET ASSETS: | |
| Paid-in capital | $4,711,529,561 |
| Distributable earnings (loss) | (314,570,615) |
| Net assets | $4,396,958,946 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $760,288,595/74,878,486 shares) | $ 10.15 |
| Class C (based on $93,345,527/9,402,891 shares) | $ 9.93 |
| Class K (based on $486,770,919/47,854,936 shares) | $ 10.17 |
| Class R (based on $75,894,205/7,344,383 shares) | $ 10.33 |
| Class Y (based on $2,980,659,700/293,573,203 shares) | $ 10.15 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $10.15 net asset value per share/100%-4.50% | |
| maximum sales charge) | $ 10.63 |
The accompanying notes are an integral part of these financial statements.
92 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 3/31/22
| INVESTMENT INCOME: | | |
| Interest from unaffiliated issuers (net of foreign | | |
| taxes withheld $(410,643)) | $ 89,216,409 | |
| Dividends from unaffiliated issuers | 4,549,292 | |
| Total Investment Income | | $ 93,765,701 |
| EXPENSES: | | |
| Management fees | $ 12,972,967 | |
| Administrative expenses | 546,683 | |
| Transfer agent fees | | |
| Class A | 661,416 | |
| Class C | 37,646 | |
| Class K | 2,873 | |
| Class R | 102,004 | |
| Class Y | 1,436,154 | |
| Distribution fees | | |
| Class A | 1,018,569 | |
| Class C | 521,338 | |
| Class R | 211,554 | |
| Shareowner communications expense | 131,066 | |
| Custodian fees | 114,250 | |
| Registration fees | 52,647 | |
| Professional fees | 153,202 | |
| Printing expense | 31,870 | |
| Pricing fees | 28,192 | |
| Trustees’ fees | 100,387 | |
| Insurance expense | 3,308 | |
| Miscellaneous | 128,524 | |
| Total expenses | | $ 18,254,650 |
| Less fees waived and expenses reimbursed by the Adviser | | (492,935) |
| Net expenses | | $ 17,761,715 |
| Net investment income | | $ 76,003,986 |
REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $ (32,721,945) | |
| Forward foreign currency exchange contracts | 2,902,266 | |
| Futures contracts | 5,944,945 | |
| Swap contracts | (10,138,701) | |
| Written option | 635,487 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | 2,562,504 | $ (30,815,444) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers (net of foreign | | |
| capital gains tax of $260,966) | $ (305,995,793) | |
| Forward foreign currency exchange contracts | 966,259 | |
| Futures contracts | (2,988,553) | |
| Swap contracts | 35,095,625 | |
| Written options | 312,820 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (1,620,829) | (274,230,471) |
| Net realized and unrealized gain (loss) on investments | | $(305,045,915) |
| Net decrease in net assets resulting from operations | | $(229,041,929) |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 93
Statements of Changes in Net Assets
| | | |
| | Six Months | |
| | Ended | Year |
| | 3/31/22 | Ended |
| | (unaudited) | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 76,003,986 | $ 153,019,929 |
| Net realized gain (loss) on investments | (30,815,444) | 203,680,894 |
| Change in net unrealized appreciation | | |
| (depreciation) on investments | (274,230,471) | 1,233,616 |
| Net increase (decrease) in net assets | | |
| resulting from operations | $ (229,041,929) | $ 357,934,439 |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.69 and $0.40 per share, respectively) | $ (51,564,753) | $ (30,042,869) |
| Class C ($0.65 and $0.31 per share, respectively) | (6,425,287) | (3,819,157) |
| Class K ($0.71 and $0.45 per share, respectively) | (30,367,213) | (17,473,836) |
| Class R ($0.67 and $0.36 per share, respectively) | (5,083,965) | (3,154,062) |
| Class Y ($0.70 and $0.43 per share, respectively) | (202,141,087) | (115,935,153) |
| Total distributions to shareowners | $ (295,582,305) | $ (170,425,077) |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 769,380,457 | $ 1,252,373,259 |
| Reinvestment of distributions | 246,562,457 | 141,146,069 |
| Cost of shares repurchased | (827,181,746) | (1,248,166,526) |
| Net increase in net assets resulting from | | |
| Fund share transactions | $ 188,761,168 | $ 145,352,802 |
| Net increase (decrease) in net assets | $ (335,863,066) | $ 332,862,164 |
| NET ASSETS: | | |
| Beginning of period | $ 4,732,822,012 | $ 4,399,959,848 |
| End of period | $ 4,396,958,946 | $ 4,732,822,012 |
The accompanying notes are an integral part of these financial statements.
94 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | Six Months | Six Months | | |
| | Ended | Ended | Year | Year |
| | 3/31/22 | 3/31/22 | Ended | Ended |
| | Shares | Amount | 9/30/21 | 9/30/21 |
| | (unaudited) | (unaudited) | Shares | Amount |
| Class A | | | | |
| Shares sold | 5,964,120 | $ 64,163,591 | 15,734,474 | $ 178,146,681 |
| Reinvestment of distributions | 4,017,016 | 43,086,566 | 2,199,892 | 24,922,612 |
| Less shares repurchased | (10,287,794) | (110,326,381) | (16,076,390) | (181,901,606) |
| Net increase | | | | |
| (decrease) | (306,658) | $ (3,076,224) | 1,857,976 | $ 21,167,687 |
| Class C | | | | |
| Shares sold | 555,799 | $ 5,888,679 | 1,381,370 | $ 15,316,120 |
| Reinvestment of distributions | 560,555 | 5,881,432 | 316,836 | 3,506,210 |
| Less shares repurchased | (1,839,462) | (19,299,413) | (8,967,163) | (99,262,767) |
| Net decrease | (723,108) | $ (7,529,302) | (7,268,957) | $ (80,440,437) |
| Class K | | | | |
| Shares sold | 10,366,588 | $ 111,686,856 | 16,029,442 | $ 182,309,915 |
| Reinvestment of distributions | 2,586,378 | 27,774,318 | 1,393,552 | 15,806,486 |
| Less shares repurchased | (5,900,644) | (63,366,233) | (14,571,104) | (164,783,637) |
| Net increase | 7,052,322 | $ 76,094,941 | 2,851,890 | $ 33,332,764 |
| Class R | | | | |
| Shares sold | 531,714 | $ 5,855,976 | 1,403,543 | $ 16,144,689 |
| Reinvestment of distributions | 463,450 | 5,064,407 | 271,864 | 3,131,259 |
| Less shares repurchased | (1,780,985) | (19,789,579) | (2,883,839) | (33,123,339) |
| Net decrease | (785,821) | $ (8,869,196) | (1,208,432) | $ (13,847,391) |
| Class Y | | | | |
| Shares sold | 54,246,110 | $ 581,785,355 | 75,931,285 | $ 860,455,854 |
| Reinvestment of distributions | 15,365,394 | 164,755,734 | 8,281,184 | 93,779,502 |
| Less shares repurchased | (57,657,580) | (614,400,140) | (68,157,839) | (769,095,177) |
| Net increase | 11,953,924 | $ 132,140,949 | 16,054,630 | $ 185,140,179 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 95
Financial Highlights
| | | | | | | |
| | Six Months | | | | | |
| | Ended | Year | Year | Year | Year | Year |
| | 3/31/22 | Ended | Ended | Ended | Ended | Ended |
| | (unaudited) | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 |
| Class A | | | | | | |
| Net asset value, beginning of period | $ 11.38 | $ 10.91 | $ 10.89 | $ 10.42 | $ 10.82 | $ 10.76 |
| Increase (decrease) from investment operations: | | | | | | |
| Net investment income (loss) (a) | $ 0.16 | $ 0.35 | $ 0.38 | $ 0.36 | $ 0.35 | $ 0.37 |
| Net realized and unrealized gain (loss) on investments | (0.70) | 0.52 | (0.02) | 0.42 | (0.42) | 0.04 |
| Net increase (decrease) from investment operations | $ (0.54) | $ 0.87 | $ 0.36 | $ 0.78 | $ (0.07) | $ 0.41 |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.16) | $ (0.40) | $ (0.34) | $ (0.27) | $ (0.31) | $ (0.33) |
| Net realized gain | (0.53) | — | — | (0.04) | (0.02) | (0.02) |
| Total distributions | $ (0.69) | $ (0.40) | $ (0.34) | $ (0.31) | $ (0.33) | $ (0.35) |
| Net increase (decrease) in net asset value | $ (1.23) | $ 0.47 | $ 0.02 | $ 0.47 | $ (0.40) | $ 0.06 |
| Net asset value, end of period | $ 10.15 | $ 11.38 | $ 10.91 | $ 10.89 | $ 10.42 | $ 10.82 |
| Total return (b) | (5.01)%(c) | 8.04% | 3.44% | 7.64% | (0.67)% | 3.90% |
| Ratio of net expenses to average net assets | 1.01%(d) | 1.06% | 1.06% | 1.10% | 1.03% | 1.06% |
| Ratio of net investment income (loss) to average net assets | 3.04%(d) | 3.12% | 3.59% | 3.39% | 3.28% | 3.41% |
| Portfolio turnover rate | 34%(c) | 67% | 69% | 53% | 44% | 52% |
| Net assets, end of period (in thousands) | $760,289 | $855,856 | $799,974 | $803,174 | $861,517 | $1,038,090 |
| Ratios with no waiver of fees and assumption of expenses by | | | | | | |
| the Adviser and no reduction for fees paid indirectly: | | | | | | |
| Total expenses to average net assets | 1.04%(d) | —% | —% | —% | —% | —% |
| Net investment income (loss) to average net assets | 3.01%(d) | —% | —% | —% | —% | —% |
| (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.
96 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | | | | | | |
| | Six Months | | | | | |
| | Ended | Year | Year | Year | Year | Year |
| | 3/31/22 | Ended | Ended | Ended | Ended | Ended |
| | (unaudited) | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 |
| Class C | | | | | | |
| Net asset value, beginning of period | $ 11.14 | $ 10.67 | $ 10.66 | $ 10.20 | $ 10.59 | $ 10.53 |
| Increase (decrease) from investment operations: | | | | | | |
| Net investment income (loss) (a) | $ 0.13 | $ 0.27 | $ 0.30 | $ 0.28 | $ 0.27 | $ 0.29 |
| Net realized and unrealized gain (loss) on investments | (0.69) | 0.51 | (0.02) | 0.42 | (0.41) | 0.04 |
| Net increase (decrease) from investment operations | $ (0.56) | $ 0.78 | $ 0.28 | $ 0.70 | $ (0.14) | $ 0.33 |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.12) | $ (0.31) | $ (0.27) | $ (0.20) | $ (0.23) | $ (0.25) |
| Net realized gain | (0.53) | — | — | (0.04) | (0.02) | (0.02) |
| Total distributions | $ (0.65) | $ (0.31) | $ (0.27) | $ (0.24) | $ (0.25) | $ (0.27) |
| Net increase (decrease) in net asset value | $ (1.21) | $ 0.47 | $ 0.01 | $ 0.46 | $ (0.39) | $ 0.06 |
| Net asset value, end of period | $ 9.93 | $ 11.14 | $ 10.67 | $ 10.66 | $ 10.20 | $ 10.59 |
| Total return (b) | (5.29)%(c) | 7.37% | 2.67% | 6.96% | (1.30)% | 3.23% |
| Ratio of net expenses to average net assets | 1.68%(d) | 1.73% | 1.73% | 1.74% | 1.69% | 1.72% |
| Ratio of net investment income (loss) to average net assets | 2.37%(d) | 2.49% | 2.89% | 2.75% | 2.62% | 2.75% |
| Portfolio turnover rate | 34%(c) | 67% | 69% | 53% | 44% | 52% |
| Net assets, end of period (in thousands) | $93,346 | $112,804 | $185,623 | $311,801 | $466,033 | $697,820 |
| Ratios with no waiver of fees and assumption of expenses | | | | | | |
| by the Adviser and no reduction for fees paid indirectly: | | | | | | |
| Total expenses to average net assets | 1.70%(d) | —% | —% | —% | —% | —% |
| Net investment income (loss) to average net assets | 2.35%(d) | —% | —% | —% | —% | —% |
| (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 | Semiannual Report | 3/31/22 97
Financial Highlights (continued)
| | Six Months | | | | | |
| | Ended | Year | Year | Year | Year | |
| | 3/31/22 | Ended | Ended | Ended | Ended | Ended |
| | (unaudited) | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 |
| Class K | | | | | | |
| Net asset value, beginning of period | $ 11.40 | $ 10.92 | $ 10.92 | $ 10.44 | $ 10.84 | $ 10.78 |
| Increase (decrease) from investment operations: | | | | | | |
| Net investment income (loss) (a) | $ 0.19 | $ 0.40 | $ 0.43 | $ 0.41 | $ 0.39 | $ 0.41 |
| Net realized and unrealized gain (loss) on investments | (0.71) | 0.53 | (0.04) | 0.43 | (0.41) | 0.05 |
| Net increase (decrease) from investment operations | $ (0.52) | $ 0.93 | $ 0.39 | $ 0.84 | $ (0.02) | $ 0.46 |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.18) | $ (0.45) | $ (0.39) | $ (0.32) | $ (0.36) | $ (0.38) |
| Net realized gain | (0.53) | — | — | (0.04) | (0.02) | (0.02) |
| Total distributions | $ (0.71) | $ (0.45) | $ (0.39) | $ (0.36) | $ (0.38) | $ (0.40) |
| Net increase (decrease) in net asset value | $ (1.23) | $ 0.48 | $ — | $ 0.48 | $ (0.40) | $ 0.06 |
| Net asset value, end of period | $ 10.17 | $ 11.40 | $ 10.92 | $ 10.92 | $ 10.44 | $ 10.84 |
| Total return (b) | (4.81)%(c) | 8.58% | 3.73% | 8.19% | (0.23)% | 4.36% |
| Ratio of net expenses to average net assets | 0.59%(d) | 0.63% | 0.62% | 0.63% | 0.62% | 0.62% |
| Ratio of net investment income (loss) to average net assets | 3.47%(d) | 3.55% | 4.02% | 3.86% | 3.70% | 3.83% |
| Portfolio turnover rate | 34%(c) | 67% | 69% | 53% | 44% | 52% |
| Net assets, end of period (in thousands) | $486,771 | $465,149 | $414,610 | $402,042 | $379,474 | $400,888 |
| Ratios with no waiver of fees and assumption of expenses | | | | | | |
| by the Adviser and no reduction for fees paid indirectly: | | | | | | |
| Total expenses to average net assets | 0.61%(d) | —% | —% | —% | —% | —% |
| Net investment income (loss) to average net assets | 3.45%(d) | —% | —% | —% | —% | —% |
| (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.
98 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
| | Six Months | | | | | |
| | Ended | Year | Year | Year | Year | Year |
| | 3/31/22 | Ended | Ended | Ended | Ended | Ended |
| | (unaudited) | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 |
| Class R | | | | | | |
| Net asset value, beginning of period | $ 11.58 | $ 11.09 | $ 11.08 | $ 10.59 | $ 11.00 | $ 10.93 |
| Increase (decrease) from investment operations: | | | | | | |
| Net investment income (loss) (a) | $ 0.15 | $ 0.33 | $ 0.35 | $ 0.33 | $ 0.32 | $ 0.33 |
| Net realized and unrealized gain (loss) on investments | (0.73) | 0.52 | (0.03) | 0.44 | (0.43) | 0.05 |
| Net increase (decrease) from investment operations | $ (0.58) | $ 0.85 | $ 0.32 | $ 0.77 | $ (0.11) | $ 0.38 |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.14) | $ (0.36) | $ (0.31) | $ (0.24) | $ (0.28) | $ (0.29) |
| Net realized gain | (0.53) | — | — | (0.04) | (0.02) | (0.02) |
| Total distributions | $ (0.67) | $ (0.36) | $ (0.31) | $ (0.28) | $ (0.30) | $ (0.31) |
| Net increase (decrease) in net asset value | $ (1.25) | $ 0.49 | $ 0.01 | $ 0.49 | $ (0.41) | $ 0.07 |
| Net asset value, end of period | $ 10.33 | $ 11.58 | $ 11.09 | $ 11.08 | $ 10.59 | $ 11.00 |
| Total return (b) | (5.21)%(c) | 7.77% | 3.03% | 7.43% | (1.02)% | 3.57% |
| Ratio of net expenses to average net assets | 1.34%(d) | 1.37% | 1.40% | 1.39% | 1.34% | 1.41% |
| Ratio of net investment income (loss) to average net assets | 2.70%(d) | 2.83% | 3.23% | 3.10% | 2.97% | 3.05% |
| Portfolio turnover rate | 34%(c) | 67% | 69% | 53% | 44% | 52% |
| Net assets, end of period (in thousands) | $75,894 | $94,136 | $103,585 | $131,214 | $168,043 | $223,372 |
| Ratios with no waiver of fees and assumption of expenses | | | | | | |
| by the Adviser and no reduction for fees paid indirectly: | | | | | | |
| Total expenses to average net assets | 1.36%(d) | —% | —% | —% | —% | —% |
| Net investment income (loss) to average net assets | 2.68%(d) | —% | —% | —% | —% | —% |
| (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 | Semiannual Report | 3/31/22 99
Financial Highlights (continued)
| | | | | | | |
| | Six Months | | | | | |
| | Ended | Year | Year | Year | Year | Year |
| | 3/31/22 | Ended | Ended | Ended | Ended | Ended |
| | (unaudited) | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 |
| Class Y | | | | | | |
| Net asset value, beginning of period | $ 11.38 | $ 10.91 | $ 10.90 | $ 10.42 | $ 10.82 | $ 10.76 |
| Increase (decrease) from investment operations: | | | | | | |
| Net investment income (loss) (a) | $ 0.18 | $ 0.39 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.40 |
| Net realized and unrealized gain (loss) on investments | (0.71) | 0.51 | (0.03) | 0.42 | (0.42) | 0.05 |
| Net increase (decrease) from investment operations | $ (0.53) | $ 0.90 | $ 0.39 | $ 0.82 | $ (0.04) | $ 0.45 |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.17) | $ (0.43) | $ (0.38) | $ (0.30) | $ (0.34) | $ (0.37) |
| Net realized gain | (0.53) | — | — | (0.04) | (0.02) | (0.02) |
| Total distributions | $ (0.70) | $ (0.43) | $ (0.38) | $ (0.34) | $ (0.36) | $ (0.39) |
| Net increase (decrease) in net asset value | $ (1.23) | $ 0.47 | $ 0.01 | $ 0.48 | $ (0.40) | $ 0.06 |
| Net asset value, end of period | $ 10.15 | $ 11.38 | $ 10.91 | $ 10.90 | $ 10.42 | $ 10.82 |
| Total return (b) | (4.87)%(c) | 8.37% | 3.71% | 8.09% | (0.34)% | 4.23% |
| Ratio of net expenses to average net assets | 0.69%(d) | 0.74% | 0.74% | 0.73% | 0.72% | 0.74% |
| Ratio of net investment income (loss) to average net assets | 3.37%(d) | 3.44% | 3.91% | 3.75% | 3.60% | 3.72% |
| Portfolio turnover rate | 34%(c) | 67% | 69% | 53% | 44% | 52% |
| Net assets, end of period (in thousands) | $2,980,660 | $3,204,878 | $2,896,168 | $3,010,817 | $3,208,774 | $3,560,072 |
| Ratios with no waiver of fees and assumption of expenses | | | | | | |
| by the Adviser and no reduction for fees paid indirectly: | | | | | | |
| Total expenses to average net assets | 0.71%(d) | —% | —% | —% | —% | —% |
| Net investment income (loss) to average net assets | 3.35%(d) | —% | —% | —% | —% | —% |
| (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.
100 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
Notes to Financial Statements | 3/31/22
(unaudited)
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 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 K or 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 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
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 101
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. 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
102 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
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 broker valuation models 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.
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.
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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.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded.
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.
At March 31, 2022, five 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 0.03% of net assets. The value of these fair valued securities was $1,377,716.
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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 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.
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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 March 31, 2022, 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 March 31, 2022, the Fund had accrued $326,493 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.
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The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended September 30, 2021 was as follows:
| | |
| | 2021 |
| Distributions paid from: | |
| Ordinary income | $170,425,077 |
| Total | $170,425,077 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2021:
| | 2021 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 76,236,780 |
| Undistributed long-term capital gains | 91,271,341 |
| Current year dividend payable | (1,655,842) |
| 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 $21,462 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2022.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 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).
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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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
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 sectors of the economy and individual issuers have experienced particularly large losses. 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. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
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Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the
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Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, 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). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Fund will vary depending on, among other things, existing fallback provisions in individual contracts and whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. In March, 2022, the U.S. federal government enacted legislation to establish a process for replacing LIBOR in existing contracts that do not already provide for the use of a clearly defined or practicable replacement benchmark rate as described in the legislation. Generally speaking, for contracts that do not contain a fallback provision as described in the legislation, a benchmark replacement recommended by the Federal Reserve Board will effectively automatically replace the USD LIBOR benchmark in the contract after June 30, 2023. The recommended benchmark replacement will be based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York, including any recommended spread adjustment and benchmark replacement conforming changes. The process of transitioning from LIBOR may involve,
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among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Fund. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time.
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.
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
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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 March 31, 2022 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 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
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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 six months ended March 31, 2022, was $1,254,774. Open purchased options at March 31, 2022, are listed in the Schedule of Investments.
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
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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 six months ended March 31, 2022, was $169,431. Open written options contracts at March 31, 2022, 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 six months ended March 31, 2022, 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.
The average market value of forward foreign currency exchange contracts open during the six months ended March 31, 2022, was $13,144,121. Open forward foreign currency exchange contracts outstanding at March 31, 2022, 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
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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 March 31, 2022, 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 six months ended March 31, 2022, was $(321,630,592). Open futures contracts outstanding at March 31, 2022, 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 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
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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 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
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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 March 31, 2022, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the six months ended March 31, 2022, was $(44,059,299). Open credit default swap contracts at March 31, 2022, are listed in the Schedule of Investment.
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 March 31, 2022, 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 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 six months ended March 31, 2022, was $47,640,452. There were no open total return swap contracts outstanding at March 31, 2022.
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2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser 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 six months ended March 31, 2022, the effective management fee was equivalent to 0.56% (annualized) of the Fund’s average daily net assets.
Effective October 1, 2021, the Adviser contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) to the extent required to reduce Fund expenses to 0.59% and 0.69% of the average daily net assets attributable to Class K and Class Y shares, respectively. These expense limitations are in effect through February 1, 2025. 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 six months ended 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 $208,181 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2022.
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 six months ended March 31, 2022, the Fund paid $100,387 in Trustees’ compensation, which is reflected on Statement of Operations as Trustees’ fees. At March 31, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of
118 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $ 49,196 |
| Class C | 7,965 |
| Class K | 5,368 |
| Class R | 2,253 |
| Class Y | 66,284 |
| Total | $131,066 |
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 Fund’s 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 $131,500 in distribution fees payable to the Distributor at March 31, 2022.
The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% 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
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 119
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 six months ended March 31, 2022, CDSCs in the amount of $130,525 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 2, 2022, the Fund participates in a facility in the amount of $380 million. Prior to February 2, 2022 the Fund participated 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 six months ended March 31, 2022, 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 of its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.
120 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
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.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 121
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 March 31, 2022.
| | | | | | |
| | 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 | $2,441,312 | $ (383,095) | $ — | $ — | $2,058,217 |
| Bank of New York | | | | | |
| Mellon Corp. | —* | — | — | — | —* |
| Brown Brothers | | | | | |
| Harriman & Co. | 1,217,077 | — | — | — | 1,217,077 |
| Citibank NA | 521,481 | (521,481) | — | — | — |
| Goldman Sachs | | | | | |
| & Co. | 451,480 | (451,480) | — | — | — |
| HSBC Bank USA | | | | | |
| NA | 1,206,665 | (1,206,665) | — | — | — |
| State Street | | | | | |
| Bank & Trust Co. | 3,862,735 | (229,586) | — | — | 3,633,149 |
| Total | $ 9,700,750 | $(2,792,307) | $ — | $ — | $6,908,443 |
| |
| | 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 | $ 383,095 | $ (383,095) | $ — | $ — | $ — |
| Citibank NA | 1,297,155 | (521,481) | — | — | 775,674 |
| Goldman Sachs | | | | | |
| & Co. | 2,363,271 | (451,480) | — | — | 1,911,791 |
| HSBC Bank USA | | | | | |
| NA | 1,258,210 | (1,206,665) | — | — | 51,545 |
| JPMorgan Chase | | | | | |
| Bank NA | 940,980 | — | — | — | 940,980 |
| State Street | | | | | |
| Bank & Trust Co. | 229,586 | (229,586) | — | — | — |
| Total | $ 6,472,297 | $ (2,792,307) | $ — | $ — | $ 3,679,990 |
| |
| * 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. |
122 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
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 March 31, 2022, was as follows:
| | | | | | | | |
| Statement of Assets and Liabilities | | | | | | |
| | | | | | Foreign | | |
| | Interest | | Credit | | Exchange | Equity | Commodity |
| | Rate Risk | Risk | | Rate Risk | Risk | Risk |
| Assets: | | | | | | | |
| Net unrealized | | | | | | | |
| appreciation on | | | | | | | |
| futures contracts | $3,777,540 | $ — | $ — | $ — | $ — |
| Net unrealized | | | | | | | |
| appreciation on | | | | | | | |
| forward foreign | | | | | | | |
| currency contracts | | — | | — | 1,683,396 | — | — |
| Options purchased* | | — | | — | 1,641,732 | —** | — |
| Total Value | $3,777,540 | $ — | $ 3,325,128 | $ —** | $ — |
| Liabilities | | | | | | | |
| Call options written | $ — | $ — | $ 96,675 | $ — | $ — |
| Swap contracts, at value | | — | 37,384,059 | — | — | — |
| Total Value | $ — | $37,384,059 | $ 96,675 | $ — | $ — |
| * | | 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. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 123
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at March 31, 2022 was as follows:
| | | | | | | |
| Statement of Operations | | | | | | |
| | | | | Foreign | | |
| | Interest | Credit | | Exchange | Equity | Commodity |
| | Rate Risk | Risk | | Rate Risk | Risk | Risk |
| Net Realized Gain | | | | | | |
| (Loss) on | | | | | | |
| Futures contracts | $5,944,945 | $ — | $ — | $ — | $ — |
| Forward foreign | | | | | | |
| currency exchange | | | | | | |
| contracts | — | | — | 2,902,266 | — | — |
| Options purchased* | — | | — | (635,487) | — | — |
| Options written | — | | — | 635,487 | — | — |
| Swap contracts | — | (10,138,701) | — | — | — |
| Total Value | $5,944,945 | $(10,138,701) | $2,902,266 | $ — | $ — |
| |
| Net Change in | | | | | | |
| Unrealized Appreciation | | | | | | |
| (Depreciation) on | | | | | | |
| Futures contracts | $(2,988,553) | $ — | $ — | $ — | $ — |
| Forward foreign | | | | | | |
| currency exchange | | | | | | |
| contracts | — | | — | 966,259 | — | — |
| Options purchased** | — | | — | 951,486 | —*** | — |
| Options written | — | | — | 312,820 | — | — |
| Swap contracts | — | 35,095,625 | — | — | — |
| Total Value | $(2,988,553) | $ 35,095,625 | $2,230,565 | $ —*** | $ — |
| * | | 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 Statements 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 Statement of Operations. |
| *** | | Includes securities that are valued at $0. |
9. 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.
Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.
124 Pioneer Strategic Income Fund | Semiannual Report | 3/31/22
As of March 31, 2022, the Fund had the following unfunded loan commitments outstanding:
| | | | | Unrealized |
| | | | | Appreciation |
| Loan | Principal | Cost | Value | (Depreciation) |
| Project Watson Bridge Loan | $8,751,600 | $8,751,600 | $8,751,600 | $ — |
| Total Value | $8,751,600 | $8,751,600 | $8,751,600 | $ — |
10. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation (“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/22 125
Trustees, Officers and Service Providers
| Trustees | Officers |
Thomas J. Perna, Chairman John E. Baumgardner, Jr. Diane Durnin Benjamin M. Friedman Lisa M. Jones Craig C. MacKay Lorraine H. Monchak Marguerite A. Piret Fred J. Ricciardi Kenneth J. Taubes | Lisa M. Jones, President and Chief Executive Officer Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer Christopher J. Kelley, Secretary and Chief Legal Officer |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.
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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 9897
Providence, R.I. 02940-8097
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (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
© 2022 Amundi Asset Management US, Inc. 19207-17-0522
Pioneer Emerging Markets Equity Fund
Semiannual Report | March 31, 2022
visit us: www.amundi.com/us
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, 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. With 2022 now well underway, 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 most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment, as volatility has remained high. Concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative 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. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
Despite those issues, 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. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
2 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. 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 frequently with the management teams of the companies and other entities 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.
May 2022
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 | Semiannual Report | 3/31/22 3
Portfolio Management Discussion | 3/31/22
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 six-month period ended March 31,2022. 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 six-month period ended on March 31, 2022? |
| A | | Pioneer Emerging Markets Equity Fund’s Class A shares returned -7.87% at net asset value over the six-month period ended March 31, 2022, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index1, returned -8.20%. During the same six-month period, the average return of the 827 mutual funds in Morningstar’s Diversified Emerging Markets Funds category was -9.64%. |
| Q | | How would you describe the investment backdrop for investors in emerging markets equities during the six-month period ended March 31, 2022? |
| A | | Emerging markets stocks experienced significant headwinds over the past six months, continuing a downturn that began midway through 2021. The asset class was pressured, in part, by the persistence of COVID-19 infection rates in some emerging markets areas. Investors had to deal with both the emergence of the Omicron variant of the virus in November 2021 as well as a renewed outbreak of cases in China towards the end of the period, which resulted in a fresh round of draconian lockdowns in that country. Emerging markets equities also struggled with the prospect |
| 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 | Semiannual Report | 3/31/22
of rising inflation and the pivot by the US Federal Reserve (Fed) and other developed market central banks toward a regime of higher interest rates, after years of accommodative monetary policies. The shift in Fed policy contributed to a strong gain for the US dollar over the six-month period, which further added to the challenging picture for emerging markets stocks. Not least, Russia’s invasion of Ukraine in February 2022 caused increased uncertainty about the global economic outlook and fueled expectations for even higher inflation. The sanctions levied against Russia by the US and some European nations following the invasion caused Russia’s stock market to lose all of its value and led to the removal of that nation’s equities from the major world indices.
This event, in addition to directly weighing on the performance of the MSCI Emerging Markets Index, pressured returns for stocks throughout Eastern Europe. Asian stocks underperformed over the six-month period as well, and Chinese markets lagged considerably, due not only to the aforementioned issues with COVID-19, but also increased regulation by the government, concerns about the property sector, and slowing economic growth. Additionally, South Korea and Taiwan, which are technology heavy, struggled due to the larger move among investors from growth stocks to value across the world equity markets. On the other hand, the oil-sensitive nations in the Middle East and Africa performed very well over the period, thanks to the strong increase in energy prices. Latin America also outperformed, due to the rally in commodities, an inflow of capital stemming from the relatively high interest rates offered in those countries, and expectations that the region’s economies could achieve a long-term benefit from the sanctions placed on Russia.
| Q | | What were the principal factors that affected the Fund’s benchmark-relative performance during the six-month period ended March 31, 2022? |
| A | | In managing the portfolio, we start with a top-down evaluation of each country in the emerging markets. We view this as a critical step in our process, given the wide divergence in the economic fundamentals and return drivers for individual emerging markets countries. 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 wish to invest the portfolio’s assets. |
Country selection was the strongest positive contributor to the Fund’s benchmark-relative returns among those three components during the period. An overweight allocation to Brazil aided the Fund’s relative returns, as did an underweight to China. A portfolio overweight to the
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 5
United Arab Emirates was a further plus and benefited benchmark-relative results. The Fund’s cash position, while not a core aspect of our strategy, nonetheless contributed positively to benchmark-relative returns during a time of weak performance for the MSCI Emerging Markets Index. On the other hand, the Fund’s underweight to Taiwan detracted from performance comparisons versus the benchmark, due to the country’s relative strength in the first half of the period.
Sector allocations, overall, detracted from the Fund’s benchmark-relative performance for the six-month period. A portfolio underweight to Chinese financials, together with an overweight in the Russian financials sector, had a negative effect on the Fund’s relative results. The Fund’s underweight to Chinese health care stocks and an overweight to Chinese energy stocks aided benchmark-relative returns, but those benefits were not enough to offset the negative allocation results from Chinese and Russian financials.
Security selection was an additional detractor from the Fund’s relative returns. At the individual security level, portfolio positions in Russian stocks, including Sberbank of Russia and Lukoil, weighed on benchmark-relative performance, given that the country’s market had fallen to essentially zero by the end of the period. An underweight position in Alibaba Group was an additional detractor from the Fund’s benchmark-relative results. On the positive side, the Fund’s position in Wan Xing International, parent of the sportswear manufacturer Xtep, was a key positive contributor to benchmark-relative performance, due to the company’s strong earnings report and its announcement of a new distribution agreement. Other positive contributors to the Fund’s relative returns included positions in conglomerate Jardine Matheson, and Chinese software company Navinfo.
| Q | | Did the Fund have any exposure to derivative securities during the six-month period ended March 31, 2022? |
| A | | We made modest use of currency-related derivative instruments during the period, seeking to hedge the Fund’s exposure to the Russian ruble in an effort to offset the downturn in the country’s financial markets. |
| Q | | What were some of the notable overweights and underweights in the portfolio at the country and sector levels as of March 31, 2022? |
| A | | The Fund was overweight to India at the close of the period. In that country, we believe rising inflation and higher interest rates could remain headwinds in the short term, but past structural reforms aimed at |
6 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
boosting competitiveness have been showing signs of gaining traction in terms of increased domestic and foreign investment. We believe India could be a prime beneficiary of the shift toward a more multipolar world. We also hold a favorable view on Indonesia following the passage of a law that could make the country a more attractive destination for investment. While the implementation of the law may take time, we think Indonesia may benefit from its solid fiscal situation, low debt, above average sensitivity to commodity prices, and compelling valuations. Brazil is another country we favor. Although the Brazilian market has rallied considerably in recent months, we believe it remains attractively valued overall. Other notable country overweights in the portfolio include United Arab Emirates, which we feel could be positioned to benefit from a continued economic reopening as COVID-19 becomes more endemic, and South Africa, where the investment case has strengthened, in our view, due to improvements in the country’s economic and political backdrops.
South Korea was the Fund’s largest country underweight as of period-end. We believe the country’s economic growth could remain subpar, given high levels of household debt and an aging population. The portfolio was also underweight to Taiwan, based on our belief that the nation’s technology sector could be vulnerable to a downturn in the semiconductor cycle. The Fund has remained underweight to China versus the benchmark, but we are encouraged by government regulators’ commitment to financial stability. In addition, we anticipate the nation’s fiscal and monetary policies could be supportive of economic activity. In the near term, however, we remain cautious due to geopolitical tensions, uncertainty in the Chinese property market, and the government’s zero-COVID-19 policy, which has driven the renewed lockdowns mentioned earlier.
At the sector level, our favored areas have included real estate, consumer durables, media, retailing, and industrials. On the other hand, we have tilted the portfolio away from materials, financials, health care, consumer staples, and energy. While the Fund’s underweights in energy and materials have weighed on benchmark-relative results in recent months, we believe both sectors may be vulnerable going forward, due to the elevated valuations of companies in those sectors, and the potential for weakening demand caused by higher commodity prices.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 7
| Q | | How would you characterize investment conditions in the emerging markets as of March 31, 2022? |
| A | | A wide range of risk factors remained in place at the close of the period, including tighter monetary policies of several major central banks, geopolitical tensions driven by Russia’s invasion of Ukraine, lingering uncertainty about the outlook for earnings growth in China, and persistently elevated equity valuations in the United States. Still, we believe emerging markets equities could offer an interesting opportunity as the year progresses, providing there isn’t a further escalation of geopolitical concerns. The asset class has continued to feature a valuation discount relative to the developed markets, and that gap has widened over the past six months. We are further encouraged by the decision of many emerging markets central banks to begin tightening monetary policy proactively during 2021, before central banks in the developed markets. That means there is potentially less need for additional tightening in the emerging markets than in the United States and other developed nations. Additionally, China’s government has demonstrated a willingness to shift its emphasis toward pro-growth policies after primarily focusing on regulation since the beginning of 2021. |
On a longer-term basis, we continue to think improvements in companies’ capital-expenditure discipline, the lack of major macroeconomic imbalances, and an increasing dividend* payout ratio have continued to provide a solid foundation for the emerging markets equities asset class.
| * | | Dividends are not guaranteed. |
8 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
Please refer to the Schedule of Investments on pages 17–26 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. The Fund is subject to currency risk, meaning that the fund could experience losses based on changes in the exchange rate between non-US currencies and the US dollar.
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 | Semiannual Report | 3/31/22 9
Portfolio Summary | 3/31/22
10 Largest Holdings
(As a percentage of total investments)*
| 1. | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 7.33% |
| 2. | Samsung Electronics Co., Ltd. | 3.63 |
| 3. | Tencent Holdings, Ltd. | 2.95 |
| 4. | Alibaba Group Holding, Ltd. (A.D.R.) | 2.86 |
| 5. | Saudi National Bank | 2.62 |
| 6. | Samsung Electronics Co., Ltd. | 2.35 |
| 7. | Housing Development Finance Corp., Ltd. | 1.70 |
| 8. | Petroleo Brasileiro S.A. | 1.50 |
| 9. | Bank Central Asia Tbk PT | 1.49 |
| 10. | Hindalco Industries, Ltd. | 1.38 |
| * | | Excludes short term 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 | Semiannual Report | 3/31/22
Prices and Distributions | 3/31/22
Net Asset Value per Share
| Class | 3/31/22 | 9/30/21 |
| A | $11.76 | $13.24 |
| C | $11.73 | $13.14 |
| Y | $11.77 | $13.27 |
Distributions per Share: 10/1/21–3/31/22
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.3117 | $ — | $0.1527 |
| C | $0.2072 | $ — | $0.1527 |
| Y | $0.3458 | $ — | $0.1527 |
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 | Semiannual Report | 3/31/22 11
| Performance Update | 3/31/22 | 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 March 31, 2022) | | |
| | Net | Public | MSCI |
| | Asset | Offering | Emerging |
| | Value | Price | Markets |
| Period | (NAV) | (POP) | NR Index |
| Life-of-Class | | | |
| (10/2/19) | 8.91% | 6.36% | 7.67% |
| 1 year | -11.61 | -16.68 | -11.37 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 3.60% | 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, 2023 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.
12 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| | | | MSCI |
| | | | Emerging |
| | If | If | Markets NR |
| Period | Held | Redeemed | Index |
| Life-of-Class | | | |
| (10/2/19) | 8.15% | 8.15% | 7.67% |
| 1 year | -12.23 | -13.08 | -11.37 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 4.30% | 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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the other time periods. 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, 2023 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.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 13
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| | Net | MSCI |
| | Asset | Emerging |
| | Value | Markets |
| Period | (NAV) | NR Index |
| Life-of-Class | | |
| (10/2/19) | 9.23% | 7.67% |
| 1 year | -11.37 | -11.37 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 3.29% | 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, 2023 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.
14 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
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 October 1, 2021 through March 31, 2022.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $921.30 | $918.50 | $923.10 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $6.23 | $9.61 | $4.75 |
| During Period* | | | |
| * | Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 2.01%, and 0.99% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). |
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 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 October 1, 2021 through March 31, 2022.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,018.45 | $1,014.91 | $1,020.00 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $6.54 | $10.10 | $4.99 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 2.01%, and 0.99% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). |
16 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
Schedule of Investments | 3/31/22
(unaudited)
| Shares | | Value |
| | | UNAFFILIATED ISSUERS — 97.4% | |
| | | COMMON STOCKS — 89.4% of Net Assets | |
| | | Automobiles — 1.0% | |
| | 56,000(a) | Brilliance China Automotive Holdings, Ltd. | $ 25,699 |
| | 1,950 | Eicher Motors, Ltd. | 62,849 |
| | 10,000 | Great Wall Motor Co., Ltd., Class H | 15,940 |
| | 2,344(a) | NIO, Inc. (A.D.R.) | 49,341 |
| | | Total Automobiles | $ 153,829 |
| | | Banks — 15.7% | |
| | 5,769 | Abu Dhabi Commercial Bank PJSC | $ 16,431 |
| | 483,000 | Agricultural Bank of China, Ltd., Class H | 185,250 |
| | 5,255 | Alinma Bank | 54,173 |
| | 27,865(a) | Alpha Services and Holdings S.A. | 34,194 |
| | 6,275(a) | Axis Bank, Ltd. | 62,368 |
| | 3,105 | Banco Bradesco S.A. (A.D.R.) | 14,407 |
| | 12,486 | Banco do Brasil S.A. | 91,002 |
| | 374,000 | Bank Central Asia Tbk PT | 207,211 |
| | 12,500 | China Merchants Bank Co., Ltd., Class H | 97,717 |
| | 111,000 | CTBC Financial Holding Co., Ltd. | 113,529 |
| | 1,034 | Erste Group Bank AG | 37,501 |
| | 23,957 | First Abu Dhabi Bank PJSC | 153,718 |
| | 5,506 | Grupo Financiero Banorte S.A.B de CV, Class O | 41,399 |
| | 1,778 | HDFC Bank, Ltd. (A.D.R.) | 109,045 |
| | 9,977 | ICICI Bank, Ltd. (A.D.R.) | 188,964 |
| | 8,689 | ICICI Bank, Ltd. | 83,285 |
| | 16,500 | Itau Unibanco Holding S.A. (A.D.R.) | 94,215 |
| | 1,835 | Komercni Banka AS | 70,968 |
| | 6,963 | Nedbank Group, Ltd. | 110,642 |
| | 464(a) | OTP Bank Nyrt | 16,833 |
| | 5,145(a) | Powszechna Kasa Oszczednosci Bank Polski S.A. | 48,375 |
| | 19,322 | Saudi National Bank | 363,785 |
| | 22,335+^ | Sberbank of Russia PJSC | 1,974 |
| | 2,373 | Shinhan Financial Group Co., Ltd. | 80,936 |
| | 8,027 | State Bank of India | 51,893 |
| | | Total Banks | $ 2,329,815 |
| | | Beverages — 1.5% | |
| | 489 | Fomento Economico Mexicano S.A.B de CV (A.D.R.) | $ 40,514 |
| | 3,833 | Fomento Economico Mexicano S.A.B de CV | 31,866 |
| | 171,100 | Thai Beverage PCL | 90,085 |
| | 8,000 | Tsingtao Brewery Co., Ltd., Class H | 63,329 |
| | | Total Beverages | $ 225,794 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 17
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Shares | | Value |
| | | Biotechnology — 0.2% | |
| | 285(a) | Hugel, Inc. | $ 32,535 |
| | | Total Biotechnology | $ 32,535 |
| | | Building Products — 0.5% | |
| | 30,000 | Xinyi Glass Holdings, Ltd. | $ 72,069 |
| | | Total Building Products | $ 72,069 |
| | | Capital Markets — 0.5% | |
| | 9,593 | Investec, Ltd. | $ 63,892 |
| | 467 | Warsaw Stock Exchange | 4,531 |
| | | Total Capital Markets | $ 68,423 |
| | | Chemicals — 2.9% | |
| | 89,591 | Fertiglobe Plc | $ 122,023 |
| | 14,500 | Hangzhou Oxygen Plant Group Co., Ltd., Class A | 65,388 |
| | 161 | LG Chem, Ltd. | 69,803 |
| | 1,197(a) | OCI NV | 42,144 |
| | 24,700 | PTT Global Chemical PCL | 37,507 |
| | 697 | SABIC Agri-Nutrients Co. | 33,743 |
| | 10,896(a) | Saudi Kayan Petrochemical Co. | 65,435 |
| | | Total Chemicals | $ 436,043 |
| | | Commercial Services & Supplies — 0.7% | |
| | 2,800 | Ambipar Participacoes e Empreendimentos S/A | $ 21,613 |
| | 21,500(a) | China Conch Environment Protection Holdings, Ltd. | 26,898 |
| | 89,000 | China Everbright Environment Group, Ltd. | 53,654 |
| | | Total Commercial Services & Supplies | $ 102,165 |
| | | Construction & Engineering — 1.4% | |
| | 21,500 | China Conch Venture Holdings, Ltd. | $ 62,876 |
| | 6,199 | Larsen & Toubro, Ltd. | 143,723 |
| | | Total Construction & Engineering | $ 206,599 |
| | | Construction Materials — 0.5% | |
| | 3,909(a) | Cemex S.A.B de CV (A.D.R.) | $ 20,679 |
| | 2,618 | Grasim Industries, Ltd. | 57,214 |
| | | Total Construction Materials | $ 77,893 |
| | | Diversified Consumer Services — 0.6% | |
| | 30,000 | China Education Group Holdings, Ltd. | $ 25,911 |
| | 23,013(a) | New Oriental Education & Technology | |
| | | Group, Inc. (A.D.R.) | 26,465 |
| | 9,600 | YDUQS Participacoes S.A. | 42,223 |
| | | Total Diversified Consumer Services | $ 94,599 |
| | | Diversified Financial Services — 0.5% | |
| | 8,400 | Chailease Holding Co., Ltd. | $ 73,918 |
| | | Total Diversified Financial Services | $ 73,918 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
| Shares | | Value |
| | | Diversified Telecommunication Services — 0.5% | |
| | 241,400 | Telkom Indonesia Persero Tbk PT | $ 76,983 |
| | | Total Diversified Telecommunication Services | $ 76,983 |
| | | Electric Utilities — 0.3% | |
| | 1,700 | Centrais Eletricas Brasileiras S.A. | $ 13,561 |
| | 701 | CEZ AS | 29,417 |
| | | Total Electric Utilities | $ 42,978 |
| | | Electrical Equipment — 0.2% | |
| | 8,700 | Zhuzhou CRRC Times Electric Co., Ltd. | $ 33,816 |
| | | Total Electrical Equipment | $ 33,816 |
| | | Electronic Equipment, Instruments & Components — 1.2% | |
| | 7,000 | Chroma ATE, Inc. | $ 43,768 |
| | 14,000 | Delta Electronics, Inc. | 130,231 |
| | | Total Electronic Equipment, Instruments & Components | $ 173,999 |
| | | Entertainment — 1.4% | |
| | 23,600 | Kingsoft Corp., Ltd. | $ 76,170 |
| | 1,447 | NetEase, Inc. (A.D.R.) | 129,781 |
| | | Total Entertainment | $ 205,951 |
| | | Food & Staples Retailing — 1.1% | |
| | 18,900 | Atacadao S.A. | $ 89,398 |
| | 4,000 | President Chain Store Corp. | 36,660 |
| | 1,927 | Sendas Distribuidora S.A. (A.D.R.) | 33,106 |
| | | Total Food & Staples Retailing | $ 159,164 |
| | | Food Products — 1.6% | |
| | 21,033 | JBS S.A. | $ 164,472 |
| | 34,000 | Uni-President Enterprises Corp. | 77,631 |
| | | Total Food Products | $ 242,103 |
| | | Health Care Providers & Services — 0.4% | |
| | 977 | Apollo Hospitals Enterprise, Ltd. | $ 57,862 |
| | | Total Health Care Providers & Services | $ 57,862 |
| | | Hotels, Restaurants & Leisure — 1.7% | |
| | 7,000 | Galaxy Entertainment Group, Ltd. | $ 41,603 |
| | 1,544(a) | MakeMyTrip, Ltd. | 41,426 |
| | 3,504(a) | Trip.com Group, Ltd. (A.D.R.) | 81,012 |
| | 1,934 | Yum China Holdings, Inc. | 80,338 |
| | | Total Hotels, Restaurants & Leisure | $ 244,379 |
| | | Household Durables — 0.6% | |
| | 1,017 | Coway Co., Ltd. | $ 57,332 |
| | 7,500 | Ez Tec Empreendimentos e Participacoes S.A. | 29,537 |
| | | Total Household Durables | $ 86,869 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 19
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Shares | | Value |
| | | Independent Power and Renewable Electricity |
| | | Producers — 0.8% | |
| | 50,000 | China Longyuan Power Group Corp., Ltd., Class H | $ 113,340 |
| | | Total Independent Power and Renewable Electricity | |
| | | Producers | $ 113,340 |
| | | Industrial Conglomerates — 1.4% | |
| | 4,531 | Bidvest Group, Ltd. | $ 69,197 |
| | 7,400 | Jardine Cycle & Carriage, Ltd. | 136,268 |
| | | Total Industrial Conglomerates | $ 205,465 |
| | | Insurance — 1.2% | |
| | 37,800 | Caixa Seguridade Participacoes S/A | $ 70,581 |
| | 8,414 | ICICI Prudential Life Insurance Co., Ltd. (144A) | 55,260 |
| | 6,831 | Rand Merchant Investment Holdings, Ltd. | 24,410 |
| | 6,427 | Sanlam, Ltd. | 31,594 |
| | | Total Insurance | $ 181,845 |
| | | Interactive Media & Services — 3.8% | |
| | 530 | NAVER Corp. | $ 148,200 |
| | 8,700 | Tencent Holdings, Ltd. | 410,426 |
| | | Total Interactive Media & Services | $ 558,626 |
| | | Internet & Direct Marketing Retail — 6.2% |
| | 3,661(a) | Alibaba Group Holding, Ltd. (A.D.R.) | $ 398,317 |
| | 4,900(a) | Alibaba Group Holding, Ltd. | 67,068 |
| | 10,038(a) | Americanas S.A. | 68,838 |
| | 223 | Americanas S.A. | 1,504 |
| | 3,391(a) | Baozun, Inc. (A.D.R.) | 29,095 |
| | 2,928(a) | JD.com, Inc. (A.D.R.) | 169,443 |
| | 414(a) | JD.com, Inc., Class A | 12,125 |
| | 4,000(a) | Meituan, Class B (144A) | 78,823 |
| | 747(a) | Pinduoduo, Inc. (A.D.R.) | 29,962 |
| | 1,130 | Prosus NV | 59,819 |
| | | Total Internet & Direct Marketing Retail | $ 914,994 |
| | | IT Services — 2.9% | |
| | 6,086 | HCL Technologies, Ltd. | $ 92,929 |
| | 6,028 | Infosys, Ltd. (A.D.R.) | 150,037 |
| | 3,678 | Infosys, Ltd. | 91,977 |
| | 4,868 | Tech Mahindra, Ltd. | 95,946 |
| | | Total IT Services | $ 430,889 |
| | | Leisure Products — 0.6% | |
| | 10,000 | Giant Manufacturing Co., Ltd. | $ 90,401 |
| | | Total Leisure Products | $ 90,401 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
| Shares | | Value |
| | | Machinery — 1.0% | |
| | 36,866 | Ashok Leyland, Ltd. | $ 56,631 |
| | 23,175 | Iochpe Maxion S.A. | 62,549 |
| | 38,800 | Zoomlion Heavy Industry Science and Technology | |
| | | Co., Ltd., Class H | 24,568 |
| | | Total Machinery | $ 143,748 |
| | | Media — 0.4% | |
| | 26,100 | Grupo Televisa SAB | $ 61,359 |
| | | Total Media | $ 61,359 |
| | | Metals & Mining — 5.2% | |
| | 3,561 | AngloGold Ashanti, Ltd. | $ 84,664 |
| | 2,246 | Gold Fields, Ltd. | 34,803 |
| | 24,454 | Grupo Mexico S.A.B de CV, Class B | 146,306 |
| | 25,722 | Hindalco Industries, Ltd. | 191,723 |
| | 8,292 | Impala Platinum Holdings, Ltd. | 127,583 |
| | 80+^ | MMC Norilsk Nickel PJSC | 1,033 |
| | 1,067(a) | Saudi Arabian Mining Co. | 37,991 |
| | 7,250 | Sibanye Stillwater, Ltd. | 29,449 |
| | 2,409 | Tata Steel, Ltd. | 41,307 |
| | 976 | Ternium S.A. (A.D.R.) | 44,554 |
| | 48,470(a)+^ | United Co. RUSAL International PJSC | 2,028 |
| | 1,428 | Vale S.A. | 28,674 |
| | | Total Metals & Mining | $ 770,115 |
| | | Oil, Gas & Consumable Fuels — 2.4% | |
| | 551,500 | AKR Corporindo Tbk PT | $ 34,895 |
| | 80,000 | CNOOC, Ltd. | 109,257 |
| | 4,500 | Cosan S.A. | 22,353 |
| | 1,868 | Cosan S.A. (A.D.R.) | 36,986 |
| | 2,310+^ | Gazprom PJSC | 345 |
| | 14,254+^ | Gazprom PJSC | 2,099 |
| | 1,309+^ | LUKOIL PJSC | 4,576 |
| | 9,500 | Petroleo Brasileiro S.A. | 70,316 |
| | 1,134 | Petroleo Brasileiro S.A. (A.D.R.) | 15,853 |
| | 30+^ | Surgutneftegas PJSC | 0 |
| | 5,775(a) | Vista Oil & Gas S.A.B de CV (A.D.R.) | 52,495 |
| | | Total Oil, Gas & Consumable Fuels | $ 349,175 |
| | | Paper & Forest Products — 0.4% | |
| | 4,400 | Suzano S.A. | $ 50,968 |
| | | Total Paper & Forest Products | $ 50,968 |
| | | Real Estate Management & Development — 4.8% | |
| | 75,348 | Aldar Properties PJSC | $ 100,818 |
| | 81,800 | Ayala Land, Inc. | 55,293 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 21
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Shares | | Value |
| | | Real Estate Management & Development (continued) | |
| | 19,900(a) | BR Malls Participacoes S.A. | $ 38,788 |
| | 28,500 | China Overseas Land & Investment, Ltd. | 84,896 |
| | 28,000 | China Resources Land, Ltd. | 129,787 |
| | 15,666 | DLF, Ltd. | 78,037 |
| | 72,128 | Emaar Properties PJSC | 117,237 |
| | 44,000 | Greentown Service Group Co., Ltd. | 43,972 |
| | 13,000 | Longfor Group Holdings, Ltd. (144A) | 66,340 |
| | | Total Real Estate Management & Development | $ 715,168 |
| | | Semiconductors & Semiconductor Equipment — 9.4% | |
| | 2,000 | Global Unichip Corp. | $ 34,906 |
| | 5,000 | LandMark Optoelectronics Corp. | 31,874 |
| | 2,000 | MediaTek, Inc. | 62,358 |
| | 1,764 | SK Hynix, Inc. | 168,855 |
| | 9,773 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 1,018,933 |
| | 42,000 | Xinyi Solar Holdings, Ltd. | 73,802 |
| | | Total Semiconductors & Semiconductor Equipment | $ 1,390,728 |
| | | Software — 0.1% | |
| | 9,200(a) | NavInfo Co., Ltd., Class A | $ 20,178 |
| | | Total Software | $ 20,178 |
| | | Specialty Retail — 2.4% | |
| | 31,016 | Abu Dhabi National Oil Co. for Distribution PJSC | $ 35,428 |
| | 2,700 | China Tourism Group Duty Free Corp., Ltd., Class A | 69,320 |
| | 67,500 | China Yongda Automobiles Services Holdings, Ltd. | 73,408 |
| | 14,015+^ | Detsky Mir PJSC (144A) | 755 |
| | 1,146 | Jarir Marketing Co. | 60,157 |
| | 1,500 | United Electronics Co. | 53,185 |
| | 13,800 | Vibra Energia S.A. | 67,767 |
| | | Total Specialty Retail | $ 360,020 |
| | | Technology Hardware, Storage & Peripherals — 3.9% | |
| | 8,839 | Samsung Electronics Co., Ltd. | $ 504,951 |
| | 47 | Samsung Electronics Co., Ltd. (G.D.R.) | 66,394 |
| | | Total Technology Hardware, Storage & Peripherals | $ 571,345 |
| | | Textiles, Apparel & Luxury Goods — 3.1% | |
| | 8,394 | Cie Financiere Richemont S.A. | $ 108,144 |
| | 2,401 | Fila Holdings Corp. | 61,924 |
| | 7,500 | Li Ning Co., Ltd. | 64,282 |
| | 53,700(a) | Samsonite International S.A. (144A) | 120,679 |
| | 71,000 | Xtep International Holdings, Ltd. | 106,527 |
| | | Total Textiles, Apparel & Luxury Goods | $ 461,556 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
| Shares | | Value |
| | | Thrifts & Mortgage Finance — 1.6% | |
| | 7,550 | Housing Development Finance Corp., Ltd. | $ 236,420 |
| | | Total Thrifts & Mortgage Finance | $ 236,420 |
| | | Water Utilities — 0.3% | |
| | 4,648 | Cia de Saneamento Basico do Estado de Sao | |
| | | Paulo (A.D.R.) | $ 45,690 |
| | | Total Water Utilities | $ 45,690 |
| | | Wireless Telecommunication Services — 2.5% |
| | 14,130(a) | Bharti Airtel, Ltd. | $ 140,153 |
| | 1,071(a) | Bharti Airtel, Ltd. | 5,504 |
| | 14,693 | MTN Group, Ltd. | 190,382 |
| | 838 | SK Telecom Co., Ltd. | 39,221 |
| | | Total Wireless Telecommunication Services | $ 375,260 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $10,965,849) | $13,245,076 |
| | | PREFERRED STOCK — 4.5% of Net Assets | |
| | | Banks — 0.7% | |
| | 11,938(b) | Banco Bradesco S.A. | $ 55,715 |
| | 16,020(b) | Itausa S.A. | 36,172 |
| | 21,762(b)+^ | Sberbank of Russia PJSC | 1,928 |
| | | Total Banks | $ 93,815 |
| | | Metals & Mining — 0.2% | |
| | 4,298(b) | Bradespar S.A. | $ 29,863 |
| | | Total Metals & Mining | $ 29,863 |
| | | Oil, Gas & Consumable Fuels — 1.4% | |
| | 29,600(b) | Petroleo Brasileiro S.A. | $ 207,962 |
| | | Total Oil, Gas & Consumable Fuels | $ 207,962 |
| | | Technology Hardware, Storage & Peripherals — 2.2% | |
| | 6,305(b) | Samsung Electronics Co., Ltd. | $ 326,119 |
| | | Total Technology Hardware, Storage & Peripherals | $ 326,119 |
| | | TOTAL PREFERRED STOCK | |
| | | (Cost $611,379) | $ 657,759 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 23
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Shares | | Value |
| | | SHORT TERM INVESTMENTS — 3.5% of Net Assets | |
| | | Open-End Fund — 3.5% | |
| | 526,754(c) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 0.19% | $ 526,754 |
| | | | $ 526,754 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $526,754) | $ 526,754 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.4% | |
| | | (Cost $12,103,982) | $14,429,589 |
| | | OTHER ASSETS AND LIABILITIES — 2.6% | $ 382,373 |
| | | NET ASSETS — 100.0% | $14,811,962 |
| (A.D.R.) | | American Depositary Receipts. |
| (G.D.R.) | | Global Depositary Receipts. |
| (144A) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At March 31, 2022, the value of these securities amounted to $321,857, or 2.2% of net assets. |
| (a) | | Non-income producing security. |
| (b) | | Issued as preference shares. |
| (c) | | Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2022. |
| + | | Security that used significant unobservable inputs to determine its value. |
| ^ | | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
Distribution of investments by country of domicile (excluding short term investments) as a percentage of total investments in securities, is as follows:
| China | 21.3% |
| India | 15.1% |
| Taiwan | 12.3% |
| South Korea | 11.2% |
| Brazil | 10.8% |
| South Africa | 5.5% |
| Saudi Arabia | 4.8% |
| United Arab Emirates | 3.9% |
| Hong Kong | 3.1% |
| Mexico | 2.8% |
| Indonesia | 2.3% |
| Singapore | 1.0% |
| Other (individually less than 1%) | 5.9% |
| | 100.0% |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding short term investments) for the six months ended March 31, 2022, aggregated $2,807,444 and $3,417,218, 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 six months ended March 31, 2022, the Fund did not engage in any cross trade activity.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
At March 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $12,262,718 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 3,479,703 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (1,312,832) |
| Net unrealized appreciation | $ 2,166,871 |
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 following is a summary of the inputs used as of March 31, 2022, in valuing the Fund's investments:
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Automobiles | $ 75,040 | $ 78,789 | $ — | $ 153,829 |
| Banks | 539,032 | 1,788,809 | 1,974 | 2,329,815 |
| Beverages | 72,380 | 153,414 | — | 225,794 |
| Biotechnology | — | 32,535 | — | 32,535 |
| Building Products | — | 72,069 | — | 72,069 |
| Capital Markets | — | 68,423 | — | 68,423 |
| Chemicals | 37,507 | 398,536 | — | 436,043 |
| Commercial Services & Supplies | 21,613 | 80,552 | — | 102,165 |
| Construction & Engineering | — | 206,599 | — | 206,599 |
| Construction Materials | 20,679 | 57,214 | — | 77,893 |
| Diversified Consumer Services | 68,688 | 25,911 | — | 94,599 |
| Diversified Financial Services | — | 73,918 | — | 73,918 |
| Diversified Telecommunication | | | | |
| Services | — | 76,983 | — | 76,983 |
| Electrical Equipment | — | 33,816 | — | 33,816 |
| Electronic Equipment, | | | | |
| Instruments & Components | — | 173,999 | — | 173,999 |
| Entertainment | 129,781 | 76,170 | — | 205,951 |
| Food & Staples Retailing | 122,504 | 36,660 | — | 159,164 |
| Food Products | 164,472 | 77,631 | — | 242,103 |
| Health Care Providers & Services | — | 57,862 | — | 57,862 |
| Hotels, Restaurants & Leisure | 202,776 | 41,603 | — | 244,379 |
| Household Durables | 29,537 | 57,332 | — | 86,869 |
| Independent Power and Renewable | | | | |
| Electricity Producers | — | 113,340 | — | 113,340 |
| Industrial Conglomerates | — | 205,465 | — | 205,465 |
| Insurance | 70,581 | 111,264 | — | 181,845 |
| Interactive Media & Services | — | 558,626 | — | 558,626 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 25
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | Level 1 | Level 2 | Level 3 | Total |
| Internet & Direct Marketing Retail | $ 697,159 | $ 217,835 | $ — | $ 914,994 |
| IT Services | 150,037 | 280,852 | — | 430,889 |
| Leisure Products | — | 90,401 | — | 90,401 |
| Machinery | 62,549 | 81,199 | — | 143,748 |
| Metals & Mining | 219,534 | 547,520 | 3,061 | 770,115 |
| Oil, Gas & Consumable Fuels | 198,003 | 144,152 | 7,020 | 349,175 |
| Real Estate Management & | | | | |
| Development | 38,788 | 676,380 | — | 715,168 |
| Semiconductors & Semiconductor | | | | |
| Equipment | 1,018,933 | 371,795 | — | 1,390,728 |
| Software | — | 20,178 | — | 20,178 |
| Specialty Retail | 67,767 | 291,498 | 755 | 360,020 |
| Technology Hardware, | | | | |
| Storage & Peripherals | — | 571,345 | — | 571,345 |
| Textiles, Apparel & Luxury Goods | — | 461,556 | — | 461,556 |
| Thrifts & Mortgage Finance | — | 236,420 | — | 236,420 |
| Wireless Telecommunication Services | — | 375,260 | — | 375,260 |
| All Other Common Stock | 200,995 | — | — | 200,995 |
| Preferred Stock | | | | |
| Banks | 91,887 | — | 1,928 | 93,815 |
| Technology Hardware, | | | | |
| Storage & Peripherals | — | 326,119 | — | 326,119 |
| All Other Preferred Stock | 237,825 | — | — | 237,825 |
| Open-End Fund | 526,754 | — | — | 526,754 |
| Total Investments in Securities | $5,064,821 | $ 9,350,030 | $14,738 | $14,429,589 |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | Common | Preferred | |
| | Stocks | Stocks | Total |
| Balance as of 9/30/21 | $ — | $ — | $ — |
| Realized gain (loss)(1) | (58,837) | (7,269) | (66,106) |
| Changed in unrealized | | | |
| appreciation (depreciation)(2) | (460,543) | (103,539) | (564,082) |
| Accrued discounts/premiums | — | — | — |
| Purchases | — | — | — |
| Sales | (171,429) | (17,198) | (188,627) |
| Transfers in to Level 3* | 703,619 | 129,934 | 833,553 |
| Transfers out of Level 3* | — | — | — |
| Balance as of 3/31/22 | $ 12,810 | $ 1,928 | $ 14,738 |
| (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 six months ended March 31, 2022, securities with aggregate market value of $833,553 were transferred from Level 1 to Level 3 as there were no significant observable inputs available to determine its value. There were no other transfers in or out of Level 3. |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held | |
| and considered Level 3 at March 31, 2022: | $(564,082) |
| The accompanying notes are an integral part of these financial statements. | |
26 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
Statement of Assets and Liabilities | 3/31/22
(unaudited)
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $12,103,982) | $14,429,589 |
| Foreign currencies, at value (cost $387,724) | 380,749 |
| Receivables — | |
| Investment securities sold | 160,613 |
| Dividends | 38,709 |
| Interest | 43 |
| Due from the Adviser | 1,182 |
| Other assets | 30,557 |
| Total assets | $15,041,442 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $ 84,684 |
| Distributions | 6 |
| Trustees' fees | 188 |
| Professional fees | 20,103 |
| Printing expense | 14,122 |
| Custodian fees | 30,989 |
| Reserve for repatriation taxes | 73,697 |
| Due to affiliates | 4,726 |
| Accrued expenses | 965 |
| Total liabilities | $ 229,480 |
| NET ASSETS: | |
| Paid-in capital | $12,945,808 |
| Distributable earnings | 1,866,154 |
| Net assets | $14,811,962 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $5,181,553/440,523 shares) | $ 11.76 |
| Class C (based on $4,158,985/354,626 shares) | $ 11.73 |
| Class Y (based on $5,471,424/464,741 shares) | $ 11.77 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $11.76 net asset value per share/100%-5.75% | |
| maximum sales charge) | $ 12.48 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 27
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 3/31/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers (net of foreign | | |
| taxes withheld $16,823) | $ 208,535 | |
| Interest from unaffiliated issuers | 316 | |
| Total Investment Income | | $ 208,851 |
| EXPENSES: | | |
| Management fees | $ 63,774 | |
| Administrative expenses | 12,675 | |
| Transfer agent fees | | |
| Class A | 1,266 | |
| Class C | 216 | |
| Class Y | 37 | |
| Distribution fees | | |
| Class A | 7,123 | |
| Class C | 22,093 | |
| Shareowner communications expense | 983 | |
| Custodian fees | 48,646 | |
| Registration fees | 19,910 | |
| Professional fees | 32,090 | |
| Printing expense | 12,585 | |
| Pricing fees | 1,656 | |
| Trustees' fees | 4,090 | |
| Miscellaneous | 870 | |
| Total expenses | | $ 228,014 |
| Less fees waived and expenses reimbursed | | |
| by the Adviser | | (117,654) |
| Net expenses | | $ 110,360 |
| Net investment income | | $ 98,491 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $ (303,608) | |
| Forward foreign currency exchange contracts | 186,446 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (3,835) | $ (120,997) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers (net of foreign | | |
| capital gains tax of $8,153) | $(1,239,773) | |
| Other assets and liabilities denominated in | | |
| foreign currencies | 66,625 | $(1,173,148) |
| Net realized and unrealized gain (loss) on investments | | $(1,294,145) |
| Net decrease in net assets resulting from operations | | $(1,195,654) |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
| Statement of Changes in Net Assets | |
| |
| |
| |
| | Six Months | |
| | Ended | Year |
| | 3/31/22 | Ended |
| | (unaudited) | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 98,491 | $ 153,958 |
| Net realized gain (loss) on investments | (120,997) | 748,890 |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | (1,173,148) | 1,642,401 |
| Net increase (decrease) in net assets | | |
| resulting from operations | $ (1,195,654) | $ 2,545,249 |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.46 and $0.11 per share, respectively) | $ (202,400) | $ (44,319) |
| Class C ($0.36 and $0.05 per share, respectively) | (125,907) | (15,846) |
| Class Y ($0.50 and $0.16 per share, respectively) | (224,573) | (68,842) |
| Total distributions to shareowners | $ (552,880) | $ (129,007) |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 140,289 | $ 2,275,872 |
| Reinvestment of distributions | 552,838 | 129,007 |
| Cost of shares repurchased | (686,405) | (1,080,825) |
| Net increase in net assets resulting from | | |
| Fund share transactions | $ 6,722 | $ 1,324,054 |
| Net increase (decrease) in net assets | $ (1,741,812) | $ 3,740,296 |
| NET ASSETS: | | |
| Beginning of period | $16,553,774 | $12,813,478 |
| End of period | $14,811,962 | $16,553,774 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 29
Statement of Changes in Net Assets
(continued)
| | Six Months | Six Months | | |
| | Ended | Ended | Year | Year |
| | 3/31/22 | 3/31/22 | Ended | Ended |
| | Shares | Amount | 9/30/21 | 9/30/21 |
| | (unaudited) | (unaudited) | Shares | Amount |
| Class A | | | | |
| Shares sold | 14,497 | $ 162,395 | 140,157 | $1,936,659 |
| Reinvestment of | | | | |
| distributions | 16,084 | 202,358 | 3,455 | 44,319 |
| Less shares repurchased | (47,216) | (547,696) | (68,363) | (919,821) |
| Net increase | | | | |
| (decrease) | (16,635) | $ (182,943) | 75,249 | $1,061,157 |
| Class C | | | | |
| Shares sold | 1,657 | $ 1,368 | 23,982 | $ 329,170 |
| Reinvestment of | | | | |
| distributions | 10,041 | 125,907 | 1,235 | 15,846 |
| Less shares repurchased | (5,179) | (137,006) | (11,904) | (161,004) |
| Net increase | | | | |
| (decrease) | 6,519 | $ (9,731) | 13,313 | $ 184,012 |
| Class Y | | | | |
| Shares sold | 143 | $ (23,474) | 684 | $ 10,043 |
| Reinvestment of | | | | |
| distributions | 17,841 | 224,573 | 5,345 | 68,842 |
| Less shares repurchased | — | (1,703) | — | — |
| Net increase | 17,984 | $ 199,396 | 6,029 | $ 78,885 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
Financial Highlights
| | Six Months | | |
| | Ended | Year | |
| | 3/31/22 | Ended | 10/2/19* to |
| | (unaudited) | 9/30/21 | 9/30/20 |
| Class A | | | |
| Net asset value, beginning of period | $13.24 | $11.08 | $10.00 |
| Increase (decrease) from investment | | | |
| operations: | | | |
| Net investment income (loss) (a) | $ 0.08 | $ 0.14 | $ 0.07 |
| Net realized and unrealized gain (loss) | | | |
| on investments | (1.10) | 2.13 | 1.07 |
| Net increase (decrease) from investment | | | |
| operations | $ (1.02) | $ 2.27 | $ 1.14 |
| Distributions to shareowners: | | | |
| Net investment income | $ (0.31) | $ (0.11) | $ (0.06) |
| Net realized gain | (0.15) | — | — |
| Total distributions | $ (0.46) | $ (0.11) | $ (0.06) |
| Net increase (decrease) in net asset value | $ (1.48) | $ 2.16 | $ (1.08) |
| Net asset value, end of period | $11.76 | $13.24 | $11.08 |
| Total return (b) | (7.87)%(c) | 20.55% | 11.43%(c) |
| Ratio of net expenses to average net assets | 1.30%(d) | 1.30% | 1.28%(d) |
| Ratio of net investment income (loss) to | | | |
| average net assets | 1.29%(d) | 1.05% | 0.72%(d) |
| Portfolio turnover rate | 18%(c) | 37% | 61%(c) |
| Net assets, end of period (in thousands) | $5,182 | $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 | 2.78%(d) | 3.60% | 4.45%(d) |
| Net investment income (loss) to average | | | |
| net assets | (0.19)%(d) | (1.25)% | (2.45)%(d) |
| * | | Class A commenced operations on October 2, 2019. |
| (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 Emerging Markets Equity Fund | Semiannual Report | 3/31/22 31
Financial Highlights (continued)
| | Six Months | | |
| | Ended | Year | |
| | 3/31/22 | Ended | 10/2/19* to |
| | (unaudited) | 9/30/21 | 9/30/20 |
| Class C | | | |
| Net asset value, beginning of period | $13.14 | $11.02 | $10.00 |
| Increase (decrease) from investment | | | |
| operations: | | | |
| Net investment income (loss) (a) | $ 0.04 | $ 0.04 | $ (0.00)(b) |
| Net realized and unrealized gain (loss) | | | |
| on investments | (1.09) | 2.13 | 1.06 |
| Net increase (decrease) from investment | | | |
| operations | $ (1.05) | $ 2.17 | $ 1.06 |
| Distributions to shareowners: | | | |
| Net investment income | $ (0.21) | $(0.05) | $(0.04) |
| Net realized gain | (0.15) | — | — |
| Total distributions | $ (0.36) | $ (0.05) | $ (0.04) |
| Net increase (decrease) in net asset value | $ (1.41) | $ 2.12 | $ 1.02 |
| Net asset value, end of period | $11.73 | $13.14 | $11.02 |
| Total return (c) | (8.15)%(d) | 19.68% | 10.66%(d) |
| Ratio of net expenses to average net assets | 2.01%(e) | 2.01% | 2.01%(e) |
| Ratio of net investment income (loss) | | | |
| to average net assets | 0.64%(e) | 0.30% | (0.02)%(e) |
| Portfolio turnover rate | 18%(d) | 37% | 61%(d) |
| Net assets, end of period (in thousands) | $4,159 | $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 | 3.48%(e) | 4.30% | 5.17%(e) |
| Net investment income (loss) to average | | | |
| net assets | (0.83)%(e) | (1.99)% | (3.18)%(e) |
| * | | Class C commenced operations on October 2, 2019. |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period 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. |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
| | Six Months | | |
| | Ended | Year | |
| | 3/31/22 | Ended | 10/2/19* to |
| | (unaudited) | 9/30/21 | 9/30/20 |
| Class Y | | | |
| Net asset value, beginning of period | $13.27 | $11.10 | $10.00 |
| Increase (decrease) from investment | | | |
| operations: | | | |
| Net investment income (loss) (a) | $ 0.10 | $ 0.18 | $ 0.10 |
| Net realized and unrealized gain (loss) | | | |
| on investments | (1.10) | 2.15 | 1.07 |
| Net increase (decrease) from investment | | | |
| operations | $ (1.00) | $ 2.33 | $ 1.17 |
| Distributions to shareowners: | | | |
| Net investment income | $ (0.35) | $ (0.16) | $ (0.07) |
| Net realized gain | (0.15) | — | — |
| Total distributions | $ (0.50) | $ (0.16) | $ (0.07) |
| Net increase (decrease) in net asset value | $ (1.50) | $ 2.17 | $ 1.10 |
| Net asset value, end of period | $11.77 | $13.27 | $11.10 |
| Total return (b) | (7.69)%(c) | 21.00% | 11.72%(c) |
| Ratio of net expenses to average net assets | 0.99%(d) | 0.99% | 0.99%(d) |
| Ratio of net investment income (loss) | | | |
| to average net assets | 1.63%(d) | 1.30% | 0.99%(d) |
| Portfolio turnover rate | 18%(c) | 37% | 61%(c) |
| Net assets, end of period (in thousands) | $5,471 | $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 | 2.46%(d) | 3.29% | 4.16%(d) |
| Net investment income (loss) to average | | | |
| net assets | 0.16%(d) | (1.00)% | (2.18)%(d) |
| * | | Class Y commenced operations on October 2, 2019. |
| (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 Emerging Markets Equity Fund | Semiannual Report | 3/31/22 33
Notes to Financial Statements | 3/31/22
(unaudited)
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”). Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
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
34 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
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:
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.
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.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 35
The Fund applies these recommendations in accordance with procedures approved by the Board of Trustees.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded.
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
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 March 31, 2022, nine 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 0.10% of net assets. The value of these fair valued securities was $14,738.
| 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.
36 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
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.
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 March 31, 2022, 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 such taxes, if any, associated with investments in certain countries. The estimated reserve for the 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 carryforward (if applicable) and other such factors. As of March 31, 2022, the Fund had accrued $73,697 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
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 37
statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended September 30, 2021 was as follows:
| | 2021 |
| Distributions paid from: | |
| Ordinary income | $129,007 |
| Total | $129,007 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2021:
| | |
| | 2021 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 222,866 |
| Undistributed long-term capital gains | 128,523 |
| Net 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.
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $489 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2022.
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).
38 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
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.
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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
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 sectors of the economy and individual issuers have experienced particularly large losses. 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. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 39
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil
40 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
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. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy and also limit investment opportunities for the fund. The Chinese economy also could be adversely affected by supply chain disruptions. 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
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 41
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.
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. | | 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.
During the six months ended March 31, 2022, 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.
The average market value of forward foreign currency exchange contracts open during the six months ended March 31, 2022, was $0. There were no open forward foreign currency exchange contracts at March 31, 2022.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund's Investment Management Agreement with the Adviser 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 six months ended March 31, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.80% (annualized) of the Fund’s average daily net assets.
42 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) 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 expense limitations are in effect through February 1, 2023. 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 six months ended March 31, 2022 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 $1,005 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2022.
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 six months ended March 31, 2022, the Fund paid $4,090 in Trustees' compensation, which is reflected on Statement of Operations as Trustees' fees. At March 31, 2022, the Fund had a payable for Trustees' fees on its Statement of Assets and Liabilities of $188.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 43
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $842 |
| Class C | 99 |
| Class Y | 42 |
| Total | $983 |
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. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $3,721 in distribution fees payable to the Distributor at March 31, 2022.
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 six months ended March 31, 2022, CDSCs in the amount of $3,257 were paid to the Distributor.
44 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
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 2, 2022, the Fund participates in a facility in the amount of $380 million. Prior to February 2, 2022 the Fund participated 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 six months ended March 31, 2022, the Fund had no borrowings under the credit facility.
7. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund's Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund's shareholder servicing and transfer agent.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22 45
Trustees, Officers and Service Providers
| Trustees | Officers |
| Thomas J. Perna, Chairman | Lisa M. Jones, President and |
| John E. Baumgardner, Jr. | Chief Executive Officer |
| Diane Durnin | Anthony J. Koenig, Jr., Treasurer |
| Benjamin M. Friedman | and Chief Financial and |
| Lisa M. Jones | Accounting Officer |
| Craig C. MacKay | Christopher J. Kelley, Secretary and |
| Lorraine H. Monchak | Chief Legal Officer |
| Marguerite A. Piret | |
| Fred J. Ricciardi | |
| Kenneth J. Taubes | |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.
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52 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/22
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 9897
Providence, R.I. 02940-8097
| Our toll-free fax | 1-800-225-4240 |
| | |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (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
© 2022 Amundi Asset Management US, Inc. 32079-02-0522
Pioneer Global Sustainable Growth Fund
Semiannual Report | March 31, 2022
visit us: www.amundi.com/us
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, 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. With 2022 now well underway, 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 most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment, as volatility has remained high. Concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative 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. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
Despite those issues, 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. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
2 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. 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 frequently with the management teams of the companies and other entities 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.
May 2022
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 | Semiannual Report | 3/31/22 3
Portfolio Management Discussion | 3/31/22
In the following discussion, portfolio managers John Peckham, Brian Chen, and Jeff Sacknowitz discuss the market environment during the six-month period ended March 31, 2022, and the performance of Pioneer Global Sustainable Growth Fund during the period. Mr. 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 during the six-month period ended March 31, 2022? |
| A | | Pioneer Global Sustainable Growth Fund’s Class A shares returned 0.51% at net asset value during the six-month period ended March 31, 2022, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country World (ACWI) Growth Index1, returned -3.45%. During the same six-month period, the average return of the 362 mutual funds in Morningstar’s World Large-Stock Growth category was -9.45%. |
| Q | | How would you describe the investment backdrop during the six-month period ended March 31, 2022? |
| A | | Returns for global equities, in aggregate, were well into negative territory for the six-month period, as historically high inflation and Russia’s invasion of Ukraine weighed on investors’ appetites for riskier assets. Growth stocks, as measured by the Fund’s benchmark, the MSCI ACWI Growth Index, returned -3.45% for the period, significantly underperforming value stocks, as measured by the MSCI ACWI Value Index, which finished the six months ended March 31 in positive territory, up by 5.26%. |
| 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 | Semiannual Report | 3/31/22
When the reporting period began, equities were still in the midst of a protracted rally stemming from the combination of robust economic growth and rising corporate earnings. After performing well through mid-November 2021, the market experienced a brief stretch of weakness following the emergence of the Omicron variant of COVID-19 and the US Federal Reserve’s (Fed’s) announcement that it was set to adopt tighter monetary policies, including ending its pandemic-era quantitative easing program by early 2022, and increasing the target range of the federal funds rate, which had hovered near zero since the outset of the pandemic in early 2020. Stocks quickly recovered from that initial spate of bad news and climbed higher through the end of the 2021 calendar year.
As 2022 began, the prospect of higher interest rates began to weigh on the more growth-oriented sectors of the market and supported a shift in performance leadership towards the value segment, as evidenced by the MSCI ACWI Value Index’s outperformance for the full period. Furthermore, Russia’s late-February invasion of Ukraine exacerbated existing concerns about supply chain disruptions and dimmed the global economic growth outlook. Energy prices, which had already been on the rise since late 2021, spiked in the wake of sanctions levied against Russia by the United States and European countries, adding fuel to inflationary pressures. As a result, the market began to factor in a much more rapid normalization of interest rates on the part of the Fed, which began signaling an accelerated pace for its hikes to the federal funds rate target range. Stocks moved notably lower over much of the first quarter of 2022, before bottoming in early March and rebounding to recover some of the earlier losses over the final two weeks of the six-month period.
| Q | | Could you briefly describe your investment approach in managing the Fund? |
| 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
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 5
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.
| Q | | What were the principal factors affecting the Fund’s benchmark-relative performance during the six-month period ended March 31, 2022? |
| A | | The Fund’s outperformance relative to the MSCI ACWI Growth Index during the period derived mainly from stock selection results, particularly within industrials, communication services, and financials. Within industrials, positive contributions to the Fund’s relative returns were highlighted by a position in sensor technology firm Hensoldt. Within communication services, lack of portfolio exposure to some of the higher-growth stocks in the sector proved beneficial for the Fund’s relative performance, as investors rotated out of that market segment over the course of the six-month period. Leading contributors to relative performance within financials included the Fund’s position in insurer Progressive. Outside of industrials, communication services, and financials, a large contributor to the Fund’s positive relative performance was oilfield services company Schlumberger, which has benefited from higher prices for oil and gas. |
On the negative side, security selection results within information technology slightly detracted from the Fund’s benchmark-relative performance, most notably due to portfolio underweight positions in consumer electronics giant Apple and semiconductor manufacturer NVIDIA. In addition, within consumer discretionary, the Fund’s lack of exposure to electric vehicle manufacturer Tesla weighed on relative returns.
Sector allocations had an essentially neutral effect on the Fund’s performance relative to the benchmark over the six-month period.
| Q | | Did the Fund have any exposure to derivative securities during the six-month period ended March 31, 2022? |
| 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 March 31, 2022? |
| A | | After more than a decade of low interest rates and inflation following the global financial crisis, we anticipate a shift to a higher-interest-rate and inflation environment. We expect that a rising-rate environment could have a negative influence on stocks of mega-cap growth companies, as higher interest rates have tended to increase the cost of capital for companies in the large-growth segment. (Cost of capital represents a calculation of the minimum return a company would need to justify a capital-budgeting project, such as building a new factory.) |
6 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
Based on our valuation framework, we typically do not invest the portfolio in richly valued, mega-cap growth names that could be more susceptible to price-to-earnings (P/E) multiple compression driven by higher rates. (The P/E multiple represents the current market price divided by a company’s earnings per share.) In addition, as earnings growth has slowed with rising input costs, investors have typically tended to focus on higher-quality companies that they believe could maintain stable margins. We think our quality valuation discipline in managing the Fund could help us identify such companies.
As of period-end, we have shifted to a slightly more defensive positioning in the portfolio, while maintaining some exposure to cyclical sectors in anticipation of the economy's growing in a persistent inflationary environment. We have added to the Fund’s positions in what we view as quality defensive beverage names within consumer staples, and increased the Fund’s exposure to hotels, restaurants, and leisure companies that could benefit from a continued reopening of the economy. Meanwhile, we have trimmed the Fund’s holdings of specialty retailers within consumer discretionary. During the period, we took advantage of volatility in the information technology sector to reduce the Fund’s weighting in the technology hardware and equipment area, and to add exposure to semiconductors and semiconductor equipment names as well as to the software and services segment. The Fund remains underweight to information technology, which is the largest sector in the MSCI ACWI Growth Index. The overall underweight, however, is due mainly to the portfolio’s below-benchmark position in one large big-tech company, as we do not find the stock attractive at the present time, based on our valuation framework.
In industrials, we trimmed the Fund’s exposure to capital goods, and in materials, we reduced exposure to the containers and packaging segment during the six-month period. In addition, within health care, we took advantage of some of the Fund’s holdings in the sector reaching our valuation targets to reposition the portfolio’s allocations to biotechnology, health care equipment and supplies, and life science tools and services companies.
Please refer to the Schedule of Investments on pages 16–20 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,
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 7
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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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.
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. 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.
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 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.
8 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
Portfolio Summary | 3/31/22
Geographical Distribution
(As a percentage of total investments based on country of domicile)*
| | | |
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | Alphabet, Inc., Class C | 5.53% |
| 2. | Apple, Inc. | 4.99 |
| 3. | Microsoft Corp. | 4.65 |
| 4. | Amazon.com, Inc. | 4.46 |
| 5. | Hensoldt AG | 3.70 |
| 6. | Seven & i Holdings Co., Ltd. | 2.92 |
| 7. | RELX Plc | 2.61 |
| 8. | Progressive Corp. | 2.59 |
| 9. | Reckitt Benckiser Group Plc | 2.52 |
| 10. | Amadeus IT Group S.A. | 2.45 |
* Excludes short term 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 | Semiannual Report | 3/31/22 9
Prices and Distributions | 3/31/22
Net Asset Value per Share
| Class | 3/31/22 | 9/30/21 |
| A | $9.89 | $9.84 |
| C | $9.81 | $9.81 |
| Y | $9.90 | $9.85 |
Distributions per Share: 10/1/21–3/31/22
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $ — | $ — | $ — |
| C | $ — | $ — | $ — |
| Y | $0.0079 | $ — | $ — |
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022)
| | | | |
| | | | MSCI All |
| | Net | Public | Country |
| | Asset | Offering | World |
| | Value | Price | Growth |
| Period | (NAV) | (POP) | NR Index |
| Life-of-Class | | | |
| (5/10/2021) | -1.22% | -7.52% | 0.11% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 12.69% | 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 shown 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, 2023 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.
* Performance of Class A shares shown in the graph above is from the inception of Class A shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22 11
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| |
| | | | MSCI All |
| | | | Country |
| | | | World |
| | If | If | Growth |
| Period | Held | Redeemed NR Index |
| Life-of-Class | | | |
| (5/10/2021) | -2.11% | -3.20% | 0.11% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 13.63% | 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 February 1, 2023 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.
* Performance of Class C shares shown in the graph above is from the inception of Class C shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| |
| | | MSCI All |
| | Net | Country |
| | Asset | World |
| | Value | Growth |
| Period | (NAV) | NR Index |
| Life-of-Class | | |
| (5/10/2021) | -1.03% | 0.11% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 12.64% | 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 shown 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, 2023 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.
* Performance of Class Y shares shown in the graph above is from the inception of Class Y shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22 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 October 1, 2021 through March 31, 2022.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,005.10 | $1,000.00 | $1,005.80 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $5.00 | $8.68 | $3.50 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 1.74%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). |
14 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
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 October 1, 2021 through March 31, 2022.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,019.95 | $1,016.26 | $1,021.44 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $5.04 | $8.75 | $3.53 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 1.74%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). |
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 15
Schedule of Investments | 3/31/22
(unaudited)
| | | | |
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 98.9% | |
| | | COMMON STOCKS — 96.4% of Net Assets | |
| | | Aerospace & Defense — 3.6% | |
| | 2,680 | Hensoldt AG | $ 78,517 |
| | | Total Aerospace & Defense | $ 78,517 |
| | | Beverages — 2.2% | |
| | 289 | PepsiCo., Inc. | $ 48,373 |
| | | Total Beverages | $ 48,373 |
| | | Capital Markets — 6.4% | |
| | 498 | Charles Schwab Corp. | $ 41,987 |
| | 520 | Euronext NV (144A) | 47,218 |
| | 392 | Intercontinental Exchange, Inc. | 51,791 |
| | | Total Capital Markets | $ 140,996 |
| | | Communications Equipment — 1.5% | |
| | 132 | Motorola Solutions, Inc. | $ 31,970 |
| | | Total Communications Equipment | $ 31,970 |
| | | Electrical Equipment — 0.9% | |
| | 35(a) | Generac Holdings, Inc. | $ 10,404 |
| | 37 | Rockwell Automation, Inc. | 10,361 |
| | | Total Electrical Equipment | $ 20,765 |
| | | Electronic Equipment, Instruments & Components — 3.4% | |
| | 436 | Amphenol Corp., Class A | $ 32,853 |
| | 231 | CDW Corp. | 41,323 |
| | | Total Electronic Equipment, Instruments & Components | $ 74,176 |
| | | Energy Equipment & Services — 1.8% | |
| | 961 | Schlumberger, Ltd. | $ 39,699 |
| | | Total Energy Equipment & Services | $ 39,699 |
| | | Entertainment — 1.4% | |
| | 239 | Electronic Arts, Inc. | $ 30,236 |
| | | Total Entertainment | $ 30,236 |
| | | Food & Staples Retailing — 2.8% | |
| | 1,300 | Seven & i Holdings Co., Ltd. | $ 61,854 |
| | | Total Food & Staples Retailing | $ 61,854 |
| | | Food Products — 2.1% | |
| | 2,144 | Associated British Foods Plc | $ 46,562 |
| | | Total Food Products | $ 46,562 |
| | | Health Care Equipment & Supplies — 3.4% |
| | 342(a) | Edwards Lifesciences Corp. | $ 40,260 |
| | 300 | Hoya Corp. | 34,234 |
| | | Total Health Care Equipment & Supplies | $ 74,494 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
| | | | |
| Shares | | | Value |
| | | Health Care Providers & Services — 0.9% | |
| | 40 | Anthem, Inc. | $ 19,649 |
| | | Total Health Care Providers & Services | $ 19,649 |
| | | Hotels, Restaurants & Leisure — 2.3% | |
| | 337(a) | Hilton Worldwide Holdings, Inc. | $ 51,136 |
| | | Total Hotels, Restaurants & Leisure | $ 51,136 |
| | | Household Durables — 2.3% | |
| | 500 | Sony Group Corp. | $ 51,605 |
| | | Total Household Durables | $ 51,605 |
| | | Household Products — 2.4% | |
| | 700 | Reckitt Benckiser Group Plc | $ 53,506 |
| | | Total Household Products | $ 53,506 |
| | | Insurance — 3.8% | |
| | 4,000 | Ping An Insurance Group Co. of China, Ltd., Class H | $ 28,222 |
| | 481 | Progressive Corp. | 54,829 |
| | | Total Insurance | $ 83,051 |
| | | Interactive Media & Services — 6.2% | |
| | 42(a) | Alphabet, Inc., Class C | $ 117,306 |
| | 400 | Tencent Holdings, Ltd. | 18,870 |
| | | Total Interactive Media & Services | $ 136,176 |
| | | Internet & Direct Marketing Retail — 6.0% |
| | 2,700(a) | Alibaba Group Holding, Ltd. | $ 36,956 |
| | 29(a) | Amazon.com, Inc. | 94,538 |
| | | Total Internet & Direct Marketing Retail | $ 131,494 |
| | | IT Services — 8.7% | |
| | 797(a) | Amadeus IT Group S.A. | $ 51,913 |
| | 262 | Cognizant Technology Solutions Corp., Class A | 23,494 |
| | 289 | International Business Machines Corp. | 37,576 |
| | 124 | Mastercard, Inc., Class A | 44,315 |
| | 117(a) | PayPal Holdings, Inc. | 13,531 |
| | 1,708(a) | TDCX, Inc. (A.D.R.) | 20,752 |
| | | Total IT Services | $ 191,581 |
| | | Life Sciences Tools & Services — 2.3% | |
| | 85 | Thermo Fisher Scientific, Inc. | $ 50,205 |
| | | Total Life Sciences Tools & Services | $ 50,205 |
| | | Machinery — 0.9% | |
| | 92 | Illinois Tool Works, Inc. | $ 19,265 |
| | | Total Machinery | $ 19,265 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 17
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Shares | | | Value |
| | | Pharmaceuticals — 5.1% | |
| | 300 | Eisai Co., Ltd. | $ 13,903 |
| | 137 | Eli Lilly & Co. | 39,233 |
| | 153 | Johnson & Johnson | 27,116 |
| | 621 | Pfizer, Inc. | 32,149 |
| | | Total Pharmaceuticals | $ 112,401 |
| | | Professional Services — 3.6% | |
| | 1,774 | RELX Plc | $ 55,257 |
| | 114 | Verisk Analytics, Inc. | 24,468 |
| | | Total Professional Services | $ 79,725 |
| | | Semiconductors & Semiconductor Equipment — 6.0% | |
| | 275(a) | Advanced Micro Devices, Inc. | $ 30,069 |
| | 31 | ASML Holding NV | 20,677 |
| | 272 | QUALCOMM, Inc. | 41,567 |
| | 378 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 39,410 |
| | | Total Semiconductors & Semiconductor Equipment | $ 131,723 |
| | | Software — 7.0% | |
| | 39(a) | Adobe, Inc. | $ 17,769 |
| | 320 | Microsoft Corp. | 98,659 |
| | 120 | Oracle Corp. | 9,928 |
| | 130(a) | Salesforce, Inc. | 27,602 |
| | | Total Software | $ 153,958 |
| | | Specialty Retail — 2.5% | |
| | 15(a) | AutoZone, Inc. | $ 30,669 |
| | 392 | TJX Cos., Inc. | 23,747 |
| | | Total Specialty Retail | $ 54,416 |
| | | Technology Hardware, Storage & Peripherals — 4.8% | |
| | 606 | Apple, Inc. | $ 105,814 |
| | | Total Technology Hardware, Storage & Peripherals | $ 105,814 |
| | | Textiles, Apparel & Luxury Goods — 2.1% | |
| | 65 | LVMH Moet Hennessy | |
| | | Louis Vuitton SE | $ 46,284 |
| | | Total Textiles, Apparel & Luxury Goods | $ 46,284 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $2,084,748) | $2,119,631 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
| | | | |
| Shares | | | Value |
| | | SHORT TERM INVESTMENTS — 2.5% of Net Assets | |
| | | Open-End Fund — 2.5% | |
| | 54,357(b) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 0.19% | $ 54,357 |
| | | | $ 54,357 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $54,357) | $ 54,357 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.9% | |
| | | (Cost $2,139,105) | $2,173,988 |
| | | OTHER ASSETS AND LIABILITIES — 1.1% | $ 24,566 |
| | | NET ASSETS — 100.0% | $2,198,554 |
| (A.D.R.) | | American Depositary Receipts. |
| (144A) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At March 31, 2022, the value of these securities amounted to $47,218, or 2.1% of net assets. |
| (a) | | Non-income producing security. |
| (b) | | Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2022. |
Distribution of investments by country of domicile (excluding temporary cash investments) as a percentage of total investments in securities, is as follows:
| United States | 66.7% |
| Japan | 7.6% |
| United Kingdom | 7.3% |
| China | 4.0% |
| Germany | 3.7% |
| Netherlands | 3.2% |
| Spain | 2.4% |
| France | 2.2% |
| Taiwan | 1.9% |
| Singapore | 1.0% |
| | 100.0% |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding short term investments) for the six months ended March 31, 2022, aggregated $502,187 and $391,283, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which the 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 six months ended March 31, 2022, the Fund did not engage in any cross trade activity.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 19
Schedule of Investments | 3/31/22
(unaudited) (continued)
At March 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $2,139,499 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 201,434 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (166,945) |
| Net unrealized appreciation | $ 34,489 |
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 following is a summary of the inputs used as of March 31, 2022, in valuing the Fund's investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Aerospace & Defense | $ — | $ 78,517 | $ — | $ 78,517 |
| Capital Markets | 93,778 | 47,218 | — | 140,996 |
| Food & Staples Retailing | — | 61,854 | — | 61,854 |
| Food Products | — | 46,562 | — | 46,562 |
| Health Care Equipment & Supplies | 40,260 | 34,234 | — | 74,494 |
| Household Durables | — | 51,605 | — | 51,605 |
| Household Products | — | 53,506 | — | 53,506 |
| Insurance | 54,829 | 28,222 | — | 83,051 |
| Interactive Media & Services | 117,306 | 18,870 | — | 136,176 |
| Internet & Direct Marketing Retail | 94,538 | 36,956 | — | 131,494 |
| IT Services | 139,668 | 51,913 | — | 191,581 |
| Pharmaceuticals | 98,498 | 13,903 | — | 112,401 |
| Professional Services | 24,468 | 55,257 | — | 79,725 |
| Semiconductors & Semiconductor | | | | |
| Equipment | 111,046 | 20,677 | — | 131,723 |
| Textiles, Apparel & Luxury Goods | — | 46,284 | — | 46,284 |
| All Other Common Stocks | 699,662 | — | — | 699,662 |
| Open-End Fund | 54,357 | — | — | 54,357 |
| Total Investments in Securities | $1,528,410 | $645,578 | $ — | $2,173,988 |
During the period ended March 31, 2022, 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 | Semiannual Report | 3/31/22
Statement of Assets and Liabilities | 3/31/22
(unaudited)
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $2,139,105) | $2,173,988 |
| Receivables — | |
| Investment securities sold | 17,454 |
| Dividends | 1,482 |
| Interest | 3 |
| Due from the Adviser | 358 |
| Due from affiliates | 512 |
| Other assets | 41,681 |
| Total assets | $2,235,478 |
| LIABILITIES: | |
| Payables — | |
| Distributions | $ 37 |
| Trustees' fees | 20 |
| Professional fees | 24,622 |
| Transfer agent fees | 26 |
| Printing expense | 3,655 |
| Custodian fees | 6,303 |
| Due to affiliates | 235 |
| Accrued expenses | 2,026 |
| Total liabilities | $ 36,924 |
| NET ASSETS: | |
| Paid-in capital | $2,230,348 |
| Distributable earnings (loss) | (31,794) |
| Net assets | $2,198,554 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $807,970/81,686 shares) | $ 9.89 |
| Class C (based on $598,204/60,984 shares) | $ 9.81 |
| Class Y (based on $792,380/80,060 shares) | $ 9.90 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $9.89 net asset value per share/100%-5.75% maximum | |
| sales charge) | $ 10.49 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 21
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 3/31/22
| INVESTMENT INCOME: | | | |
| Dividends from unaffiliated issuers (net of foreign taxes | | | |
| withheld $249) | $ 9,722 | |
| Interest from unaffiliated issuers | | 67 | |
| Total Investment Income | | | $ 9,789 |
| EXPENSES: | | | |
| Management fees | $ 7,211 | |
| Administrative expenses | | 10,518 | |
| Transfer agent fees | | | |
| Class A | | 74 | |
| Class C | | 21 | |
| Class Y | | 12 | |
| Distribution fees | | | |
| Class A | | 1,012 | |
| Class C | | 3,017 | |
| Shareowner communications expense | | 346 | |
| Custodian fees | | 5,731 | |
| Registration fees | | 33,650 | |
| Professional fees | | 26,383 | |
| Printing expense | | 6,166 | |
| Pricing fees | | 1,686 | |
| Trustees’ fees | | 4,046 | |
| Miscellaneous | | 6,344 | |
| Total expenses | | | $106,217 |
| Less fees waived and expenses reimbursed | | | |
| by the Adviser | | | (94,095) |
| Net expenses | �� | | $ 12,122 |
| Net investment loss | | | $ (2,333) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | | |
| Investments in unaffiliated issuers | $(51,774) | |
| Other assets and liabilities denominated in | | | |
| foreign currencies | | (21) | $ (51,795) |
| Change in net unrealized appreciation (depreciation) on: | | | |
| Investments in unaffiliated issuers | $ 62,188 | |
| Other assets and liabilities denominated in | | | |
| foreign currencies | | (19) | $ 62,169 |
| Net realized and unrealized gain (loss) on investments | | | $ 10,374 |
| Net increase in net assets resulting from operations | | | $ 8,041 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
Statement of Changes in Net Assets
| | | |
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ (2,333) | $ 394 |
| Net realized (loss) on investments | (51,795) | (12,702) |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | 62,169 | (27,310) |
| Net increase (decrease) in net assets resulting | | |
| from operations | $ 8,041 | $ (39,618) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class Y ($0.01 and $— per share, respectively) | $ (632) | $ — |
| Total distributions to shareowners | $ (632) | $ — |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 53,889 | $2,195,315 |
| Reinvestment of distributions | 632 | — |
| Cost of shares repurchased | (19,073) | — |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 35,448 | $2,195,315 |
| Net increase in net assets | $ 42,857 | $2,155,697 |
| NET ASSETS: | | |
| Beginning of period | $2,155,697 | $ — |
| End of period | $2,198,554 | $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 | Semiannual Report | 3/31/22 23
Statement of Changes in Net Assets
(continued)
| | Six Months | Six Months | | |
| | Ended | Ended | | |
| | 3/31/22 | 3/31/22 | 5/10/21* to | 5/10/21* to |
| | Shares | Amount | 9/30/21 | 9/30/21 |
| | (unaudited) | (unaudited) | Shares | Amount |
| Class A | | | | |
| Shares sold | 5,337 | $ 53,889 | 78,223 | $785,315 |
| Reinvestment of | | | | |
| distributions | — | — | — | — |
| Less shares repurchased | (1,874) | (19,073) | — | — |
| Net increase | 3,463 | $ 34,816 | 78,223 | $785,315 |
| Class C | | | | |
| Shares sold | — | $ — | 60,984 | $610,000 |
| Reinvestment of | | | | |
| distributions | — | — | — | — |
| Less shares repurchased | — | — | — | — |
| Net increase (decrease) | — | $ — | 60,984 | $610,000 |
| Class Y | | | | |
| Shares sold | — | $ — | 80,000 | $800,000 |
| Reinvestment of | | | | |
| distributions | 60 | 632 | — | — |
| Less shares repurchased | — | — | — | — |
| Net increase | 60 | $ 632 | 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 | Semiannual Report | 3/31/22
Financial Highlights
| | | |
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class A | | |
| Net asset value, beginning of period | $ 9.84 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ (0.01) | $ 0.01 |
| Net realized and unrealized gain (loss) on investments | 0.06 | (0.17) |
| Net increase (decrease) from investment operations | $ 0.05 | $ (0.16) |
| Net increase (decrease) in net asset value | $ 0.05 | $ (0.16) |
| Net asset value, end of period | $ 9.89 | $ 9.84 |
| Total return (b) | 0.51%(c) | (1.60)%(c) |
| Ratio of net expenses to average net assets | 1.00%(d) | 0.75%(d) |
| Ratio of net investment income (loss) to average | | |
| net assets | (0.11)%(d) | 0.28%(d) |
| Portfolio turnover rate | 18%(c) | 11%(c) |
| Net assets, end of period (in thousands) | $ 808 | $ 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 | 9.50%(d) | 12.69%(d) |
| Net investment income (loss) to average net assets | (8.61)%(d) | (11.66)%(d) |
| * | | Class A commenced operations on May 10, 2021. |
| (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 Global Sustainable Growth Fund | Semiannual Report | 3/31/22 25
Financial Highlights (continued)
| | | |
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class C | | |
| Net asset value, beginning of period | $ 9.81 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ (0.04) | $ (0.03) |
| Net realized and unrealized gain (loss) on investments | 0.04 | (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 | $ 9.81 |
| Total return (b) | 0.00%(c) | (1.90)%(c) |
| Ratio of net expenses to average net assets | 1.74%(d) | 1.69%(d) |
| Ratio of net investment income (loss) to average | | |
| net assets | (0.87)%(d) | (0.64)%(d) |
| Portfolio turnover rate | 18%(c) | 11%(c) |
| Net assets, end of period (in thousands) | $ 598 | $ 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 | 10.22%(d) | 13.63%(d) |
| Net investment income (loss) to average net assets | (9.35)%(d) | (12.58)%(d) |
| * | | Class C commenced operations on May 10, 2021. |
| (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.
26 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class Y | | |
| Net asset value, beginning of period | $ 9.85 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.01 | $ 0.01 |
| Net realized and unrealized gain (loss) on investments | 0.05 | (0.16) |
| Net increase (decrease) from investment operations | $ 0.06 | $ (0.15) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.01) | $ — |
| Total distributions | $ (0.01) | $ — |
| Net increase (decrease) in net asset value | $ 0.05 | $ (0.15) |
| Net asset value, end of period | $ 9.90 | $ 9.85 |
| Total return (b) | 0.58%(c) | (1.50)%(c) |
| Ratio of net expenses to average net assets | 0.70%(d) | 0.70%(d) |
| Ratio of net investment income (loss) to average | | |
| net assets | 0.18%(d) | 0.35%(d) |
| Portfolio turnover rate | 18%(c) | 11%(c) |
| Net assets, end of period (in thousands) | $ 792 | $ 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 | 9.17%(d) | 12.64%(d) |
| Net investment income (loss) to average net assets | (8.29)%(d) | (11.59)%(d) |
| * | | Class Y commenced operations on May 10, 2021. |
| (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 Global Sustainable Growth Fund | Semiannual Report | 3/31/22 27
Notes to Financial Statements | 3/31/22
(unaudited)
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 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
28 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
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.
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.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded.
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 29
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 March 31, 2022, 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 valuation model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
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.
30 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
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 March 31, 2022, 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.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended September 30, 2021 was as follows:
| | 2021 |
| Distributions paid from: | |
| Ordinary income | $— |
| Total | $— |
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 31
The following shows the components of distributable earnings (losses) 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 differences between book-basis and tax-basis net unrealized depreciation are 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 $204 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2022.
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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond
32 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
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. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
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 sectors of the economy and individual issuers have experienced particularly large losses. 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. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards,
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 33
tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
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
34 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
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.
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 payable under the Fund’s Investment Management Agreement with the Adviser 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 six months ended March 31, 2022, 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 taxes, brokerage commission, acquired fund fees and expenses, and extraordinary expenses, such as litigation) 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 February 1, 2023. There can be no assurance that the Adviser will extend the expense
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 35
limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the six months ended March 31, 2022, 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 $122 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2022.
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 six months ended March 31, 2022, the Fund paid $4,046 in Trustees’ compensation, which is reflected on Statement of Operations as Trustees’ fees. At March 31, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $20.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $233 |
| Class C | 110 |
| Class Y | 3 |
| Total | $346 |
36 Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22
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 $113 in distribution fees payable to the Distributor at March 31, 2022. Included in “Due from affiliates” reflected on the Statement of Assets and Liabilities is $512 in distribution fees receivable from the Distributor at March 31, 2022.
In addition, redemptions of each 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 six months ended March 31, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Global Sustainable Growth Fund | Semiannual Report | 3/31/22 37
Trustees, Officers and Service Providers
| Trustees | Officers |
Thomas J. Perna, Chairman John E. Baumgardner, Jr. Diane Durnin Benjamin M. Friedman Lisa M. Jones Craig C. MacKay
Lorraine H. Monchak Marguerite A. Piret Fred J. Ricciardi Kenneth J. Taubes | Lisa M. Jones, President and Chief Executive Officer Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer Christopher J. Kelley, Secretary and Chief Legal Officer |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.
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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 9897
Providence, R.I. 02940-8097
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (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
© 2022 Amundi Asset Management US, Inc. 32973-00-0522
Pioneer Global Sustainable Value Fund
Semiannual Report | March 31, 2022
visit us: www.amundi.com/us
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, 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. With 2022 now well underway, 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 most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment, as volatility has remained high. Concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative 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. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
Despite those issues, 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. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
2 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. 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 frequently with the management teams of the companies and other entities 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.
May 2022
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 | Semiannual Report | 3/31/22 3
Portfolio Management Discussion | 3/31/22
In the following discussion, portfolio managers John Peckham, Brian Chen, and Jeff Sacknowitz discuss the market environment during the six-month period ended March 31, 2022, and the performance of Pioneer Global Sustainable Value Fund during the period. Mr. 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 during the six-month period ended March 31, 2022? |
| A | | Pioneer Global Sustainable Value Fund’s Class A shares returned 4.09% at net asset value during the six-month period ended March 31, 2022, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country World (ACWI) Value Index1, returned 5.26%. During the same six-month period, the average return of the 177 mutual funds in Morningstar’s World Large-Stock Value category was 3.52%. |
| Q | | How would you describe the investment backdrop during the six-month period ended March 31, 2022? |
| A | | Returns for global equities, in aggregate, were well into negative territory for the six-month period, as historically high inflation and Russia’s invasion of Ukraine weighed on investors’ appetites for riskier assets. Value stocks, however, as measured by the Fund’s benchmark, the MSCI ACWI Value Index, outperformed, returning 5.26% for the period, easily beating the performance of growth stocks, which returned -3.45%, as measured by the MSCI ACWI Growth Index. |
| 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 | Semiannual Report | 3/31/22
When the reporting period began, equities were still in the midst of a protracted rally stemming from the combination of robust economic growth and rising corporate earnings. After performing well through mid-November 2021, the market experienced a brief stretch of weakness following the emergence of the Omicron variant of COVID-19 and the US Federal Reserve’s (Fed’s) announcement that it was set to adopt tighter monetary policies, including ending its pandemic-era quantitative easing program by early 2022, and increasing the target range of the federal funds rate, which had hovered near zero since the outset of the pandemic in early 2020. Stocks quickly recovered from that initial spate of bad news and climbed higher through the end of the 2021 calendar year.
As 2022 began, the prospect of higher interest rates began to weigh on the more growth-oriented sectors of the market and supported a shift in performance leadership towards the value segment, as evidenced by the MSCI ACWI Value Index’s outperformance for the full period. Furthermore, Russia’s late-February invasion of Ukraine exacerbated existing concerns about supply chain disruptions and dimmed the global economic growth outlook. Energy prices, which had already been on the rise since late 2021, spiked in the wake of sanctions levied against Russia by the United States and European countries, adding fuel to inflationary pressures. As a result, the market began to factor in a much more rapid normalization of interest rates on the part of the Fed, which began signaling an accelerated pace for its hikes to the federal funds rate target range. Stocks moved notably lower over much of the first quarter of 2022, before bottoming in early March and rebounding to recover some of the earlier losses over the final two weeks of the six-month period.
| Q | | Could you briefly describe your investment approach in managing the Fund? |
| 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
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 5
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.
| Q | | What were the principal factors affecting the Fund’s benchmark-relative performance during the six-month period ended March 31, 2022? |
| A | | The Fund underperformed the MSCI ACWI Value Index during the six-month period, with stock selection results in the consumer staples and energy sectors being key detractors from relative returns. Within consumer staples, the biggest laggards were portfolio positions in Russian food retailer Magnit and Japanese beverage company Asahi Group. Within energy, a position in Russian integrated energy company Rosneft Oil, and lack of portfolio exposure to leading US refiner and marketer Chevron, also weighed on the Fund’s relative performance. Outside of consumer staples and energy, an overweight position versus the benchmark in Italian commercial bank UniCredit, within financials, was another large detractor from relative performance. |
Key positive contributors to the Fund’s relative performance during the six-month period were stock selection results in the materials and health care sectors. The materials sector featured three stocks that significantly aided the Fund’s relative returns for the period. Specifically, fertilizer company Mosaic, and two Canadian miners: First Quantum Minerals and Teck Resources. Within health care, positions within the managed care segment as well as portfolio overweights to some biotechnology stocks, including AbbVie, benefited the Fund’s relative performance for the period. Outside of materials and health care, a position in sensor technology firm Hensoldt, within the industrials sector, made a positive contribution to the Fund’s benchmark-relative performance during the six-month period.
The portfolio’s sector allocations likewise made a modest contribution to the Fund’s relative performance, led by an overweight to energy.
6 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
| Q | | Did the Fund have any exposure to derivative securities during the six-month period ended March 31, 2022? |
| 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 March 31, 2022? |
| A | | We have been actively rotating the portfolio’s holdings in an effort to capture values as they have emerged. Financials, mainly through bank holdings, remains the Fund’s largest sector overweight versus the MSCI ACWI Value Index, although to a lesser extent than at the beginning of the period last October. A number of stocks in the segment have come under pressure in recent months, due to concerns that the flattening of the yield curve would reduce companies’ net-interest margins (that is, the difference between the rates at which they borrow and lend). As a result, many of those stocks have fallen to attractive valuations, in our view. We also have maintained Fund overweights versus the benchmark to energy and materials. Although both sectors have rallied considerably in recent months, we see continued upside for the portfolio’s holdings, given the imbalance of supply and demand for commodities. |
As for our outlook, the investment environment remained highly uncertain at the close of the period, as questions about the conflict in Ukraine, Fed policy, and the direction of both economic growth and inflation weighed on market sentiment. For our part, we typically do not focus on day-to-day headlines. Instead, we seek to identify individual companies whose share prices may have moved downward due to investors’ reactions to short-term developments, and fallen to what we see as attractive valuations. We believe that approach to investing –using market volatility to seek out advantageous situations – may help us create the foundation for longer-term Fund performance.
Please refer to the Schedule of Investments on pages 16–22 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, armed conflict including Russia's military invasion of Ukraine, sanctions against
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 7
Russia, other nations or individuals or companies and possible countermeasures, 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.
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. 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.
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 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.
8 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
Portfolio Summary | 3/31/22
Sector Distribution
(As a percentage of total investments)*
Geographical Distribution
(As a percentage of total investments based on country of domicile)*
† Amount rounds to less than 0.1%.
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | KB Financial Group, Inc. | 3.86% |
| 2. | Mitsubishi UFJ Financial Group, Inc. | 3.54 |
| 3. | Alibaba Group Holding, Ltd. | 2.65 |
| 4. | AbbVie, Inc. | 2.64 |
| 5. | Wells Fargo & Co. | 2.64 |
| 6. | Chubb, Ltd. | 2.35 |
| 7. | Mitsui & Co., Ltd. | 2.24 |
| 8. | Anthem, Inc. | 2.23 |
| 9. | Hewlett Packard Enterprise Co. | 2.20 |
| 10. | MPLX LP | 2.15 |
| * | | Excludes short-term 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 | Semiannual Report | 3/31/22 9
Prices and Distributions | 3/31/22
Net Asset Value per Share
| | | |
| Class | 3/31/22 | 9/30/21 |
| A | $9.91 | $9.64 |
| C | $9.88 | $9.61 |
| Y | $9.91 | $9.65 |
Distributions per Share: 10/1/21–3/31/22
| | | | |
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.1245 | $ — | $ — |
| C | $0.0836 | $ — | $ — |
| Y | $0.1482 | $ — | $ — |
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | | |
| | | | MSCI All |
| | Net | Public | Country |
| | Asset | Offering | World |
| | Value | Price | Value |
| Period | (NAV) | (POP) | NR Index |
| Life-of-Class | | | |
| (5/10/21) | 0.38% | -6.02% | 2.62% |
| | |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 13.75% | 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 shown 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, 2023 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.
* Performance of Class A shares shown in the graph above is from the inception of Class A shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22 11
| Performance Update | 3/31/22 | 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 March 31, 2022)
| | | | |
| | | | MSCI All |
| | | | Country |
| | | | World |
| | If | If | Value |
| Period | Held | Redeemed | NR Index |
| Life-of-Class | | | |
| (5/10/21) | -0.41% | -1.51% | 2.62% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 14.52% | 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 February 1, 2023 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.
* Performance of Class C shares shown in the graph above is from the inception of Class C shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| | | MSCI All |
| | Net | Country |
| | Asset | World |
| | Value | Value |
| Period | (NAV) | NR Index |
| Life-of-Class | | |
| (5/10/21) | 0.65% | 2.62% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 13.51% | 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 shown 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, 2023 for Class Y shares. 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 of Class Y shares shown in the graph above is from the inception of Class Y shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22 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 October 1, 2021 through March 31, 2022.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,040.90 | $1,036.80 | $1,042.30 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $5.04 | $8.63 | $3.56 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.70%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). |
14 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
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 October 1, 2021 through March 31, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,020.00 | $1,016.45 | $1,021.44 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $4.99 | $8.55 | $3.53 |
| During Period* | | | |
* Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.70%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period).
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 15
Schedule of Investments | 3/31/22
(unaudited)
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 97.0% | |
| | | COMMON STOCKS — 93.5% of Net Assets | |
| | | Aerospace & Defense — 1.6% | |
| | 1,192 | Hensoldt AG | $ 34,922 |
| | | Total Aerospace & Defense | $ 34,922 |
| | | Air Freight & Logistics — 1.6% | |
| | 148 | FedEx Corp. | $ 34,246 |
| | | Total Air Freight & Logistics | $ 34,246 |
| | | Automobiles — 1.6% | |
| | 2,074 | Stellantis NV | $ 33,633 |
| | | Total Automobiles | $ 33,633 |
| | | Banks — 17.9% | |
| | 1,466 | ABN AMRO Bank NV (144A) | $ 18,755 |
| | 943 | Bank of America Corp. | 38,871 |
| | 5,100 | Grupo Financiero Banorte S.A.B de CV, Class O | 38,346 |
| | 1,634 | KB Financial Group, Inc. (A.D.R.) | 79,787 |
| | 11,800 | Mitsubishi UFJ Financial Group, Inc. | 73,245 |
| | 7,292 | NatWest Group Plc | 20,518 |
| | 1,100 | Sumitomo Mitsui Financial Group, Inc. | 35,106 |
| | 2,515 | UniCredit S.p.A. | 27,154 |
| | 1,127 | Wells Fargo & Co. | 54,614 |
| | | Total Banks | $ 386,396 |
| | | Beverages — 0.8% | |
| | 500 | Asahi Group Holdings, Ltd. | $ 18,152 |
| | | Total Beverages | $ 18,152 |
| | | Biotechnology — 2.5% | |
| | 337 | AbbVie, Inc. | $ 54,631 |
| | | Total Biotechnology | $ 54,631 |
| | | Chemicals — 1.0% | |
| | 336 | Mosaic Co. | $ 22,344 |
| | | Total Chemicals | $ 22,344 |
| | | Communications Equipment — 1.1% | |
| | 446 | Cisco Systems, Inc. | $ 24,869 |
| | | Total Communications Equipment | $ 24,869 |
| | | Construction & Engineering — 0.9% | |
| | 39,000 | Sinopec Engineering Group Co., Ltd., Class H | $ 19,871 |
| | | Total Construction & Engineering | $ 19,871 |
| | | Construction Materials — 1.4% | |
| | 777 | CRH Plc | $ 31,172 |
| | | Total Construction Materials | $ 31,172 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
| | | | |
| Shares | | | Value |
| | | Diversified Telecommunication Services — 1.0% | |
| | 1,102 | Deutsche Telekom AG | $ 20,582 |
| | | Total Diversified Telecommunication Services | $ 20,582 |
| | | Electric Utilities — 3.9% | |
| | 410 | American Electric Power Co., Inc. | $ 40,905 |
| | 952 | FirstEnergy Corp. | 43,659 |
| | | Total Electric Utilities | $ 84,564 |
| | | Electrical Equipment — 0.8% | |
| | 1,500 | Mitsubishi Electric Corp. | $ 17,265 |
| | | Total Electrical Equipment | $ 17,265 |
| | | Entertainment — 1.4% | |
| | 242 | Electronic Arts, Inc. | $ 30,615 |
| | | Total Entertainment | $ 30,615 |
| | | Food & Staples Retailing — 2.0% | |
| | 1,341^+ | Magnit PJSC (G.D.R.) | $ 530 |
| | 900 | Seven & i Holdings Co., Ltd. | 42,822 |
| | | Total Food & Staples Retailing | $ 43,352 |
| | | Food Products — 0.8% | |
| | 801 | Associated British Foods Plc | $ 17,396 |
| | | Total Food Products | $ 17,396 |
| | | Health Care Providers & Services — 6.2% | |
| | 94 | Anthem, Inc. | $ 46,174 |
| | 321 | Cardinal Health, Inc. | 18,201 |
| | 131 | Cigna Corp. | 31,389 |
| | 389 | CVS Health Corp. | 39,371 |
| | | Total Health Care Providers & Services | $ 135,135 |
| | | Household Products — 0.8% | |
| | 237 | Reckitt Benckiser Group Plc | $ 18,116 |
| | | Total Household Products | $ 18,116 |
| | | Industrial Conglomerates — 0.9% | |
| | 500 | Toshiba Corp. | $ 18,973 |
| | | Total Industrial Conglomerates | $ 18,973 |
| | | Insurance — 10.0% | |
| | 352 | Aflac, Inc. | $ 22,665 |
| | 227 | Chubb, Ltd. | 48,555 |
| | 570 | Hartford Financial Services Group, Inc. | 40,932 |
| | 6,000 | Ping An Insurance Group Co. of China, Ltd., Class H | 42,333 |
| | 207 | Progressive Corp. | 23,596 |
| | 166 | Willis Towers Watson Plc | 39,213 |
| | | Total Insurance | $ 217,294 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 17
Schedule of Investments | 3/31/22
(unaudited) (continued)
| | | | |
| Shares | | | Value |
| | | Internet & Direct Marketing Retail — 4.4% |
| | 4,000(a) | Alibaba Group Holding, Ltd. | $ 54,749 |
| | 703 | eBay, Inc. | 40,254 |
| | | Total Internet & Direct Marketing Retail | $ 95,003 |
| | | IT Services — 2.0% | |
| | 336 | International Business Machines Corp. | $ 43,687 |
| | | Total IT Services | $ 43,687 |
| | | Media — 2.7% | |
| | 4,657 | Atresmedia Corp. de Medios de Comunicacion S.A. | $ 19,697 |
| | 806 | Comcast Corp., Class A | 37,737 |
| | | Total Media | $ 57,434 |
| | | Metals & Mining — 5.3% | |
| | 1,769 | Barrick Gold Corp. | $ 43,393 |
| | 700 | First Quantum Minerals, Ltd. | 24,234 |
| | 217 | Rio Tinto Plc | 17,214 |
| | 722 | Teck Resources, Ltd., Class B | 29,162 |
| | | Total Metals & Mining | $ 114,003 |
| | | Multi-Utilities — 1.7% | |
| | 1,192 | CenterPoint Energy, Inc. | $ 36,523 |
| | | Total Multi-Utilities | $ 36,523 |
| | | Oil, Gas & Consumable Fuels — 6.0% | |
| | 760 | EQT Corp. | $ 26,152 |
| | 288 | Marathon Petroleum Corp. | 24,624 |
| | 1,400(a) | Range Resources Corp. | 42,532 |
| | 4,480^+ | Rosneft Oil Co. PJSC (G.D.R.) | 1,048 |
| | 630 | Shell Plc (A.D.R.) | 34,606 |
| | | Total Oil, Gas & Consumable Fuels | $ 128,962 |
| | | Pharmaceuticals — 2.4% | |
| | 200 | Eisai Co., Ltd. | $ 9,269 |
| | 834 | Pfizer, Inc. | 43,176 |
| | | Total Pharmaceuticals | $ 52,445 |
| | | Semiconductors & Semiconductor Equipment — 1.0% | |
| | 40 | Lam Research Corp. | $ 21,504 |
| | | Total Semiconductors & Semiconductor Equipment | $ 21,504 |
| | | Software — 1.3% | |
| | 327 | Oracle Corp. | $ 27,053 |
| | | Total Software | $ 27,053 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
| | | | |
| Shares | | | Value |
| | | Specialty Retail — 1.8% | |
| | 19(a) | AutoZone, Inc. | $ 38,847 |
| | | Total Specialty Retail | $ 38,847 |
| | | Technology Hardware, Storage & Peripherals — 2.1% | |
| | 2,723 | Hewlett Packard Enterprise Co. | $ 45,501 |
| | | Total Technology Hardware, Storage & Peripherals | $ 45,501 |
| | | Textiles, Apparel & Luxury Goods — 1.7% | |
| | 1,009 | Tapestry, Inc. | $ 37,484 |
| | | Total Textiles, Apparel & Luxury Goods | $ 37,484 |
| | | Trading Companies & Distributors — 2.9% |
| | 327(a) | AerCap Holdings NV | $ 16,442 |
| | 1,700 | Mitsui & Co., Ltd. | 46,307 |
| | | Total Trading Companies & Distributors | $ 62,749 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $2,048,778) | $2,024,723 |
| | | MASTER LIMITED PARTNERSHIPS — 2.1% of | |
| | | Net Assets | |
| | | Oil, Gas & Consumable Fuels — 2.1% | |
| | 1,341 | MPLX LP | $ 44,494 |
| | | Total Oil, Gas & Consumable Fuels | $ 44,494 |
| | | TOTAL MASTER LIMITED PARTNERSHIPS | |
| | | (Cost $41,591) | $ 44,494 |
| | | SHORT TERM INVESTMENTS — 1.4% of Net Assets | |
| | | Open-End Fund — 1.4% | |
| | 31,399(b) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 0.19% | $ 31,399 |
| | | | $ 31,399 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $31,399) | $ 31,399 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.0% | |
| | | (Cost $2,121,768) | $2,100,616 |
| | | OTHER ASSETS AND LIABILITIES — 3.0% | $ 64,050 |
| | | NET ASSETS — 100.0% | $2,164,666 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 19
Schedule of Investments | 3/31/22
(unaudited) (continued)
| (A.D.R.) | | American Depositary Receipts. |
| (G.D.R.) | | Global Depositary Receipts. |
| (144A) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At March 31, 2022, the value of these securities amounted to $18,755, or 0.9% of net assets. |
| (a) | | Non-income producing security. |
| (b) | | Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2022. |
| + | | Security that used significant unobservable inputs to determine its value. |
| ^ | | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
Distribution of investments by country of domicile (excluding short term investments) as a percentage of total investments in securities, is as follows:
| United States | 52.0% |
| Japan | 12.6% |
| United Kingdom | 7.1% |
| China | 5.7% |
| Canada | 4.7% |
| South Korea | 3.9% |
| Germany | 2.7% |
| Netherlands | 2.5% |
| Switzerland | 2.3% |
| Ireland | 2.3% |
| Mexico | 1.9% |
| Italy | 1.3% |
| Other (individually less than 1%) | 1.0% |
| | 100.0% |
Purchases and sales of securities (excluding short term investments) for the six months ended March 31, 2022, aggregated $867,928 and $714,851, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which the 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 six months ended March 31, 2022, the Fund did not engage in any cross trade activity.
At March 31, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $2,122,283 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 177,789 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (199,456) |
| Net unrealized depreciation | $ (21,667) |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
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 following is a summary of the inputs used as of March 31, 2022, in valuing the Fund’s investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Aerospace & Defense | $ — | $ 34,922 | $ — | $ 34,922 |
| Automobiles | — | 33,633 | — | 33,633 |
| Banks | 211,618 | 174,778 | — | 386,396 |
| Beverages | — | 18,152 | — | 18,152 |
| Construction & Engineering | — | 19,871 | — | 19,871 |
| Construction Materials | — | 31,172 | — | 31,172 |
| Diversified Telecommunication | | | | |
| Services | — | 20,582 | — | 20,582 |
| Electrical Equipment | — | 17,265 | — | 17,265 |
| Food & Staples Retailing | — | 42,822 | 530 | 43,352 |
| Food Products | — | 17,396 | — | 17,396 |
| Household Products | — | 18,116 | — | 18,116 |
| Industrial Conglomerates | — | 18,973 | — | 18,973 |
| Insurance | 174,961 | 42,333 | — | 217,294 |
| Internet & Direct Marketing Retail | 40,254 | 54,749 | — | 95,003 |
| Media | 37,737 | 19,697 | — | 57,434 |
| Metals & Mining | 96,789 | 17,214 | — | 114,003 |
| Oil, Gas & Consumable Fuels | 127,914 | — | 1,048 | 128,962 |
| Pharmaceuticals | 43,176 | 9,269 | — | 52,445 |
| Trading Companies & Distributors | 16,442 | 46,307 | — | 62,749 |
| All Other Common Stocks | 637,003 | — | — | 637,003 |
| Master Limited Partnerships | 44,494 | — | — | 44,494 |
| Open-End Fund | 31,399 | — | — | 31,399 |
| Total Investments in Securities | $1,461,787 | $637,251 | $1,578 | $ 2,100,616 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 21
Schedule of Investments | 3/31/22
(unaudited) (continued)
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | Common |
| | Stocks |
| Balance as of 9/30/21 | $ — |
| Realized gain (loss) | — |
| Changed in unrealized appreciation (depreciation)(1) | (59,439) |
| Accrued discounts/premiums | — |
| Purchases | 23,412 |
| Sales | — |
| Transfers in to Level 3* | 37,605 |
| Transfers out of Level 3* | — |
| Balance as of 3/31/22 | $ 1,578 |
| (1) | | 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 six months ended March 31, 2022, securities with aggregate market value of $37,605 were transferred from Level 2 to Level 3, as there were significant observable inputs available to determine their value. There were no other transfers in or out of Level 3. |
| | |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held | |
| and considered Level 3 at March 31, 2022: | $(59,439) |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
Statement of Assets and Liabilities | 3/31/22
(unaudited)
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $2,121,768) | $2,100,616 |
| Receivables — | |
| Investment securities sold | 68,738 |
| Dividends | 8,183 |
| Due from the Adviser | 436 |
| Due from affiliates | 511 |
| Other assets | 39,311 |
| Total assets | $2,217,795 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $ 19,971 |
| Professional fees | 24,852 |
| Printing expense | 3,558 |
| Custodian fees | 4,518 |
| Due to affiliates | 230 |
| Total liabilities | $ 53,129 |
| NET ASSETS: | |
| Paid-in capital | $2,182,093 |
| Distributable earnings (loss) | (17,427) |
| Net assets | $2,164,666 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $732,792/73,915 shares) | $ 9.91 |
| Class C (based on $617,140/62,444 shares) | $ 9.88 |
| Class Y (based on $814,734/82,211 shares) | $ 9.91 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $9.91 net asset value per share/100%-5.75% maximum | |
| sales charge) | $ 10.51 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 23
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 3/31/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers (net of foreign | | |
| taxes withheld $1,353) | $27,138 | |
| Total Investment Income | | $ 27,138 |
| EXPENSES: | | |
| Management fees | $ 6,644 | |
| Administrative expenses | 10,485 | |
| Transfer agent fees | | |
| Class A | 27 | |
| Class C | 15 | |
| Class Y | 15 | |
| Distribution fees | | |
| Class A | 800 | |
| Class C | 2,978 | |
| Shareowner communications expense | 220 | |
| Custodian fees | 6,515 | |
| Registration fees | 35,820 | |
| Professional fees | 26,662 | |
| Printing expense | 4,799 | |
| Pricing fees | 1,700 | |
| Trustees’ fees | 3,966 | |
| Miscellaneous | 3,709 | |
| Total expenses | | $104,355 |
| Less fees waived and expenses reimbursed | | |
| by the Adviser | | (93,271) |
| Net expenses | | $ 11,084 |
| Net investment income | | $ 16,054 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $20,043 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (179) | $ 19,864 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | $43,853 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | 12 | $ 43,865 |
| Net realized and unrealized gain (loss) on investments | | $ 63,729 |
| Net increase in net assets resulting from operations | | $ 79,783 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
Statement of Changes in Net Assets
| | Six Months | |
| | Ended | 5/10/21* |
| | 3/31/22 | to |
| | (unaudited) | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 16,054 | $ 14,521 |
| Net realized gain (loss) on investments | 19,864 | (22,779) |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | 43,865 | (65,011) |
| Net increase (decrease) in net assets resulting | | |
| from operations | $ 79,783 | $ (73,269) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.12 and $— per share, respectively) | $ (7,642) | $ — |
| Class C ($0.08 and $— per share, respectively) | (5,016) | — |
| Class Y ($0.15 and $— per share, respectively) | (12,004) | — |
| Total distributions to shareowners | $ (24,662) | $ — |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 143,489 | $2,020,000 |
| Reinvestment of distributions | 24,662 | — |
| Cost of shares repurchased | (5,337) | — |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 162,814 | $2,020,000 |
| Net increase in net assets | $ 217,935 | $1,946,731 |
| NET ASSETS: | | |
| Beginning of period | $1,946,731 | $ — |
| End of period | $2,164,666 | $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 | Semiannual Report | 3/31/22 25
Statement of Changes in Net Assets
(continued)
| | | | | |
| | Six Months | Six Months | | |
| | Ended | Ended | | |
| | 3/31/22 | 3/31/22 | 5/10/21* to | 5/10/21* to |
| | Shares | Amount | 9/30/21 | 9/30/21 |
| | (unaudited) | (unaudited) | Shares | Amount |
| Class A | | | | |
| Shares sold | 12,654 | $124,228 | 61,022 | $610,000 |
| Reinvestment of | | | | |
| distributions | 770 | 7,642 | — | — |
| Less shares | | | | |
| repurchased | (531) | (5,337) | — | — |
| Net increase | 12,893 | $126,533 | 61,022 | $610,000 |
| Class C | | | | |
| Shares sold | 1,938 | $ 19,261 | 60,000 | $600,000 |
| Reinvestment of | | | | |
| distributions | 506 | 5,016 | — | — |
| Less shares | | | | |
| repurchased | — | — | — | — |
| Net increase | 2,444 | $ 24,277 | 60,000 | $600,000 |
| Class Y | | | | |
| Shares sold | — | $ — | 81,000 | $810,000 |
| Reinvestment of | | | | |
| distributions | 1,211 | 12,004 | — | — |
| Less shares | | | | |
| repurchased | — | — | — | — |
| Net increase | 1,211 | $ 12,004 | 81,000 | $810,000 |
| * The Fund commenced operations on May 10, 2021. | | |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
Financial Highlights
| | | |
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class A | | |
| Net asset value, beginning of period | $ 9.64 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.09 | $ 0.08 |
| Net realized and unrealized gain (loss) on investments | 0.30 | (0.44) |
| Net increase (decrease) from investment operations | $ 0.39 | $ (0.36) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.12) | $ — |
| Total distributions | $(0.12) | $ — |
| Net increase (decrease) in net asset value | $ 0.27 | $ (0.36) |
| Net asset value, end of period | $ 9.91 | $ 9.64 |
| Total return (b) | 4.09%(c) | (3.60)%(c) |
| Ratio of net expenses to average net assets | 0.99%(d) | 0.94%(d) |
| Ratio of net investment income (loss) to average net assets | 1.79%(d) | 1.99%(d) |
| Portfolio turnover rate | 36%(c) | 26%(c) |
| Net assets, end of period (in thousands) | $ 733 | $ 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 | 10.10%(d) | 13.75%(d) |
| Net investment income (loss) to average net assets | (7.32)%(d) | (10.82)%(d) |
| * | | Class A commenced operations on May 10, 2021. |
| (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 Global Sustainable Value Fund | Semiannual Report | 3/31/22 27
Financial Highlights (continued)
| | | |
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class C | | |
| Net asset value, beginning of period | $ 9.61 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.04 | $ 0.05 |
| Net realized and unrealized gain (loss) on investments | 0.31 | (0.44) |
| Net increase (decrease) from investment operations | $ 0.35 | $ (0.39) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.08) | $ — |
| Total distributions | $(0.08) | $ — |
| Net increase (decrease) in net asset value | $ 0.27 | $ (0.39) |
| Net asset value, end of period | $ 9.88 | $ 9.61 |
| Total return (b) | 3.68%(c) | (3.90)%(c) |
| Ratio of net expenses to average net assets | 1.70%(d) | 1.71%(d) |
| Ratio of net investment income (loss) to average net assets | 0.84%(d) | 1.22%(d) |
| Portfolio turnover rate | 36%(c) | 26%(c) |
| Net assets, end of period (in thousands) | $ 617 | $ 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 | 10.82%(d) | 14.52%(d) |
| Net investment income (loss) to average net assets | (8.28)%(d) | (11.59)%(d) |
| * | | Class C commenced operations on May 10, 2021. |
| (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.
28 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
| | | |
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class Y | | |
| Net asset value, beginning of period | $ 9.65 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.10 | $ 0.09 |
| Net realized and unrealized gain (loss) on investments | 0.31 | (0.44) |
| Net increase (decrease) from investment operations | $ 0.41 | $ (0.35) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.15) | $ — |
| Total distributions | $(0.15) | $ — |
| Net increase (decrease) in net asset value | $ 0.26 | $ (0.35) |
| Net asset value, end of period | $ 9.91 | $ 9.65 |
| Total return (b) | 4.23%(c) | (3.50)%(c) |
| Ratio of net expenses to average net assets | 0.70%(d) | 0.70%(d) |
| Ratio of net investment income (loss) to average net assets | 1.93%(d) | 2.22%(d) |
| Portfolio turnover rate | 36%(c) | 26%(c) |
| Net assets, end of period (in thousands) | $ 815 | $ 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 | 9.85%(d) | 13.51%(d) |
| Net investment income (loss) to average net assets | (7.22)%(d) | (10.59)%(d) |
| * | | Class Y commenced operations on May 10, 2021. |
| (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 Global Sustainable Value Fund | Semiannual Report | 3/31/22 29
Notes to Financial Statements | 3/31/22
(unaudited)
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 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
30 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
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.
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.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded.
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 31
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 March 31, 2022, two securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry broker valuation model) representing 0.07% of net assets. The value of these fair valued securities was $1,578.
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.
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.
32 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
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 March 31, 2022, 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.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended September 30, 2021 was as follows:
| | 2021 |
| Distributions paid from: | |
| Ordinary income | $ — |
| Total | $ — |
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 33
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2021:
| | 2021 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 15,021 |
| Capital loss carryforward | (22,043) |
| Net unrealized depreciation | (65,526) |
| Total | $(72,548) |
The differences between book-basis and tax-basis net unrealized depreciation are 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 $683 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2022.
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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond
34 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
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. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 35
escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
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.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in a 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 sectors of the economy and individual issuers have experienced particularly large losses. 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. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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
36 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
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.
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 payable under the Fund’s Investment Management Agreement with the Adviser 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 six months ended March 31, 2022, 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 taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) 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 February 1, 2023. There can be no assurance that the Adviser will extend the expense
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 37
limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the six months ended March 31, 2022 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 $120 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2022.
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 six months ended March 31, 2022, the Fund paid $3,966 in Trustees’ compensation, which is reflected on Statement of Operations as Trustees’ fees.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $102 |
| Class C | 1 |
| Class Y | 117 |
| Total | $220 |
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
38 Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22
Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares . Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $110 in distribution fees payable to the Distributor at March 31, 2022. Included in “Due from affiliates” reflected on the Statement of Assets and Liabilities is $511 in distribution fees receivable from the Distributor at March 31, 2022.
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 six months ended March 31, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation (“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Global Sustainable Value Fund | Semiannual Report | 3/31/22 39
Trustees, Officers and Service Providers
| Trustees | Officers |
Thomas J. Perna, Chairman
John E. Baumgardner, Jr.
Diane Durnin
Benjamin M. Friedman
Lisa M. Jones
Craig C. MacKay
Lorraine H. Monchak
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes | Lisa M. Jones, President and
Chief Executive Officer
Anthony J. Koenig, Jr., Treasurer
and Chief Financial and
Accounting Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.
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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 9897
Providence, R.I. 02940-8097
| | |
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (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
© 2022 Amundi Asset Management US, Inc. 32974-00-0522
Pioneer Intrinsic Value Fund
Semiannual Report | March 31, 2022
visit us: www.amundi.com/us
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, 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. With 2022 now well underway, 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 most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment, as volatility has remained high. Concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative 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. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
Despite those issues, 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. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
2 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. 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 frequently with the management teams of the companies and other entities 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.
May 2022
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 | Semiannual Report | 3/31/22 3
Portfolio Management Discussion | 3/31/22
In the following discussion, portfolio managers Sammi Truong and Timothy Stanish discuss the market environment and the performance of Pioneer Intrinsic Value Fund during the six-month period ended on March 31, 2022. Ms. Truong, a vice president and portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Stanish, a vice president, EVA (economic value added) analyst, 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 six-month reporting period ended on March 31, 2022? |
| A | | Pioneer Intrinsic Value Fund’s Class A shares returned 9.25% at net asset value during the six-month period ended March 31, 2022, while the Fund’s benchmark, the Russell 1000 Value Index, returned 6.98%. During the same six-month period, the average return of the 1,234 mutual funds in Morningstar’s Large Value Funds category was 8.14%. |
| Q | | How would you describe the investment backdrop during the six-month period ended March 31, 2022? |
| A | | Despite a number of potentially challenging headlines, the Fund’s benchmark, the Russell 1000 Value Index (the Russell Index), delivered a positive return during the six-month period. When the reporting period began, equities were still in the midst of a protracted rally stemming from the combination of robust economic growth and rising corporate earnings. After performing well through mid-November 2021, the market experienced a brief stretch of weakness following the emergence of the Omicron variant of COVID-19 and the US Federal Reserve’s (Fed’s) announcement that it was set to adopt tighter monetary policies, including ending its pandemic-era quantitative easing program by early 2022, and increasing the target range of the federal funds rate, which had hovered near zero since the outset of the pandemic in early 2020. Stocks quickly recovered from that initial spate of bad news and climbed higher through the end of the 2021 calendar year, in a “Santa Claus rally.” |
The investment environment grew more challenging in the first quarter of 2022, as investors struggled to assess the potential economic effects of Russia’s invasion of Ukraine. The markets also had to contend with a persistent rise in inflation and the Fed’s shift to a more hawkish tone on monetary policy than it had initially signaled during late 2021. In
4 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
addition to raising the federal funds rate target range by a quarter point on March 17, the Fed signaled the potential for more rate increases before year-end.
While those factors weighed on the performance of riskier assets in general during the first calendar quarter of 2022, the value segment within US equities held up reasonably well. The prospect of rising interest rates prompted investors to rotate out of faster-growing companies considered to be part of the value segment. Energy stocks, in particular, performed well. The Russell Index, while returning -0.74% in first quarter of 2022, still finished well ahead of the -5.13% first-quarter return for the broader market, as gauged by the Russell 1000 Index. For the full six-month period, the Fund’s benchmark posted a solid return of nearly 7.00%, while the value segment handily outperformed growth stocks over the full period as well.
| Q | | What were the principal factors that affected the Fund’s benchmark-relative performance during the six-month period ended March 31, 2022? |
| A | | The Fund’s positioning enabled it to capitalize on the investment environment during the past six months. Our bottom-up, value-driven investment process seeks to identify the most compelling values anywhere in the market. In 2021, we found many of those opportunities in the energy sector. The portfolio’s resulting overweight to the sector made a large, positive contribution to the Fund’s benchmark-relative results over the period, given that energy stocks outperformed the broader market. Energy stocks rallied on the strength of rising commodity prices, accelerating inflation, and geopolitical turmoil. |
The energy sector was home to some key individual contributors to the Fund’s positive benchmark-relative returns during the six-month period, including positions in shares of ExxonMobil and Royal Dutch Shell. Our research showed that those firms had been exhibiting discipline by limiting capital expenditures, reducing costs, and focusing on shareholder returns. As a result, shares of both companies were able to participate in the sector’s impressive rally over the period.
Another key positive contributor to the Fund’s relative performance for the period was a position in AbbVie. We believed the stock was an outlier in terms of its attractive valuation, even within the context of an industry – pharmaceuticals – with, in our view, more than its share of potentially undervalued companies. We believed investors had overly discounted AbbVie’s loss of exclusivity on a key drug, and our analysis
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 5
indicated that the company could be able to fill the gap with its pipeline of new products. The market began to recognize those factors during the period, and the share price climbed on the strength of AbbVie’s reporting better-than-expected earnings. In addition, the Fund’s allocations to mining companies (particularly copper miners) and fertilizer producers aided relative performance during the period, as stocks in those market segments moved higher due to rising demand and constricted supplies, which also contributed to improved earnings reports for some of the companies held in the portfolio. We have continued to see long-term drivers of demand in those respective markets, and have maintained the Fund’s exposures.
On the negative side, the Fund lost some relative performance versus the Russell Index through security selection in industrials. A key detractor in that area was a position in aircraft leasing company AerCap, which struggled due its exposure to Russia. We continue to hold the position in the portfolio, based on our view that the Russian exposure is a short-term issue that has obscured the company’s strong balance sheet, strong order backlog, and attractive valuation. Shares of Stanley Black & Decker also weighed on the Fund’s relative results in the industrials sector, amid the larger performance downturn of companies with potential vulnerability to weakness in the housing sector.
Finally, a position in General Motors was another detractor of note. The shares declined over the period on concerns about the possibility of a new round of disruptions in the global supply chain, but we believe the company could be poised to demonstrate improving growth should those issues dissipate.
| Q | | Did the Fund have any exposure to derivative securities during the six-month period ended March 31, 2022? |
| 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 March 31, 2022? |
| A | | During the six-month period, we actively rotated the portfolio’s holdings in an effort to capture values as they emerged. The financials sector represented the Fund’s largest overweight relative to the Russell Index coming into the period, but we reduced the exposure via sales of a couple |
6 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
of positions as the period progressed. The Fund still had an above-benchmark weighting in financials at the end of the period, but to a lesser extent than six months earlier. The portfolio’s financials holdings have focused primarily on banks. A number of stocks in that area have come under pressure in recent months, due to concerns related to the Fed’s tighter monetary policy and a flattening of the yield curve. As a result, many bank stocks have fallen to attractive valuations, in our view.
We have also maintained overweights to energy and materials. Although both sectors have rallied considerably in recent months, we see continued upside for the portfolio’s holdings in those areas, due to an imbalance of supply and demand for commodities. Information technology also remains an area of interest to us, but we have been avoiding investments in the sector’s “high flyers.” Instead, we believe we have identified the most compelling values in older, perhaps more “boring” tech stocks of companies with strong balance sheets. On the other hand, we have been finding fewer value opportunities in the consumer staples, industrials, and real estate sectors.
As for our outlook, the investment environment remained highly uncertain at the close of the period, as questions about the conflict in Ukraine, Fed policy, and the direction of both economic growth and inflation weighed on market sentiment. For our part, we typically do not focus on day-to-day headlines. Instead, we seek to identify individual companies whose share prices may have moved downward due to investors’ reactions to short-term developments, and fallen to what we see as attractive valuations. We believe that approach to investing –using market volatility to seek out advantageous situations – may help us create the foundation for longer-term Fund performance.
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 7
Please refer to the Schedule of Investments on pages 16–19 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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.
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 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.
8 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
Portfolio Summary | 3/31/22
Sector Distribution
(As a percentage of total investments)*
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | Exxon Mobil Corp. | 4.66% |
| 2. | Anthem, Inc. | 4.39 |
| 3. | Wells Fargo & Co. | 4.11 |
| 4. | Bank of America Corp. | 4.02 |
| 5. | Pfizer, Inc. | 4.00 |
| 6. | Shell Plc (A.D.R.) | 3.72 |
| 7. | Cisco Systems, Inc. | 2.98 |
| 8. | Chubb, Ltd. | 2.89 |
| 9. | FedEx Corp. | 2.82 |
| 10. | Pioneer Natural Resources Co. | 2.76 |
| * | | Excludes short term 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 | Semiannual Report | 3/31/22 9
Prices and Distributions | 3/31/22
Net Asset Value per Share
| Class | 3/31/22 | 9/30/21 |
| A | $10.44 | $9.68 |
| C | $10.49 | $9.65 |
| Y | $10.44 | $9.69 |
Distributions per Share: 10/1/21 - 3/31/22
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.1353 | $ — | $ — |
| C | $ — | $ — | $ — |
| Y | $0.1557 | $ — | $ — |
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 | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | | |
| |
| | Net | Public | Russell |
| | Asset | Offering | 1000 |
| | Value | Price | Value |
| Period | (NAV) | (POP) | Index |
| Life of Fund | | | |
| (5/10/21) | 6.42% | -0.36% | 4.46% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 23.11% | 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 shown 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, 2023 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.
* Performance of Class A shares shown in the graph above is from the inception of Class A shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22 11
| | |
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| | | | Russell |
| | | | 1000 |
| | If | If | Value |
| Period | Held | Redeemed | Index |
| Life of Fund | | |
| (5/10/21) 5.47% | 4.35% | 4.46% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 23.98% | 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 February 1, 2023 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.
* Performance of Class C shares shown in the graph above is from the inception of Class C shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
| Performance Update | 3/31/22 | 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 March 31, 2022) | |
| | Net | Russell |
| | Asset | 1000 |
| | Value | Value |
| Period | (NAV) | Index |
| Life of Fund | | |
| (5/10/21) | 6.65% | 4.46% |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 22.87% | 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 shown 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, 2023 for Class Y shares. 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 of Class Y shares shown in the graph above is from the inception of Class Y shares on 5/10/21 through 3/31/22. Index information shown in the graph above is from 5/31/21 through 3/31/22.
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 | Semiannual Report | 3/31/22 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 October 1, 2021 through March 31, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,092.50 | $1,087.10 | $1,093.50 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $4.33 | $8.27 | $2.87 |
| During Period* | | | |
* Expenses are equal to the Fund’s annualized expense ratio of 0.83%, 1.59%, and 0.55% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period).
14 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
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 October 1, 2021 through March 31, 2022.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 10/1/21 | | | |
| Ending Account Value | $1,020.79 | $1,017.00 | $1,022.19 |
| (after expenses) | | | |
| on 3/31/22 | | | |
| Expenses Paid | $4.18 | $8.00 | $2.77 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 0.83%, 1.59%, and 0.55% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the partial year period). |
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 15
Schedule of Investments | 3/31/22
(unaudited)
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 98.8% | |
| | | COMMON STOCKS — 94.2% of Net Assets | |
| | | Air Freight & Logistics — 2.7% | |
| | 158 | FedEx Corp. | $ 36,560 |
| | | Total Air Freight & Logistics | $ 36,560 |
| | | Automobiles — 2.0% | |
| | 621(a) | General Motors Co. | $ 27,163 |
| | | Total Automobiles | $ 27,163 |
| | | Banks — 14.5% | |
| | 1,265 | Bank of America Corp. | $ 52,144 |
| | 341 | Citigroup, Inc. | 18,209 |
| | 369 | Citizens Financial Group, Inc. | 16,727 |
| | 285 | East West Bancorp, Inc. | 22,521 |
| | 98 | JPMorgan Chase & Co. | 13,359 |
| | 140 | M&T Bank Corp. | 23,730 |
| | 1,099 | Wells Fargo & Co. | 53,258 |
| | | Total Banks | $ 199,948 |
| | | Biotechnology — 4.8% | |
| | 219 | AbbVie, Inc. | $ 35,502 |
| | 523 | Gilead Sciences, Inc. | 31,092 |
| | | Total Biotechnology | $ 66,594 |
| | | Chemicals — 1.7% | |
| | 359 | Mosaic Co. | $ 23,873 |
| | | Total Chemicals | $ 23,873 |
| | | Communications Equipment — 2.8% | |
| | 692 | Cisco Systems, Inc. | $ 38,586 |
| | | Total Communications Equipment | $ 38,586 |
| | | Consumer Finance — 2.0% | |
| | 243 | Discover Financial Services | $ 26,776 |
| | | Total Consumer Finance | $ 26,776 |
| | | Containers & Packaging — 4.0% | |
| | 234 | Crown Holdings, Inc. | $ 29,271 |
| | 392 | Sealed Air Corp. | 26,248 |
| | | Total Containers & Packaging | $ 55,519 |
| | | Diversified Telecommunication Services — 0.8% | |
| | 222 | Verizon Communications, Inc. | $ 11,309 |
| | | Total Diversified Telecommunication Services | $ 11,309 |
| | | Electric Utilities — 2.5% | |
| | 339 | American Electric Power Co., Inc. | $ 33,822 |
| | | Total Electric Utilities | $ 33,822 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
| Shares | | | Value |
| | | Electronic Equipment, Instruments & | |
| | | Components — 1.4% | |
| | 180 | TD SYNNEX Corp. | $ 18,578 |
| | | Total Electronic Equipment, Instruments & |
| | | Components | $ 18,578 |
| | | Health Care Providers & Services — 9.4% | |
| | 116 | Anthem, Inc. | $ 56,981 |
| | 301 | Cardinal Health, Inc. | 17,067 |
| | 277 | CVS Health Corp. | 28,035 |
| | 111 | HCA Healthcare, Inc. | 27,819 |
| | | Total Health Care Providers & Services | $ 129,902 |
| | | Household Durables — 1.2% | |
| | 209 | Lennar Corp., Class A | $ 16,964 |
| | | Total Household Durables | $ 16,964 |
| | | Insurance — 7.3% | |
| | 472 | Aflac, Inc. | $ 30,392 |
| | 175 | Chubb, Ltd. | 37,433 |
| | 284 | Progressive Corp. | 32,373 |
| | | Total Insurance | $ 100,198 |
| | | Internet & Direct Marketing Retail — 1.5% |
| | 370 | eBay, Inc. | $ 21,186 |
| | | Total Internet & Direct Marketing Retail | $ 21,186 |
| | | IT Services — 2.2% | |
| | 231 | International Business Machines Corp. | $ 30,034 |
| | 22(a) | Kyndryl Holdings, Inc. | 289 |
| | | Total IT Services | $ 30,323 |
| | | Machinery — 1.1% | |
| | 107 | Stanley Black & Decker, Inc. | $ 14,958 |
| | | Total Machinery | $ 14,958 |
| | | Metals & Mining — 2.9% | |
| | 416 | Freeport-McMoRan, Inc. | $ 20,692 |
| | 108 | Reliance Steel & Aluminum Co. | 19,802 |
| | | Total Metals & Mining | $ 40,494 |
| | | Multi-Utilities — 2.3% | |
| | 1,033 | CenterPoint Energy, Inc. | $ 31,651 |
| | | Total Multi-Utilities | $ 31,651 |
| | | Oil, Gas & Consumable Fuels — 10.5% | |
| | 731 | Exxon Mobil Corp. | $ 60,373 |
| | 143 | Pioneer Natural Resources Co. | 35,754 |
| | 877 | Shell Plc (A.D.R.) | 48,174 |
| | | Total Oil, Gas & Consumable Fuels | $ 144,301 |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 17
Schedule of Investments | 3/31/22
(unaudited) (continued)
| Shares | | | Value |
| | | Pharmaceuticals — 4.7% | |
| | 353 | Organon & Co. | $ 12,330 |
| | 1,002 | Pfizer, Inc. | 51,874 |
| | | Total Pharmaceuticals | $ 64,204 |
| | | Semiconductors & Semiconductor Equipment — 3.9% | |
| | 632 | Intel Corp. | $ 31,322 |
| | 280 | Micron Technology, Inc. | 21,809 |
| | | Total Semiconductors & Semiconductor Equipment | $ 53,131 |
| | | Software — 2.1% | |
| | 352 | Oracle Corp. | $ 29,121 |
| | | Total Software | $ 29,121 |
| | | Specialty Retail — 1.8% | |
| | 12(a) | AutoZone, Inc. | $ 24,535 |
| | | Total Specialty Retail | $ 24,535 |
| | | Technology Hardware, Storage & Peripherals — 2.0% | |
| | 1,632 | Hewlett Packard Enterprise Co. | $ 27,271 |
| | | Total Technology Hardware, Storage & Peripherals | $ 27,271 |
| | | Trading Companies & Distributors — 2.1% |
| | 586(a) | AerCap Holdings NV | $ 29,464 |
| | | Total Trading Companies & Distributors | $ 29,464 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $1,237,471) | $1,296,431 |
| | | SHORT TERM INVESTMENTS — 4.6% of Net Assets | |
| | | Open-End Fund — 4.6% | |
| | 63,637(b) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 0.19% | $ 63,637 |
| | | | $ 63,637 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $63,637) | $ 63,637 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.8% | |
| | | (Cost $1,301,108) | $1,360,068 |
| | | OTHER ASSETS AND LIABILITIES — 1.2% | $ 16,264 |
| | | NET ASSETS — 100.0% | $1,376,332 |
| (A.D.R.) | | American Depositary Receipts. |
| (a) | | Non-income producing security. |
| (b) | | Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2022. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding short term investments) for the six months ended March 31, 2022, aggregated $301,878 and $141,060, respectively.
The accompanying notes are an integral part of these financial statements.
18 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
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 six months ended March 31, 2022, the Fund did not engage in any cross trade activity.
At March 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,301,108 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $126,643 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (67,683) |
| Net unrealized appreciation | $ 58,960 |
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 following is a summary of the inputs used as of March 31, 2022, in valuing the Fund's investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $1,296,431 | $ — | $ — | $1,296,431 |
| Open-End Fund | 63,637 | — | — | 63,637 |
| Total Investments in Securities | $1,360,068 | $ — | $ — | $1,360,068 |
During the six months ended March 31, 2022, 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 | Semiannual Report | 3/31/22 19
Statement of Assets and Liabilities | 3/31/22
(unaudited)
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $1,301,108) | $1,360,068 |
| Receivables — | |
| Dividends | 597 |
| Due from the Adviser | 768 |
| Due from affiliates | 449 |
| Other assets | 40,050 |
| Total assets | $1,401,932 |
| LIABILITIES: | |
| Payables — | |
| Trustees’ fees | $ 21 |
| Professional fees | 20,195 |
| Printing expense | 4,474 |
| Due to affiliates | 128 |
| Accrued expenses | 782 |
| Total liabilities | $ 25,600 |
| NET ASSETS: | |
| Paid-in capital | $1,320,844 |
| Distributable earnings | 55,488 |
| Net assets | $1,376,332 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $433,614/41,534 shares) | $ 10.44 |
| Class C (based on $459,410/43,782 shares) | $ 10.49 |
| Class Y (based on $483,308/46,298 shares) | $ 10.44 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $10.44 net asset value per share/100%-5.75% | |
| maximum sales charge) | $ 11.08 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 3/31/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers | $14,376 | |
| Total Investment Income | | $ 14,376 |
| EXPENSES: | | |
| Management fees | $ 2,726 | |
| Administrative expenses | 10,395 | |
| Transfer agent fees | | |
| Class A | 16 | |
| Class C | 29 | |
| Class Y | 19 | |
| Distribution fees | | |
| Class A | 426 | |
| Class C | 2,132 | |
| Shareowner communications expense | 142 | |
| Custodian fees | 620 | |
| Registration fees | 35,650 | |
| Professional fees | 20,937 | |
| Printing expense | 5,011 | |
| Trustees’ fees | 4,046 | |
| Miscellaneous | 2,343 | |
| Total expenses | | $ 84,492 |
| Less fees waived and expenses reimbursed | | |
| by the Adviser | | (78,450) |
| Net expenses | | $ 6,042 |
| Net investment income | | $ 8,334 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | | $ (7,106) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | | $ 98,622 |
| Net realized and unrealized gain (loss) on investments | | $ 91,516 |
| Net increase in net assets resulting from operations | | $ 99,850 |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 21
Statement of Changes in Net Assets
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 8,334 | $ 5,255 |
| Net realized gain (loss) on investments | (7,106) | 253 |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | 98,622 | (39,662) |
| Net increase (decrease) in net assets resulting | | |
| from operations | $ 99,850 | $ (34,154) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.14 and $— per share, respectively) | $ (4,083) | $ — |
| Class Y ($0.16 and $— per share, respectively) | (6,486) | — |
| Total distributions to shareowners | $ (10,569) | $ — |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 220,445 | $ 1,097,624 |
| Reinvestment of distributions | 10,569 | — |
| Cost of shares repurchased | (7,433) | — |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 223,581 | $ 1,097,624 |
| Net increase in net assets | $ 312,862 | $ 1,063,470 |
| NET ASSETS: | | |
| Beginning of period | $1,063,470 | $ — |
| End of period | $1,376,332 | $ 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 | Semiannual Report | 3/31/22
| | Six Months | Six Months | | |
| | Ended | Ended | | |
| | 3/31/22 | 3/31/22 | 5/10/21* to | 5/10/21* to |
| | Shares | Amount | 9/30/21 | 9/30/21 |
| | (unaudited) | (unaudited) | Shares | Amount |
| Class A | | | | |
| Shares sold | 11,747 | $121,811 | 30,107 | $301,050 |
| Reinvestment of | | | | |
| distributions | 391 | 4,083 | — | — |
| Less shares repurchased | (711) | (4,362) | — | — |
| Net increase | 11,427 | $121,532 | 30,107 | $301,050 |
| Class C | | | | |
| Shares sold | 5,619 | $ 57,027 | 38,163 | $380,000 |
| Reinvestment of | | | | |
| distributions | — | — | — | — |
| Less shares repurchased | — | (3,071) | — | — |
| Net increase | 5,619 | $ 53,956 | 38,163 | $380,000 |
| Class Y | | | | |
| Shares sold | 4,019 | $ 41,607 | 41,657 | $416,574 |
| Reinvestment of | | | | |
| distributions | 622 | 6,486 | — | — |
| Less shares repurchased | — | — | — | — |
| Net increase | 4,641 | $ 48,093 | 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 | Semiannual Report | 3/31/22 23
Financial Highlights
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class A | | |
| Net asset value, beginning of period | $ 9.68 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.08 | $ 0.06 |
| Net realized and unrealized gain (loss) on investments | 0.82 | (0.38) |
| Net increase (decrease) from investment operations | $ 0.90 | $ (0.32) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.14) | $ — |
| Total distributions | $ (0.14) | $ — |
| Net increase (decrease) in net asset value | $ 0.76 | $ (0.32) |
| Net asset value, end of period | $ 10.44 | $ 9.68 |
| Total return (b) | 9.25%(c) | (3.20)%(c) |
| Ratio of net expenses to average net assets | 0.83%(d) | 0.80%(d) |
| Ratio of net investment income (loss) to average net assets | 1.56%(d) | 1.45%(d) |
| Portfolio turnover rate | 12%(c) | 1%(c) |
| Net assets, end of period (in thousands) | $ 434 | $ 291 |
| 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 | 13.77%(d) | 23.11%(d) |
| Net investment income (loss) to average net assets | (11.38)%(d) | (20.86)%(d) |
| * | | Class A commenced operations on May 10, 2021. |
| (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.
24 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class C | | |
| Net asset value, beginning of period | $ 9.65 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.04 | $ 0.03 |
| Net realized and unrealized gain (loss) on investments | 0.80 | (0.38) |
| Net increase (decrease) from investment operations | $ 0.84 | $ (0.35) |
| Net increase (decrease) in net asset value | $ 0.84 | $ (0.35) |
| Net asset value, end of period | $ 10.49 | $ 9.65 |
| Total return (b) | 8.71%(c) | (3.50)%(c) |
| Ratio of net expenses to average net assets | 1.59%(d) | 1.60%(d) |
| Ratio of net investment income (loss) to average net assets | 0.75%(d) | 0.65%(d) |
| Portfolio turnover rate | 12%(c) | 1%(c) |
| Net assets, end of period (in thousands) | $ 459 | $ 368 |
| 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 | 14.53%(d) | 23.98%(d) |
| Net investment income (loss) to average net assets | (12.19)%(d) | (21.73)%(d) |
| * | | Class C commenced operations on May 10, 2021. |
| (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 Intrinsic Value Fund | Semiannual Report | 3/31/22 25
Financial Highlights (continued)
| | Six Months | |
| | Ended | |
| | 3/31/22 | 5/10/21* to |
| | (unaudited) | 9/30/21 |
| Class Y | | |
| Net asset value, beginning of period | $ 9.69 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.09 | $ 0.07 |
| Net realized and unrealized gain (loss) on investments | 0.82 | (0.38) |
| Net increase (decrease) from investment operations | $ 0.91 | $ (0.31) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.16) | $ — |
| Total distributions | $ (0.16) | $ — |
| Net increase (decrease) in net asset value | $ 0.75 | $ (0.31) |
| Net asset value, end of period | $ 10.44 | $ 9.69 |
| Total return (b) | 9.35%(c) | (3.10)%(c) |
| Ratio of net expenses to average net asset | 0.55%(d) | 0.55%(d) |
| Ratio of net investment income (loss) to average net assets | 1.83%(d) | 1.70%(d) |
| Portfolio turnover rate | 12%(c) | 1%(c) |
| Net assets, end of period (in thousands) | $ 483 | $ 404 |
| 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 | 13.52%(d) | 22.87%(d) |
| Net investment income (loss) to average net assets | (11.14)%(d) | (20.62)%(d) |
| * | | Class Y commenced operations on May 10, 2021. |
| (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.
26 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
Notes to Financial Statements | 3/31/22
(unaudited)
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 Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.
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 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
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 27
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.
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.
28 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of exchange-listed closed-end funds are valued by using the last sale price on the principal exchange where they are traded.
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
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 March 31, 2022, 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 valuation 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.
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.
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 29
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 March 31, 2022, 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 $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.
30 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended September 30, 2021 was as follows:
| | 2021 |
| Distributions paid from: | |
| Ordinary income | $— |
| Total | $— |
The following shows the components of distributable earnings (losses) 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 $9 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2022.
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.
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 31
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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
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 sectors of the economy and individual issuers have experienced particularly large losses. 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. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
32 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
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 military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
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 Intrinsic Value Fund | Semiannual Report | 3/31/22 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.
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 payable under the Fund’s Investment Management Agreement with the Adviser 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 six months ended March 31, 2022, 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 taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation), 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.
34 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
These expense limitations are in effect through February 1, 2023. 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 six months ended March 31, 2022 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 $54 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2022.
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 six months ended March 31, 2022, the Fund paid $4,046 in Trustees' compensation, which is reflected on Statement of Operations as Trustees' fees. At March 31, 2022, the Fund had a payable for Trustees' fees on its Statement of Assets and Liabilities of $21.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $ 40 |
| Class C | 63 |
| Class Y | 39 |
| Total | $142 |
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 35
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 $74 in distribution fees payable to the Distributor at March 31, 2022. Included in "Due from affiliates" reflected on the Statement of Assets and Liabilities is $449 in distribution fees receivable from the Distributor at March 31, 2022.
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 six months ended March 31, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Changes in Custodian and Sub-Administrator, and Trans-fer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund's Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund's shareholder servicing and transfer agent.
36 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
Trustees, Officers and Service Providers
| Trustees | Officers |
Thomas J. Perna, Chairman John E. Baumgardner, Jr. Diane Durnin Benjamin M. Friedman Lisa M. Jones Craig C. MacKay Lorraine H. Monchak Marguerite A. Piret Fred J. Ricciardi Kenneth J. Taubes | Lisa M. Jones, President and Chief Executive Officer Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer Christopher J. Kelley, Secretary and Chief Legal Officer |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.
Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22 37
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44 Pioneer Intrinsic Value Fund | Semiannual Report | 3/31/22
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 9897
Providence, R.I. 02940-8097
| | |
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (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.
© 2022 Amundi Asset Management US, Inc. 32975-00-0522
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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving 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
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
N/A
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.
N/A
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).
N/A
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:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust XIV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date June 6, 2022
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 June 6, 2022
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds
Date June 6, 2022
* Print the name and title of each signing officer under his or her signature.
